Answer :
Based on this information Miller Farm Products' debt can be described as a debenture.
What is Debenture?
- A bond or other sort of financial instrument that is secured by collateral is referred to as a debenture.
- Debentures must rely on the issuer's trustworthiness and reputation for support because they lack a collateral backstop.
- Debentures are commonly issued by both businesses and governments to raise cash or money.
- Debentures, like the majority of bonds, may issue periodic interest payments known as coupon payments. Debentures are described in an indenture, much like other kinds of bonds.
- A binding legal agreement between bond issuers and bondholders is known as an indenture.
- The agreement details the terms of a debt issue, including the maturity date, the frequency of interest or coupon payments, the formula for calculating interest, and other details.
- Debentures may be issued by both governments and corporations.
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