Document:

Exhibit 4.01

 

CUSIP NO. 52517PB91

 

	
  REGISTERED

  	
   

  	
  PRINCIPAL AMOUNT: $15,640,000

  
	
  No. R-1

  	
   

  	
   

  

 

LEHMAN BROTHERS HOLDINGS INC.

 

MEDIUM-TERM NOTE, SERIES H

 

PRINCIPAL PROTECTED GLOBAL GROWTH BASKET
FX-LINKED NOTE
DUE OCTOBER 1, 2007

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY OR A NOMINEE OF THE DEPOSITORY. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO.,
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN CERTIFICATED FORM (A “CERTIFICATED NOTE”), THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY
TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE
DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.

 

 

LEHMAN BROTHERS HOLDINGS INC., a corporation duly
organized and existing under the laws of the State of Delaware (herein called
the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received, hereby
promises to pay to CEDE & Co., or registered assigns, on the Stated
Maturity Date, an amount equal to the Repayment Amount.  The Notes do not bear interest. No payments
on the Notes will be made until the Stated Maturity Date.

 

The “Stated Maturity Date” is October 1, 2007, or
if such day is not a Business Day, on the next following Business Day, provided
that if the Valuation Date for any Basket Currency is postponed as described
below, then the Maturity Date will be two Business Days following the latest
postponed Valuation Date.

 

The Repayment Amount, for each $1 principal amount of
the Notes represented hereby, is the amount equal to the sum of (a) $1 plus (b) the Additional Amount.

 

The “Additional Amount”, for each $1 principal amount
of the Notes represented hereby, equals 390% times the greater of (i) zero
and (ii) the Basket Value.

 

The “Basket Currencies” are
the Australian Dollar (AUD), Canadian Dollar (CAD), Swedish Kroner (SEK),
Norwegian Kroner (NOK), Euro (EUR) and Swiss Franc (CHF).

 

The “Basket Value” equals
the sum of:

 

(i) a quotient, the numerator of which
is 0.331345 and the denominator of which is the Final
Currency Value for AUD plus

 

(ii) a quotient, the numerator of which
is 0.294550 and the denominator of which is the Final
Currency Value for CAD plus

 

(iii) a quotient, the numerator of which
is 1.952750 and the denominator of which is the Final
Currency Value for SEK plus

 

(iv) a quotient, the numerator of which
is 1.628000 and the denominator of which is the Final
Currency Value for NOK plus

 

(v) a quotient, the numerator of which
is -0.415800 and the denominator of which is the Final Currency
Value for EUR plus

 

(vi) a quotient, the numerator of which
is -0.647500 and the denominator of which is the Final
Currency Value for CHF.

 

2

 

The “Final Currency Value” of each
Basket Currency equals the spot exchange rate between the applicable
Basket Currency and the U.S. Dollar expressed as the amount of Basket Currency
per U.S. Dollar for customary settlement in the interbank market for each
Basket Currency on the Valuation Date, as reported by Reuters on the applicable
page, or any substitute page, and at the approximate time set forth in the
following table:

 

	
  Basket

  Currency

  	
   

  	
  Reuters Page

  	
   

  	
  Rate

  	
   

  	
  Applicable

  Currency

  Business Day

  
	
  AUD

  	
   

  	
  1FEE

  	
   

  	
  Quotient, the
  numerator of which is 1 and the denominator of which is the daily spot rate
  reported under the heading “AUD” at 12:00 p.m. New York Time

  	
   

  	
  New York

  
	
  CAD

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “CAD” at 10:00 a.m. New York Time

  	
   

  	
  New York

  
	
  SEK

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “SEK” at 10:00 a.m. New York Time

  	
   

  	
  New York

  
	
  NOK

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “NOK” at 10:00 a.m. New York Time

  	
   

  	
  New York

  
	
  EUR

  	
   

  	
  1FED

  	
   

  	
  Quotient, the
  numerator of which is 1 and the denominator of which is the daily spot rate
  reported under the heading “EUR” at 10:00 a.m. New York Time

  	
   

  	
  New York

  
	
  CHF

  	
   

  	
  1FED

  	
   

  	
  Daily spot rate
  reported under the heading “CHF” at 10:00 a.m. New York Time

  	
   

  	
  New York

  

 

The “Valuation
Date” is, with respect to any Basket Currency, the latest Currency Business Day
for that Basket Currency that is at least two Business Days prior to October 1,
2007, subject to postponement in the event of a Market Disruption Event.

