Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 14

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 14
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, to the trustee, such opinion to be acceptable     
 to the trustee (“Opinion of Counsel”), concluding that such sums were not paid in order to comply with a law, regulation or                
 order of any court of competent jurisdiction; provided however, that the trustee may by notice to LBG require LBG 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 after the trustee gives written notice to LBG informing it of such resolution. The foregoing shall    
 not otherwise be deemed to impair the right of any holder to receive payment of the principal of and interest on any such security or      
 to institute suit for the enforcement of any such payment;                                                                                 |

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| · | LBG defaults in the performance or breaches, any covenant or warranty of the senior debt indenture (other than as stated above with          
 respect to payments when due) and that breach has not been remedied within 60 days of receipt of a written notice from (i) the trustee       
 certifying that in its opinion the breach is materially prejudicial to the interests of the holders of the senior debt securities of that    
 series and requiring the breach to be remedied or (ii) holders of at least 25% in outstanding principal amount of the senior debt securities 
 of that series requiring the breach to be remedied; or                                                                                       |

| · | either a court of competent jurisdiction issues an order which is not successfully appealed within 30 days, or an effective shareholders’ 
 resolution is validly adopted, for the winding-up of LBG (other than under or in connection with a scheme of reconstruction, merger or    
 amalgamation not involving bankruptcy or insolvency).                                                                                     |

If a Senior Debt Security Event of Default occurs
and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the senior outstanding debt securities
of that series may at their discretion declare the outstanding senior debt securities