Check my understanding? So convertible debt isn't really debt-- it's an equity investment with deferred closing and terms. Right? I can see then how this can

Check my understanding? So convertible debt isn't really debt-- it's an equity investment with deferred closing and terms. Right? I can see then how this can lead to bad outcomes for the entrepreneur (behaves like a full ratchet if there's a cap) or bad outcomes for the investor (you've deferred the conversation and agreement on expectations). But at the same time it is in some ways simpler, and you get the cash immediately. Right? Hmm... this is interesting. He suggests setting a price. So let's say I want to raise convertible debt... he's suggesting that one instead says "I'm raising one million at X" and sell convertible notes with a fixed price instead of a cap? What would that look like?