Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 46

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 46
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 to remain Qualifying Preferred Securities) that: (i) contain terms which comply with the then-current requirements to be included in, or count towards, the BBVA Group’s and BBVA’s Tier 1 Capital (as defined in the          
 accompanying prospectus); (ii) have the same or higher ranking as is applicable to the Preferred Securities on the Closing Date; (iii) have the same denomination and aggregate outstanding Liquidation Preference, the same terms for the 
 determination of any applicable Distributions, the same redemption rights and the same dates for payment of Distributions as the Preferred Securities immediately prior to any substitution or modification pursuant to                    |

S-29

| “Certain Terms of the Preferred Securities—Substitution and Modification of the Preferred Securities” herein; (iv) preserve any existing rights under the                                                                                               
 Preferred Securities to any accrued Distribution which has not been paid in respect of the period from and including the Distribution Payment Date last preceding the date of any substitution or modification (where not cancelled or deemed cancelled 
 pursuant to, or otherwise subject to the limitations on payment set out under “Certain Terms of the Preferred Securities—Distributions—Restrictions on Payments” and “Certain Terms of the Preferred                                                    
 Securities—Distributions—Distributions Discretionary” herein); and (v) are listed or admitted to trading on any stock exchange as selected by us, provided that the Preferred Securities were listed or admitted to trading on a                        
 stock exchange immediately prior to the relevant substitution or modification.                                                                                                                                                                          |

| Agreement and Waiver with Respect to Conversion | The Preferred Securities are not convertible into Common Shares at the option of holders of Preferred Securities at any time and are not redeemable in                                                                                                   
 cash as a result of a Conversion Event. Notwithstanding anything to the contrary in the Preferred Securities, the Indenture or any other agreements, arrangements, or understandings between BBVA and any holder of the Preferred Securities, by its     
 acquisition of any Preferred Security, each holder and beneficial owner of a Preferred Security shall be deemed to have (i) agreed to all the terms and conditions of the Preferred Securities, including, without limitation, those related to          
 (y) Conversion following a Trigger Event or Capital Reduction, as the case may be, and (z) the appointment of the Conversion Shares Depository, the issuance of the Common Shares to the Conversion Shares Depository, and acknowledged that             
 such events in (y) and (z) may occur without any further action on the part of the holders or beneficial owners of the Preferred Securities or