Document:

Prepared and Filed by St Ives Financial

Exhibit 4.2

  

 

AMENDMENT
  TO INVESTMENT AGREEMENT

 

This
  AMENDMENT (this “Amendment”) to the Investment Agreement
  (the “Agreement”) dated as of October 24, 2005 between Banco
  Santander Central Hispano, S.A., a Spanish sociedad anónima (“Buyer”),
  and Sovereign Bancorp, Inc., a Pennsylvania corporation (the “Company”),
  is made as of November 22, 2005, between Buyer and the Company. 

 

WHEREAS,
  in accordance with Section 13.02(a) of the Agreement, the parties hereto wish
  to amend the Agreement in certain respects as more fully set forth below;

 

NOW,
  THEREFORE, the parties hereto agree as follows:

 

ARTICLE
  1

AMENDMENT
  TO AGREEMENT

 

Section
  1.01  . Amendment to Section 1.01 (“Definitions”).

 

(a)    
   The definition of “Hostile Action” in Section 1.01(a) is hereby
  amended by deleting the words “, or (iii) a failure to vote in favor of
  the slate of the Board nominees recommended by the Board at any time after the
  PA Law Termination Date” and inserting the word “or” before
  the subparagraph number “(ii)”.

 

(b)    
   The definition of “PA Law Termination Date” in Section 1.01(a)
  of the Agreement is hereby amended and restated as follows:

 

““PA
  Law Termination Date” means the first date on which the Pennsylvania
  Law shall have become inapplicable to the transactions contemplated by this
  Agreement or inapplicable to the Company by virtue of a shareholder vote in
  accordance with Section 2541(a) of the Pennsylvania Law.”

 

(c)     
  Section 1.01(b) of the Agreement is hereby amended by deleting the term “Incumbent
  Directors” and the reference to “9.02(a)” set forth opposite
  such term.

 

(d)     
  Section 1.01(b) of the Agreement is hereby amended by adding the following terms
  and Section references in appropriate alphabetical order:

    

      
    	
          “Alternative
            Transaction Proposal

        	
          8.03(a)

        
	
          Nonprofit
            Board of Directors

        	
          9.02(a)(ii)

        
	
          Nonprofit
            Corporation

        	
          9.02(a)(i)

        
	
          Pennsylvania
            Corporate Law

        	
          8.03(a)”

        

      

    

     

 

Section
  1.02.   Amendment to Section 2.03 (“Additional Purchases
  by Buyer”).

 

(a)    
   Section 2.03(b) is hereby amended and restated as follows:

 

“(b)   
   Until the PA Law Termination Date, Buyer and its Affiliates shall cause
  all purchases which would result in Buyer and its Affiliates owning more than
  19.99% of the outstanding Common Stock that are made pursuant to this Section
  2.03 to be made by the Voting Trustee. After the PA Law Termination Date, Buyer
  and its Affiliates shall cause all purchases of Treasury Stock made pursuant
  to this Section 2.03 to be made by the Voting Trustee unless such purchases
  have been approved by a vote of the shareholders of the Company.”

 

(b)    
   Section 2.03(c) is hereby amended and restated as follows:

 

“(c)    
  If Buyer determines to make, or cause its Affiliates or the Voting Trustee to
  make, any purchase of Common Stock under this Section 2.03, Buyer will, or will
  cause its Affiliates or the Voting Trustee to, purchase such Common Stock in
  the following manner and in the following order of priorities:

 

(i)   
   first, subject to Applicable Law, Buyer, its Affiliates or the Voting
  Trustee may buy shares of Common Stock in open market transactions or from Third
  Parties until Buyer, its Affiliates or the Voting Trustee, as applicable, shall
  have purchased, in the aggregate, the number of shares permitted by the Permitted
  Limit;

 

