Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 49

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 49
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 (except as provided under the third paragraph under “Certain Terms of the Preferred Securities—Substitution of            
 Issuer” herein in the case of a successor entity not established under the laws of, or a tax resident in, Spain), or any change in the application or binding official interpretation or administration of any such laws or regulations which     
 change or amendment, or change in the application or binding official interpretation or administration, becomes effective on or after the Closing Date (i) we would not be entitled to claim a deduction in computing our taxation liabilities in 
 Spain (or, following any of the transactions described under “Certain Terms of the Preferred Securities—Substitution of Issuer”, the successor person’s jurisdiction of incorporation or tax residence), in respect of any                        
 Distribution to be made on the next Distribution Payment Date or the value of such deduction to us would be reduced, or (ii) we would be required to pay Additional Amounts pursuant to the Indenture, or (iii) the applicable tax treatment of   
 the Preferred Securities would be materially affected.                                                                                                                                                                                            |

S-32

| If, in accordance with the Indenture, our obligations under the Preferred Securities were to be assumed by another person, references to Spain in the definition of “Tax Event” shall be deemed to refer to the 
 successor entity’s jurisdiction of incorporation or tax residence.                                                                                                                                              |

| Redemption Due to a Capital Event | If, on or after the Closing Date, there is a Capital Event, the Preferred Securities may be redeemed, in whole but not in part, at our option at any time at the Redemption Price, subject to such redemption being in compliance with Applicable 
 Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations.                                                                                                                    |

| A “Capital Event” will be deemed to have occurred with respect to the Preferred Securities if there is a change (or any pending change which the Regulator considers to be sufficiently certain) in                                            
 Spanish law or Applicable Banking Regulations that results (or would result) in any of the outstanding aggregate Liquidation Preference of the Preferred Securities ceasing to be included in, or counting towards, the BBVA Group’s or BBVA’s 
 Tier 1 Capital.                                                                                                                                                                                                                                |

| Clean-up Call | If, on or after the Closing Date, Preferred Securities representing, in the aggregate, 75% or more of the aggregate Liquidation Preference of the Preferred Securities (including any Preferred Securities issued after the Closing Date and any                                                                                           
 Preferred Securities which have been