Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 190

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 190
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 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 applicable 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.

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Governing Law

The debt securities and the indentures will be
governed by and construed in accordance with the laws of the State of New York, except that, as the indentures specify, the subordination
provisions relating to each series of debt securities issued by LBG in the relevant indenture will be governed and construed in accordance
with the laws of Scotland.

Notices

All notices to holders of registered debt securities
shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses in the registers maintained
by the trustee.

The Trustee

The Bank of New York Mellon, acting through its
London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indentures. The trustee shall have and be subject
to all the duties and responsibilities specified with respect to an indenture trustee under the Trust Indenture Act of 1939, as amended
(the “TIA”). Subject to the provisions of the TIA, the trustee is under no obligation to exercise any of the powers vested
in it by the indentures at the request of any holder of notes, unless offered indemnity or security satisfactory to the trustee in its
sole discretion, by the holder against the costs, expense and liabilities which might be incurred thereby. LBG and certain members of
the Group maintain deposit accounts and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of
our business. The Bank of New York Mellon under a nominee name is also the book-entry depositary with respect to certain of our debt securities
and the depositary with respect to the ADSs representing certain of our ordinary shares.

Consent to Service of Process

Under the indentures, LBG irrevocably designates
Kel