(ii)  
   second, to the extent that the number of shares of Common Stock that Buyer
  is able to purchase pursuant to clause (i) is less than the number of shares
  permitted by the Permitted Limit, then Buyer shall notify the Company as to
  the number of shares of Common Stock (subject to the Permitted Limit) that it
  or its Affiliates desire to purchase or that Buyer desires to cause the Voting
  Trustee to purchase; the Company shall sell to Buyer, Buyer’s Affiliates
  or the Voting Trustee, as applicable, and Buyer, Buyer’s Affiliates or
  the Voting Trustee, as applicable, shall purchase from the Company newly issued
  shares of Common Stock; provided that, (A) none of Buyer, its Affiliates
  or the Voting Trustee shall purchase newly issued shares from the Company pursuant
  to this clause (ii) unless Buyer receives an opinion of its counsel to the effect
  that Rule 312.03 of the NYSE does not require that the shareholders of the Company
  approve the issuance and sale of such shares, and (B) the Company shall not
  sell to Buyer, its Affiliates or the Voting Trustee any newly issued shares
  pursuant to this Section 2.03 unless the Company receives an opinion of its
  counsel to the effect that Rule 312.03 of the NYSE does not require that shareholders
  of the Company approve the issuance and sale of such shares to Buyer, its Affiliates
  or the Voting Trustee; and 

      2

  
     

  

 

(iii)   
  third, to the extent that the total number of shares of Common Stock sold to
  Buyer, its Affiliates or the Voting Trustee under clause (ii) above is less
  than the number of shares requested by Buyer pursuant to clause (ii) above,
  then the Company will sell to Buyer, Buyer’s Affiliates or the Voting
  Trustee, as applicable, and Buyer, Buyer’s Affiliates or the Voting Trustee,
  as applicable, will purchase from the Company the number of shares of Treasury
  Stock equal to the lesser of (A) the number of shares requested by Buyer minus
  the number of shares sold to Buyer, its Affiliates or the Voting Trustee pursuant
  to clause (ii) and (B) the number of shares of Treasury Stock held by the Company
  at such time.”

 

Section
  1.03.      Amendment to Section 5.05 (“Takeover
  Laws”). Section 5.05(b) is amended to read in its entirety as follows:

 

“Unless
  all of the actions referred to below in this Section 5.05(b) shall previously
  have occurred, the Company shall (after the Closing): (i) take, prior to the
  date of the shareholder meeting referred to in clause (ii) below, action by
  the affirmative vote of at least 80% of the members of the Board to recommend
  to the shareholders of the Company that the Charter be amended to provide that
  the Pennsylvania Law be inapplicable to the Company (the “Opt Out Proposal”),
  (ii) call and hold a meeting of the Company’s shareholders for the purpose
  of approving the Opt Out Proposal, such meeting to take place no later than
  June 30, 2007, (iii) actively solicit proxies in favor of the Opt Out Proposal,
  and (iv) if the Opt Out Proposal is approved by the vote of shareholders of
  the Company entitled to cast at least a majority of the votes that all shareholders
  of the Company are entitled to cast on the proposal, cause to be filed, within
  one Business Day of such approval, an amendment to the Charter reflecting the
  amendment so approved.”

 

Section
  1.04 .     Amendment to Section 8.01 (“Standstill”).
  Section 8.01 is hereby amended to:

 

(a)    
   add at the beginning thereof the words “Subject to Section 8.03(e),”;
  and

 

(b)     
  replace the second sentence thereof to read in its entirety as follows:

3

 

“Buyer
  agrees that, except as contemplated by the Buyer Acquisition Transactions, from
  the date hereof until the earliest of (i) the five year anniversary of the Closing
  Date; (ii) the date on which the Company consummates an Acquisition Proposal
  made by a Person or Group other than Buyer; (iii) the date on which the Company
  rejects or fails to accept a 100% Acquisition Proposal from Buyer that is made
  and is permitted to be made by Buyer pursuant to Sections 8.05, 8.06 or 8.07
  and that the Company is required to accept pursuant to the terms of this Agreement;
  and (iv) the date of any breach by the Company or any of its Affiliates of any
  obligation under Sections 8.03 through 8.13 of this Agreement (the earliest
  of such dates, the “Standstill Termination Date”), the Restricted
  Buyer Persons shall not take any of the actions listed in Sections 8.01(a),
  (b) or (c); provided that, except as provided in Section 8.10, the
  Restricted Buyer Persons shall be bound by the provisions of Section 8.09 after
  the Standstill Termination Date.”

