Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 197

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 197
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, 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 less than a majority in aggregate
principal amount of the outstanding capital securities of any series may waive any past Event of Default with respect to the series, except
an Event of Default in respect of the payment of principal of any capital security or in respect of a Winding-Up or Administration Event
(as defined below). A “Winding-Up or Administration Event” means (i) an order is made, or an effective resolution is passed,
for the winding-up of LBG (except in any such case, a solvent winding-up solely for the purposes of a reorganization, reconstruction or
amalgamation of LBG or the substitution in place of LBG of a successor in the business of LBG, the terms of which (i) have previously
been approved in writing by holders of not less than 2/3 (two thirds) in aggregate principal amount of the capital securities and (ii)
do not provide that the capital securities shall thereby become redeemable or repayable in accordance with their