Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 98

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 98
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 of the debt securities of the affected series.

We are required to furnish to the trustee a statement
as to our compliance with all conditions and covenants under the indenture (i) annually, and (ii) within five Business Days of a written
request from the trustee.

Consolidation, Merger and Sale of Assets; Assumption

We may, without the consent of the holders of
any of the debt 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 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.

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