Document:

EX-4.4

 

Exhibit 4.4

HSBC HOLDINGS PLC

As Issuer

and

HSBC BANK USA, NATIONAL ASSOCIATION

As Book-Entry Depositary

and

THE OWNERS OF BOOK-ENTRY INTERESTS

NOTE DEPOSIT AGREEMENT

Dated as of December 3, 2004

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	ARTICLE 1. DEFINITIONS AND OTHER GENERAL PROVISIONS
	 	 	3	 
	Section 1.1. Definitions
	 	 	3	 
	Section 1.2. Rules of Construction
	 	 	5	 
	ARTICLE 2. BOOK-ENTRY INTERESTS
	 	 	5	 
	Section 2.1. Deposit of Global Notes
	 	 	5	 
	Section 2.2. Book-entry Systems
	 	 	5	 
	Section 2.3. Record Of Transfer Of The Certificateless Depositary Interest
	 	 	6	 
	Section 2.4. Transfer Of The Global
	 	 	6	 
	Section 2.5. Cancellation
	 	 	7	 
	Section 2.6. Payments In Respect Of A Certificateless Depositary Interest And A
Global Note
	 	 	7	 
	Section 2.7. Redemption of Notes And Book-Entry Interests
	 	 	8	 
	Section 2.8. Record Date
	 	 	8	 
	Section 2.9. Action In Respect Of The Certificateless Depositary Interest
	 	 	8	 
	Section 2.10. Changes Affecting The Global Notes
	 	 	9	 
	Section 2.11. Reports
	 	 	9	 
	Section 2.12. Additional Amounts
	 	 	9	 
	ARTICLE 3. THE BOOK-ENTRY DEPOSITARY
	 	 	10	 
	Section 3.1. Certain Duties And Responsibilities
	 	 	10	 
	Section 3.2. Certain Rights Of Book-Entry Depositary
	 	 	11	 
	Section 3.3. Not Responsible For Recitals Or The Issuance Of Notes
	 	 	12	 
	Section 3.4. Money Held In Trust
	 	 	12	 
	Section 3.5. Compensation And Reimbursement
	 	 	13	 
	Section 3.6. Book-Entry Depositary Required;
	 	 	13	 
	Section 3.7. Resignation And Removal; Appointment Of Successor
	 	 	14	 
	Section 3.8. Acceptance Of Appointment By Successor
	 	 	15	 
	Section 3.9. Merger, Conversion, Consolidation Or Succession To Business
	 	 	16	 
	Section 3.10. May Hold Notes; Other
	 	 	16	 
	ARTICLE 4. MISCELLANEOUS PROVISIONS
	 	 	16	 
	Section 4.1. Notices To Book-Entry Depositary Or Issuer
	 	 	16	 
	Section 4.2. Notice To Depositary And Owners; Waiver
	 	 	17	 
	Section 4.3. Effect Of Heading And Table Of Contents
	 	 	17	 
	Section 4.4. Successors And Assigns
	 	 	17	 
	Section 4.5. Separability Clause
	 	 	17	 
	Section 4.7. Governing Law
	 	 	17	 
	Section 4.8. Jurisdiction
	 	 	17	 
	Section 4.9. Counterparts
	 	 	18	 
	Section 4.10. Inspection Of Agreement
	 	 	18	 
	Section 4.11. Satisfaction And Discharge
	 	 	18	 
	Section 4.12. Amendments
	 	 	18	 
	Section 4.13. Book-Entry Depositary To Execute Amendments
	 	 	18	 

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NOTE DEPOSIT AGREEMENT

     THIS NOTE DEPOSIT AGREEMENT (this “Agreement”) is made as of December 3, 2004 by and between
HSBC Holdings plc, a public limited company organized and existing under the laws of England and
Wales (the “Issuer”), which is a party for the limited purposes referred to herein, HSBC Bank USA,
National Association, as Book-Entry Depositary (the “Book-Entry Depositary”), and the owners from
time to time of beneficial interests in Depositary interests issued hereunder in book-entry form
(“Book Entry Interests”) in respect of Global Notes (as defined below) representing two Series (as
defined below) of the Notes (the “ Notes”) to be issued pursuant to two Supplemental Indentures
(the “Supplemental Indentures”) dated as of the even date herewith between The Bank of New York,
as Trustee, and the Issuer, supplementing an Indenture (the “Indenture”; and as supplemented by
the Supplemental Indenture, the “HSBC Indenture”) dated as of December 10, 2002 between The Bank
of New York, as Trustee, and the Issuer.

ARTICLE 1

DEFINITIONS AND OTHER GENERAL PROVISIONS

     SECTION 1.1.  DEFINITIONS. The following terms, as used herein, have the
following meanings:

     “Affiliate” of any Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such Person. For the purposes of
this definition, “control”, when used with respect to any specific 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 meanings correlative to the foregoing.

     “Beneficial Owner” means any Person owning any beneficial interest in the relevant
Certificateless Depositary Interest but who is not the Holder of such Certificateless Depositary
Interest, and may include any “DTC Participant” (as hereinafter defined), it being understood that
the term “Beneficial Owner” shall not include any agent or financial intermediary holding an
interest in such Certificateless Depositary Interest solely to the extent such interest is held for
or on behalf of any Beneficial Owner.

     “Board Resolution” shall have the meaning ascribed to it in the Indenture.

     “Book-Entry Depositary” means the party named as such in this Agreement or its nominee or the
custodian of either until a successor shall have become such pursuant to Section 3.07 hereof, and
thereafter “Book-Entry Depositary” shall mean such successor or its nominee or the custodian of
either.

     “Book-Entry Notes” means interests in the relevant Certificateless Depositary Interest which
are eligible for trading through DTC’s book-entry system.

     “Certificateless Depositary Interest” means an interest in a Global Note held by the
Book-Entry Depositary that (i) shall, at all times, represent the right to receive 100% of the

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principal and premium (if any) of and interest and Payments and Missed Payments (if any) on such
Global Note and the right to receive in certain circumstances the issue of one or more Definitive
Notes representing up to 100% of the principal amount represented by such Global Note and (ii) is
issued by the Book-Entry Depositary to the Depositary or its nominee.

     “Corporate Trust Office” means the principle Corporate Trust Office of the Book-Entry
Depositary in The City of New York, at which any particular time its corporate trust business shall
be principally administered, which at the date hereof is located at One Hanson Place, Lower Level,
Brooklyn, New York, 11243.

     “Definitive Notes” means Definitive Notes in registered form issued pursuant to the relevant
Indenture.

     “Depositary” means DTC, or any successor, as the owner of the relevant Certificateless
Depositary Interest and indicated as such in the records of the Book-Entry Depositary.

     “DTC” means The Depository Trust Company or its nominee.

     “DTC Participants” means institutions that have accounts with DTC or its successors.

     “Event of Default” shall have the meaning ascribed to it in the Indenture.

     “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

     “Global Note” means one or more global securities in bearer form representing 100% of a
Series.

     “Holder” means the person in whose name a Certificateless Depositary Interest is recorded in
the records of the Book-Entry Depositary and shall initially be DTC.

     “Letter of Representations” means the relevant Letter of Representations to DTC with respect
to all Notes or a particular Series of Notes from the Book-Entry Depositary.

     “Officers’ Certificate” shall have the meaning ascribed to it in the relevant Indenture.

     “Opinion of Counsel” means a written opinion from legal counsel, who may be counsel to the
Issuer and who shall otherwise be reasonably satisfactory to the Book-Entry Depositary.

     “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

     “Responsible Officer” means, with respect to the Book-Entry Depositary, any vice president,
any assistant vice president, the secretary, any assistant secretary, any assistant treasurer, any
trust officer or assistant trust officer employed by the Book-Entry Depositary’s corporate trust
department or any other officer of the Book-Entry Depositary customarily
performing functions similar to those performed by any of the above-designated officers, and
also means, with respect to a particular corporate trust or agency matter, any other officer to

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whom such matter is referred because of his or her knowledge and familiarity with the particular
subject.

