Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 186

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 186
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 (“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 of that series to be due and repayable immediately
(and the senior debt securities of that series shall thereby become due and