Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 24

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 24
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eholder (which, for these purposes, includes each beneficial owner) will acknowledge, accept, consent and agree, notwithstanding any other term of the Notes, the Indenture or any other agreements,                                                                                                                                                                          
 arrangements or understandings between us and any noteholder, to be bound by (a) the effect of the exercise of any UK bail-in power (as defined under “Description of the                                                                                                                                                                                                                                              
 Notes—Definitions”) by the relevant UK resolution authority (as defined under “Description of the Notes—Definitions”); and (b) the variation of the terms of the Notes or the Indenture, if necessary, to                                                                                                                                                                                                              
 give effect to the exercise of any UK bail-in power by the relevant UK resolution authority. No repayment or payment of Amounts Due will become due and payable or be paid after the exercise of any UK bail-in power by the relevant UK resolution authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. For these purposes, “Amounts 
 Due” are the principal amount of, and any accrued but unpaid interest, including any Additional Amounts (as defined under “Description of Debt Securities—Additional Amounts—Dated Subordinated Debt Securities”                                                                                                                                                                                                       
 in the accompanying prospectus), on the Notes. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any UK bail-in power                                                                                                                                                                                                           
 by the relevant UK resolution authority. See “Description of the Notes—Agreement with Respect to the Exercise of UK Bail-in Power.”                                                                                                                                                                                                                                                                                    |

S-17

| Moreover, each noteholder (which, for these purposes, includes each beneficial owner) will consent to the exercise of any UK bail-in power as it may be imposed without any prior 
 notice by the relevant UK resolution authority of its decision to exercise such power with respect to the Notes.                                                                  |

| Form of Notes | The Notes will be issued in the form of one or more global securities registered in the name of the nominee for, and deposited with, The Depository Trust Company (“DTC”). See “Description of Debt Securities—Form, 
 Settlement and Clearance” in the accompanying prospectus.                                                                                                                                                            |

| Ranking | The Notes will constitute our direct, unsecured obligations and will rank equally without any preference among themselves. The rights of the holders of the Notes will, in the event of our winding up, be subordinated and subject in right of