     “Series” means all Notes of the same Series authorized by or pursuant to a particular
resolution or resolutions of the Board of Directors of the Issuer in accordance with the terms of
the HSBC Indenture.

     “TIA” means the United States Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in
effect on the date of the Indentures; provided, however, that in the event the Trust Indenture Act
of 1939 is amended after such date, “TIA” means, to the extent required by such amendment, the
Trust Indenture Act of 1939, as so amended.

     “Trustee” means the Person acting as Trustee under the relevant Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of such Indenture, and
“Trustee” shall thereafter mean such successor Trustee.

     SECTION 1.2. RULES OF CONSTRUCTION. Unless the context otherwise requires, (1) a
term has the meaning assigned to it herein; (2) any capitalized term not otherwise defined herein
shall have the meaning ascribed to it in the relevant Indenture; (3) “or” is not exclusive; (4)
“including” means including without limitation; (5) words in the singular include the plural and
words in the plural include the singular; and (6) the words “herein”, “hereof” and “hereunder” and
other words of similar import to this Agreement as a whole and not to any particular Article,
Section or other subdivision.

ARTICLE 2

BOOK-ENTRY INTERESTS

     SECTION 2.1. DEPOSIT OF GLOBAL NOTES. The Book-Entry Depositary hereby agrees to
accept custody of the Global Notes and shall act as Book-Entry Depositary in accordance with the
terms of this Agreement. The Book-Entry Depositary shall hold the Global Notes at its Corporate
Trust Office in The City of New York or at such place or places as it shall determine with the
consent of the Issuer for the purposes of Section 2.03 below. The Book-Entry Depositary shall
issue the relevant Certificateless Depositary Interest in accordance with the relevant Letter of
Representations.

     SECTION 2.2. BOOK-ENTRY SYSTEMS.

     (a) Upon acceptance by DTC of the Certificateless Depositary Interest of a Series for entry
into its book-entry settlement system in accordance with the terms of the Letter of
Representations, Book-Entry Notes of a Series will be traded through DTC’s book-entry system, and
ownership of such Book-Entry Notes shall be shown in, and the transfer of such ownership shall be
effected through, records maintained by DTC or its successors or DTC
Participants. Book-Entry Notes of a Series shall be transferable only as units in the same
denominations as the Notes to which they correspond.

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     (b) The Certificateless Depositary Interest shall be issuable only to DTC, or successors of
DTC or their respective nominees. Except as provided in Section 2.04, no owner of Book-Entry Notes
of a Series shall be entitled to receive a Definitive Note on account of such ownership, and such
owner’s interest therein shall be shown only in accordance with the procedures of DTC as set forth
in the Letter of Representations.

     (c) Neither the Depositary nor any Beneficial Owner shall be entitled to any benefits under
this Agreement nor shall any Certificateless Depositary Interest be valid or obligatory for any
purpose, unless such Certificateless Depositary Interest shall have been properly credited on the
records of the Book-Entry Depositary in the name of the Depositary.

     SECTION 2.3. RECORD OF TRANSFER OF THE CERTIFICATELESS DEPOSITARY INTEREST. The
Issuer appoints the Book-Entry Depositary as its agent for the sole purpose of maintaining at the
Book-Entry Depositary’s Corporate Trust Office records in which the Book-Entry Depositary shall (i)
record DTC as the Initial owner of a Certificateless Depositary Interest of a Series, (ii) record
the transfer of such Certificateless Depositary Interest, and (iii) record the increases and
decreases in the principal amount represented by such Certificateless Depositary Interest.
Certificateless Depositary Interests cannot be transferred unless such transfer is noted in the
records of the Book-Entry Depositary. The Book-Entry Depositary shall treat the Person in whose
name the Certificateless Depositary Interest of a Series is recorded in the records of the
Book-Entry Depositary as the owner thereof for all purposes whatsoever and shall not be bound or
affected by any notice to the contrary, other than an order of a court having jurisdiction over the
Book-Entry Depositary.

     The foregoing paragraph shall not (i) impose an obligation on the Book-Entry Depositary to
record the interests in or transfers of Book-Entry Notes of a Series held by DTC Participants, or
Persons that may hold Book-Entry Notes of a Series through DTC Participants or (ii) restrict
transfers of such Book-Entry Notes held by DTC Participants or such Persons.

     In connection with the Book-Entry Depositary’s appointment as the Issuer’s agent under this
Section 2.03, the Issuer shall have such compensation and reimbursement obligations as specified in
Section 3.05 hereof and such rights and obligations as regards removal of the Book-Entry Depositary
and appointment of a successor as are specified in Section 3.07 hereof.

     SECTION 2.4. TRANSFER OF THE GLOBAL NOTE. The Book-Entry Depositary shall hold the
Global Notes in custody for the benefit of the Depositary. The Book-Entry Depositary shall not
transfer or lend any Global Note or any interest therein except that the Book-Entry Depositary may
transfer Global Notes to a successor Book-Entry Depositary in accordance with Section 3.07.
Notwithstanding the foregoing, the Book-Entry Depositary shall not under any circumstances
surrender or deliver any Global Note to the Depositary. A Global Note shall be exchangeable
pursuant to this Section only (i) if the Book-Entry Depositary notifies the Issuer in writing that
it is unwilling or unable to continue to act as Book-Entry Depositary and a successor Book-Entry
Depositary is not appointed by the Issuer within 90 days of such notification, (ii) if DTC notifies the
Book-Entry Depositary that it is unwilling or unable to continue to hold the Certificateless
Depositary Interests issued by the Book-Entry Depositary with respect a Global Note or if at any
time DTC is unable to or ceases to be eligible as a clearing agency registered under the Exchange
Act and a successor to DTC registered under the

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Exchange Act is not appointed by the Book-Entry
Depositary at the written request of the Issuer within 90 days, or (iii) an Event of Default has
occurred and is continuing and the Book Entry Depositary has received a request from DTC, or (iv)
if a Global Note shall otherwise be exchangeable under the relevant Indenture. If exchangeable
pursuant to the preceding sentence, the relevant Global Note shall be exchangeable for Definitive
Notes aggregating a like amount as the relevant Global Note so exchangeable. Definitive Notes
shall be registered in the names of (or if permitted by the terms of the Notes, otherwise delivered
to) the owners of the beneficial interests in the relevant Global Note as such names are from time
to time provided, where DTC holds the Certificateless Depositary Interest corresponding to the
relevant Global Note, by the relevant DTC Participants holding interests in the relevant Global
Note (as the names of such DTC Participants are provided to the Book-Entry Depositary from time to
time by DTC and by the Book-Entry Depositary to the Issuer) and, in all other cases, by the Holder,
to the Trustee. The Book-Entry Depositary agrees that in either such event it will promptly
surrender the relevant Global Note held by it to the Trustee in connection with such exchange for
cancellation pursuant to the relevant Indenture.

     Delivery of Definitive Notes pursuant to this Section 2.04 shall be made free of any fees of
the Book-Entry Depositary to the Depositary or Beneficial Owner with respect thereto; provided
that, a Person receiving Definitive Notes shall be obligated to pay or otherwise bear the cost of
any tax or other governmental charge and any cost or expenses of the Book-Entry Depositary relating
to insurance, postage, transportation and the like.

     SECTION 2.5. CANCELLATION. If a Global Note is surrendered for payment, or for
redemption or purchase of Notes evidenced thereby or for exchange for Definitive Notes to any
Person other than the Trustee, such Global Note shall, subject to Section 2.07, be delivered to the
Trustee for cancellation.

     SECTION 2.6. PAYMENTS IN RESPECT OF A CERTIFICATELESS DEPOSITARY INTEREST AND A GLOBAL
NOTE. 

     (a) Whenever the Book-Entry Depositary shall receive from any Paying Agent appointed under the
relevant Indenture any payment on a Global Note, the amount so received shall be distributed
promptly to the Depositary entitled thereto, on the corresponding payment date for such Global
Note. So long as DTC is the Depositary, such payments shall be made in accordance with the Letter
of Representations.

