Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 21

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 21
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 of any series nor the Trustee acting on behalf of the holders of the Notes of such series may exercise, claim or plead any right of                                        
 set-off, netting, compensation or retention in respect of any amount owed to it by Banco Santander in respect of, or arising under, or in connection with, the Notes of such series or the Base Indenture as                                              
 amended and supplemented by the Second Supplemental Indenture (as defined herein), and each holder and beneficial owner of the Notes of such series, by virtue of its holding of any Notes of such series or any interest therein, and the Trustee acting 
 on behalf of such holders, shall be deemed to have waived all such rights of set-off, netting, compensation or retention. If, notwithstanding the above, any amounts due and payable to any holder or beneficial                                          
 owner of a Note of any series or any interest therein by Banco Santander in respect of, or arising under, the Notes of such series are discharged by set-off, such holder or beneficial owner shall, subject to                                           
 applicable law, immediately pay an amount equal to the amount of such discharge to Banco Santander (or, if the event of any voluntary or involuntary liquidation of Banco Santander shall have occurred, the liquidator or administrator of Banco         
 Santander, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible) or otherwise for Banco Santander (or the liquidator or administrator of Banco Santander, as the case may be)  
 and, accordingly, any such discharge shall be deemed not to have taken place.                                                                                                                                                                             |

| See “Description of the Notes—Waiver of Right of Set-off.” |

| Substitution and Variation | If a TLAC/MREL Disqualification Event, or a tax event that would entitle Banco Santander to redeem the Notes of any series as set forth under                                                                                                            
 “Description of the Notes—Redemption and Repurchase—Early Redemption for Taxation Reasons,” occurs with respect to the Notes of any series and is continuing, Banco Santander may substitute all (but not some) of the Notes                             
 of such series or modify the terms of all (but not some) of the Notes of such series, without any requirement for the consent or approval of the holders of the Notes of such series, so that they are substituted for, or varied to, become, or remain, 
 Qualifying Notes (as defined herein), subject to having