Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 57

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 57
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 series may institute proceedings for the winding up or liquidation of Banco Santander but may take no further action in respect of such default.

If an Event of Default with respect to the Notes of any series occurs as set forth in paragraph (ii) above, then the Trustee or the
holders of at least 25% in outstanding principal amount of the Notes of such series may declare the Notes of such series immediately due and payable whereupon the Notes of such series shall, when permitted by applicable Spanish Insolvency Law,
become immediately due and payable at their early termination amount (which shall be their principal amount, together with all interest (if any) accrued and unpaid thereon).

Without prejudice to paragraphs (i) and (ii) above, the Trustee or the holders of at least 25% in outstanding principal amount of the
Notes of any series may, at their discretion and without further notice, institute such proceedings against Banco Santander as they may think fit to enforce any obligation, condition or provision binding on Banco Santander under the Notes of such
series, provided that, except as provided in paragraph (ii) winding up above, Banco Santander shall not as a consequence of such proceedings be obliged to pay any sum or sums representing or measured by reference to principal or interest in
respect of the Notes of such series sooner than the same would otherwise have been payable by it or any damages.

Notwithstanding any
contrary provisions, nothing shall impair the right of a holder, absent the holder’s consent, to sue for any payments due but unpaid with respect to the Notes of any series.

Events of Default and Defaults – General

See “Description of Debt Securities—Events of Default and Defaults; Limitation of Remedies—Events of Default and Defaults—General” in the accompanying prospectus.

Substitution of Issuer

See “Description of Debt Securities—Events of Default and Defaults; Limitation of Remedies—Substitution of Issuer”in the accompanying prospectus.

Waiver of Right of Set-off

Subject to applicable law, neither any holder or beneficial owner of the Notes 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 Third Supplemental Indenture, and