     (b) The Book-Entry Depositary shall forward to the Issuer and the Trustee or their agents such
information from its records as the Issuer or the Trustee may reasonably request to enable the
Issuer, the Trustee or their agents to file necessary reports with governmental agencies, and the
Book-Entry Depositary, the Issuer and the Trustee or their agents may (but shall not be required
to) file any such reports necessary to obtain benefits under any applicable tax treaties for the
Depositary or Beneficial Owners of Book-Entry Notes of a Series.

     (c) None of the Issuer, the Trustee, the Book-Entry Depositary or any agent of the Issuer, the
Trustee or the Book-Entry Depositary will have any responsibility or liability for any aspect of
the records relating to payments made by the Depositary (or its direct

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or indirect Participants) on
account of Book-Entry Notes of a Series or for maintaining, supervising or reviewing any records
relating to such Book-Entry Notes.

     (d) Notwithstanding any other provision of this Agreement, the Book-Entry Depositary shall be
required to pay to the Depositary only amounts (including Additional Amounts (as defined herein))
received by the Book-Entry Depositary under a Global Note.

     SECTION 2.7. REDEMPTION OF NOTES AND BOOK-ENTRY INTERESTS. In the event
that the Issuer or a Holder exercises any right of conversion, exchange or redemption under the
relevant Indenture and terms of the Notes of a Series in respect of all or any part of a Global
Note, the Book-Entry Depositary shall promptly deliver such Global Note to the Trustee and request
the Trustee to endorse the relevant schedule to such Global Note to reflect the reduction in the
principal amount of such Global Note as a result of such conversion, exchange or redemption. In
addition, the Book-Entry Depositary shall notify the Depositary of the principal amount redeemed
and of a corresponding reduction of the same principal amount of the corresponding Certificateless
Depositary Interest. The Book-Entry Depositary shall pay or deliver, as the case may be, all such
amounts or securities, as the case may be, received by it in connection with such conversion,
exchange or redemption to the Depositary.

     SECTION 2.8. RECORD DATE. Whenever (i) the Book-Entry Depositary shall receive
notice of any action to be taken by the Holder of a Global Note, (ii) any payment is to be made in
respect of a Global Note, or (iii) the Book-Entry Depositary otherwise deems it appropriate in
respect of any other matter, the Book-Entry Depositary shall fix a record date for the
determination of the relevant principal amount represented by the relevant Certificateless
Depositary Interest and the Holder at such record date, with respect to which and/or whom the
Depositary shall be entitled to take any such action or made such payment or to act in respect of
any such matter, which record date shall be the same date as that fixed with respect to the
corresponding Holder of the relevant Global Note or Holders of Definitive Notes under the relevant
Indenture. Subject to the provisions of this Agreement, only the Depositary in whose name the
relevant Certificateless Depositary Interest is recorded in the records of the Book-Entry
Depositary at the close of business on such record date shall be entitled to give instructions as
to such action, receive any such action or to act in respect of any such matter.

     SECTION 2.9. ACTION IN RESPECT OF THE CERTIFICATELESS DEPOSITARY INTEREST. As soon
as practicable after receipt by the Book-Entry Depositary of notice of any solicitation of consents
or request for a waiver or other action by the Holder of a Global Note under the relevant Indenture
or by the Book-Entry Depositary under this Agreement, the Book-Entry Depositary shall mail to the
Depositary a notice containing (a) such information as is contained in the notice received, (b) a
statement that the Depositary at the close of business on a specified record date (established in
accordance with Section 2.08 hereof) will be entitled, subject to the provisions of or governing the relevant Certificateless Depositary Interest or
Global Note, to instruct the Book-Entry Depositary as to the consent, waiver or other action, if
any, pertaining to this Agreement or the relevant Indenture and (c) a statement as to the manner in
which such instructions may be given. Upon the written request of the Depositary received
on or before the date established by the Book-Entry Depositary for such purpose, the Book-Entry
Depositary shall endeavor insofar as practicable and permitted under the provisions of this

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Agreement or the relevant Indenture, as the case may be, to take such action regarding the
requested consent, waiver or other action in respect of all or only a portion of the relevant
principal amount of the relevant Certificateless Depositary Interest or Global Note, as the case
may be, with respect to which instructions in accordance with any instructions set forth in such
request have been received. In addition, the Book-Entry Depositary will forward to the Depositary,
or, based upon instructions received from the Depositary, to owners of Book-Entry Notes of a
Series, all materials pertaining to any such solicitation, request, offer or other action.
The Book-Entry Depositary agrees that the Depositary may grant proxies or otherwise
authorize Participants (or Persons owning Book-Entry Notes of a Series through such Participants)
to provide such instructions to the Book-Entry Depositary so that it may exercise any rights of a
Holder or take any other action which a Holder is entitled to take under the relevant Indenture.
The Book-Entry Depositary shall not itself exercise any discretion in the granting of consents or
waivers or the taking of any other action in respect of a Global Note. Without prejudice to
Section 2.06(c), the records of the Depositary shall, absent manifest error, be conclusive evidence
of the owners of the Book-Entry Notes of a Series and the principal amount represented by such
Book-Entry Notes.

     SECTION 2.10. CHANGES AFFECTING THE GLOBAL NOTES. Upon any
reclassification of the Notes of a Series, or upon any recapitalization, reorganization, merger,
assumption or consolidation or sale of assets affecting the Issuer or to which the Issuer is a
party, any securities that shall be received by the Book-Entry Depositary in exchange for or in
respect of the relevant Global Note shall be treated as a new Global Note or as part of the
relevant Global Note under this Agreement and any corresponding Certificateless Depositary Interest
shall thenceforth represent the relevant Global Note, including such new securities so received.

     SECTION 2.11. REPORTS. The Book-Entry Depositary shall as promptly as
practicable send to the Depositary any notices, reports and other communications received from the
Issuer or the Trustee that are received by the Book-Entry Depositary as Holder of a Global Note.

     SECTION 2.12. ADDITIONAL AMOUNTS. All payments made on the Book-Entry Notes of a
Series will be made free and clear of and without deduction or withholding for or on account of any
present or future Taxes, duties, assessments or governmental charges of whatever nature unless the
withholding or deduction is then required by law. If any such deduction or withholding is required
by the United Kingdom or any political subdivision or taxing authority thereof or therein
(“Taxes”), each owner of Book-Entry Notes of a Series so affected shall be entitled to receive from
the Book-Entry Depositary additional amounts (“Additional Amounts”) to the extent that such owner
would be entitled to receive Additional Amounts under the Indenture to be determined by treating
the owner of any Book-Entry Interest as a Holder or Beneficial Owner for purposes of Section 10.04 of the
relevant Indenture). At least 10 days prior to the first date on which withholding on account of
Taxes would be required under applicable law or payment of Additional Amounts would be required
pursuant to this Section 2.12 to be made, and at least 10 days prior to any subsequent such date if
there has been any change with respect to such matters, the Issuer will furnish the
Book-Entry Depositary with an Officers’ Certificate that shall specify the amount, if any, required
to be withheld on such payments to the Depositary and the amount of Additional Amounts payable to
the Depositary, net of amounts to which the Depositary or any owner of such Book-Entry Interest is
not entitled. The Book-Entry

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Depositary shall have no responsibility for determining whether the
Depositary or any owner of a Book-Entry Interest is entitled to the payment of Additional Amounts,
but shall be entitled to rely conclusively for this purpose on the Officers’ Certificate or on
certifications from the Depositary. Notwithstanding anything to the contrary provided above, the
Book-Entry Depositary shall pay or cause to be paid Additional Amounts only out of funds that shall
be received by it from the Issuer for that purpose.

ARTICLE 3

THE BOOK-ENTRY DEPOSITARY

     SECTION 3.1. CERTAIN DUTIES AND RESPONSIBILITIES. 

     (a) The Book-Entry Depositary undertakes to perform such duties and only such duties as are
specifically set forth in this Agreement.

