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Click ‘Get Form’ to open the convertible promissory note in the editor.
Begin by entering the name of the corporation and the dollar amount of the note in the designated fields. Ensure accuracy as these details are crucial for legal validity.
Fill in the date of the note, along with the city and state where it is issued. This information helps establish jurisdiction.
Complete the section detailing the lender's name and address. This identifies who will receive payment under this agreement.
Specify the maturity date when all principal and interest must be paid. This is essential for both parties to understand repayment timelines.
Input interest rate details, including any applicable margins or default rates. Make sure to clarify how interest will be calculated over time.
Review sections on conversion rights, ensuring you understand how and when conversions can occur, including optional and automatic conversions.
Finally, ensure all signatures are completed at the end of the document before saving or sharing your finalized note.

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Do convertible notes have to be paid back?

In theory, because they are debt, convertible notes must be paid back. But in practice, this is rarely the case. If a startup fails to raise a priced equity round before the maturity date, its highly unlikely it will have the funds needed to repay the note principal.

How does a convertible note work?

Some convertible notes accrue interest on the principal amount when they are intended to be repaid as the loan (debt), although the primary benefit for investors generally lies in the conversion to equity rather than interest payments.

What are the cons of convertible notes?

The following are just a couple of the possible disadvantages of using convertible notes as a financing mechanism. If they dont convert, the notes eventually come due. This can result in the end of the startup if the note holders arent willing to negotiate, and the startup doesnt have the means to pay off the notes.

How do convertible notes convert into equity?

Convertible notes typically convert into equity when your startup raises its next round of funding, like a Series A. The notes convert at a discount to the Series A price per share.

sample convertible promissory note

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Do convertible notes have to be paid back?

How does a convertible note work?

What are the cons of convertible notes?

How do convertible notes convert into equity?

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Convertible promissory note 2026

Here's how it works

How to use or fill out convertible promissory note with our platform

Complete this form in 5 minutes or less

Got questions?

Do convertible notes have to be paid back?

How does a convertible note work?

What are the cons of convertible notes?

How do convertible notes convert into equity?

sample convertible promissory note

Security and compliance

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