Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 48

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 48
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 by the 
 Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise.      |

S-31

| Further, by its acquisition of any Preferred Security, each holder acknowledges, accepts, consents to and agrees to be bound by (i) the exercise and effect of the Spanish                                       
 Bail-in Power by the Relevant Spanish Resolution Authority, which may be imposed with or without any prior notice, with respect to any Common Shares that may be delivered to it upon the Conversion (if any) of 
 the Preferred Securities; and (ii) the variation of the terms of such Common Shares to give effect to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority.                    |

| See “Certain Terms of the Preferred Securities—Agreement and Acknowledgment with Respect to the Exercise of the 
 Spanish Bail-in Power”.                                                                                         |

| Optional Redemption | All, and not only some, of the Preferred Securities may be redeemed at our option on the First Reset Date, and on any Distribution Payment Date thereafter, 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.                                                                                                                      |

| The “Redemption Price” is, per Preferred Security, the Liquidation Preference plus, if applicable, where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment    
 described under “—Restrictions on Payments” and “—Distributions Discretionary” above, an amount equal to any accrued and unpaid Distributions for the then-current Distribution Period to (but excluding) the 
 redemption date of the Preferred Securities.                                                                                                                                                                  |

| Redemption Due to a Tax Event | If, on or after the Closing Date, there is a Tax 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 “Tax Event” will be deemed to have occurred with respect to the Preferred Securities if, as a result of any change in, or amendment to, the laws or regulations applicable in Spain, including, for the                                         
 avoidance of doubt, any political subdivision thereof or any authority or agency therein or thereof having power to tax