Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 66

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 66
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 such partial Distributions under the Preferred Securities. Neither the election 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 above will constitute an Enforcement Event or other default
under the terms of the Preferred Securities or the Indenture and, upon the cancellation of any Distribution (or any part thereof), BBVA will not be in any way limited or restricted from making any distribution or payment in connection with any
instrument ranking junior to the Preferred Securities (including, without limitation, any CET1 Capital of BBVA or any member of the BBVA Group) or in respect of any other Parity Security, except to the extent otherwise provided by Applicable Banking
Regulations.

As a result of the above, there can be no assurance that a holder will receive payments of Distributions in respect of the
Preferred Securities. The payment of any Additional Amounts in respect of the Preferred Securities pursuant to the Indenture is also subject to the same conditions and limitations as the payment of any Distribution. Any cancellation of Distributions
(in whole or in part) on the Preferred Securities could occur

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without warning and any such cancellation or any perceived risk that Distributions may be cancelled may have a negative impact on the value of the Preferred Securities.

Unpaid Distributions are not cumulative or payable at any time thereafter and, accordingly, if any Distribution (or part thereof) is not made
in respect of the Preferred Securities as a result of any requirement for, or election of, BBVA to cancel such Distributions then the right of the holders to receive the relevant Distribution (or part thereof) in respect of the relevant Distribution
Period will be extinguished and BBVA will have no obligation to pay such Distribution (or part thereof) or to pay any interest thereon, whether or not Distributions on the Preferred Securities are paid in respect of any future Distribution Period.

The Preferred Securities may be traded with accrued Distributions, but under certain circumstances described above, such Distributions may be cancelled and not paid on the relevant Distribution Payment Date.

The Preferred Securities may trade, and/or
the prices for the Preferred Securities may appear, on the New York Stock Exchange (if trading thereon is approved) and in other trading systems (if applicable) with accrued Distributions. If this occurs, purchasers of Preferred Securities in the
secondary market will pay a price that reflects such accrued Distributions upon purchase of the Preferred Securities. However, if