(Venice, CA) The online resource for sample legal documents, RealDealDocs.com has released the Indenture Agreement between Best Buy and Wells Fargo Bank. A free preview of this legal agreement is available on the RealDealDocs.com website by clicking here.

An Indenture Agreement is a legal document which bonds and debentures are issued, setting forth maturity date, interest rate, and other terms. The Best Buy Indenture Agreement stipulates that as Best Buy will provide for the issuance from time to time of its senior unsecured debentures, notes or other evidences of indebtedness (also known as securities), to be issued in one or more series to Wells Fargo Bank. And that as a result of the purchase of the Securities by Wells Fargo Bank, Best Buy covenants and agrees the equal and proportionate benefit of Wells Fargo Bank from time to time of the aforementioned Securities.

Indenture is a term with many legal meanings. In the context of tangible property, indenture refers to a type of real property deed in which two parties agree to on-going mutual obligations. Where a property indenture agreement is concerned, one party might agree to maintain the property, while the other party signs on to make periodic payments. A more popular indenture agreement refers to a binding contract obligating one person to work for another.

In a financial context, as in the Best Buy indenture agreement with Wells Fargo, an indenture is a written agreement that describes the borrowers’(in this case Best Buy) responsibility to the lenders (Wells Fargo) in a bond or debenture issue. In addition to other terms, the indenture agreement main clauses are to set the maturity date and the interest rate. The financial indenture agreement is the formal agreement between a group of bondholders and the debtor as to the terms of the debt.

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There’s an interesting article on TG Daily today about a lawsuit that has been filed against Best Buy’s Geek Squad. The lawsuit was filed a while ago, but it’s now makings it’s way into the courts. An interesting development came recently when they introduced evidence in the form of an employee’s confession.

According to Minneapolis newspaper The Star Tribune, the lawsuit was filed quickly after an anonymous employee sent a letter to online consumer advocate site The Consumerist. In the letter, the employee wrote, “If you have any interesting pictures of yourself or others on your computer, then they — will — be — found.”

This is pretty shocking, that a seemingly reputable retail chains service division could be so mismanaged that their employees could even get away with something like this.

While Best Buy officially discounted the incident as an isolated problem, there have been multiple confessions sometimes anonymously of similar activities. Personally I can’t really fault the employees, as they are put in a position where due to an absence of proper supervision there is no repercussion for any kind of illicit activity and therefor lack of professionalism and ethics can lead to serious crimes being committed.

“It was dumb, and I regret that lapse in judgment. I have placed Best Buy in a precarious position, both legally and ‘reputationally,’” said Giffels. Several other people claiming to be Geek Squad employees have quietly admitted to doing the same kind of thing.

I’m sure at the time it seemed like a somewhat innocent thing, rifling through someones personal files. But when it became serious these employees appear to have realized that there is nothing innocent about invading a customer’s privacy and it can lead to serious criminal charges being filed against them and the company which is responsible for their actions.

The article quoted here can be viewed in it’s entirety here.

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