Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 58

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 58
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 to be due and payable.

<div align='center'>S-45</div>

However, a failure to make any payment on a series
of Senior Notes shall not be a Senior Notes Default if it is withheld or refused in order to comply with any applicable fiscal or other
law or regulation or order of any court of competent jurisdiction and LBG delivers a written opinion of legal advisors, who may be an
employee of, or legal advisors for, LBG or other legal advisors, such opinion to be acceptable to the Trustee (“Opinion of Counsel”),
to the Trustee with that conclusion, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers,
provided, however, that the Trustee may by notice to LBG require it 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 or order then
such payment will become due and payable on the expiration of 14 days (in the case of a Senior Notes Default in respect of a payment of
interest) or seven days (in the case of a Senior Notes Default in respect of a payment of principal) after the Trustee gives written notice
to LBG informing it of such resolution.

During the continuance of a Senior Notes Event
of Default, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of holders of such series of Senior
Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in the Senior Indenture or in aid of the exercise of any power granted therein,
or to enforce any other legal or equitable right vested in the Trustee by the Senior Indenture or by law, provided, however,
that LBG shall not, as a result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by
reference to the principal of, or any interest on, the Senior Notes of such series prior to