 

Section
  1.05.   Amendment to Section 8.03 (“Pre-Closing Period”).
  Section 8.03 is hereby amended to:

 

(a)  
    add at the beginning thereof: “(a)”.

 

(b)  
    replace the period at the end thereof with a semicolon.

 

(c)   
   add at the end of Section 8.03(a) the following proviso:

 

“provided
  that, subject to Sections 8.03(b), 8.03(c), 8.03(d), 12.01(e)(vi), 12.02(B)
  and Section 13.14, the Board may take any of the actions specified in clauses
  (ii) through (v) above if it receives an “Alternative Transaction Proposal”
  (as defined below) and the Board concludes, in good faith and by a vote of a
  majority of its members, after considering written advice from counsel, that
  it is required to take such actions in order to comply with its fiduciary duties
  under the Pennsylvania Business Corporation Law of 1988, as amended and any
  judicial interpretations thereof (the “Pennsylvania Corporate Law”).
  For purposes of this Agreement “Alternative Transaction Proposal”
  means (x) any acquisition or purchase, direct or indirect, of all or substantially
  all of the assets of the Company or of at least a majority of the outstanding
  Voting Securities (without giving effect to the proviso in the definition thereof),
  (y) any tender offer by any Person or Group (other than the Company) or exchange
  offer that, if consummated, would result in such Person or Group beneficially
  owning at least a majority of all outstanding Voting Securities (without giving
  effect to the proviso in the definition thereof) or (z) a merger, consolidation,
  share exchange or other similar business combination involving the Company as
  a result of which the shareholders of the Company immediately prior to such
  merger, consolidation, share exchange or other similar business combination
  cease to hold at least a majority of the total outstanding Voting Securities
  of the Company or the entity surviving such merger, consolidation, share exchange
  or other similar business combination.”

 

      4

(d)    
  add after Section 8.03(a) the following:

 

“(b)   
   Notwithstanding Section 8.03(a), neither the Company nor any Company Representative
  shall take any action permitted by the proviso contained in Section 8.03(a)
  unless the Alternative Transaction Proposal is to be implemented pursuant to
  the terms of a written definitive agreement between the Company and the Person
  making the Alternative Transaction Proposal and, in the case of any Defense
  Removal Action, such action is taken concurrently with the execution of such
  agreement.

 

(c)    
   Notwithstanding Section 8.03(a), neither the Company nor any Company Representative
  shall take any action permitted by the proviso contained in Section 8.03(a)
  unless it notifies Buyer, in writing, at least 10 Business Days prior to taking
  such action of its intention to do so and provides to Buyer the terms of the
  Alternative Transaction Proposal (or a description of all material terms and
  conditions thereof) in respect of which such actions are proposed to be taken.

 

(d)   
  The Company shall give Buyer written notice of any decision by the Company,
  no later that the Business Day following such decision, that it intends to take
  an action that is permitted by the proviso contained in Section 8.03(a). The
  Company’s notice shall describe in reasonable detail the circumstance
  giving rise to its obligation to take such action in order to comply with its
  fiduciary duties under the Pennsylvania Law. The Company shall continue to provide
  written notice of any material developments with respect to its taking of any
  such action.

 

(e)   
  Notwithstanding anything to the contrary set forth in this Agreement, including
  the definition of “Standstill Termination Date” and Section 8.09,
  if, the Company is required to take and takes any action that otherwise would
  be prohibited by Section 8.03, but is permitted as a result of the proviso set
  forth in Section 8.03(a), the Company shall treat Buyer no less favorably than
  the manner in which it treats any Third Party in connection with any such actions
  taken by the Company including, without limitation, (i) permitting Buyer to
  make Alternative Transaction Proposals and (ii) not taking any Defense Removal
  Action for the benefit of such Third Party that is not taken on equal terms
  for the benefit of Buyer.”

 

Section
  1.06.   Amendment to Section 8.04 (“General Restrictions”).

