Which of these is not an advantage to using a convertible note $($meaning the company and investor will agree to broader terms, but equity will not be issued to the investor until the company raises a priced round in the future or the note reached maturity$)?$

Works well with earlier stage companies since future growth may be rapid, it limits what a company has to give up if they can demonstrate growth within a short period, while still allowing them access to funds now $($as a loan, which is then paid back with interest as those funds are then converted to equity in the future$)$