Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 40

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 40
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 or any third party designated by any of them, may only purchase Notes of any series in the open market or otherwise and at any price in accordance with Applicable Banking Regulations (including, without limitation, in accordance with Articles 77 and 78a of the CRR) in force at the relevant time and will be subject to Supervisory Permission, as required. Events of Default and Defaults; Limitation of Remedies 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 Event of Default. If an Event of Default with respect to the Notes of any series occurs as set forth in paragraph (i) above, then the Trustee or the holders of at least 25% in outstanding principal amount of the Notes of such series may institute proceedings for the winding up or liquidation of Banco Santander but may take no further action in respect of such default. If an Event of Default with respect to the Notes of any series occurs as set forth in paragraph (ii) above, then the Trustee or the holders of at least 25% in outstanding principal amount of the Notes of such series may declare the Notes of such series immediately due and payable whereupon the Notes of such series shall, when permitted by applicable Spanish Insolvency Law, become immediately due and payable at their early termination amount (which shall be their principal amount, together with all interest (if any) accrued and unpaid thereon). Without prejudice to paragraphs (i) and (ii) above, the