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In this tutorial, Scott from Cruise Consulting discusses a sample convertible note agreement. He emphasizes the importance of using a law firm's template for legal documentation. The video highlights key elements of the agreement, such as the amount being funded, the repayment term, and the valuation cap, which have been explained in previous videos. Additionally, it covers the conversion aspect, detailing whether the note converts to common or preferred stock, noting that institutional VCs typically prefer the latter. Scott encourages viewers to review the convertible note template to gain a better understanding, reinforcing that it is a valuable informational resource.
