Document:

<PAGE>

                                                                    Exhibit 4.11

     THIS SECURITY IS NOT A DEPOSIT OR OTHER OBLIGATION OF A DEPOSITORY
INSTITUTION AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE
BANK INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR UNDER THE PUERTO RICO UNIFORM SECURITIES ACT
OR ANY OTHER STATE OR COMMONWEALTH OF PUERTO RICO SECURITIES LAWS. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

     THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF
SANTANDER BANCORP THAT (a) THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED OTHER THAN (1) TO SANTANDER BANCORP OR A SUBSIDIARY THEREOF OR TO
THE TRUST, (2) IN A TRANSACTION ENTITLED TO AN EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (3) SO LONG AS
THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT ("RULE 144A"), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (4) TO A "NON U.S. PERSON" IN AN "OFFSHORE TRANSACTION" PURSUANT TO
REGULATION S UNDER THE SECURITIES ACT, (5) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT TO AN "ACCREDITED INVESTOR" WITHIN THE
MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN "ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A
VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION
OF THE SECURITIES ACT, OR (6) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT, SUBJECT, IN THE CASE OF CLAUSES (5) OR
(6), TO THE RECEIPT BY SANTANDER BANCORP OF AN OPINION OF COUNSEL OR SUCH OTHER
EVIDENCE ACCEPTABLE TO SANTANDER BANCORP THAT SUCH RESALE, PLEDGE OR TRANSFER IS
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (7) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT AND THAT (b) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE
RESALE RESTRICTIONS REFERRED TO IN THE AMENDED AND RESTATED DECLARATION OF TRUST
AND DELIVER TO THE TRANSFEREE (OTHER THAN A QUALIFIED INSTITUTIONAL BUYER) PRIOR
TO THE SALE A COPY OF THE TRANSFER RESTRICTIONS APPLICABLE HERETO (COPIES OF
WHICH MAY BE OBTAINED FROM SANTANDER BANCORP).

     THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION
RIGHTS AGREEMENT DATED AS OF FEBRUARY 28, 2006 AND, BY ITS ACCEPTANCE HEREOF,
AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION
RIGHTS AGREEMENT.

     IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY
THE DECLARATION TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
RESTRICTIONS.

<PAGE>

REGISTERED NO. 001                                PRINCIPAL AMOUNT: $129,000,000

                                SANTANDER BANCORP

                 7.00% JUNIOR SUBORDINATED DEBENTURES, SERIES A
                                DUE JULY 1, 2036

     SANTANDER BANCORP, a corporation duly organized and existing under the laws
of the Commonwealth of Puerto Rico (hereinafter called the "Company," which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Banco Popular de Puerto Rico, as
Property Trustee of Santander PR Capital Trust I, or registered assigns, the
principal sum of One Hundred Twenty-Nine Million Dollars ($129,000,000) on July
1, 2036. The Company further promises to pay interest on the principal sum from
February 28, 2006 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for semiannually (subject to deferral as
set forth herein) on the first day of each January and July of each year
commencing January 1, 2007 at the rate of 7.00% per annum, together with
Additional Sums, if any, as provided in Section 1007 of the Indenture, until the
principal hereof is paid or made available for payment; provided, however, that
any overdue installment of interest (after giving effect to any Extension Period
permitted by this Security) shall bear Additional Interest at the rate of 7.00%
per annum (to the extent that the payment of such interest shall be legally
enforceable), from the date such installment was due until it is paid or made
available for payment. The amount of interest payable for any period less than a
full semiannual interest period shall be computed on the basis of a 360-day year
of twelve 30-day months and the actual days elapsed in such partial period. The
amount of interest payable for any full semiannual interest period shall be
computed by dividing the applicable rate per annum by two. 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
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the 15th
calendar day (whether or not a Business Day, as defined below) of the month next
preceding such Interest Payment Date. If an Interest Payment Date is not a
Business Day, interest on this Security shall be payable on the next day that is
a Business Day, with the same force and effect as if made on such Interest
Payment Date, and without any interest or other payment with respect to the
delay. "Business Day" as used hereinabove is a day other than a Saturday, a
Sunday or any other day on which banking institutions in San Juan, Puerto Rico,
Wilmington, Delaware or New York, New York are authorized or required by law,
regulation or executive order to remain closed or are customarily 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 Security (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 Securities 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 Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

