Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 187

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 187
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| · | an effective shareholders’ resolution is validly adopted for the winding-up of LBG other than under or in connection with a 
 scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.                                          |

The exercise of any U.K. bail-in power by the
relevant U.K. resolution authority shall not constitute a Subordinated Debt Security Event of Default.

If a Subordinated Debt Security Event of Default
occurs and is continuing, the trustee or the holder or holders of at least 25% in aggregate principal amount of the outstanding subordinated
debt securities of each series may declare to be due and payable immediately in accordance with the terms of the indenture the principal
amount of, any accrued but unpaid payments (or, in the case of original issue discount securities, the accreted face amount, together
with any accrued interest), including any deferred interest on the subordinated debt securities of the series. However, after such declaration
but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in aggregate principal
amount of the outstanding subordinated debt securities of the series may rescind or annul the declaration of acceleration and its consequences,
but only if all Subordinated Debt Security Events of Default have been cured or waived and all payments due, other than those due as a
result of acceleration, have been made.

Subordinated Debt Security Defaults

In addition to Subordinated Debt Security Events
of Default, the subordinated debt indentures also separately provide for Subordinated Debt Security Defaults. Unless the relevant prospectus
supplement provides otherwise, it shall be a “Subordinated Debt Security Default” with respect to any series of subordinated
debt securities if:

| · | any installment of interest upon any subordinated debt security of that series is not paid on or before its deferred payment date 
 or such other date specified for its payment in the subordinated debt indentures and such failure continues for 14 days; or       |

| · | all or any part of the principal of any subordinated debt security of that series is not paid on its deferred payment date, or when 
 it otherwise becomes due and payable, whether upon redemption or otherwise, and such failure continues for seven days.              |

If a Subordinated Debt Security Default occurs
and is continuing, the trustee may commence a proceeding in Scotland (but not elsewhere) for the winding-up of LBG.

However, a failure to make any payment on a series
of subordinated debt securities shall