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Promissory Notes
Convertible Promissory Note by Corporation - One of Series of Notes...

Convertible Promissory Note With Payment Schedule

Name: Convertible Promissory Note With Payment Schedule
Brand: US Legal Forms
Rating: 4.64 (306 reviews)

Category:

Promissory Notes - Convertible

State:

Multi-State

Control #:

US-02860BG

Format:

Instant download

Description Convertible Promissory Notes Issued

A Convertible Note is a simple promissory note, usually bearing interest and payable at some future date. The unique aspects of a convertible note are:

A. It converts into equity in the company so long as certain agreed metrics are achieved;

B. Conversion rather than repayment is the usual intention of the parties

C. The usual events for conversion (a conversion event) could be some or all of:
1. Later financing acquired of an agreed minimum level;
2. Developmental milestones reached by the company; and/or
3. Strategic partnerships concluded with important companies;

The conversion into equity is usually at a valuation that is consistent with the valuation agreed to with investors in an investment round that occurs at a later time.

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How to fill out Convertible Promissory Notes Template?

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Promissory Note Corporation Form Form Rating

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Convertible Issued Agreement Form Form popularity

Convertible Corporation Form Document Other Form Names

Promissory Note Issued Blank Convertible Corporation Purchase Form Convertible Issued Purchase Application Convertible Issued Purchase Blank Convertible Notes Purchase Agreement Promissory Series Notes Template Note Purchase Agreement Document

Convertible Corporation Agreement Statement FAQ

A startup with a $1 million valuation with 1 million shares has a per-share value of $1. A $100,000 convertible note would be 100,000 shares without a discount. With a 10% discount, the share price is reduced to 90 cents at conversion, earning the investor 111,111 shares.

What Is Included in a Convertible Promissory Note Contract?Principal and Interest How much will be given to the company and what will their interest rate be?Maturity This outlines exactly when the company will repay the principal and interest if it has not been converted into equity.More items...?

A convertible promissory note is a debt obligation in which a company borrows money from an investor in exchange for a promise of repayment and an option to convert the outstanding principal into equity of the company upon some triggering event. Notes have a maturity date and bear interest.

Prepayment. As with a standard promissory note, a convertible note has to deal with the issue of prepayment. It is typically in the best interests of the company to have the option of making prepayments without penalty.

Demand Promissory Note: A note that needs to be repaid immediately when the lender asks. There is no specific term or due date for the money under these notes. Due Date: The date on which a loan must be paid in full. This is sometimes called the maturity date.

More info

Terms are typical in convertible promissory notes issued in seed financings. When using a demand Promissory Note, the borrower is only obligated to pay when the lender demands payment.

Convertible Promissory Note With Payment Schedule

Description Convertible Promissory Notes Issued

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How to fill out Convertible Promissory Notes Template?

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Promissory Note Corporation Form Form Rating

Convertible Issued Agreement Form Form popularity

Convertible Corporation Form Document Other Form Names

Convertible Corporation Agreement Statement FAQ

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