Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 194

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 194
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 loss for U.S. federal income tax purposes as a result of the legal defeasance or covenant defeasance and will be subject to U.S. federal income tax  
 on the same amounts, in the same manner and at the same times as would have been the case if the legal defeasance or covenant defeasance had not occurred. In the case of legal defeasance of debt securities only, the opinion of counsel must refer to 
 and be based upon a letter ruling of the Internal Revenue Service received by Banco Santander, a revenue ruling published by the Internal Revenue Service or a change in applicable U.S. federal income tax law occurring after the date of the relevant 
 indenture;                                                                                                                                                                                                                                               |

| • |     | the legal defeasance or covenant defeasance must not cause the Trustee to have a conflicting interest within the          
 meaning of the Trust Indenture Act (assuming all relevant debt securities are in default within the meaning of such Act); |

| • |     | the legal defeasance or covenant defeasance must not result in the trust arising from such deposit constituting                                                                              
 an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and |

| • |     | in the case of the subordinated debt securities of any series, Banco Santander shall have delivered to the 
 Trustee an opinion of counsel substantially to the effect that (i) the trust funds deposited to effect     |

71

| the legal defeasance or covenant defeasance will not be subject to any rights of holders of senior indebtedness, including those arising under the applicable subordination provisions of the                                                         
 subordinated indenture, and (ii) after the second anniversary following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights           
 generally, except that if a court were to rule under any such law in any case or proceeding that the trust funds remained property of Banco Santander, no opinion is given as to the effect of such laws on the trust funds except in certain limited 
 circumstances set forth in the subordinated indenture.                                                                                                                                                                                                |

Unless otherwise provided in the relevant prospectus supplement, if, after Banco Santander has deposited funds or U.S. government obligations to effect legal defeasance or covenant defeasance with respect to the debt securities of any series,

| • |