Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 135

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 135
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 (ii) and (iii) is an “Enforcement Event”:

(i) the occurrence of a Winding-up or Administration
Event;

(ii) non-payment of principal when due as further
described in clause (ii) of “—Remedies” below; or

(iii) breaches of a Performance Obligation.

Remedies

(i) The occurrence of a Winding-up or Administration Event prior to the occurrence of a Trigger Event. If a Winding-up or Administration Event occurs prior to the occurrence of a Trigger
Event, then the claims in respect of the Additional Tier 1 Securities will be for such amount, and will be subordinated on the basis,
as is described under “—Ranking and Liquidation Distribution” above, without any requirement for the Trustee,
the holders or the beneficial owners of the Additional Tier 1 Securities to declare such amount to be due and payable.

(ii) Non-payment of principal when due.
Subject to the satisfaction of any conditions to redemption, purchase, substitution or variation described under “—Redemption, Purchase, Variation and Substitution—Conditions to Redemption, Purchase, Substitution or Variation” above, if LBG does
not make payment of principal in respect of the Additional Tier 1 Securities for a period of seven (7) calendar days or more after the
date on which such payment is due, then the Trustee, on behalf of the holders and beneficial owners of the Additional Tier 1 Securities,
may, at its discretion, or shall at the direction of holders of 25% of the aggregate principal amount of outstanding Additional Tier 1
Securities, subject to any applicable laws, institute proceedings for the winding up of LBG. In the event of a winding-up or liquidation
of LBG, whether or not instituted by the Trustee, the Trustee may prove the claims of the holders and beneficial owners of the Additional
Tier 1 Securities and the Trustee in the winding up proceeding of LBG and/or claim in the liquidation of LBG such claims as are set out
under “—Ranking and Liquidation Distribution”. For the avoidance of doubt, the Trustee may not declare the principal
amount of any outstanding Additional Tier 1 Securities to be due and payable and may not pursue any other legal remedy, including a judicial
proceeding for the collection of the sums due and unpaid on the Additional Tier 1 Securities.

(iii) Breach of a Performance Obligation.In the event of a breach of any term