Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 166

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 166
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 Banco Santander, other than the Senior Non Preferred Liabilities. “Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations ( cr é ditos ordinarios no preferentes) of Banco Santander under Additional Provision 14.2 of Law 11/2015 (including any senior non preferred debt securities) and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passuwith the Senior Non Preferred Liabilities. Subordinated Debt Securities Unless the relevant prospectus supplement provides otherwise, the payment obligations of Banco Santander under the subordinated debt securities constitute direct, unconditional, unsecured and subordinated obligations ( créditos subordinados) of Banco Santander according to Article 281.1 of the Spanish Insolvency Law and, in accordance with Additional Provision 14.3 of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of Banco Santander rank for so long as the obligations of Banco Santander in respect of the subordinated debt securities constitute Tier 2 Instruments:

| (i) | pari passu among themselves and with (a) all other claims in respect of Tier 2 Instruments and                                                                                                                         
 (b) any other subordinated obligations (créditos subordinados) of Banco Santander which by law and/or by their terms, to the extent permitted by Spanish law, rank pari passu with Banco Santander’s obligations under 
 Tier 2 Instruments;                                                                                                                                                                                                    |

| (ii) | junior to (a) any unsubordinated obligations (créditos ordinarios) of Banco Santander                                                                                                                                                    
 (including any claim of Banco Santander in respect of Senior Non Preferred Liabilities), (b) any other subordinated obligations (créditos subordinados) which by law and/or by their terms, to the extent permitted by Spanish law, rank 
 senior to Banco Santander’s obligations under the Tier 2 Instruments; and                                                                                                                                                                |

| (iii) | senior to (a) any claims in respect of Additional Tier 1 Instruments of Banco Santander and (b) any                                                                                                                               
 other subordinated obligations (créditos subordinados) of Banco Santander which by law and/or by their terms, to the extent permitted by Spanish law, rank junior to the obligations of Banco Santander under Tier 2 Instruments. |

Banco Santander agrees with respect to any