In corporate finance, a debenture is a medium- to long-term debt instrument as used by large companies in order to borrow money, at a fixed rate. The legal period debenture originally called a document which either creates the debt or appreciates it, but in some countries the term is actually used interchangeably together with bond, loan share or note. A debenture is thus being a certificate of loan or perhaps a loan bond evidencing the fact the company is liable to pay the specified amount together with interest and even though the money raised because of the debentures becomes a component of the company’s investment capital structure, it isn’t going to become share investment capital.