Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 56

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 56
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 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 Default in respect of a payment of interest) or seven days (in the case of a 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 an 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 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 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 Event of Default or Default in respect of such series,
except an Event of Default or Default in respect of the payment of interest, if any, or principal of (or premium, if any) or payments
on any Senior Note of such series or a covenant or provision of the Indenture which cannot be modified or amended without the consent
of each holder of the Senior Notes of such series.

Subject to the provisions of the Indenture relating
to the duties of the Trustee, if an Event of Default or a Default occurs, the Trustee will be under no obligation to take direction from
any holder or holders of such series of Senior Notes, unless they have offered reasonable indemnity to the Trustee. Subject to the Indenture
provisions for the indemnification of the Trustee, the holder or holders of a majority in