EX-4.2



 Exhibit 4.2 
  

 
  

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., 

as Issuer 
 THE BANK OF NEW YORK
MELLON, 
 as Trustee, Security Registrar, Transfer Agent and Paying Agent 

 
  

INDENTURE 
  

 
 Dated as of July
28, 2016 
 Senior Debt Securities 
  

 
  







 Reconciliation and tie between 

Trust Indenture Act of 1939 (the “Trust Indenture Act”) 

and Indenture 
  

					
	 	  	 Trust Indenture Act Section
	  	 Indenture Section

	§310	  	(a)(1)	  	6.08
		  	(a)(2)	  	6.08
		  	(a)(3)	  	Not Applicable
		  	(a)(4)	  	Not Applicable
		  	(a)(5)	  	6.08
		  	(b)	  	6.14
			
	§311	  	(a)	  	6.12
		  	(b)	  	6.12
			
	§312	  	(a)	  	7.01, 7.02
		  	(b)	  	7.02
		  	(c)	  	7.02
			
	§313	  	(a)	  	7.03
		  	(b)	  	7.03
		  	(c)	  	7.03
		  	(d)	  	7.03
			
	§314	  	(a)	  	7.04, 10.05
		  	(b)	  	Not Applicable
		  	(c)(1)	  	1.02
		  	(c)(2)	  	1.02
		  	(c)(3)	  	Not Applicable
		  	(d)	  	Not Applicable
		  	(e)	  	1.02
			
	§315	  	(a)	  	6.01, 6.02
		  	(b)	  	6.03
		  	(c)	  	6.01, 6.02
		  	(d)	  	6.01, 6.02
		  	(e)	  	5.14
			
	§316	  	(a)(last sentence)	  	1.01 (“Outstanding”)
		  	(a)(1)(A)	  	5.12
		  	(a)(1)(B)	  	5.13
		  	(a)(2)	  	Not Applicable
		  	(b)	  	5.08
		  	(c)	  	1.04
			
	§317	  	(a)(1)	  	5.03
		  	(a)(2)	  	5.04
		  	(b)	  	10.03
			
	§318	  	(a)	  	1.08

  

	Note:	This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 


Attention should also be directed to Section 318(c) of the Trust Indenture Act, which provides that the provisions of Sections 310 to and
including 317 are a part of and govern every qualified indenture, whether or not physically contained therein. 

  
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 TABLE OF CONTENTS 

 

					
	 	 	 	  	 PAGE 

	ARTICLE 1
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 Section 1.01.
	 	 Definitions
	  	5
	 Section 1.02.
	 	 Compliance Certificates and Opinions
	  	11
	 Section 1.03.
	 	 Form of Documents Delivered to Trustee
	  	11
	 Section 1.04.
	 	 Acts of Holders; Meetings; Record Dates
	  	11
	 Section 1.05.
	 	 Notices, etc., to Trustee and Company
	  	12
	 Section 1.06.
	 	 Notice to Holders of Securities; Waiver
	  	13
	 Section 1.07.
	 	 Language of Notices
	  	13
	 Section 1.08.
	 	 Conflict with Trust Indenture Act
	  	13
	 Section 1.09.
	 	 Effect of Headings and Table of Contents
	  	13
	 Section 1.10.
	 	 Successors and Assigns
	  	13
	 Section 1.11.
	 	 Separability Clause
	  	13
	 Section 1.12.
	 	 Benefits of Indenture
	  	13
	 Section 1.13.
	 	 Governing Law and Waiver of Jury Trial
	  	13
	 Section 1.14.
	 	 Legal Holidays
	  	13
	 Section 1.15.
	 	 Counterparts
	  	14
	 Section 1.16.
	 	 Appointment of Agent for Service; Submission to Jurisdiction
	  	14
	
	ARTICLE 2
	SECURITIES FORMS
	 Section 2.01.
	 	 Forms Generally
	  	14
	 Section 2.02.
	 	 Form of Trustee’s Certificate of Authentication
	  	14
	 Section 2.03.
	 	 Securities in Global Form
	  	14
	 Section 2.04.
	 	 Forms of Legends for Global Securities
	  	15
	
	ARTICLE 3
	THE SECURITIES
	 Section 3.01.
	 	 Amount Unlimited; Issuable in Series
	  	15
	 Section 3.02.
	 	 Currency; Denominations
	  	17
	 Section 3.03.
	 	 Execution, Authentication, Delivery and Dating
	  	18
	 Section 3.04.
	 	 Temporary Securities
	  	19
	 Section 3.05.
	 	 Registration, Transfer and Exchange
	  	19
	 Section 3.06.
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	20
	 Section 3.07.
	 	 Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain
Additional Amounts Preserved
	  	21
	 Section 3.08.
	 	 Persons Deemed Owners
	  	22
	 Section 3.09.
	 	 Cancellation
	  	22
	 Section 3.10.
	 	 Computation of Interest
	  	22
	
	ARTICLE 4
	SATISFACTION AND DISCHARGE OF INDENTURE
	 Section 4.01.
	 	 Satisfaction and Discharge
	  	22
	 Section 4.02.
	 	 Defeasance and Covenant Defeasance
	  	23
	 Section 4.03.
	 	 Application of Trust Money and Repayment to Company
	  	25
	 Section 4.04.
	 	 Prescription
	  	26
	 Section 4.05.
	 	 Reinstatement
	  	26


  
 2 









					
	ARTICLE 5	  	 
	REMEDIES	  	
	 Section 5.01.
	 	 Events of Default
	  	 26

	 Section 5.02.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 27

	 Section 5.03.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 28

	 Section 5.04.
	 	 Trustee May File Proofs of Claim
	  	 28

	 Section 5.05.
	 	 Trustee May Enforce Claims Without Possession of Securities
	  	 29

	 Section 5.06.
	 	 Application of Money Collected
	  	 29

	 Section 5.07.
	 	 Limitations on Suits
	  	 29

	 Section 5.08.
	 	 Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional
Amounts
	  	 29

	 Section 5.09.
	 	 Restoration of Rights and Remedies
	  	 30

	 Section 5.10.
	 	 Rights and Remedies Cumulative
	  	 30

	 Section 5.11.
	 	 Delay or Omission Not Waiver
	  	 30

	 Section 5.12.
	 	 Control by Holders of Securities
	  	 30

	 Section 5.13.
	 	 Waiver of Past Defaults
	  	 30

	 Section 5.14.
	 	 Undertaking for Costs
	  	 31

		
	ARTICLE 6	  	 
	THE TRUSTEE	  	
	 Section 6.01.
	 	 Certain Duties and Responsibilities
	  	 31

	 Section 6.02.
	 	 Certain Rights of Trustee
	  	 31

	 Section 6.03.
	 	 Notice of Defaults
	  	 32

	 Section 6.04.
	 	 Not Responsible for Recitals or Issuance of Securities
	  	 32

	 Section 6.05.
	 	 May Hold Securities
	  	 33

	 Section 6.06.
	 	 Money Held in Trust
	  	 33

	 Section 6.07.
	 	 Compensation and Reimbursement
	  	 33

	 Section 6.08.
	 	 Corporate Trustee Required; Eligibility
	  	 33

	 Section 6.09.
	 	 Resignation and Removal; Appointment of Successor
	  	 34

	 Section 6.10.
	 	 Acceptance of Appointment by Successor
	  	 35

	 Section 6.11.
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 35

	 Section 6.12.
	 	 Preferential Collection of Claims Against Company
	  	 35

	 Section 6.13.
	 	 Appointment of Authenticating Agent
	  	 35

	 Section 6.14.
	 	 Disqualification; Conflicting Interests
	  	 37

	 Section 6.15.
	 	 Tax Compliance
	  	 37

		
	ARTICLE 7	  	 
	HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	
	 Section 7.01.
	 	 Company to Furnish Trustee Names and Addresses of Holders
	  	 38

	 Section 7.02.
	 	 Preservation of Information; Communications to Holders
	  	 38

	 Section 7.03.
	 	 Reports by Trustee
	  	 38

	 Section 7.04.
	 	 Reports by Company
	  	 38

		
	ARTICLE 8	  	 
	CONSOLIDATION, MERGER AND SALES; ASSUMPTION	  	
	 Section 8.01.
	 	 Company May Consolidate, etc.
	  	 39

	 Section 8.02.
	 	 Successor Person Substituted
	  	 39

	 Section 8.03.
	 	 Assumption of Obligations
	  	 39

		
	ARTICLE 9	  	 
	SUPPLEMENTAL INDENTURES	  	
	 Section 9.01.
	 	 Supplemental Indentures Without Consent of Holders
	  	 40

	 Section 9.02.
	 	 Supplemental Indentures with Consent of Holders
	  	 40

	 Section 9.03.
	 	 Execution of Supplemental Indentures
	  	 41

	 Section 9.04.
	 	 Effect of Supplemental Indentures
	  	 41

	 Section 9.05.
	 	 Reference in Securities to Supplemental Indentures
	  	 41

	 Section 9.06.
	 	 Conformity with Trust Indenture Act
	  	 42




  
 3 









					
	ARTICLE 10	  	 
	COVENANTS	  	
	 Section 10.01.
	 	 Payment of Principal and Any Premium, Interest and Additional Amounts
	  	 42

	 Section 10.02.
	 	 Maintenance of Office or Agency
	  	 42

	 Section 10.03.
	 	 Money for Securities Payments to be Held in Trust
	  	 42

	 Section 10.04.
	 	 Additional Amounts
	  	 43

	 Section 10.05.
	 	 Statement by Officers as to Default
	  	 44

	 Section 10.06.
	 	 Corporate Existence
	  	 44

	 Section 10.07.
	 	 Waiver of Certain Covenants
	  	 44

		
	ARTICLE 11	  	 
	REDEMPTION OF SECURITIES	  	
	 Section 11.01.
	 	 Applicability of Article
	  	 45

	 Section 11.02.
	 	 Election to Redeem; Notice to Trustee
	  	 45

	 Section 11.03.
	 	 Selection by Trustee of Securities to be Redeemed
	  	 45

	 Section 11.04.
	 	 Notice of Redemption
	  	 45

	 Section 11.05.
	 	 Deposit of Redemption Price
	  	 46

	 Section 11.06.
	 	 Securities Payable on Redemption Date
	  	 46

	 Section 11.07.
	 	 Securities Redeemed in Part
	  	 46

	 Section 11.08.
	 	 Redemption for Taxation or Listing Reasons
	  	 46

		
	ARTICLE 12	  	 
	SINKING FUNDS	  	
	 Section 12.01.
	 	 Applicability of Article
	  	 47

	 Section 12.02.
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 47

	 Section 12.03.
	 	 Redemption of Securities for Sinking Fund
	  	 48

		
	ARTICLE 13	  	 
	REPAYMENT AT THE OPTION OF HOLDERS	  	
	 Section 13.01.
	 	 Applicability of Article
	  	 48

		
	ARTICLE 14	  	 
	SECURITIES IN FOREIGN CURRENCIES	  	
	 Section 14.01.
	 	 Applicability of Article
	  	 48

		
	ARTICLE 15	  	 
	EXERCISE OF SPANISH BAIL-IN POWER	  	
	 Section 15.01.
	 	 Agreement with Respect to the Exercise of Spanish Bail-in Power
	  	 48

	 Section 15.02.
	 	 BRRD Liabilities
	  	 50

			
	 Exhibit A
	 	 Form of Face of Security
	  	 52

	 Exhibit B
	 	 Form of Reverse of Security and Global Security
	  	 55

	 Exhibit C
	 	 Form of Face of Global Security
	  	 65

	 Exhibit D
	 	 Form of Transfer
	  	 69



  
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 INDENTURE, dated as of July 28, 2016 (the “Indenture”), between Banco Bilbao
Vizcaya Argentaria, S.A., a sociedad anónima organized under the laws of the Kingdom of Spain (hereinafter called the “Company”), having its principal executive office located at Calle Azul 4, Madrid, Spain, and The
Bank of New York Mellon, a New York banking corporation duly organized and existing under the laws of the State of New York, having its Corporate Trust Office located at 101 Barclay Street, New York, New York 10286, United States, and acting (except
with respect to its role as Security Registrar) through its London Branch at One Canada Square, London E14 5AL, United Kingdom (in its capacity as trustee, the “Trustee”, which term includes any successor Trustee). 

RECITALS 
 The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its senior unsubordinated unsecured debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”),
unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided. 

All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the U.S.
Securities and Exchange Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof (as herein defined) as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01. Definitions. Except as otherwise expressly provided in or pursuant to this Indenture or
unless the context otherwise requires, for all purposes of this Indenture: 
 (a) the terms defined in this Article have the meanings
assigned to them in this Article, and include the plural as well as the singular; 
 (b) all other terms used herein which are defined in
the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (c) all accounting terms
not otherwise defined herein have the meanings assigned to them in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board; 

(d) the words “herein”, “hereof”, “hereto” and “hereunder” and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (e) the word
“or” is always used inclusively (for example, the phrase “A or B” means “A or B or both”, not “either A or B but not both”). 

Certain terms used principally in certain Articles hereof are defined in those Articles. 

“Act”, when used with respect to any Holders, has the meaning specified in Section 1.04. 

“Additional Amounts” means any additional amounts which are payable under Section 10.04 by the Company in respect of certain
taxes withheld from payments to Holders. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any 


  
 5 








 
specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and
the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 
 “Amounts
Due” with respect to the Securities of a series means the principal amount of or outstanding amount (if applicable), together with any accrued but unpaid interest, Additional Amounts, premium (if any) and sinking fund payments (if any) due
on the Securities of such series. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the Spanish Bail-in Power (as defined herein) by the Relevant Spanish
Resolution Authority (as defined herein). 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to
Section 6.13 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Authorized Newspaper”
means a newspaper, in an official language of the place of publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the
place of publication, and of general circulation in each place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different Authorized Newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 

“Board of Directors” means the board of directors of the Company or any committee or Person of that board duly authorized to
act generally or in any particular respect for the Company hereunder. 
 “Board Resolution” means a copy of one or more
resolutions, certified by the Secretary or an Assistant Secretary or any Person duly authorized of the Company to have been duly adopted by the relevant Board of Directors and to be in full force and effect on the date of such certification,
delivered to the Trustee. 
 “BRRD Liability” means any liability, commitment, duty, responsibility, amount payable or
contingency or other obligation arising from, or related to, this Indenture which may be subject to the exercise of the Spanish Bail-in Power (as defined below) by the Relevant Spanish Resolution Authority (as defined below). 

“Business Day”, with respect to any Place of Payment or other location, means each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a Legal Holiday in such Place of Payment or other location, except as may otherwise be provided in the form of Securities of any particular series pursuant to the provisions of this Indenture. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 “Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor
Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person, and any other obligor upon the Securities. 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be,
signed in the name of the Company by any member of the Board of Directors, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary, an Assistant Secretary or other representative of the Company, in each case empowered
to do so by a Board Resolution, and delivered to the Trustee. 
 “Conversion Event” means the cessation of use of (i) a
Foreign Currency both by the government of the country which issued such Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, or (ii) the euro both within
the European monetary system and for the settlement of transactions by public institutions of or within the European Union. 

“Corporate Trust Office” means the principal corporate trust office of the Trustee at which, at any particular time, its
corporate trust business shall be administered, which principal corporate trust office at the date hereof is located at 101 Barclay Street, New York, NY 10286 and the Indenture will be administered by The Bank of New York Mellon acting (except with
respect to its role as Security Registrar) through its London Branch at One Canada Square, London E14 5AL, United Kingdom or such other location in New York or England as notified by the Trustee to the Company from time to time. 

  
 6 








 “Corporation” includes corporations and, except for purposes of Article 8,
associations, companies and business trusts. 
 “Currency”, with respect to any payment, deposit or other transfer in
respect of the principal of or any premium or interest on or any Additional Amounts with respect to any Security, means Dollars, unless otherwise expressly provided. 

“Defaulted Interest” has the meaning specified in Section 3.07. 

“Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private
debts in the United States of America. 
 “Early Intervention” means, with respect to any Person, that any Relevant Spanish
Resolution Authority or the European Central Bank, shall have announced or determined that such Person has or shall become the subject of an “early intervention” (actuación temprana) as such term is defined in Law 11/2015 (as
defined herein). 
 “Event of Default” has the meaning specified in Section 5.01. 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the euro, issued
by the government of one or more countries other than the United States or by any confederation or association of such governments. 

“Global Security” means a Security evidencing all or part of the Securities of a series, bearing the legend set forth in
Section 2.04 (or such legend as may be specified as contemplated in Section 3.01 for such Securities), authenticated and delivered to the Holder and registered in the name of the Holder or its nominee. 

“Holder” means the Person in whose name a Security is registered in the Security Register. 

“Indenture” means this instrument as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security established pursuant to Section 3.01 (as such terms and provisions may be amended pursuant
to the applicable provisions hereof). 
 “Independent Public Accountants” means accountants or a firm of accountants that,
with respect to the Company and any other obligor under the Securities, are independent public accountants within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may
be the independent public accountants regularly retained by the Company or who may be other independent public accountants. Such accountants or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters
relating to this Indenture or certificates required to be provided hereunder. 
 “Indexed Security” means a Security the
terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance. 

“Interest”, with respect to any Original Issue Discount Security which by its terms bears interest only after maturity, means
interest payable after Maturity. All references in this Indenture to “interest” payable or to be paid in respect of any series of Securities, except as otherwise expressly provided or where the context otherwise requires, shall be deemed
to include any Additional Amounts payable in respect of such series of Securities. 
 “Interest Payment Date”, with respect
to any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Law 11/2015” means Spanish
Law 11/2015 of June 18, on the Recovery and Resolution of Credit Institutions and Investment Firms (Ley 11/2015 de 18 de junio, de Recuperación y Resolución de Entidades de Crédito y Empresas de Servicios de
Inversión), as amended, replaced or supplemented from time to time. 
 “Legal Holiday”, with respect to any
Place of Payment or other location, means a Saturday, a Sunday or a day on which banking institutions in such Place of Payment or other location are not open for general business. 