     (b) No provision of this Agreement shall be construed to relieve the Book-Entry Depositary
from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that

     (i) the duties and obligations of the Book-Entry Depositary with respect to
Certificateless Depositary Interests and Global Notes of a Series shall be determined solely
by the express provisions of this Agreement and the Book-Entry Depositary shall not be
liable except for the performance of such duties and obligations as are specifically set
forth in this Agreement, and no implied covenants or obligations shall be read into this
Agreement against the Book-Entry Depositary; and

     (ii) in the absence of bad faith on its part, the Book-Entry Depositary may
conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any statements, certificates or opinions furnished to the Book-Entry
Depositary and conforming to the requirements of this Agreement, but in the case of any such
statements, certificates or opinions that by any provision hereof are specifically required
to be furnished to the Book-Entry Depositary, the Book-Entry Depositary shall be under a
duty to examine the same to determine whether or not they conform to the requirements of
this Agreement.

     (c) The Book-Entry Depositary shall not be liable for any error of judgment made in good faith
by a Responsible Officer of the Book-Entry Depositary, unless it shall be proved that the
Book-Entry Depositary was negligent in ascertaining the pertinent facts.

     (d) The Book-Entry Depositary shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the direction of the Depositary relating to the
time, method and place of conducting any proceeding for any remedy available to the Book-Entry
Depositary, or exercising any power conferred upon the Book-Entry Depositary, under this Agreement.

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     (e) No provision of this Agreement shall require the Book-Entry Depositary to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder, or in 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.

     (f) Whether or not therein expressly so provided, every provision of this Agreement relating
to the conduct or affecting the liability of or affording protection to the Book-Entry Depositary
shall be subject to the provisions of this Section.

     SECTION 3.2. CERTAIN RIGHTS OF BOOK-ENTRY DEPOSITARY. Subject to the provisions of Section
3.01 hereof:

     (a) the Book-Entry Depositary may conclusively rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, coupon, security, or other paper
or document 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 Issuer mentioned herein shall be sufficiently evidenced by
an Officers’ Certificate, a Company Order or Company Request and any resolution of the Board of
Directors of the Issuer may be sufficiently evidenced by a Board Resolution;

     (c) the Book-Entry Depositary may consult with counsel of its selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection with
respect to any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon in accordance with such advice or Opinion of Counsel.

     (d) the Book-Entry Depositary shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Book-Entry Depositary, in its discretion, may make reasonable further inquiry or
investigation into such facts or matters related to the issuance of a Global Note;

     (e) the Book-Entry Depositary may execute any of the powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Book-Entry Depositary shall
not be responsible for any misconduct or negligence on the part of any agent (other than an officer
or employee of the Book-Entry Depositary) or attorney appointed with due care by it hereunder;

     (f) the Book-Entry Depositary shall be under no obligation to exercise any of the rights or
powers vested in it by this Agreement at the request, order or direction of the Depositary pursuant
to this Agreement, unless the Depositary or Beneficial Owner shall have offered to the Book-Entry
Depositary reasonable security or indemnity against the costs, expenses and liabilities that might
be incurred by it in compliance with such request, order or

11

 

direction, provided that such request,
order or direction shall not expose the Book-Entry Depositary to personal liability;

     (g) the Book-Entry Depositary shall not be liable for any action taken or omitted by it in
good faith and reasonably believed by it to be authorized or within the discretion, rights or
powers conferred upon it by this Agreement;

     (h) whenever in the administration of its duties under this Agreement the Book-Entry
Depositary shall deem it necessary or desirable that a matter be proved or established prior to
taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct
on the part of the Book-Entry Depositary, be deemed to be conclusively proved and established by an
Officers’ Certificate delivered to the Book-Entry Depositary; and

     (i) the Book-Entry Depositary shall incur no liability to the Depositary or any Beneficial
Owner or any other Person hereunder or in connection herewith if, by reason of any provision of any
present or future law or regulation of any governmental or regulatory authority or securities
exchange, or by reason of the terms of the relevant Indenture or the relevant Global Note, or by
any reason of any act of God or war or other circumstance beyond the control of the Book-Entry
Depositary, the Book-Entry Depositary shall be prevented or forbidden from doing or performing any
act or thing which the terms of this Agreement provide shall be done or performed; and the
Book-Entry Depositary shall not incur any liability to the Depositary or Beneficial Owner or any
other Person hereunder or in connection herewith by reason of any non-performance or delay, caused
as aforesaid, in the performance of any act or thing which the terms of this Agreement provide
shall or may be done or performed by reason of any exercise of or failure to exercise in good faith
any discretion provided for in this Agreement.

     SECTION 3.3. NOT RESPONSIBLE FOR RECITALS OR THE ISSUANCE OF NOTES. The recitals contained
in the Indentures and in the Notes, except the Trustee’s certificates of authentication, shall be
taken as the statements of the Issuer, and the Book-Entry Depositary assumes no responsibility for
their correctness. The Book-Entry Depositary makes no representations as to the validity or
sufficiency of this Agreement or of the Global Notes or of any offering materials and the
performance and observance by the Issuer of its obligations under
the Global Notes or the recoverability of any sum of interest, Payment or Missed Payment, if
any, or principal due or to become due from the Issuer in respect of any Global Note. The
Book-Entry Depositary shall at no time be liable for any act, default or omission of the Issuer
under or in respect of the Notes. The Book-Entry Depositary shall not be accountable for the use
or application by the Issuer of the proceeds with respect to the Notes. The Book-Entry Depositary
shall at no time have any responsibility for, or obligation or liability in respect of, the
financial condition, creditworthiness, affairs, status or nature of the Issuer.

     SECTION 3.4. MONEY HELD IN TRUST. Money held by the Book-Entry Depositary in trust
hereunder need not be segregated from other funds held by the Book-Entry Depositary, except to the
extent required by law. The Book-Entry Depositary shall be under no obligation to

12

 

invest or pay
interest on any money received by it hereunder, except as otherwise agreed with the Depositary (or
in the absence of such an agreement, with the Issuer).

     SECTION 3.5. COMPENSATION AND REIMBURSEMENT. The Issuer agrees:

     (a) to pay to the Book-Entry Depositary from time to time such compensation as agreed between
them in writing for all services rendered by it hereunder (which compensation shall not be limited
by any provision of law with regard to the compensation of a Trustee of an express trust);

     (b) to reimburse the Book-Entry Depositary and any predecessor Book-Entry Depositary upon its
request for all reasonable and necessary expenses, disbursements and advances incurred or made by
the Book-Entry Depositary in accordance with any provision of this Agreement (including the
reasonable compensation and the expenses and disbursements of its agents and counsel but excluding
any ordinary administrative expenses and any overhead expense), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith; and

     (c) to indemnify the Book-Entry Depositary and any predecessor Book-Entry Depositary for, and
to hold it harmless against, any loss, liability or expense incurred without negligence or willful
misconduct on its part, arising out of or in connection with the acceptance or administration of
this Agreement and its duties hereunder, including the costs and expenses of defending itself
against or investigating any claim of liability in connection with the exercise or performance of
any of its powers or duties hereunder.

     The Book-Entry Depositary shall notify the Issuer in writing of the commencement of any action
or claim in respect of which indemnification may be sought promptly after the Book-Entry Depositary
becomes aware of such commencement (provided that the failure to make such notification shall not
affect the Book-Entry Depositary’s rights hereunder) and the Issuer shall be entitled to
participate in, and to the extent it shall wish, to assume the defense thereof, including the
employment of counsel reasonably satisfactory to the Book-Entry Depositary. The Book-Entry
Depositary shall not compromise or settle any such action or claim without the written consent of
the Issuer, which consent shall not be unreasonably withheld or delayed.

     The obligations of the Issuer under this Section to compensate and indemnify the Book-Entry
Depositary and any predecessor Book-Entry Depositary and to pay or reimburse the Book-Entry
Depositary and any predecessor Book-Entry Depositary for expenses, disbursements and advances shall
survive the repayment of the Notes, resignation or removal of the Book-Entry Depositary and
satisfaction, discharge or other termination of this Agreement.