     So long as no Event of Default has occurred and is continuing, the Company
shall have the right, at any time during the term of this Security, from time to
time to defer the payment of interest on this Security for up to 60 consecutive
monthly interest payment periods with respect to each deferral period (each an
"Extension Period"), during which Extension Period the Company shall have the
right to make a partial payment of interest on any Interest Payment Date, at the
end of which the Company shall pay all interest then accrued and unpaid
including any Additional Interest, as provided below; provided, however, that no
Extension Period shall extend beyond the Maturity of the principal of this
Security and no such Extension Period may end other than at the end of a full
monthly interest period; and provided, further, however, that during any such
Extension Period, the Company shall not (i) make any payment of principal of or
interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Company that rank pari passu in all respects with or junior in
interest to this Security (except for any partial payments of interest with
respect to and permitted under the Securities of this series), or (ii) declare
or pay any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company's capital stock (other
than

<PAGE>

(a) repurchases, redemptions or other acquisitions of shares of capital stock of
the Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of any one or more employees,
officers, directors, consultants or independent contractors, in connection with
a dividend reinvestment or stockholder stock purchase plan or in connection with
the issuance of capital stock of the Company (or securities convertible into or
exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (b) as a
result of an exchange, redemption or conversion of any class or series of the
Company's capital stock (or any capital stock of a subsidiary of the Company)
for any other class or series of the Company's capital stock or of any class or
series of the Company's indebtedness for any class or series of the Company's
capital stock, (c) the purchase of fractional interests in shares of the
Company's capital stock pursuant to the conversion or exchange provisions of
such capital stock or the security being converted or exchanged, (d) any
declaration of a dividend in connection with any Rights Plan, or the issuance of
rights, stock or other property under any Rights Plan, or the redemption or
repurchase of rights pursuant thereto, (e) payments by the Company under the
Guarantee Agreement, or (f) any dividend in the form of stock, warrants, options
or other rights where the dividend stock or the stock issuable upon exercise of
such warrants, options or other rights is the same stock as that on which the
dividend is being paid or ranks pari passu with or junior to such stock). Prior
to the termination of any such Extension Period, the Company may extend such
Extension Period and further defer the payment of interest, provided that no
Extension Period shall exceed 60 consecutive monthly interest payment periods,
extend beyond the Maturity of the principal of this Security or end other than
at the end of a full monthly interest period. Upon the termination of any such
Extension Period and upon the payment of all accrued and unpaid interest and any
Additional Interest then due on any Interest Payment Date, the Company may elect
to begin a new Extension Period, subject to the above conditions. No interest or
Additional Interest shall be due and payable during an Extension Period, except
at the end thereof, but each installment of interest that would otherwise have
been due and payable during such Extension Period shall bear Additional Interest
(to the extent that the payment of such interest shall be legally enforceable)
at the rate of 7.00% per annum, compounded monthly and calculated as set forth
in the first paragraph of this Security, from the dates on which amounts would
otherwise have been due and payable until paid or made available for payment.
The Company shall give the Holder of this Security and the Trustee notice of its
election to begin any Extension Period at least one Business Day prior to the
next succeeding Interest Payment Date on which interest on this Security would
be payable but for such deferral or, so long as such Securities are held by or
on behalf of Santander PR Capital Trust I, at least one Business Day prior to
the earlier of (i) the next succeeding date on which Distributions on the
Capital Trust Securities of such Issuer Trust would be payable but for such
deferral, and (ii) the date on which the Property Trustee of such Issuer Trust
is required to give notice to holders of such Capital Trust Securities of the
record date or the date such Distributions are payable.

