Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 23

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 23
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 any Significant Bank (as defined under “Description of Notes—Ownership of Voting Stock of Significant Banks”). In addition, such existing senior debt securities do not require a 30-daycure period before a nonpayment of principal becomes an Event of Default (as defined under “Description of Notes—Events of Default—Senior Indenture) and acceleration rights become exercisable with respect to such nonpayment. However, payment of the principal amount of senior debt securities issued under our senior indenture (as defined under “Description of Notes—General”) on or after May 23, 2023, including the senior notes:

| • |     | may be accelerated only for (i) our failure to pay the principal of, premium (if any) or interest on the                                                                                                
 notes and, in each case, such nonpayment continues for 30 days after such payment is due, or (ii) the occurrence of certain events relating to bankruptcy, insolvency or reorganization of KeyCorp; and |

| • |     | may not be accelerated if (i) we fail to perform any covenant or agreement (other than nonpayment of                                                
 principal, premium (if any) or interest) in the senior indenture, or (ii) for the bankruptcy, insolvency or reorganization of any Significant Bank. |

As a result of these differing provisions, if we fail to perform any covenant or agreement (other than nonpayment of principal, premium (if any) or interest) that applies both to the senior notes and to any existing senior debt securities issued prior to May 23, 2023, or if certain cross defaults on KeyCorp or a Significant Bank’s indebtedness occur, or if certain events of bankruptcy, insolvency or reorganization occur with respect to any Significant Bank, the senior trustee and the holders of such existing senior debt securities would have acceleration rights that would not be available to the senior trustee or the holders of the senior notes. In addition, if we fail to pay the principal of any such existing senior debt securities when due, an Event of Default would occur immediately with respect to such existing senior debt securities (and the exercise of acceleration rights could proceed immediately), whereas, if we fail to pay the principal of the senior notes when due, the senior trustee and the holders of the senior notes must wait for the 30-daycure period to expire before such nonpayment of principal becomes an Event of Default and any acceleration rights are triggered with respect to such nonpayment. Any repayment of the principal amount of such existing senior debt securities