Exhibit 10.50

AMENDMENT NO. 4 TO
FOURTH AMENDED AND RESTATED LOAN AGREEMENT

     AGREEMENT, made as of the 5th day of May, 2004, by and among:

     NATIONAL CONSUMER COOPERATIVE BANK, a corporation chartered by Act of
Congress of the United States which conducts business under the trade name
National Cooperative Bank (the “Borrower”);

     The Banks which have executed this Agreement (individually, a “Bank” and,
collectively, the “Banks”);

     FLEET NATIONAL BANK, as Administrative Agent for the Banks (in such
capacity, together with its successors in such capacity, the “Agent”); and

     SUNTRUST BANK, as Syndication Agent, WACHOVIA BANK, NATIONAL ASSOCIATION,
as Documentation Agent and BANC OF AMERICA SECURITIES, as Lead Arranger.

W I T N E S S E T H:

     WHEREAS:

     (A) The Borrower, the Agent and the banks signatory thereto (the “Existing
Banks”) entered into a certain Fourth Amended and Restated Loan Agreement dated
as of February 12, 2002, which was amended pursuant to (i) Amendment No. 1 to
Fourth Amended and Restated Loan Agreement dated as of February 10, 2003, (ii)
Amendment No. 2 to Fourth Amended and Restated Loan Agreement dated as of May 9,
2003 (“Amendment No. 2”), and (iii) Amendment No. 3 to Fourth Amended and
Restated Loan Agreement dated as of December 5, 2003 (as so amended, the
“Original Loan Agreement”; the Original Loan Agreement, as amended hereby, and
as it may hereafter be further amended, modified or supplemented, is hereinafter
referred as the “Loan Agreement”);

     (B) The Borrower wishes to amend the Original Loan Agreement to extend the
B Commitment Termination Date to May 7, 2008, and the Banks and the Agent are
willing to amend and supplement the Original Loan Agreement on the terms and
conditions hereinafter set forth;

     (C) Certain of the Banks desire to increase or decrease, as the case may
be, its respective B Commitment to the amount set forth opposite its name on its
signature page hereto and the Borrower desires to accept such changes in the B
Commitments; and

     (D) All capitalized terms used herein which are not otherwise defined
herein shall have the respective meanings ascribed thereto in the Original Loan
Agreement.

     NOW, THEREFORE, the parties hereto agree as follows:

 

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     Article 1. Change in Commitments.

     Section 1.1 B Commitment. From and after the date hereof, for purposes of
the Loan Agreement, the B Commitment of each Bank shall be the amount set forth
opposite each Bank’s name on the signature pages hereto as the same may be
reduced pursuant to the terms of the Loan Agreement, and, with respect to each
Bank, such amount shall supersede and be deemed to amend the amount of its B
Commitment as set forth opposite its name on the signature pages to Amendment
No. 2.

     Section 1.2 Total Commitment. From and after the date hereof, for purposes
of the Loan Agreement, the Total Commitment of each Bank shall be the sum of the
A Commitment of each Bank set forth opposite its name on the signature pages to
Amendment No. 2 plus the amount of the B Commitment as set forth opposite each
Bank’s name on the signature pages hereto as the same may be reduced pursuant to
the terms of the Loan Agreement.

     Section 1.3 Adjustment of Outstanding B Loans. If any B Loans are
outstanding under the Original Loan Agreement on the date hereof, the Banks
shall on the date hereof, at the direction of the Agent, make appropriate
adjustments among themselves in order to insure that the amount (and type) of
the B Loans outstanding to the Borrower from each Bank under the Loan Agreement
(as of the date hereof) are proportionate to the amount of all of the B
Commitments, after giving effect to the reallocation of the B Commitments. The
Borrower agrees and consents to the terms of this Section 1.3.

     Article 2. Amendments to Original Loan Agreement, B Notes, Swing Line Note.

       Section 2.1 The Original Loan Agreement is hereby amended as follows:

          (a) The phrase “the amount set forth opposite such Bank’s name on the
signature pages hereto” appearing in the definition of the terms “A Commitment”
and “B Commitment” in Article 1 of the Original Loan Agreement shall be deemed
to refer to the amounts set forth opposite each Bank’s name on the signature
pages hereto.