     Payment of interest, including Additional Interest, on this Security will
be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of San Juan, Puerto Rico, 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, upon written request of a Holder of $1,000,000 or more in
aggregate principal amount of Securities of this series not less than 15
calendar days prior to the applicable Interest Payment Date, by wire transfer to
such account as may have been designated by such Person. Payment of principal of
and interest, including Additional Interest, on this Security at Maturity will
be made against presentation of this Security at the office or agency of the
Company maintained for that purpose in the City of San Juan, Puerto Rico.

     Reference is hereby made to the further provisions of this Security 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, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

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

DATED: February 28, 2006

                                        SANTANDER BANCORP

                                        By:
                                            ------------------------------------
                                        Name: Carlos M. Garcia
                                        Title: Senior Executive Vice President
                                               and Chief Operating Officer

                                        By:
                                            ------------------------------------
                                        Name: Juan P. Perez Hanley
                                        Title: Senior Vice President and
                                               Treasurer

TRUSTEE'S CERTIFICATE
OF AUTHENTICATION
This is one of the Securities
of the series designated
therein referred to in the
within-mentioned Indenture.

Banco Popular de Puerto Rico
as Trustee

By:
    ---------------------------------
    Authorized Signature

OR

                                , as
--------------------------------
Authenticating Agent for the Trustee

By:
    ---------------------------------
    Authorized Signature

<PAGE>

                             [REVERSE OF DEBENTURE]

                                SANTANDER BANCORP

                 7.00% JUNIOR SUBORDINATED DEBENTURES, SERIES A
                                DUE JULY 1, 2036

     This Security is one of a duly authorized issue of junior subordinated
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an indenture dated as of February 28, 2006,
as amended or supplemented from time to time (herein called the "Indenture"),
between the Company and, as Trustee (herein called the "Trustee," which term
includes any successor trustee under 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 Securities, and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, limited in
aggregate principal amount to $129,000,000. All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in
the Indenture unless otherwise defined in this Security.

     Subject to any required prior approval of the Primary Federal Regulator,
the Company may at any time, at its option, on or after July 1, 2011, and
subject to the terms and conditions of Article Eleven of the Indenture, redeem
the Securities of this series in whole at any time or in part from time to time,
at a Redemption Price equal to 100% of the principal amount thereof, together,
in the case of any such redemption, with accrued but unpaid interest, including
any Additional Interest, to but excluding the Redemption Date.

     In addition, upon the occurrence and during the continuation of a Tax
Event, an Investment Company Event or a Capital Treatment Event in respect of
Santander PR Capital Trust I, the Company may, at its option, at any time within
90 days of the occurrence and during the continuation of such Tax Event,
Investment Company Event or Capital Treatment Event, as the case may be, subject
to any required prior approval of the Primary Federal Regulator, redeem the
Securities of this series, in whole but not in part, subject to the terms and
conditions of Article Eleven of the Indenture, at a Redemption Price equal to
100% of the principal amount thereof, together, in the case of any such
redemption, with accrued but unpaid interest, including any Additional Interest,
to but excluding the Redemption Date.

     The Securities of this series are not subject to repayment at the option of
the Holder hereof. The Securities of this series will not be entitled to any
sinking fund.

     The indebtedness evidenced by the Securities of this series is, to the
extent and in the manner set forth in the Indenture, subordinate and subject in
right of payment to the prior payment in full of the principal of and premium,
if any, and interest on all Senior Debt of the Company, and each Holder of the
Securities of this series, by accepting the same, agrees to and shall be bound
by the provisions of the Indenture with respect hereto. The Securities of this
series shall rank on a parity with all Trust Related Securities, including
without limitation, the Guarantee Agreement related to the 7.00% Capital
Securities of Santander PR Capital Trust I.

     If an Event of Default, as defined in the Indenture, with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series 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 Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of all series to be affected, acting together. The
Indenture also contains provisions permitting the Holders of a majority in
principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together, on behalf of
the Holders of all Securities of such series, to waive compliance by the Company
with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities

<PAGE>

of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series. All of the rights of the Holders set forth in this
paragraph are subject to the rights of the holders of Capital Trust Securities
as set forth in the Indenture. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security 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 Security.

