Exercise on time in forced service because of debt (7)

I believe the answer is:

peonage

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'forced service because of debt' is the definition.
I can't judge whether this definition defines the answer.

'exercise on time' is the wordplay.
'exercise' becomes 'pe' (Physical Education).
'time' becomes 'age' (an age is a period of time).
'pe'+'on'+'age'='PEONAGE'

'in' acts as a link.

Can you help me to learn more?

(Other definitions for peonage that I've seen before include "menial status" , "servitude" .)

I've seen this clue in the Sydney Morning Herald.

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