Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 49

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 49
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 SOFR Index Average, provided that if a SOFR Benchmark Event has occurred with respect to the SOFR Index Average or the then-current
SOFR Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement;

“SOFR Benchmark Event” means the
occurrence of one or more of the following events with respect to the then-current SOFR Benchmark (including the daily published component
used in the calculation thereof):

(1) a
public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or such component) announcing
that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the SOFR Benchmark
(or such component);

(2) a
public statement or publication of information by the regulatory supervisor for the administrator of the SOFR Benchmark (or such component),
the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator
for the SOFR Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the SOFR Benchmark (or
such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark
(or such component), which states that the administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide
the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the SOFR Benchmark (or such component); or

(3) a
public statement or publication of information by the regulatory supervisor for the administrator of the SOFR Benchmark announcing that
the SOFR Benchmark is no longer representative;

“SOFR Benchmark Replacement” means
the first alternative set forth in the order below that can be determined by LBG, following consultation with its Independent Adviser:

(a) the
sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current SOFR Benchmark for the applicable Corresponding Tenor and (b) the SOFR Benchmark Replacement Adjustment;

(b) the
sum of (a) the ISDA Fallback Rate and (b) the SOFR Benchmark Replacement Adjustment; or

(c) the
sum of (a) the