Conditional Full Redemption of Corporate Backed Trust Certificates, Motorola Debenture-Backed Series 2002-14 Trust Class A-1 Cer
June 17 2010 - 4:30PM
Marketwired
(NYSE: XFJ) -- U.S. Bank Trust National Association, as Trustee,
under the Standard Terms for Trust Agreements dated as of January
16, 2001, as supplemented by the Series Supplement, Motorola
Debenture-Backed Series 2002-14, dated as of July 19, 2002 (the
"Trust Agreement") in respect of the Corporate Backed Trust
Certificates, Motorola Debenture-Backed Series 2002-14 Trust (the
"Trust") with Lehman ABS Corporation, as depositor, received notice
that the Call Warrants Holder has exercised its right to purchase
the assets of the Trust on June 23, 2010 (the "Redemption Date").
THE EXERCISE OF THE CALL WARRANTS IS
CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE
CALL PRICE WITH RESPECT TO SUCH EXERCISE ON THE REDEMPTION DATE.
THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE
EXERCISED ON THE REDEMPTION DATE.
If the Trustee receives the call price by 10:00 a.m. (New York
City time) on the Redemption Date, then the certificates issued by
the Trust (the "Certificates") will be redeemed in full on the
Redemption Date at a price of $25 principal plus $0.221006940
accrued interest to the Redemption Date per Class A-1 Certificate
and $0.00 principal per $1,000 stated principal amount Class A-2
Certificate. The Class A-2 Certificates are principal-only
Certificates and will not receive payment of interest. As set forth
in the Trust Agreement, the Call Price for each related Call Date,
in the case of the Class A-2 Certificates being purchased pursuant
to the exercise of the Call Warrants, is $0. No interest will
accrue on the Certificates after the Redemption Date. If the
Trustee does not receive the Call Price, then (i) the Certificates
issued by the Trust will continue to accrue interest as if no
exercise notice had been given and (ii) the call warrant holder may
elect to deliver a conditional notice of exercise in the
future.
This press release is being issued by U.S. Bank Trust National
Association as trustee of the Trust. For more information about
this conditional redemption, Holders with questions may contact
Bondholder Services at (800) 934-6802.
U.S. Bank Trust National Association, as
Trustee
Contact: Bondholder Services (800) 934-6802
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