     SECTION 3.6. BOOK-ENTRY DEPOSITARY REQUIRED; ELIGIBILITY. At all times when there
is a Book-Entry Depositary hereunder, such Book-Entry Depositary shall be a corporation organized
and doing business under the laws of the United States of America, any State thereof or the
District of Columbia, having, together with its parent, a combined capital and surplus of at least
$50,000,000, subject to supervision or examination by Federal, State or District of Columbia
authority, willing to act on reasonable terms. Such corporation shall have its principal place of
business in The City of New York, if there be such a corporation in such

13

 

location willing to act
upon reasonable and customary terms and conditions. If such corporation, or its parent, publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Book-Entry Depositary shall
cease to be eligible in accordance with the provisions of the Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

     SECTION 3.7. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 

     (a) No resignation or removal of the Book-Entry Depositary with respect to a Global Note and,
in the case of (i) below, no appointment of a successor Book-Entry Depositary with respect to a
Global Note pursuant to this Article shall become effective until (i) the acceptance of appointment
by the successor Book-Entry Depositary with respect to such Global Note in accordance with the
applicable requirements of Section 3.08 hereof or (ii) the issuance of Definitive Notes with
respect to all Outstanding Notes of the relevant Series in accordance with Section 2.04 hereof.

     (b) The Book-Entry Depositary may resign with respect to a Global Note by giving written
notice thereof to the Issuer and the Depositary, in accordance with Section 4.01 and Section 4.02,
60 days prior to the effective date of such resignation. The Book-Entry Depositary may be removed
with respect to a Global Note at any time upon 90 days’ notice by the filing with it of an
instrument in writing signed on behalf of the Issuer and specifying such removal and the date when
it is intended to become effective.

     (c) If at any time

     (i) the Book-Entry Depositary shall cease to be eligible under Section 3.06 hereof and
shall fail to resign after written request therefor by the Issuer or by the Depositary, or

     (ii) the Book-Entry Depositary shall become incapable of acting with respect to any
Certificateless Depositary Interest or shall be adjudged a bankrupt or insolvent, or a
receiver or liquidator of the Book-Entry Depositary or of its property shall be appointed or
any public officer shall take charge or control of the Book-Entry Depositary or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation,

     then, in any such case, (i) the Issuer may immediately remove the Book-Entry Depositary and
appoint a successor Book-Entry Depositary or (ii) the Depositary or Book-Entry Depositary may, on
behalf of itself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Book-Entry Depositary and the appointment of a successor Book-Entry
Depositary or Book-Entry Depositaries unless Definitive Notes have been issued with respect to all
Outstanding Notes of all Series in accordance with the relevant Indenture.

14

 

Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Book-Entry
Depositary and appoint a successor Book-Entry Depositary.

     (d) If the Book-Entry Depositary shall resign, be removed or become incapable of acting, or if
a vacancy shall occur in the office of Book-Entry Depositary, in each case, with respect to any
Global Note for any cause, the Issuer shall promptly appoint a successor Book-Entry Depositary
(other than the Issuer) with respect to such Global Note and shall comply with the applicable
requirements of Section 3.08 hereof. If no successor Book-Entry Depositary with respect to such
Global Note shall have been so appointed by the Issuer and accepted appointment in the manner
required by Section 3.08, the Depositary or Book-Entry Depositary may, on behalf of itself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Book-Entry Depositary with respect to such Global Note unless Definitive Notes with
respect to all Outstanding Notes of the relevant Series have been issued in accordance with the
relevant Indenture.

     (e) The Issuer shall give, or shall cause such successor Book-Entry Depositary to give, notice
of each resignation and each removal of a Book-Entry Depositary and each appointment of a successor
Book-Entry Depositary to the Depositary in accordance with Section 4.02 hereof. Each notice shall
include the name of the successor Book-Entry Depositary and the address of its Corporate Trust
Office. If the Issuer fails to give notice within ten days after acceptance of appointment by the
successor Book-Entry Depositary, the successor Book-Entry Depositary shall cause such notice to be
given at the expense of the Issuer.

     SECTION 3.8. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. 

     (a) In case of the appointment hereunder of a successor Book-Entry Depositary with respect to
any Global Note, every such successor Book-Entry Depositary so appointed shall execute, acknowledge
and deliver to the Issuer and to the retiring Book-Entry Depositary with respect to such Global
Note an instrument accepting such appointment with respect to such Global Note, and thereupon the
resignation or removal of the retiring Book-Entry Depositary with respect to such Global Note shall
become effective and such successor Book-Entry Depositary with respect to such Global Note, without
any further act, deed or conveyance, shall become vested with all the rights, powers, agencies and
duties of the retiring Book-Entry Depositary with respect to such Global Note, with like effect as if originally named as
Book-Entry Depositary with respect to such Global Note hereunder; provided, however, on the request
of the Issuer or the successor Book-Entry Depositary, such retiring Book-Entry Depositary shall,
upon payment of all amounts due and payable to it pursuant to Section 3.05 hereof, execute and
deliver an instrument transferring to such successor Book-Entry Depositary all the rights and
powers of the retiring Book-Entry Depositary with respect to such Global Note and shall duly
assign, transfer and deliver to such successor Book-Entry Depositary all property and money held by
such retiring Book-Entry Depositary with respect to such Global Note hereunder and shall deliver
such Global Note to the successor.

     (b) Upon request of any such successor Book-Entry Depositary, the Issuer shall execute any and
all instruments necessary for more fully and certainly vesting in and confirming to such successor
Book-Entry Depositary all such rights, powers and agencies referred to in paragraph (a) of this
Section.

15

 

     (c) No successor Book-Entry Depositary shall accept its appointment unless at the time of such
acceptance such successor Book-Entry Depositary shall be eligible under this Article.

     (d) Upon acceptance of appointment by any successor Book-Entry Depositary as provided in this
Section, the Issuer shall give notice thereof to the Depositary in accordance with Section 4.02
hereof. If the acceptance of appointment is substantially contemporaneous with the resignation of
the Book-Entry Depositary, the notice called for by the preceding sentence may be combined with the
notice called for by Section 3.07 hereof. If the Issuer fail to give such notice within 15 days
after acceptance of appointment by the successor Book-Entry Depositary, the successor Book-Entry
Depositary shall promptly cause such notice to be given at the expense of the Issuer.

     SECTION 3.9. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. Any
corporation into which the Book-Entry Depositary 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 Book-Entry Depositary shall be a party, or any corporation succeeding to all or substantially
all the agency business of the Book-Entry Depositary, shall be the successor of the Book-Entry
Depositary hereunder, without the execution or filing of any paper or any further act on the part
of any of the parties hereto. Written notice of any merger, conversion, consolidation or sale
shall forthwith be given to the Issuer and the Depositary.

     SECTION 3.10. MAY HOLD NOTES; OTHER. The Book-Entry Depositary may own and
deal in any class of securities of the Issuer and its affiliates and in the Notes and Book-Entry
Notes. The Book-Entry Depositary may enter into other dealings with the Issuer of any nature
whatsoever.

ARTICLE 4

MISCELLANEOUS PROVISIONS

     SECTION 4.1. NOTICES TO BOOK-ENTRY DEPOSITARY OR ISSUER. Any request,
demand, authorization, direction, notice, consent, or waiver or other document provided or
permitted by this Agreement to be made upon, given or furnished to, or filed with,

     (a) the Book-Entry Depositary by the Depositary, the Trustee or the Issuer shall be sufficient
for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished
or filed in writing and delivered or mailed and received, first-class postage prepaid, to the
Book-Entry Depositary at its Corporate Trust Office, Attention: Corporate Trust & Loan Agency
Department, One Hanson Place, Lower Level, Brooklyn, New York 11243 or at any other address
previously furnished in writing by the Book-Entry Depositary to the Depositary, the Trustee or the
Issuer, or

     (b) the Issuer by the Book-Entry Depositary shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if made, given, furnished or filed in writing and
delivered or mailed and received, first-class postage prepaid, to 8 Canada

16

 

Square, London E14 5HQ,
England; Attention: Company Secretary, or at any other address previously furnished in writing to
the Book-Entry Depositary by the Issuer.

