Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 75

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 75
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 acknowledges and agrees that the exercise of the U.K. bail-in power
by the relevant U.K. resolution authority in respect of the Subordinated Notes shall not give rise to a default or an Event of Default
for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture
Act (the “TIA”); (ii) to the extent permitted by the TIA, waives any and all claims against the Trustee for, agrees not to
initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes,
or abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution authority
with respect to the Subordinated Notes; and (iii) 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
Subordinated Notes under Section 5.12 (Control by Holders) of the Subordinated Base Indenture, and (b) neither the Subordinated Base Indenture
nor the Eleventh Subordinated 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 U.K. bail-in power by the relevant U.K. resolution authority, any of the Subordinated Notes remain outstanding (for example,
if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of such Subordinated Notes), then the
Trustee’s duties under the Subordinated Indenture shall remain applicable with respect to such Subordinated Notes following such
completion to the extent that LBG and the Trustee agree pursuant to a supplemental indenture or an amendment to the Subordinated Indenture,
unless LBG and the Trustee agree in writing that a supplemental indenture is not necessary.

By purchasing or acquiring the Subordinated Notes,
each holder and each beneficial owner shall be deemed to have (i) consented to the exercise of any U.K. bail-in power as it may be imposed
without any prior