An angel investor is looking at a "rolling round" convertible debt deal for an early$-$stage company. The terms of the deal include a $10\%$ annually$-$compounded interest rate, $25\%$ discount to next round price, and automatic $($forced$)$ conversion to next$-$round securities$.$ The angel is concerned that a "next round" investor may try to negotiate different terms for the convertible debt as part of Series A term sheet. If the angel investor is concerned that the company may run out of cash and fail after Series A$,$ the angel investor's priority would be to maintain which term of the convertible debt deal:

a$.$Conversion to next round securities$.$

b$.$The discount rate to next$-$round price.

c$.$The requirement that conversion is "automatic" on the next round.

d$.$The ranking as a "debt holder" after Series A closes.

e$.$ The annual interest rate.