Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 164

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 164
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 certain provisions of the                           |

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| relevant indenture and any Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of Default or Subordinated Debt Security Event of Default (as such terms are 
 defined below and described in the relevant prospectus supplement);                                                                                                                               |

| • |     | modify the subordination provisions or the terms of our obligations in respect of the due and punctual payment of 
 the amounts due and payable on the debt securities in a manner adverse to the holders; or                         |

| • |     | modify the above requirements. |

In addition, material variations in the terms and conditions of debt securities of any series, including modifications relating to subordination, redemption, an Senior Preferred Debt Security Event of Default, a Senior Non Preferred Debt Security Event of Default or Subordinated Debt Security Event of Default, (as those terms are defined under “ —Events of Default and Defaults; Limitations of Remedies” below), may require the non-objectionfrom, or consent of, the Regulator or its successor. Events of Default and Defaults; Limitation of Remedies Senior Preferred Debt Security Event of Default Unless the relevant prospectus supplement provides otherwise, a “Senior Preferred Debt Security Event of Default” with respect to any series of senior preferred debt securities shall result if:

| (i) | Non-payment: default is made in the payment of any interest or                                                                                                                                                                            
 principal due in respect of the senior preferred debt securities of that series or any of them and such default continues for a period of seven days (or such other period as may be specified in the relevant prospectus supplement); or |

| (ii) | Breach of other obligations: Banco Santander fails to perform or observe any of its other obligations                                                                                                                                                     
 under or in respect of the senior preferred debt securities of such series or the senior preferred debt securities indenture and (except in any case where such failure is incapable of remedy when no such continuation as is hereinafter mentioned will 
 be required) the failure continues for a period of 30-days next following the service by the Trustee on Banco Santander of a notice requiring the same to be remedied; or                                                                                 |

| (iii) | Winding up: any order is made by any competent court or resolution passed for the winding up or                                                                                                   
 liquidation of Banco Santander (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 “—Sub