Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 56

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 56
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with a scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.

If a Senior Notes Event of Default occurs, the
Trustee or the holder or holders of at least 25% in aggregate principal amount of the outstanding notes of such series of Senior Notes
may declare to be due and payable immediately in accordance with the terms of the Senior Indenture the principal amount of, and accrued
but unpaid interest thereon, if any, and any Senior Notes Additional Amounts (as defined below), on the Senior Notes of that series. However,
after this 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 notes of such series of Senior Notes may rescind the declaration of acceleration and
its consequences, but only if all Senior Notes Events of Default have been remedied and all payments due, other than those due as a result
of acceleration, in respect of such series of Senior Notes have been made.

Defaults

A “Senior Notes Default” with respect
to a series of Senior Notes shall result if:

| · | any installment of interest in respect of the Senior Notes of such series is not paid on or before its interest payment date and such 
 failure continues for 14 days; or                                                                                                     |

| · | all or any part of the principal of the Senior Notes of such series is not paid when it otherwise becomes due and payable, whether 
 upon redemption or otherwise, and such failure continues for seven days.                                                           |

If a Senior Notes Default occurs with respect
to a series of Senior Notes, the Trustee may commence a proceeding for the winding-up of LBG, provided that the Trustee may not (except
in such winding-up, in accordance with “Events of Default” above) declare the principal amount of, or any other amount
in respect of, the outstanding Senior Notes of any series to be due and payable.

<div align='center'>S-45</div>

However, a failure to make any payment on a series
of Senior Notes shall not be a Senior Notes 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 a written opinion of legal advisors, who may be an
employee of, or legal advisors for, LBG or other legal advisors, such opinion to be acceptable to the Trustee (“Opinion of Counsel”),
to the Trustee with that conclusion