Holders Conversion Proper. At any time or times on or after the Issuance Date, the Holder shall be entitled to transform any part of the excellent and unpaid principal quantity of this Observe into totally paid and nonassessable shares of Common Stock in accordance with Paragraph 2.(d), at the Conversion Charge (as outlined under), provided that the Holder shall be required to request conversions in increments of $1,000 or more, The corporate shall not issue any fraction of a share of Frequent Inventory upon any conversion; if such issuance would end result in the issuance of a fraction of a share of Common Inventory, the company shall round such fraction of a share of Frequent Inventory as much as the closest entire share.
Valuation cap: This locations a most price that the loan will convert into equity, which rewards seed buyers for the excess risk they're prepared to take on. Nonetheless, it’s pretty difficult to do in this environment with either instrument, so there isn't a clear winner for seed funding on this category.
In the US, convertible note vs safe notes are commonly used for pre-seed and seed investment rounds and are an established means of investing in start-ups.

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