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[Music] [Laughter] an indenture is a legal contract that reflects or covers a debt or purchase obligation it specifically refers to two types of practices in historical usage an indentured servant status and in modern usage it is an instrument used for commercial debt or real estate transaction an indenture is a legal contract between two parties particularly for indentured labor or a term of apprenticeship but also for certain land transactions 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 tooth hence the term indenture lines so that the teeth of the two parts could later be refitted to confirm authenticity Shero graph each party to the deed would then retain the part when the agreement was made before a court of law type are tied indenture was made with the third piece kept at the court the term is used for any kind of deed executed by more than one party in contrast to a deed pole which is made by one individual in the case of bonds the indenture shows the pledge promises representations and covenants of the issuing party in England the earliest surviving examples are from the 13th century these are agreements for military service proving that a paid contract army was then in existence although other evidence indicates that the method had already been in use for at least 200 years Exchequer records of Henry V French campaign of 1415 the Agincourt campaign including the indentures of all the captains of the army agreeing to provide specified numbers of men and at what cost may still be read an indenture was commonly used as a form of sealed contract or agreement for land and bills an example of such a use can be found in the National Archives where an indenture from about 1401 recording the transfer of the manor of Pine Lee Warwickshire is held in the early history of the United States many European immigrants serve the period of indentured labor in order to pay the cost of their transportation this practice was common during the 17th and 18th centuries where over half of immigrants worked off an average of three years servitude bond indenture also trust indenture or deed of trust is a legal document issued to lenders and describes key terms such as the interest rate maturity date convertibility pledge promises representations covenants and other terms of the bond offering when the offering memorandum is prepared in advance of marketing a bond the indenture will typically be summarized in the description of notes section in the United States public debt offerings in excess of ten million dollars require the use of an indenture of trust under the trust indenture Act of 1939 the rationale for this is that it is necessary to establish a collective action mechanism under which creditors can collect in a fair orderly manner if default takes place like that which occurs during bankruptcy you [Music]