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                                                                 Exhibit 4(m)(x)

                               GUARANTEE AGREEMENT

                                     between

                        NEW YORK COMMUNITY BANCORP, INC.,
                                  as Guarantor

                                       and

                            WILMINGTON TRUST COMPANY,
                              as Guarantee Trustee

                              Dated as of (.), (.)

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                                            TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>                                                                               <C>
Article I       DEFINITIONS AND INTERPRETATION.....................................1

   Section 1.1.    Interpretation..................................................1

   Section 1.2.    Definitions.....................................................2

Article II      TRUST INDENTURE ACT................................................4

   Section 2.1.    Trust Indenture Act, Application................................4

   Section 2.2.    Lists of Holders of Securities..................................5

   Section 2.3.    Reports by the Guarantee Trustee................................5

   Section 2.4.    Periodic Reports to the Guarantee Trustee.......................5

   Section 2.5.    Evidence of Compliance with Conditions Precedent................5

   Section 2.6.    Events of Default; Waiver.......................................6

   Section 2.7.    Event of Default; Notice........................................6

   Section 2.8.    Conflicting Interests...........................................6

   Section 2.9.    Disclosure of Information.......................................6

   Section 2.10.   Guarantee Trustee May File Proofs of Claim......................6

Article III     POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE.....................7

   Section 3.1.    Powers and Duties of the Guarantee Trustee......................7

   Section 3.2.    Certain Rights of Guarantee Trustee.............................8

   Section 3.3.    Not Responsible for Recitals or Issuance of Guarantee..........10

Article IV      GUARANTEE TRUSTEE.................................................10

   Section 4.1.    Guarantee Trustee: Eligibility.................................10

   Section 4.2.    Appointment, Removal and Resignation of Guarantee Trustee......11

Article V       GUARANTEE.........................................................11

   Section 5.1.    Guarantee......................................................11

   Section 5.2.    Waiver of Notice and Demand....................................12

   Section 5.3.    Obligations Not Affected.......................................12

   Section 5.4.    Rights of Holders..............................................13

   Section 5.5.    Guarantee of Payment...........................................13

   Section 5.6.    Subrogation....................................................13

   Section 5.7.    Independent Obligations........................................14
</TABLE>

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                                TABLE OF CONTENTS

                                   (continued)

<TABLE>
<CAPTION>
<S>                                                                               <C>
Article VI      LIMITATION OF TRANSACTIONS; SUBORDINATION.........................14

   Section 6.1.    Limitation of Transactions.....................................14

   Section 6.2.    Ranking........................................................15

Article VII     TERMINATION.......................................................15

   Section 7.1.    Termination....................................................15

Article VIII    INDEMNIFICATION...................................................16

   Section 8.1.    Exculpation....................................................16

   Section 8.2.    Indemnification................................................16

Article IX      MISCELLANEOUS.....................................................16

   Section 9.1.    Successors and Assigns.........................................16

   Section 9.2.    Amendments.....................................................17

   Section 9.3.    Notices........................................................17

   Section 9.4.    Benefit........................................................18

   Section 9.5.    Governing Law..................................................18

   Section 9.6.    Counterparts...................................................18
</TABLE>

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          This GUARANTEE AGREEMENT (the "Guarantee"), dated as of (.), (.), is
executed and delivered by New York Community Bancorp, Inc., a Delaware
corporation, as guarantor (the "Company"), and Wilmington Trust Company, as
trustee (the "Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Securities (as defined herein) of New York
Community Capital Trust VI, a Delaware statutory trust (the "Trust").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of (.), (.), among the Company, as sponsor, (.),(.)and
(.), as the initial Administrative Trustees, Wilmington Trust Company, as the
initial Property Trustee, and Wilmington Trust Company, as the initial Delaware
Trustee, the Trust is issuing on the date hereof (.) preferred securities,
stated liquidation amount of $(.) per preferred security, having an aggregate
stated liquidation amount of $(.), such preferred securities being designated
the Preferred Securities (the "Preferred Securities") and (.) common securities,
stated liquidation amount of $(.) per common security, having an aggregate
stated liquidation amount of $(.), such common securities being designated the
Common Securities (the "Common Securities" and, together with the Preferred
Securities, the "Securities"); and

