Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 105

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 105
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 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 senior non preferred debt securities of such series or to the tax consequences of any such substitution or variation for any such individual holder. No holder of the senior non preferred debt securities of such series shall be entitled to claim, whether from the Trustee, Banco Santander, or any other person, any indemnification or payment in respect of any tax consequence of any such substitution or variation upon an individual holder of the senior non preferred debt securities of such series. The senior non preferred debt securities may be redeemed prior to maturity upon the occurrence of a TLAC/MREL Disqualification Event Banco Santander may, at its option, redeem all, but not some only, of the senior non preferred debt securities, at any time at their early redemption amount, together with accrued but unpaid interest up to (but excluding) the date of redemption, upon or following the occurrence of a TLAC/MREL Disqualification Event. The early redemption of the senior non preferred debt securities may be subject to the prior consent of the Relevant Resolution Authority if and as required under Applicable Banking Regulations and may only take place in accordance with Applicable Banking Regulations in force at the relevant time. Article 78a of CRR provides that the redemption of MREL eligible liabilities (such as the senior non-preferreddebt securities) prior to the date of their contractual maturity is subject to the prior permission of the resolution authority. Such consent will be given only if one of the following conditions is met:

| i. | earlier than or at the same time of such redemption, the institution replaces the eligible liabilities                                                                 
 instruments with own funds or eligible liabilities instruments of equal or higher quality at terms that are sustainable for the income capacity of the institution; or |

| ii. | the institution has demonstrated to the satisfaction of the resolution authority that the own funds and                                                                                                                                            
 eligible liabilities of the institution would, following such redemption, exceed the requirements laid down in the CRD IV and the BRRD by a margin that the resolution authority in agreement with the competent authority considers necessary; or |

| iii. | the institution has demonstrated to the satisfaction of the resolution authority that the partial or full                                                                              
 replacement of eligible liabilities with own funds instruments is necessary to ensure compliance with the own funds requirements laid down in the CRD IV for continuing authorization. |

It is not possible to predict whether any further change in the