Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 196

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 196
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 for our winding up other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or |

| (b) | an effective resolution is validly adopted by our shareholders for our winding up other than in connection with 
 a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency.                              |

Unless otherwise provided in a prospectus supplement with respect to any series of senior debt securities and subject to the paragraph below relating to circumstances in which a relevant failure will not be a default, it will be a default with respect to senior debt securities of a series if any one of the following events occurs:

| (a) | failure to pay principal or premium, if any, on any senior debt security of such series at maturity, and such 
 default continues for a period of 30 days; or                                                                 |

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| (b) | failure to pay any interest on any senior debt security of such series when due and payable, which failure 
 continues for 30 days.                                                                                     |

If a default occurs, the trustee may institute proceedings in England (but not elsewhere) for our winding-up; providedthat the trustee may not, upon the occurrence of a default, accelerate the maturity of any outstanding senior debt securities of a series, unless an event of default has occurred and is continuing. Notwithstanding the foregoing, failure to make any payment with respect to any senior debt securities of a series will not be a default with respect to the senior debt securities of such series if such payment is withheld or refused:

| (a) | in order to comply with any fiscal or other law or regulation or with the order of any court of competent 
 jurisdiction, in each case applicable to such payment; or                                                 |

| (b) | in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with                                                  
 advice given as to such validity or applicability at any time during the said grace period of 30 days by independent legal advisers acceptable to the trustee; |

provided, however, that the trustee may, by notice to us, require us to take such action (including but not limited to proceedings for a declaration by a court of competent jurisdiction) as the trustee may be advised in an opinion of counsel, upon which opinion the trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case we will forthwith take and expeditiously proceed with such action and will be bound by any final resolution of the doubt resulting therefrom. If