Frontier Communications Corporation · Bankruptcy · 2020 · 8.500% Second Lien Secured Notes due 2026
Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
Verified answer
Basis. Payable in USD, which is a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD).
Source clauses
Indenture of 2018-03-19
How it was checked · 2 checks
- Rule re-applied. The Specified Currency rule (v1.0), re-applied to the stored facts, gives the same result as the Mastermind v3 run of 2026-09-26.
- Quote verified. The clause quoted for the currency appears verbatim in the cited sections.
Specified Currency
The obligation must be payable in a Specified Currency (by default the Standard Specified Currencies: the lawful currencies of Canada, Japan, Switzerland, the United Kingdom and the United States, and the euro).
These checks are CDSBench's provisional reading of the 2014 ISDA Credit Derivatives Definitions, not legal advice.
Instrument: 8.500% Second Lien Secured Notes due 2026
Source documents
The case record. Sections behind the verified answer are marked.
- DOC-1 Frontier 8-K filed 2020-04-15, Item 1.03 Bankruptcy, petition 2020-04-14excerpts
- DOC-2 Indenture dated March 19, 2018, $1,600,000,000 8.500% Second Lien Secured Notes due 2026 (EX-4.1)excerpts
Related questions and cases
Same case
- #1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?Eligible
- #2 Does the instrument meet the Maximum Maturity characteristic (30 years)?Yes
- #4 Does the instrument meet the Not Subordinated characteristic?Yes
- #5 Does the instrument meet the Not Bearer characteristic?Yes
- #6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?Yes
- #7 Does the instrument meet the Transferable characteristic?Yes
- #8 Is the issuer of the instrument the Reference Entity?Yes
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