Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 133

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 133
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, of the principal amount of, or interest on, the Additional Tier 1 Securities or the conversion thereof into another security
or obligation of LBG or another person, as a result of the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority
with respect to LBG, nor the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Additional
Tier 1 Securities will be a default or an event of default for any purpose.

By purchasing or acquiring the Additional Tier
1 Securities, each holder and each beneficial owner of the Additional Tier 1 Securities: (i) acknowledges and agrees that the exercise
of the U.K. Bail-in Power by the relevant U.K. resolution authority in respect of the Additional Tier 1 Securities 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 Additional Tier 1 Securities; 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 Additional Tier 1 Securities under Section 5.12 (Control by Holders) of the Base Indenture,
and (b) neither the Base Indenture nor the Ninth 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 Additional Tier 1 Securities
remain outstanding (for example, if the exercise of the U.K. Bail-in Power results