Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 126

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 126
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 the avoidance of doubt, if we provide notice to cancel a portion, but not all, of a Distribution in respect of the Preferred Securities, and we subsequently do not make a payment of the remaining portion of such Distribution on the
relevant Distribution Payment Date, such non-payment shall evidence our exercise of our discretion to cancel also such portion of such Distribution, and accordingly such portion of the Distribution shall also
not be due and payable.

The Calculation Agent will at or as soon as practicable after the relevant time on each Reset Determination Date
at which the Distribution Rate is to be determined, determine the Distribution Rate for the relevant Reset Period. The Calculation Agent will cause the Distribution Rate for each Reset Period to be notified to BBVA and the stock exchange on which
the Preferred Securities are listed and notice thereof to be published in accordance with the notice provisions of the Indenture as soon as possible after its determination but in no event later than the fourth Business Day after each Reset
Determination Date.

The regular record date for the Distribution payable on any Distribution Payment Date on the Preferred Securities
will be the 15th calendar day (whether or not a Business Day) preceding a Distribution Payment Date.

Distributions Discretionary

We may elect, in our sole and absolute discretion, to cancel the payment of any Distribution on the Preferred Securities in whole
or in part at any time and for any or no reason.

Distributions on the Preferred Securities will be
non-cumulative. Accordingly, if any Distribution (or any part thereof) is not paid in respect of the Preferred Securities as a result of our election to cancel such Distribution in accordance with this section
“—Distributions Discretionary” or the limitations on payment set out under “—Restrictions on Payments” below then the right of the holders to receive the relevant Distribution (or such part thereof) in
respect of the relevant Distribution Period will be extinguished and we will have no obligation to pay such Distribution (or such part thereof) accrued for such Distribution Period or to pay any interest thereon, whether or not Distributions on the
Preferred Securities are paid in respect of any future Distribution Period.

No such election to cancel the payment of any Distribution
(or any part thereof) pursuant to this section “—Distributions Discretionary” or non-payment of any Distribution (or any part thereof) as a result of the limitations on payment set out
under “—Restrictions on Payments” below will constitute an Enforcement Event or other default under the terms of the Preferred Securities or