Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 178

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 178
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, (as those terms are defined under “ —Events of Default and Defaults; Limitations of Remedies” below), may require the non-objectionfrom, or consent of, the Regulator or its successor. Events of Default and Defaults; Limitation of Remedies Senior Preferred Debt Security Event of Default Unless the relevant prospectus supplement provides otherwise, a “Senior Preferred Debt Security Event of Default” with respect to any series of senior preferred debt securities shall result if:

| (i) | Non-payment: default is made in the payment of any interest or                                                                                                                                                                            
 principal due in respect of the senior preferred debt securities of that series or any of them and such default continues for a period of seven days (or such other period as may be specified in the relevant prospectus supplement); or |

| (ii) | Breach of other obligations: Banco Santander fails to perform or observe any of its other obligations                                                                                                                                                     
 under or in respect of the senior preferred debt securities of such series or the senior preferred debt securities indenture and (except in any case where such failure is incapable of remedy when no such continuation as is hereinafter mentioned will 
 be required) the failure continues for a period of 30-days next following the service by the Trustee on Banco Santander of a notice requiring the same to be remedied; or                                                                                 |

| (iii) | Winding up: any order is made by any competent court or resolution passed for the winding up or                                                                                                   
 liquidation of Banco Santander (except in any such case for the purpose of reconstruction or amalgamation or a merger or spin-off or any other structural modification (modificación estructural) 
 subject to terms under “—Substitution of Issuer”); or                                                                                                                                             |

| (iv) | Cessation of business: Banco Santander ceases or threatens to cease to carry on the whole or a                                                                                                                    
 substantial part of its business, save for the purposes of a reorganization (except in any such case for the purpose of reconstruction or amalgamation or a merger or spin-off or any other structural            
 modification (modificación estructural) subject to terms under “—Substitution of Issuer”), or Banco Santander stops or threatens to stop payment of, or is unable to, or admits in writing inability to, pay, its 
 debts (or any class thereof) as they fall due, or is deemed unable to pay its debts pursuant to or for the purposes of any applicable law, or is adjudicated or found bankrupt or insolvent;