Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 15

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 15
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 future subordinated obligations (créditos subordinados) of Banco Santander in accordance with Article 281 of the Spanish Insolvency Law. |

| Claims of holders of the Notes in respect of interest accrued but unpaid as of the commencement of any insolvency procedure in respect of Banco Santander shall constitute subordinated claims (créditos                                   
 subordinados) against Banco Santander ranking in accordance with the provisions of Article 281.1.3º of the Spanish Insolvency Law, and no further interest shall accrue from the date of the declaration of insolvency of Banco Santander. |

| The obligations of Banco Santander under the Notes are subject to the Bail-in Power. |

| “Senior Higher Priority Liabilities” means the unsubordinated and unsecured obligations (créditos ordinarios) of Banco Santander, other than the Senior Non Preferred Liabilities. |

| “Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of Banco Santander under Additional Provision 14.2         
 of Law 11/2015 (including the Notes) and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities. |

| “Spanish Insolvency Law” means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended or replaced from time to time. |

| As of September 30, 2024, Banco Santander had outstanding €75.403 billion of unsubordinated indebtedness, including €39.429 billion of Senior Higher Priority Liabilities and                    
 €35.974 billion of Senior Non Preferred Liabilities (including the senior non preferred debt securities issued by Banco Santander prior to the entrance into force of Royal Decree-Law 11/2017). |

| See “Description of Debt Securities—Status of the Debt Securities—Senior Non Preferred Debt Securities” in the accompanying prospectus. |

| Agreement and Acknowledgement with Respect to the Exercise of the 
 Bail-in Power                                                     | Notwithstanding any other term of the Notes or any other agreements, arrangements, or understandings between Banco Santander and any holder of the 
 Notes, by its acquisition of the Notes, each holder (which, for the purposes of this clause, includes each holder of a                             |

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