Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 117

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 117
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 discretion and without further notice institute such proceedings
as it may think suitable, against LBG to enforce payment. Notwithstanding any contrary provisions, nothing shall impair the right of a
holder, absent the holder’s consent, to sue for any payments due but unpaid with respect to the senior debt securities.

Unless the relevant prospectus supplement provides
otherwise, by accepting a senior debt security, each holder will be deemed to have waived any right of set-off, counterclaim or combination
of accounts with respect to the senior debt securities or the applicable indenture that they might otherwise have against LBG whether
before or during the winding-up of LBG.

Subordinated Debt Security Events of Default

Unless the relevant prospectus supplement provides
otherwise, a “Subordinated Debt Security Event of Default” with respect to any series of subordinated debt securities of LBG
shall result if either:

| · | a court of competent jurisdiction makes an order which is not successfully appealed within 30 days; or |

| · | an effective shareholders’ resolution is validly adopted for the winding-up of LBG other than under or in connection with a 
 scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.                                          |

The exercise of any U.K. bail-in power by the
relevant U.K. resolution authority shall not constitute a Subordinated Debt Security Event of Default.

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If a Subordinated Debt Security Event of Default
occurs and is continuing, the trustee or the holder or holders of at least 25% in aggregate principal amount of the outstanding subordinated
debt securities of each series may declare to be due and payable immediately in accordance with the terms of the indenture the principal
amount of, any accrued but unpaid payments (or, in the case of original issue discount securities, the accreted face amount, together
with any accrued interest), including any deferred interest on the subordinated debt securities of the series. 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 subordinated debt securities of the series may rescind or annul the declaration of acceleration and its consequences,
but only if all Subordinated Debt Security Events of Default have been cured or waived and all payments due, other than those due as a
result of acceleration, have been made.

Subordinated Debt Security Defaults

In addition to Subordinated Debt Security Events
of Default, the subordinated debt