The Hertz Corporation

Event Publicly Available Information:


Auction Settlement Terms	Final Auction Settlement Terms – Issue Number 2020052502 – The Hertz Corporation

Deliverable Obligations	Final List – Issue Number 2020052502 (The Hertz Corporation) – 06/22/20 (updated June 23, 2020)

Deliverable Obligations - Letter of Credit Disbursement Documentation	Goldman Sachs Mortgage Company, as Issuing Lender, has confirmed to the DC Secretary that as of June 23, 2020 US$125mm of the US$200mm outstanding has been drawn upon and constitute letter of credit disbursements. Form of Assignment and Assumption Agreement - Issue Number 2020052502 (The Hertz Corporation) Administrative Questionnaire - Issue Number 2020052502 (The Hertz Corporation) Credit Agreement - Issue Number 2020052502 (The Hertz Corporation) Fee Agreement - Issue Number 2020052502 (The Hertz Corporation) Support Letter of Credit - Issue Number 2020052502 (The Hertz Corporation) Reimbursement Agreement - Issue Number 2020052502 (The Hertz Corporation) Guaranty Agreement - Issue Number 2020052502 (The Hertz Corporation)

Auction Timeline	Common Event Determination Date: May 26, 2020 Auction Date: June 24, 2020 Auction Settlement Date: the later of three Business Days after the Auction Final Price Determination Date and June 29, 2020

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Additional Information

Issue Number:

2020052502

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  6/29/2020 02:55pm EDT
- Ongoing
  
  Americas DC Decision - Issue Number 2020052502 (The Hertz Corporation) - 06/26/20
  DC Statement June 26, 2020:
  The Americas DC understands that purchase and sale documentation and settlement procedures for the letter of credit disbursements specified on the Final List for The Hertz Corporation (the L/C Disbursements) are being finalized. The Americas DC advises Eligible Market Participants to wait for such documentation to be finalized prior to settlement of any Representative Auction-Settled Transactions that involve Delivery of the L/C Disbursements.
  The Americas DC will publish further statements relating to transfer documentation for the L/C Disbursements as warranted.
  6/26/2020 05:20pm EDT
- Final List Published
  
  Final List – Issue Number 2020052502 (The Hertz Corporation) – 06/22/20 (updated June 23, 2020)
  6/23/2020 02:40pm EDT
- Ongoing
  
  Americas DC Decision – Issue Number 2020052502 (The Hertz Corporation) – 06/22/20
  DC Statement June 22, 2020:
  The Americas DC Resolved on May 26, 2020 that a Bankruptcy Credit Event had occurred with respect to The Hertz Corporation in relation to the 2014 Transactions and Updated 2003 Transactions on May 22, 2020. The Americas DC made this Resolution based on Publicly Available Information submitted to the DC Secretary, which indicated that The Hertz Corporation filed a bankruptcy petition on May 22, 2020; such submitted Publicly Available Information did not indicate the time of the filing. A time-stamped copy of the bankruptcy filing has subsequently been provided to the Americas DC, which indicates that the bankruptcy petition was filed at 9:47 PM EDT on May 22, 2020. In light of this new information, the Americas DC Resolved on June 22, 2020 to change the date of the Bankruptcy Credit Event to May 23, 2020, in accordance with Section 1.49 of the 2014 Definitions, Section 1.30 and Section 3.3 of the Updated 2003 Definitions and Section 3.1(c) of the 2018 DC Rules. Please note that this DC Resolution has no effect on the Credit Event Resolution Request Date (and therefore does not affect the Event Determination Date) for this DC Issue.
  6/22/2020 04:25pm EDT
- List of Participating Bidders Published
  
  Americas DC Decision – Issue Number 2020052502 (The Hertz Corporation) – 06/22/20
  List of Participating Bidders – Issue Number 2020052502 - The Hertz Corporation
  6/22/2020 04:20pm EDT
- Final Auction Terms Published
  
  Final Auction Settlement Terms – Issue Number 2020052502 – The Hertz Corporation
  Redline of Final Auction Settlement Terms against J. C. Penney Company, Inc.
  6/22/2020 02:05pm EDT
- Final List Published
  
  Final List – Issue Number 2020052502 (The Hertz Corporation) – 06/22/20
  Form of Assignment and Assumption agreement – Issue Number 2020052502 (The Hertz Corporation)
  Americas DC Decision – Issue Number 2020052502 (The Hertz Corporation) – 06/22/20
  Americas DC Statement - Issue Number 2020052502 (The Hertz Corporation) - 06/22/2020
  6/22/2020 01:15pm EDT
- Ongoing
  
  Americas DC Decision - Issue Number 2020052502 (The Hertz Corporation) - 06/18/20
  6/18/2020 04:05pm EDT
- Ongoing
  
  Americas DC Decision – Issue Number 2020052502 (The Hertz Corporation) – 06/16/20
  6/16/2020 04:30pm EDT
- Ongoing
  
  Update (June 15, 2020): The Americas DC has received a challenge under Section 3.3(d) of the DC Rules in respect of the reimbursement obligations on the Supplemental List for the The Hertz Corporation Auction. The Final List of Deliverable Obligations for the The Hertz Corporation Auction will therefore not be published until this challenge has been Resolved by the DC in accordance with Section 3.3(e) of the DC Rules.
  6/15/2020 11:25pm EDT
- Supplemental List Published
  
  Supplemental List – Issue Number 2020052502 (The Hertz Corporation) – 06/11/2020
  6/11/2020 06:50pm EDT
- Initial List Published
  
  Americas DC Decision / Initial List – Issue Number 2020052502 (The Hertz Corporation) – 06/09/20
  Submission of Potential Deliverable Obligations and Challenges
  6/09/2020 04:00pm EDT
- Auction Information Published
  
  Americas DC Decision – Issue Number 2020052502 (The Hertz Corporation) – 05/28/20
  5/28/2020 04:05pm EDT
- Ongoing
  
  Americas DC Decision – Issue Number 2020052502 (The Hertz Corporation) – 05/26/20
  DC Statement May 26, 2020:
  The Americas DC Resolved on May 26, 2020 that an Auction should be held with respect to The Hertz Corporation. The Americas DC agreed to convene this week to discuss the The Hertz Corporation Auction.
  
  5/26/2020 04:05pm EDT
- Request Accepted by DC
  
  5/26/2020 11:05am EDT
- Pending DC Consent
  
  5/26/2020 10:25am EDT