  
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 “Maturity”, with respect to any Security, means the date on which the principal
of such Security or an installment of principal becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect
repayment or otherwise, and includes the Redemption Date. 
 “OECD” means the Organization for Economic Co-operation and
Development. 
 “Office” or “Agency”, with respect to any Securities, means an office or agency of the
Company maintained or designated in a Place of Payment for such Securities pursuant to Section 10.02 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section 10.02 or, to the extent designated or
required by Section 10.02 in lieu of such office or agency, the Corporate Trust Office of the Trustee. 
 “Officer’s
Certificate” means a certificate signed by the Chairman of the Board of Directors, a Vice Chairman, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary or any Person duly
authorized of the Company, that complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company or other
counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act. 

“Original Issue Discount Security” means a Security issued pursuant to this Indenture which provides for declaration of an
amount less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section 5.02. 

“Outstanding”, when used with respect to any Securities, means, as of the date of determination, all such Securities
theretofore authenticated and delivered under this Indenture, except: 
 (i) any such Security theretofore cancelled by the
Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation; 
 (ii) any such
Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited pursuant hereto with the Trustee or any Paying Agent (other than the Company), in trust or set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made; 
 (iii) any such Security with respect to which the Company has effected
defeasance or covenant defeasance pursuant to the terms hereof, to the extent provided in Section 4.02; and 
 (iv) any such
Security which has been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory
to it that such Security is held by a protected purchaser in whose hands such Security is a valid obligation of the Company; 
 provided, however,
that in determining whether the Holders of the requisite principal amount of Outstanding Securities of a series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue
Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant to Section 5.02 at the time of such determination, (ii) the principal amount of any Indexed Security that may
be counted in making such determination and that shall be deemed Outstanding for such purposes shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture,
(iii) the principal amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security,
the Dollar equivalent on the date of original issuance of such Security of the amount determined in (i) above) of such Security, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or
such other obligor, shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Securities which a Responsible Officer of the Trustee knows to be so 

  
 8 








 
owned shall be so disregarded. Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the
pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Company or any other obligor upon the Securities or an Affiliate of the Company or such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of, or any premium or interest on, or any
Additional Amounts with respect to, any Security on behalf of the Company. 
 “Person” means any individual, Corporation,
limited liability company, partnership, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment”, with respect to any Security, means the place or places where the principal of, or any premium or
interest on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same
indebtedness as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security shall be
deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security. 
 “Procedimientos
Concursales” means, collectively, any proceedings relating to the insolvency (concurso), dissolution or winding up of the Company or any other proceeding which requires the application of the priorities provided by the Spanish
Insolvency Law (Ley Concursal), the Spanish Commercial Code (Código de Comercio), the Spanish Civil Code (Código Civil) and any other applicable Spanish laws. 

“RD 1012/2015” means Royal Decree 1012/2015 of November 6, by virtue of which Law 11/2015 is developed and Royal Decree
2606/1996 of December 20 on credit entities’ deposit guarantee fund is amended, as amended, replaced or supplemented from time to time. 

“Redemption Date”, with respect to any Security or portion thereof to be redeemed, means the date fixed for such redemption
by or pursuant to this Indenture. 
 “Redemption Price”, with respect to any Security or portion thereof to be redeemed,
means the price at which it is to be redeemed as determined by or pursuant to this Indenture. 
 “Regular Record Date” for
the interest payable on any Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this Indenture as the “Regular Record Date”. 

“Relevant Spanish Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks (Fondo de
Restructuración Ordenada Bancaria), the European Single Resolution Mechanism and, as the case may be, according to Law 11/2015, the Bank of Spain and the Spanish Securities Market Commission (CNMV), and any other entity with the authority
to exercise the Spanish Bail-in Power (as defined below) from time to time. 
 “Resolution” means, with respect to any
Person, that any Relevant Spanish Resolution Authority shall have announced or determined that such Person has or shall become the subject of a “resolution” (resolución) as such term is defined in Law 11/2015. 

“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office having direct responsibility for the
administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other
evidences of indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities”, with
respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05. 

  
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 “Spanish Bail-in Power” means any write-down, conversion, transfer,
modification, or suspension power existing from time to time under: (i) any law, regulation, rule or requirement applicable from time to time in the Kingdom of Spain, relating to the transposition or development of Directive 2014/59/EU of the
European Parliament and the Council of the European Union of May 15, 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended, replaced or supplemented from time to time, including, but
not limited to (a) Law 11/2015, (b) RD 1012/2015 and (c) Regulation (EU) No. 806/2014 of the European Parliament and of the Council of July 15, 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and
certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended, replaced or supplemented from time to time; or (ii) any other law, regulation, rule
or requirement applicable from time to time in the Kingdom of Spain pursuant to which (a) obligations or liabilities of banks, investment firms or other financial institutions or their affiliates can be reduced, cancelled, modified, transferred or
converted into shares, other securities, or other obligations of such Persons or any other Person (or suspended for a temporary period or permanently) or (b) any right in a contract governing such obligations may be deemed to have been exercised.

 “Special Record Date” for the payment of any Defaulted Interest on any Security means a date fixed by the Trustee
pursuant to Section 3.07. 
 “Stated Maturity” means, with respect to any Security or any installment of principal thereof
or interest thereon or any Additional Amounts with respect thereto, the date established by or pursuant to this Indenture as the fixed date on which the principal of such Security or such installment of principal or interest is, or such Additional
Amounts are, due and payable. 
 “Subsidiary” means any Corporation of which, at the time of determination, the Company or
one or more Subsidiaries owns or controls directly or indirectly more than 50% of the shares of such Corporation’s Voting Stock. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act
or a particular provision thereof shall mean such Act or provision, as the case may be, as amended, replaced or supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or
provision, as the case may be. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this instrument until a successor Trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a
Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the
Securities of such series, provided that the Trustee shall not be the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor. 

“United States”, except as otherwise provided herein or in any Security, means the United States of America (including the
states thereof and the District of Columbia), and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 

“U.S. Depository” or “Depository” means, with respect to any Security issuable or issued in the form of one
or more Global Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture, which Person must be, to the extent required by applicable law or regulation, a clearing agency registered under the
Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, “U.S. Depository” or “Depository” shall
mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities. 
 “U.S.
Government Obligations” means securities which are (i) direct obligations of the United States in which the principal of or any premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each case
where the payment or payments thereunder are supported by the full faith and credit of the United States or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States where the timely
payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States, which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall
also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of or other amount with respect to any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of or other amount with respect to the U.S. Government Obligation evidenced by such depository
receipt. 

  
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 “Vice President” when used with respect to the Company or the Trustee, means any
vice president or similar officer, whether or not designated by a number or a word or words added before or after the title “Vice President”. 

“Voting Stock” means stock or shares of a Corporation of the class or classes having general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers or trustees of such Corporation provided that, for the purposes hereof, stock or shares which carry only the right to vote conditionally on the happening of an
event shall not be considered voting stock whether or not such event shall have happened. 
 Section 1.02. Compliance Certificates and
Opinions. Except as otherwise expressly provided in this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to
such particular application or request, no additional certificate or opinion need be furnished. Each Officer’s Certificate and Opinion of Counsel shall comply with the requirements of Section 314(e) under the Trust Indenture Act. 

Section 1.03. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give
an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the opinion with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. 
 Section 1.04.
Acts of Holders; Meetings; Record Dates. (a) Except as otherwise provided under this Indenture or the Trust Indenture Act, any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this
Indenture to be given or taken by Holders of Securities of a series may be embodied in and evidenced by one or more written instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and,
except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 (c) The Company may set any day
as a record date for the purpose of determining the Holders of Outstanding Securities of a series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series; provided that the Company may not set a record date for, and the provisions of this Section 1.04(c) shall not apply with respect to, the giving or making of any notice,


  
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declaration, request or direction referred to in Section 1.04(d). If any record date is set pursuant to this Section 1.04(c), the Holders of Outstanding Securities of the relevant series on such
record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date (as defined below) by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.04(c) shall be construed to prevent the Company from setting a new record date
for any action for which a record date has previously been set pursuant to this Section 1.04(c) (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this
Section 1.04(c) shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant
to this Section 1.04(c), the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.06. 
 (d) The Trustee may set any day as a record date for the purpose of determining
the Holders of Outstanding Securities of any series entitled to join in the giving or making of: (i) any declaration of acceleration referred to in Section 5.02; (ii) any request to institute proceedings referred to in Section 5.07(ii); or (iii) any
direction referred to in Section 5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this Section 1.04(d), the Holders of Outstanding Securities of such series on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.04(d) shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this Section 1.04(d) (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this Section
1.04(d) shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this
Section 1.04(d), the Trustee, at the expense of the Company, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.06. 
 (e) With respect to any record date set pursuant to this Section with respect to
the Securities of a series, the party or parties hereto which set such record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no
such change shall be effective unless notice of the proposed new Expiration Date is given to the other party or parties hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06, on or prior
to the existing Expiration Date. Notwithstanding the foregoing, no Expiration Date shall be designated later than the 180th day after the applicable record date and, if an Expiration Date is not designated, with respect to any record date set
pursuant to this Section, the party or parties hereto which set such record date shall be deemed to have designated the 180th day after such record date as the Expiration Date with respect thereto. 

(f) The ownership, principal amount and serial numbers of Securities held by any Person, and the date of the commencement and the date of the
termination of holding the same, shall be proved by the Security Register. 
 (g) Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such request, demand, authorization, direction, notice, consent, waiver or other Act is made
upon such Security. 
 Section 1.05. Notices, etc., to Trustee and Company. (a) Any request, demand, direction, notice, or record of
an Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Trustee by any Holder, or any request, demand, authorization, direction, notice, consent or waiver by the Company,
shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office. 

(b) Any record of an Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed
with, the Company by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of Financial
Department at Calle Azul 4, 28050 Madrid, Spain (finance.department@bbva.com), or at any other address previously furnished in writing to the Trustee by the Company. 

  
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 Section 1.06. Notice to Holders of Securities; Waiver. (a) Except as otherwise expressly
provided in or pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event, such notice shall be sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid, to
each Holder of a Security affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such Notice. 

(b) Any notice which is given in the manner provided in this Section 1.06 shall be conclusively presumed to have been duly given or provided.
Without limiting the generality of the foregoing, in any case where notice to Holders of Securities is given by mail as provided by this Section 1.06, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder of a Security shall affect the sufficiency of such notice with respect to other Holders of Securities. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

(c) Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
 Section 1.07. Language of Notices. Any request, demand, authorization, direction,
notice, consent, election or waiver required or permitted under this Indenture shall be in the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. 

Section 1.08. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision hereof modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

Section 1.09. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 1.10. Successors and Assigns. All covenants and agreements
in this Indenture made by the Company shall bind its successors and assigns, whether so expressed or not. 
 Section 1.11. Separability
Clause. In case any provision in this Indenture or any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.12. Benefits of Indenture. Nothing in this Indenture or any Security, express or implied, shall give to any Person, other
than the parties hereto, any Security Registrar, any Paying Agent and their successors hereunder and the Holders of Securities, any benefit, any legal or equitable right, remedy or claim under this Indenture. 

Section 1.13. Governing Law and Waiver of Jury Trial. This Indenture and the Securities (except as set forth herein and therein) shall
be governed by and construed under the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by the Company of this Indenture,
the authorization, issuance and execution by the Company of the Securities, the Securities as set forth therein and Section 3.11 hereof shall be governed by and construed in accordance with Spanish law. The parties hereto each hereby waive any right
to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Indenture or the Securities or any transaction related hereto or thereto to the fullest extent permitted by applicable law. 

Section 1.14. Legal Holidays. In any case where any Interest Payment Date, Stated Maturity or Maturity of any Security, or the last
date on which a Holder has the right to convert Securities of a series that are convertible, shall be a Legal Holiday at any Place of Payment, then (notwithstanding any other provision of this Indenture, any Security other than a provision in any
Security that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, and such Securities need not be converted on such date but such payment may be made, and such
Securities may be converted, on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or at the Stated Maturity or Maturity, or on such last day for conversion
and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Interest Payment Date, Stated Maturity or Maturity, as the case may be. 

  
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 Section 1.15. Counterparts. This Indenture may be executed in several counterparts, each
of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 1.16. Appointment of Agent
for Service; Submission to Jurisdiction. The Company has designated and appointed Banco Bilbao Vizcaya Argentaria, S.A., New York Branch, 1345 Avenue of the Americas, 45th Floor, New York, New York 10105 as its authorized agent (the
“Authorized Agent”) upon which process may be served in any suit or proceeding in any U.S. federal or state court in the Borough of Manhattan, The City of New York arising out of or relating to the Securities or this Indenture, but
for that purpose only, and agrees that service of process upon said Authorized Agent shall be deemed in every respect effective service of process upon it in any such suit or proceeding in any U.S. federal or state court in the Borough of Manhattan,
The City of New York, New York. Such appointment shall be irrevocable so long as any of the Securities remain Outstanding until the appointment of a successor by the Company and such successor’s acceptance of such appointment. Upon such
acceptance, the Company shall notify the Trustee of the name and address of such successor. The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary
to continue such designation and appointment of said Authorized Agent in full force and effect so long as any of the Securities shall be Outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any failure by
the Company to take any such action. The Company hereby submits (for the purpose of any such suit or proceeding) to the jurisdiction of any such court in which any such suit or proceeding is so instituted, and waives, to the extent it may
effectively do so, any objection it may have now or hereafter to the laying of the venue of any such suit or proceeding. 
 ARTICLE 2

 SECURITIES FORMS 

Section 2.01. Forms Generally. Each Security issued pursuant to this Indenture shall be substantially in the form set forth in Exhibits
A and B hereto or in such other form established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by or pursuant to this Indenture or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Security as evidenced by their execution of such Security. 
 The Securities shall be issuable in registered form
without coupons. Unless otherwise provided in or pursuant to this Indenture, the Securities shall not be issuable upon the exercise of warrants. 

Definitive Securities shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or
steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities, as evidenced by their execution of such Securities. 

Section 2.02. Form of Trustee’s Certificate of Authentication. Subject to Section 6.13, the Trustee’s certificate of
authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture. 
  

			
	The Bank of New York Mellon, as Trustee
		
	By:	 	  

		 	Authorized Officer


 Section 2.03. Securities in Global Form. The Securities may be issuable in global form,
substantially in the form set forth in Exhibits B and C hereto or in such other form established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. If Securities of a series shall be issuable in global form, any
such Security may provide that it or any number of such Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and
may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges of interests in the Global Security for Securities issued in definitive form on the books and
records of the Security Registrar. Any endorsement of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders of Outstanding Securities represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section 3.03 or Section 3.04 with respect thereto. Subject to the provisions of Section 3.03 and, if applicable,


  
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Section 3.04, the Trustee shall deliver and redeliver any Global Security in permanent form in the manner and upon instructions given by the Person specified therein or in the applicable Company
Order. If a Company Order pursuant to Section 3.03 or Section 3.04 has been, or simultaneously is, delivered, any instructions by the Company with respect to a Global Security shall be in writing but need not be accompanied by or contained in an
Officer’s Certificate and need not be accompanied by an Opinion of Counsel. 
 Notwithstanding the provisions of Section 3.07, unless
otherwise specified as contemplated by Section 3.01, payment of principal of and any premium and interest on any Global Security in permanent form shall be made to the Person or Persons specified in the Global Security. 

Notwithstanding the provisions of Section 3.08 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of
the Company or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security in registered form, the Holder of such permanent Global Security in registered form. 

Section 2.04. Forms of Legends for Global Securities. Unless otherwise specified as contemplated by Section 3.01 for the Securities
evidenced thereby, every Global Security authenticated and delivered hereunder which is deposited with The Depository Trust Company shall bear legends in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE
THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”) TO A NOMINEE OF THE DEPOSITORY OR
BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
 This Security may not be offered or sold in the Kingdom of Spain by means of a public offer (as defined and construed by Spanish
law) and may only be offered or sold in the Kingdom of Spain in compliance with the requirements of Royal Legislative Decree 4/2015 of October 23 (as amended from time to time) on the Spanish Securities Market and Royal Decree 1310/2005 of
November 4, 2005 on listing in secondary markets, public offers and the prospectus required for those purposes. 
 ARTICLE 3 

THE SECURITIES 

Section 3.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in one or more series. 
 With respect to any Securities to be
authenticated and delivered hereunder, there shall be established or issued in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
any Securities of a series, 
 (a) the title of such Securities and series in which such Securities shall be included; 

(b) any limit on the aggregate principal amount of the Securities of such title or the Securities of such series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections 3.04, 3.05, 3.06, 9.05 or 11.07 or the
terms of such Securities and except for any Securities that, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder); 

(c) whether such Securities may be converted into or exercised or exchanged for debt or equity securities of the Company or one or more third
parties, the terms on which conversion, exercise or exchange may occur, including whether conversion, exercise or 

  
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exchange is mandatory, at the option of the holder or at the Company’s option, the period during which conversion, exercise or exchange may occur, the initial conversion, exercise or
exchange price or rate and the circumstances or manner in which the amount of securities issuable or deliverable upon conversion, exercise or exchange may be adjusted; 

(d) the price or prices (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued; 

(e) if any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and (i) whether
beneficial owners of interests in any such Global Security may exchange such interests for Securities of the same series and of like tenor and of any authorized form and denomination, and the circumstances under which any such exchanges may occur,
if other than in the manner specified in Section 3.05, (ii) the name of the Depository or the U.S. Depository, as the case may be, with respect to any Global Security and (iii) the form of any legend or legends that shall be borne by any such Global
Security in addition to or in lieu of that set forth in Section 2.04; 
 (f) the date or dates, or the method or methods, if any, by which
such date or dates shall be determined, on which the principal, or any portion of the principal amount, of such Securities is payable and, if other than the full principal amount thereof, the portion, or the method or methods by which such portion
is determined, of the principal amount of such Securities payable on such date or dates; 
 (g) the rate or rates (which may be fixed or
variable) at which such Securities will bear interest, if any, or the method or methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by
which such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on Securities on any Interest Payment Date, whether and under
what circumstances Additional Amounts on such Securities or any of them shall be payable, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon
which interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 
 (h) if in addition to or other than the
Borough of Manhattan, The City of New York, the place or places where the principal of, any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Securities may be
surrendered for registration of transfer, any of such Securities may be surrendered for exchange and notices or demands to or upon the Company in respect of such Securities and this Indenture may be served; the extent to which, or the manner in
which, any interest payment on a Global Security on an Interest Payment Date will be paid and the manner in which any principal of or premium, if any, on any Global Security will be paid; 

(i) whether any of such Securities are to be redeemable at the option of the Company or of the Holder thereof and, if so, the period or
periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Company or of the Holder thereof and the terms and provisions of such
optional redemption; 
 (j) whether the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or
analogous provision or at the option of any Holder thereof and, if so, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in
part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 
 (k) the
denominations in which any of such Securities shall be issuable; 
 (l) whether any of the Securities will be issued as Original Issue
Discount Securities; 
 (m) if other than the principal amount thereof, the portion of the principal amount of any of such Securities that
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or the method by which such portion is to be determined; 

(n) if other than Dollars, the Foreign Currency in which payment of the principal of, any premium or interest on or any Additional Amounts
with respect to any of such Securities shall be payable and the manner of determining the equivalent thereof in Dollars for any purpose, including for purposes of the definition of “Outstanding” in Section 1.01; 

(o) if the principal of, any premium or interest on or any Additional Amounts with respect to, any of such Securities are to be payable, at
the election of the Company or a Holder thereof or otherwise, in a Currency other than that in which such Securities are 

  
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stated to be payable, the period or periods within which, and the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate
between the Currency in which such Securities are denominated or stated to be payable and the Currency in which such Securities or any of them are to be so payable; 

(p) whether the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to, such Securities may
be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or more Currencies, commodities, equity indices or other indices), and, if so, the terms
and conditions upon which and the manner in which such amounts shall be determined and paid or payable; 
 (q) any deletions from (which may
be in its entirety), modifications of or additions to the Events of Default or covenants of the Company with respect to any of such Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants
set forth herein and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02; 

(r) the applicability, if any, of Section 4.02 to any of such Securities and any provisions in modification of, in addition to or in lieu of
any of the provisions of Section 4.02; 
 (s) if any of such Securities are to be issuable upon the exercise of warrants, the time, manner
and place for such Securities to be authenticated and delivered; 
 (t) if any of such Securities are to be issuable in global form and are
to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such certificates,
documents or conditions; 
 (u) if there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the identity of each
Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; 
 (v) the “Stated Intervals” and the
“Record Date” for purposes of Sections 312(a) (in the case of non-interest bearing Securities) and 316(c), respectively, of the Trust Indenture Act; 

(w) any other terms of such Securities which the Company may establish in accordance with Article 9; 

(x) the deed of issuance (escritura de emisión), if required, which shall be in the Spanish language, related to that series of
Securities; and 
 (y) any deletions from (which may be in its entirety), modifications of or additions to the provisions of Section 10.04.

