Indenture Meaning With Examples In Middlesex
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The term comes from the medieval English "indenture of retainer"—a legal contract written in duplicate on the same sheet, with the copies separated by cutting along a jagged (toothed, hence the term "indenture") line so that the teeth of the two parts could later be refitted to confirm authenticity (chirograph).
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.
: a written agreement : contract. 2. : a contract by which one person is made to work for another for a stated period. often used in plural. indenture.
Indenture. n. a type of real property deed in which two parties agree to continuing mutual obligations. One party may agree to maintain the property, while the other agrees to make periodic payments. 2) a contract binding one person to work for another.
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.
: required by contract to work for another for a certain period of time.
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.
The term is used for any kind of deed executed by more than one party, in contrast to a deed poll which is made by one individual. In the case of bonds, the indenture shows the pledge, promises, representations and covenants of the issuing party.
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.
Beginning in medieval England, an indenture can be defined as a specific agreement within a contract noted with a specific duration or significance. Indentures were initially used to convey land and for service contracts of seven years. Indentures still exist today.