Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 65

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 65
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accounts, compensation or retention, such holder will immediately pay an amount equal to the amount of such discharge to LBG (or, in the
event of winding-up or administration of LBG, the liquidator or, as applicable, the administrator of LBG) and accordingly such discharge
will be deemed not to have taken place.

Trustee; Direction of Trustee

LBG’s obligations to indemnify the Trustee
in accordance with Section 6.07 of the Senior Base Indenture (as supplemented by the Twenty-First Senior Supplemental Indenture) shall
survive the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes and the Senior
Indenture.

By purchasing or acquiring the Senior Notes, each
holder (including each beneficial owner) of the Senior Notes acknowledges and agrees that, upon the exercise of any U.K. bail-in power
by the relevant U.K. resolution authority, (a) the Trustee shall not be required to take any further directions from holders or beneficial
owners of the Senior Notes under Section 5.12 (Control by Holders) of the Senior Base Indenture, and (b) neither the Senior Base Indenture
nor the Twenty-First Senior Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect to the exercise of
any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the foregoing, if, following the completion of the exercise
of the U.K. bail-in power by the relevant U.K. resolution authority, any of the Senior Notes remain outstanding (for example, if the exercise
of the U.K. bail-in power results in only a partial write-down of the principal of such Senior Notes), then the Trustee’s duties
under the Senior Indenture shall remain applicable with respect to such Senior Notes following such completion to the extent that LBG
and the Trustee agree pursuant to a supplemental indenture or an amendment to the Senior Indenture, unless LBG and the Trustee agree in
writing that a supplemental indenture is not necessary.

In addition to the foregoing, the Trustee may
decline to act or accept direction from holders unless it receives written direction from holders representing a majority in aggregate
principal amount of the Senior Notes and security and/or indemnity satisfactory to the Trustee in its sole discretion. The Senior Indenture
shall not be deemed to require the Trustee