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In this video, Scott from Cruise Consulting discusses a sample convertible note agreement. He emphasizes the importance of using a law firm's template for such documents, as they will be responsible for formalizing the deal. The tutorial highlights key elements of the convertible note, including the loan amount, repayment terms, and valuation cap, all of which are crucial in the agreement. Scott also touches upon conversion options, noting that institutional venture capitalists typically prefer to convert into preferred stock. Overall, he suggests reviewing the template for better understanding, while still relying on professional legal documentation.