          (b) The definition of “Applicable Margin” appearing in Article 1 is
amended by deleting the chart appearing therein and substituting therefor the
following chart:

          “Category 1

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  Percentage

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A3 or higher by Moody’s;
    .575 %
A- or higher by S&P
       

          Category 2

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Baa1 by Moody’s;
    .675 %
BBB+ by S&P
       

2

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          Category 3

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  Percentage

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Baa2 by Moody’s
    .750 %
BBB by S&P
       

          Category 4

--------------------------------------------------------------------------------

       
Baa3 by Moody’s
    .950 %
BBB- by S&P
       

          Category 5

--------------------------------------------------------------------------------

       
Lower than Baa3 by Moody’s
    1.15 %
Lower than BBB- by S&P
       
- or -
       
No Rating by S&P or Moody’s”
       

          (c) The definition of “B Commitment Termination Date” appearing in
Article 1 is amended by deleting the date “May 7, 2004” and substituting
therefor the date “May 7, 2008”.

          (d) The definition of “Facility Fee Percentage” appearing in Article 1
is amended by deleting the chart appearing therein and substituting therefor the
following chart:

          “Category 1

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  Percentage

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A3 or higher by Moody’s;
    .175 %
A- or higher by S&P
       

          Category 2

--------------------------------------------------------------------------------

       
Baa1 by Moody’s;
    .200 %
BBB+ by S&P
       

          Category 3

--------------------------------------------------------------------------------

       
Baa2 by Moody’s
    .250 %
BBB by S&P
       

          Category 4

--------------------------------------------------------------------------------

       
Baa3 by Moody’s
    .300 %
BBB- by S&P
       

3

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          Category 5

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  Percentage

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Lower than Baa3 by Moody’s
    .350 %
Lower than BBB- by S&P
       
- or -
       
No Rating by S&P or Moody’s”
       

                  (e) Section 2.4 is deleted in its entirety and there is
substituted therefor the following:

                           “Section 2.4 Fees.

                    (a) The Borrower shall pay to the Agent for the account of
each Bank a facility fee (the “Facility Fee”) on the amount of each Bank’s A
Commitment and B Commitment, as the case may be, for the period from the date
hereof (or, as applicable, from the effective date specified in the Assignment
and Acceptance pursuant to which it became a Bank hereunder) to and including
the earlier of the date such Bank’s A Commitment or B Commitment, as applicable,
is terminated or the B Commitment Termination Date, at the rate per annum equal
to the Facility Fee Percentage from time to time in effect. The accrued Facility
Fee shall be payable on the Quarterly Dates, and on the earlier of the date
(i) the A Commitments and/or the B Commitments, as applicable, are terminated,
or (ii) the B Commitment Termination Date.

                    (b) The Borrower agrees to pay to the Agent for the account
of each Bank, a utilization fee as follows: (i) for any day on which the
outstanding principal amount of all Loans shall be equal to or greater than 33%
of the Total Commitment but less than 66% of the Total Commitment, the Borrower
shall pay to the Agent for the account of each Bank a utilization fee equal to
.125% per annum on the aggregate amount of each Bank’s outstanding Loans on such
day, and (ii) for any day on which the outstanding principal amount of all Loans
shall be equal to or greater than 66% of the Total Commitment, the Borrower
shall pay to the Agent for the account of each Bank a utilization fee equal to
0.25% per annum on the aggregate amount of each Bank’s outstanding Loans on such
day. Accrued utilization fees, if any, shall be payable in arrears on the
Quarterly Dates, on any date prior to the B Commitment Termination Date on which
a Bank’s Commitment terminates, and on the B Commitment Termination Date;
provided, that any utilization fees accruing after the B Commitment Termination
Date shall be payable on demand.”

