Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 180

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 180
---
 Default or                                                                                                                                              
 Subordinated Debt Security Event of Default, as applicable, or event which, with notice or lapse of time, or both, would become an Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of Default or Subordinated 
 Debt Security Event of Default, as applicable with respect to the outstanding debt securities of such series may have occurred and be continuing on the date of the establishment of such a trust and, in the case of legal defeasance, at any time     
 during the period ending on the 91st day after such date;                                                                                                                                                                                               |

| • |     | Banco Santander must have delivered to the Trustee an opinion of counsel of recognized standing to the effect                                                                                                                                            
 that the beneficial owners of the debt securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance or covenant defeasance and will be subject to U.S. federal income tax  
 on the same amounts, in the same manner and at the same times as would have been the case if the legal defeasance or covenant defeasance had not occurred. In the case of legal defeasance of debt securities only, the opinion of counsel must refer to 
 and be based upon a letter ruling of the Internal Revenue Service received by Banco Santander, a revenue ruling published by the Internal Revenue Service or a change in applicable U.S. federal income tax law occurring after the date of the relevant 
 indenture;                                                                                                                                                                                                                                               |

| • |     | the legal defeasance or covenant defeasance must not cause the Trustee to have a conflicting interest within the          
 meaning of the Trust Indenture Act (assuming all relevant debt securities are in default within the meaning of such Act); |

| • |     | the legal defeasance or covenant defeasance must not result in the trust arising from such deposit constituting                                                                              
 an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and |

| • |     | in the case of the subordinated debt securities of any series, Banco Santander shall have delivered to the 
 Trustee an opinion of counsel substantially to the effect that (i) the trust funds deposited to effect     |

71

| the legal defeasance or covenant defeasance will not be subject to any rights of holders of senior indebtedness, including those arising under the applicable subordination