The Hertz Corporation · Bankruptcy · 2020 · 7.125% Senior Notes due 2026
Does the instrument meet the Transferable characteristic?
Verified answer
Basis. No clause restricting transfer (such as a required issuer consent) was found in the documents. Rule 144A and Regulation S legends are disregarded under the Definitions.
Source clauses
Decided by absence: no clause restricting transfer (such as a required issuer consent) was found. Rule 144A and Regulation S legends are disregarded under the Definitions.How it was checked · 3 checks
- Rule re-applied. The Transferable rule (v1.0), re-applied to the stored facts, gives the same result as the Mastermind v3 run of 2026-09-29.
- Absence confirmed. The record contains no clause restricting transfer (such as a required issuer consent).
- Independent extractor. A heuristic extractor that does not see the model's reading also finds transferability: true.
Transferable
The obligation (other than a loan) must be transferable to institutional investors without any contractual, statutory or regulatory restriction; Rule 144A and Regulation S restrictions are disregarded, and consent requirements on loans are separate characteristics.
These checks are CDSBench's provisional reading of the 2014 ISDA Credit Derivatives Definitions, not legal advice.
Instrument: 7.125% Senior Notes due 2026
Source documents
The case record. Sections behind the verified answer are marked.
- 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
Related questions and cases
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- #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
- #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
- #8 Is the issuer of the instrument the Reference Entity?Yes
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