          WHEREAS, as incentive for the Holders to purchase the Securities, the
Company desires irrevocably and unconditionally to agree, to the extent set
forth in this Guarantee, to pay in full to the Holders the Guarantee Payments
(as defined below) and to make certain other payments on the terms and
conditions set forth herein.

          NOW, THEREFORE, in consideration of the purchase by each Holder, which
purchase the Company hereby acknowledges shall benefit the Company, the Company
executes and delivers this Guarantee for the benefit of the Holders.

                                   ARTICLE I

                         DEFINITIONS AND INTERPRETATION

          Section 1.1.Interpretation

          In this Guarantee, unless the context otherwise requires:

          (a) capitalized terms used in this Guarantee but not defined in the
     preamble above have the respective meanings assigned to them in Section
     1.2;

          (b) terms defined in the Declaration as at the date of execution of
     this Guarantee have the same meaning when used in this Guarantee unless
     otherwise defined in this Guarantee;

          (c) a term defined anywhere in this Guarantee has the same meaning
     throughout;

          (d) all references to "this Guarantee" are to this Guarantee as
     modified, supplemented or amended from time to time;

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          (e) all references in this Guarantee to Articles and Sections are to
     Articles and Sections of this Guarantee, unless otherwise specified;

          (f) a term defined in the Trust Indenture Act has the same meaning
     when used in this Guarantee, unless otherwise defined in this Guarantee or
     unless the context otherwise requires; and

          (g) a reference to the singular includes the plural and vice versa.

          Section 1.2. Definitions

          The following terms have the following meanings:

          "Accreted Value" has the meaning set forth in the Declaration.

          "Affiliate" has same meaning set forth in the Declaration.

          "Business Day" has the meaning set forth in the Declaration.

          "Common Securities" has the meaning set forth in the Recitals.

          "Corporate Trust Office" means the office of the Guarantee Trustee at
which the corporate trust business of the Guarantee Trustee shall, at any
particular time, be principally administered, which office at the date of
execution of this Agreement is located at Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890.

          "Covered Person" means any Holder or beneficial owner of Securities.

          "Debentures" means the (.)% Junior Subordinated Deferrable Interest
Debentures due (.) to be issued by the Company pursuant to the Indenture and to
be purchased by the Trust.

          "Declaration" has the meaning set forth in the Recitals.

          "Event of Default" means a failure by the Company to perform any of
its payment or other obligations under this Guarantee.

          "First Supplemental Indenture" means the First Supplemental Indenture,
dated as of (.), (.), between the Company and the Indenture Trustee.

          "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Securities, to the extent not paid or
made by the Trust:

               (i) any accrued and unpaid Distributions (as defined in the
     Declaration) that are required to be paid on such Securities to the extent
     the Trust has funds legally available therefor;

               the Redemption Price (as defined in the Declaration) plus all
     accrued and unpaid Distributions, to the extent the Trust has funds legally
     available therefor, relating to any Securities called for redemption by the
     Trust; and

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               (ii) upon a voluntary or involuntary dissolution, winding-up,
     termination and liquidation of the Trust (other than in connection with the
     distribution of Debentures to the Holders in exchange for Securities as
     provided in the Declaration or the redemption of all of the Securities),
     the lesser of:

          (a) the aggregate Accreted Value of the Securities plus all accrued
     and unpaid Distributions on the Securities to the date of payment; and

          (b) the amount of assets of the Trust remaining available for
     distribution to Holders in liquidation of the Trust.

          "Guarantee Trustee" means Wilmington Trust Company until a Successor
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee and thereafter means each such Successor
Guarantee Trustee.

