Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 18

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 18
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 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 described 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                                                                                                                           |

S-5

| requirements of Applicable Banking Regulations (as defined herein) 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 therefor, if and as required.                     |

| “Supervisory Permission” means, in relation to any action, such supervisory permission (or, as appropriate, waiver) from the Regulator as is required therefor under Applicable Banking Regulations. |

| See “Description of the Notes—Redemption and Repurchase—Early Redemption for Taxation Reasons.” |

| Early Redemption for a TLAC/MREL Disqualification Event | If, in relation to the Notes of any series, a TLAC/MREL Disqualification Event (as defined herein) has occurred and is continuing, then Banco Santander may, at its option and having given not less than five (5) nor more than 30 days’              
 notice to the holders