Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 88

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 88
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 not satisfied. For the avoidance of doubt, if
LBG fails to make a payment because the Solvency Condition is not (or following such payment would not be) satisfied, that payment shall
not be or become due and payable.

See also “—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation” below.

Availability of Distributable Items

LBG shall cancel any interest on the Additional
Tier 1 Securities (or, as appropriate, any part thereof) which is scheduled to be paid on an Interest Payment Date to the extent that
LBG has an amount of Distributable Items on any scheduled Interest Payment Date that is less than the sum of (i) all payments (other than
redemption payments) made or declared by LBG since the end of LBG’s last financial year and prior to such Interest Payment Date
on or in respect of any Parity Securities, the Additional Tier 1 Securities and any Junior Securities (as defined below) and (ii) all
payments (other than redemption payments) payable by LBG on such Interest Payment Date (x) on the Additional Tier 1 Securities and (y)
on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already
accounted for (by way of deduction) in determining the Distributable Items.

In addition, LBG shall not be permitted to pay any interest otherwise scheduled to be paid on an Interest Payment Date if and to the extent that the payment of such interest would cause, when aggregated together with other distributions of the kind referred to in Rule 4.3(2) of chapter 4 of the “CRR Firms – Capital Buffers” part of the PRA Rulebook (or any succeeding provision(s) amending or replacing such rule) (“ Chapter 4”) and which are required under the Applicable Regulations to be taken into account for this purpose, the Maximum Distributable Amount, if any, then applicable to the Group to be exceeded. For these purposes, “ Maximum Distributable Amount” means any applicable maximum distributable amount relating to the Group required to be calculated in accordance with Chapter 4 or any analogous, equivalent or similar provision of the Applicable Regulations which require a maximum distributable amount to be calculated if LBG or the Group are failing to meet any capital adequacy requirement.

See also “—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation” below.