Debenture. It is a fixed-interest Bond secured against the issuing organization's assets.
It may consist either of specific assets of the organization or of its assets in general. Debenture bonds are distinct from ordinary bonds, the latter being unsecured. Debentures are paid whether the issuing organization makes a profit or not. In case of liquidation,debenture holders have priority over ordinary bondholders on the organization's remaining assets. Debentures can be bought and sold ona stock exchange.