Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 120

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 120
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 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 which is not inconsistent with that direction.

The indentures provide that the trustee will,
within 90 days after the occurrence of a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default with respect to the debt securities of any series, give to each holder of the debt securities of the affected series
notice of the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default
known to it, unless the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security
Default, has been cured or waived; provided that the trustee shall be protected in withholding notice (except for a payment default) if
it determines in good faith that withholding notice is in the interest of the holders of the debt securities of the affected series.

We are required to furnish to the trustee a statement
as to our compliance with all conditions and covenants under the indenture (i) annually, and (ii) within five Business Days of a written
request from the trustee.

Consolidation, Merger and Sale of Assets; Assumption

We may, without the consent of the holders of
any of the debt securities, consolidate or amalgamate with, merge into or transfer or lease our assets substantially as an entirety to
any person, provided that any successor corporation formed by any consolidation or amalgamation or into which we are merged, or any transferee
or lessee of our assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental indenture,
our obligations on the debt securities, and under the applicable indenture, immediately after giving effect to such transaction, no event
of default or default shall have occurred and be continuing, and we procure the delivery of a customary officer’s certificate and
legal opinion providing that the conditions precedent to the transaction have been complied with.

Governing Law

The debt securities and the indentures will be
governed by and construed in accordance with the laws of the State of New York, except that, as the indentures specify, the subordination
provisions relating to each series of debt securities issued by LBG in the