Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 185

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 185
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 without the consent of the holder of each debt security affected that would:

·change the stated maturity of the principal amount of any debt security;

·reduce the principal amount of, the interest rates on, or any premium payable upon the redemption of, with respect to, any debt
security;

·reduce the amount of principal of discount securities that would be due and payable upon an acceleration of their maturity date;

·change any obligation to pay Additional Amounts;

·change the currency of payment;

·impair the right to institute suit for the enforcement of any payment due and payable;

·reduce the percentage in aggregate principal amount of outstanding debt securities of any series necessary to modify or amend the
relevant indenture or to waive compliance with certain provisions of the relevant indenture and any Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default (as such terms are defined below);

·modify the subordination provisions or change the terms of our obligations in respect of the due and punctual payment of the amounts
due and payable on the debt securities in a manner adverse to the holders; or

·modify any of the above requirements.

In addition, variations in the terms and conditions
of our subordinated debt securities of any series, including modifications relating to subordination, redemption, a Subordinated Debt
Security Event of Default, or Subordinated Debt Security Default (as such terms are defined below) as described in the relevant prospectus
supplement, may require the permission of, or consent from, the PRA.

Events of Default; Default; Limitation of Remedies

Senior Debt Security Event of Default

Unless the relevant prospectus supplement provides
otherwise, a “Senior Debt Security Event of Default” with respect to any series of senior debt securities shall result if:

·LBG does not pay any principal or interest on any senior debt securities of that series within 14 days from the due date for payment
and the principal or interest has not been duly paid within 14 days following written notice from the trustee or from holders of 25%
in aggregate principal amount of the outstanding senior debt securities of that series to LBG requiring the payment to be made. It shall
not, however, be a Senior Debt Security Event of Default if during the 14 days after the notice, LBG delivers a written opinion of legal
advisors, who may be an employee of, or legal advisors for, LBG or other legal advisors, to the trustee, such opinion to be acceptable
to the trustee