                  (f) Section 2.13 is deleted in its entirety and there is
substituted therefor the following:

                    “(a) The A Loans made by each Bank shall be evidenced by a
single promissory note of the Borrower (each, a “First Substituted A Note” and,
collectively, the “First Substituted A Notes”) in substantially the form of
Exhibit A-1 annexed to Amendment No. 2 to Fourth Amended and Restated Loan
Agreement dated as of May 9, 2003 by and among the Borrower, the banks

4

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signatory thereto and the Agent (“Amendment No. 2”). Each First Substituted A
Note shall be dated the date of Amendment No. 2, shall be payable to the order
of such Bank in a principal amount equal to such Bank’s A Commitment as in
effect on the date of Amendment No. 2 and shall otherwise be duly completed. All
A Loans made by each Bank hereunder and all payments and prepayments made on
account of the principal thereof, and all conversions of such A Loans shall be
recorded by such Bank on the schedule attached to the relevant First Substituted
A Note (provided that any failure by such Bank to make any such endorsement
shall not affect the obligations of the Borrower hereunder or under such First
Substituted A Note in respect of such A Loans).

                    (b) The B Loans made by each Bank shall be evidenced by a
single promissory note of the Borrower (each, a “Second Substituted B Note” and,
collectively, the “Second Substituted B Notes”) in substantially the form of
Exhibit A-2 annexed to Amendment No. 4 to Fourth Amended and Restated Loan
Agreement dated as of May 5, 2004 by and among the Borrower, the banks signatory
thereto and the Agent (“Amendment No. 4”). Each Second Substituted B Note shall
be dated the date of Amendment No. 4, shall be payable to the order of such Bank
in a principal amount equal to such Bank’s B Commitment as in effect on the date
of Amendment No. 4 and shall otherwise be duly completed. All B Loans made by
each Bank hereunder and all payments and prepayments made on account of the
principal thereof, and all conversions of such B Loans shall be recorded by such
Bank on the schedule attached to the relevant Second Substituted B Note
(provided that any failure by such Bank to make any such endorsement shall not
affect the obligations of the Borrower hereunder or under such Second
Substituted B Note in respect of such B Loans).

                    (c) The Swing Line Loans made by the Swing Line Lender shall
be evidenced by a single promissory note of the Borrower (the “Second
Substituted Swing Line Note”) substantially in the form of Exhibit A-3 annexed
to Amendment No. 4. The Second Substituted Swing Line Note shall be dated the
date of Amendment No. 4, shall be payable to the order of the Swing Line Lender
in a principal amount equal to the Swing Line Loan Commitment and shall be
otherwise duly completed. All Swing Line Loans made by the Swing Line Lender
hereunder and all payments and prepayments on account of the principal thereof
shall be recorded by the Swing Line Lender on the schedule attached to the
Second Substituted Swing Line Note (provided, that any failure by the Swing Line
Lender to make such endorsement shall not affect the obligations of the Borrower
hereunder or under the Second Substituted Swing Line Note).”

     Section 2.2 In order to evidence the B Loans and the Swing Line Loan, as
amended hereby, the Borrower shall execute and deliver to each Bank, as the case
may be, simultaneously with the execution and delivery hereof, promissory notes
payable to the order of such Bank in substantially the form of Exhibits A-2 and
A-3 (in the case of the Swing Line Lender) annexed hereto (hereinafter referred
to individually as a “Second Substituted Note” and collectively as the “Second
Substituted Notes”). Each of the Banks shall, upon the execution and delivery by
the Borrower of its Second Substituted Note(s) as herein provided, mark the
First Substituted B

5

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Note or First Substituted Swing Line Note, as the case may be, delivered to it
in connection with the Original Loan Agreement “Replaced by Second Substituted
Note” and return them to the Borrower.

     Section 2.3 (a) All references in the Original Loan Agreement or any other
Loan Document to the “Loan(s)”, the “B Note(s)”, the “Swing Line Note”, the
“Note(s)” and the “Loan Documents” shall be deemed to refer respectively, to the
Loan(s) as amended hereby, the Second Substituted B Note(s), the Second
Substituted Swing Line Note, the Second Substituted Note(s) together with the
First Substituted A Note(s) and the Loan Documents as defined in the Original
Loan Agreement together with, and as amended by, this Amendment No. 4, the
Second Substituted Notes and all agreements, documents and instruments delivered
pursuant thereto or in connection therewith.

