Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 115

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 115
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 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:

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| · | 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 (“Opinion of Counsel”), concluding that such sums were not paid in order to comply with a law, regulation or                
 order of any court of competent jurisdiction; provided however, that the trustee may by notice to LBG require LBG 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, regulation