     SECTION 4.2. NOTICE TO DEPOSITARY AND OWNERS; WAIVER. Where this Agreement
provides for notice to the Depositary or owners of Book-Entry Notes of a Series of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided or as provided in
the Letter of Representations) if in writing and mailed, first-class postage prepaid, to the
Depositary at the address notified to the Book-Entry Depositary, in each case not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice. Where this Agreement provided 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 the Depositary shall be filed
with the Book-Entry Depositary, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

     In 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 Book-Entry Depositary shall constitute a sufficient notification for every
purpose hereunder.

     SECTION 4.3. EFFECT OF HEADING AND TABLE OF CONTENTS. The Article and
Section headings herein are for convenience only and shall not affect the construction hereof.

     SECTION 4.4. SUCCESSORS AND ASSIGNS. All covenants and agreements in this
Agreement by the Issuer shall bind their successors and assigns, whether so expressed or not.

     SECTION 4.5. SEPARABILITY CLAUSE. In case any provision in this Agreement
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions hereof and thereof shall not in any way be affected or
impaired thereby.

     SECTION 4.6. BENEFITS OF AGREEMENT. Nothing in this Agreement, the Notes,
or the Indentures, express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, any benefits or any legal or equitable right, remedy or claim under
this Agreement. The owners from time to time of the Book-Entry Notes of each Series shall be
parties to this Agreement and shall be bound by all of the terms and conditions hereof and of the
relevant Indenture and the Notes of such Series, by their acceptance of delivery of the Book-Entry
Notes of such Series.

     SECTION 4.7. GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without giving effect to applicable
principles of conflicts of law thereof.

     SECTION 4.8. JURISDICTION. By the execution and delivery of this
Agreement, the Issuer submits to the jurisdiction of any such court in any such suit or proceeding,
and, to the fullest extent permitted under applicable law, waives any objection which it may now or
hereafter have to the laying of venue of any such proceeding or any claim of inconvenient forum.

17

 

     SECTION 4.9. COUNTERPARTS. This Agreement may be executed in any number of
counterparts by the parties hereto on separate counterparts, each of which, when so executed and
delivered, shall be deemed an original, but all such counterparts shall together constitute one and
the same instrument.

     SECTION 4.10. INSPECTION OF AGREEMENT. A copy of this Agreement shall be
available at all reasonable times during normal business hours at the Corporate Trust Office of the
Book-Entry Depositary for inspection by any owner of Book-Entry Notes.

     SECTION 4.11. SATISFACTION AND DISCHARGE. This Agreement upon an Issuer
Request shall cease to be of further effect with respect to the Notes of such Series, and the
Book-Entry Depositary, at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Agreement with respect to such Notes of a Series, when (i) with
respect to the Notes of such Series the relevant Indenture has been satisfied and discharged
pursuant to the provisions thereof or Definitive Notes have been issued and the relevant Global
Note has been cancelled in accordance with the provisions of Section 2.04 or 2.05, (ii) the Issuer
has paid or caused to be paid all sums payable hereunder by the Issuer with respect to the Notes
and (iii) the Issuer has delivered to the Book-Entry Depositary an Officers’ Certificate and an
Opinion of Counsel, stating that all conditions precedent herein provided relating to the satisfaction and
discharge of this Agreement with respect to the Notes of such Series have been complied with.

     SECTION 4.12. AMENDMENTS. The Issuer and the Book-Entry Depositary may amend this Agreement
without the consent of the Depositary or the owners of any Book-Entry Notes of a Series:

     (a) to cure any ambiguity, omission, defect or inconsistency;

     (b) to add to the covenants and agreements of the Book-Entry Depositary or the Issuer;

     (c) to evidence or effectuate the assignment of the Book-Entry Depositary’s rights and duties
to a qualified successor, as provided herein;

     (d) to comply with any requirements of the U.S. Securities Act of 1933, as amended, the
Exchange Act, the U.S. Investment Company Act of 1940, as amended, the TIA or any other applicable
law, rule or regulation; or

     (e) to modify, alter, amend or supplement this Agreement in any other manner that is not
adverse to the Depositary or the owners of Book-Entry Notes of such Series.

     No amendment that adversely affects the Depositary may be made to this Agreement or the
Book-Entry Notes of a Series without the consent of the Depositary.

     SECTION 4.13. BOOK-ENTRY DEPOSITARY TO EXECUTE AMENDMENTS. The Book-Entry
Depositary shall duly execute and deliver any amendment authorized pursuant to Section 4.12 if the
amendment does not adversely affect the rights, duties, liabilities or

18

 

immunities of the Book-Entry
Depositary. If it does, the Book-Entry Depositary may but need not execute and deliver such
amendment. In executing and delivering such amendment the Book-Entry Depositary shall be entitled
to receive indemnity reasonably satisfactory to it and to receive, and shall be fully protected in
reasonably relying upon, an Officers’ Certificate (which need only cover the matters set forth in
clause (a) below) and an Opinion of Counsel stating that:

     (a) such amendment is authorized or permitted by this Agreement;

     (b) the Issuer has all necessary corporate power and authority to execute and deliver the
amendment and that the execution, delivery and performance of such amendment has been duly
authorized by all necessary corporate action;

     (c) the execution, delivery and performance of the amendment do not conflict with, or result
in the breach of or constitute a default under any of the terms, conditions or provisions of (i)
this Agreement, (ii) the Memorandum and Articles of Association of the Issuer or (iii) any law or
regulation applicable to the Issuer; and

     (d) such amendment has been duly and validly executed and delivered by the Issuer, and this
Agreement together with such amendment constitutes a legal, valid and
binding obligation of the Issuer enforceable against the Issuer in accordance with its terms,
subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally
and general equitable principles.

19

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first
written above.

	 	 	 	 	 
	 	HSBC HOLDINGS PLC

 	 
	 	By:  	      /s/  D
J Flint	 
	 	 	Name:  	D J Flint	 
	 	 	Title:  	Group Finance Director	 
	 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION

 	 
	 	By:  	      /s/  Stephen
Ferrera	 
	 	 	Name:  	Stephen Ferrera	 
	 	 	Title:  	Vice President	 
	 

20Exhibit 10.1
                      AMENDMENT TO SHARE PURCHASE AGREEMENT

     AMENDMENT, dated as of July 8, 2005 (this "Amendment"), by and among First
National Holding S.A., a societe anonyme organized under the laws of Luxembourg
("FNH"), Emergent Telecom Ventures S.A., a societe anonyme organized under the
laws of Switzerland ("ETV"), Pisces Investment Limited, a company organized
under the Companies Law of Cyprus and wholly-owned subsidiary of FNH and ETV
("Pisces", and together with FNH and ETV, the "Buyers"), and Metromedia
International Group, Inc., a Delaware corporation (the "Seller"), to the Share
Purchase Agreement, dated as of February 17, 2005, by and among the Buyers and
the Seller (as amended by that certain letter agreement among the Buyers and the
Seller, dated June 14, 2005, the "Share Purchase Agreement"). Capitalized terms
used herein but not otherwise defined herein will have the meanings set forth in
the Share Purchase Agreement.

     WHEREAS, the parties hereto wish to amend the Share Purchase Agreement upon
the terms and conditions hereinafter set forth to, among other things, (i)
eliminate the closing condition that the holders of the Seller's common stock
approve the Share Purchase and (ii) set the Closing Date as August 8, 2005; and

     WHEREAS, pursuant to Section 7.4 of the Share Purchase Agreement, the
parties hereto may amend the Share Purchase Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and for other good and valuable consideration, the receipt and
adequacy of which are hereby forever acknowledged and confessed, the parties
hereto agree as follows:

     1.   Section 2.2 of the Share Purchase Agreement is hereby amended and
restated in its entirety as follows:

     "Section 2.2. Closing; Closing Date. Subject to the satisfaction or waiver
     of all of the conditions to closing contained in Article VI, the closing of
     the Share Purchase (the "Closing") shall take place (a) at the offices of
     Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas,
     New York, New York, at 10:00 a.m. on August 8, 2005, or (b) at such other
     place and time or on such other date as the Buyers and the Seller may agree
     in writing. The date on which the Closing occurs is referred to as the
     "Closing Date.""

