Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 23

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 23
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 of such series prior to the                             
 relevant substitution or variation pursuant to “Description of Debt Securities—Substitution and Variation” in the accompanying prospectus; |

| (iv) | have the same date of maturity and the same dates for payment 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; |

| (v) | have at least the same ranking as the Notes of such series; |

| (vi) | not, immediately following such substitution or variation, be subject to a TLAC/MREL Disqualification Event 
 and/or a                                                                                                    |

S-9

| tax event that would entitle Banco Santander to redeem the Notes of such series as set forth under “Description of the Notes—Redemption and Repurchase—Early Redemption for 
 Taxation Reasons”; and                                                                                                                                                      |

| (vii) | be listed or admitted to trading on any stock exchange as selected by Banco Santander, if the Notes of such                                                                                                                       
 series were listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or variation pursuant to “Description of Debt Securities—Substitution and Variation” in the accompanying prospectus. |

| See “Description of Debt Securities—Substitution and Variation” in the accompanying prospectus. |

| Events of Default | If any of the following events occurs and is continuing with respect to the Notes of any series, it shall constitute an Event of Default with respect to the Notes of such series (an “Event of Default”): |

| (i) | Non-payment: default is made in the payment of any interest or                                              
 principal due in respect of the Notes of such series and such default continues for a period of seven days. |

| (ii) | Winding up: any order is made by any competent court or resolution passed for the winding up or                                                                                                    
 liquidation of Banco Santander (for avoidance of doubt, any reconstruction or amalgamation or a merger or spin-off or any other structural modification (modificación estructural), subject to the 
 terms under “Description of Debt Securities—Substitution of Issuer” in the accompanying prospectus will not be considered as a winding up Event of Default).                                       |

| Under the terms of the Base Indenture, as amended and supplemented by the Second Supplemental Indenture, no exercise of a resolution tool or resolution power by the Relevant Resolution Authority or any action in 
 compliance therewith shall constitute an