DEBENTURES
debentures: translation
Unsecured, long-term corporate bonds. Even though debenture holders are not protected by collateral, they still have a legal right to repayment. In the event of default, debenture holders are treated like other unsecured creditors. In addition, debenture holders may benefit from indenture restrictions. American Banker Glossary
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Long-term debt not secured by a specific property but which gives bondholders the claim of general creditors over all assets that are not specifically pledged elsewhere.