     2.   The second sentence of Section 3.1(a) of the Share Purchase Agreement
is hereby amended and restated in its entirety as follows:

     "The Seller has all necessary corporate power and authority to enter into
this Agreement and to consummate the transactions contemplated hereby."

     3.   Section 3.2(a) of the Share Purchase Agreement is hereby amended and
restated in its entirety as follows:

<PAGE>

                                                                               2

     "(a) Authority. The board of directors of the Seller has adopted
resolutions: (i) approving and declaring expedient this Agreement and the
transactions contemplated hereby, including, without limitation, the Share
Purchase; and (ii) declaring that it is for the best interests of the Seller
that the Seller enters into this Agreement and consummates the Share Purchase
upon the terms and subject to the conditions set forth in this Agreement. The
execution, delivery and performance of this Agreement by the Seller and the
consummation by the Seller of the transactions contemplated hereby have been
duly and validly authorized by all necessary corporate action on the part of the
Seller. This Agreement has been duly executed and delivered by the Seller and,
assuming due execution and delivery by each of the Buyers, constitutes the valid
and binding obligation of the Seller, enforceable against the Seller in
accordance with its terms, subject to (x) bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium or similar laws, (y) laws of general
applicability relating to or affecting creditors' rights and (z) general equity
principles."

     4.   Section 3.2(c)(i) of the Share Purchase Agreement is hereby amended
and restated in its entirety as follows:

     "(i) the filing with the United States Securities and Exchange Commission
(the "SEC") of (A) current reports on Form 8-K and (B) such other filings and
reports that may be required in connection with this Agreement and the
transactions contemplated hereby under the applicable United States federal
securities laws;"

     5.   Section 3.15 of the Share Purchase Agreement is hereby deleted in its
entirety and is replaced with the words "intentionally omitted."

     6.   Section 3.17 of the Share Purchase Agreement is hereby deleted in its
entirety and is replaced with the words "intentionally omitted."

     7.   Section 4.4 of the Share Purchase Agreement is hereby amended and
restated in its entirety as follows:

     "Section 4.4 SEC Information. None of the information with respect to the
Buyers or any of their respective Subsidiaries or Affiliates that the Buyers
furnish to the Seller for use in any document required to be filed by the Seller
with the SEC, at the time of the filing thereof or at the time of any
distribution or dissemination thereof, will contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the
statements made therein, in the light of the circumstances under which they were
made, not misleading."

     8.   Section 5.2 of the Share Purchase Agreement is hereby deleted in its
entirety and is replaced with the words "intentionally omitted."

     9.   Section 5.4(a)(iv) of the Share Purchase Agreement is hereby deleted
in its entirety and is replaced with the words "intentionally omitted."

     10.  The portion of Section 5.4(d) of the Share Purchase Agreement prior to
clause (i) thereof is hereby amended and restated in its entirety as follows:

<PAGE>

                                                                               3

     "(d) Notwithstanding the foregoing, nothing in this Agreement shall prevent
the Seller or its board of directors from:"

     11.  Section 5.4(e)(ii) of the Share Purchase Agreement is hereby deleted
in its entirety and is replaced with the words "intentionally omitted."

     12.  Section 5.5(c) of the Share Purchase Agreement is hereby amended and
restated in its entirety as follows:

     "(c) The Buyers and the Seller shall not, the Buyers shall not permit any
of their respective Subsidiaries to, and the Seller shall not permit the Company
or its Subsidiaries to, take any action that would reasonably be expected to
result in any of the conditions to the Share Purchase set forth in Article VI of
this Agreement not being satisfied or satisfaction of those conditions being
delayed."

     13.  Section 5.8 of the Share Purchase Agreement is hereby deleted in its
entirety and is replaced with the words "intentionally omitted."

     14.  Section 6.1(a) of the Share Purchase Agreement is hereby deleted in
its entirety and is replaced with the words "intentionally omitted."

     15.  Section 6.2(a) of the Share Purchase Agreement is hereby amended by
inserting the following at the end thereof:

     "; provided, however, that in no event shall the failure to obtain approval
of the Share Purchase from the requisite stockholders of the Seller result in
the non-fulfillment of the condition contained in this Section 6.2(a)."

     16.  Section 6.2(b) of the Share Purchase Agreement is hereby amended by
inserting the following at the end thereof:

     "; provided, however, that in no event shall the failure to obtain approval
of the Share Purchase from the requisite stockholders of the Seller result in
the non-fulfillment of the condition contained in this Section 6.2(b)."

     17.  The portion of Section 7.1 of the Share Purchase Agreement prior to
subsection (a) thereof is hereby amended and restated in its entirety as
follows:

     "This Agreement may be terminated at any time prior to the Closing Date:"

     18.  Sections 7.1(b)(iii), (f)(i), (ii) and (iv), (g), (h) and (i) of the
Share Purchase Agreement are each hereby deleted in their respective entirety
and are each replaced with the words "intentionally omitted."

     19.  The portion of Section 7.1(e) of the Share Purchase Agreement prior to
the first proviso thereof is hereby amended and restated in its entirety as
follows:

<PAGE>

                                                                               4

     "(e) by the Seller, if the board of directors of the Seller shall approve,
subject to complying with the terms of this Agreement, a Superior Proposal in
accordance with Section 5.4;"

     20.  Sections 7.3(c)(ii), (d) and (e) of the Share Purchase Agreement are
each hereby deleted in their respective entirety and are each replaced with the
words "intentionally omitted."

     21.  The first sentence of Section 7.4 of the Share Purchase Agreement is
hereby amended and restated in its entirety as follows:

     "Subject to applicable laws, this Agreement may be amended by the parties
hereto, by action taken or authorized by their respective boards of directors."

     22.  Section 8.4 of the Share Purchase Agreement is hereby amended and
restated in its entirety as follow:

     "Section 8.4. Entire Agreement; Third-Party Beneficiaries. This Agreement,
     as amended by letter agreement, dated June 14, 2005, and Amendment dated
     July 8, 2005, and the documents and instruments and other agreements among
     the parties hereto as contemplated by or referred to herein, including the
     Seller Disclosure Letter and the Buyers Disclosure Letter, (a) constitute
     the entire agreement among the parties with respect to the subject matter
     hereof and supersede all prior agreements and understandings, both written
     and oral, among the parties with respect to the subject matter hereof, it
     being understood that any confidentiality agreement entered into between
     the Seller and any other party or any affiliate of any other party hereto
     shall continue in full force and effect until the Closing and shall survive
     any termination of this Agreement, and (b) are not intended to confer upon
     any other Person any rights or remedies hereunder, except as specifically
     provided in the following sentence. The provisions of Section 5.9 are
     intended to be for the benefit of, and shall be enforceable by, the
     Employees and their respective heirs and personal representatives, and
     shall be binding on the Buyers and their successors and assigns. In the
     event the Buyers or one of their respective successors or assigns (i)
     consolidates with or merges into any other Person and shall not be the
     continuing or surviving corporation or entity in such consolidation or
     merger or (ii) transfers all or substantially all of its properties and
     assets to any Person, then, and in each case, proper provision shall be
     made so that the successors or assigns of such Buyer, as the case may be,
     honor the obligations set forth in Section 5.9."

