An unsecured debt instrument issued by a corporation and backed only by the creditworthiness of the issuer. The terms of the debt are spelled out in a contract called an indenture. Because of the increased the risk associated with an unsecured debt, it typically pays a higher interest rate than one secured by collateral. See Convertible Debenture; subordinate debenture.
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Moody's Investment Grade (MIG)
book of account
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