Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 128

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 128
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 of set-off, counterclaim or combination of accounts with respect to the capital security
or the indenture (or between obligations which LBG may have under or in respect of any capital security and any liability owed by a holder
or the trustee to us) that they might otherwise have against us, whether before or during our winding-up.

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Events of Default—General

Except as otherwise specified in the relevant
supplemental indenture with respect to a series of capital securities, the holder or holders of not less than a majority in aggregate
principal amount of the outstanding capital securities of any series may waive any past Event of Default with respect to the series, except
an Event of Default in respect of the payment of principal of any capital security or in respect of a Winding-Up or Administration Event
(as defined below). A “Winding-Up or Administration Event” means (i) an order is made, or an effective resolution is passed,
for the winding-up of LBG (except in any such case, a solvent winding-up solely for the purposes of a reorganization, reconstruction or
amalgamation of LBG or the substitution in place of LBG of a successor in the business of LBG, the terms of which (i) have previously
been approved in writing by holders of not less than 2/3 (two thirds) in aggregate principal amount of the capital securities and (ii)
do not provide that the capital securities shall thereby become redeemable or repayable in accordance with their terms); or (ii) the appointment
of an administrator of LBG and such administrator gives notice that it intends to declare and distribute a dividend.

Upon any such waiver, such Event of Default will
cease to exist, and any such Event of Default with respect to any series arising therefrom will be deemed to have been cured and not to
have occurred; provided that no such waiver will extend to any subsequent or other Event of Default or impair any right consequent thereon.

Subject to the indenture provisions for the indemnification
of the trustee and the provisions of any supplemental indenture establishing any series of capital securities, the holder or holders of
a majority in aggregate principal amount of the outstanding capital securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the
trustee with respect to the series, if the direction is not in conflict with any rule of law