Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 57

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 57
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, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers,
provided, however, that the Trustee may by notice to LBG require it to take such action (including but not limited to proceedings
for a declaration by a court of competent jurisdiction) as the Trustee may be advised in an Opinion of Counsel, upon which opinion the
Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case LBG will forthwith
take and expeditiously proceed with such action and will be bound by any final resolution of the doubt resulting therefrom. If any such
action results in a determination that the relevant payment can be made without violating any applicable law, regulation or order then
such payment will become due and payable on the expiration of 14 days (in the case of a Senior Notes Default in respect of a payment of
interest) or seven days (in the case of a Senior Notes Default in respect of a payment of principal) after the Trustee gives written notice
to LBG informing it of such resolution.

During the continuance of a Senior Notes Event
of Default, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of holders of such series of Senior
Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in the Senior Indenture or in aid of the exercise of any power granted therein,
or to enforce any other legal or equitable right vested in the Trustee by the Senior Indenture or by law, provided, however,
that LBG shall not, as a result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by
reference to the principal of, or any interest on, the Senior Notes of such series prior to any date on which the principal of, or any
interest on, the Senior Notes of such series would have otherwise been payable by LBG.

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 such series
of Senior Notes.

General

The holder or holders of not less than a majority
in aggregate principal amount of the outstanding Senior Notes may waive any past Senior Notes Event of Default or Senior Notes Default
in respect of such series, except a Senior Notes Event of Default or Senior Notes