Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 37

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 37
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 acting on behalf of the holders of the Preferred Securities, shall be deemed to have waived all such rights of set-off, compensation or retention. If, notwithstanding the above, any amounts due and payable to any holder or beneficial owner of a Preferred Security or any interest therein by us in respect of, or arising under, 
 the Preferred Securities are discharged by set-off, such holder or beneficial owner shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to us (or, if a Liquidation                                                                                                                                                                                                                                                   
 Event shall have occurred, our liquidator or administrator, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible) or otherwise for us (or our liquidator or administrator, as                                                                                                                                                                                                            
 the case may be) and, accordingly, any such discharge shall be deemed not to have taken place.                                                                                                                                                                                                                                                                                                                                                                      |

| Conversion | The Preferred Securities are only convertible into Common Shares upon a Trigger Event or a Capital Reduction, in each case as set forth below. 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 Trigger Event or a Capital Reduction.                                                                                                                                         |

| Trigger Event | A “Trigger Event” shall occur if, at any time, as determined by us, our CET1 ratio or the CET1 ratio of the BBVA Group is less than 5.125%. |

| If a Trigger Event occurs at any time on or after the Closing Date, then we will (i) not pay any Distribution on the Preferred Securities, including any accrued and unpaid Distributions, which shall be deemed to be                             
 cancelled by us in accordance with their terms and (ii) irrevocably and mandatorily (and without any requirement for the consent or approval of the holders or beneficial owners of the Preferred Securities) convert all the Preferred Securities 
 into Common Shares (a “Trigger Conversion”) to be delivered on the relevant Conversion Settlement Date. If a Trigger Event occurs, the Preferred Securities will be converted in whole and not in part. For the purposes of determining            
 whether a Trigger Event has occurred, we will (i) calculate the CET1 ratio based on information (whether or not published) available to our management, including information internally reported within BBVA pursuant to our procedures for       
 ensuring effective ongoing monitoring of our capital ratios and the capital ratios of the BBVA Group and (ii) calculate