Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 45

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 45
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 trading on the Spanish Stock Exchanges, the principal 
 stock exchange or securities market on which the Common Shares are then listed, admitted to trading or quoted or accepted for dealing.                                                                     |

| Substitution and Modification | 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 the Preferred               
 Securities, each holder and beneficial owner acknowledges, accepts, consents to and agrees that if a Capital Event or a Tax Event, as applicable, occurs and is continuing, we may, except if a Trigger Event occurs or shall have occurred, and except 
 if a Capital Reduction occurs or shall have occurred (other than in respect of Preferred Securities with respect to which a duly completed Election Notice has been received during the Election Period), substitute all (but not less than all) of the 
 Preferred Securities or modify the terms of all (but not less than all) of the Preferred Securities, without any requirement for the consent or approval of the trustee or the holders or beneficial owners of the Preferred Securities, so that such   
 Preferred Securities are substituted for, or their terms are modified to, become again, or remain Qualifying Preferred Securities, subject to satisfaction of the requirements and limitations set forth herein.                                        |

| By its acquisition of any Preferred Security, each holder and beneficial owner acknowledges, accepts, consents to and agrees to be bound by any substitution of or modification to the Preferred Securities and to grant to                     
 us and the trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such holder or beneficial owner, as the case may be, which is necessary or convenient to complete the 
 substitution or modification of the terms of the Preferred Securities, as applicable, pursuant to “Certain Terms of the Preferred Securities—Substitution and Modification of the Preferred Securities” below.                                  |

| Any variation in the terms of the Preferred Securities resulting from any such modification or, if the Preferred Securities are substituted, any difference between the terms of the Preferred Securities and those of the                        
 Qualifying Preferred Securities for which the Preferred Securities are substituted, shall not be materially prejudicial to the interests of the holders of the Preferred Securities. For additional information on this requirement, see “Certain 
 Terms of the Preferred Securities—Substitution and Modification of the Preferred Securities”.                                                                                                                                                     |

| “Qualifying Preferred Securities” means any securities issued by us (including any Preferred Securities so                                                                                                                                 
 modified as