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.