Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 43

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 43
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, in the circumstances described in the Indenture.                    |

| In the case of a Capital Reduction, holders (other than holders of Preferred Securities in respect of which such holders have elected not to convert such Preferred Securities as described in the third paragraph under  
 “—Capital Reduction” above) shall also have recourse to us as provided under “—Capital Reduction” above with respect to the payment of accrued and unpaid Distributions for the then-current Distribution                 
 Period up to (but excluding) the Conversion Settlement Date (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out under, “ —Distributions Discretionary” and “ 
 —Restrictions on Payments” above).                                                                                                                                                                                        |

| Holders that elect to receive Common Shares in the form of ADSs must pay any fees that may be payable to the ADS Depositary (as defined in the accompanying prospectus) as a result of the issue and delivery of such ADSs 
 in accordance with the Delivery Notice.                                                                                                                                                                                    |

| In order to obtain delivery of the relevant Common Shares on Conversion, the relevant holder must deliver a duly completed                 
 Delivery Notice together with the Preferred Securities held by it in accordance with the provisions set out in the Indenture. In addition, |

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| within ten Business Days following the Conversion Settlement Date, all Common Shares held by the Conversion Shares Depository in respect of which the applicable Preferred Securities and a duly                                                          
 completed Delivery Notice have not been received on or before the Notice Cut-off Date (as defined in the accompanying prospectus) as aforesaid will be sold by or on behalf of a person (which may be us or                                               
 another member of the BBVA Group or a third party) appointed by us (the “Selling Agent”) as soon as reasonably practicable and (subject to the deduction by or on behalf of the Selling Agent of any amount payable in respect of its                     
 liability to taxation and the payment of any capital, stamp, issue, registration and/or transfer taxes and duties (if any) and any fees or costs incurred by or on behalf of the Selling Agent in connection with the issue, allotment and sale thereof)  
 the net proceeds of such sale shall as soon as reasonably practicable be distributed pro rata to the relevant holders in accordance with the Indenture or in such other manner and at such time as we shall determine and notify to the relevant holders. |

| The Conversion Shares Depository may be us or another member of the BBVA Group or