 

(a)   
  The first sentence of Section 8.04(a) is hereby amended by replacing the words
  “Notwithstanding anything to the contrary contained herein and in addition
  to any other restrictions set forth herein, until the earlier of” with
  the words “Notwithstanding anything to the contrary contained herein and
  in addition to any other restrictions set forth herein, from the Closing Date
  until the earlier of”.

      5

(b)   
  Section 8.04(c) is amended by replacing the reference to Section “8.03”
  contained therein with a reference to Section “8.05”.

 

Section
  1.07.   Amendment to Section 8.07 (“Third Standstill Period”).
  Section 8.07(a) of the Agreement is hereby amended by replacing the reference
  therein to “Section 8.07(b)” with “Section 8.07(e)”.

 

Section
  1.08.   Amendment to Section 8.08 (“First Look and Last
  Look Rights”). Section 8.08(a) is hereby amended by replacing the
  words preceding clause (i) thereof with the following: “(a) Notwithstanding
  anything to the contrary in this Agreement, from the Closing Date until the
  earlier of”.

 

Section
  1.09.   Amendment to Section 8.11 (“Board Representation”).
  The parenthetical in the second sentence of Section 8.11(e) of the Agreement
  is hereby amended and restated as follows: “(if acceptable to Buyer in
  its sole discretion after good faith consideration)”.

 

Section
  1.10.   Amendment to Section 8.12 (“Approval Rights”).
  

 

(a)   
  Section 8.12(a) of the Agreement is hereby deleted and Sections 8.12(b) and
  8.12(c) shall be renumbered as Sections 8.12(a) and 8.12(b).

 

(b)   
  Section 8.12(c) of the Agreement, which as amended above has been renumbered
  as Section 8.12(b), is hereby amended and restated in its entirety to read as
  follows:

 

“Any
  amendments to the Bylaws proposed by the Board that would adversely affect the
  rights of Buyer or its Affiliates hereunder.”

 

Section
  1.11.   Amendment to Section 8.14 (“Voting Arrangements”).
  Section 8.14(a) of the Agreement is hereby amended by (a) replacing the
  reference to “Section 8.04(d)” therein with “Section 8.04(c)”,
  (b) deleting all of clause (i) thereof (including the reference to number “(i)”
  at the beginning of such clause), and (c) deleting the reference to “(ii)”
  therein.

 

Section
  1.12.   Amendment to Section 9.01 (“Company Headquarters”).
  Section 9.01 of the Agreement is hereby amended by replacing the reference
  therein to “Incumbent Directors” with “Nonprofit Corporation”.

 

Section
  1.13.   Amendment to Section 9.02 (“The Company Board”).
  Section 9.02 of the Agreement is hereby amended and restated as follows:

      6

 

  “(a)  
   If the Company accepts a 100% Acquisition Proposal from Buyer, the definitive
  agreement shall contain covenants that shall survive completion of the transaction,
  which shall provide that prior to completion of the transaction:

(i) the
  Company and Buyer shall cause the formation of a new Pennsylvania nonprofit
  corporation (the “Nonprofit Corporation”), the mission and
  purpose of which shall be limited to enforcement of the obligations of Buyer
  set forth in this Article 9;

 

(ii) the
  Board of Directors of the Nonprofit Corporation (the “Nonprofit Board
  of Directors”) shall initially consist of three individuals designated
  by members of the Board of the Company at the time of the formation of the Nonprofit
  Corporation; provided that no person who has been a member of the Board
  of the Company or an officer of the Company or the Bank at any time from the
  date of this Agreement through the date of the consummation of the 100% Acquisition
  Proposal shall be eligible to be designated; and 

 

(iii) the
  Company shall contractually indemnify members of the Nonprofit Board of Directors
  to the fullest extent permitted by Applicable Law, shall either (at its option)
  provide or reimburse the Nonprofit Corporation for providing appropriate insurance
  for such members’ benefit to the extent available on commercially reasonable
  terms, and shall, on demand, advance and reimburse funds to the Nonprofit Corporation
  sufficient to cover such reasonable out of pocket costs (including legal, professional
  and normal costs and expenses of litigation (including costs of administering
  and directing such litigation)) as shall be reasonably necessary for the Nonprofit
  Corporation to enforce the covenants and obligations of Buyer set forth in this
  Article 9 and, to the extent necessary to obtain the services of such members,
  compensation that is reasonable in relation to their responsibilities and duties,
  that is permitted to be paid under Applicable Law, and that is approved by the
  Board.

