In 1941, the United States signed a lend-lease agreement with the United Kingdom, giving the British surplus U.S. Navy destroyers in exchange for 99-year lease rights to establish naval and air bases in certain British territories. Although not included in this trade, Winston Churchill granted the US similar 99-year leases "freely and without consideration" in both Bermuda and Newfoundland. (The commonly held belief that the Bermudian bases were part of the trade is not correct.)