A Secured Convertible Promissory Note (SCPN) is a loan agreement between a lender and a borrower, which can be converted into equity in the company if the borrower defaults.
This legal template could be a document outlining the terms and conditions of a secured convertible promissory note specific to the operations and requirements of Genie AI, a company or entity. It would provide details on the loan amount, interest rate, conversion terms, collateral, repayment terms, and other relevant provisions regarding the loan agreement.