 

(b)  
   The Nonprofit Corporation shall have the right to enforce, including by
  specific performance as set forth in Section 13.12, the covenants and obligations
  of Buyer under this Article 9.”

 

Section
  1.14.   Amendment to Section 12.01 (“Grounds For Termination”).

 

(a)   
  Section 12.01(e) is hereby amended to add, at the end thereof, the following:

      7

“(vi) At
  any time after the Company shall have taken any Agreement Action or any Defense
  Removal Action as provided in Section 8.03; provided that Buyer’s
  right to terminate under this Section 12.01(e)(vi) shall terminate on the tenth
  Business Day after the consummation of the Alternative Transaction Proposal
  in respect of which such Agreement Action or Defense Removal Action was taken.”

 

(b)   
  Section 12.01(f) is hereby amended by (A) deleting “or” in clause
  (ii) thereof, (B) replacing the period in clause (iii) thereof with “;
  or” and (C) adding a new clause (iv) at the end thereof as follows: “(iv)
  upon consummation by the Company of any Alternative Transaction Proposal pursuant
  to an agreement entered into by the Company in compliance with Section 8.03.”

 

Section
  1.15.   Amendment to Section 12.02 (“Effect of Termination”).

 

(a) 
    Section 12.02 is hereby amended to (A) insert, after the title caption
  of such section and in place of “If”, the following: “(A)
  Subject to Section 12.02(B), if”; and (B) to add at the end thereof (but
  before the new Section 12.02(B) referenced below) the following: “The
  provisions of Section 12.02(B) shall survive any termination of this Agreement
  pursuant to Section 12.01(e)(vi).”

 

(b)  
   Section 12.02 is amended to insert, at the end thereof, the following:
  

 

“(B) If
  this Agreement is terminated by Buyer pursuant to Section 12.01(e)(vi) at any
  time prior to the consummation of the Alternative Transaction Proposal referred
  to in such Section 12.01(e)(vi), the Company shall pay to Buyer (by wire transfer
  of immediately available funds) no later than the earlier to occur of (i) the
  date of the consummation of such Alternative Transaction Proposal or (ii) the
  date of any termination of any definitive agreement relating to such Alternative
  Transaction Proposal, a fee of $200 million.”

 

Section
  1.16.   Amendment to Section 13.12 (“Specific Performance”).
  Section 13.12 of the Agreement is hereby amended by replacing the reference
  therein to “Incumbent Directors (other than those designated by Buyer)”
  with “the Nonprofit Corporation”.

 

Section
  1.17.   Amendment to Article 13.

 

(a)  
   Article 13 is hereby amended to add a new Section 13.14 reading as follows:

 

“Section
  13.14. Pre-Closing Competing Acquisition Proposal. (a) If, prior to
  Closing, the Company takes an action permitted by the proviso contained in Section
  8.03(a) and such action is an Agreement Action or a Defense Removal Action,
  the Company shall enter into a binding agreement with the Third Party that has
  made such Alternative Transaction Proposal pursuant to which the Company and
  such Third Party shall agree that neither the closing date of such Alternative
  Transaction Proposal nor the record date for any vote by shareholders of the
  Company that may be required in connection with such Alternative Transaction
  Proposal shall occur prior to the Closing Date unless prior to both the closing
  date of such Alternative Transaction Proposal and such record date, Buyer shall
  have terminated this Agreement pursuant to Section 12.01(e)(vi).

      8

 

  (b)      The Company shall deliver
      to Buyer a copy of the binding agreement contemplated by Section 13.14(a)
      promptly after the execution thereof.”

