Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 185

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 185
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 such consolidation, amalgamation, merger, conveyance or transfer and such supplemental indenture, as
the case may be, comply with the indenture and all conditions precedent have been complied with.

Any direct or indirect subsidiary of
Banco Santander may assume the obligations of Banco Santander under any series of debt securities, subject to the prior consent of the Regulator, if required, with respect to any series of subordinated debt securities or debt securities, without the
consent of the holders of any series of debt securities, provided that (a) the successor entity shall expressly assume such obligations by an amendment to the relevant indenture, executed by Banco Santander and such successor entity, if
applicable, and delivered to the Trustee, in form satisfactory to the Trustee, and Banco Santander shall, by amendment to the relevant indenture, unconditionally guarantee all of the obligations of such successor entity under the debt securities of
such series and the relevant indenture as so modified by such amendment; (b) immediately after giving effect to such assumption of obligations, no Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of
Default or Subordinated Debt Security Event of Default, as applicable, and no event which, after notice or lapse of time or both, would become an Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of Default or
Subordinated Debt Security Event of Default, as applicable, shall have occurred and be continuing; and (c) Banco Santander shall have delivered to the Trustee an officer’s certificate and an opinion of counsel in such forms as are
required in the relevant indenture.

In the event of any assumption, Additional Amounts under the debt securities of any series will be
payable for taxes imposed by the jurisdiction of incorporation or tax residence of the assuming entity (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts for taxes imposed by the laws of Spain) rather
than taxes imposed by Spain. Additional Amounts for payments of interest or principal due prior to the date of the assumption will be payable only for taxes imposed by Spain. The assuming corporation will also be entitled to redeem the debt
securities of any series in the circumstances described above under the section “—Early Redemption for Taxation Reasons” for any change or amendment to, or change in the application or official interpretation of, the laws or
regulations of the assuming entity’s jurisdiction of incorporation or tax residence, which change or amendment must, in the case