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The term note refers to a debt instrument or a promise to pay a specified amount of money, either on demand or at a future specified date. DSTs are often used in the real estate industry as investment vehicles. In such scenarios, the DST might acquire real estate properties and issue beneficial interests to investors, similar to shares or units in other types of investment entities. These beneficial interests can represent an equity stake in the DST or, in some cases, they may be tied to debt-like instruments, which could be termed “notes.”

If a DST raises money by issuing a “note,” it’s essentially borrowing money and promising to pay it back under the terms specified in the note. The note will state the principal amount, the interest rate, the maturity date, and other terms and conditions of the loan.

For a more specific and detailed definition of “note” within the context of a particular DST transaction, one would typically refer to the offering documents or consult legal counsel familiar with the DST industry in Delaware.