Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 118

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 118
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 indentures also separately provide for Subordinated Debt Security Defaults. Unless the relevant prospectus
supplement provides otherwise, it shall be a “Subordinated Debt Security Default” with respect to any series of subordinated
debt securities if:

| · | any installment of interest upon any subordinated debt security of that series is not paid on or before its deferred payment date 
 or such other date specified for its payment in the subordinated debt indentures and such failure continues for 14 days; or       |

| · | all or any part of the principal of any subordinated debt security of that series is not paid on its deferred payment date, or when 
 it otherwise becomes due and payable, whether upon redemption or otherwise, and such failure continues for seven days.              |

If a Subordinated Debt Security Default occurs
and is continuing, the trustee may commence a proceeding in Scotland (but not elsewhere) for the winding-up of LBG.

However, a failure to make any payment on a series
of subordinated debt securities shall not be a Subordinated Debt Security Default if it is withheld or refused in order to comply with
any applicable fiscal or other law or regulation or order of any court of competent jurisdiction and LBG delivers an Opinion of Counsel
to the trustee with that conclusion, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers.

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 subordinated
debt securities.

Unless the relevant prospectus supplement provides
otherwise, by accepting a subordinated debt 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 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
interest