                       (b) All references in the Original Loan Agreement and the
other Loan Documents to the “Loan Agreement”, and also in the case of the
Original Loan Agreement to “this Agreement”, shall be deemed to refer to the
Original Loan Agreement, as amended hereby.

     Section 2.4 The Original Loan Agreement and the other Loan Documents shall
each be deemed amended and supplemented hereby to the extent necessary, if any,
to give effect to the provisions of this Agreement.

     Article 3. Representations and Warranties.

     The Borrower hereby confirms, reaffirms and restates to each of the Banks
and the Agent all of the representations and warranties set forth in Article 3
of the Original Loan Agreement as if such representations and warranties were
made as of the date hereof, except for changes in the ordinary course of
business which, either singly or in the aggregate, are not materially adverse to
the business or financial condition of the Borrower.

     Article 4. Conditions to Effectiveness of this Agreement.

          This Amendment No. 4 to Fourth Amended and Restated Loan Agreement
shall become effective on the date of the fulfillment (to the satisfaction of
the Agent) of the following conditions precedent:

          (a) This Amendment No. 4 shall have been executed and delivered to the
Agent by a duly authorized representative of the Borrower, the Agent and each
Bank.

          (b) The Borrower shall have executed and delivered to each Bank its
Second Substituted B Note and with respect to the Swing Line Lender, the Second
Substituted Swing Line Note.

          (c) The Agent shall have received a Compliance Certificate from the
Borrower dated the date hereof and the matters certified therein, including,
without limitation, that after giving effect to the terms and conditions of this
Amendment No. 4, no Default or Event of Default shall exist, shall be true.

6

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          (d) Shea & Gardner, counsel to the Borrower, shall have delivered its
legal opinion to the Agent, in form and substance satisfactory to the Agent and
its counsel.

          (e) The Agent shall have received copies of the following:

                    (i) Copies of all corporate action taken by the Borrower to
authorize the execution, delivery and performance of this Amendment No. 4, the
Second Substituted Notes and the transactions contemplated hereby, certified by
its secretary;

                    (ii) A certificate from the secretary of the Borrower to the
effect that the By-laws of the Borrower delivered to the Agent pursuant to the
Original Loan Agreement have not been amended since the date of such delivery
and that such document is in full force and effect and is true and correct as of
the date hereof; and

                    (iii) An incumbency certificate (with specimen signatures)
with respect to the Borrower.

          (f) All legal matters incident hereto shall be satisfactory to the
Agent and its counsel.

     Article 5. Miscellaneous.

     Section 5.1 Article 10 of the Original Loan Agreement. The miscellaneous
provisions under Article 10 of the Original Loan Agreement, together with the
definition of all terms used therein, and all other sections of the Original
Loan Agreement to which Article 10 refers are hereby incorporated by reference
as if the provisions thereof were set forth in full herein, except that (i) the
terms “Loan Agreement”, “Note(s)” and “Loan”, shall be deemed to refer,
respectively, to the Original Loan Agreement, as amended hereby, the Second
Substituted Note(s) together with the First Substituted A Notes and the Loans,
as amended hereby; (ii) the term “this Agreement” shall be deemed to refer to
this Agreement; and (iii) the terms “hereunder” and “hereto” shall be deemed to
refer to this Agreement.

     Section 5.2 Continued Effectiveness. Except as amended hereby, the Original
Loan Agreement and the other Loan Documents are hereby ratified and confirmed in
all respects and shall remain in full force and effect in accordance with their
respective terms.

     Section 5.3 Counterparts. This Agreement may be executed by the parties
hereto in one or more counterparts, each of which shall be an original and all
of which shall constitute one and the same agreement.

