Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 22

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 22
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 given not less than five (5) nor more than 30 days’ notice to the holders of the Notes of such series, in accordance with the terms described under “Description of Debt                         
 Securities—Notices” in the accompanying prospectus and to the Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, variation), and                                                                  |

S-8

| subject to obtaining Supervisory Permission therefor, if and as required under Applicable Banking Regulations. |

| The Notes of such series shall cease to bear interest from (and including) the date of substitution thereof. |

| Any holder or beneficial owner of the Notes of any series shall, by virtue of its acquisition of the Notes of such series or any beneficial interest therein, be deemed to accept the substitution or variation of the                                
 terms of the Notes of such series and to grant to Banco Santander full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such holder which is necessary or convenient to complete the 
 substitution or variation of the terms of the Notes of such series.                                                                                                                                                                                   |

| A substitution or a modification of the terms of the Notes of any series might be considered for U.S. federal income tax purposes to be an exchange by the beneficial owners of the Notes of such series for new debt                             
 securities, which could result in recognition of taxable gain or loss for these purposes and possible other adverse tax consequences for such beneficial owners that are U.S. taxpayers. U.S. beneficial owners should consult their tax advisors 
 regarding the U.S. federal, state and local income tax consequences of any substitution or modification of the terms of the Notes.                                                                                                                |

| “Qualifying Notes” means, with respect to the Notes of any series, at any time, any securities issued directly by Banco Santander that have terms not otherwise materially less favorable to the holders of the 
 Notes of such series than the terms of the Notes of such series, provided that such securities shall:                                                                                                           |

| (i) | contain terms which comply with the then current requirements for TLAC/MREL Eligible Instruments as embodied in 
 the Applicable Banking Regulations;                                                                             |

| (ii) | carry the same rate of interest as the Notes of such series prior to the relevant substitution or variation 
 pursuant to “Description of Debt Securities—Substitution and Variation” in the accompanying prospectus;     |

| (iii) | have the same denomination and aggregate outstanding principal amount as the Notes