Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 68

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 68
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 of Liquidation Preference of, or Distributions on, the Preferred Securities, or in the case of a failure by BBVA to perform any other covenant under the Preferred Securities or
under the Indenture.

Accordingly, neither the election by BBVA to cancel the payment of any Distribution (or any part thereof) nor non-payment of any Distribution (or any part thereof) as a result of the limitations on payment mentioned in this prospectus supplement will constitute an event of default, Enforcement Event or similar event or
entitle holders to take any action to cause the liquidation, dissolution or winding up of BBVA. Further, if upon a redemption of the Preferred Securities, BBVA failed to make payment of the relevant Redemption Price when

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due, such failure would not constitute an Enforcement Event or other default but would entitle holders to bring a claim for breach of contract against BBVA which, if successful, could results in
damages. In the event that BBVA failed to make any other payments (where such payments were not cancelled pursuant to, or otherwise subject to the limitations on payment set out in, the Indenture) or deliver any Common Shares when the same may be
due, the remedies of holders would be limited to bringing a claim for breach of contract.

Further, a Trigger Conversion will not
constitute an event of default or the occurrence of any event related to the insolvency of BBVA or entitle holders to take any action to cause the liquidation, dissolution or winding up of BBVA. In addition, if Common Shares are not issued and
delivered following a Conversion Event (with such delivery being duly recorded in the Iberclear registry), then on a liquidation or winding-up of BBVA the claim of a holder will not be in respect of the
Liquidation Preference of its Preferred Securities but will be an entitlement to receive (i) out of the relevant assets of BBVA, a monetary amount equal to that which holders of such Preferred Securities would have received on any distribution
of the assets of BBVA if such Conversion had taken place immediately prior to such liquidation or winding-up, or (ii) such amounts as may be otherwise provided in accordance with the applicable law at
such time. Furthermore, under Spanish law only the holders of the Common Shares according to the registry kept by Iberclear are entitled to exercise voting, preemptive and other rights in respect of such shares.

The Preferred Securities are irrevocably and mandatorily convertible into newly issued Common