     The provisions contained in Section 403 and Article Seventeen of the
Indenture for defeasance of the entire indebtedness on this Security and certain
restrictive covenants and certain Events of Default do not apply to this
Security. The provisions contained in Section 401 of the Indenture for
defeasance of the entire indebtedness on this Security in certain circumstances
shall apply to this Security.

     Upon due presentment for registration of transfer of this Security at the
office or agency of the Company in the City of San Juan, Puerto Rico, a new
Security or Securities of this series in authorized denominations of $25 or
integral multiples thereof 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.

     If this Security is a Global Security, this Security is exchangeable for
definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this
Security or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a
successor depositary is not appointed within 90 days, (y) the Company in its
sole discretion determines that this Security shall be exchangeable for
definitive Securities in registered form and notifies the Trustee thereof, or
(z) an Event of Default with respect to the Securities represented hereby has
occurred and is continuing. If this Security is exchangeable pursuant to the
preceding sentence, it shall be exchangeable for definitive Securities in
registered form, bearing interest, including Additional Interest, at the same
rate, having the same date of issuance, redemption provisions, Stated Maturity
and other terms and of authorized denominations aggregating a like amount.

     If this Security is a Global Security, this Security may not be transferred
except as a whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor of the Depositary or a
nominee of such successor. Except as provided above, owners of beneficial
interests in this global Security will not be entitled to receive physical
delivery of Securities in definitive form and will not be considered the Holders
hereof for any purpose under the Indenture.

     Subject to the rights of holders of Senior Debt of the Company set forth in
this Security and the indenture referred to above, no reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and interest, including any Additional Interest, on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security and except that in the
event the Company deposits money or Eligible Instruments as provided in Section
401 of the Indenture, such payments will be made only from proceeds of such
money or Eligible Instruments.

     Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security 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, including Additional Interest, on this Security, 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.

     The Company and, by its acceptance of this Security or a beneficial
interest herein, the Holder of, and any Person that acquires a beneficial
interest in, this Security, agree that for United States federal or Puerto Rico,
state and

<PAGE>

local tax purposes it is intended that this Security constitute indebtedness.

<PAGE>

                                  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 Security of SANTANDER BANCORP and does hereby irrevocably constitute
and appoint __________________ attorney to transfer the said Security 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.<PAGE>

                              CONTRATO DE PRESTAMO

Importe: 725.000.000 USD
Vencimiento al dia: 28 de Agosto de 2006

27 de febrero de 2006.

                                 R E U N I D O S

DE UNA PARTE, SANTANDER BANCORP, denominado en lo sucesivo "EL PRESTATARIO", con
Tax ID: 66-0573723, con domicilio social en 207 Ponce de Leon Avenue, San Juan,
Puerto Rico, 00917 representado en este acto por quien suscribe el presente
documento.

DE OTRA PARTE, SANTUSA HOLDING S.L., en adelante "EL PRESTAMISTA", con NIF:
B81343071, con domicilio social en Avenida de Cantabria s/n, 28660, Boadilla del
Monte, Madrid, representado en este acto por D. Cesar Esteban Ortega Gomez,
identificado con NIF: 274.806 W y por D. Jose Manuel Tejon Borrajo, identificado
con NIF: 1.384.545-Z

                                  E X P O N E N

Que el PRESTAMISTA y el PRESTATARIO han convenido la concesion por el primero al
segundo de un prestamo por el importe que luego se dira y deseando fijar los
terminos y condiciones aplicables al prestamo, lo llevan a efecto con sujecion a
las siguientes,

                           E S T I P U L A C I O N E S

PRIMERA.- Importe y finalidad.

El PRESTAMISTA concede al PRESTATARIO un prestamo (en adelante, el PRESTAMO) por
importe de SETECIENTOS VEINTICINCO MILLONES DE DOLARES (725.000.000,00 USD).

El importe de PRESTAMO ha sido entregado al PRESTATARIO, en esta misma fecha y
con anterioridad a este acto, reconociendo el PRESTATARIO, mediante la firma de
este documento, haber recibido el capital del PRESTAMO.

