The Hertz Corporation · Corporate

The Hertz Corporation: bankruptcy, 2020

The Hertz Corporation: bankruptcy credit event on 2020-05-22, worked through from its SEC filings. The 7.125% Senior Notes due 2026 (ISIN US428040CY37) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.

1 instrument · 8 questions · 3 documents

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Verified answerThe Hertz Corporation · Bankruptcy · 2020

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?

Yes, deliverable

7.125% Senior Notes due 2026 pass all 7 checks, each tied to its clause.

7 of 7 checks pass

See the 7 checks

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Verified outcome

EligibleIs 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?

Basis. All 7 checks pass on the record: the issuer is the Reference Entity, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.

Source clauses

First Supplemental Indenture of 2019-08-01

Execution Version
Execution Version

Base Indenture of 2019-08-01

ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
As Authorized Signatory
ARTICLE VIII

For 7.125% Senior Notes due 2026

Reference entity: The Hertz Corporation
Credit event: Bankruptcy · 2020-05-22
Entity type: Corporate
Documents: 3 in the record

Instruments

Each obligation has its own page with terms and questions.

7.125% Senior Notes due 2026Eligible
The Hertz Corporation · ISIN US428040CY37
8 questions

Questions and verified answers

Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.

#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
First Supplemental Indenture of 2019-08-01
- Execution Version
- Execution Version
Base Indenture of 2019-08-01
#2 Does the instrument meet the Maximum Maturity characteristic (30 years)?
Yes
First Supplemental Indenture of 2019-08-01
- Execution Version
#3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
Yes
Base Indenture of 2019-08-01
- ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
#4 Does the instrument meet the Not Subordinated characteristic?
Yes
First Supplemental Indenture of 2019-08-01
- Execution Version
- Execution Version
#5 Does the instrument meet the Not Bearer characteristic?
Yes
Base Indenture of 2019-08-01
- As Authorized Signatory
- ARTICLE VIII
#6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?
Yes
None: no clause making principal contingent was found.
#7 Does the instrument meet the Transferable characteristic?
Yes
None: no clause restricting transfer was found.
#8 Is the issuer of the instrument the Reference Entity?
Yes
First Supplemental Indenture of 2019-08-01
- Execution Version
- Execution Version

#	Question	Verified answer	Source clauses
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? Deliverability	Eligible	First Supplemental Indenture of 2019-08-01 Execution Version Execution Version Base Indenture of 2019-08-01 ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION As Authorized Signatory ARTICLE VIII
2	Does the instrument meet the Maximum Maturity characteristic (30 years)? Deliverable Obligation Characteristic	Yes	First Supplemental Indenture of 2019-08-01 Execution Version
3	Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)? Deliverable Obligation Characteristic	Yes	Base Indenture of 2019-08-01 ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
4	Does the instrument meet the Not Subordinated characteristic? Deliverable Obligation Characteristic	Yes	First Supplemental Indenture of 2019-08-01 Execution Version Execution Version
5	Does the instrument meet the Not Bearer characteristic? Deliverable Obligation Characteristic	Yes	Base Indenture of 2019-08-01 As Authorized Signatory ARTICLE VIII
6	Is the instrument Not Contingent (principal not reducible for a reason other than payment)? Additional check	Yes	None: no clause making principal contingent was found.
7	Does the instrument meet the Transferable characteristic? Deliverable Obligation Characteristic	Yes	None: no clause restricting transfer was found.
8	Is the issuer of the instrument the Reference Entity? Reference Entity	Yes	First Supplemental Indenture of 2019-08-01 Execution Version Execution Version

Documents

The case record. 5 sections support the verified answers.

DOC-1 Hertz Global Holdings / The Hertz Corporation 8-K, Item 1.03 Bankruptcy, petition 2020-05-22excerpts
DOC-2 First Supplemental Indenture dated August 1, 2019, 7.125% Senior Notes due 2026 (EX-4.2)excerpts
DOC-3 Base Indenture dated August 1, 2019, The Hertz Corporation (EX-4.1)excerpts

Timeline

2019-08-01First Supplemental Indenture for the 7.125% Senior Notes due 2026 (filed as Exhibit 4.2), under the base indenture of the same date.
2020-05-22Hertz Global Holdings, Inc., The Hertz Corporation and certain of their subsidiaries file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.

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