The Hertz Corporation · Bankruptcy · 2020 · 6.000% Senior Notes due 2028
Does the instrument meet the Maximum Maturity characteristic (30 years)?
Verified answer
Basis. Matures 2028-01-15: from any Delivery Date after the 2020-05-22 credit event, the remaining maturity is within the 30-year Maximum Maturity.
Source clauses
First Supplemental Indenture of 2019-11-25
How it was checked · 3 checks
- Rule re-applied. The Maximum Maturity rule (v1.0), re-applied to the stored facts, gives the same result as the Mastermind v3 run of 2026-09-29.
- Quote verified. The clause quoted for the maturity date appears verbatim in the cited section.
- Independent extractor. A heuristic extractor that does not see the model's reading also finds the maturity date: 2028-01-15.
Maximum Maturity
The obligation's remaining maturity, measured from the Delivery Date, must not exceed the Maximum Maturity (30 years by default). CDSBench measures it from the credit event date, which is conservative: any later Delivery Date only shortens the remaining maturity.
These checks are CDSBench's provisional reading of the 2014 ISDA Credit Derivatives Definitions, not legal advice.
Instrument: 6.000% Senior Notes due 2028
Source documents
The case record. Sections behind the verified answer are marked.
- DOC-1 Hertz Global Holdings / The Hertz Corporation 8-K filed 2020-05-26, Item 1.03 Bankruptcy, petition 2020-05-22excerpts
- DOC-2 First Supplemental Indenture dated November 25, 2019, $900,000,000 6.000% Senior Notes due 2028 (EX-4.2)excerpts
- DOC-3 Base Indenture dated November 25, 2019, The Hertz Corporation (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
- #3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?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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