The convertible note contains a variety of provisions, most important of which is the note value, valuation cap, note duration, and qualified financing.
Note value is the amount of debt you are offering StartupRunner in exchange for accelerator program participation.
The valuation cap is what you perceive to be the value of your startup were you to be acquired or IPO today. The cap sets the price StartupRunner will pay per share on the next equity financing your startup will raise that is $1M or more.
Note duration is how the long the convertible note lasts before having to either convert into equity or be paid off.
Qualified financing is the minimum amount of your next fund-raise required to trigger an auto-conversion of the convertible note into equity.