Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 22

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 22
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 the Benchmark Replacement Date will 
 be deemed to have occurred prior to the Reference Time for such determination.                                                                                                                                              |

| ISDA Fallback Rate | “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor 
 excluding the applicable ISDA Fallback Adjustment.                                                                                                                                                                                       |

S-15

| “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time 
 to time, or any successor definitional booklet for interest rate derivatives published from time to time.                                                                                         |

| “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon 
 the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.                                                                                                              |

| Notice of Benchmark Replacement | We will promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the trustee, the paying agent, the calculation agent and the noteholders; 
 provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination.                                                                                                         |

| Decisions and Determinations | All determinations, decisions, elections and any calculations made by us, the calculation agent or our designee for the purposes of calculating the applicable interest on the Notes will be conclusive and binding on the noteholders, us, the        
 trustee and the paying agent, absent manifest error. If made by us, such determinations, decisions, elections and calculations will be made in consultation with the calculation agent, to the extent practicable. If made by our designee, such       
 determinations, decisions, elections and calculations will be made after consulting with us, and our designees will not make any such determination, decision, election or calculation to which we object. Notwithstanding anything to the contrary in 
 the Indenture or the Notes, any determinations, decisions, calculations or elections made in accordance with this provision will become effective without consent from the noteholders or any other party.                                             |

| Agreement with Respect to the Benchmark Replacement | By its acquisition of the Notes, each noteholder (which, for these purposes, includes each beneficial owner)