New Fortress Energy Inc. · Failure to pay · 2025 · 6.500% Senior Secured Notes due 2026
Does the instrument meet the Not Subordinated characteristic?
Verified answer
Basis. The obligation is described as senior (not subordinated).
Source clauses
Indenture of 2021-04-12
How it was checked · 3 checks
- Rule re-applied. The Not Subordinated rule (v1.0), re-applied to the stored facts, gives the same result as the code-only Mastermind v3 run of 2026-09-25 (deterministic extraction, no model).
- Quote verified. The clause quoted for seniority appears verbatim in the cited sections.
- Independent extractor. A second heuristic extractor, run separately, also finds seniority: senior.
Not Subordinated
The obligation must not be subordinated to the Reference Obligation (or the Prior Reference Obligation, if applicable). CDSBench checks that the obligation is described as senior.
These checks are CDSBench's provisional reading of the 2014 ISDA Credit Derivatives Definitions, not legal advice.
Instrument: 6.500% Senior Secured Notes due 2026
Source documents
The case record. Sections behind the verified answer are marked.
- DOC-1 New Fortress Energy 8-K filed 2025-12-19 (event 2025-12-17), Item 1.01: missed Term Loan A/B interest payments and forbearance agreementsexcerpts
- DOC-2 Indenture dated April 12, 2021, 6.500% Senior 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
- #3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?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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