Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 151

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 151
---
 the Senior Higher Priority Liabilities) and (iii) senior to any present and future subordinated obligations ( créditos subordinados) of Banco Santander in accordance with Article 281 of the Spanish Insolvency Law. Claims of holders of senior non preferred debt securities in respect of interest accrued but unpaid as of the commencement of any insolvency procedure in respect of Banco Santander shall constitute subordinated claims (créditos subordinados) against Banco Santander ranking in accordance with the provisions of Article 281.1.3º of the Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of Banco Santander. The obligations of Banco Santander under the senior non preferred debt securities are subject to the Bail-inPower. “Senior Higher Priority Liabilities” means the unsubordinated and unsecured obligations ( créditos ordinarios) of 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)