Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 62

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 62
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to the extent that, in the context, Additional Amounts are, were or would be payable.

Waiver of Right to Set-Off

Subject to applicable law, no holder may exercise
or claim any right of set-off, counterclaim, combination of accounts, compensation or retention in respect of any amount owed to it by
LBG arising under or in connection with the Senior Notes. By accepting a Senior Note, each holder will be deemed to have waived any right
of set-off, counterclaim, combination of accounts, compensation or retention with respect to such Senior Note or the Indenture (or between
our obligations under or in respect of any Senior Note and any liability owed by a holder or the Trustee to us) that they might otherwise
have against us, whether before or during our winding up. Notwithstanding the provisions of the foregoing sentence, if any of the said
rights and claims of any holder of any Senior Note against LBG is discharged by set-off, counterclaim, combination of accounts, compensation
or retention, such holder will immediately pay an amount equal to the amount of such discharge to LBG (or, in the event of winding-up
or administration of LBG, the liquidator or, as applicable, the administrator of LBG) and accordingly such discharge will be deemed not
to have taken place.

Trustee; Direction of Trustee

LBG’s obligations to indemnify the Trustee
in accordance with Section 6.07 of the Senior Indenture (as supplemented by the Twenty-Second Supplemental Indenture) shall survive the
exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes and the Indenture.

By purchasing or acquiring the Senior Notes, each
holder (including each beneficial owner) of the Senior Notes acknowledges and agrees that, upon the exercise of any U.K. bail-in power
by the relevant U.K. resolution authority, (a) the Trustee shall not be required to take any further directions from holders or beneficial
owners of the Senior Notes under Section 5.12 (Control by Holders) of the Senior Indenture, and (b) neither the Senior Indenture nor the
Twenty-Second Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect to the exercise of any U.K. bail-in
power by the relevant U.K. resolution authority. Notwithstanding the foregoing, if, following the completion of the exercise of the