Convertible Note
Also called: convertible loan note, CLN, bridge note
A convertible note is a loan that converts to equity at the next priced round, usually with a discount and a valuation cap. Being debt, it carries interest and a maturity date, which creates real pressure: if no round happens before maturity, the investor can in principle demand repayment from a company that has none. SAFEs were designed specifically to remove that cliff.
Where this is taught
Definitions are the trailer. These free levels turn Convertible Note into something you play — one bite-size lesson, with worked examples, a quiz and XP.