Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 69

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 69
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, and including, the date that is two Toronto
banking days (or such other number of Toronto banking days as we may specify in the applicable pricing supplement) preceding the first date in such interest period to, but excluding, the date that is two Toronto banking days (or such other number of
Toronto banking days as we may specify in the applicable pricing supplement) preceding the interest payment date for such interest period; and

“Toronto banking day” means a day on which Schedule I banks under the Bank Act (Canada) are open for business in the city of
Toronto, Canada.

If neither the administrator nor authorized distributors provide or publish CORRA and an Index Cessation Effective Date
with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA.

Notwithstanding the foregoing, upon the occurrence of an Index Cessation Event, the terms and provisions set forth under “—Effect of
an Index Cessation Event — CORRA” will apply to the CORRA notes.

Effect of an Index Cessation Event — CORRA

Upon the occurrence of an Index Cessation Event and related Index Cessation Effective Date, the interest rate for a CORRA interest
determination date that occurs on or after such Index Cessation Effective Date will be

S-39

the CAD Recommended Rate determined in accordance with (i) and (ii) below, to which the calculation agent will apply the most recently published spread and make such adjustments as are necessary to account for any difference in the term, structure or tenor of the CAD Recommended Rate in comparison to CORRA, in each case that we or our designee (which may be our affiliate), after consulting with us, determines, from time to time, and notifies to the calculation agent, are consistent with accepted market practice or applicable regulatory or legislative action or guidance for the use of such Applicable Fallback Rate for debt obligations comparable to the CORRA notes in such circumstances:

| (i) | Index Cessation Effective Date with respect to CORRA. If there is a CAD Recommended Rate before the end                                                                                                                                              
 of the first Toronto banking day following the Index Cessation Effective Date with respect to CORRA but neither the administrator nor authorized distributors provide or publish the CAD Recommended Rate and an Index Cessation Effective Date with 
 respect to the CAD Recommended Rate has not occurred, then, in respect of any day for