Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 189

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 189
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 each holder of debt securities of such affected series.

Subject to the provisions of the applicable indenture
relating to the duties of the trustee, if a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default occurs and is continuing with respect to the debt securities of any series, the trustee will be under no obligation
to any holder or holders of the debt securities of the series, unless they have offered indemnity or security satisfactory to the trustee
in its sole discretion. Subject to the indenture provisions for the indemnification of the trustee, the holder or holders of a majority
in aggregate principal amount of the outstanding debt 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 applicable indenture and does not expose the trustee
to undue risk and the action would not be unjustly prejudicial to the holder or holders of any debt 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 indentures provide that the trustee will,
within 90 days after the occurrence of a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default with respect to the debt securities of any series, give to each holder of the debt securities of the affected series
notice of the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default
known to it, unless the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security
Default, has been cured or waived; provided that the trustee shall be protected in withholding notice (except for a payment default) if
it determines in good faith that withholding notice is in the interest of the holders of the debt securities of the affected series.

We are required to furnish to the trustee a statement
as to our compliance with all conditions and covenants under the indenture (i) annually, and (ii) within five Business Days of a written
request from the trustee.

Consolidation, Merger and Sale of Assets; Assumption

We may, without the consent of the holders of
any of the debt securities, consolidate or amalgamate with, merge into or