A debenture bond is a type of debt instrument unsecured by collateral that is used by corporates to raise capital or funds. This debenture agreement sets out the duties of the company towards the debenture holder. The Company is expected to pay the Holder of the Debenture on a monthly basis while there is an outstanding balance on the Debenture. The payment method of this debenture is by amortizing payments with interest.
The debenture will usually also contain clauses concerning matters related to late/default payment, transferral of the debenture, notices, waiver, severability etc.
This document should be carefully read by the Company and the potential Debenture Holder.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed by 1-2 witnesses.
The Principal Amount to be paid, Interest Rate, and Payment Date should all be clearly stated in the debenture.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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