Company: BCS
Filing Date: 2025-02-20
Form Type: 424B2
Source: 0001193125-25-030302
Chunk: 111

Company: BARCLAYS PLC
Filing Date: 2025-02-20
Form: 424B2
Chunk 111
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 Securities shall be subject to the additional conditions set out under “ Description of Contingent Capital Securities—Additional Conditions Relating to Redemption and Repurchase of Contingent Capital Securities” in the accompanying prospectus. Substitution or Variation Following the occurrence of a Tax Event or a Regulatory Event, the Issuer may (without any requirement for the consent or approval of the holders or the Trustee (but subject to the notice requirements described below)) either substitute all (but not some only) of the Securities for, or vary the terms of the Securities so that they remain or, as appropriate, become, Compliant Securities (as defined below). Upon the expiry of the notice requirements described below, the Issuer shall either substitute or vary the terms of the Securities and, subject to the conditions as set out below, the Trustee shall agree to such substitution or variation; provided that such substitution or variation shall not itself give rise to a right of the Issuer to redeem the varied or substituted securities. Any substitution or variation is subject to the Issuer (i) obtaining the prior consent of the PRA and/or the Relevant U.K. Resolution Authority (in either case if such consent is then required by the Capital Regulations) for such substitution or variation of the Securities and (ii) giving not less than 15 nor more than 60 days’ prior notice to the Trustee (with a copy to the Principal Paying Agent) and to the holders of the Securities, which notice shall be irrevocable, except if a Capital Adequacy Trigger Event and the related Automatic Conversion, as described under “ —Automatic Conversion Upon Capital Adequacy Trigger Event—Automatic Conversion Procedure ”below, occur prior to the substitution or variation, in which case such notice shall be automatically rescinded and shall be of no force and effect. For the purposes of this section: “Compliant Securities” means securities issued directly by the Issuer that:

| (i) | rank at least equally with the ranking of the Securities; |

| (ii) | have terms that are not materially less favorable to investors than the terms of the Securities, which shall be 
 deemed to be the case if such securities:                                                                       |

| (A) | contain terms such that they comply with the then applicable requirements under the Capital Regulations in 
 relation to Tier 1 Capital;                                                                                |

| (B) | include terms which provide for the same (or, from an investor’s perspective, a more favorable) rate of                                                                                                                                            
 interest from time to time applying to the Securities,