Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 24

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 24
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) we are able to pay our debts owed to Senior Creditors as they fall due and (y) the Balance Sheet Condition has been met.                                                                                               |

| Notice of Interest Cancellation | If practicable, we will provide notice of any cancellation or deemed cancellation of interest (in each case, in whole or in part) to the securityholders through the Depository Trust Company (“DTC”) (or, if the Securities are held in              
 definitive form, to the securityholders at their addresses shown on the register for the Securities) and to the trustee and the paying agent directly on or prior to the relevant interest payment date. If practicable, we will endeavor to do so at 
 least five business days prior to the relevant interest payment date. Failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such cancellation or deemed cancellation of interest (and accordingly, 
 such interest will not be due and payable), or give the securityholders any rights as a result of such failure.                                                                                                                                       |

| Agreement to Interest Cancellation | By its acquisition of the Securities, each securityholder (which, for these purposes, includes each beneficial owner) will acknowledge and agree that: |

| (a) | interest is payable solely at our discretion and no amount of interest will become due and payable in respect                                                                                                                              
 of the relevant interest period to the extent that it has been (x) cancelled (in whole or in part) by us at our sole discretion and/or (y) deemed to have been cancelled (in whole or in part), including as a result of our Distributable 
 Items or the Maximum Distributable Amount being exceeded, failing to satisfy the Solvency Condition or an order from the Relevant Regulator; and                                                                                           |

| (b) | a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the                                                           
 terms of the Indenture (as defined below) and the Securities will not constitute a default in payment or otherwise under the terms of the Indenture or the Securities. |

S-15

| Optional Redemption | The Securities will not be redeemable at the option of the securityholders at any time. |

| The Securities may be redeemed in whole (but not in part) at our option in our sole discretion on any business day during any Optional Redemption Period (an “Optional Redemption Date”), at a redemption price                                   
 equal to 100% of the principal amount plus any accrued and unpaid interest to (but excluding)