Document:

EX-4.3

Exhibit 4.3

RULE 144A GLOBAL NOTE

THE NOTES ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK OR NONBANK SUBSIDIARY
OF SOVEREIGN BANCORP, INC. AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY.

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE ‘‘SECURITIES ACT’’), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY OF THE NOTES
EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER OF ANY OF THESE NOTES MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO
THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE
144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND
(B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO SOVEREIGN BANCORP, INC. OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	 	 	 	 	 

1

	 	 	 	 	 
	CUSIP NO. 845905 AR 9
	 	PRINCIPAL AMOUNT:  $181,500,000

	REGISTERED NO. R-1
	 	 	 	 

SOVEREIGN BANCORP, INC.

Senior Floating Rate Notes due 2009

SOVEREIGN BANCORP, INC., a Pennsylvania corporation (hereinafter called the “Company,” which
term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of ONE
HUNDRED EIGHTY-ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($181,500,000) (or such lesser amount as
shall be the outstanding principal amount of this Note listed on Schedule A hereto) on March 1,
2009 and to pay interest hereon from September 1, 2005, or from the most recent Interest Payment
Date (as defined below) to which interest has been paid or duly provided for on the dates and at
the rate set forth below, until the principal hereof is paid or made available for payment;
provided that if a Registration Default (as such term is defined in the Registration Rights
Agreement, dated September 1, 2005, among the Company and the Purchasers named therein (the
“Registration Rights Agreement”)) has occurred and is continuing, then the per annum rate of
interest on this Note will increase by 0.25% for the first 90 days of the Registration Default
Period (as such term is defined in the Registration Rights Agreement) and by 0.50% thereafter for
the remaining portion of the Registration Default Period. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date (as defined below) for such interest (whether or not a
Business Day) next preceding such Interest Payment Date.

The per annum rate at which this Note shall bear interest shall equal LIBOR (as defined below)
plus 0.28%, as determined by the Calculation Agent (as defined below) and shall be reset quarterly
on the first day of each Interest Period (as defined below). The amount of interest payable for
each day this Note is outstanding (the “Daily Interest Amount”) shall be calculated by dividing the
interest rate in effect for each such day by 360 and multiplying the result by the principal amount
of this Note. The amount of interest to be paid on this Note for each Interest Period will be
calculated by adding the Daily Interest Amounts for each day in the Interest Period.

Interest on this Note shall be payable on each March 1, June 1, September 1 and December 1,
commencing December 1, 2005, and at Maturity (each such date, an “Interest Payment Date”). If any
Interest Payment Date shall fall on a day that is not a Business Day, other than the Interest
Payment Date that is also the date of Maturity, such Interest Payment Date shall be postponed to
the following day that is a Business Day; provided, however, if such next Business Day is in a
different month, then interest on this Note shall be paid on the Business Day immediately preceding
such Interest Payment Date. If the date of Maturity for this Note falls on a day that is not a
Business Day, payment of the principal and interest with respect to this Note shall be paid on the
next succeeding Business Day with the same force and effect as if made on such date and no interest
on such payment will accrue from and after such date. “Business Day” as used herein is a day other
than a Saturday, a Sunday or any other day on which banking institutions in Philadelphia,
Pennsylvania or New York, New York are authorized or required by law or executive order to remain
closed and which is also a London Banking Day (as defined below). The Regular Record Date for an
Interest Payment Date shall be the fifteenth calendar day prior to such Interest Payment Date. On
each Interest Payment Date, the Company shall pay interest for the period commencing on and
including the immediately preceding Interest Payment Date (or commencing on and including September
1, 2005 if no interest has been paid) and ending on and including the next day preceding such
Interest Payment Date (each such period, an “Interest Period”).