 

A “Currency
Business Day” is, with respect to any Basket
Currency, any day, other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which commercial banks are authorized or required by
law, regulation or executive order to close (including for dealings in foreign
exchange in accordance with the practice of the foreign exchange market) in the
city listed above under “Applicable Currency Business Day” for that Basket
Currency.

 

A “Business Day”, notwithstanding any provision in
the Indenture, is any day that is not is not a Saturday or Sunday and that is
not a day on which banking institutions in New York City generally are
authorized or obligated by law or executive order to be closed.

 

If no
spot quotation is available for a Basket Currency from the applicable Reuters page described
under “Final Currency Value” above or there occurs an event that generally
makes it impossible to convert any of the Basket Currencies into U.S. dollars
through customary legal channels, or to obtain a firm quote of any of the
exchange rates between the Basket Currencies and the U.S. dollar on the
Valuation Date, that, in the good faith determination of the Calculation Agent,
affects the valuation of the Final Basket Value or the Company’s ability or any
similarly situated party to hedge its exposure or to unwind all or a material
portion of a hedge with respect to this Note (“Market Disruption Event”), then
the Valuation Date for that Basket Currency will be postponed to the next
succeeding Currency Business Day for that Basket Currency; provided, that if
the Final Currency Value for any Basket Currency is not capable of calculation
as of the next succeeding Currency Business Day because of an occurring or

 

3

 

continuing Market Disruption Event, the Calculation Agent will
determine the Final Currency Value for that Basket Currency taking into
consideration all available information that in good faith it deems relevant.

 

Except
as provided below, the Repayment Amount may, at the option of the Company, be
made by check mailed to the person entitled thereto at such person’s address as
it appears on the registry books of the Company.

 

Payment
of the Repayment Amount will be made in immediately available funds upon
surrender of this Note at the corporate trust office or agency of the Trustee
(or any duly appointed Paying Agent) maintained for that purpose in the Borough
of Manhattan, New York City (the “Corporate Trust Office”), provided that this
Note is presented to the Trustee (or any such Paying Agent) in time for the
Trustee (or any such Paying Agent) to make such payments in such funds in
accordance with its normal procedures.

 

The
Company will pay any administrative costs imposed by banks in making payments
in immediately available funds, but any tax, assessment or governmental charge
imposed upon payments hereunder, including, without limitation, any withholding
tax, will be borne by the Holder hereof.

 

References
herein to “U.S. dollars” or “U.S.$” or “$” are to the coin or currency of the
United States as at the time of payment is legal tender for the payment of
public and private debts.

 

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF.  SUCH FURTHER PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

This
Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee
under the Indenture.

 

4

 

IN
WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be
signed by its Chairman of the Board, its President, its Vice Chairman, its
Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual
or facsimile signature under its corporate seal, attested by its Secretary or
one of its Assistant Secretaries by manual or facsimile signature.

 

Dated:  September 30, 2005

 

	
  [SEAL]

  	
  LEHMAN BROTHERS HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.

 

CITIBANK, N.A.

  as Trustee

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  

 

5

 

[REVERSE OF NOTE]

 

 

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTES, SERIES H

PRINCIPAL PROTECTED GLOBAL GROWTH BASKET
FX-LINKED NOTE
DUE OCTOBER 1, 2007

 

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series H,
Principal Protected Global Growth Basket FX-Linked Note (herein called the “Notes”).  The
Notes are one of an indefinite number of series of debt securities of the
Company (collectively, the “Securities”) issued or issuable under and pursuant
to an indenture dated as of September 1, 1987, as amended and supplemented
(the “Indenture”), duly executed and delivered by the Company and Citibank,
N.A., as Trustee (herein called the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the holders of the Securities.  The separate series of Securities may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions or repurchase rights (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to
different covenants and Events of Default and may otherwise vary as in the
Indenture provided.

