Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 77

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 77
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 might otherwise have against Lloyds Bank
whether before or during the winding-up of Lloyds Bank.

Events of Default and Defaults–General

Subject to certain exceptions, such as in the
case of a default in the payment of the principal (or premium, if any) or interest on a senior debt security, the trustee may, without
the consent of the holders, waive or authorize a Senior Debt Security Event of Default, provided that in the opinion of the trustee, the
interests of the holders shall not be materially prejudiced thereby and provided further that the trustee shall not exercise any powers
conferred on it in contravention of any notice in writing to Lloyds Bank and the trustee of a declaration described in “—Senior
Debt Security Event of Default” above but so that no such notice shall affect any waiver or authorization previously given or made.

The holder or holders of not less than a majority
in aggregate principal amount of the outstanding debt securities of any series may waive any past Senior Debt Security Event of Default,
with respect to the series, except a Senior Debt Security Event of Default in respect of the payment of interest, if any, or principal
of (or premium, if any) or payments on any debt security or a covenant or provision of the indenture which cannot be modified or amended
without the consent of each holder of debt securities of such affected series.

Subject to the provisions of the applicable indenture
relating to the duties of the trustee, if a Senior Debt Security Event of Default occurs and is continuing with respect to the debt securities
of any series, the trustee will be under no obligation to any holder or holders of the debt securities of the series, unless they have
offered indemnity or security satisfactory to the trustee in its sole discretion. Subject to the indenture provisions for the indemnification
of the trustee, the holder or holders of a majority in aggregate principal amount of the outstanding debt securities of any series shall
have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising
any trust or power conferred on the trustee with respect to the series, if the direction is not in conflict with any rule of law or with
the applicable indenture and does not expose the trustee to undue risk and the action would not be unjustly prejudicial to the holder
or holders of any debt securities of any series not taking part in that direction. The trustee may take any other action that it deems
proper