La finalidad del presente PRESTAMO es la de financiar al PRESTATARIO para que
pueda adquirir la mayoria de los activos de la compania Island Finance en Puerto
Rico, de acuerdo con las actividades que segun su objeto social puede realizar
el PRESTATARIO.

<PAGE>

SEGUNDA.- Tipos de Interes.

2.1.     Devengo y liquidacion de los intereses a favor del PRESTAMISTA.

         Los intereses del PRESTAMO se entenderan devengados dia a dia a favor
         del PRESTAMISTA, y se liquidaran y seran pagados por el PRESTATARIO en
         la fecha de vencimiento del prestamo.

         Para el computo de los intereses se tomara en el denominador como base
         un ano de trescientos sesenta dias, calculandose sobre el numero exacto
         de dias naturales comprendidos en el periodo de liquidacion de
         intereses.

2.2.     Periodo de Interes.

         El Periodo de Interes, sera de duracion semestral y comprendera desde
         la fecha de firma de la presente poliza hasta el dia 28 de agosto de
         2006.

         La fecha de vencimiento final del contrato conllevara el vencimiento
         del Periodo de Intereses. Se entendera por fecha de vencimiento final
         aquella en que el PRESTATARIO deba abonar al PRESTAMISTA la cuota de
         principal.

2.3.     Tipo de interes.

         El tipo de interes aplicable al Periodo de Interes sera un tipo fijo
         correspondiente a 4.96500%

2.4.     Caracter vinculante del Tipo de Interes.

         El tipo de interes, determinado conforme a lo previsto en el apartados
         anterior, tendra caracter vinculante y obligatorio para el PRESTATARIO,
         y se entendera aceptado por este.

2.5.     Interes de demora.

         Sin perjuicio del derecho de resolucion atribuido al PRESTAMISTA en los
         distintos supuestos previstos en este contrato, si el PRESTATARIO
         incurriera en retraso, sea cual fuere su causa, en el cumplimiento de
         cualquier obligacion de pago que por cualquier concepto le incumba, con
         arreglo a lo establecido en el presente contrato, asi como en el caso
         de que vencido el PRESTAMO por cualquiera de las causas previstas
         contractualmente, el PRESTATARIO no reintegrase el capital adeudado,
         mas sus intereses y cualquier otro concepto que proceda, estara
         obligado a satisfacer interes de demora, sin necesidad de previo
         requerimiento.

         Dicho interes de demora se devengara dia a dia, liquidandose por
         semanas vencidas, o con anterioridad si se produjera el pago, y girara
         sobre las sumas cuyo pago se haya incumplido, tomando como base para su
         computo un ano de trescientos sesenta dias.

         El tipo de interes de demora aplicable sera el que estuviera vigente
         conforme a este contrato en la fecha de producirse el incumplimiento,
         incrementado en DOS puntos porcentuales (2%).

         Conforme al articulo 317 del Codigo de Comercio, los intereses vencidos
         y no satisfechos se capitalizaran por semanas vencidas de forma que,
         como aumento de capital, devenguen nuevos intereses al tipo de interes
         de demora senalado en el parrafo precedente.

<PAGE>

TERCERA.- Amortizacion ordinaria.

El PRESTATARIO devolvera al PRESTAMISTA el capital del PRESTAMO el dia 28 de
Agosto de 2006, fecha esta que sera la de vencimiento del presente contrato.

No obstante lo dispuesto en el parrafo precedente, el PRESTATARIO podra, si le
conviene, y previo aviso al PRESTAMISTA con quince dias de antelacion,
reembolsar anticipadamente todo o parte del capital prestado, sin penalizacion
alguna, siempre que lo sea por importe igual o superior a DIEZ MILLONES DE
DOLARES (10.000.000,00 USD), salvo que la cancelacion sea total, y ello sin
perjuicio de la correspondiente liquidacion e ingreso de los intereses que
procedan hasta la fecha efectiva del solicitado reembolso.

Si la fecha de vencimiento del contrato antes senalada, o del Periodo de
Interes, fuese inhabil, el pago o vencimiento se producira el siguiente dia
habil.

