Indenture Vs Credit Agreement In Harris
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FAQ
The other critical distinction between a credit agreement and a high yield indenture is the time horizon of the instrument and flexibility to amend it once issued. The credit agreement usually carries a term of five years or less; the indenture is usually seven to ten years in duration.
The Indenture pledges certain revenues as security for repayment of the Bonds. The Trustee agrees to act on behalf of the holders of the Bonds and to represent their interests.
In real estate, an indenture is a deed in which two parties agree to continuing obligations. For example, one party may agree to maintain a property and the other may agree to make payments on it.
An indenture is a particular formal contract or deed made between two or more parties. Beginning in medieval England, an indenture can be defined as a specific agreement within a contract noted with a specific duration or significance.
The terms of the Indenture are tailored to reflect the specific type of transaction and issuer. Like credit agreements,1 an Indenture contains lending and repayment terms. In contrast to credit agreements, however, the lender is not a party to an Indenture.
Typically a credit indenture is used for the sake of bond issuers and bondholders. It specifies the important features of a bond, such as its maturity date, the timing of interest payments, method of interest calculation, callability, and convertible features, if applicable.
The terms of the Indenture are tailored to reflect the specific type of transaction and issuer. Like credit agreements,1 an Indenture contains lending and repayment terms. In contrast to credit agreements, however, the lender is not a party to an Indenture.
What is the primary purpose of a bond indenture? To specify the bond's features and identify the issuer's sources of repayment. To provide a detailed history of the issuer's past financial performance.
Indenture | Business English especially in the past, a formal agreement that someone will work for someone else for a particular length of time, especially in order to learn a job: On the completion of his indenture, he continued to attend night school.
