Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 127

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 127
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 | modify any of the above requirements. |

In addition, unless the relevant prospectus supplement
provides otherwise, any variations in the terms and conditions of the capital securities of any series, including modifications relating
to the subordination or redemption provisions of such capital securities, may require the permission of, or consent from, the PRA.

Events of Default; Limitation of Remedies

Events of Default

Unless the relevant prospectus supplement provides
otherwise, an “Event of Default” with respect to any series of capital securities shall result if either:

| · | a court of competent jurisdiction makes an order which is not successfully appealed within 30 days, or |

| · | an effective shareholders’ resolution is validly adopted, for our winding-up, other than under or in connection with a scheme 
 of amalgamation or reconstruction not involving a bankruptcy or insolvency.                                                   |

If an Event of Default provided for in a supplemental
indenture for any series of capital securities, occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal
amount of the outstanding capital securities of each series may declare the principal amount, together with accrued interest (if any)
and Additional Amounts (if any), payable on such capital securities, of all the capital securities of that series to be due and payable
immediately, by a notice in writing to us, and upon such declaration such amount shall become immediately due and payable. However, after
such declaration but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in
aggregate principal amount of the outstanding capital securities of the series may rescind or annul such declaration of acceleration and
its consequences, but only if all Events of Default have been cured or waived and all payments due, other than those due as a result of
acceleration, have been made.

By accepting a capital security, each holder and
the trustee will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to the capital security
or the indenture (or between obligations which LBG may have under or in respect of any capital security 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.

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Events of Default—General

Except as otherwise specified in the relevant
supplemental indenture with respect to a series of capital securities, the holder or holders of not