Lehman Brothers Financial SA (LEHNQ)

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Lehman Brothers Holdings' obligations under the guarantee are subordinated to all of its other liabilities. This means that Lehman Brothers Holdings cannot make any payments on the guarantee if it defaults on a payment on any of its other liabilities. In addition, in the event of the bankruptcy, liquidation or dissolution of Lehman Brothers Holdings, its assets would be available to pay obligations under the guarantee only after Lehman Brothers Holdings made all payments on its other liabilities, ECAPs' 4 and 5 equity, affiliates' equity and subsidiaries' equity.
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In Texas poker, LBHI has completed all of its liabilities payments. Therefore, our guarantee is effective.