Rite Aid Corporation · Bankruptcy · 2023 · 8.000% 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 2020-07-27
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 Mastermind v3 run of 2026-09-25.
- Quote verified. The clause quoted for seniority appears verbatim in the cited sections.
- Independent extractor. A heuristic extractor that does not see the model's reading 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: 8.000% Senior Secured Notes due 2026
Source documents
The case record. Sections behind the verified answer are marked.
- DOC-1 Rite Aid 8-K/A (Amendment No. 1), Item 1.03 Bankruptcy, Chapter 11 petition 2023-10-15excerpts
- DOC-2 Rite Aid original 8-K filed 2023-10-16 (Items 1.03 and 2.04)excerpts
- DOC-3 Indenture dated July 27, 2020, 8.000% 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
Similar cases
No similar cases yet
Mastermind
Analyse a case like this
Mastermind analyses your own documents the same way: each conclusion tied to the clause behind it.