“LIBOR,” with respect to an Interest Period, shall be the rate (expressed as a percentage per
annum) for deposits in United States dollars for a three-month period beginning on the second
London Banking Day after the Determination Date (as defined below) that appears on Telerate Page
3750 (as defined below) as of 11:00 a.m., London time, on the Determination Date. If Telerate Page
3750 does not include this rate or is unavailable on the Determination Date, the Calculation Agent
shall request the principal London office of each of four major banks in the London interbank
market, as selected by the Calculation Agent, to provide that bank’s offered quotation (expressed
as a percentage per annum) as of approximately 11:00 a.m., London time, on the Determination Date
to prime banks in the London interbank market for deposits in a Representative Amount (as defined
below) in United States dollars for a three-month period beginning on the second London Banking Day
after the Determination Date. If at least two offered quotations are so provided, LIBOR for the
Interest Period will be the arithmetic mean of those quotations. If fewer than two quotations are
so provided, the Calculation Agent will request each of three major banks in New York City, as
selected by the Calculation Agent, to provide that bank’s rate (expressed as a percentage per
annum), as of approximately 11:00 a.m., New York City time, on the Determination Date for loans in
a Representative Amount in United States dollars to leading European banks for a three-month period
beginning on the second London Banking Day after the Determination Date. If at least two rates are
so provided, LIBOR for the Interest Period will be the arithmetic mean of those rates. If fewer
than two rates are so provided, then LIBOR for the Interest Period will be LIBOR in effect with
respect to the immediately preceding Interest Period.

“Determination Date” means, with respect to an Interest Period, the second London Banking Day
preceding the first day of the Interest Period.

“London Banking Day” means any day on which dealings in United States dollars are transacted
or, with respect to any future date, are expected to be transacted in the London interbank market.

“Representative Amount” means a principal amount that is representative for a single
transaction in the relevant market at the relevant time.

“Telerate Page 3750” means the display designated as “Page 3750” on Moneyline Telerate, Inc.
or any successor service (or such other page as may replace Page 3750 on that service or a
successor service).

All percentages resulting from any of the above calculations will be rounded, if necessary, to
the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage
point rounded upwards (e.g., 9.876545% (or 0.09876545) being rounded to 9.87655% (or 0.0987655))
and all dollar amounts used in or resulting from such calculations will be rounded to the nearest
cent (with one-half cent being rounded upwards).

The interest rate on the Notes of this series will in no event be higher than the maximum rate
permitted by New York law as the same may be modified by United States law of general application.

The Company shall provide that, so long as the Notes remain outstanding, the Company shall
maintain under appointment a calculation agent (the “Calculation Agent”), initially BNY Midwest
Trust Company, to calculate the rate of interest payable on the Notes in respect of each Interest
Period. If the Calculation Agent is unable or unwilling to continue to act as the Calculation
Agent or if the Calculation Agent fails to establish the rate of interest for any Interest Period,
the Company shall appoint another bank to act as such in its place. The Calculation Agent shall
not resign its duties without a successor having been appointed as aforesaid. The Company may
appoint a successor Calculation Agent with the written consent of the Paying Agent, which consent
shall not be unreasonably withheld.

The Calculation Agent will, upon the request of the Holder hereof, provide the interest rate
then in effect. All calculations of the Calculation Agent, in the absence of manifest error, shall
be conclusive for all purposes and binding on the Company and the Holder hereof.

Any interest not punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture.

Payment of interest on this Note will be made in immediately available funds at the office or
agency of the Paying Agent for the Notes, initially BNY Midwest Trust Company, maintained for that
purpose in The City of New York in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that,
at the option of the Company, payment of interest may be paid by check mailed to the Person
entitled thereto at such Person’s last address as it appears in the Security Register or by wire
transfer to such account as may have been designated by such Person. Payment of principal of and
interest on this Note at Maturity will be made against presentation of this Note at the office or
agency of the Company maintained for that purpose in The City of New York.

Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, or its duly authorized agent under the Indenture
referred to on the reverse hereof by manual signature, the Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

2

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

DATED: September 1, 2005

SOVEREIGN BANCORP, INC.

