Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 198

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 198
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 terms); or (ii) the appointment
of an administrator of LBG and such administrator gives notice that it intends to declare and distribute a dividend.

Upon any such waiver, such Event of Default will
cease to exist, and any such Event of Default with respect to any series arising therefrom will be deemed to have been cured and not to
have occurred; provided that no such waiver will extend to any subsequent or other Event of Default or impair any right consequent thereon.

Subject to the indenture provisions for the indemnification
of the trustee and the provisions of any supplemental indenture establishing any series of capital securities, the holder or holders of
a majority in aggregate principal amount of the outstanding capital securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the
trustee with respect to the series, if the direction is not in conflict with any rule of law or with the indenture and the trustee does
not determine that the action would be unjustly prejudicial to the holder or holders of any capital securities of any series not taking
part in that direction. The trustee may take any other action that it deems proper which is not inconsistent with that direction.

The indenture provides that the trustee will,
within 90 days after the occurrence of an Event of Default with respect to the capital securities of any series, give to each holder of
the capital securities of the affected series notice of the Event of Default known to it, unless the Event of Default has been cured or
waived. However, the trustee shall be protected in withholding notice if it determines in good faith that withholding notice is in the
interest of the holders.

We are required to furnish to the trustee annually
and within five business days of a written request from the trustee, a statement as to our compliance with all conditions and covenants
under the indenture.

Limitation on Suits

No holder of capital securities will be entitled
to proceed directly against us, except as described below.

Subject to any further limitations provided in
the relevant prospectus supplement and supplemental indenture establishing any series of capital securities, before a holder of the capital
securities may bypass the trustee and bring its own lawsuit or other formal legal action or take other steps to enforce its rights or
protect its interests relating to the capital securities, the following must occur:

| · | The holder must give the trustee written notice that a continuing Event of Default