Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 22

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 22
---
 the Solvency Condition is not satisfied in respect of such interest payment; or |

| (d) | the Relevant Regulator orders us to cancel (in whole or in part) the interest otherwise payable on such 
 interest payment date.                                                                                  |

| We may, in our sole discretion, elect to make a partial interest payment on the Securities on any interest payment date, only to the extent that such partial interest payment may be made without breaching the                                      
 restrictions in the preceding paragraph. For the avoidance of doubt, the portion of interest not paid on the relevant interest payment date will be deemed to have been cancelled and thus will not be due and payable on such interest payment date. |

S-13

| “Distributable Items” means the amount of our profits at the end of the last financial year plus any profits brought forward and reserves available for that purpose before distributions to holders of the      
 Securities and any Parity Securities and Junior Securities less any losses brought forward, profits which are non-distributable pursuant to the Companies Act 2006 (UK), as amended from time to time, (the      
 “Companies Act”) or other provisions of English law from time to time applicable to us or our Memorandum and Articles of Association (our “Articles of Association”) and sums placed to                          
 non-distributable reserves in accordance with the Companies Act or other provisions of English law from time to time applicable to us or our Articles of Association, those losses and reserves being determined 
 on the basis of our individual accounts and not on the basis of our consolidated accounts.                                                                                                                       |

| “Junior Securities” means, in respect of the Securities, (i) any of our ordinary shares or our other securities that rank, or are expressed to rank, junior to the Securities in our winding-up or administration as described under “Description of the Securities—Subordination” and/or (ii) any securities issued by any other member of the HSBC Group where the terms of 
 such securities benefit from a guarantee or support agreement entered into by us that ranks, or is expressed to rank, junior to the Securities in our winding-up or administration as described under                                                                                                                                                                         
 “Description of the Securities—Subordination” and/or (iii) any of our capital instruments that qualify as common equity Tier 1 instruments under the Relevant Rules.                                                                                                                                                                                                          |

| “Maximum Distributable Amount” means any applicable maximum distributable amount relating to us required to be calculated in accordance with (i) Rule 4.3(2) of Chapter 4; or