 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to such Board Resolution or in any indenture supplemental hereto pertaining to such Securities. The terms of the Securities of any series may provide, without limitation, that the Securities shall be authenticated and delivered by the
Trustee on original issue from time to time upon written order of persons designated in the Officer’s Certificate or supplemental indenture and that such persons are authorized to determine, consistent with such Officer’s Certificate or
any applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified in such Officer’s Certificate or supplemental indenture. All Securities of any one series need not be issued at the same time
and, unless otherwise so provided by the Company, a series may be reopened for issuances of additional Securities of such series or to establish additional terms of such series of Securities. 

If any of the terms of the Securities of any series shall be established by action taken by or pursuant to a Board Resolution, the Board
Resolution shall be delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of such series. 

Section 3.02. Currency; Denominations. Unless otherwise provided in or pursuant to this Indenture, the principal of, any premium and
interest on and any Additional Amounts with respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Securities denominated in Dollars shall be issuable in registered form without coupons.
Securities shall be issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture. 

  
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 Section 3.03. Execution, Authentication, Delivery and Dating. Securities shall be executed
on behalf of the Company by one of the representatives of the Company entitled to do so by Board Resolution or by any member of the Board of Directors. The signature of any of these officers on the Securities may be manual or facsimile. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities, executed by the
Company, to the Trustee for authentication and, provided that the Board Resolution and Officer’s Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 3.01 and a Company Order for the
authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. In
authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act)
shall be fully protected in relying upon, 
 (a) an Opinion of Counsel to the effect that: 

(i) the form or forms and terms of such Securities, if any, have been established in conformity with the provisions of this
Indenture; 
 (ii) all conditions precedent to the authentication and delivery of such Securities have been complied with and
that such Securities, when completed by appropriate insertion and executed and delivered by the Company to the Trustee for authentication pursuant to this Indenture and authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors’ rights generally, and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law) and will entitle the Holders thereof to the benefits of this Indenture; such Opinion of Counsel need express no opinion as to the availability of equitable remedies; 

(iii) all laws and requirements in respect of the execution and delivery by the Company of such Securities, if any, have been
complied with; and 
 (iv) this Indenture has been qualified under the Trust Indenture Act; and 

(b) an Officer’s Certificate stating that, to the best knowledge of the Persons executing such certificate, no event which is, or after
notice or lapse of time would become, an Event of Default with respect to any of the Securities shall have occurred and be continuing. 
 If
all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an Officer’s Certificate at the time of issuance of each Security, but such opinion and certificate, with
appropriate modifications, shall be delivered at or before the time of issuance of the first Security of such series. After any such first delivery, any separate request by the Company that the Trustee authenticate Securities of such series for
original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied with. 

The Trustee shall not be required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised
by counsel, determines that such action may not lawfully be taken. 
 Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such
Security a certificate of authentication substantially in the form provided for in Section 2.02 or 6.13 executed by or on behalf of the Trustee by the manual signature of one of its authorized officers or by the Authenticating Agent. Such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 

Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture. 

  
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 Section 3.04. Temporary Securities. Pending the preparation of definitive Securities, the
Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the manner provided in Section 3.03, temporary Securities in lieu thereof which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form. Such temporary Securities may be in global form. 

Except in the case of temporary Global Securities, which shall be exchanged in accordance with the provisions thereof, if temporary Securities
are issued, the Company shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities of the same series and containing terms and provisions that are identical to those of any temporary
Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such Securities, without charge to any Holder thereof. Upon surrender for cancellation
of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations of the same series and containing
identical terms and provisions. Unless otherwise provided in or pursuant to this Indenture with respect to a temporary Global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series. 
 Section 3.05. Registration, Transfer and Exchange. (a) The Company
shall cause to be kept a register (each such register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the registration of the Securities of such series and of transfers of the Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series of Securities. In the event that the
Trustee shall not be the Security Registrar, it shall have the right to examine the Security Register at all reasonable times. The Bank of New York Mellon is hereby initially appointed as Security Registrar for each series of Securities. The Trustee
shall have the right to examine the Security Register for such series at all reasonable times. Unless otherwise provided with respect to a particular series of Securities, there shall be only one Security Register for each series of Securities. 

(b) Upon surrender for registration of transfer of any Security of any series at any Office or Agency for such series, the Company shall
execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series denominated as authorized in or pursuant to this Indenture, of a like aggregate principal
amount bearing a number not contemporaneously outstanding and containing identical terms and provisions. 
 (c) At the option of the Holder,
Securities of any series may be exchanged for other Securities of the same series containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged
at any Office or Agency for such series. Whenever any Securities are so surrendered for exchange, the Company shall execute and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

 (d) Each Global Security authenticated under this Indenture shall be registered in the name of the Depository designated for such Global
Security or a nominee thereof and delivered to such Depository or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. Notwithstanding any other provision of
this Section, unless and until it is exchanged in whole or in part for definitive registered securities, a Global Security may not be transferred except as a whole by the Depository to a nominee of such Depository or by a nominee of such Depository
to such Depository or by such Depository. Except as otherwise provided in or pursuant to this Indenture, any Global Security shall be exchangeable for definitive Securities only if (i) the Depository is at any time unwilling, unable or ineligible to
continue as Depository or has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor depository is not appointed by the Company within 60 days of the date the Company is so informed in writing, (ii) the
Company executes and delivers to the Trustee a Company Order to the effect it has elected to cause the issuance of definitive registered Securities, (iii) an Event of Default has occurred and is continuing with respect to the Securities, or (iv)
there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 3.01. If the beneficial owners of interests in a Global Security are entitled to exchange
such interests for definitive Securities, then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities in such form and
denominations as are required by or pursuant to this Indenture, and of the same series, containing identical terms and in aggregate principal amount equal to the principal amount of such Global Security, executed by the Company. On or after the
earliest date on which such interests may be so exchanged, such Global Security shall be surrendered from time to time by the U.S. Depository or such other Depository as shall be specified in the Company Order with respect thereto, and in accordance
with 

  
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instructions given to the Trustee and the U.S. Depository or such other Depository, as the case may be (which instructions shall be in writing but need not be contained in or accompanied by an
Officer’s Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or in part, for
definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such surrendered Global Security, a like aggregate principal amount of definitive Securities of
the same series of authorized denominations and of like tenor as the portion of such Global Security to be exchanged, as shall be specified by the beneficial owner thereof; provided, however, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities of the same series to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in part, such Global Security shall be returned by the
Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance with the instructions of the Company referred to above. If a Security is issued in exchange for any
portion of a Global Security after the close of business at the Office or Agency for such Security where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency on
the next Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest
shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person
to whom interest in respect of such portion of such Global Security shall be payable in accordance with the provisions of this Indenture. 

(e) All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing
the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

(f) Every Security presented or surrendered for registration of transfer or for exchange or redemption shall (if so required by the Company or
the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer substantially in the form set forth in Exhibit D hereto or in such other form satisfactory to the Company and the Security Registrar
for such Security duly executed by the Holder thereof or his attorney duly authorized in writing. 
 (g) No service charge shall be made for
any registration of transfer or exchange, or redemption of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including the fees and expenses of the Trustee) that
may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, 9.05 or 11.07 not involving any transfer. 

(h) Except as otherwise provided in or pursuant to this Indenture, the Company shall not be required (i) to issue, register the transfer of or
exchange any Securities during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor and the same series under Section 11.03 and ending at the close of business on the day of
such selection, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed or (iii) to issue,
register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities. (a) If any mutilated Security is surrendered to the Trustee, subject to
the provisions of this Section 3.06, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, appertaining to the surrendered Security. 
 (b) If there be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Security, a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

(c) Notwithstanding the foregoing provisions of this Section 3.06, in case any mutilated, destroyed, lost or stolen Security has become or is
about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

  
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 (d) Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

(e) Every new Security issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, shall constitute a separate
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of
such series, if any, duly issued hereunder. 
 (f) The provisions of this Section, as amended or supplemented pursuant to this Indenture
with respect to particular Securities or generally, shall be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 3.07. Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved. (a)
Unless otherwise provided in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to any Security which shall be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to
the Person in whose name such Security (or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date for such interest. 

The Company shall, before 10:00 a.m. (New York time) on each due date of the principal or (and premium, if any) or interest or any other
amounts due on any Securities, deposit with a Paying Agent a sum in immediately available funds sufficient to pay the principal (and premium, if any) or interest or any other amounts due or so becoming due, such sum to be held in trust by the Paying
Agent for the benefit of the Persons entitled to such principal, premium or interest or any other amounts due and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee and the Paying Agent of its action or failure so
to act. Subject to actual receipt of such funds as provided by this Section by the designated Paying Agent, such Paying Agent shall make payments on the Securities in accordance with the provisions of this Indenture. 

(b) Unless otherwise provided in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to any Security which
shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Security (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant
Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (i) or (ii) below: 

(i) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Security (or a Predecessor
Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted
Interest as in this Clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten days prior to the date of the proposed payment and not
less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to the Holder of such Security (or a Predecessor Security thereof) at his address as it appears in the Security Register not
less than ten days prior to such Special Record Date. The Trustee shall, at the instruction of the Company, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper of general
circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Security (or a Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following Clause (ii). 
 (ii) The Company may make payment of any Defaulted Interest in
any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the
proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee. 

  
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 (c) If so provided in the form of Securities of any particular series pursuant to the provisions
of this Indenture, at the option of the Company, interest on Securities that bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an
account maintained by the payee with a bank located in the United States. 
 (d) Subject to the foregoing provisions of this Section and
Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security. 
 Section 3.08. Persons Deemed Owners. (a) Prior to due presentment of a Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered in the Security Register as the owner of such Security for the purpose of receiving payment of principal of, any premium
and (subject to Section 3.07) interest on and any Additional Amounts with respect to such Security and for all other purposes whatsoever, whether or not any payment with respect to such Security shall be overdue, and neither the Company nor the
Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 (b) No holder of any beneficial interest
in any Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Global Security, and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as
the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between the Depository and such holders of beneficial interests, the operation of customary practices governing the
exercise of the rights of the Depository as Holder of any Security. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 3.09. Cancellation. All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit
against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities, as well as Securities surrendered directly to the Trustee for any such purpose, shall be cancelled
promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee
(or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder that the Company has not issued and sold, and all Securities so delivered shall be cancelled promptly by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities held by the Trustee shall be cancelled by
the Trustee in accordance with its customary practice, unless by a Company Order the Company directs their return to it. 
 Section 3.10.
Computation of Interest. Except as otherwise provided in or pursuant to this Indenture, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 3.11. Status of the Securities. The Securities shall be direct, unconditonal, unsubordinated and unsecured obligations of the
Company and rank pari passu among themselves and with all other present and future unsubordinated and unsecured indebtedness of the Company, but in the event of insolvency only to the extent permitted bv the Spanish Insolvency Law (Ley
Concursal), or other laws relating to or affecting the enforcement of creditors’ rights in Spain. 
 ARTICLE 4 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 4.01. Satisfaction and Discharge. (a) Upon the direction of the Company by a Company Order, this Indenture shall cease to be of
further effect with respect to any series of Securities specified in such Company Order (except as to any surviving rights of registration of transfer or exchange or conversion of Securities of such series herein expressly provided for and any right
to receive Additional Amounts), and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 

(i) either 
 (A)
all Securities of such series theretofore authenticated and delivered (other than (y) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (z) Securities of such
series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the
Trustee for cancellation; or 

  
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 (B) all Securities of such series and, in the case of (1) or (2) below, not
theretofore delivered to the Trustee for cancellation 
 (1) have become due and payable, or 

(2) will become due and payable at their Stated Maturity within one year, or 

(3) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of
(1), (2) or (3) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, including the principal of, any premium and interest on, and any Additional Amounts with respect to such Securities, to the date of such deposit (in the case of Securities which have become due and payable) or to the
Maturity thereof, as the case may be; 
 (ii) the Company has paid or caused to be paid all other sums payable hereunder by
the Company with respect to the Outstanding Securities of such series; and 
 (iii) the Company has delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

(b) In addition, upon the exercise of the Spanish Bail-in Power with respect to a series of Securities which results in the redemption,
cancellation, or the conversion into other securities, of all the Amounts Due on the Securities of such series or such Securities otherwise ceasing to be outstanding, the Indenture shall be deemed satisfied and discharged as to such series of
Securities. 
 (c) In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument
acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. 

(d) Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company
to the Trustee under Sections 6.06 and 6.07 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (a)(i) of this Section, the obligations of the Trustee under Sections 3.05, 3.06, 4.03 and the last paragraph of
Section 10.03 shall survive. 
 Section 4.02. Defeasance and Covenant Defeasance. (a) If, pursuant to Section 3.01, provision is
made for either or both of (i) defeasance of the Securities of or within a series under subsection (b) of this Section 4.02 or (ii) covenant defeasance of the Securities of or within a series under subsection (c) of this Section 4.02, then such
provisions, together with the other provisions of this Section 4.02 (with such modifications thereto as may be specified pursuant to Section 3.01 with respect to such Securities), shall be applicable to such Securities, and the Company may at
its option by Company Order, at any time, with respect to such Securities, elect to have Section 4.02(b) (if applicable) or Section 4.02(c) (if applicable) be applied to such Outstanding Securities upon compliance with the conditions set forth below
in this Section 4.02. 
 (b) Upon the Company’s exercise of the above option applicable to this Section 4.02(b) with respect to any
Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities on the date the conditions set forth in subsection (d) of this Section 4.02 are satisfied
(hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities, and such Securities shall
thereafter be deemed to be “Outstanding” only for the purposes of subsection (e) of this Section 4.02 and the other Sections of this Indenture referred to in clauses (i) and (ii) below, and the Company shall be deemed to have satisfied all
of its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which
shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in subsection (d) of this Section 4.02 and as more fully set forth in such
Section, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities when such payments are due, (ii) the 

  
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Company’s obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03 and with respect to the payment of Additional Amounts, if any, on such Securities as
contemplated by Section 10.04, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 4.02. The Company may exercise its option under this Section 4.02(b) notwithstanding the prior exercise of its
option under subsection (c) of this Section 4.02 with respect to such Securities. 
 (c) Upon the Company’s exercise of the above
option applicable to this Section 4.02(c) with respect to any Securities of or within a series, the Company shall be released from, if specified pursuant to Section 3.01, its obligations under any other covenant, with respect to such Outstanding
Securities on and after the date the conditions set forth in subsection (d) of this Section 4.02 are satisfied (hereinafter, “covenant defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding”
for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such other covenant, but shall continue to be deemed “Outstanding” for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such
Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a default or an Event of Default, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. 

(d) The following shall be the conditions to application of subsection (b) or (c) of this Section 4.02 to any Outstanding Securities of or
within a series: 
 (i) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another
trustee satisfying the requirements of Section 6.08 who shall agree to comply with the provisions of this Section 4.02 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such Securities, (A) an amount in Dollars or in such Foreign Currency in which such Securities are then specified as payable at Stated Maturity, or (B) U.S. Government Obligations applicable to
such Securities (determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities, money in an amount, or (C) a combination thereof, in any case, in an amount, sufficient, without
consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of Independent Public Accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which
shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest, if any, on such outstanding Securities on the Stated Maturity of such principal or installment of principal
or interest and (z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities. 

(ii) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this
Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 
 (iii) No
Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities shall have occurred and be continuing on the date of the establishment of such trust and, with respect to legal
defeasance only, at any time during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(iv) In the case of an election under subsection (b) of this Section 4.02, the Company shall have delivered to the Trustee an
Opinion of Counsel of recognized standing stating that (A) the Company has received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue Service a Revenue Ruling, or (B) since the date of the
applicable prospectus supplement, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the beneficial owners of such Outstanding Securities will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such legal defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such legal defeasance had not occurred. 
 (v) In the case of an election under subsection (c) of this Section 4.02, the
Company shall have delivered to the Trustee an Opinion of Counsel of recognized standing to the effect that the beneficial owners of such Outstanding Securities will not 

  
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recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such covenant defeasance had not occurred. 
 (vi) The Company shall
have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under subsection (b) or (c) of this Section 4.02 (as the case may be) have
been complied with. 
 (vii) Such defeasance or covenant defeasance shall not cause the Trustee to have a conflicting
interest within the meaning of the Trust Indenture Act (assuming all relevant Securities are in default within the meaning of such Act). 

