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Scott from Cruise Consulting discusses a sample convertible note agreement in this tutorial. He recommends using a law firm's template for documentation but emphasizes that this overview provides valuable insights. Key components of the agreement include the loan amount, the term for repayment or extension, and the valuation cap, which are crucial for understanding the deal. Additionally, he highlights the importance of knowing whether the conversion will be into common or preferred shares, noting that it often defaults to preferred shares when institutional VCs are involved. Scott encourages viewers to review the convertible note template as it is straightforward and informative.