(b)  
   Article 13 is hereby amended to add a new Section 13.15 reading as follows:

 

“Section
  13.15. Suspension of Article 8 Rights. If the Company enters into an
  agreement with a Third Party into which it is permitted to enter in accordance
  with Section 8.03 and such agreement relates to a 100% Acquisition Proposal,
  upon the execution and delivery of such agreement by the parties thereto, the
  rights of Buyer under Sections 8.05, 8.06 and 8.08 shall be suspended until
  the date, if any, upon which such agreement is terminated in accordance with
  its terms.”

 

Section
  1.18.   Amendment to Voting Trust Agreement. The parties
  agree to modify the form of Voting Trust Agreement prior to the Closing (as
  defined in the Agreement) to conform to the changes to the Agreement effected
  by this Amendment, including, without limitation by providing that (a) shares
  held by the voting trust may not be released by reason of any legislative change
  in the Pennsylvania Law and (b) to the extent that shares held by the Voting
  Trust are treasury shares, such shares will not be released from the Voting
  Trust unless the issuance of such shares to Buyer has been approved by a vote
  of the Company shareholders that complies with the rules of the NYSE.

 

ARTICLE
  2

MISCELLANEOUS

 

Section
  2.01.   Article 13 of the Agreement. All provisions of Article
  13 of the Agreement, as amended hereby, shall continue to apply to the Agreement,
  as amended hereby, and (other than Section 13.10) shall apply to this Amendment
  (with each reference therein to “Agreement” deemed to be a reference
  to this “Amendment”). 

 

Section
  2.02.   Amendment to Section 13.10 (“Entire Agreement”).
  Section 13.10 of the Agreement is hereby amended and restated in its entirety
  to read as follows: 

      9

 

“This
  Agreement, the Registration Rights Agreement and the Voting Trust Agreement,
  as the same may be amended by the parties, constitute the entire agreement between
  the parties with respect to the subject matter hereof and thereof and supersede
  all prior agreements and understandings, both oral and written, between the
  parties with respect to the subject matter hereof and thereof.”

 

Section
  2.03 . Effect on Investment Agreement. The amendments to the Agreement
  contemplated by this Amendment are limited precisely as written and shall not
  be deemed to be an amendment to any other terms or conditions of the Agreement.
  The Agreement shall continue in full force and effect as amended by this Amendment
  in accordance with its terms. From and after the date hereof, all references
  to the Agreement shall be deemed to mean the Agreement as amended by this Amendment.

 

Section
  2.04 . Entire Agreement. This Amendment, the Agreement, the Registration
  Rights Agreement and the Voting Trust Agreement constitute the entire agreement
  between the parties with respect to the subject matter hereof and thereof and
  supersede all prior agreements and understandings, both oral and written, between
  the parties with respect to the subject matter hereof and thereof.

 

      10

IN
  WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
  by their respective authorized officers as of the day and year first above written.

 

  	 	 	 
	 	
        BANCO
          SANTANDER CENTRAL

        HISPANO,
          S.A.

      
	 

         	 

         	 

         
	 	By:  	 /s/ Juan Rodriguez Inciarte
	 	
        

        Name: Juan
          Rodriguez Inciarte

        Title: Director
          General

      
	 	 

	 	 	 
	 	
        SOVEREIGN
          BANCORP, INC.

      
	 

         	 

         	 

         
	 	By:  	 /s/ Jay S. Sidhu
	 	
        

        Name: Jay
          S. Sidhu

        Title: Chairman,
          President and CEOPrepared and Filed by St Ives Financial

    
Exhibit 4.3

 

SECOND
  AMENDMENT TO INVESTMENT AGREEMENT

 

        This
  SECOND AMENDMENT (this “Second Amendment”) to the
  Investment Agreement (the “Agreement”) dated as
  of October 24, 2005 and amended as of November 22, 2005 between Banco Santander
  Central Hispano, S.A., a Spanish sociedad anónima (“Buyer”),
  and Sovereign Bancorp, Inc., a Pennsylvania corporation (the “Company”),
  is made as of May 31, 2006, between Buyer and the Company. 

