Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 106

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 106
---
, for the Series S notes, no other defaults under or breaches of the senior indenture or the Series S notes will result in an Event of Default, whether after notice, the passage of time or otherwise and therefore none of such other events (even if constituting a Covenant Breach as defined below) will result in a right of acceleration of the payment of the outstanding principal amount of the Series S notes. For example, occurrence of events relating to bankruptcy, insolvency or reorganization of any Significant Bank will not directly constitute an Event of Default. However, certain events may give rise to a Covenant Breach, as described below. S-64

A “Covenant Breach” under the senior indenture, as to the Series S notes, includes any of the following:

| • |     | default in the deposit of any sinking fund payment when due by the terms of the Series S notes when due; or |

| • |     | failure to perform any other covenant or agreement (other than nonpayment of principal, premium (if any) or                                                                                                                                         
 interest) with respect to the Series S notes as set forth in the senior indenture for 90 days after we have received written notice of the failure to perform in the manner specified with respect to the Series S notes as set forth in the senior 
 indenture.                                                                                                                                                                                                                                          |

A Covenant Breach shall not be an Event of Default with respect to the Series S notes. Under the senior indenture, after a default occurs, the senior trustee shall give the holders of the Series S notes notice of such default as and to the extent provided in the Trust Indenture Act, but in the case of any default of the character specified in the second bullet point in the definition of “covenant breach” above with respect to the Series S notes, no such notice to the holders shall be given until at least 30 days after the occurrence of such default. The term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default or covenant breach in respect of the Series S notes. If an Event of Default, other than the filing for bankruptcy or the happening of certain events of bankruptcy, insolvency or reorganization of KeyCorp, has occurred and has not been cured, the senior trustee or the holders of 25% in principal amount of the Series S notes may declare the entire principal amount (or, if any such securities are discount notes or indexed notes, a specified portion of the principal amount) of all