Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 179

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 179
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ure, except for:

| • |     | the rights of holders of the outstanding debt securities of the relevant series to receive principal, interest, 
 any premium and any additional amounts when due from the trust described below;                                 |

| • |     | the obligations of Banco Santander to issue temporary debt securities, register the transfer of debt securities,                                                                  
 replace temporary or mutilated, destroyed, lost or stolen debt securities, pay additional amounts, maintain an office or agency for payment and hold money for payments in trust; |

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| • |     | the rights, powers, trusts, duties and immunities of the Trustee; and |

| • |     | the defeasance provisions of the applicable indenture. |

In addition, Banco Santander may elect to have its obligations released with respect only to certain covenants in the relevant indentures (“covenant defeasance”). Any omission to comply with any obligations so released will not constitute a default or an Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of Default or Subordinated Debt Security Event of Default, as applicable, with respect to the debt securities of any series. In order to exercise either legal defeasance or covenant defeasance with respect to outstanding debt securities of or within any series:

| • |     | Banco Santander must irrevocably have deposited or caused to be deposited with the Trustee, in trust, money, in                                                                                                                                          
 U.S. dollars or in the foreign currency in which the debt securities of such series are payable at stated maturity, or U.S. government obligations or a combination of money and U.S. government obligations applicable to the debt securities of such   
 series which through the scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient, without reinvestment, in the opinion of an internationally recognized firm of independent public         
 accountants expressed in written certification thereof delivered to the Trustee, to pay and discharge when due all of the principal, interest and any premium of the debt securities of such series and any mandatory sinking fund or analogous payments 
 thereon;                                                                                                                                                                                                                                                 |

| • |     | the legal defeasance or covenant defeasance must not result in a breach or violation of, or constitute a default                         
 under, the relevant indenture or any other material agreement or instrument to which Banco Santander is a party or by which it is bound; |

| • |     | no Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of