CUARTA.- Forma de pago

Tanto la amortizacion del capital como el pago de intereses, tributos y gastos,
se verificara mediante abono en la cuenta corriente numero 0049 1799 41
2812202946 (IBAN ES75-0049-1799-4128-1220-2946) abierta a nombre del PRESTAMISTA
en la oficina del banco Santander Central Hispano S.A. ubicada en Boadilla Del
Monte, Madrid, sin necesidad de previo requerimiento.

Todo pago realizado por el PRESTATARIO, de conformidad con este Contrato, sera
aplicado a los siguientes conceptos de entre los adeudados por PRESTATARIO, y
por el mismo orden que a continuacion se establece:

1.       Intereses ordinarios

2.       Intereses de demora

3.       Impuestos, tributos y tasas

4.       Gastos

5.       Costas judiciales

6.       Principal del Prestamo pendiente de amortizacion

La imputacion de pagos empezara por las deudas mas antiguas, sin que en ningun
caso, pueda entenderse que la efectuada por determinados debitos pueda
significar la renuncia a otros aunque sean mas antiguos y deriven del mismo u
otro concepto.

QUINTA.- Vencimiento anticipado.

No obstante la fecha fijada para el vencimiento del contrato, podra el
PRESTAMISTA darlo por vencido y exigir por anticipado el pago de la totalidad
del capital pendiente de amortizar, mas los intereses, comisiones y gastos que
procedan, declarando vencida la obligacion en su totalidad, en cualquiera de los
siguientes supuestos:

A.       Si el PRESTAMO no se destinara a la finalidad para la que ha sido
         concedido.

B.       Si tuviese lugar la insolvencia notoria del PRESTATARIO.

C.       Si el PRESTATARIO incumpliera cualquiera de las obligaciones contraidas
         en virtud del presente contrato, especialmente las de pago, tanto en la
         fechas convenidas, como en los importes pertinentes.

<PAGE>

D.       Si el PRESTATARIO incumpliera cualquier obligacion contraida con
         terceros acreedores que de derecho a resolver anticipadamente los
         contratos suscritos con dichos terceros; o si incumpliera obligaciones
         de pago que por su gravedad pudieran afectar adversamente a la
         situacion patrimonial del PRESTATARIO.

E.       Si el PRESTATARIO no mantuviera el presente prestamo y los derechos que
         del presente contrato se deriven para el PRESTAMISTA al menos con el
         mismo rango, preferencias y garantias reales, personales o de otro tipo
         que el prestamo o derechos que de cualquier contrato se deriven, ahora
         o en el futuro, para cualquier otro acreedor, excepto las preferencias
         y garantias creadas u otorgadas con anterioridad a este contrato, pero
         en este caso, no podra mejorarlas, aumentarlas ni prorrogarlas mas alla
         del modo o plazo en que se encuentran en el momento de la celebracion
         de este contrato.

Producido el vencimiento anticipado, el saldo resultante sera exigible de
acuerdo con lo establecido en la Estipulacion "Reclamacion Judicial" y
concordantes.

SEXTA.- Tributos y Gastos.

Son de cargo del PRESTATARIO los honorarios del Notario, en su caso; los
Tributos de todas clases, presentes y futuros, y los demas gastos que se
ocasionen con motivo de este contrato, incluso los que se deriven, en su caso,
del incumplimiento del PRESTATARIO.

Todas las cantidades que el PRESTATARIO deba pagar bajo el presente contrato,
seran satisfechas sin deduccion ni retencion alguna, corriendo por cuenta del
PRESTATARIO los Tributos y gastos que pudieran gravar dichos pagos, ahora o en
el futuro, pero excluyendo, en todo caso, el Impuesto sobre Sociedades que grave
los rendimientos obtenidos por EL PRESTAMISTA.

SEPTIMA.- Cuenta del Prestamo y Reclamacion Judicial.