     23.  Section 8.7 of the Share Purchase Agreement is hereby amended and
restated in its entirety as follow:

     "Section 8.7  Governing Law; Jurisdiction. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without
regard to principles of conflict of laws. The parties hereto hereby declare that
it is their intention that this Agreement shall be regarded as made under the
laws of the State of New York and that the laws of said State shall be applied

<PAGE>

                                                                               5

in interpreting its provisions in all cases where legal interpretation shall be
required. Each of the parties hereto: (a) irrevocably and unconditionally
submits to the exclusive jurisdiction of the courts of the State of New York and
of the federal courts sitting in the State of New York with respect to all
actions and proceedings arising out of or relating to this Amendment and the
transactions contemplated hereby; (b) agrees that all claims with respect to any
such action or proceeding shall be heard and determined in such courts and
agrees not to commence any action or proceeding relating to this Amendment or
the transactions contemplated hereby except in such courts; (c) irrevocably and
unconditionally waives any objection to the laying of venue of any action or
proceeding arising out of this Agreement or the transactions contemplated hereby
and irrevocably and unconditionally waives the defense of an inconvenient forum;
and (d) irrevocably appoints The Corporation Trust Company in the case of each
Buyer and the Corporation Service Company in the case of the Seller as its agent
for the sole purpose of receiving service of process or other legal summons in
connection with any such dispute, litigation, action or proceeding brought in
such courts and agrees that it will maintain The Corporation Trust Company in
the case of each Buyer and the Corporation Service Company in the case of the
Seller at all times as its duly appointed agent in the State of New York for the
service of any process or summons in connection with any such dispute,
litigation, action or proceeding brought in such courts and, if it fails to
maintain such an agent during any period, any such process or summons may be
served on it by mailing a copy of such process or summons to it in accordance
with, and in the manner provided in, Section 8.2 hereof, with such service
deemed effective on the fifth day after the date of such mailing."

     24.  The second proviso of Section 8.11 of the Share Purchase Agreement is
hereby amended and restated in its entirety as follows:

     "; provided, further that such assignment is made not less than ten
Business Days in advance of the Closing Date."

     25.  Article VIII of the Share Purchase Agreement is hereby amended by
adding the following new Section 8.14 at the end thereof:

     "Section 8.14. DGCL Section 271. The parties to this Agreement agree that
     in the event of a challenge under Section 271 of the Delaware General
     Corporation Law of any provision of this Agreement or the application
     thereof in any lawsuit or other legal proceeding, whether judicial or
     administrative, or in the event a court of competent jurisdiction grants an
     injunction or declares the consummation of the transactions contemplated
     hereby to be void or unenforceable pursuant to Section 271 of the Delaware
     General Corporation Law, such challenge, injunction or declaration shall
     not be deemed to be a breach by any party hereto of any of its
     representations, warranties or covenants set forth herein and shall not
     entitle any party to terminate this Agreement pursuant to Section
     7.1(b)(i)."

     26.  Ratification of Share Purchase Agreement. Except as otherwise
expressly provided by this Amendment, all of the terms and conditions of the
Share Purchase Agreement are hereby ratified and shall remain unchanged and
continue in full force and effect.

<PAGE>

                                                                               6

     27.  Term of Agreement. This Amendment shall become effective upon the
execution hereof by each of the parties hereto; provided, however, that this
Amendment shall terminate, become null and void and otherwise have no further
force or effect if (a) the Closing shall not have occurred on or before
September 8, 2005; provided further, however, that if the Buyers shall have
breached their covenant and agreement to pay the Purchase Price at the Closing
and the Seller shall have given written notice of such breach and intention to
terminate the Agreement pursuant to and in accordance with Section 7.1(c) of the
Share Purchase Agreement, then this Amendment shall not terminate unless the
Buyers demonstrate to the reasonable satisfaction of the Seller prior to the
expiration of the thirty (30) day period referred to in Section 7.1(c) of the
Share Purchase Agreement that they are ready, willing and able to cure such
breach and the sole reason the Buyers are prevented from doing so is the
existence of an effective Legal Requirement or Order that has the effect set
forth in Section 6.1(b) of the Share Purchase Agreement (and upon the
termination of this Amendment in such a circumstance, the notice of breach will
be rendered null and void) or (b) a Governmental Entity of competent
jurisdiction shall have enacted, issued, promulgated, enforced or entered any
permanent, non-appealable Legal Requirement or Order which (i) is in effect and
(ii) has the effect of making the Share Purchase illegal or otherwise
restraining, enjoining or prohibiting consummation of the Share Purchase (or the
consummation of any other transactions contemplated by the Share Purchase
Agreement if it would have the effect of restraining or prohibiting the
consummation of the Share Purchase). Upon any termination of this Amendment, the
Share Purchase Agreement shall continue in full force and effect in accordance
with its terms immediately prior to the execution and delivery of this Amendment
and shall be unchanged, unaltered and unaffected by any term or provision of
this Amendment that was previously in effect.

     28.  Headings. The headings in this Amendment are for convenience of
reference only and shall not limit or otherwise affect the meanings hereof.

     29.  Governing Law; Jurisdiction. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to principles of conflict of laws. The parties hereto hereby declare that it is
their intention that this Amendment shall be regarded as made under the laws of
the State of New York and that the laws of said State shall be applied in
interpreting its provisions in all cases where legal interpretation shall be
required. Each of the parties hereto: (a) irrevocably and unconditionally
submits to the exclusive jurisdiction of the courts of the State of New York and
of the federal courts sitting in the State of New York with respect to all
actions and proceedings arising out of or relating to this Amendment and the
transactions contemplated hereby; (b) agrees that all claims with respect to any
such action or proceeding shall be heard and determined in such courts and
agrees not to commence any action or proceeding relating to this Amendment or
the transactions contemplated hereby except in such courts; (c) irrevocably and
unconditionally waives any objection to the laying of venue of any action or
proceeding arising out of this Amendment or the transactions contemplated hereby
and irrevocably and unconditionally waives the defense of an inconvenient forum;
and (d) irrevocably appoints The Corporation Trust Company in the case of each
Buyer and the Corporation Service Company in the case of the Seller as its agent
for the sole purpose of receiving service of process or other legal summons in
connection with any such dispute, litigation, action or proceeding brought in
such courts and agrees that it will maintain The Corporation Trust Company in
the case of each Buyer and the Corporation Service Company in the case of the
Seller at all times as its duly appointed agent in the State of New York for the

<PAGE>

                                                                               7

service of any process or summons in connection with any such dispute,
litigation, action or proceeding brought in such courts and, if it fails to
maintain such an agent during any period, any such process or summons may be
served on it by mailing a copy of such process or summons to it in accordance
with, and in the manner provided in, Section 8.2 of the Share Purchase
Agreement, with such service deemed effective on the fifth day after the date of
such mailing.

     30.  WAIVER OF JURY TRIAL. EACH OF THE BUYERS AND THE SELLER HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AMENDMENT OR THE ACTIONS OF THE BUYERS OR THE SELLER IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

     31.  Severability. In the event that any provision of this Amendment or the
application thereof becomes or is declared by a court of competent jurisdiction
to be void or unenforceable, the remainder of this Amendment will continue in
full force and effect and the application of such provision to other Persons or
circumstances will be interpreted so as reasonably to effect the intent of the
parties to this Amendment. The parties hereto further agree to replace any such
void or unenforceable provision of this Amendment with a valid and enforceable
provision that will achieve, to the greatest extent possible, the economic,
business and other purposes of such void or unenforceable provision.

     32.  Counterparts. This Amendment may be executed in two or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties, it being understood that all
parties need not sign the same counterpart.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed in multiple originals by their authorized officers, all as of the date
first above written.

                               THE BUYERS:
                               ----------

                               EMERGENT TELECOM VENTURES S.A.

                               By: /S/ Mohamed Amersi
                                   --------------------------------
                                   Name:  Mohamed Amersi
                                   Title: Director

                               FIRST NATIONAL HOLDING S.A.

                               By: /S/ Peter B. Schuarhasdt
                                   --------------------------------
                                   Name:  Peter B. Schuarhasdt
                                   Title: Managing Director

                               PISCES INVESTMENT LIMITED

                               By: /S/ Mohamed Amersi
                                   --------------------------------
                                   Name:  Mohamed Amersi
                                   Title: Director

                               THE SELLER:
                               ----------

                               METROMEDIA INTERNATIONAL GROUP, INC.

                               By: /S/ Mark S. Hauf
                                   --------------------------------
                                   Name:  Mark S. Hauf
                                   Title: Chairman and Chief Executive Officer

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