Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 189

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 189
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 with respect to the subordinated debt security or the applicable indenture (or between obligations
which LBG may have under or in respect of any subordinated debt security and any liability owed by a holder or the trustee to LBG) that
they might otherwise have against LBG, whether before or during the winding-up or liquidation of LBG.

Events of Default and Defaults–General

Subject to certain exceptions, such as in the
case of a default in the payment of the principal (or premium, if any) or interest on a senior debt security, the trustee may, without
the consent of the holders, waive or authorize a Senior Debt Security Event of Default, provided that in the opinion of the trustee, the
interests of the holders shall not be materially prejudiced thereby and provided further that the trustee shall not exercise any powers
conferred on it in contravention of any notice in writing to LBG and the trustee of a declaration described in “—Senior Debt
Security Event of Default” above but so that no such notice shall affect any waiver or authorization previously given or made.

The holder or holders of not less than a majority
in aggregate principal amount of the outstanding debt securities of any series may waive any past Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default with respect to the series, except a Senior Debt Security
Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default, in respect of the payment of interest,
if any, or principal of (or premium, if any) or payments on any debt security or a covenant or provision of the indenture which cannot
be modified or amended without the consent of each holder of debt securities of such affected series.

Subject to the provisions of the applicable indenture
relating to the duties of the trustee, if a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default occurs and is continuing with respect to the debt securities of any series, the trustee will be under no obligation
to any holder or holders of the debt securities of the series, unless they have offered reasonable indemnity to the trustee. Subject
to the indenture provisions for the indemnification of the trustee, the holder or holders of a majority in aggregate principal amount
of the outstanding debt securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the trustee, or exercising any trust or