Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 302

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 302
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 supplemental indenture. Unless previously converted into Common Shares (as set forth in “— Conversion”), the obligations of BBVA under the contingent convertible preferred securities of any series will constitute direct, unconditional, unsecured and subordinated obligations of BBVA and, in case of insolvency ( concurso de acreedores) of BBVA, in accordance with Additional Provision 14.3 of Law 11/2015 and the Spanish Insolvency Law but only to the extent permitted by the Spanish Insolvency Law or any other applicable laws relating to or affecting the enforcement of creditors’ rights in Spain and subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), for so long as the obligations of BBVA in respect of the contingent convertible preferred securities of such series constitute an Additional Tier 1 Instrument of BBVA, such contingent convertible preferred securities will rank with respect to claims for any Liquidation Preference of such contingent convertible preferred securities:

| (a) | junior to: |

| (i) | any unsubordinated obligations of BBVA (including where those obligations subsequently become subordinated 
 pursuant to Article 92.1º of the Spanish Insolvency Law); and                                              |

| (ii) | any claim for principal in respect of any other contractually subordinated obligations of BBVA, present and                                                                                                                                   
 future, not constituting Additional Tier 1 Capital of BBVA for the purposes of Section 3.(a) of Additional Provision 14 of Law 11/2015 (other than, to the extent permitted by law, any Parity Securities, whether so ranking by law or their 
 terms);                                                                                                                                                                                                                                       |

| (b) | pari passu with: |

| (i) | each other claim for any Liquidation Preference of contingent convertible preferred securities; |

| (ii) | all other claims in respect of any liquidation preference or otherwise for principal in respect of                          
 contractually subordinated obligations of BBVA under any outstanding Additional Tier 1 Instruments, present and future; and |

| (iii) | any other Parity Securities (whether so ranking by law or their terms), to the extent permitted by law; and |

| (c) | senior to the Common Shares or any other subordinated obligations of BBVA which by law rank junior to the                                                                                                                               
 contingent convertible preferred securities (including, to the extent permitted by law, any contractually subordinated obligations of BBVA expressed by their terms to rank junior to the contingent convertible preferred securities). |

Unless previously converted into