Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 90

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 90
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 an Interest Payment Date if and to the extent that the payment of such interest would cause, when aggregated together with other distributions of the kind referred to in Rule 4.3(2) of chapter 4 of the “CRR Firms – Capital Buffers” part of the PRA Rulebook (or any succeeding provision(s) amending or replacing such rule) (“ Chapter 4”) and which are required under the Applicable Regulations to be taken into account for this purpose, the Maximum Distributable Amount, if any, then applicable to the Group to be exceeded. For these purposes, “ Maximum Distributable Amount” means any applicable maximum distributable amount relating to the Group required to be calculated in accordance with Chapter 4 or any analogous, equivalent or similar provision of the Applicable Regulations which require a maximum distributable amount to be calculated if LBG or the Group are failing to meet any capital adequacy requirement.

See also “—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation” below.

“Distributable Items” shall
have the meaning assigned to such term in U.K. CRR (as the same may be amended or replaced from time to time), as interpreted and applied
in accordance with the Applicable Regulations then applicable to LBG, but amended so that any reference therein to “before distributions
to holders of own funds instruments” shall be read as a reference to “before distributions by LBG to holders of Parity Securities,
the Additional Tier 1 Securities or any Junior Securities”.

Under U.K. CRR, as at the date hereof, “distributable items” means the amount of the profits at the end of the last financial year plus any profits brought forward and reserves available for that purpose, before distributions to holders of own funds instruments, less any losses brought forward, any profits which are non-distributable pursuant to the law of the United Kingdom, or any part of it, or of a third country or the institution’s by-laws and any sums placed in non-distributable reserves in accordance with the law of the United Kingdom, or any part of it, or of a third country or the statutes of the institution, in each case with respect to the specific category of own funds instruments to which the law of the United Kingdom, or any part of it, or of a third country, institution’s by-laws, or statutes relate; such profits, losses and reserves being determined on the basis of the individual accounts of the institution (LBG) and