El PRESTAMISTA abrira y llevara en su contabilidad una cuenta de prestamo a
nombre del PRESTATARIO. En dicha cuenta, adeudara el capital entregado al
PRESTATARIO, asi como los intereses, comisiones, gastos, intereses de demora,
costes adicionales y cuantas otras cantidades se devenguen, de acuerdo con el
presente Contrato, y sean de cuenta del PRESTATARIO. De igual modo, se abonaran
en dicha cuenta las cantidades recibidas por el PRESTATARIO en concepto de
amortizacion de principal, pago de intereses, comision, gastos, intereses de
demora, costes adicionales y otros conceptos contractuales.

A efectos de lo dispuesto en el articulo 572.2 de la Ley de Enjuiciamiento Civil
se pacta expresamente por los contratantes que la liquidacion para determinar la
deuda ejecutivamente reclamable se practicara por el PRESTAMISTA, el cual
expedira la oportuna certificacion que recoja el saldo que presente la cuenta el
dia del cierre.

Seran de cargo del PRESTATARIO todos los gastos y tributos que se causen por
razon de los documentos fehacientes necesarios para la ejecucion.

Todo ello sin perjuicio de los demas medios de prueba y procedimientos admitidos
en Derecho.

<PAGE>

OCTAVA.- Naturaleza.

Este contrato de PRESTAMO tiene caracter mercantil y se regira por las Leyes del
Reino de Espana; en primer termino, por las Estipulaciones contenidas en esta
Poliza y, en lo que en ellas no estuviere previsto, se atendran las partes
contratantes a las disposiciones del Codigo de Comercio, a los usos y costumbres
mercantiles y, en su defecto, a lo establecido en el Codigo Civil.

NOVENA.- Domicilios.

Para todos los efectos de notificaciones, requerimientos y comunicaciones a que
se diera lugar por virtud de la presente Poliza, se fija como domicilio del
PRESTATARIO el que tiene en 207 Ponce de Leon Aveneu, San Juan, Puerto Rico
00917, y su numero de telefax el +1 787 777 4193

El domicilio del PRESTAMISTA , a los mismos efectos, sera el de Avenida de
Cantabria s/n, 28660 Boadilla del Monte (Madrid) y su numero de telefax el 34 91
257 03 50.

DECIMA.- Computo de fechas y plazos.

A todos los efectos previstos en este contrato, se entendera por:

1.- "DIA".- Todos los dias del calendario. Cuando se hable de dias, se
entenderan como naturales.

2.- "DIA HABIL".- Cualquier dia de la semana, excepto los sabados, domingos y
festivos, calificados como tales en el calendario oficial para la ciudad de
Nueva York.

3.- "SEMESTRE" o "SEIS MESES".- El periodo de tiempo comprendido entre un dia
determinado y el dia del mismo numero del sexto mes consecutivo siguiente, ambos
inclusive, salvo que en dicho mes no hubiera dia equivalente, en cuyo caso se
entendera que concluye el ultimo dia habil del sexto mes.

A efectos de liquidacion de los intereses, en el computo se incluira el primer
dia de cada periodo, pero se excluira el ultimo dia de tal periodo.

A efectos del vencimiento del PRESTAMO y de los periodos de interes, si el
ultimo dia fuese inhabil el vencimiento se producira el dia habil siguiente. El
exceso de duracion que pudiera producirse en un Periodo de Interes, como
consecuencia de lo anterior, se deducira en el inmediato siguiente.

En fe de todo ello, los otorgantes aceptan este contrato en todas sus partes y
se someten expresamente al fuero de los Juzgados y Tribunales de la ciudad de
Madrid, lugar de cumplimiento de la obligacion, leen este contrato, lo
encuentran conforme, se ratifican y lo firman en 2 ejemplares, uno para cada
parte contratante, que manifiestan recibir en este acto.

SANTUSA HOLDING S.L                          SANTANDER BANCORP
Por Poder                                    Por Poder

D.                                           D.
  --------------------------                   --------------------------------
   Cesar Ortega Gomez                           Carlos M. Garcia

D.                                           D.
  --------------------------                   --------------------------
   Jose M. Tejon Bornajo                        Juan P. Perez Hanley

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