(viii) Such defeasance or covenant defeasance shall not result in the trust arising from such deposit constituting an
investment company within the meaning of the Investment Company Act of 1940, as amended and rules and regulations adopted by the Commission thereunder, unless such trust shall be registered under such Act or exempt from registration thereunder. 

(ix) Notwithstanding any other provisions of this Section 4.02(d), such defeasance or covenant defeasance shall be effected in
compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01. 

(e) Subject to the provisions of the last paragraph of Section 10.03, all money and U.S. Government Obligations (or other property as may be
provided pursuant to Section 3.01) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 4.02(e), the “Trustee”) pursuant to subsection (d) of Section
4.02 in respect of any Outstanding Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if
any, but such money need not be segregated from other funds except to the extent required by law. 
 (f) Unless otherwise specified with
respect to any Security pursuant to Section 3.01, if, after a deposit referred to in Section 4.02(d)(i) has been made, (i) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to
Section 3.01 or the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 4.02(d)(i) has been made in respect of such Security, or (ii) a Conversion Event occurs in respect of the
Foreign Currency in which the deposit pursuant to Section 4.02(d)(i) has been made, the indebtedness represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of
(and premium, if any), interest, if any, and Additional Amounts, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such Currency in effect on the second Business
Day prior to each payment date, except, with respect to a Conversion Event, for such Foreign Currency in effect at the time of the Conversion Event. 

(g) Anything in this Section 4.02 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon
Company Request any money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as provided in subsection (d) of this Section 4.02 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this
Section 4.02. 
 Section 4.03. Application of Trust Money and Repayment to Company. Subject to the provisions of the last paragraph
of Section 10.03, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 4.01 or 4.02 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Persons entitled thereto, of the principal, premium, interest and Additional Amounts for whose payment such money has or U.S.
Government Obligations have been deposited with or received by the Trustee; but such money and U.S. Government Obligations need not be segregated from other funds except to the extent required by law. 

  
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 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the U.S. Government Obligations deposited pursuant to Section 4.02 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of
Outstanding Securities. 
 The Trustee and any Paying Agent promptly shall pay to the Company upon Company Request any excess money and/or
U.S. Government Obligations held by them at any time with respect to any series of Securities. 
 Section 4.04. Prescription. All
claims made against the Company for payment of principal of, any premium or interest or Additional Amounts on, or in respect of, the Securities shall become void unless made within the earlier of (i) six years or (ii) any applicable shorter period
provided for under New York law, starting from the later of the date on which such payment first became due and the date on which the full amount was received by the Trustee or the Paying Agent. 

Section 4.05. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 4 until such time as the Trustee or such Paying Agent is permitted to apply all such money or U.S. Government Obligations in
accordance with this Article 4; provided, however, that, if the Company has made any payment of principal of, any premium or interest on, or any Additional Amounts on any Securities because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or such Paying Agent. 

ARTICLE 5 

REMEDIES 
 Section
5.01. Events of Default. “Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless, with respect to a particular series of Securities, such
event is specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution creating such series of Securities or in the Officer’s Certificate for such series, and except as set forth in the last paragraph of this
Section 5.01: 
 (a) default by the Company in the payment of the principal of any Security of such series when due and payable at its
Maturity and such default is not remedied within 14 days; or 
 (b) default by the Company in the payment of any interest on or any
Additional Amounts payable in respect of any Security of such series when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 21 days; or 

(c) default by the Company in the payment of any premium or deposit of any sinking fund payment, when and as due by the terms of a Security of
such series, and such default is not remedied in 30 days; or 
 (d) default in the performance, or breach, of any covenant or warranty of
the Company in this Indenture or the Securities (other than a covenant or warranty default in the performance or breach of which is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for
the benefit of a series of Securities other than such series), and continuance of such breach or default for a period of 30 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by any Holder or the Holders of any Outstanding Securities of such series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e) an order is made by any competent court commencing insolvency proceedings (procedimientos concursales) against the Company or an
order of any competent court or administrative agency is made or a resolution is passed by the Company for the dissolution or winding up of the Company (except (i) in any such case for the purpose of a reconstruction or a merger or amalgamation
which has been approved by an Act of the Holders of the Securities of such series or (ii) where the entity resulting from any such reconstruction or merger or amalgamation is a financial institution (entidad de crédito according to
Article 1 of Law 10/2014 of June 26, on regulation, oversight and solvency of credit institutions, as amended, replaced or supplemented from time to time) and will have a rating for long-term senior debt assigned by Standard & Poor’s
Ratings Services, Moody’s Investors Service or Fitch Ratings Ltd. equivalent to or higher than the rating for long-term senior debt of the Company immediately prior to such reconstruction or merger or amalgamation); or 

  
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 (f) the Company is adjudicated or found bankrupt or insolvent by any competent court, or any
order of any competent court or administrative agency is made for, or any resolution is passed by the Company to apply for, judicial composition proceedings with its creditors for the appointment of a receiver or trustee or other similar official in
insolvency proceedings (procedimientos concursales) in relation to the Company or of a substantial part of the assets of the Company (unless in the case of an order for a temporary appointment, such appointment is discharged within 30 days);
or 
 (g) the Company (except (i) for the purpose of an amalgamation, merger or reconstruction approved by an Act of the Holders of the
Securities of such series or (ii) where the entity resulting from any such amalgamation, merger or reconstruction will have a rating for long-term senior debt assigned by Standard & Poor’s Ratings Services, Moody’s Investors Service or
Fitch Ratings Ltd. equivalent to or higher than the rating for long-term senior debt of the Company immediately prior to such amalgamation, merger or reconstruction) ceases or threatens to cease to directly or indirectly carry on the whole or
substantially the whole of its business; or 
 (h) a holder of a security interest takes possession of the whole or any substantial part of
the assets or business of the Company or an order of any competent court or administrative agency is made for the appointment of an administrative or other receiver, manager, administrator or similar official in relation to the Company or in
relation to the whole or any substantial part of the business or assets of the Company (in each case, other than in connection with a Resolution or an Early Intervention with respect to the Company), or a distress or execution is levied or enforced
upon or sued out against any substantial part of the business or assets of the Company and is not discharged within 30 days. 
 For the
purpose of paragraphs (f), (g) and (h) a report by the external auditors from time to time of the Company as to whether any part of the business or assets of the Company is “substantial” shall, in the absence of manifest error, be
conclusive. 
 Notwithstanding any other provision in this Indenture, any Resolution or Early Intervention with respect to the Company shall
not, in and of itself and without regard to any other fact or circumstance, constitute a default or an Event of Default under paragraphs 5.01(e) and 5.01(f) above or any other provision of this Indenture with respect to the Securities of any series.
In addition, neither (i) a reduction or cancellation, in part or in full, of the Amounts Due on the Securities of any series or the conversion thereof into another security or obligation of the Company or another Person, in each case as a result of
the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Company, nor (ii) the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities of any
series will constitute an Event of Default or default under this Indenture or the Securities of any series. In addition, no repayment or payment of Amounts Due on the Securities of any series will become due and payable or be paid after the exercise
of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. 

Section 5.02. Acceleration of Maturity; Rescission and Annulment. (a) If an Event of Default with respect to Securities of any series
at the time Outstanding occurs and is continuing, then the Trustee, acting pursuant to an Act of the Holders of the Securities of the relevant series, with respect to all Outstanding Securities of such series, or the Holder of any Outstanding
Security of the relevant series, with respect to such Security held by such Holder, may declare the principal, or such lesser amount as may be provided for in the Securities of such series, of such Securities or Security, as the case may be, to be
due and payable immediately by giving written notice to the Company, and upon receipt of any such declaration such principal or such lesser amount shall become immediately due and payable. 

(b) At any time after such a declaration of acceleration with respect to Securities or Security, as the case may be, of any series has been
made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding Securities of such series, may
by Act, rescind and annul such declaration and its consequences if: 
 (i) the Company has paid or deposited with the Trustee
a sum of money sufficient to pay: 
 (A) all overdue installments of any interest on and Additional Amounts with respect to
all Securities of such series, 
 (B) the principal of and any premium on any Securities of such series which have become due
otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, 

(C) to the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of any
interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and 
 (D) all sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.07; and 

  
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 (ii) all Events of Default with respect to Securities of such series, other than
the non-payment of the principal of and any premium and interest on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration of acceleration, shall have been cured or waived as
provided in Section 5.13. 
 (c) No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. (a) The Company covenants that if: 

(i) default is made in the payment of any installment of interest on or any Additional Amounts with respect to any Security
when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 21 days, or 

(ii) default is made in the payment of the principal of or any premium on any Security at its Maturity and such default is not
remedied, in the case of a default in the payment of the principal, within 14 days and, in the case of a default in the payment of any premium, within 30 days, 

the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount of money then due and
payable with respect to such Securities, with interest upon the overdue principal, any premium and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest and Additional Amounts at the
rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 6.07. 
 (b) If the Company fails
to pay the money it is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, acting upon an Act of the Holders of Securities of such series or in its own name and as trustee of an
express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such
Securities, and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

(c) If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to enforce any other proper remedy. 

Section 5.04. Trustee May File Proofs of Claim. (a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors, the Trustee (irrespective of
whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal,
premium, interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(i) to file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such
series, of the principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel and of the Holders of Securities) allowed in such judicial proceeding, and 

(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.07. 

  
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 (b) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of
any Holder of a Security in any such proceeding. 
 Section 5.05. Trustee May Enforce Claims Without Possession of Securities. All
rights of action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, shall be for the ratable benefit of each and every Holder of a Security in respect of which such judgment has been recovered. 

Section 5.06. Application of Money Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon presentation of the Securities and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due to the Trustee and any
predecessor Trustee under Section 6.07; 
 SECOND: To the payment of the amounts then due and unpaid upon the Securities for principal and
any premium, interest and Additional Amounts in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities
for principal and any premium, interest and Additional Amounts, respectively; 
 THIRD: The balance, if any, to the Person or Persons
entitled thereto. 
 Section 5.07. Limitations on Suits. No Holder of any Security of any series shall have any right to institute
any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(i) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of such series; 
 (ii) the Holders of not less than 25% in principal amount of the Outstanding Securities of such
series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder with respect to such series of Securities and such Holder or Holders have offered to the Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (iii) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

(iv) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in principal amount of the Outstanding Securities of such series; 
 it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to
obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

Section 5.08. Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts. Except as set forth
in the immediately following paragraph, notwithstanding any other provision in this Indenture and in any Security, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of, any
premium and (subject to Section 3.07) interest on, and any Additional Amounts with respect to, such Security on or after the respective Stated Maturity or Maturities therefor specified in such Security (or, in the case of redemption, on or after the
Redemption Date or, in the case of repayment at the option of such Holder if provided in or pursuant to this Indenture, on or after the date such repayment is due) and to institute suit for the enforcement of any such payment, and such right shall
not be impaired or affected without the consent of such Holder, except that Holders of not less than 75% in principal amount of Outstanding Securities of a series may consent by Act, 

  
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on behalf of the Holders of all Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a period not exceeding three years from the
original Stated Maturity of such installment (which original Stated Maturity shall have been fixed, for the avoidance of doubt, prior to any previous postponements of such installment). 

The Securities of any series may be subject to the exercise of the Spanish Bail-in Power, and no Holder of any Security shall have any claim
against the Company in connection with or arising out of any such exercise. No repayment or payment of Amounts Due on the Securities of any series will become due and payable or be paid after the exercise of the Spanish Bail-in Power by the Relevant
Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. 

Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Holder of a Security has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and each such
Holder shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such
proceeding had been instituted. 
 Section 5.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security is intended to be
exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to any Holder
of a Security may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder, as the case may be. 

Section 5.12. Control by Holders of Securities. The Holders of a majority in principal amount of the Outstanding Securities of the
relevant series, by Act, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such
series, provided that: 
 (i) such direction shall not be in conflict with any rule of law or with this Indenture or
with the Securities of any series, 
 (ii) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and 
 (iii) such direction is not unduly prejudicial to the rights of the other Holders of
Securities of such series not joining in such action. 
 Section 5.13. Waiver of Past Defaults. (a) Subject to Section 5.02(b)(i)(D),
the Holders of not less than a majority in principal amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series may, by Act, waive any past default hereunder with respect to such series and its
consequences, except a default: 
 (i) in the payment of the principal of or any premium, or interest on, or any Additional
Amounts with respect to, any Security of such series, or 
 (ii) in respect of a covenant or provision hereof which under
Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
 (b) Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any
right consequent thereon. 

  
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 Section 5.14. Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess
reasonable costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Company. 
 ARTICLE 6 

THE TRUSTEE 

Section 6.01. Certain Duties and Responsibilities. The duties and responsibilities of the Trustee shall be as specifically set forth in
this Indenture and the Trust Indenture Act and no implied covenants nor obligations shall be read into this Indenture against the Trustee, except as otherwise required by the Trust Indenture Act. Whether or not herein or therein expressly so
provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. If a default or Event of Default has occurred or is
continuing, the Trustee shall exercise such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduit of its own
affairs. 
 Section 6.02. Certain Rights of Trustee. Except as set forth in this Article, no provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct. 

Subject to Sections 315(a) through 315(d) of the Trust Indenture Act: 

(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (in each
case, other than delivery of any Security, to the Trustee for authentication and delivery pursuant to Section 3.03 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors of the Company may be
sufficiently evidenced by a Board Resolution; 
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate; 
 (d) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the
request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation or inquiry into
(i) the performance of the Company of any of its covenants set forth in this Indenture and (ii) the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation,
it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Company, personally or by agent or attorney; 

(g) the Trustee shall not be charged with knowledge of the occurrence of any default or an Event of Default (other than an Event of Default
included in Section 5.01(a), Section 5.01(b) and Section 5.01(c) hereof), and such knowledge shall not be imparted to the Trustee, unless a Responsible Officer of the Trustee has received written notice of such default or Event of Default from the
Company or any Holder of an Outstanding Security of the relevant series and such notice references the specific default or Event of Default under the Securities of such series and this Indenture, and is given in the manner required by Section 1.05
hereof; 

  
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 (h) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(i) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it; 
 (j) the rights, privileges, protections, immunities and benefits given to the Trustee pursuant to this Indenture, including,
without limitation, the indemnification of the Trustee pursuant to Section 6.07(a)(iii), are extended to, and shall be enforceable by, the Trustee, the Security Registrar, transfer agent, Paying Agent and each other agent, custodian and other Person
employed to act hereunder, provided, that each such Person shall be deemed to have acknowledged, accepted and agreed to be bound, and will be bound, by Article 15 hereof, on the same terms as the Trustee, with respect to any BRRD Liability of
the Company to any such Person; 
 (k) under no circumstances will the Trustee be liable to the Company for any special, indirect, punitive
or consequential loss (being loss of business, goodwill, opportunity or profit) even if advised of the possibility of such loss or damage; 

(l) the Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture; 
 (m) the permissive rights of the Trustee
enumerated herein shall not be construed as duties; 
 (n) the Trustee will not be liable if prevented or delayed in performing any of its
obligations by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstance beyond its control; 

(o) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith and reasonably and actually believed by
it to be authorized or within the rights or powers conferred upon it pursuant to Section 5.12; 
 (p) in no event shall the Trustee be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances; and 
 (q) following the occurrence of an Event of Default, the Trustee
shall be entitled to require all agents (including the Paying Agent) to act pursuant to its instruction. 
 Section 6.03. Notice of
Defaults. Within 90 days after the occurrence of any default hereunder known to the Trustee with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports
pursuant to Section 7.03(c), notice of such default hereunder, unless such default shall have been cured or waived; provided, however, that except in the case of a default in the payment of the principal of (or premium, if any), or interest,
if any, on, or Additional Amounts with respect to, any Security of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities of such series. For the purpose of this Section, the term “default” means any event
which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 Section
6.04. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility and Qualification on Form T-1 supplied to the Company are true and
accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof. 

  
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 Section 6.05. May Hold Securities. The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust
Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person. 

Section 6.06. Money Held in Trust. Except as provided in Section 4.03 and Section 10.03, money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder. 

Section 6.07. Compensation and Reimbursement. (a) The Company agrees: 

(i) to pay to the Trustee from time to time reasonable compensation for all services rendered by the Trustee hereunder as
agreed between the Company and the Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(ii) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to the Trustee’s negligence or bad faith; and 
 (iii) to indemnify the Trustee (which
for the purposes of this Section 6.07(a)(iii) shall include its officers, directors, employees and agents acting on behalf of the Trustee) for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder, except to the extent that any such loss, liability or expense may be attributable to its negligence or bad faith. 

(b) As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the
Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or interest on or any Additional Amounts with respect to Securities. 

(c) Any compensation or expense incurred by the Trustee after a default specified by Section 5.01 is intended to constitute an expense of
administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.07 shall include any predecessor Trustee but the negligence or bad faith of any Trustee shall not affect the rights of any
other Trustee under this Section 6.07. The provisions of this Section 6.07 shall survive the resignation or removal of the Trustee and the satisfaction, discharge or termination of this Indenture including any termination under any bankruptcy law
and (without prejudice to Section 15.02 of this Indenture if, and to the extent applicable, as set out therein) any exercise of the Spanish Bail-in Power with respect to the Securities of any series. 

(d) In addition, and without prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee
incurs expenses or renders services after an Event of Default specified in Sections 5.01(f), (g), (h) and (i) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended,
to the extent permitted under applicable law, to constitute expenses of administration under any bankruptcy law. 
 (e) For the avoidance of
doubt, any and all amounts due and owing to the Trustee under this Section 6.07 shall be payable within 6 (six) days of the date on which the Trustee can demand payment hereunder for purposes of this Indenture and for purposes of
Article 42(1)(e) and Article 46 of Law 11/2015. 
 Section 6.08. Corporate Trustee Required; Eligibility. There shall at all
times be a Trustee hereunder that is a Corporation, organized and doing business under the laws of the United States or of any state or territory or of the District of Columbia (or a corporation or other person permitted to act as Trustee by the
Commission), eligible under Sections 310(a)(1), 310(a)(5) and 310(b) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with
Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by U.S. federal or state authority. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

  
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 Section 6.09. Resignation and Removal; Appointment of Successor. (a) No resignation or
removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee pursuant to Section 6.10. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to such series. 
 (c) The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in principal amount of Outstanding Securities of such series. 

