Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 124

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 124
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 of the following events occurs:

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

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

23

Unless otherwise provided in a prospectus supplement with respect to any series of undated subordinated 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 undated subordinated debt securities of a series if:

| (a) | any missed payment is not paid on or prior to any date on which a dividend is paid on any class of our share 
 capital and such failure continues for 30 days; or                                                           |

| (b) | all or any part of the principal of (or premium, if any, on), or any accrued but unpaid interest and any missed                                      
 payments on the date fixed for redemption of, such undated subordinated debt securities is not paid when due and such failure continues for 30 days. |

If a default occurs, the trustee may institute proceedings in England (but not elsewhere) for our winding up provided that the trustee may not, upon the occurrence of a default on the subordinated debt securities, accelerate the maturity of any of the dated subordinated debt securities of the relevant series then outstanding or declare the principal of (or premium, if any, on) and any accrued but unpaid interest or missed payments of the undated subordinated debt securities of the relevant series then outstanding immediately due and payable, unless an event of default has occurred and is continuing. For the purposes of determining whether or not an event of default has occurred on the undated subordinated debt securities, a payment will not be deemed to be due on any date on which any solvency condition is not satisfied. However, if we fail to make the payments specified in (a) and (b) above, and at such time any solvency condition is not satisfied, the trustee may, upon the occurrence of a default, institute proceedings in England (but not elsewhere) for our winding up. Notwithstanding the foregoing, failure to make any payment in respect of a series of subordinated debt securities will not be a default in respect of the subordinated debt securities of such series if such payment is withheld or