Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 137

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 137
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 when due, subject to the subordination and waiver of set off provisions set forth
in the Indenture and (2) such limitations shall not apply to our obligations to pay the fees and expenses of, and to indemnify, the Trustee
and the Trustee’s rights to apply money collected to first pay its fees and expenses shall not be subject to the subordination and
waiver of set off provisions set forth in the Indenture.

The Additional Tier 1 Securities are perpetual
securities in respect of which there is no fixed redemption date or maturity date. Holders may not require any redemption of the Additional
Tier 1 Securities at any time.

Trustee’s Duties

The Trustee has only its express duties set forth
in the Indenture and no implied duties; provided, however, if an Enforcement Event has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent
person would exercise or use under the circumstances in the conduct of his or her own affairs. Holders of not less than a majority in
aggregate principal amount of the outstanding Additional Tier 1 Securities may on behalf of all holders of the Additional Tier 1 Securities
waive any past Enforcement Event that results from a breach by LBG of a Performance Obligation. Holders of a majority of the aggregate
principal amount of the outstanding Additional Tier 1 Securities may not waive any past default that results from a Winding-up or Administration
Event or non-payment of principal when due.

If an Enforcement Event has occurred and is continuing,
the Trustee will have no obligation to take any action at the direction of any holders of the Additional Tier 1 Securities, unless they
have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The holders of a majority in aggregate
principal amount of the outstanding Additional Tier 1 Securities shall have the right to direct the time, method and place of conducting
any proceeding in the name of and on the behalf of the Trustee for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee with respect to the Additional Tier 1 Securities. However, this direction (a) must not be in conflict with any
rule of law or the Indenture and (b) must not be unjustly prejudicial to the holders of the Additional Tier 1 Securities(s