(d) If at any time: 

(i) the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with
respect to Securities of any series after written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, or 

(ii) the Trustee shall cease to be eligible under Section 6.08 and shall fail to resign after written request therefor by the
Company or any such Holder, or 
 (iii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (A) the Company, by or pursuant to a Company Order, may remove the Trustee with respect to all Securities or the Securities of such
series, or (B) subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees with respect to such series of Securities. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by or pursuant to a Company Order, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable
requirements of Section 6.10. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.10, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the
Company or the Holders of Securities and accepted appointment in the manner required by Section 6.10, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series by instructing such successor Trustee to mail written notice of such event by first class mail, postage prepaid, to the Holders of Securities, if any, of such series as
their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

  
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 Section 6.10. Acceptance of Appointment by Successor.  

(a) Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee but, on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute
and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.03, shall duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.07. 
 (b) Upon the appointment
hereunder of any successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any
other such Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the
resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and
obligations vested in the Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such successor relates and subject to Section
10.03 shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 6.07. 
 (c) Upon request
of any Person appointed hereunder as a successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section, as the case may be. 
 (d) No Person shall accept its appointment hereunder as a successor Trustee with respect
to the Securities of a series unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 

Section 6.11. Merger, Conversion, Consolidation or Succession to Business. Any Corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided such Corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of
the parties hereto other than the provision of written notice to the Company. In case any Securities shall have been authenticated but not delivered by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 6.12. Preferential Collection of Claims Against Company. If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

Section 6.13. Appointment of Authenticating Agent. (a) The Trustee may appoint one or more Authenticating Agents acceptable to the
Company with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption
or pursuant to Section 3.06, 

  
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and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever
reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Notwithstanding any other provision of this Indenture, the Securities shall be issued and authenticated in New York. 

(b) Each Authenticating Agent shall be acceptable to the Company and, except as provided in or pursuant to this Indenture, shall at all times
be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as an Authenticating Agent and has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect specified in this Section. 
 (c) Any Corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to the corporate
agency, corporate trust or business of an Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or the Authenticating Agent. 
 (d) An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. 

Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders
of Securities, if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section. 
 (e) The Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this
Section. 
 (f) The provisions of Sections 3.08, 6.04 and 6.05 shall be applicable to each Authenticating Agent. 

(g) If an Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section, the Securities of such
series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	The Bank of New York Mellon, as Trustee
		
	By:	 	  

		 	As Authenticating Agent
		
	By:	 	  

		 	Authorized Signatory


 If all of the Securities of any series may not be originally issued at one time, and if the Trustee does
not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested in writing
(which writing need not be accompanied by or contained in an Officer’s Certificate by the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with
respect to such series of Securities. 

  
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 Section 6.14. Disqualification; Conflicting Interests. If the Trustee has or shall acquire
a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. To the extent permitted by the Trust Indenture Act the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series. 

Section 6.15 Tax Compliance. In order to enable the Trustee and the Paying Agent to comply with applicable tax laws (inclusive of
rules, regulations and interpretations promulgated by competent authorities) in effect from time to time, including, without limitation FATCA (as defined herein) (“Applicable Tax Law”) that the Company, Trustee or Paying Agent is
subject to, the Company agrees (i) to cooperate in good faith with the Trustee and the Paying Agent by providing information, to the extent within the Company’s possession, and to the extent permitted by applicable law, about the parties and/or
Securities (including any modification to the terms of such Securities) that is reasonably necessary for such entity to determine whether it has tax related obligations under Applicable Tax Law and (ii) that the Trustee and each Paying Agent shall
be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable Tax Law. For the avoidance of doubt, neither the Trustee nor any Paying Agent shall have any obligation to gross up any payment
hereunder or pay any additional amount or otherwise indemnify a Holder as a result of such withholding tax. The terms of this section shall survive the termination of this Indenture or the resignation or removal of the Trustee or any Paying Agent.


  
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 ARTICLE 7 

HOLDER’S LISTS AND REPORTS BY
TRUSTEE AND COMPANY 
 Section 7.01. Company to Furnish Trustee Names and Addresses of
Holders. In accordance with Section 312(a) of the Trust Indenture Act, the Company shall for so long as any Securities of any series are Outstanding furnish or cause to be furnished to the Trustee: 

(a) semi-annually with respect to such Securities upon such dates as are set forth in or pursuant to the Board Resolution or indenture
supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished. 
 Notwithstanding the foregoing, the
Company need not furnish or cause to be furnished to the Trustee pursuant to this Section 7.01 the names and addresses of Holders of Securities with respect to which the Trustee is the Security Registrar. 

Section 7.02. Preservation of Information; Communications to Holders. (a) The Trustee shall comply with the obligations imposed upon it
pursuant to Section 312 of the Trust Indenture Act. 
 (b) Every Holder of Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company, the Trustee, any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in
accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act. 
 Section 7.03. Reports by Trustee. (a) Within 60 days after May 15 of each year
commencing with the first May 15 following the first issuance of Securities pursuant to Section 3.01, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a
brief report dated as of such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later of the immediately preceding May 15 and the date of this Indenture. 

(b) The Trustee shall transmit the reports required by Section 313(b) of the Trust Indenture Act at the times specified therein. 

(c) Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and 313(d) of the Trust
Indenture Act. 
 Section 7.04. Reports by Company. The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall for so
long as any Securities of any series are Outstanding: 
 (a) file with the Trustee, within 15 days after the Company files the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; 
 (b) file with the
Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company, with the conditions and covenants of
this Indenture as may be required from time to time by such rules and regulations; and 
 (c) transmit within 30 days after the filing
thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (a) and (b) of this
Section as may be required by rules and regulations prescribed from time to time by the Commission. 
 Delivery of reports, information and
documents to the Trustee pursuant to this Section is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein, including compliance by the Company with any
of its covenants hereunder, as to which the Trustee is entitled to rely exclusively on Officer’s Certificates. 

  
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 ARTICLE 8 

CONSOLIDATION, MERGER AND SALES; ASSUMPTION 

Section 8.01. Company May Consolidate, etc. Subject to Section 5.01, nothing contained in this Indenture or in any of the Securities
shall prevent any consolidation, amalgamation or merger of the Company with or into any other Person or Persons (whether or not affiliated with the Company), or successive consolidations, amalgamations or mergers in which the Company or the
successor or successors of the Company shall be a party or parties, or shall prevent any sale, conveyance or lease of the property of the Company as an entirety or substantially as an entirety, to any other Person (whether or not affiliated with the
Company); provided that the Person formed by or into which the Company is consolidated, amalgamated or merged shall assume the due and punctual payment of the principal of (and premium, if any), interest and Additional Amounts, if any, on all
Securities in accordance with the provisions of such Securities and this Indenture, and the performance of every covenant of this Indenture on the part of the Company to be performed or observed. 

Section 8.02. Successor Person Substituted. In the event of any merger, consolidation, sale, conveyance or lease permitted by Section
8.01 and Section 5.01 above or any assumption of obligations permitted by Section 8.03, Additional Amounts under the Securities will thereafter be payable in respect of taxes imposed by the acquiring Person’s, or the resulting Person’s, or
the successor Person’s, jurisdiction of incorporation or tax residence (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts pursuant to Section 10.04 in respect of taxes imposed by the laws of the
Kingdom of Spain) rather than taxes imposed by the Kingdom of Spain. Additional Amounts with respect to payments of interest or principal due prior to the date of such merger, consolidation, sale, conveyance or lease will be payable only in respect
of taxes imposed by the Kingdom of Spain. The acquiring, resulting or successor Person, as the case may be, will also be entitled to redeem the Securities in the circumstances described in Section 11.08(a) with respect to any change or amendment to,
or change in the application or official interpretation of the laws or regulations of such Person’s jurisdiction of incorporation or tax residence, which change or amendment must occur subsequent to the date of any merger, consolidation, sale,
conveyance or lease permitted by Section 8.01 and Section 5.01 or the assumption of obligations permitted by Section 8.03, as the case may be, if the successor entity is not incorporated or tax resident in the Kingdom of Spain. In the event of
assumption of the Company’s obligations in connection with a merger, consolidation, sale, conveyance or lease of substantially all of its assets, the Company shall be released from all obligations and covenants under this Indenture or the
Securities, as the case may be. 
 Section 8.03. Assumption of Obligations. With respect to the Securities of any series, unless
otherwise specified in accordance with Section 3.01, any holding company of the Company or any wholly-owned subsidiary of the Company (a “successor entity”) may without the consent of any Holder assume the obligations of the Company
(or any Person which shall have previously assumed the obligations of the Company) for the due and punctual payment of the principal, interest, Additional Amounts, premium (if any) and sinking fund payments (if any) on any series of Securities in
accordance with the provisions of such Securities and this Indenture and the performance of every covenant of this Indenture and such series of Securities on the part of the Company to be performed or observed, provided that: 

(a) the successor entity shall expressly assume such obligations by an amendment to this Indenture, executed by the Company and such successor
entity, if applicable, and delivered to the Trustee, in a form satisfactory to the Trustee; 
 (b) immediately after giving effect to such
assumption of obligations, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; 

(c) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such assumption
complies with this Article and that all conditions precedent herein provided for relating to such assumption have been complied with; and 

(d) immediately prior to such assumption, the successor entity shall have ratings for long-term senior debt assigned by Standard &
Poor’s Ratings Services or Moody’s Investors Service, Inc. (or their respective successors) which are the same as, or higher than, the credit rating for long-term senior debt of the Company (or, if applicable, the previous successor
entity) assigned by Standard & Poor’s Ratings Services or Moody’s Investors Service, Inc. (or their respective successors). 

Upon any such assumption, the successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with respect to any such Securities with the same effect as if such successor entity had been named as the Company in this Indenture, and the Company or any legal and valid successor Person which shall theretofore have
become such in the manner prescribed herein, shall be released from all liability as obligor upon any such Securities except as provided in clause (a) of this Section 8.03. 

  
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 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01. Supplemental Indentures Without Consent of Holders. Without the consent of any Holders of a series of Securities, the
Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
herein and in the Securities; or 
 (b) to add to the covenants of the Company for the benefit of the Holders of all or any series of
Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company; or 

(c) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01; or 

(d) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.10; or 

(e) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or 

(f) to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Securities, as herein set forth; or 
 (g) to supplement any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Article 4; provided that any such action shall not adversely affect the interests of any Holder of a Security of such
series or any other Security in any material respect; or 
 (h) to add any additional Events of Default for the benefit of the Holders of
all or any series of Securities; or 
 (i) to secure the Securities; or 

(j) to delete, amend or supplement any provision contained herein or in any supplemental indenture, provided that no such amendment or
supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding; or 
 (k) to delete, amend or
supplement any provision contained herein or in any supplemental indenture as a result of, and to the extent required by, the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority. 

Section 9.02. Supplemental Indentures with Consent of Holders. (a) With the consent, as evidenced in an Act or Acts, as the case may
be, of the Holders of not less than a majority in principal amount of the Outstanding Securities of each such series affected by such supplemental indenture voting as a class, the Company and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture and of waiving future compliance with respect to the Indenture; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding Security affected thereby, shall 

(i) change the Stated Maturity of the principal of, or any premium or installment of interest on or any Additional Amounts with
respect to, any Security, or reduce the principal amount thereof or the rate of interest thereon (except that Holders of not less than 75% in principal amount of Outstanding Securities of a series may consent by Act, on behalf of the Holders of all
of the Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a period not exceeding three years from the original Stated Maturity of such installment (which original Stated Maturity
shall have been fixed, 

  
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for the avoidance of doubt, prior to any previous postponements of such installment)) or any Additional Amounts with respect thereto, or any premium payable upon the redemption thereof or
otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to Section 10.04 (except as contemplated by Section 3.07 and permitted by Section 9.01(a)), or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or the amount thereof provable in bankruptcy pursuant to Section 5.04, or change the redemption provisions or adversely affect
the right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to any Security is payable, or
impair the right to institute suit for the enforcement of any such payment on or with respect to any Security on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of repayment at the
option of the Holder, on or after the date for repayment), or 
 (ii) reduce the percentage in principal amount of the
Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements for a quorum or voting, or 

(iii) modify any of the provisions of this Section or Section 5.13, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 

(iv) change in any manner adverse to the interests of the Holders of Outstanding Securities of any series the terms and
conditions of the obligations of the Company in respect of the due and punctual payment of the principal thereof (and premium, if any) and interest, if any, thereon or any sinking fund payments, if any, provided for in respect thereof, 

except in each case with respect to any modification or amendment of the Indenture pursuant to a supplemental indenture which is entered into as a result of,
and to the extent required by, the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority (in which case neither the consent nor the affirmative vote of any Holder of an Outstanding Security affected shall be required).

 (b) A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which shall have been included
expressly and solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series. 
 (c) It shall not be necessary for any Act of Holders of Securities
under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Section 9.03. Execution of Supplemental Indentures. As a condition to executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents required by Section 1.02, and (subject to Section 315 of the
Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel and Officer’s Certificate, each stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.04. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture
shall be modified in accordance therewith and such supplemental indenture shall form a part of this Indenture for all purposes and every Holder of a Security of a series affected thereby theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.
 Section 9.05. Reference in Securities to Supplemental Indentures. Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and such Securities
may be authenticated and delivered by the Trustee in exchange for outstanding Securities of such series. 

  
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 Section 9.06. Conformity with Trust Indenture Act. Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 ARTICLE 10 

COVENANTS 
 Section
10.01. Payment of Principal and Any Premium, Interest and Additional Amounts. The Company covenants and agrees for the benefit of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any premium
and interest on and any Additional Amounts with respect to, the Securities of such series in accordance with, and except as provided in, the terms thereof and this Indenture. 

Section 10.02. Maintenance of Office or Agency. The Company shall maintain in each Place of Payment for any series of Securities an
Office or Agency where Securities of such series may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in
respect of the Securities of such series relating thereto and this Indenture may be served. 
 The Company may also from time to time
designate one or more other Offices or Agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of their obligation to maintain an Office or Agency in each Place of Payment for Securities of any series for such purposes. The Company shall give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency. The Company hereby designates as the Place of Payment for each series the Borough of Manhattan, The City of New York, and initially
appoints The Bank of New York Mellon, located at 101 Barclay Street, New York, NY 10286, United States for such purpose. Pursuant to Section 3.01(h), the Company may subsequently appoint a place or places in the Borough of Manhattan, The City
of New York where such Securities may be payable. The Company initially appoints The Bank of New York Mellon, acting through its London Branch, as Paying Agent and transfer agent and The Bank of New York Mellon, acting through its Corporate Trust
Office, as the Security Registrar. 
 Unless otherwise specified with respect to any Securities pursuant to Section 3.01, if and so long as
the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each such
series of Securities, or as so required, at least one exchange rate agent. 
 Section 10.03. Money for Securities Payments to be Held in
Trust. If the Company shall at any time act as the Company’s Paying Agent with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium or interest on or Additional Amounts with respect to,
any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series
are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act. 
 Whenever the Company
shall have one or more Paying Agents for any series of Securities, it shall, on or prior to each due date of the principal of, any premium or interest on or any Additional Amounts with respect to, any Securities of such series, deposit with any
Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due, such
sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company shall cause each Paying Agent for any series of Securities (unless such Paying Agent is the Trustee) to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

(i) hold all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with
respect to, Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; 

  
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 (ii) give the Trustee notice of any default by the Company (or any other obligor
upon the Securities of such series) in the making of any payment of principal, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and 

(iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as
those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to, any Security of any series and remaining unclaimed at the end of two years after such payment of principal or any such premium or
interest or any such Additional Amounts has been made shall be repaid to the Company, on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid to the Company. 
 Section 10.04. Additional Amounts. The provisions of this Section
10.04 shall be applicable to the Securities of each series except as specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution creating such series of Securities or in the Officer’s Certificate for such
series of Securities. Except as otherwise provided herein, the Company hereby further agrees that any amounts to be paid by the Company with respect to each Security shall be paid without deduction or withholding for or on account of any and all
present or future taxes or duties of whatever nature (“Taxes”) unless such withholding or deduction is required by law. In the event any such withholding or deduction is imposed or levied by or on behalf of the Kingdom of Spain or
any political subdivision or authority thereof or therein having the power to tax, the Company will pay to the Holder such Additional Amounts in respect of principal, premium, if any, interest, if any, and sinking fund payments, if any, as may be
necessary in order that the net amount received by the Holder of such Security under this Indenture, after such deduction or withholding, shall equal the respective amounts of principal, premium, if any, interest, if any, and sinking fund payments,
if any, as specified in the Security to which such Holder or the Trustee would be entitled if no such deduction or withholding had been made; provided, however, that the foregoing obligation to pay Additional Amounts will not apply: 

(a) to, or to a third party on behalf of, a Holder who is liable for such Taxes by reason of such Holder (or the beneficial owner of the
Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security (or such beneficial interest) or the mere crediting of the Security to its securities account
with the relevant Depository; 
 (b) in the case of a Security presented for payment (where presentation is required) more than 30 days
after the Relevant Date (as defined below) except to the extent that the Holder would have been entitled to Additional Amounts on presenting the same for payment on such thirtieth day assuming that day to have been a business day in such place of
presentment; 
 (c) in respect of any tax, assessment or other governmental charge that would not have been imposed but for the failure by
the Holder or beneficial owner of the Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of that Security, if compliance is required
by statute or by regulation of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to reduction of or relief or exemption from the tax, assessment or other governmental charge; 

  
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 (d) in respect of any Security presented for payment (where presentation is required) by or on
behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent; or 

(e) in the event that the Securities are redeemed pursuant to Section 11.08(b) hereof. 

