Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 38

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 38
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 requires otherwise, any reference in this prospectus supplement and the accompanying prospectus to interest on a Note shall be deemed to include any Additional Amounts payable with respect thereto. Redemption and Repurchase Early Redemption for Taxation Reasons If as a result of any change in, or amendment to, the laws or regulations of Spain or of any political subdivision thereof or any authority or agency therein or thereof having power to tax or in the interpretation or S-21

administration of any such laws or regulations which becomes effective on or after the date of issue of the Notes of the relevant series, Banco Santander shall determine that (a) Banco
Santander would be required to pay Additional Amounts as set forth under “—Additional Amounts” or (b) Banco Santander would not be entitled to claim a deduction in computing tax liabilities in Spain in respect of any interest to
be paid on the next Interest Payment Date on the Notes of the relevant series or the value of such deduction to Banco Santander would be materially reduced or (c) the applicable tax treatment of the Notes of the relevant series changes in a
material way that was not reasonably foreseeable at the issue date, Banco Santander may, at its option and having given no less than five (5) nor more than 30 days’ notice to the holders of the Notes of the relevant series in accordance
with the terms set forth under “Description of Debt Securities—Notices” in the accompanying prospectus (which notice shall be irrevocable) and a concurrent copy thereof to the Trustee, elect to redeem in whole, but not in part, the
outstanding Notes of the relevant series, in accordance with the requirements of Applicable Banking Regulations in force at the relevant time, at their early tax redemption amount, which shall be their principal amount, together with any accrued and
unpaid interest thereon to (but excluding) the date fixed for redemption; provided, however, that (i) in the case of (a) above, no such notice of redemption may be given earlier than 90 days prior to the earliest date on which Banco
Santander would be obliged to pay such Additional Amounts were a payment in respect of the Notes of the relevant series then due and (ii) redemption for taxation reasons may only take place in accordance with Applicable Banking Regulations
(including, without limitation, in accordance with Articles 77 and 78a of the CRR) in force at the relevant time and subject to Banco Santander obtaining Supervisory Permission there