 

Section 2. 
Principal Amount for Indenture Purposes.  For the purpose of determining whether
Holders of the requisite amount of Notes of this series outstanding under the
Indenture have made a demand, given a notice or waiver or taken any other
action, the principal amount of this Note will be deemed to be the principal
amount of this Note then outstanding.

 

Section 3. 
Modification and Waivers. 
The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of not less than 66-2/3% in aggregate
principal amount of each series of the Securities at the time Outstanding to be
affected, evidenced as in the Indenture provided, to execute supplemental
indentures adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of any supplemental indenture or
modifying in any manner the rights of the holders of the Securities of all such
series; provided, however, that no such supplemental indenture shall, among
other things, (i) change the fixed maturity of any Security, or reduce the
Repayment Amount or the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon or reduce any premium or other amount
payable on redemption, or make the Repayment Amount or the principal amount
thereof, premium or other amount payable, if any, or interest thereon payable
in any coin or currency other than that hereinabove provided, without the
consent of the Holder of each Security so affected, or (ii) change the
place of payment on any Security, or impair the right to institute suit for
payment on any Security, or reduce the aforesaid percentage of Securities, the
holders of which are required to consent to any such supplemental indenture,
without the consent of the holders of each Security so affected.  It is also provided in the Indenture that,
prior to any declaration accelerating the maturity of any series of Securities,

 

 

the holders of a majority in aggregate principal amount of the
Securities of such series Outstanding may on behalf of the holders of all the
Securities of such series waive any past default or Event of Default under the
Indenture with respect to such series and its consequences, except a default in
the payment of interest, if any, on the Repayment Amount or the principal
amount, or premium, if any, on any of the Securities of such series, or in the
payment of any sinking fund installment or analogous obligation with respect to
Securities of such series.  Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon all future holders and owners of this Note and any
Notes of this series which may be issued in exchange or substitution herefor,
irrespective of whether or not any notation thereof is made upon this Note or
such other Notes of this series.

 

Section 4. 
Obligations Unconditional. 
No reference herein to the Indenture and no provisions of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Repayment Amount or the principal amount
on this Note at the place, at the respective times, at the rate, and in the
coin or currency herein prescribed.

 

Section 5. 
Defeasance.  The Indenture
contains provisions for the discharge of the Indenture and defeasance at any
time of the indebtedness on this Note upon compliance by the Company with
certain conditions set forth therein, which provisions apply to this Note.

 

Section 6. 
Authorized Form and Denominations.  The Notes of this series are issuable in
registered form, without coupons.  Each
Note will be issued initially as either a Global Security or a Certificated
Note, at the option of the Company, in denominations of $10,000 or whole
multiples of $10,000, either at the office or agency to be designated and
maintained by the Company for such purpose in the Borough of Manhattan, New
York City, pursuant to the provisions of the Indenture or at any of such other
offices or agencies as may be designated and maintained by the Company for such
purpose pursuant to the provisions of the Indenture, and in the manner and
subject to the limitations provided in the Indenture, but without the payment
of any service charge, except for any tax or other governmental charges imposed
in connection therewith.  Notes of this
series are exchangeable for a like aggregate principal amount of Notes of this
series of a different authorized denomination, except that Global Securities
will not be exchangeable for Certificated Notes of this series.

 

Section 7. 
Registration of Transfer. 
As provided in the Indenture and subject to certain limitations as
therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer, at the
Corporate Trust Office or agency in a Place of Payment for this Note, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar requiring such written
instrument of transfer duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of this series, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

 

If at any time the Depository notifies the Company
that it is unwilling or unable to continue as Depository or if at any time the
Depository shall no longer be eligible under the Indenture, the Company shall
appoint a successor Depository.  If a
successor Depository for the Notes of this series is not appointed by the
Company within 90 days after the Company receives

 

 

such notice or becomes aware of such ineligibility, the Company will
issue, and the Trustee will authenticate and deliver, Notes of this series in
definitive form in an aggregate principal amount equal to the principal amount
of this Note.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.

