Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 98

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 98
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 interest (other than interest accruing under secured
liabilities up to an amount equal to the value of the security provided) shall cease to accrue as from the date of the declaration of insolvency and any amount of interest accrued up to such date (other than any interest accruing under secured
liabilities up to an amount equal to the value of the security provided and interests accruing under contingent convertible capital securities or subordinated securities qualifying as Additional Tier 1 Capital or Tier 2 Capital), will be subject to
the subordination provisions of Article 281.1.3° of the Spanish Insolvency Law.

The Spanish Insolvency Law, in certain instances,
also has the effect of modifying or impairing creditors’ rights even if the creditor, either secured or unsecured, does not consent to the amendment. Secured and unsecured dissenting creditors may be written down not only once the insolvency
has been declared by the judge as a result of the approval of a creditors’ agreement, but also as a result of an out-of-court restructuring agreement without
insolvency proceedings having been previously opened (e.g., refinancing agreements which satisfy certain requirements and are validated by the judge), in both scenarios (i) to the extent that certain qualified majorities are achieved and unless
(ii) some exceptions in relation to the kind of claim or creditor apply (which would not be the case for the securities).

The
majorities legal regime envisaged for these purposes also hinges on (i) the type of the specific restructuring measure which is intended to be imposed (e.g., extensions, debt reductions, debt for equity swaps, etc.) as well as (ii) on the
part of claims to be written-down (i.e. secured or unsecured, depending on the value of the collateral as calculated pursuant to the rules established in the Spanish Insolvency Law).

In no case shall subordinated creditors be entitled to vote upon a creditors’ agreement during the insolvency proceedings, and
accordingly, shall be always subject to the measures contained therein, if passed.

Under the terms of the securities of any series, holders of such securities shall have agreed to be bound by and consent to the exercise of any resolution tool by the Relevant Resolution Authority.

Notwithstanding any other term of the securities of any series or any other agreements, arrangements, or understandings between Banco
Santander and any holder of the securities of any series, by its acquisition of the securities of any series, each holder (which, for the purposes of this risk,