Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 188

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 188
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 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.

<div align='center'>11</div>

Subordinated Debt Security Defaults

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