Board Consent: Convertible Note Purchase Agreement

Summary

This board consent template is for use by a corporation's board of directors to provide their written consent to the corporation's approval of the issuance of convertible notes via a purchase agreement. This template includes practical guidance and drafting notes. This template may be tailored to suit each transaction depending on the circumstances surrounding the convertible note issuance. Thus, this template is designed for the issuance of convertible notes via a purchase agreement. It is becoming increasingly more common in today's marketplace to see stand-alone convertible note issuances, wherein the essential features of the issuance (conversion price, etc.) are included in the terms of the note itself, obviating the need for a separate purchase agreement or similar such document. See Board Consent: Convertible Note Issuance for a template board consent for a stand-alone convertible note issuance.