By:     

Attest:     

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Notes, of the

series designated herein, described

in the within-mentioned Indenture.

BNY MIDWEST TRUST COMPANY

as Trustee

By:     

Authorized Signature

3

[Reverse of Note]

SOVEREIGN BANCORP, INC.

Senior Floating Rate Notes due 2009

This Note is one of a duly authorized issue of Debt Securities of the Company, designated as
the Company’s “Senior Floating Rate Notes due 2009” (herein called the “Notes”), issued and to be
issued in one or more series under an indenture, dated as of February 1, 1994 (the “Base
Indenture”), between the Company and BNY Midwest Trust Company, as successor to Harris Trust and
Savings Bank, as trustee (herein called the “Trustee,” which term includes any successor trustee
under the Indenture), as supplemented by a Sixth Supplemental Indenture, dated as of September 1,
2005, between the Company and the Trustee (“Supplemental Indenture No. 6” and, together with the
Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of
the series designated on the face hereof, initially limited in aggregate principal amount to
$200,000,000; provided, however, that the Company may, so long as no Event of Default has occurred
and is continuing, without the consent of the Holders of Notes, issue additional notes with the
same terms (except as to public offering price and issue date) as the Notes, and such additional
Notes shall be considered part of the same series under the Indenture as the Notes.

The Notes are not subject to redemption at the option of the Company or repayment at the
option of the Holder hereof prior to March 1, 2009. The Notes will not be entitled to any sinking
fund.

If an Event of Default, as defined in the Indenture, with respect to the Notes shall occur and
be continuing, the principal of the Notes may be declared due and payable in the manner and with
the effect provided in the Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Debt Securities of each series to be affected by such amendment or modification under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of 66 2/3% in principal
amount of the Outstanding Debt Securities of each such series to be so affected. The Indenture
also contains provisions permitting the Holders of a majority in aggregate principal amount of the
Outstanding Debt Securities of any series, on behalf of the Holders of all Debt Securities of such
series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Upon due presentment for registration of transfer of this Note at the office or agency of the
Transfer Agent for the Notes, initially BNY Midwest Trust Company, in The City of New York, a new
Note or Notes of this series in authorized denominations for an equal aggregate principal amount
will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to
the limitations provided therein and to the limitations described below, without charge except for
any tax or other governmental charge imposed in connection therewith.

No reference herein to the Indenture and no provision of this Note or the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

No recourse shall be had for the payment of the principal of or the interest on this Note, or
for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issuance hereof, expressly waived and released.

All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture unless otherwise defined in this Note.

4

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 
	TEN COM

	 	—
	 	as tenants in common
	 
	 	 	 	 
	TEN ENT

	 	—
	 	as tenants by the entireties
	 
	 	 	 	 
	JT TEN

	 	—
	 	as joint tenants with right of survivorship

and not as tenants in common

	 	 	 
	UNIF GIFT MIN ACT — __________________ Custodian ____________________

	 
	 	 
	(Cust)

	 	(Minor)

Under Uniform Gifts to Minors Act

     

(State)

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

Please Insert Social Security or

Other Identifying Number of Assignee

     

     
     
     

(Please print or type name and address including postal zip code of Assignee)

the within Note of SOVEREIGN BANCORP, INC. and does hereby irrevocably constitute and appoint
     attorney to transfer the said Note on the books of the Company, with full power
of substitution in the premises.

Dated:     

     

     

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.

5

SCHEDULE OF EXCHANGES

The following exchanges of Notes for Notes represented by this Rule 144A Global Note have been
made:

	 	 	 	 	 	 	 	 	 
	Principal

amount of this

Rule 144A

Global Note as

of September 1, 2005

	 	Date exchange

made
	 	Change in

Principal

Amount of this

Rule 144A

Global Note

due to

exchange
	 	

Principal

amount of this

Rule 144A Global

Note

due to exchange
	 	

Notation made

by or on behalf

of the Company
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	$181,500,000

	 	

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 

6EX-4.4

Exhibit 4.4

RULE 144A GLOBAL NOTE

THE NOTES ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK OR NONBANK SUBSIDIARY
OF SOVEREIGN BANCORP, INC. AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY.