Additional Amounts will also not be paid with respect to any payment on any Security to any Holder who is a fiduciary, partnership, limited
liability company or Person other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax
purposes, of a beneficiary or settlor with respect to such fiduciary, member of such partnership, interest holder in that limited liability company or beneficial owner who would not have been entitled to such Additional Amounts had it been a Holder
of such Security. 
 No Additional Amounts will be paid by the Company or any paying agent on account of any deduction or withholding from a
payment on, or in respect of, the Securities where such deduction or withholding is imposed pursuant to any agreement with the U.S. Internal Revenue Service in connection with Sections 1471-1474 of the U.S. Internal Revenue Code and the U.S.
Treasury regulations thereunder (“FATCA”), any intergovernmental agreement between the United States and Spain or any other jurisdiction with respect to FATCA, or any law, regulation or other official guidance enacted in any
jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. 
 For the purposes of (b) above, the “Relevant
Date” means, in respect of any payment, the date on which any payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or prior to such due date, it means the first
date on which the full amount of such moneys having been so received and being available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with this Indenture. 

Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect
of, any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made. 
 Section 10.05. Statement by Officers as to Default. For so long as any Securities
of any series are Outstanding, the Company will deliver to the Trustee, within 120 days after the end of its fiscal years ending after the date hereof, a brief certificate, complying with Section 314(e) of the Trust Indenture Act, from the principal
executive, financial or accounting officer of the Company, stating whether or not to the best knowledge of the signer or signers thereof the Company is in default in the performance and observance of any of the terms, provisions, covenants or
conditions of this Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided hereunder). 

Section 10.06. Corporate Existence. Subject to Article 8, the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence; provided, however, that the foregoing shall not obligate the Company to preserve any such right or franchise if the Company shall determine that the preservation thereof is no longer
desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. 
 Section
10.07. Waiver of Certain Covenants. Except as otherwise specified as contemplated by Section 3.01 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any
term, provision or condition set forth in any covenant provided pursuant to Section 9.01(b) or Section 9.01(c) for the benefit of the Holders of Securities of such series or any term, provision or condition set forth in an indenture supplemental
hereto, if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive
compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

  
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 ARTICLE 11 

REDEMPTION OF SECURITIES 

Section 11.01. Applicability of Article. Redemption of Securities of any series at the option of the Company as permitted or required
by the terms of such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. 

Section 11.02. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by a
Board Resolution or approved by a person authorized to make such election pursuant to a Board Resolution. In case of any redemption at the election of the Company of (a) less than all of the Securities of any series or (b) all of the Securities of
any series, with the same interest rate, Stated Maturity and other terms, the Company shall, at least 30 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date and of the principal amount (or in the case of Original Issue Discount Security, the original issue amount) of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any
restrictions on redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 

Section 11.03. Selection by Trustee of Securities to be Redeemed. If less than all of the Securities of any series with the same
interest rate, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series not
previously called for redemption, by lot and may provide for the selection for redemption of portions of the principal amount (or in the case of an Original Issue Discount Security, the original issue amount) of Securities of such series;
provided, however, that no such partial redemption shall reduce the portion of the principal amount (or in the case of an Original Issue Discount Security, the original issue amount) of a Security of such series not redeemed to less than the
minimum denomination for a Security of such series established herein or pursuant hereto. 
 The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed. 

Section 11.04. Notice of Redemption. Notice of redemption shall be given in the manner provided in Section 1.06, not less than 30 nor
more than 60 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any
Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion thereof. 

Any notice that is mailed to the Holder of any Securities in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not such Holder receives the notice. 
 All notices of redemption shall state: 

(i) the Redemption Date, 

(ii) the Redemption Price, 

(iii) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amount (or in the case of an Original Issue Discount Security, the original issue amount)) of the particular Security or Securities to be redeemed, 

(iv) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and
after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed, 

  
 45 








 (v) that, on the Redemption Date, the Redemption Price shall become due and
payable upon each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date, 

(vi) the place or places where such Securities maturing after the Redemption Date, are to be surrendered for payment of the
Redemption Price and any accrued interest and Additional Amounts pertaining thereto, 
 (vii) that the redemption is for a
sinking fund, if such is the case, and 
 (viii) the CUSIP number or the Euroclear Bank. S.A./N.V. and Clearstream Banking,
société anonyme, reference number of such Securities, if any (or any other numbers used by a Depository to identify such Securities). 

Except as otherwise provided herein, notice of redemption published as contemplated by Section 1.06 need not identify particular Securities to
be redeemed. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the
Company’s request, by the Trustee in the name and at the expense of the Company. 
 If the Company or the Holders have elected to
redeem the Securities of any series but prior to the deposit, with the Trustee or with a Paying Agent as the case may be, of the Redemption Price with respect to such redemption the Relevant Spanish Resolution Authority exercises its Spanish Bail-in
Power with respect to such series of Securities, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment of the Redemption Price (and any accrued interest and Additional Amounts payable
under this Article 11) will be due and payable. 
 Section 11.05. Deposit of Redemption Price. On any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) any accrued interest on and Additional Amounts with respect thereto, all the Securities or portions thereof which are to be redeemed on that date. 

Section 11.06. Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities
shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with any accrued
interest and Additional Amounts to the Redemption Date; provided, however, that installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.07. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium, until paid,
shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 11.07. Securities Redeemed in
Part. Any Security which is to be redeemed only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered. If a Global Security is so surrendered, the Company shall execute and the Trustee shall authenticate and deliver to the U.S. Depository or other Depository for such Global Security as shall be specified in the Company
Order with respect thereto to the Trustee, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. 

Section 11.08. Redemption for Taxation or Listing Reasons. (a) Unless otherwise provided in the Securities of any series, all (but not
less than all) of the Securities of any series may be redeemed in accordance with the terms of this Article 11 at the option of the Company if, as the result of any change in or any amendment to the laws or regulations of the Kingdom of Spain
(including any treaty to which Spain is a party) or any political subdivision or any authority or agency thereof or therein having power to tax, or any change 

  
 46 








 
in the application or official interpretation of such laws or regulations, which change, amendment, application or interpretation becomes effective on or after the date of the applicable
prospectus supplement relating to such series, either (i) the Company would become obligated to pay Additional Amounts in making any payments under the Securities with respect thereto as a result of any taxes, levies, imposts or other governmental
charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, or (ii) the Company would not be entitled
to claim a deduction in computing tax liabilities in Spain in respect of any interest to be paid on the next Interest Payment Date on such series of Securities or the value of such deduction to the Company would be materially reduced; provided
that, in the case of (i) above, no such notice to the Trustee of the redemption shall be given earlier than 60 days prior to the earliest date on which the Company would be obligated to deduct or withhold tax or pay such Additional Amounts were
a payment in respect of the Securities then due. 
 Prior to any notice of redemption of such Securities pursuant to Section 11.04, the
Company shall provide the Trustee with (i) an Officer’s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions
precedent to the right of the Company to redeem such Securities pursuant to this Section have been satisfied; and (ii) an Opinion of Counsel to the effect that any of the circumstances referred to in the preceding paragraph prevail. 

(b) Unless otherwise provided in the Securities of any series, if the Securities of a series are not listed on an organized market in an OECD
country by the date that is 45 days prior to the applicable first Interest Payment Date on the Securities of such series, the Company may, at its option and having given no less than 15 days’ notice (ending on a day which is no later than the
Business Day immediately preceding such first Interest Payment Date) to the Holders of Securities of such series of Securities in accordance with Section 11.04 (which notice will be irrevocable), redeem all of the outstanding Securities of such
series at the Redemption Price; provided that from and including the issue date of such Securities to and including such Interest Payment Date, the Company will use its reasonable efforts to obtain or maintain such listing, as applicable. 

ARTICLE 12 

SINKING FUNDS 

Section 12.01. Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series, except as otherwise permitted or required by any form of Security of such series issued pursuant to this Indenture. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as an “optional sinking fund payment”. If provided for by the terms
of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms
of Securities of such series. 
 Section 12.02. Satisfaction of Sinking Fund Payments with Securities. The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any series to be made pursuant to the terms of such Securities (i) deliver to the Trustee for cancellation Outstanding Securities of such series (other
than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been released to the Company) and (ii) apply as a credit Securities of such series which have been redeemed either at the
election of the Company pursuant to the terms of such series of Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, provided that such series of Securities have not been
previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the face amount specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly. If as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant to this Section 12.02, the principal amount of Securities of such series to be redeemed in order to exhaust the
aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company. 

  
 47 








 Section 12.03. Redemption of Securities for Sinking Fund. Not less than 60 days prior to
each sinking fund payment date for any series of Securities, the Company shall deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of
that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.02, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officer’s Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section
11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07. 

ARTICLE 13 

REPAYMENT AT THE OPTION OF HOLDERS 

Section 13.01. Applicability of Article. Securities of any series which are repayable at the option of the Holders thereof before their
Stated Maturity shall be repaid in accordance with, and to the extent provided in, the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of
Securities before their Stated Maturity, for purposes of Section 4.01, shall not operate as a payment, redemption or satisfaction of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or
surrender the same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this Section 13.01, in connection with any repayment of Securities, the Company may arrange for the purchase
of any Securities by an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business on the repayment date an amount not less than the
repayment price payable by the Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to the extent such payment is so paid by such purchasers, it
being understood that the foregoing shall not affect the right of the Company to purchase any Security of any series at such price or prices or such time or times as may be agreed. 

If a Holder requires repayment of a Security and prior to the payment of the repayment price payable by the Company the Relevant Spanish
Resolution Authority exercises its Spanish Bail-in Power with respect to such Security, no payment of such repayment price will be due and payable. 

ARTICLE 14 

SECURITIES IN FOREIGN CURRENCIES 

Section 14.01. Applicability of Article. Whenever this Indenture provides for (i) any action by, or the determination of any of the
rights of, Holders of Securities of any series in which not all of such Securities are denominated in the same Currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the contrary in the form of Security of
any particular series, any amount in respect of any Security denominated in a currency other than Dollars shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such reasonable basis
of exchange and as of the record date with respect to Securities of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the date of
such action, determination of rights or distribution) as the Company may specify in a written notice to the Trustee. 
 ARTICLE 15

 EXERCISE OF SPANISH BAIL-IN POWER 

Section 15.01. Agreement with Respect to the Exercise of Spanish Bail-in Power. (a) Notwithstanding any other term of the Securities of
any series, the Indenture or any other agreements, arrangements, or understandings between the Company and any Holder, by its acquisition of the Securities of any series, each Holder (which, for the purposes of this Article 15, includes each holder
of a beneficial interest in the Securities) acknowledges, accepts, consents to and agrees to be bound by: (i) the exercise and effects of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority, which may be imposed with or without
any prior notice with respect to the Securities of any series, and may include and result in any of the following, or some combination thereof: (1) the reduction or cancellation of all, or a portion, of the Amounts Due on the Securities of any
series; (2) the conversion of all, or a portion, of the Amounts Due on the Securities of any series into shares, other securities or other obligations of the Company or another Person (and 

  
 48 








 
the issue to or conferral on the Holder of any such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Securities; (3) the
cancellation of the Securities of any series; (4) the amendment or alteration of the maturity of the Securities of any series or amendment of the amount of interest payable on the Securities of any series, or the date on which the interest becomes
payable, including by suspending payment for a temporary period; and (ii) the variation of the terms of the Securities of any series or the rights of the Holders thereunder or under the Indenture, if necessary, to give effect to the exercise of the
Spanish Bail-in Power by the Relevant Spanish Resolution Authority. 
 (b) By its acquisition of the Securities of any series, each Holder
acknowledges and agrees that neither a reduction or cancellation, in part or in full, of the Amounts Due on the Securities of any series or the conversion thereof into another security or obligation of the Company or another Person, in each case as
a result of the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities
of a series shall: (i) give rise to a default or event of default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; or (ii) be a default or an Event of
Default with respect to the Securities or under this Indenture. By its acquisition of the Securities of any series, each Holder further acknowledges and agrees that no repayment or payment of Amounts Due on the Securities of any series shall become
due and payable or be paid after the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such
exercise. 
 (c) By its acquisition of the Securities of any series, each Holder, to the extent permitted by the Trust Indenture Act, waives
any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking,
in either case in accordance with the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities of such series. Additionally, by its acquisition of the Securities of any series, each Holder
acknowledges and agrees that, upon the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities of such series: (i) the Trustee shall not be required to take any further directions from the
Holders with respect to any portion of the Securities of such series that is written down, converted to equity and/or cancelled under Section 5.12 of this Indenture; and (ii) this Indenture shall not impose any duties upon the Trustee whatsoever
with respect to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority; provided, however, that notwithstanding the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with
respect to the Securities of a series, so long as any Securities of such series remain outstanding, there shall at all times be a trustee for the Securities of such series in accordance with the Indenture, and the resignation and/or removal of the
Trustee and the appointment of a successor trustee shall continue to be governed by this Indenture, including to the extent no additional supplemental indenture or amendment is agreed upon in the event the Securities of such series remain
outstanding following the completion of the exercise of the Spanish Bail-in Power. 
 (d) By its acquisition of the Securities of any
series, each Holder shall be deemed to have authorized, directed and requested the relevant Depository (including, if applicable, The Depository Trust Company) and any direct participant therein or other intermediary through which it holds such
Securities to take any and all necessary action, if required, to implement the exercise of the Spanish Bail-in Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such Holder. 

(e) Upon the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities of any series,
the Company or the Relevant Spanish Resolution Authority (as the case may be) shall provide a written notice to the Depository as soon as practicable regarding such exercise of the Spanish Bail-in Power for purposes of notifying the Holders of such
Securities. The Company shall also deliver a copy of such notice to the Trustee for information purposes. 
 (f) If the Company or the
Holders have elected to redeem the Securities of any series but prior to the deposit, with the Trustee or with a Paying Agent as the case may be, of the Redemption Price with respect to such redemption the Relevant Spanish Resolution Authority
exercises its Spanish Bail-in Power with respect to such series of Securities the relevant redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment of the Redemption Price (and any accrued interest and
Additional Amounts payable under Article 11) will be due and payable. 
 (g) Each Holder that acquires Securities of any series in the
secondary market or otherwise shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in this Indenture to the same extent as the Holders that acquire the Securities upon their initial issuance,
including, without limitation, with respect to this Article 15. 

  
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 Section 15.02. BRRD Liabilities. Notwithstanding and to the exclusion of any other term of
this Indenture or any other agreements, arrangements, or understandings between the Company and the Trustee, the Trustee acknowledges and accepts that a BRRD Liability arising under this Indenture may be subject to the exercise of Spanish Bail-in
Powers by the Relevant Spanish Resolution Authority, and acknowledges, accepts, and agrees to be bound by: 
 (a) the effect of the exercise
of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority in relation to any BRRD Liability of the Company to the Trustee, which (without limitation) may include and result in any of the following, or some combination thereof: 

(i) the reduction of all, or a portion, of such BRRD Liability or outstanding amounts due thereon; 

(ii) the conversion of all, or a portion, of such BRRD Liability into shares, other securities or other obligations of the
Company or another Person, and the issue to or conferral on the Trustee of such shares, securities or obligations; 
 (iii)
the cancellation of such BRRD Liability; and/or 
 (iv) the amendment or alteration of any interest, if applicable, on such
BRRD Liability, and the maturity or the dates on which any payments on such BRRD Liability are due, including by suspending payment for a temporary period; and 

(b) the variation of the terms of this Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the
exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority. 
 * * * 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of
the day and year first above written. 
  

			
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,
	as Company
		
	By:	 	 /s/ Erik Schotkamp

		 	Name: Erik Schotkamp
		 	 Title:   Capital & Funding

           Management Director

	
	THE BANK OF NEW YORK MELLON,
	as Trustee, Security Registrar, transfer agent and Paying Agent
		
	By:	 	 /s/ Marilyn Chau

		 	Name: Marilyn Chau
		 	Title: Vice President



  
 51 








 EXHIBIT A 

FORM OF FACE OF SECURITY 
 [Insert
any legend required by the Internal Revenue Code and the regulations 
 thereunder.] 

THIS SECURITY IS NOT INSURED BY THE 

FEDERAL DEPOSIT INSURANCE CORPORATION 
  

			
	No.        	  	[Amount]
		  	CUSIP NO.

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

    % Senior Securities Due 

SECURITY 
 BANCO BILBAO VIZCAYA
ARGENTARIA, S.A., a sociedad anónima organized under the laws of the Kingdom of Spain and having its registered office in the Kingdom of Spain (together with its successors and permitted assigns under the Indenture referred to on the
reverse hereof, the “Company”), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
             on              or on such earlier date as the principal hereof may become due in accordance with the provisions
hereof. 
 [The Company further unconditionally promises, subject to paragraph 2(b) of the Terms and Conditions of the Securities referred
to below and the [fifth] [sixth] immediately succeeding paragraph, to pay interest in arrears on                      and
                     of each year (each an “Interest Payment Date”), commencing
            , 20    , and at maturity or redemption, on said principal sum at the rate of     % per annum. Interest shall accrue from and including
the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including             , 20    
until payment of said principal sum has been made or duly provided for. The interest payable on any such                      and
                     will, subject to certain conditions set forth in the Indenture referred to on the reverse hereof, be paid to the person in whose
name this Security is registered at the end of the close of business on the Regular Record Date for such interest which shall be the
                     and                     
(whether or not such day is a Business Day), as the case may be, next preceding each such Interest Payment Date.] 
 [The principal of this
Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of
    % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium
shall be payable on demand.] 
 Payment of interest (including Additional Amounts) on Securities will be made [(i) by a [denomination] check
drawn on a bank in mailed to the Holder at such Holder’s registered address or (ii) upon application in writing by the Holder of at least
                     in principal amount of Securities to the Trustee not later than 15 days prior to the relevant Interest Payment Date,] by wire
transfer in immediately available funds to a [denomination] account maintained by the Holder with a bank in                     . “Business
Day” [with respect to any Place of Payment or other location, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a Legal Holiday in such Place of Payment or other location]. 

Such payments shall be made in such coin or currency of          as at the time of payment shall be
legal tender for the payment of public and private debts. 
 The Company hereby irrevocably undertakes to the holder hereof to exchange this
Security in accordance with the terms of the Indenture without charge upon request of such holder for Securities of the same series upon delivery hereof to the Trustee together with any certificates, letters or writings required in Section 3.03 of
the Indenture. 

