Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 114

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 114
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 consistent with the rules
and regulations of the applicable clearing system.

We or any of our respective subsidiaries may at
any time and from time to time purchase senior debt securities of any series in the open market or by tender (available to each holder
of senior debt securities of the relevant series) or by private agreement, if applicable law permits. Any senior debt securities of any
series that we purchase beneficially for our account, other than in connection with dealing in securities, will be treated as cancelled
and will no longer be issued and outstanding.

Redemption of Subordinated Debt Securities

Any terms of the redemption of any series of subordinated
debt securities, whether at our option or upon the occurrence of certain events (including, but not be limited to, the occurrence of certain
tax or regulatory events), will be set forth in the relevant prospectus supplement.

Under existing PRA requirements, we may not make
any redemption or repurchase of certain debt securities beneficially for our own account, other than a repurchase in connection with dealing
in securities, unless, among other things, prior notice to the PRA is given and, in certain circumstances, the PRA has consented or given
its permission in advance. The PRA (or any successor thereto) may impose conditions on any redemption or repurchase, all of which will
be set out in the accompanying prospectus supplement with respect to any series of debt securities.

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Modification and Waiver

We and the trustee may make certain modifications
and amendments to the applicable indenture with respect to any series of debt securities without the consent of the holders of the debt
securities. Other modifications and amendments may be made to the indenture with the consent of the holder or holders of not less than
a majority, or in the case of subordinated debt securities, two-thirds, in aggregate outstanding principal amount of the debt securities
of the series outstanding under the indenture that are affected by the modification or amendment, voting as one class. However, no modifications
or amendments may be made without the consent of the holder of each debt security affected that would:

| · | change the stated maturity of the principal amount of any debt security; |

| · | reduce the principal amount of, the interest rates on, or any premium payable upon the redemption of, with respect to, any debt security; |

| · | reduce the amount of principal of discount securities that would be due and payable upon an acceleration of their maturity date