7

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

                    NATIONAL CONSUMER COOPERATIVE BANK,     D/B/A NATIONAL
COOPERATIVE BANK
 
           

  By:                

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      Name:   Richard L. Reed

      Title:   Managing Director, Chief Financial

          Officer and Treasurer

8

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          A Commitment   FLEET NATIONAL BANK,       as Administrative Agent and
as a Bank, $22,500,000     and as Swing Line Lender
 
       
B Commitment
  By:    

     

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      Name: Robert T.P. Storer
$22,500,000
      Title: Managing Director

Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   CREDIT SUISSE FIRST BOSTON        
 Cayman Islands Branch    
$12,500,000
                       
 
  By:                    
B Commitment
     

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      Name:                
$12,500,000
         

--------------------------------------------------------------------------------

 
      Title:                            

--------------------------------------------------------------------------------

 
                       

  By:                            

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      Name:                            

--------------------------------------------------------------------------------

      Title:                            

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Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   COOPERATIEVE CENTRALE        
RAIFFEISEN-BOERENLEENBANK B.A.,     $12,500,000   “Rabobank International”, New
York Branch    
 
                       
B Commitment
  By:                    
 
     

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$12,500,000
      Name:                            

--------------------------------------------------------------------------------

      Title:                            

--------------------------------------------------------------------------------

 
                       

  By:                            

--------------------------------------------------------------------------------

      Name:                            

--------------------------------------------------------------------------------

      Title:                            

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Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   PNC BANK, NATIONAL ASSOCIATION    
 
                       
$17,500,000
  By:                    
 
                       
B Commitment
     

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        Name:                
$20,000,000
         

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      Title:                            

--------------------------------------------------------------------------------

Signature Page to Amendment No.4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   WACHOVIA BANK, NATIONAL ASSOCIATION,  
          as Documentation Agent and as a Bank    
$20,000,000
                       
 
  By:                    
B Commitment
     

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      Name:                
$20,000,000
         

--------------------------------------------------------------------------------

 
      Title:                            

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Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   M&T BANK    
 
                       
$12,500,000
  By:                            

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      Name:                
B Commitment
      Title:                
$17,500,000
                       

Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   UNION BANK OF CALIFORNIA, N.A.    
 
                       
$10,000,000
  By                            

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B Commitment
      Name:                            

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$15,000,000
      Title:                            

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Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   SUNTRUST BANK, as Syndication Agent    
     and as a Bank    
$20,000,000
                            By:                    
B Commitment
     

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        Name:                
$22,500,000
         

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      Title:                            

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Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   ISRAEL DISCOUNT BANK OF NEW YORK    
 
                       
$5,000,000
  By:                            

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B Commitment
      Name:                

      Title:                
$2,500,000
                       

  By:                            

--------------------------------------------------------------------------------

      Name:                

      Title:                

Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   CREDIT LYONNAIS NEW YORK BRANCH    
 
                       
$17,500,000
                       

  By:                    
B Commitment
     

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        Name:                
$20,000,000
      Title:                                          

Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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                          A Commitment   KBC BANK N.V.    
 
                       
$10,000,000
By:                    

   

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B Commitment
      Name:                            

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$10,000,000
      Title:                            

--------------------------------------------------------------------------------

                         

  By:                            

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      Name:                            

--------------------------------------------------------------------------------

      Title:                            

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Signature Page to Amendment No. 4 to Fourth Amended and Restated Loan Agreement
among
National Consumer Cooperative Bank, the Banks party thereto
and Fleet National Bank, as Administrative Agent

 

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EXHIBITS

A-2   Form of Second Substituted B Note
A-3   Form of Second Substituted Swing Line Note

 

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EXHIBIT A-2 TO AMENDMENT NO. 4
TO FOURTH AMENDED AND RESTATED LOAN AGREEMENT
BY AND AMONG
NATIONAL CONSUMER COOPERATIVE BANK
AND
CERTAIN BANKS NAMED THEREIN
AND
FLEET NATIONAL BANK, AS ADMINISTRATIVE AGENT FOR THE BANKS

FORM OF SECOND SUBSTITUTED B NOTE

     
[B Commitment Amount]
  Due May 7, 2008

     FOR VALUE RECEIVED, NATIONAL CONSUMER COOPERATIVE BANK D/B/A NATIONAL
COOPERATIVE BANK (the “Borrower”), hereby promises to pay to the order of [___]
(the “Bank”) by payment to the Agent for the account of the Bank the principal
sum of [amount of B Commitment] ($____) Dollars (or such lesser amount as shall
equal the aggregate unpaid principal amount of the B Loans made by the Bank
under the Loan Agreement hereinafter defined, shown on the schedule annexed
hereto and any continuation thereof), in lawful money of the United States of
America and in immediately available funds on the date or dates determined as
provided in the Loan Agreement but in no event later than May 7, 2008.

