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How to Organize Pages Convertible Note Agreement Template

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Scott from Cruise Consulting discusses a sample convertible note agreement in a tutorial. He emphasizes the importance of using a law firm's template for documentation as they will accurately structure the deal. The key elements of a convertible note include the loan amount, repayment terms, and valuation cap, which he mentions have been elaborated in previous videos. He notes that the agreement should specify whether the conversion will be into common or preferred stock, indicating that institutional venture capitalists typically prefer the latter. Scott encourages viewers to review the convertible note template for better understanding, highlighting its straightforward nature.

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What are the elements of a convertible note?

Typical terms of convertible notes are: interest rate, maturity date, conversion provisions, a conversion discount, and a valuation cap.

Do you need a term sheet for a convertible note?

Although it is customary to forego a term sheet, in some cases it may be required if the parties need to negotiate certain terms. It can be advantageous to use a term sheet for the company to easily summarize the terms of the notes for potential other investors purchasing a convertible note.

How do you issue a convertible note?

Steps / Procedure and documents required to issue Convertible notes in India: Decide the amount to be raised and the terms of conversion of convertible notes. Prepare a convertible note agreement. Pass a board resolution to approve the convertible note agreement. Pass the EOGM to approve the issue of notes.

What is the structure of convertible debt?

With convertible debt, a business borrows money from a lender or investor where both parties enter the agreement with the intent (from the outset) to repay all (or part) of the loan by converting it into a certain number of its preferred or common shares at some point in the future.

What is an example of a convertible note conversion?

EXAMPLE: A startup company with 1,000,000 shares of common stock closes a seed funding round of $1,000,000 in the form of a convertible note, with a valuation cap of $5,000,000 pre-money valuation on the next round of financing. For simplicity, assume the note carries a 0% interest rate.

How do you record a convertible note on a balance sheet?

Convertible Notes are loans so they are recorded on the Balance Sheet of a company as a liability when they are made. Depending on the debts maturity date, they can either be shown as a current liability (loans maturing within 12 months) or as a Long-term liability (loans maturing over 12 months).

What is an example of a convertible note?

For example, if the shares in your startup business are valued at $1 per share, a 10% discount rate would allow the investor to purchase them at 90 cents per share. Valuation cap: This places a maximum dollar amount the company can be valued for the purposes of the convertible note.

How do you structure a convertible note?

Convertible notes are usually structured as a single agreement called the note purchasing agreement. This covers all of the financing terms. Promissory notes are then issued to individual investors with the date and amount of their investment.

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Organize Pages Convertible Note Agreement Template