  
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 Except as set forth in the immediately following paragraph, no reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the place, times, and rate, and in the currency,
herein prescribed. 
 Notwithstanding any other term of this Security, the Indenture or any other agreements, arrangements, or
understandings between the Company and any Holder, by its acquisition of this Security, each Holder (including, for purposes of this paragraph. each holder of a beneficial interest in the Security) acknowledges, accepts, consents to and agrees to be
bound by: (i) the exercise and effects of the Spanish Bail-in Power (as defined on the reverse hereof) by the Relevant Spanish Resolution Authority (as defined on the reverse hereof), which may be imposed with or without any prior notice with
respect to the Security, and may include and result in any of the following, or some combination thereof: (1) the reduction or cancellation of all, or a portion, of the Amounts Due (as defined on the reverse hereof) on the Securities; (2) the
conversion of all, or a portion, of the Amounts Due on the Securities into shares, other securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities or obligations),
including by means of an amendment, modification or variation of the terms of the Securities; (3) the cancellation of the Securities; (4) the amendment or alteration of the maturity of the Securities or amendment of the amount of interest payable on
the Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) the variation of the terms of the Securities or the rights of the Holders thereunder or under the Indenture, if
necessary, to give effect to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority. The Holder shall not have any claim against the Company in connection with or arising out of any such exercise or variation. 

[THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED, AND THE RULES AND REGULATIONS THEREUNDER. SOLELY FOR PURPOSES OF THESE ORIGINAL ISSUE DISCOUNT RULES, FOR EACH US$ 1,000 PRINCIPAL AMOUNT OF THIS SECURITY, (1) THE ISSUE PRICE IS US$ [    ]; (2) THE AMOUNT OF ORIGINAL
ISSUE DISCOUNT IS US$ [    ]; (3) THE ISSUE DATE IS [            ]; (4) THE YIELD TO MATURITY IS [    ]%, COMPOUNDED [SEMI-ANNUALLY].]1 
 Reference is made to the further provisions set forth under the Terms and Conditions of
the Securities endorsed on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Security shall not be valid or obligatory for any purpose until the certificate of authentication of this Security shall have been
manually executed by or on behalf of the Trustee under the Indenture. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed. 
 Dated: 
  

			
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		
	By:	 	  

		 	Name:
		 	Title:


  

	1 	Include for securities issued with more than de-minimis original issue discount for U.S. federal income tax purposes. 


  
 53 








 Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	Dated:	 	  


  

			
	The Bank of New York Mellon,                      as Trustee
		
	By:	 	  

		 	Authorized Signatory



  
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 EXHIBIT B 

[FORM OF REVERSE OF SECURITY AND GLOBAL SECURITY] 

TERMS AND CONDITIONS OF THE SECURITIES 

1. General. (a) This security is one of a duly authorized issue of a series of debt securities of the Company, designated as its
    % Senior Securities Due              (referred to as the “Securities”, as further defined below), limited to the aggregate principal amount
of             (except as otherwise provided below) and issued or to be issued pursuant to an Indenture (as modified and supplemented from time to time, the “Indenture”)
dated as of             , 20     among the Company and The Bank of New York Mellon, as trustee (together with any successor Trustee under the Indenture, the
“Trustee”), Security Registrar, transfer agent and Paying Agent. The terms and conditions of the Indenture shall have effect as if incorporated herein. All capitalized terms used in this Security but not otherwise defined herein are
used as defined in the Indenture and shall have the meanings assigned to them in the Indenture. The holders of the Securities (each a “Holder”) will be entitled to the benefits of, be bound by, and be deemed to have notice of, all
of the provisions of the Indenture and reference is made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office of the Trustee in London, England. 

(b) The Securities are direct, unconditional, unsubordinated and unsecured obligations of the Company and will rank pari
passu among themselves and with all other present and future unsubordinated and unsecured indebtedness of the Company, but in the event of insolvency only to the extent permitted bv the Spanish Insolvency Law (Ley Concursal), or other
laws relating to or affecting the enforcement of creditors’ rights in Spain. 
 (c) The Securities will initially be
sold in the form of one or more global certificates representing the notes in fully registered form without interest coupons (each a “Global Security” and, together with any securities issued in definitive form pursuant to the
Indenture (each a “Security”), the “Securities”) deposited with The Bank of New York Mellon as custodian for The Depository Trust Company (“DTC”). The Securities will not be issued in bearer form.
The Securities, and transfers thereof, shall be registered as provided in Section 3.05 of the Indenture. Any person in whose name a Security shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, and for
all purposes, by the Company and the Trustee as the absolute owner of such Security, regardless of any notice of ownership, theft or loss or of any writing thereon. 

2. Payments and Paying Agencies. (a) All payments on the Securities shall be made in such coin or currency of
             as at the time of payment shall be legal tender for the payment of public and private debts. 

(b) (i) Principal of this Security and interest due at maturity will be payable against surrender of such Security at the
office of the Paying Agent in New York City in immediately available funds [by [denomination] check drawn on, or] by transfer to a [denomination] account maintained by the registered Holder with, a bank located in the United States. 

(ii) Payment of interest (including Additional Amounts) on this Security will be made to the persons in whose name such
Security is registered at the end of the close of business on the Regular Record Date, which shall be the end of the     day next preceding the date on which interest is to be paid whether or not such day is a Business Day,
notwithstanding the cancellation of such Security upon any transfer or exchange thereof subsequent to the Record Date and prior to such interest payment date. 

Any interest on and any Additional Amounts with respect to the Securities which shall be payable, but shall not be punctually paid or duly
provided for, on any Interest Payment Date for such Securities (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder;
and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (A) or (B) below: 

(A) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Security (or a Predecessor
Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted
Interest as in this Clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten days prior to the date of the proposed payment and not
less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the 

  
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Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
to be mailed, first class postage prepaid, to the Holders (or holders of a Predecessor Security of their Securities) at their addresses as they appear in the Security Register not less than ten days prior to such Special Record Date. The Trustee
shall, at the instruction of the Company, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper of general circulation in the Borough of Manhattan, The City of New York, but
such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Person in whose name such Security (or Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (B). 

(B) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of
any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such payment shall be
deemed practicable by the Trustee. 
 (c) Interest shall be computed on the basis of a 360-day year of 12 30-day months. 

3. Additional Amounts; Redemption for Taxation or Listing Reasons[; Optional Redemption] 

(a) Any amounts to be paid by the Company with respect to each Security shall be paid without deduction or withholding for or
on account of any and all present or future taxes or duties of whatever nature (“Taxes”) unless such withholding or deduction is required by law. In the event any such withholding or deduction is imposed or levied by or on behalf of
the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, the Company will pay to the Holder such Additional Amounts in respect of principal, premium, if any, interest, if any, and sinking fund
payments, if any, as may be necessary in order that the net amount received by the Holder of such Security under the Indenture, after such deduction or withholding, shall equal the respective amounts of principal, premium, if any, interest, if any,
and sinking fund payments, if any, as specified in the Security to which such Holder or the Trustee would be entitled if no such deduction or withholding had been made; provided, however, that the foregoing obligation to pay Additional
Amounts will not apply: 
 (i) to, or to a third party on behalf of, a Holder who is liable for such Taxes by reason of such
Holder (or the beneficial owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security (or such beneficial interest) or the mere crediting of
the Security to its securities account with the relevant Depository; 
 (ii) in the case of a Security presented for payment
(where presentation is required) more than 30 days after the Relevant Date (as defined below) except to the extent that the Holder would have been entitled to Additional Amounts on presenting the same for payment on such thirtieth day assuming that
day to have been a business day in such place of presentment; 
 (iii) in respect of any tax, assessment or other
governmental charge that would not have been imposed but for the failure by the Holder or beneficial owner of the Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of
the Holder or beneficial owner of that Security, if compliance is required by statute or by regulation of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to reduction of or relief or exemption from the
tax, assessment or other governmental charge; 
 (iv) in respect of any Security presented for payment (where presentation is
required) by or on behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent; or 

(v) in the event that the Security is redeemed pursuant to Section 11.08(b) of the Indenture. 

  
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 Additional Amounts will also not be paid with respect to any payment on any Security to any
Holder who is a fiduciary, partnership, limited liability company or Person other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof)
to be included in the income, for Spanish tax purposes, of a beneficiary or settlor with respect to such fiduciary, member of such partnership, interest holder in that limited liability company or beneficial owner who would not have been entitled to
such Additional Amounts had it been a Holder of such Security. 
 No Additional Amounts will be paid by the Company or any paying agent on
account of any deduction or withholding from a payment on, or in respect of, the Securities where such deduction or withholding is imposed pursuant to any agreement with the U.S. Internal Revenue Service in connection with Sections 1471-1474 of the
U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement between the United States and Spain or any other jurisdiction with respect to FATCA, or any law, regulation or other
official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. 
 For the purposes of
(ii) above, the “Relevant Date” means, in respect of any payment, the date on which any payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or prior to
such due date, it means the first date on which the full amount of such moneys having been so received and being available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with the Indenture. 

(b) All (but not less than all) of the Securities may be redeemed at the Redemption Price in accordance with the terms of Article 11 of the
Indenture at the option of the Company if, as the result of any change in or any amendment to the laws or regulations of the Kingdom of Spain (including any treaty to which Spain is a party) or any political subdivision or any authority or agency
thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations, which change, amendment, application or interpretation becomes effective on or after [the date of the applicable
prospectus supplement relating to the Securities], either (i) the Company would become obligated to pay Additional Amounts in making any payments under the Securities with respect thereto as a result of any taxes, levies, imposts or other
governmental charges imposed (whether by way of withholding or deduction or otherwise) by or for the account of the Kingdom of Spain or any political subdivision or authority thereof or therein having the power to tax, or (ii) the Company would not
be entitled to claim a deduction in computing tax liabilities in Spain in respect of any interest to be paid on the next Interest Payment Date on the Securities or the value of such deduction to the Company would be materially reduced; provided
that, in the case of (i) above, no such notice to the Trustee of the redemption shall be given earlier than 60 days prior to the earliest date on which the Company would be obligated to deduct or withhold tax or pay such Additional Amounts were
a payment in respect of the Securities then due. 
 Prior to any notice of redemption of the Securities pursuant to this paragraph, the
Company shall provide the Trustee with (i) an Officer’s Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions
precedent to the right of the Company to redeem such Securities pursuant to this paragraph have been satisfied; and (ii) an Opinion of Counsel to the effect that any of the circumstances referred to in the preceding paragraph prevail. 

(c) If the Securities are not listed on an organized market in an OECD country by the date that is 45 days before the initial Interest Payment
Date on such Securities, the Company may, at its election and having given no less than 15 days’ notice to the Holders, redeem all of the Outstanding Securities at their principal amount, together with accrued interest, if any, thereon to but
not including the Redemption Date; provided that from and including the issue date of such Securities to and including such Interest Payment Date, the Company will use its reasonable efforts to obtain or maintain such listing, as applicable. In the
event of an early redemption of the Securities for the reasons set forth in the preceding sentence, if required by the relevant Spanish law and regulation, the Company will withhold tax and will pay interest in respect of the principal amount of the
Securities redeemed net of the Spanish withholding tax applicable to such payments. 
 (d) [Insert terms of optional redemption, if
applicable] 
 4. Certain Covenants of the Company. The Indenture contains certain covenants of the Company, including covenants
as to the payment of principal of and any premium or interest (including Additional Amounts) on the Securities, the maintenance of offices for payments and the appointment to fill a vacancy in the office of Trustee. 

5. Events of Default. Each of the following events shall constitute an “Event of Default” under this Security
(whatever the reason for any such Event of Default and whether it shall be voluntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body), except as set forth in this paragraph 5: 
 (a) default by the Company in the payment of the principal of any Security
when due and payable at its Maturity and such default is not remedied within 14 days; or 

  
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 (b) default by the Company in the payment of any interest on or any Additional
Amounts payable in respect of any Security when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 21 days; or 

(c) default by the Company in the payment of any premium or deposit of any sinking fund payment, when and as due by the terms
of a Security, and such default is not remedied in 30 days; or 
 (d) default in the performance, or breach, of any covenant
or warranty of the Company under the Indenture or the Securities (other than a covenant or warranty default in the performance or breach of which is elsewhere in this paragraph 5 specifically dealt with or which has been expressly included in the
Indenture solely for the benefit of a series of notes other than the Securities), and continuance of such breach or default for a period of 30 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by any Holder or the Holders of any Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the
Indenture; or 
 (e) an order is made by any competent court commencing insolvency proceedings (procedimientos
concursales) against the Company or an order of any competent court or administrative agency is made or a resolution is passed by the Company for the dissolution or winding up of the Company (except (i) in any such case for the purpose of a
reconstruction or a merger or amalgamation which has been approved by an Act (as defined below) of the Holders or (ii) where the entity resulting from any such reconstruction or merger or amalgamation is a financial institution (entidad de
crédito according to Article 1 of Law 10/2014 of June 26, on regulation, oversight and solvency of credit institutions, as amended, replaced or supplemented from time to time) and will have a rating for long-term senior debt assigned by
Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings Ltd. equivalent to or higher than the rating for long-term senior debt of the Company immediately prior to such reconstruction or merger or amalgamation);
or 
 (f) the Company is adjudicated or found bankrupt or insolvent by any competent court, or any order of any competent
court or administrative agency is made for, or any resolution is passed by the Company to apply for, judicial composition proceedings with its creditors for the appointment of a receiver or trustee or other similar official in insolvency proceedings
(procedimientos concursales) in relation to the Company or of a substantial part of the assets of the Company (unless in the case of an order for a temporary appointment, such appointment is discharged within 30 days); or 

(g) the Company (except (i) for the purpose of an amalgamation, merger or reconstruction approved by an Act (as defined below)
of the Holders or (ii) where the entity resulting from any such amalgamation, merger or reconstruction will have a rating for long-term senior debt assigned by Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch
Ratings Ltd. equivalent to or higher than the rating for long-term senior debt of the Company immediately prior to such amalgamation, merger or reconstruction) ceases or threatens to cease to directly or indirectly carry on the whole or
substantially the whole of its business; or 
 (h) a holder of a security interest takes possession of the whole or any
substantial part of the assets or business of the Company or an order of any competent court or administrative agency is made for the appointment of an administrative or other receiver, manager, administrator or similar official in relation to the
Company or in relation to the whole or any substantial part of the business or assets of the Company (in each case, other than in connection with a Resolution or an Early Intervention with respect to the Company), or a distress or execution is
levied or enforced upon or sued out against any substantial part of the business or assets of the Company and is not discharged within 30 days. 

For the purpose of paragraphs 5(f), 5(g) and 5(h) a report by the external auditors from time to time of the Company as to whether any part of
the business or assets of the Company is “substantial” shall, in the absence of manifest error, be conclusive. 
 Notwithstanding
any other provision in these terms or the Indenture, any Resolution or Early Intervention with respect to the Company shall not, in and of itself and without regard to any other fact or circumstance, constitute a default or an Event of Default


  
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under paragraphs 5(e) and 5(f) above or under any other of the terms or the Indenture with respect to the Securities. In addition, neither (i) a reduction or cancellation, in part or in full, of
the Amounts Due (as defined below) on the Securities or the conversion thereof into another security or obligation of the Company or another Person, in each case as a result of the exercise of the Spanish Bail-in Power (as defined below) by the
Relevant Spanish Resolution Authority (as defined below) with respect to the Company, nor (ii) the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities will constitute an Event of Default
or default under the Indenture or the Securities. In addition, no repayment or payment of Amounts Due on the Securities will become due and payable or be paid after the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution
Authority if, and to the extent that, such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. 

“Act” means any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to
the Indenture to be given or taken by Holders of Securities and the instrument or instruments in which such action is embodied and evidenced by. 

“Amounts Due” with respect to a Security means the principal amount of or outstanding amount (if applicable), together with
any accrued but unpaid interest, Additional Amounts, premium (if any) and sinking fund payments (if any) due on such Security. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to
the exercise of the Spanish Bail-in Power (as defined below) by the Relevant Spanish Resolution Authority (as defined below). 

“Early Intervention” means, with respect to any Person, that any Relevant Spanish Resolution Authority or the European
Central Bank, shall have announced or determined that such Person has or shall become the subject of an “early intervention” (actuación temprana) as such term is defined in Law 11/2015 (as defined herein). 

“Law 11/2015” means Spanish Law 11/2015 of June 18, on the Recovery and Resolution of Credit Institutions and Investment
Firms (Ley 11/2015 de 18 de junio, de Recuperación y Resolución de Entidades de Crédito y Empresas de Servicios de Inversión), as amended, replaced or supplemented from time to time. 

“RD 1012/2015” means Royal Decree 1012/2015 of November 6, by virtue of which Law 11/2015 is developed and Royal Decree
2606/1996 of December 20 on credit entities’ deposit guarantee fund is amended, as amended, replaced or supplemented from time to time. 

“Relevant Spanish Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks (Fondo de
Restructuración Ordenada Bancaria), the European Single Resolution Mechanism and, as the case may be, according to Law 11/2015, the Bank of Spain and the Spanish Securities Market Commission (CNMV), and any other entity with the authority
to exercise the Spanish Bail-in Power (as defined herein) from time to time. 
 “Resolution” means, with respect to any
Person, that any Relevant Spanish Resolution Authority shall have announced or determined that such Person has or shall become the subject of a “resolution” (resolución) as such term is defined in Law 11/2015. 

“Spanish Bail-in Power” means any write-down, conversion, transfer, modification, or suspension power existing from time to
time under: (i) any law, regulation, rule or requirement applicable from time to time in the Kingdom of Spain, relating to the transposition or development of Directive 2014/59/EU of the European Parliament and the Council of the European Union of
May 15, 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended, replaced or supplemented from time to time, including, but not limited to (a) Law 11/2015, (b) RD 1012/2015 and (c)
Regulation (EU) No. 806/2014 of the European Parliament and of the Council of July 15, 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single
Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended, replaced or supplemented from time to time; or (ii) any other law, regulation, rule or requirement applicable from time to time in the
Kingdom of Spain pursuant to which (a) obligations or liabilities of banks, investment firms or other financial institutions or their affiliates can be reduced, cancelled, modified, transferred or converted into shares, other securities, or other
obligations of such Persons or any other Person (or suspended for a temporary period or permanently) or (b) any right in a contract governing such obligations may be deemed to have been exercised. 

