Company: HBCYF
Filing Date: 2025-02-27
Form Type: 424B5
Source: 0001193125-25-039401
Chunk: 32

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-27
Form: 424B5
Chunk 32
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 the implementation of a Benchmark Replacement, we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) will have the right to make changes to (1) any Interest         
 Determination Date, Floating Rate Period Interest Payment Date, Floating Rate Notes Interest Payment Date, Reference Time, business day convention or Floating Rate Interest Period, (2) the manner, timing and frequency of determining the rate       
 and amounts of interest that are payable on (i) the Fixed/Floating Rate Notes during the applicable Floating Rate Period or (ii) the Floating Rate Notes and the conventions relating to such determination and calculations with respect to            
 interest, (3) rounding conventions, (4) tenors and (5) any other terms or provisions of the Fixed/Floating Rate Notes during the applicable Floating Rate Period, or of the Floating Rate Notes, in each case that we (in consultation, to              
 the extent practicable, with the calculation agent) or our designee (in consultation with us) determine, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner substantially   
 consistent with market practice (or, if we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) decide that implementation of any portion of such market practice is not administratively 
 feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as we (in consultation, to the extent practicable, with the calculation agent) or our designee (in consultation with us) determine is   
 appropriate (acting in good faith)) (the “Benchmark Replacement Conforming Changes”). Any Benchmark Replacement Conforming Changes will apply to the Notes for all future Floating Rate Interest Periods.                                               |

S-21

| Benchmark Transition Event | “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark: |

| (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or 
 indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;                                                     |

| (2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over                               
 the