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How to Edit Convertible Note Agreement Template

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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 legal agreements, as they will document the deal properly. Key elements of the convertible note include the amount, the term for repayment or extension, and the valuation cap. He notes the significance of understanding these components and mentions the common practice of converting to preferred stock, especially when working with institutional VCs. Overall, the video serves as an informational resource to help viewers understand the components of a convertible note agreement better.

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What happens to a convertible note if the company fails?

If the company fails and goes into liquidation while your note is outstanding, there may be no funds left to pay you and other convertible note investors after preceding debts, like bank loans, are repaid.

What happens to SAFE note if startup fails?

What happens to a SAFE Note if the startup fails? If a startup that has issued SAFE (Simple Agreement for Future Equity) notes fails, the investors who provided funding through the SAFE will typically lose the money they invested.

What happens to convertible note if startup fails?

Typically, if the business fails, the note can then not be converted or repaid. Unless you have personally guaranteed the obligation which would be unusual, the recourse would be against the entity itself.

What happens when convertible notes are converted?

Share. A convertible note is a form of short-term debt that converts into equity, typically in conjunction with a future financing round; in effect, the investor would be loaning money to a startup and instead of a return in the form of principal plus interest, the investor would receive equity in the company.

Can convertible notes be converted at any time?

Some convertible notes have an automatic conversion at maturity. Conversion Provisions: The primary purpose of a convertible note is that it will convert into equity at some point in the future. The most common method of conversion occurs when a subsequent equity investment exceeds a certain threshold.

What happens if a convertible note does not convert?

If the convertible note has not converted prior to the end of its term due a financing or sale of the company, the best option is usually to extend the term of the note for an additional year. Investors commonly use convertible notes to invest in startups because they are inexpensive and quick to draft.

What happens when convertible debt is not converted at maturity?

If the convertible note has not converted prior to the end of its term due a financing or sale of the company, the best option is usually to extend the term of the note for an additional year. Investors commonly use convertible notes to invest in startups because they are inexpensive and quick to draft.

Why are convertible notes sometimes terrible for startups?

Disadvantages of a convertible note The startup could end up giving away far more equity than they might have ever imagined if the company takes off and gets a huge valuation, making the amount of debt they initially received from the note look paltry compared to what the investors equity ends up being worth.

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Edit Convertible Note Agreement Template