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TERM SHEET FOR CONVERTIBLE PROMISSORY NOTE FINANCING OF COMPANY Date The following is a summary of the basic terms and conditions of a proposed convertible promissory note financing. This term sheet
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How to fill out for convertible promissory note
How to fill out for convertible promissory note
01
Start by entering the date at the top of the convertible promissory note.
02
Fill in the name and contact information of the borrower, who is the party receiving the loan.
03
Provide the name and contact information of the lender, who is the party providing the loan.
04
Specify the principal amount of the loan, which is the initial amount borrowed.
05
Indicate the interest rate that will be applied to the loan.
06
State the maturity date of the promissory note, which is the date by which the loan must be repaid.
07
Include any conversion terms if the note can be converted into equity, such as the conversion ratio and any applicable discounts or valuation caps.
08
Define the events of default and the consequences if the borrower fails to repay the loan on time.
09
Include any additional terms or provisions that are relevant to your specific situation.
10
After filling out all the necessary information, make sure both parties review and sign the promissory note.
Who needs for convertible promissory note?
01
Convertible promissory notes can be useful for both borrowers and lenders.
02
Borrowers who are startups or early-stage companies might need a convertible promissory note as a form of debt financing before they are able to secure traditional loans or investment.
03
Lenders who are looking for potential investment opportunities and are willing to take the risk of converting their loan into equity might also find convertible promissory notes beneficial.
04
In addition, entrepreneurs and individuals seeking to invest in innovative startups might need convertible promissory notes to provide funding in exchange for potential equity in the future.
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What is a convertible promissory note?
A convertible promissory note is a legal agreement between a lender and a borrower in which the borrower promises to repay a loan at a specified interest rate and the lender has the option to convert the debt into equity in the borrower's company.
Who is required to file for a convertible promissory note?
Both the lender and borrower are required to sign a convertible promissory note.
How to fill out a convertible promissory note?
A convertible promissory note can be filled out by including the terms of the loan, the interest rate, the maturity date, and any conversion terms.
What is the purpose of a convertible promissory note?
The purpose of a convertible promissory note is to provide a mechanism for lenders to convert debt into equity in the borrower's company.
What information must be reported on a convertible promissory note?
Information such as the loan amount, interest rate, maturity date, conversion terms, and signatures of both parties must be included on a convertible promissory note.
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