Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 103

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 103
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, we may make no payments on the Series T notes in the event:

| • |     | we default in any payment on any Senior Indebtedness, or an event of default on any Senior Indebtedness 
 permitting the holders to accelerate its maturity exists;                                               |

| • |     | a judicial proceeding is pending with respect to such default or event of default; or |

| • |     | we become subject to a Federal Reserve or other enforcement action that limits our payments on our subordinated 
 notes.                                                                                                          |

S-62

“Senior Indebtedness” as used in the subordinated indenture means the principal of, and premium, if any, and interest on all indebtedness of KeyCorp for money borrowed, whether outstanding on the date of execution of the subordinated indenture, or created, assumed, incurred or guaranteed after that date for U.S. federal bank regulatory purposes as described below, except (i) subordinated debt securities issued under the subordinated indenture and all indebtedness which specifically by its terms ranks equally with and not prior to the subordinated debt securities in right of payment upon the happening of an insolvency event, and (ii) indebtedness which ranks junior to and not equally with or prior to the indebtedness referred to in clause (i) above in right of payment upon the happening of an insolvency event; and any renewals, extensions, modifications and refundings of any such Indebtedness. “Other Senior Obligations” means any of our obligations to our creditors, whether outstanding on the date of execution of the subordinated indenture or created, assumed, incurred or guaranteed after that date, except:

| • |     | Senior Indebtedness; |

| • |     | Subordinated debt securities (including the Series T notes) issued under the subordinated indenture and all                                                                                                         
 indebtedness which specifically by its terms ranks equally with and not prior to the subordinated debt securities (including the Series T notes) in right of payment upon the happening of an insolvency event; and |

| • |     | indebtedness which ranks junior to and not equally with or prior to indebtedness referred to in the clause above 
 in right of payment upon any insolvency event.                                                                   |

In the event that we issue any Series T notes that are to be treated as Tier 2 capital, we will cause such notes to meet all of the criteria under applicable capital rules, including, among other things, the following:

| • |     |