 

Prior
to due presentment of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the person in
whose name this Note is registered as the owner hereof for all purposes, and
neither the Company nor the Trustee nor any agent of the Company or of the
Trustee shall be affected by any notice to the contrary.

 

Section 8.  Events of Default.  If an Event of Default with respect to Notes
of this series shall occur and be continuing, the amount declared due and
payable upon any acceleration of the Notes will be determined by the
Calculation Agent and will equal the Repayment Amount calculated as though the
maturity of the Notes were the date of early repayment in the manner and with
the effect provided in the Indenture. 
The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Repayment Amount calculated as though
the date to which the maturity has been accelerated were the Stated Maturity
Date as determined by the Calculation Agent.

 

Section 9.  No Recourse Against Certain Persons.  No recourse for the payment of the Repayment
Amount or for any claim based hereon or otherwise in respect hereof, and no
recourse under or upon any obligation, covenant or agreement of the Company in
the Indenture or any Indenture supplemental thereto or in any Note, or because
of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

 

Section 10.  Tax Treatment.  The Company agrees, and by acceptance of
beneficial ownership interest in the Notes of this series, each Holder of such
Notes will be deemed to have agreed, for United States federal income tax
purposes, (i) to treat the Notes of this series as indebtedness that is
subject to Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment Regulations”) and
(ii) to be bound by the Company’s determination of the “comparable yield”
and “projected payment schedule,” within the meaning of the Contingent Payment
Regulations, with respect to the Notes of this series.

 

Section 11.  Defined
Terms.  All terms used but not
defined in this Note are used herein as defined in the Indenture.

 

Section 12.  GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.Exhibit 4.02

 

CALCULATION
AGENCY AGREEMENT

 

BETWEEN

 

LEHMAN
BROTHERS HOLDINGS INC.

 

AND

 

LEHMAN
BROTHERS INC.

 

CALCULATION
AGENCY AGREEMENT, dated as of September 30, 2005 (this “Agreement”),
between Lehman Brothers Holdings Inc. (the “Company”) and Lehman
Brothers Inc., as Calculation Agent.

 

WHEREAS,
the Company proposes to issue and sell its FX-Linked Notes (the “Notes”) from time to time;

 

WHEREAS,
the terms of the Notes are set forth in the applicable Note (in connection with
the performance by the Calculation Agent of its services hereunder with respect
to the Notes, the Note is referred to herein as the “relevant Note”);

 

WHEREAS,
the terms of the Notes are described in a pricing supplement (in connection
with the performance by the Calculation Agent of its services hereunder with
respect to the Notes, the pricing supplement relating to the Notes is referred
to herein as the “relevant Pricing Supplement”) to the prospectus
supplement dated May 18, 2005 and the prospectus dated May 18, 2005;

 

WHEREAS,
the Notes will be issued under an Indenture, dated as of September 1,
1987, between the Company and Citibank, N.A., as Trustee (the “Trustee”),
as supplemented and amended by supplemental indentures dated as of November 25,
1987, November 27, 1990, September 13, 1991, October 4, 1993, October 1,
1995, and June 26, 1997, and incorporating Standard Multiple Series Indenture
Provisions dated July 30, 1987, as amended November 16, 1987
(collectively, the “Indenture”); and

 

WHEREAS,
the Company requests the Calculation Agent to perform certain services
described herein in connection with the Notes;

 

NOW
THEREFORE, the Company and the Calculation Agent agree as follows:

 

1.             Appointment of Agent.  The Company hereby appoints Lehman Brothers
Inc. as Calculation Agent and Lehman Brothers Inc. hereby accepts such
appointment as the Company’s agent for the purpose of performing the services
hereinafter described upon the terms and subject to the conditions hereinafter
mentioned.

