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A debenture is a type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer, whether that be a corporation, a non-profit organization, or even a government. It is essentially an unsecured loan that the issuer promises to repay at a future date.

In the context of a Delaware Statutory Trust (DST) industry, a debenture would still represent a debt obligation. However, the specifics might vary based on the nature of the DST.

Delaware Statutory Trusts are used as investment vehicles, often for real estate, where investors buy a beneficial interest in the trust and the trust itself owns the asset (like a property). If a DST issued debentures, it would essentially be borrowing money from the debenture holders. The repayment of these debentures would not be secured by the assets owned by the trust, but rather by the overall creditworthiness and financial stability of the trust.

Therefore, debentures in the context of the DST industry would be a way for these trusts to raise funds without having to directly put their assets up as collateral. However, it also means higher risk for investors because if the DST were to default on its obligations, the investors would not have a claim on specific assets as they would with secured debt. Instead, they would be general creditors of the trust.