Replies to post #108623 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Prospectus with JPMCB as Guarantee Trustee:


I knew, but it took years to get some feedback in the form of a Distribution Notice from PWC, in the UK, received on November 2, 2023. Below is part of a letter to LBHI's PWC Team in the UK, that I sent on July 23, 2020:

Trust and Verify your account balance on the distribution date. The CTs' Guarantee kicks in upon payments to LBH plc's subordinated liabilities (ECAPS' Subnotes and LBHI's Subdebt).

Appendix A

"GUARANTEE AGREEMENT

Lehman Brothers Holdings Capital Trust III

Dated as of March 17, 2003
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5.3. Obligations Not Affected.

The obligations, covenants, agreements and duties of the Guarantor
under this Guarantee shall be absolute and unconditional and shall
remain in full force and effect until the entire liquidation amount of
all outstanding Securities shall have been paid and such obligation
shall in no way be affected or impaired by reason of the happening
from time to time of any event, including without limitation, the
following, whether or not with notice to, or the consent of, the
Guarantor:

(a) The release or waiver, by operation of law or otherwise, of the
performance or observance by the Trust of any express or implied
agreement, covenant, term or condition relating to the Securities to
be performed or observed by the Trust;

(b) The extension of time for the payment by the Trust of all or any
portion of the Distributions, Redemption Price, Liquidation
Distribution or any other sums payable under the terms of the
Securities or the extension of time for the performance of any other
obligation under, arising out of, or in connection with the Securities
(other than an extension of time for payment of Distributions,
Redemption Price, Liquidation Distribution or other sum payable that
results from the extension of any interest payment period on the
Debentures or any change to the maturity date of the Debentures
permitted by the Indenture);

(c) Any failure, omission, delay or lack of diligence on the part of
the Property Trustee or the Holders to enforce, assert or exercise any
right, privilege, power or remedy conferred on the Property Trustee or
the Holders pursuant to the terms of the Securities, or any action on
the part of the Trust granting indulgence or extension of any kind;

(d) The voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or
readjustment of debt of, or other similar proceedings affecting, the
Trust or any of the assets of the Trust;

(e) Any invalidity of, or defect or deficiency in, the Securities;

(f) The settlement or compromise of any obligation guaranteed hereby
or hereby incurred; or

(g) Any other circumstance whatsoever that might otherwise constitute
a legal or equitable discharge or defense of a guarantor, it being the
intent of this Section 5.3 that the obligations of the Guarantor
hereunder shall be absolute and unconditional under any and all
circumstances.

There shall be no obligation of the Guarantee Trustee or the Holders
to give notice to, or obtain consent of the Guarantor or any other
Person with respect to the happening of any of the foregoing.

13


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SECTION 9

MISCELLANEOUS


9.1. Successors and Assigns.

All guarantees and agreements contained in this Guarantee shall bind
the successors, assigns, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Holders of the
Securities then outstanding.

9.2. Amendments.

Except with respect to any changes that do not materially adversely
affect the rights of the Holders (in which case no consent of the
Holders will be required), this Guarantee may not be amended without
the prior approval of the Holders of not less than 662/3% of the
aggregate liquidation amount of the Securities. The provisions of
Section 11.2 of the Declaration with respect to meetings of, and
action by written consent of, the Holders of the Securities apply to
the giving of such approval."



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