53.

A convertible note may be accurately described as:

a.

a derivative financial instrument that affords the holder a stream of cash flows and benefits associated with being a shareholder but transfers the risk to the holders of the convertible options

b.

a compound financial instrument that from the perspective of the issuer contains a contractual obligation to deliver cash and a call option

c.

a secondary financial instrument that from the perspective of the issuer contains a contractual obligation to deliver cash and a put option

d.

a simple financial instrument that affords the holder access to a stream of cash flows in the form of either dividends or interest payments