 

        WHEREAS,
  in accordance with Section 13.02(a) of the Agreement, the parties wish to amend
  the Agreement in certain respects as more fully set forth below;

 

NOW,
  THEREFORE, the parties hereto agree as follows:

 

ARTICLE 1 

  

  AMENDMENT
    TO
    AGREEMENT

 

        Section
  1.01. Amendment to Section 1.01 (“Definitions”). The definition
  of “PA Law Termination Date” in Section 1.01(a) of the Agreement
  is hereby amended by adding after the word “Company” and before
  the word “by” the following: “, in each case”.

 

Section
  1.02 Amendment
  to Section 2.04 (“Gross Up Rights”). 

 

(a)  Section
  2.04(c)(iv) is hereby amended to replace the period at the end thereof with
  a semicolon.

 

(b)  Section
  2.04(c) is hereby amended by adding at the end thereof the following proviso:

 

“provided
  that if the treasury share exception to NYSE Rule 312.03 shall have been altered
  (on a basis which could reasonably apply to the purchase of Voting Securities
  contemplated by this Section 2.04(c)) or eliminated, or there shall be an outstanding
  proposal by the NYSE or the SEC to alter (on a basis which could reasonably
  be expected to apply to the purchase of Voting Securities contemplated by this
  Section 2.04(c)) or eliminate the treasury share exception, then in lieu of
  clause (i) above, and subject to Applicable Law, Buyer and its Affiliates shall
  have the option to purchase in open market transactions or from third parties
  that number of Voting Securities that Buyer or its Affiliates would otherwise
  have had the right to purchase pursuant to clause (i) above (up to the Permitted
  Limit). Upon the request of Buyer, the Company will promptly as practicable
  furnish Buyer with a statement setting forth the number of Treasury Shares then
  held by the Company, specifying in reasonable detail the transactions giving
  rise to such Treasury Shares.”

     

  

  
     

  

 

ARTICLE
  2

  

  MISCELLANEOUS

 

 
  Section 2.01 .
  Article 13 of the Agreement. All provisions of Article 13 of the Agreement,
  as amended hereby, shall continue to apply to the Agreement, as amended hereby,
  and Sections 13.01 to 13.09 shall apply to this Second Amendment, with each
  reference therein to “Agreement” deemed to be a reference to this
  Second Amendment. 

 

 
  Section 2.02 .
  Effect on Investment Agreement. The amendments to the Agreement contemplated
  by this Second Amendment are limited precisely as written and shall not be deemed
  to be an amendment to any other terms or conditions of the Agreement. 

 

 
  Section 2.03 .
  Effectiveness. This Second Amendment shall become effective as of the
  date hereof. Upon effectiveness, the Agreement shall continue in full force
  and effect as amended by this Second Amendment in accordance with its terms
  and all references in the Agreement to the “Agreement” shall be
  deemed to mean the Agreement as amended by this Second Amendment.

 

 
  Section 2.04 .
  Entire Agreement. This Second Amendment, the Amendment dated November 22,
  2005, the Agreement, the Registration Rights Agreement and the Voting Trust
  Agreement constitute the entire agreement between the parties with respect to
  the subject matter hereof and thereof and supersede all prior agreements and
  understandings, both oral and written, between the parties with respect to the
  subject matter hereof and thereof. 

 

 
  Section 2.05 .
  Defined Terms. Capitalized terms used but not defined herein shall
  have the meanings assigned to them in the Agreement. 

2

  
  IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to
  be duly executed by their respective authorized officers as of the day and year
  first above written.

 

  	 	 	 
	 	
        BANCO
          SANTANDER CENTRAL

        HISPANO,
          S.A.

      
	 

         	 

         	 

         
	 	By:  	/s/ Juan
      Rodriguez Inciarte
	 	
        
          

        

        Name: Juan
          Rodriguez Inciarte

        Title: Director
          General

      
	 	 

  	 	 	 
	 	
        SOVEREIGN
          BANCORP, INC.

      
	 

         	 

         	 

         
	 	By:  	 /s/ Mark R. McCollom
	 	
        
          

        

        Name: Mark
        R. McCollom

        Title: Chief
            Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]