Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 107

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 107
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| · | The holders of not less than 25% in aggregate principal amount of outstanding capital securities of the relevant series must make          
 a written request that the trustee institute proceedings because of the Event of Default, and the holder must offer indemnity satisfactory 
 to the trustee against the costs, expenses and liabilities to be incurred in compliance with such request.                                 |

| · | The trustee must not have taken action for 60 days after receipt of the above notice and offer of security or indemnity, and the trustee     
 must not have received an inconsistent direction from the majority in principal amount of all outstanding capital securities of the relevant 
 series during that period.                                                                                                                   |

Notwithstanding any other provision of the capital
securities indenture or the capital securities, the right of any holder of capital securities to receive payment of the principal of (and
premium, if any, on), and interest on, the capital securities, on or after the due dates thereof or to institute suit for the enforcement
of any such payment on or after such respective dates, will not be impaired or affected without the consent of such holder.

<div align='center'>22</div>

Consolidation, Merger and Sale of Assets; Assumption

We may, without the consent of the holders of
any of the capital securities, consolidate or amalgamate with, merge into or 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 capital securities and under the applicable indenture, immediately after giving effect to such transaction
no event of default and no event which, after notice or lapse of time or both, would become an event of 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.

Governing Law

The capital securities and the indenture 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 of each series of capital securities and the indenture will be governed by and construed in accordance with the laws of Scotland.

Notices

All notices to holders of registered capital securities
shall be validly