Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 129

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 129
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 or with the indenture and the trustee does
not determine that the action would be unjustly prejudicial to the holder or holders of any capital securities of any series not taking
part in that direction. The trustee may take any other action that it deems proper which is not inconsistent with that direction.

The indenture provides that the trustee will,
within 90 days after the occurrence of an Event of Default with respect to the capital securities of any series, give to each holder of
the capital securities of the affected series notice of the Event of Default known to it, unless the Event of Default has been cured or
waived. However, the trustee shall be protected in withholding notice if it determines in good faith that withholding notice is in the
interest of the holders.

We are required to furnish to the trustee annually
and within five business days of a written request from the trustee, a statement as to our compliance with all conditions and covenants
under the indenture.

Limitation on Suits

No holder of capital securities will be entitled
to proceed directly against us, except as described below.

Subject to any further limitations provided in
the relevant prospectus supplement and supplemental indenture establishing any series of capital securities, before a holder of the capital
securities may bypass the trustee and bring its own lawsuit or other formal legal action or take other steps to enforce its rights or
protect its interests relating to the capital securities, the following must occur:

| · | The holder must give the trustee written notice that a continuing Event of Default has occurred and remains uncured. |

| · | The holders of not less than 25% in aggregate principal amount of outstanding capital securities of the relevant series must make          
 a written request that the trustee institute proceedings because of the Event of Default, and the holder must offer indemnity satisfactory 
 to the trustee against the costs, expenses and liabilities to be incurred in compliance with such request.                                 |

| · | The trustee must not have taken action for 60 days after receipt of the above notice and offer of security or indemnity, and the trustee     
 must not have received an inconsistent direction from the majority in principal amount of all outstanding capital securities of the relevant 
 series during that period.                                                                                                                   |

Notwithstanding any other provision of the capital
securities indenture or the capital securities, the right of any holder of capital securities to receive payment of the principal of (and
premium, if any, on), and interest on, the capital securities, on or after the due dates thereof