Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

before any stockholders of Holdings receive payments or distributions

holder of the subordinated debentures, would be a subordinated creditor of Holdings, subordinated in right of payment to all senior debt as set forth in the subordinated indenture, but entitled to receive payment in full of principal and interest before any stockholders of Holdings receive payments or distributions. Because Holdings is the guarantor under the guarantee

Source: CTs' Prospectuses