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Convertible debt is just that: debt. It's a loan. The loan will convert to equity (preferred stock, usually) at such time as another round is raised. The conversion usually includes some sort of discount on the price to the future round.
For example, assume you raise $500,000 in convertible debt from angels with a 20% discount to the next round, and six months later a VC offers to lead a Series A round of a $1 million investment at $1.00 a share. Your financing will actually be for $1.5 million total, although the VCs will get 1 million Series A shares ($1 million at $1.00 per share) and the angels will get 625,000 Series A shares ($500,000 at $0.80 per share). The discount is appropriate, as your early investors want some reward for investing before the full Series A financing round comes together.
The next economic term is the valuation cap, also known as the cap. The cap is an investor-favorable term that puts a ceiling on the conversion price of the debt. The valuation cap is typically seen only in seed rounds where the investors are concerned that the next round of financing will be at a price that is at a valuation that wouldn't reward them appropriately for taking a risk by investing early in the seed round.
For example, an investor wants to invest $100,000 in a company and thinks that the pre-money valuation of the company is somewhere in the $2 million to $4 million range. The entrepreneur thinks the valuation should be higher. Either way, the investor and the entrepreneur agree to not deal with a valuation negotiation and instead decide to consummate a convertible debt deal with a 20 discount to the next round.

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