Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 184

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 184
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 applicable indenture with respect to any series of debt securities without the consent of the holders of the debt
securities. Other modifications and amendments may be made to the indenture with the consent of the holder or holders of not less than
a majority, or in the case of subordinated debt securities, two-thirds, in aggregate outstanding principal amount of the debt securities
of the series outstanding under the indenture that are affected by the modification or amendment, voting as one class. However, no modifications
or amendments may be made without the consent of the holder of each debt security affected that would:

| · | change the stated maturity of the principal amount of any debt security; |

| · | reduce the principal amount of, the interest rates on, or any premium payable upon the redemption of, with respect to, any debt security; |

| · | reduce the amount of principal of discount securities that would be due and payable upon an acceleration of their maturity date; |

| · | change any obligation to pay Additional Amounts; |

| · | change the currency of payment; |

| · | impair the right to institute suit for the enforcement of any payment due and payable; |

| · | reduce the percentage in aggregate principal amount of outstanding debt securities of any series necessary to modify or amend the          
 relevant indenture or to waive compliance with certain provisions of the relevant indenture and any Senior Debt Security Event of Default, 
 Subordinated Debt Security Event of Default or Subordinated Debt Security Default (as such terms are defined below);                       |

| · | modify the subordination provisions or change the terms of our obligations in respect of the due and punctual payment of the amounts 
 due and payable on the debt securities in a manner adverse to the holders; or                                                        |

| · | modify any of the above requirements. |

In addition, variations in the terms and conditions
of our subordinated debt securities of any series, including modifications relating to subordination, redemption, a Subordinated Debt
Security Event of Default, or Subordinated Debt Security Default (as such terms are defined below) as described in the relevant prospectus
supplement, may require the permission of, or consent from, the PRA.

<div align='center'>13</div>

Events of Default; Default; Limitation of Remedies

Senior Debt Security Event of Default

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

| · | LBG does not