Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 42

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 42
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 Reduction” above), where not                       
 cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment as described under “—Distributions Discretionary” and “ —Restrictions on Payments” above, an amount equal to                                               
 the accrued and unpaid Distributions for the then-current Distribution Period up to (but excluding) the Conversion Settlement Date.                                                                                                                      |

| On the Conversion Settlement Date, we shall deliver to the Conversion Shares Depository such number of Common Shares |

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| (subject as provided above with respect to fractions) as is required to satisfy in full our obligation to deliver Common Shares (i) in respect of a Trigger Conversion, of the aggregate                                                             
 Liquidation Preference of Preferred Securities outstanding on the Trigger Event Notice Date (as defined in the accompanying prospectus), and (ii) in respect of a Capital Reduction Conversion, of the aggregate Liquidation Preference of Preferred 
 Securities outstanding on the Capital Reduction Notice Date, other than Preferred Securities in respect of which such holders have elected not to convert such Preferred Securities as described under “—Capital Reduction” above.                   |

| Our obligation to issue and deliver Common Shares to a holder of Preferred Securities on the relevant Conversion Settlement Date shall be satisfied by the delivery of such Common Shares to the Conversion Shares                        
 Depository. Receipt of the relevant Common Shares by the Conversion Shares Depository shall discharge our obligations in respect of the Preferred Securities converted, other than, in the case of a Capital Reduction, as provided under 
 “—Capital Reduction” above with respect to the payment of accrued and unpaid Distributions for the then-current Distribution Period up to (but excluding) the Conversion Settlement Date (where not cancelled or deemed cancelled         
 pursuant to, or otherwise subject to the limitations on payment as described under, “—Distributions Discretionary” and “—Restrictions on Payments” above) and except as noted in the Indenture with respect                               
 to certain Spanish stamp and similar taxes.                                                                                                                                                                                               |

| Except as set forth in the immediately succeeding paragraph with respect to a Capital Reduction, if a Conversion Event occurs, holders shall have recourse to us only for the issue and delivery of the relevant Common                            
 Shares to the Conversion Shares Depository (except as noted in the Indenture with respect to certain Spanish stamp and similar taxes). After such delivery by us of the relevant Common Shares to the Conversion Shares Depository, holders of the 
 Preferred Securities so converted shall have recourse to the Conversion Shares Depository only and exclusively for the purposes of the delivery to them of such Common Shares