Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 70

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 70
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 which the CAD Recommended Rate is required, references to the CAD Recommended Rate will be deemed to be references to the last provided or published CAD       
 Recommended Rate.                                                                                                                                                                                                                                    |

| (ii) | No CAD Recommended Rate or Index Cessation Effective Date with respect to CAD Recommended                                                                                                                                                        
 Rate. If there is no CAD Recommended Rate before the end of the first Toronto banking day following the Index Cessation Effective Date with respect to CORRA, or there is a CAD Recommended Rate and an Index Cessation Effective Date           
 subsequently occurs with respect to such CAD Recommended Rate, then the base rate for a CORRA interest determination date that occurs on or after such applicable Index Cessation Effective Date will be the BOC Target Rate (as defined below). |

Applicable Fallback Rate Conforming Changes. Notwithstanding the foregoing, in connection with the implementation of an Applicable Fallback Rate, we or our designee (which may be our affiliate), after consulting with us, may make such adjustments to the Applicable Fallback Rate or the spread thereon, if any, as well as the business day convention, the calendar day count convention, interest determination dates, interest reset dates and related provisions and definitions (including observation dates for reference rates), in each case that are consistent with accepted market practice for the use of the Applicable Fallback Rate for debt obligations such as the CORRA notes in such circumstances. Any determination, decision or election that may be made by us or the calculation agent, as applicable, in relation to the Applicable Fallback Rate, including any determination with respect to an adjustment or the occurrence or non-occurrenceof an event, circumstance or date and any decision to take or refrain from taking any action or any selection: (i) will be conclusive and binding, absent manifest error; (ii) if made by us, will be made in our sole discretion, or, as applicable, if made by the calculation agent will be made after consultation with us and the calculation agent will not make any such determination, decision or election to which we object and will have no liability for not making any such determination, decision or election; and (iii) shall become effective without consent from the holders of the CORRA notes or any other party. Definitions. As used in the foregoing terms and provisions relating to the determination of CORRA: “Applicable Fallback Rate” means the CAD Recommended Rate, or the BOC Target Rate, as applicable; “BOC Target Rate” means the Bank of Canada’s Target for the Overnight