Debenture stock

[Sarah]

The debt or series of debts, collectively, represented by aseries of debentures; a debt secured by a trust deed of property forthe benefit of the holders of shares in the debt or of a series ofdebentures. By the terms of much debenture stock the holders are notentitled to demand payment until the winding up of the company ordefault in payment; in the winding up of the company or default inpayment; in the case of railway debentures, they cannot demandpayment of the principal, and the debtor company cannot redeem thestock, except by authority of an act of Parliament. [Eng.]

[Sonia]

a type of stock or share in which the owner receives regular payments of interest instead of dividends