Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Continue, LBHI must file CTs' certificate(s) annually...

Where are those annual certificates? The BNYM does not have a clue!

"Lehman Brothers Holdings, as guarantor, will be required to file annually with the guarantee trustee a certificate as to whether or not Lehman Brothers Holdings is in compliance with all the conditions and covenants applicable to it under the guarantee."

Note: This is the reason why the CTs' Prospectus contracts direct the CTs' debentures to be distributed to all the CTs' Holders when the CTs' subordinated guarantee is terminated. CTs' Holders have more power when they hold their claim(s) going into Court! This action takes the BNYM out of the loop!

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"Events of Default

An event of default under the guarantee will occur upon the failure of Lehman Brothers Holdings to perform any of its payment or other obligations required by the guarantee. The holders of a majority in aggregate liquidation amount of the preferred securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the guarantee trustee in respect of the guarantee or to direct the exercise of any trust or power conferred upon the guarantee trustee under the guarantee.

Within 90 days after a default under the guarantee actually known to the trustee, the trustee will notify the holders by first-class mail of the default unless the default has been cured prior to sending

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notice. The trustee may withhold a notice of default under the guarantee if the trustee determines in good faith that withholding the notice is in the interests of the holders of the preferred securities.

If the guarantee trustee fails to enforce the guarantee trustee's rights under the guarantee, any holder of related preferred securities may directly sue Lehman Brothers Holdings to enforce the guarantee trustee's rights under the guarantee without first suing the trust, the guarantee trustee or any other person or entity.

Lehman Brothers Holdings, as guarantor, will be required to file annually with the guarantee trustee a certificate as to whether or not Lehman Brothers Holdings is in compliance with all the conditions and covenants applicable to it under the guarantee."

Link To IPO Prospectus: https://www.sec.gov/Archives/edgar/data/806085/000104746905000357/a2149684z424b2.htm