     The Borrower further promises to pay to the order of the Bank by payment to
the Agent for the account of the Bank interest on the unpaid principal amount of
each Loan from the date such Loan is made until paid in full, payable at such
rates and at such times as provided for in the Loan Agreement.

     The Bank has been authorized by the Borrower to record on the schedules
annexed to this B Note (or on any continuation thereof) the amount, type, due
date and interest rate of each B Loan made by the Bank under the Loan Agreement
and the amount of each payment or prepayment of principal and the amount of each
payment of interest of each such B Loan received by the Bank, it being
understood, however, that failure to make any such notation shall not affect the
rights of the Bank or the obligations of the Borrower hereunder or under the
Loan Agreement in respect of such Loans. Such notations shall be deemed correct,
absent manifest error.

     This B Note is one of the Notes referred to in the Fourth Amended and
Restated Loan Agreement dated as of February 12, 2002, as amended by (i)
Amendment No. 1 to Fourth Amended and Restated Loan Agreement dated as of
February 10, 2003, (ii) Amendment No. 2 to Fourth Amended and Restated Loan
Agreement dated as of May 9, 2003, (iii) Amendment No. 3 to Fourth Amended and
Restated Loan Agreement dated as of December 5, 2003, and (iv) Amendment No. 4
to Fourth Amended and Restated Loan Agreement dated as of May 5, 2004 (as so
amended, the “Loan Agreement”) among the Borrower, the Banks and Fleet National
Bank, as Administrative Agent for the Banks and evidences the B Loans made by
the Bank thereunder. This Second Substituted B Note supersedes and is given in
substitution for the First Substituted B Note dated May 9, 2003 made by the
Borrower to the order of the Bank in the original principal amount of $   but
does not constitute a novation, extinguishment or termination of the obligations
evidenced thereby.

 

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     Capitalized terms used in this B Note have the respective meanings assigned
to them in the Loan Agreement.

     Upon the occurrence of an Event of Default under the Loan Agreement, the
principal hereof and accrued interest hereon shall become, or may be declared to
be, forthwith due and payable in the manner, upon the conditions and with the
effect provided in the Loan Agreement.

     The Borrower may at its option prepay all or any part of the principal of
this B Note before maturity upon and subject to the terms provided in the Loan
Agreement.

     The Borrower agrees to pay costs of collection and reasonable attorneys’
fees in case default occurs in the payment of this B Note.

     Presentment for payment, notice of dishonor, protest and notice of protest
are hereby waived.

     This B Note has been executed and delivered this 5th day of May, 2004 in
New York, New York, and shall be construed in accordance with and governed by
the internal laws of the State of New York.

                    NATIONAL CONSUMER COOPERATIVE BANK     D/B/A NATIONAL
COOPERATIVE BANK
 
           

  By:                

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      Title:    

2

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SCHEDULE TO SECOND SUBSTITUTED B NOTE
MADE BY NATIONAL CONSUMER COOPERATIVE BANK
IN FAVOR OF _____________________

     This Note evidences the Loans made under the within described Agreement, in
the principal amounts, of the types (Prime Rate Loans or LIBOR Loans) and on the
dates set forth below, subject to the payments or prepayments set forth below:

                  Principal                                   Amount     Due
Date     Interest Rate     Amount of     Balance     Notation Date Made

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  of Loan

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    of Loan

--------------------------------------------------------------------------------

    on Loan

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    Payment

--------------------------------------------------------------------------------

    Outstanding

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    Made By

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EXHIBIT A-3 TO AMENDMENT NO. 4
TO FOURTH AMENDED AND RESTATED LOAN AGREEMENT
BY AND AMONG
NATIONAL CONSUMER COOPERATIVE BANK
CERTAIN BANKS NAMED THEREIN
AND
FLEET NATIONAL BANK, AS ADMINISTRATIVE AGENT FOR THE BANKS

