Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 82

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 82
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 active trading market will
develop, or if developed, that it will continue. If an active trading market does not develop or is not maintained in respect of a particular series of securities, the market price and liquidity of the securities of such series, as applicable, may
be adversely affected. In that case, holders of the securities of such series may not be able to sell the securities of such series at a particular time or may not be able to sell securities of such series at a favorable price.

The securities of any series are subject to the subordination provisions of the Spanish Insolvency Law.

Under Article 281 of the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the approved by the Royal
Decree-Legislative 1/2020, of 5 May (Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal) (as amended, the “Spanish Insolvency Law”) read in conjunction with Additional
Provision 14.3 of Law 11/2015, Banco Santander will meet subordinated claims after payment in full of unsubordinated claims, but before distributions to shareholders, in the following order and pro-rata within
each class: (i) late or incorrect claims; (ii) contractually subordinated liabilities in respect of principal (except for those under instruments of Banco Santander that qualify as Additional Tier 1 Capital or Tier 2 Capital, such as the
contingent convertible capital securities and the subordinated securities, respectively); (iii) interest (including accrued and unpaid interest due on the securities, except for interest under contingent convertible or subordinated securities
qualifying as Additional Tier 1 Capital or Tier 2 Capital); (iv) fines; (v) claims of creditors which are specially related to Banco Santander (if applicable) as provided for under the Spanish Insolvency Law; (vi) detrimental claims
against Banco Santander where a Spanish court has determined that the relevant creditor has acted in bad faith (rescisión concursal); (vii) claims arising from contracts with reciprocal obligations as referred to in Articles 156 to 158
and 160 to 167 of the Spanish Insolvency Law, wherever the court rules, prior to the administrators’ report of insolvency (administración concursal) that the creditor repeatedly impedes the fulfilment of the contract against the
interest of the insolvency; (v