 

2.             Calculations and Information
Provided.  In response to a request
made by the Trustee for a determination of the Repayment Amount (as defined in
the relevant Note) with respect to any series of the Notes, the Calculation
Agent shall determine the Repayment Amount on the Valuation Date (as defined in
the relevant Note) in accordance with the terms of the Notes

 

 

and this Agreement and
notify the Trustee of its determination. 
In addition, the Calculation Agent shall also be responsible for
determining each of the following items for the Notes, to the extent
applicable:

 

(a)           whether
a Market Disruption Event (as defined in the relevant Note) has occurred;

 

(b)           the
applicable Valuation Date for any Basket Currency (as defined in the relevant
Note); and

 

(c)           any
other calculation, determination or adjustment specified as being made by the
Calculation Agent in this Agreement, the relevant Pricing Supplement or the
relevant Note.

 

3.             Calculations.  Any calculation or determination by the
Calculation Agent pursuant hereto shall be made at the sole discretion of the
Calculation Agent and shall (in the absence of manifest error) be final and
binding.  Any calculation made by the
Calculation Agent hereunder shall, at the Trustee’s request, be made available
at the Corporate Trust Office. The procedures the Calculation Agent will use to
determine the information described herein with respect to the Notes is set
forth as follows:

 

On the Valuation Date, the Calculation Agent
shall calculate the Repayment Amount for the Notes as specified and described
in the relevant Note.

 

The Calculation Agent shall notify the
Trustee of all such calculations, determinations and adjustment or if a Market
Disruption Event with respect to a series of Notes has occurred.

 

4.             Fees and Expenses.  The Calculation Agent shall be entitled to
reasonable compensation for all services rendered by it as agreed to between
the Calculation Agent and the Company.

 

5.             Terms and Conditions.  The Calculation Agent accepts its obligations
herein set out upon the terms and conditions hereof, including the following,
to all of which the Company agrees:

 

(a)           in
acting under this Agreement, the Calculation Agent is acting solely as an
independent expert and not as an agent of the Company and does not assume any
obligation toward, or any relationship of agency or trust for or with, any of
the holders of the Notes;

 

(b)           unless
otherwise specifically provided herein, any order, certificate, notice,
request, direction or other communication from the Company or the Trustee made
or given under any provision of this Agreement shall be sufficient if signed by
any person who the Calculation Agent reasonably believes to be a duly
authorized officer or attorney-in-fact of the Company or the Trustee, as the
case may be;

 

2

 

(c)           the
Calculation Agent shall be obliged to perform only such duties as are set out
specifically herein and any duties necessarily incidental thereto;

 

(d)           the
Calculation Agent, whether acting for itself or in any other capacity, may
become the owner or pledgee of Notes with the same rights as it would have had
if it were not acting hereunder as Calculation Agent; and

 

(e)           the
Calculation Agent shall incur no liability hereunder except for loss sustained
by reason of its gross negligence or willful misconduct.

 

6.             Resignation; Removal; Successor.  (a)  The Calculation Agent may at any
time resign by giving written notice to the Company of such intention on its
part, specifying the date on which its desired resignation shall become
effective, subject to the appointment of a successor Calculation Agent and
acceptance of such appointment by such successor Calculation Agent, as
hereinafter provided.  The Calculation
Agent hereunder may be removed at any time by the filing with it of an
instrument in writing signed by or on behalf of the Company and specifying such
removal and the date when it shall become effective.  Such resignation or removal shall take effect
upon the appointment by the Company, as hereinafter provided, of a successor
Calculation Agent and the acceptance of such appointment by such successor
Calculation Agent.  In the event a
successor Calculation Agent has not been appointed and has not accepted its
duties within 90 days of the Calculation Agent’s notice of resignation, the
Calculation Agent may apply to any court of competent jurisdiction for the
designation of a successor Calculation Agent.

 

(b)           In case at any time the Calculation
Agent shall resign, or shall be removed, or shall become incapable of acting,
or shall be adjudged bankrupt or insolvent, or make an assignment for the
benefit of its creditors or consent to the appointment of a receiver or
custodian of all or any substantial part of its property, or shall admit in
writing its inability to pay or meet its debts as they mature, or if a receiver
or custodian of it or all or any substantial part of its property shall be
appointed, or if any public officer shall have taken charge or control of the
Calculation Agent or of its property or affairs, for the purpose of rehabilitation,
conservation or liquidation, a successor Calculation Agent shall be appointed
by the Company by an instrument in writing, filed with the successor
Calculation Agent.  Upon the appointment
as aforesaid of a successor Calculation Agent and acceptance by the latter of
such appointment, the Calculation Agent so superseded shall cease to be
Calculation Agent hereunder.