FORM OF SECOND SUBSTITUTED SWING LINE NOTE

     
$20,000,000
  Due May 7, 2008

     FOR VALUE RECEIVED, NATIONAL CONSUMER COOPERATIVE BANK D/B/A NATIONAL
COOPERATIVE BANK (the “Borrower”), hereby promises to pay to the order of FLEET
NATIONAL BANK (the “Bank”) by payment to the Bank the principal sum of TWENTY
MILLION DOLLARS ($20,000,000) (or such lesser amount as shall equal the
aggregate unpaid principal amount of the Swing Line Loans made by the Bank under
the Loan Agreement hereinafter defined, shown on the schedule annexed hereto and
any continuation thereof), in lawful money of the United States of America and
in immediately available funds on the date or dates determined as provided in
the Loan Agreement but in no event later than May 7, 2008.

     The Borrower further promises to pay to the order of the Bank by payment to
the Bank interest on the unpaid principal amount of each Swing Line Loan from
the date such Swing Line Loan is made until paid in full, payable at such rates
and at such times as provided for in the Loan Agreement.

     The Bank has been authorized by the Borrower to record on the schedules
annexed to this Swing Line Note (or on any continuation thereof) the amount, due
date and interest rate of each Swing Line Loan made by the Bank under the Loan
Agreement and the amount of each payment of principal and the amount of each
payment of interest of each such Swing Line Loan received by the Bank, it being
understood, however, that failure to make any such notation shall not affect the
rights of the Bank or the obligations of the Borrower hereunder or under the
Loan Agreement in respect of such Swing Line Loans. Such notations shall be
deemed correct, absent manifest error.

     This Swing Line Note is the Swing Line Note referred to in the Fourth
Amended and Restated Loan Agreement dated as of February 12, 2002, as amended by
(i) Amendment No. 1 to Fourth Amended and Restated Loan Agreement dated as of
February 10, 2003, (ii) Amendment No. 2 to Fourth Amended and Restated Loan
Agreement dated as of May 9, 2003, (iii) Amendment No. 3 to Fourth Amended and
Restated Loan Agreement dated as of December 5, 2003, and (iv) Amendment No. 4
to Fourth Amended and Restated Loan Agreement dated as of May 5, 2004 (as so
amended, the “Loan Agreement”) among the Borrower, the Banks and Fleet National
Bank, as Administrative Agent for the Banks and evidences the Swing Line Loans
made by the Bank thereunder.

 

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     Capitalized terms used in this Swing Line Note have the respective meanings
assigned to them in the Loan Agreement.

     Upon the occurrence of an Event of Default, under the Loan Agreement, the
principal hereof and accrued interest hereon shall become, or may be declared to
be, forthwith due and payable in the manner, upon the conditions and with the
effect provided in the Loan Agreement.

     The Borrower agrees to pay costs of collection and reasonable attorneys’
fees in case default occurs in the payment of this Swing Line Note.

     Presentment for payment, notice of dishonor, protest and notice of protest
are hereby waived.

     This Swing Line Note has been executed and delivered this 5th day of May,
2004 in New York, New York, and shall be construed in accordance with and
governed by the internal laws of the State of New York.

                    NATIONAL CONSUMER COOPERATIVE BANK     D/B/A NATIONAL
COOPERATIVE BANK
 
           

  By:                

--------------------------------------------------------------------------------

      Title:    

2

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SCHEDULE TO SECOND SUBSTITUTED SWING LINE NOTE
MADE BY NATIONAL CONSUMER COOPERATIVE BANK
IN FAVOR OF FLEET NATIONAL BANK

     This Swing Line Note evidences the Swing Line Loans made under the within
described Agreement, in the principal amounts, and on the dates set forth below,
subject to the payments set forth below:

                  Principal                                   Amount     Due
Date     Interest Rate     Amount of     Balance     Notation Date Made

--------------------------------------------------------------------------------

  of Loan

--------------------------------------------------------------------------------

    of Loan

--------------------------------------------------------------------------------

    on Loan

--------------------------------------------------------------------------------

    Payment

--------------------------------------------------------------------------------

    Outstanding

--------------------------------------------------------------------------------

    Made By

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