Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 101

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 101
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 Banco Santander has granted security over Banco Santander’s assets, the
assets securing such indebtedness will be used to satisfy the obligations under such indebtedness before Banco Santander can make payments on the senior preferred debt securities of any series. There may only be limited assets available to make
payments on the senior preferred debt securities of any series in the event of an acceleration of the senior preferred debt securities of such series and Banco Santander may not have sufficient assets to pay amounts due on any or all of Banco
Santander’s senior preferred debt securities of such series then outstanding.

In the event that the senior preferred debt securities of any series are subject to redemption, such senior preferred debt securities may be subject to substitution and/or variation without a holder’s consent

Subject as provided herein, in particular under “Description of Debt Securities—Substitution and Variation”, if the
applicable prospectus supplement for a series of senior preferred debt securities specifies that

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such senior preferred debt securities are subject to redemption and a TLAC/MREL Disqualification Event or a tax event that would entitle Banco Santander to redeem the senior preferred debt
securities as set forth under “Description of Debt Securities—Redemption and Repurchase—Early Redemption for Taxation Reasons” occurs, Banco Santander may, at its option, and without the consent or approval of the holders
of the relevant debt securities, elect either (i) to substitute all (but not only some) of the relevant debt securities or (ii) to modify the terms of all (but not only some) of the relevant debt securities, in each case so that they are
substituted for, or varied to, become, or remain, Qualifying Notes. While Qualifying Notes generally must contain terms that are materially no less favorable to holders of the relevant debt securities as the original terms of the relevant debt
securities, there can be no assurance that the terms of any Qualifying Notes will be viewed by the market as equally favorable, or that the Qualifying Notes will trade at prices that are equal to the prices at which the relevant debt securities
would have traded on the basis of their original terms.

Further, prior to the making of any such substitution or variation, Banco
Santander, shall not be obliged to have regard to the tax position of individual holders of the relevant debt securities or to the tax consequences of any such substitution or variation for any such individual holder. No holder of the relevant debt
securities shall be entitled to claim, whether from the Trust