Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 188

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 188
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 not be a Subordinated Debt Security Default if it is withheld or refused in order to comply with
any applicable fiscal or other law or regulation or order of any court of competent jurisdiction and LBG delivers an Opinion of Counsel
to the trustee with that conclusion, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers.

Notwithstanding any contrary provisions, nothing
shall impair the right of a holder, absent the holder’s consent, to sue for any payments due but unpaid with respect to the subordinated
debt securities.

Unless the relevant prospectus supplement provides
otherwise, by accepting a subordinated debt security, each holder and the trustee will be deemed to have waived any right of set-off,
counterclaim or combination of accounts with respect to the subordinated debt security or the applicable indenture (or between obligations
which LBG may have under or in respect of any subordinated debt security and any liability owed by a holder or the trustee to LBG) that
they might otherwise have against LBG, whether before or during the winding-up or liquidation of LBG.

<div align='center'>15</div>

Events of Default and Defaults–General

Subject to certain exceptions, such as in the
case of a default in the payment of the principal (or premium, if any) or interest on a senior debt security, the trustee may, without
the consent of the holders, waive or authorize a Senior Debt Security Event of Default, provided that in the opinion of the trustee, the
interests of the holders shall not be materially prejudiced thereby and provided further that the trustee shall not exercise any powers
conferred on it in contravention of any notice in writing to LBG and the trustee of a declaration described in “—Senior Debt
Security Event of Default” above but so that no such notice shall affect any waiver or authorization previously given or made.

The holder or holders of not less than a majority
in aggregate principal amount of the outstanding debt securities of any series may waive any past Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default with respect to the series, except a Senior Debt Security
Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default, in respect of the payment of interest,
if any, or principal of (or premium, if any) or payments on any debt security or a covenant or provision of the indenture which cannot
be modified or amended without the consent of