Glossary

Trade debt/bank debt

Trade debt is money payable by the Company to a supplier of goods or services received by the Company. Bank debt is a loan borrowed from a bank (typically long-term). These types of debt are different than the kind of debt evidenced by Convertible Notes because they are typically not convertible into equity and the lenders for these loans typically want more downside protection since their only financial upside is the interest payable on the debt.