Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

CTs' Relevant Bankruptcy Waterfalls in the US and UK (LBIE as Successor):

We know that JPMCB canceled the CTs' on July 25 2017.

TABLE OF CONTENTS



Page
SECTION 1 INTERPRETATION AND DEFINITIONS 1

1.1.

Interpretation and Definitions

1

SECTION 2

TRUST INDENTURE ACT

5

2.1.

Trust Indenture Act; Application

5

2.2.

Lists of Holders of Securities

5

2.3.

Reports by Guarantee Trustee

5

2.4.

Periodic Reports to Guarantee Trustee

5

2.5.

Evidence of Compliance with Conditions Precedent

Guarantee Event of Default; Waiver

6

2.7.

Guarantee Event of Default; Notice

6

2.8.

Conflicting Interests

6

2.9.

Disclosure of Information

7

2.10.

Guarantee Trustee May File Proofs of Claim

7

SECTION 3

POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

7

3.1.

Powers and Duties of Guarantee Trustee

7

3.2.

Certain Rights of Guarantee Trustee.

9

3.3.

Not Responsible for Recitals or Issuance of Guarantee

10

SECTION 4

GUARANTEE TRUSTEE

11

4.1.

Guarantee Trustee; Eligibility

11

4.2.

Appointment, Removal and Resignation of Guarantee Trustee

11

SECTION 5

GUARANTEE

12

5.1.

Guarantee

12

5.2.

Waiver of Notice and Demand

12

5.3.

Obligations Not Affected

13

5.4.

Rights of Holders

14

5.5.

Guarantee of Payment

14

5.6.

Subrogation

14

5.7.

Independent Obligations

14

SECTION 6

LIMITATION OF TRANSACTIONS; SUBORDINATION

15

6.1.

Limitation of Transactions

15

6.2.

Ranking

15

6.3.

Subordination of Common Securities

15
ii

SECTION 7 TERMINATION 16

7.1.

Termination

16

SECTION 8

INDEMNIFICATION

16

8.1.

Exculpation

16

8.2.

Indemnification

16

SECTION 9

MISCELLANEOUS

17

9.1.

Successors and Assigns

17

9.2.

Amendments

17

9.3.

Notices

17

9.4.

Benefit

18

9.5.

Governing Law

18
iii


GUARANTEE AGREEMENT

This GUARANTEE AGREEMENT (the "Guarantee"), dated as of March 17, 2003, is executed and delivered by Lehman Brothers Holdings Inc., a Delaware corporation (the "Guarantor"), and JPMorgan Chase Bank, as trustee (the "Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the Securities (as defined herein) of Lehman Brothers Holdings Capital Trust III, a Delaware statutory trust (the "Trust").

https://www.sec.gov/Archives/edgar/data/806085/000104746903008869/a2105775zex-4_05.htm