Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 78

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 78
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 which is not inconsistent with that direction.

The indenture provides that the trustee will,
within 90 days after the occurrence of a Senior Debt Security Event of 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 known to it, unless
the Senior Debt Security Event of 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.

<div align='center'>9</div>

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 transfer or lease our assets substantially as an entirety to
any person, provided that any successor corporation formed by any consolidation or amalgamation or into which we are merged, or any transferee
or lessee of our assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental indenture,
our obligations on the debt securities, and under the indenture, immediately after giving effect to such transaction, no event of default
or default shall have occurred and be continuing, and we procure the delivery of a customary officer’s certificate and legal opinion
providing that the conditions precedent to the transaction have been complied with.

Subject to applicable law and regulation, any
of our wholly-owned subsidiaries may assume the obligations under the debt securities of any series without the consent of any holder,
provided that we unconditionally guarantee the obligations of the subsidiary under the debt securities of that series. In such case, all
of the direct obligations under the debt securities of the series and the indenture shall immediately be discharged. Any Additional Amounts
under the debt securities of the series will be payable in respect of taxes imposed by the jurisdiction in which the assuming subsidiary
is incorporated, subject to exceptions equivalent to those that apply to any obligation to pay Additional Amounts, substituting the jurisdiction
in which the assuming subsidiary is organized for “U.K. taxing jurisdiction”. However, if Lloyds Bank in its