 

(c)           Any successor Calculation Agent
appointed hereunder shall execute, acknowledge and deliver to its predecessor,
to the Company and to the Trustee an instrument accepting such appointment
hereunder and agreeing to be bound by the terms hereof, and thereupon such
successor Calculation Agent, without any further act, deed or conveyance, shall
become vested with all the authority, rights, powers, trusts, immunities,
duties and obligations of such predecessor with like effect as if originally
named as Calculation Agent hereunder, and such predecessor, upon payment of its
charges and disbursements then unpaid, shall thereupon become obligated to transfer,
deliver and pay over, and such successor Calculation Agent shall be entitled to
receive, all moneys, securities and other property on deposit with or held by
such predecessor, as Calculation Agent hereunder.

 

3

 

(d)           Any corporation into which the
Calculation Agent hereunder may be merged or converted or any corporation with
which the Calculation Agent may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Calculation Agent
shall be a party, or any corporation to which the Calculation Agent shall sell
or otherwise transfer all or substantially all of the assets and business of
the Calculation Agent shall be the successor Calculation Agent under this Agreement
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.

 

7.             Certain Definitions.  Capitalized terms not otherwise defined
herein are used herein as defined in the relevant Note or, if not defined in
the relevant Note, as defined in the Indenture.

 

8.             Indemnification.  The Company will indemnify the Calculation
Agent against any losses or liability which it may incur or sustain in
connection with its appointment or the exercise of its powers and duties
hereunder except such as may result from the gross negligence or wilful
misconduct of the Calculation Agent or any of its agents or employees.  The Calculation Agent shall incur no
liability and shall be indemnified and held harmless by the Company for or in
respect of any action taken or suffered to be taken in good faith by the
Calculation Agent in reliance upon written instructions from the Company.

 

9.             Notices.  Any notice required to be given hereunder
shall be delivered in person, sent (unless otherwise specified in this
Agreement) by letter, telex or facsimile transmission or communicated by
telephone (confirmed in a writing dispatched within two Business Days), (a) in
the case of the Company, to it at 745 Seventh Avenue, New York, New York 10019 (facsimile:
(646) 758-3204) (telephone: (212) 526-7000), Attention: Treasurer, with a copy
to 1301 Avenue of the Americas, 5th floor, New York, NY 10019 (facsimile: (212)
526-0357) (telephone: (212) 526-7000), Attention: Corporate Secretary, (b) in
the case of the Calculation Agent, to it at Lehman Brothers Inc., 745 Seventh
Avenue, New York, NY 10019 (facsimile: (646) 758-3204) (telephone: (212) 526-7000),
Attention: Treasurer and (c) in the case of the Trustee, to it at 111 Wall
Street, 5th Floor, New York, New York 10043 (facsimile: (212) 657-3836)
(telephone:  (212) 657-7805), Attention:
Corporate Trust Department or, in any case, to any other address or number of
which the party receiving notice shall have notified the party giving such
notice in writing.  Any notice hereunder
given by telex, facsimile or letter shall be deemed to be served when in the
ordinary course of transmission or post, as the case may be, it would be
received.

 

10.           GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONTINUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

11.           Counterparts.  This Agreement may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement.

 

12.           Benefit of Agreement.  This Agreement is solely for the benefit of
the parties hereto and their successors and assigns, and no other person shall
acquire or have any rights under or by virtue hereof.

 

4

 

IN
WITNESS WHEREOF, this Agreement has been entered into as of the day and year
first above written.

 

 

	
   

  	
  LEHMAN BROTHERS HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LEHMAN BROTHERS INC.

  
	
   

  	
    as
  Calculation Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

5

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