Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 53

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 53
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 U.K. resolution authority with respect to the Senior Notes.

<div align='center'>S-36</div>

By purchasing or acquiring Senior Notes, each
holder and each beneficial owner of the Senior Notes: (i) acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant
U.K. resolution authority in respect of the Senior Notes shall not give rise to a default or an Event of Default for purposes of Section
315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act (the “TIA”);
(ii) to the extent permitted by the TIA, waives any and all claims against the Trustee for, agrees not to initiate a suit against the
Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking,
in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the
Senior Notes; and (iii) 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 Indenture, and (b) neither the Senior Indenture nor the Twenty-Second 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 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 Indenture, unless LBG and the Trustee agree in writing that a supplemental indenture is not necessary.

By purchasing or acquiring the Senior Notes, each
holder and each beneficial owner shall be deemed to have