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE ‘‘SECURITIES ACT’’), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY OF THE NOTES
EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER OF ANY OF THESE NOTES MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO
THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE
144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND
(B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO SOVEREIGN BANCORP, INC. OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	 	 	 	 	 

1

	 	 	 	 	 
	CUSIP NO. 845905 AT 5
	 	PRINCIPAL AMOUNT:  $272,500,000

	REGISTERED NO. R-1
	 	 	 	 

SOVEREIGN BANCORP, INC.

4.80% Senior Notes due 2010

SOVEREIGN BANCORP, INC., a Pennsylvania corporation (hereinafter called the “Company,” which
term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of TWO
HUNDRED SEVENTY-TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($272,500,000) (or such lesser amount as
shall be the outstanding principal amount of this Note listed on Schedule A hereto) on September 1,
2010 and to pay interest hereon from September 1, 2005, or from the most recent Interest Payment
Date (as defined below) to which interest has been paid or duly provided for, on March 1 and
September 1 of each year (each, an “Interest Payment Date”), commencing March 1, 2006, at the rate
of 4.80% per annum, until the principal hereof is paid or made available for payment; provided that
if a Registration Default (as such term is defined in the Registration Rights Agreement, dated
September 1, 2005, among the Company and the Purchasers named therein (the “Registration Rights
Agreement”)) has occurred and is continuing, then the per annum rate of interest on this Note will
increase by 0.25% for the first 90 days of the Registration Default Period (as such term is defined
in the Registration Rights Agreement) and by 0.50% thereafter for the remaining portion of the
Registration Default Period. Interest shall be computed on the basis of a 360 day year of twelve
30-day months and, for periods of less than a month, the actual number of days elapsed per 30-day
month. Interest payable on each Interest Payment Date shall equal the amount of interest accrued
for the period commencing on and including the immediately preceding Interest Payment Date in
respect of which interest has been paid (or commencing on and including September 1, 2005, if no
interest has been paid hereon) and ending on and including the day preceding such Interest Payment
Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of business on the February 15 and August
15 (whether or not a Business Day) (each, a “Regular Record Date”) prior to the related Interest
Payment Date. If any Interest Payment Date shall fall on a day that is not a Business Day, the
required payment shall be paid on the next succeeding Business Day with the same force and effect
as if made on such date. “Business Day” as used herein is a day other than a Saturday, a Sunday or
any other day on which banking institutions in Philadelphia, Pennsylvania or New York, New York are
authorized or required by law or executive order to remain closed.

Any interest not punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture.

Payment of interest on this Note will be made in immediately available funds at the office or
agency of the Paying Agent for the Notes, initially BNY Midwest Trust Company, maintained for that
purpose in The City of New York in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that,
at the option of the Company, payment of interest may be paid by check mailed to the Person
entitled thereto at such Person’s last address as it appears in the Security Register or by wire
transfer to such account as may have been designated by such Person. Payment of principal of and
interest on this Note at Maturity will be made against presentation of this Note at the office or
agency of the Company maintained for that purpose in The City of New York.

Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, or its duly authorized agent under the Indenture
referred to on the reverse hereof by manual signature, the Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

2

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

DATED: September 1, 2005

SOVEREIGN BANCORP, INC.

By:     

Attest:     

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Notes, of the

series designated herein, described

in the within-mentioned Indenture.

BNY MIDWEST TRUST COMPANY

as Trustee

By:     

Authorized Signature

3

[Reverse of Note]

SOVEREIGN BANCORP, INC.

