Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 55

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 55
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 of such series of Senior Notes may rescind the declaration of acceleration and its consequences, but only if
all Events of Default have been remedied and all payments due, other than those due as a result of acceleration, in respect of such series
of Senior Notes have been made.

Defaults

A “Default” with respect to a series
of Senior Notes shall result if:

| · | any installment of interest in respect of the Senior Notes of such series is not paid on or before its interest payment date and such 
 failure continues for 14 days; or                                                                                                     |

<div align='center'>S-37</div>

| · | all or any part of the principal of the Senior Notes of such series is not paid when it otherwise becomes due and payable, whether 
 upon redemption or otherwise, and such failure continues for seven days.                                                           |

If a Default occurs with respect to a series of
Senior Notes, the Trustee may commence a proceeding for the winding-up of LBG, provided that the Trustee may not (except in such winding-up,
in accordance with “Events of Default” above) declare the principal amount of, or any other amount in respect of, the
outstanding Senior Notes of any series to be due and payable.

However, a failure to make any payment on a series
of Senior Notes shall not be a Default if it is withheld or refused in order to comply with any applicable fiscal or other law or regulation
or order of any court of competent jurisdiction and LBG delivers a written opinion of legal advisors, who may be an employee of, or legal
advisors for, LBG or other legal advisors, such opinion to be acceptable to the Trustee (“Opinion of Counsel”), to the Trustee
with that conclusion, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers, provided,
however, that the Trustee may by notice to LBG require it to take such action (including but not limited to proceedings for a declaration
by a court of competent jurisdiction) as the Trustee may be advised in an Opinion of Counsel, upon which opinion the Trustee may conclusively
rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case LBG will forthwith take and expeditiously
proceed with such action and will be bound by any final resolution of the doubt resulting therefrom. If any such action results in a determination
that the relevant payment can be made without violating any applicable law,