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Convertible Promissory Note Term Sheet
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Convertible Promissory Note Term Sheet - attorney-drafted template. Party names and deal-specific details have been replaced with neutral placeholders. Review before use.
[COMPANY]
SUMMARY OF PROPOSED TERMS FOR
CONVERTIBLE PROMISSORY NOTE FINANCING
The following is a summary of the basic terms and conditions of a proposed convertible promissory note financing of [COMPANY], a [STATE] limited liability company (the “Company”). This term sheet is for discussion purposes only and is not binding on the Company or the Investors (as defined below), nor is Company or any of the Investors obligated to consummate the convertible promissory note financing until a definitive subscription agreement has been agreed to and executed by Company and the Investors.
AGREED AND ACCEPTED:
[COMPANY]
Name:
Title:
INVESTOR
[●]
Name:
Title:
Financing Amount: | Up to $[AMOUNT] in aggregate principal amount of convertible promissory notes (the “Notes”). Minimum investment of $[AMOUNT].
Closings: | The Company may close the sale of the Notes on a rolling basis (each a “Closing” and the first such Closing the “Initial Closing”) with one or more purchasers acceptable to the Company (the “Investors”).
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Convertible Promissory Note Term Sheet
Investment Agreements -- US - General