  
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 6. Modifications and Amendments. (a) With the consent, as evidenced in an Act of the
Holders of not less than a majority in principal amount of the Securities at the time Outstanding, modifications and amendments to the Indenture and hereto may be made by execution of a supplemental indenture, as provided in the Indenture, and
future compliance therewith and herewith or, prior to declaration of maturity of the Securities, past default by the Company may be waived, with the consent, as evidenced in an Act of Holders representing at least a majority in aggregate principal
amount of the Securities at the time Outstanding; provided, however, that no such modification, amendment or waiver shall, without the consent of the Holder of each such Security affected thereby, 

(i) change the Stated Maturity of the principal of, or any premium or installment of interest on or any Additional Amounts with
respect to, any Security, or reduce the principal amount thereof, or the rate of interest thereon (except that Holders of not less than 75% in principal amount of Outstanding Securities of a series may consent by Act , on behalf of the Holders of
all of the Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a period not exceeding three years from the original Stated Maturity of such installment (which original Stated Maturity
shall have been fixed, for the avoidance of doubt, prior to any previous postponements of such installment)) or any Additional Amounts with respect thereto, or any premium payable upon the redemption thereof or otherwise, or change the obligation of
the Company to pay Additional Amounts pursuant to Section 10.04 of the Indenture (except as contemplated by Section 3.07 of the Indenture and permitted by Section 9.01(a) of the Indenture), or reduce the amount of the principal of an Original Issue
Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02 of the Indenture or the amount thereof provable in bankruptcy pursuant to Section 5.04 of the Indenture, or change
the redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13 of the Indenture, or change the Place of Payment, Currency in which the principal of, any premium or interest on, or any
Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or with respect to any Security on or after the Stated Maturity thereof (or, in the case of redemption, on
or after the Redemption Date or, in the case of repayment at the option of the Holder, on or after the date for repayment), or 

(ii) reduce the percentage in principal amount of the Outstanding Securities, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture, or reduce the
requirements for a quorum or voting, or 
 (iii) modify any of the provisions of Section 9.02 or Section 5.13 of the
Indenture, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 

(iv) change in any manner adverse to the interests of the Holders of Outstanding Securities the terms and conditions of the
obligations of the Company in respect of the due and punctual payment of the principal thereof (and premium, if any) and interest, if any, thereon or any sinking fund payments, if any, provided for in respect thereof, 

except in each case with respect to any modification or amendment of the Indenture pursuant to a supplemental indenture and hereto which is entered into as a
result of, and to the extent required by, the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority (in which case neither the consent nor the affirmative vote of any Holder of a Security affected shall be required).

 7. Replacement; Exchange and Transfer of Securities. (a) In case any Security shall become mutilated, defaced or be apparently
destroyed, lost or stolen, upon the request of the registered Holder thereof and subject to Section 3.06 of the Indenture, the Company shall execute and the Trustee shall authenticate and deliver a new Security containing identical terms and of like
principal amount and bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and in substitution for the apparently destroyed, lost or stolen Security. In every case, the
applicant for a substitute Security shall furnish to the Company and the Trustee such security or indemnity as may be required by each of them to indemnify and defend and to save each of them and any agent of the Company or the Trustee harmless and,
in every case of destruction, loss or theft evidence to their satisfaction of the apparent destruction, loss or theft of such Security and of the ownership thereof. Upon the issuance of any substitute Security, the Holder of such Security, if so
requested by the Company, will pay a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and
issuance of the substitute Security. 
 (b) The Securities are issuable in registered form and without coupons. Upon the
terms and subject to the conditions set forth in the Indenture, and subject to paragraph 7(e) hereof, a Security or Securities may be exchanged for an equal aggregate principal amount of Securities in different authorized denominations by surrender
of such Security or Securities at the Corporate Trust Office of the Trustee in London, England or at the office of a transfer agent, together with a written request for the exchange. 

(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 7(e) hereof, a Security
may be transferred in whole or in a smaller authorized denomination by the Holder or Holders surrendering the Security for transfer at 

  
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the Corporate Trust Office of the Trustee in London, England or at the office of a transfer agent accompanied by an executed instrument of assignment and transfer. The registration of transfer of
the Securities will be made by the Security Registrar in New York City. 
 (d) The costs and expenses of effecting any
exchange, transfer or registration of transfer pursuant to the foregoing provisions, except, if the Company shall so require, the payment of a sum sufficient to cover any tax or other governmental charge or other expenses that may be imposed in
relation thereto, will be borne by the Company. 
 (e) The Company may decline (i) to issue, register the transfer of or
exchange any Securities during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor and the same series under Section 11.03 of the Indenture and ending at the close of
business on the day of such selection, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed,
(iii) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

8. Trustee. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the
Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights. 
 9. Paying Agent;
Transfer Agent; Registrar. The Company hereby initially appoints the Paying Agent, transfer agent and Security Registrar listed at the foot of this Security. The Company may at any time appoint additional or other paying agents, transfer agents
and registrars and terminate the appointment thereof; provided that while the Securities are Outstanding the Company will maintain offices or agencies for the payment of principal of and any premium or interest (including Additional Amounts)
on this Security as herein provided in New York City. Notice of any such termination or appointment and of any change in the office through which any Paying Agent, transfer agent or Security Registrar will act will be promptly given in the manner
described in paragraph 11 hereof. 
 10. Enforcement. Except as provided in Section 5.07 of the Indenture, no Holder of any Security
shall have any right by virtue of or by availing itself of any provision of the Indenture or of these terms to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Securities or for
the appointment of a receiver or trustee, or for any other remedy thereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities, (b) the Holders of not less than
25% in principal amount of the Securities then Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holder or Holders have offered to
the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, (c) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any
such proceeding, and (d) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by Holders of a majority in principal amount of the Outstanding Securities. 

11. Notices. Except as otherwise expressly provided in or pursuant to the Indenture, where the Indenture provides for notice to Holders
of any event, such notice shall be sufficiently given to Holders if in writing and mailed, first-class postage prepaid, to each Holder of a Security affected by such event, at his address as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. 
 In addition, the Company shall cause any
publications of such notices as may be required from time to time by applicable Spanish law. 
 12. Prescription. All claims made
against the Company for payment of principal of, any premium or interest or Additional Amounts on, or in respect of, the Securities shall become void unless made within six years, or if shorter within the period provided for under New York law, from
the later of the date on which such payment first became due and the date on which the full amount was received by the Trustee or the Paying Agent. 

13. Authentication. This Security shall not become valid or obligatory for any purpose until the certificate of authentication hereon
shall have been executed by or on behalf of the Trustee by the manual signature of one of its authorized officers or by the Authenticating Agent. 

14. Governing Law; Jurisdiction; Service of Process. (a) This Security shall be governed by and construed under the laws of the State
of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization, issuance and execution by the Company of the Securities and paragraph 1(b) shall be governed by and
construed in accordance with Spanish law. 

  
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 (b) In the Indenture, the Company has irrevocably submitted to the nonexclusive jurisdiction of
any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York over any suit or proceeding arising out of or relating to the Indenture or any Security. In addition, the Company has irrevocably waived, to the extent it
may effectively do so, any objection which it may have now or hereafter to the laying of the venue of any such suit or proceeding brought in such courts. 

(c) As long as any of the Securities remains outstanding, the Company will at all times have an authorized agent in New York City upon which
process may be served in any suit or proceeding arising out of or relating to the Indenture or any Security. Service of process upon such agent and written notice of such service mailed or delivered to the Company shall to the extent permitted by
law be deemed in every respect effective service of process upon the Company in any such legal action or proceeding. The Company has appointed Banco Bilbao Vizcaya Argentaria, S.A., New York Branch, as its agent for such purpose, and has covenanted
and agreed that service of process in any suit or proceeding may be made upon it at the office of such agent at Banco Bilbao Vizcaya Argentaria, S.A., 1345 Avenue of the Americas, New York, New York, 10105, U.S.A. (or at such other address or at the
office of such other authorized agent as the Company may designate in accordance with Section 1.16 of the Indenture). 
 15.
Defeasance. The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with
certain conditions set forth in the Indenture. 
 16. Descriptive Headings. The descriptive headings appearing in these terms are for
convenience of reference only and shall not alter, limit or define the provisions hereof. 
 17. Certain Undertakings and Agreements by
Holders. (a) Notwithstanding any other term of this Security, the Indenture or any other agreements, arrangements, or understandings between the Company and any Holder, by its acquisition of this Security, each Holder (which, for the purposes of
this paragraph 17, includes each holder of a beneficial interest in the Security) acknowledges, accepts, consents to and agrees to be bound by: (i) the exercise and effects of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority,
which may be imposed with or without any prior notice with respect to the Security, and may include and result in any of the following, or some combination thereof: (1) the reduction or cancellation of all, or a portion, of the Amounts Due on the
Securities; (2) the conversion of all, or a portion, of the Amounts Due on the Securities into shares, other securities or other obligations of the Company or another Person (and the issue to or conferral on the Holder of any such shares, securities
or obligations), including by means of an amendment, modification or variation of the terms of the Securities; (3) the cancellation of the Securities; (4) the amendment or alteration of the maturity of the Securities or amendment of the amount of
interest payable on the Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) the variation of the terms of the Securities or the rights of the Holders thereunder or under the
Indenture, if necessary, to give effect to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority. 
 (b) By
its acquisition of this Security, each Holder acknowledges and agrees that neither a reduction or cancellation, in part or in full, of the Amounts Due on the Securities or the conversion thereof into another security or obligation of the Company or
another person, in each case as a result of the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Company, nor the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution
Authority with respect to the Securities shall: (i) give rise to a default or event of default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”); or (ii) be a default or an Event of Default with respect to the Securities or under the Indenture. By its acquisition of this Security, each Holder further acknowledges and agrees that no
repayment or payment of Amounts Due on the Securities shall become due and payable or be paid after the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority if, and to the extent that, such amounts have been reduced,
converted, cancelled, amended or altered as a result of such exercise. 
 (c) By its acquisition of this Security, each Holder, to the
extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any
action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities. Additionally, by its acquisition of this
Security, each Holder acknowledges and agrees that, upon the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities: (i) the Trustee shall not be required to take any further directions from
the Holders 

  
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with respect to any portion of the Securities under Section 5.12 of the Indenture; and (ii) the Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of
the Spanish Bail-in Power by the Relevant Spanish Resolution Authority; provided, however, that notwithstanding the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority with respect to the Securities, so long as
any Securities remain outstanding, there shall at all times be a trustee for the Securities in accordance with the Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue to be governed
by the Indenture, including to the extent no additional supplemental indenture or amendment is agreed upon in the event the Securities remain outstanding following the completion of the exercise of the Spanish Bail-in Power. 

(d) By its acquisition of this Security, each Holder shall be deemed to have authorized, directed and requested DTC and any direct participant
in DTC or other intermediary through which it holds such Security to take any and all necessary action, if required, to implement the exercise of the Spanish Bail-in Power with respect to the Security as it may be imposed, without any further action
or direction on the part of such Holder. 
 (e) Upon the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority
with respect to the Securities, the Company or the Relevant Spanish Resolution Authority (as the case may be) shall provide a written notice to DTC as soon as practicable regarding such exercise of the Spanish Bail-in Power for purposes of notifying
the Holders of such Securities. The Company shall also deliver a copy of such notice to the Trustee for information purposes. 
 (f) If the
Company has elected to redeem the Securities but prior to the deposit, with the Trustee or with a Paying Agent as the case may be, of the Redemption Price with respect to such redemption the Relevant Spanish Resolution Authority exercises its
Spanish Bail-in Power with respect to the Securities, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment of the Redemption Price (and any accrued interest and Additional Amounts
payable under Article 11 of the Indenture) will be due and payable. 
 (g) Each Holder that acquires this Security in the secondary market
or otherwise shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified herein and in the Indenture to the same extent as the Holders that acquire the Securities upon their initial issuance, including,
without limitation, with respect to this paragraph. 

  
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 TRUSTEE, PAYING AGENT, TRANSFER AGENT 

AND REGISTRAR 
 Trustee 

The Bank of New York Mellon, acting through its London Branch 

One Canada Square, 
 London E14 5AL

 United Kingdom 
 Security
Registrar 
 The Bank of New York Mellon 

101 Barclay Street 
 New York, New
York 10286 
 Paying Agent and Transfer Agent 

The Bank of New York Mellon, acting through its London Branch 

One Canada Square, 
 London E14 5AL

 United Kingdom 

  
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 EXHIBIT C 

FORM OF FACE OF GLOBAL SECURITY 
  

			
	No.         	  	
		  	CUSIP NO.         

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”) TO A
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN. 
 This Security may not be offered or sold in the Kingdom of Spain by means of a public offer (as defined and
construed by Spanish law) and may only be offered or sold in the Kingdom of Spain in compliance with the requirements of Royal Legislative Decree 4/2015 of October 23 (as amended from time to time) on the Spanish Securities Market and Royal
Decree 1310/2005 of November 4, 2005 on listing in secondary markets, public offers and the prospectus required for those purposes. 
 BANCO
BILBAO VIZCAYA ARGENTARIA, S.A. 
 GLOBAL SECURITY 

representing up to          [Amount] 

    % Senior Securities Due              

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., a sociedad anónima organized under the laws of the Kingdom of Spain and having its
registered office in the Kingdom of Spain (together with its successors and permitted assigns under the Indenture referred to on the reverse hereof, the “Company”), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of             on              or on such earlier date as the principal hereof may become
due in accordance with the provisions hereof. 
 [The Company further unconditionally promises, subject to paragraph 2(b) of the Terms and
Conditions of the Securities referred to below and the [fifth] [sixth] immediately succeeding paragraph, to pay interest in arrears on
                     and                      of
each year (each an “Interest Payment Date”), commencing             , 20    , and at maturity or redemption, on said principal sum at the rate of
    % per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from
            , 20     until payment of said principal sum has been made or duly provided for. The interest payable on any such
                     and                     
will, subject to certain conditions set forth in the Indenture referred to on the reverse hereof, be paid to Cede & Co., or registered assigns at the end of the close of business on the Regular Record Date for such interest which shall be the
                     and                     
(whether or not a Business Day), as the case may be, next preceding each such Interest Payment Date.] 
 [The principal of this Security
shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of
    % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium
shall be payable on demand.] 

  
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 This being the Global Security of a series (as defined in the Indenture referred to on the
reverse hereof) deposited with DTC acting as depositary, and registered in the name of Cede & Co., a nominee of DTC, Cede & Co., as holder of record of this Global Security, shall be entitled to receive payments of principal and interest,
other than principal and interest due at the maturity date, by wire transfer of immediately available funds. 
 Payment of interest
(including Additional Amounts) on Global Securities will be made by wire transfer in immediately available funds to a U.S. dollar account maintained by the DTC with a bank in New York City. 

Such payment shall be made in such coin or currency of              as at the time
of payment shall be legal tender for the payment of public and private debts. 
 The Company hereby irrevocably undertakes to the holder
hereof to exchange this Global Security in accordance with the terms of the Indenture without charge upon request of such holder for Securities of the same series upon delivery hereof to the Trustee together with any certificates, letters or
writings required in Section 3.03 of the Indenture. 
 Except as set forth in the immediately following paragraph, no reference herein to
the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the place, times, and rate, and in
the currency, herein prescribed. 
 Notwithstanding any other term of the Securities (as defined on the reverse hereof), the Indenture or
any other agreements, arrangements, or understandings between the Company and any Holder, by its acquisition of this Security, each Holder (including, for purposes of this paragraph, each holder of a beneficial interest in the Security)
acknowledges, accepts, consents to and agrees to be bound by: (i) the exercise and effects of the Spanish Bail-in Power (as defined on the reverse hereof) by the Relevant Spanish Resolution Authority (as defined on the reverse hereof), which may be
imposed with or without any prior notice with respect to the Security, and may include and result in any of the following, or some combination thereof: (1) the reduction or cancellation of all, or a portion, of the Amounts Due (as defined on the
reverse hereof) on the Securities; (2) the conversion of all, or a portion, of the Amounts Due on the Securities into shares, other securities or other obligations of the Company or another person (and the issue to or conferral on the Holder of any
such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Securities; (3) the cancellation of the Securities; (4) the amendment or alteration of the maturity of the Securities or
amendment of the amount of interest payable on the Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) the variation of the terms of the Securities or the rights of the
Holders thereunder or under the Indenture, if necessary, to give effect to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority. The Holder shall not have any claim against the Company in connection with or arising
out of any such exercise or variation. 
 [THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER. SOLELY FOR PURPOSES OF THESE ORIGINAL ISSUE DISCOUNT RULES, FOR EACH US$ 1,000 PRINCIPAL AMOUNT OF THIS SECURITY, (1) THE ISSUE PRICE IS US$
[    ]; (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IS US$ [    ]; (3) THE ISSUE DATE IS [            ]; (4) THE YIELD TO MATURITY IS
[    ]%, COMPOUNDED [SEMI-ANNUALLY].]2 
 Reference is made to the
further provisions set forth under the Terms and Conditions of the Securities endorsed on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Security shall not be valid or obligatory for any purpose until the certificate of authentication of this Security shall have been
manually executed by or on behalf of the Trustee under the Indenture. 
  

	2 	Include for securities issued with more than de-minimis original issue discount for U.S. federal income tax purposes. 


  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated:             , 20     

 

			
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		
	By:	 	  

		 	Name:
		 	Title:



  
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 CERTIFICATE OF AUTHENTICATION 

This is the Global Security of a series designated herein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	The Bank of New York Mellon, as Trustee
		
	By:	 	  

		 	Authorized Signatory



  
 68 








 EXHIBIT D 
  

					
		 	FORM OF TRANSFER OF                     	  	
	
	FOR VALUE RECEIVED, the undersigned hereby transfers to
			
		 	  
	  	
			
		 	  
	  	
	
	(PRINT NAME AND ADDRESS OF TRANSFEREE)

  
         
principal amount of this Security, and all rights with respect thereto, and irrevocably constitutes and appoints                      as attorney to
transfer this Security in the Security Register thereof, with full power of substitution. 
  

							
	Dated	 	  
	 		 	  

		 		 		 	Certifying Signature
	Signed	 	  
	 		 	

 Security: 

(i) The signature on this transfer form must correspond to the name as it appears on the face of this Security. 

(ii) A representative of the Holder should state the capacity in which he or she signs (e.g., executor). 

(iii) The signature of the person effecting the transfer shall conform to any list of duly authorized specimen signatures
supplied by the registered holder or shall be certified by a bank which is a member of the Medallion Program or in such other manner as the Paying Agent, acting in its capacity as transfer agent, or the Trustee, acting in its capacity as Security
Registrar, may require. 

  
 69