4.80% Senior Notes due 2010

This Note is one of a duly authorized issue of Debt Securities of the Company, designated as
the Company’s “4.80% Senior Notes due 2010” (herein called the “Notes”), issued and to be issued in
one or more series under an indenture, dated as of February 1, 1994 (the “Base Indenture”), between
the Company and BNY Midwest Trust Company, as successor to Harris Trust and Savings Bank, as
trustee (herein called the “Trustee,” which term includes any successor trustee under the
Indenture), as supplemented by a Sixth Supplemental Indenture, dated as of September 1, 2005,
between the Company and the Trustee (“Supplemental Indenture No. 6” and, together with the Base
Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the terms
upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the
series designated on the face hereof, initially limited in aggregate principal amount to
$300,000,000; provided, however, that the Company may, so long as no Event of Default has occurred
and is continuing, without the consent of the Holders of Notes, issue additional notes with the
same terms (except as to public offering price and issue date) as the Notes, and such additional
Notes shall be considered part of the same series under the Indenture as the Notes.

The Notes are not subject to redemption at the option of the Company or repayment at the
option of the Holder hereof prior to September 1, 2010. The Notes will not be entitled to any
sinking fund.

If an Event of Default, as defined in the Indenture, with respect to the Notes shall occur and
be continuing, the principal of the Notes may be declared due and payable in the manner and with
the effect provided in the Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Debt Securities of each series to be affected by such amendment or modification under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of 66 2/3% in principal
amount of the Outstanding Debt Securities of each such series to be so affected. The Indenture
also contains provisions permitting the Holders of a majority in aggregate principal amount of the
Outstanding Debt Securities of any series, on behalf of the Holders of all Debt Securities of such
series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent or waiver is made upon this Note.

Upon due presentment for registration of transfer of this Note at the office or agency of the
Transfer Agent for the Notes, initially BNY Midwest Trust Company, in The City of New York, a new
Note or Notes of this series in authorized denominations for an equal aggregate principal amount
will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to
the limitations provided therein and to the limitations described below, without charge except for
any tax or other governmental charge imposed in connection therewith.

No reference herein to the Indenture and no provision of this Note or the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

No recourse shall be had for the payment of the principal of or the interest on this Note, or
for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issuance hereof, expressly waived and released.

All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture unless otherwise defined in this Note.

4

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 
	TEN COM

	 	—
	 	as tenants in common
	 
	 	 	 	 
	TEN ENT

	 	—
	 	as tenants by the entireties
	 
	 	 	 	 
	JT TEN

	 	—
	 	as joint tenants with right of survivorship

and not as tenants in common

	 	 	 
	UNIF GIFT MIN ACT — __________________ Custodian ____________________

	 
	 	 
	(Cust)

	 	(Minor)

Under Uniform Gifts to Minors Act

     

(State)

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

Please Insert Social Security or

Other Identifying Number of Assignee

     

     
     
     

(Please print or type name and address including postal zip code of Assignee)

the within Note of SOVEREIGN BANCORP, INC. and does hereby irrevocably constitute and appoint
     attorney to transfer the said Note on the books of the Company, with full power
of substitution in the premises.

Dated:     

     

     

5

NOTICE: The signature to this assignment must correspond with the name as written upon the face of

the within instrument in every particular, without alteration or enlargement or any change

whatever.SCHEDULE A

SCHEDULE OF EXCHANGES

The following exchanges of Notes for Notes represented by this Rule 144A Global Note have been
made:

	 	 	 	 	 	 	 	 	 
	Principal

amount of this

Rule 144A

Global Note as

of September 1, 2005

	 	Date exchange

made
	 	Change in

Principal

Amount of this

Rule 144A

Global Note

due to

exchange
	 	

Principal

amount of this

Rule 144A Global

Note

due to exchange
	 	

Notation made

by or on behalf

of the Company
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	$272,500,000

	 	

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 

6

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