Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 165

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 165
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stitution 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; or                   |

| (v) | Insolvency proceedings: (a) proceedings are initiated against Banco Santander under any applicable                                                                                                                                                       
 liquidation, insolvency, composition, reorganization or other similar laws, or an application made for the appointment of an administrative or other receiver, manager, administrator or other similar official, or an administrative or other receiver, 
 manager, administrator or other similar official is appointed, in relation to Banco Santander or in relation to the whole or a part of the undertaking or assets of either of them, or an encumbrancer takes possession of the whole or a part of the    
 undertaking or assets of either of them, or a distress, execution, attachment, sequestration or other process is levied, enforced upon, sued or put in force                                                                                             |

62

| against the whole or a part of the undertaking or assets or any of them and (b) in any case is not discharged within 14 days; or |

| (vi) | Arrangements with creditors: Banco Santander initiates or consents to judicial proceedings relating to                                                                                                                                                   
 itself under any applicable liquidation, insolvency, composition, reorganization or other similar laws or makes a conveyance or assignment for the benefit of, or enters into any composition or other arrangement with, its creditors generally (or any 
 class of its creditors).                                                                                                                                                                                                                                 |

Under the terms of the senior preferred debt securities indenture, no exercise of a resolution tool or resolution power by the Relevant Resolution Authority or any action in compliance therewith shall constitute a Senior Preferred Debt Security Event of Default. If any Senior Preferred Debt Security Event of Default shall occur in relation to any series of senior preferred debt securities,