          "Holder" has the meaning given such term in the Declaration.

          "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.

          "Indenture" means the Indenture, dated as of (.), (.), between the
Company, as debenture issuer, and Wilmington Trust Company, as trustee, as
amended or supplemented from time to time, including the First Supplemental
Indenture.

          "Indenture Event of Default" means any event specified in Section 2.10
of the First Supplemental Indenture.

          "Majority in Liquidation Amount" has the meaning set forth in the
Declaration.

          "Officers' Certificate" means, with respect to any person, a
certificate signed by any two of the Chairman, a Vice Chairman, the Chief
Executive Officer, the President, a Vice President, the Chief Financial Officer,
the Treasurer, the Chief Accounting Officer, the Secretary or an Assistant
Secretary. Any Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Guarantee, shall include, where
applicable:

          (a) statement that each officer signing the Officers' Certificate has
     read the covenant or condition and the definitions relating thereto;

          (b) a brief statement of the nature and scope of the examination or
     investigation undertaken by each officer in rendering the Officers'
     Certificate;

          (c) a statement that each such officer has made such examination or
     investigation as, in such officer's opinion, is necessary to enable such
     officer to express an informed opinion as to whether or not such covenant
     or condition has been complied with; and

          (d) a statement as to whether, in the opinion of each such officer,
     such condition or covenant has been complied with.

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          "Other Debentures" means all junior subordinated debentures issued by
the Company from time to time and sold to any other trust, partnership or other
entity affiliated with the Company that is a financing vehicle of the Company,
if any, in each case similar to the Trust.

          "Other Guarantees" means all guarantees to be issued by the Company
with respect to capital securities, if any, similar to the Securities issued by
any other trust, partnership or other entity affiliated with the Company that is
a financing vehicle of the Company, if any, in each case similar to the Trust.

          "Person" has the meaning set forth in the Declaration.

          "Preferred Securities" has the meaning set forth in the Recitals.

          "Property Trustee" has the meaning set forth in the Declaration.

          "Pro Rata" has the meaning set forth in the Declaration.

          "Redemption Price" has the meaning set forth in the Declaration.

          "Repurchase Price" has the meaning set forth in the
Declaration."Responsible Officer" means, with respect to the Guarantee Trustee,
any officer within the Corporate Trust Office of the Guarantee Trustee who shall
have direct responsibility for the administration of this Guarantee, and also
means, with respect to a particular corporate trust matter, any officer within
the Corporate Trust Office of the Guarantee Trustee to whom any corporate trust
matter is referred because of such officer's knowledge of and familiarity with
the particular subject.

          "Securities" has the meaning set forth in the Recitals.

          "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.1.

          "Trust" has the meaning set forth in the Recitals.

          "Trust Enforcement Event" has the meaning set forth in the
Declaration.

          "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended from time to time, or any successor legislation, and the rules and
regulations promulgated thereunder.

          "Unit" has the meaning set forth in the Declaration.

                                   ARTICLE II

                               TRUST INDENTURE ACT

          Section 2.1. Trust Indenture Act, Application

          (a) This Guarantee is subject to the provisions of the Trust Indenture
Act that are required to be part of this Guarantee and shall be governed, to the
extent applicable, by such provisions; and

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          (b) if and to the extent that any provision of this Guarantee limits,
qualifies or conflicts with the duties imposed by Section 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control.

          Section 2.2. Lists of Holders of Securities

          (a) The Company shall provide the Guarantee Trustee (unless the
Guarantee Trustee is otherwise the registrar of the Securities) with a list, in
such form as the Guarantee Trustee may reasonably require, of the names and
addresses of the Holders ("List of Holders"):

               (i) as of the record date relating to the payment of any
     Guarantee Payment, at least one Business Day prior to the date for payment
     of such Guarantee Payment, except while the Preferred Securities are
     represented by one or more Global Preferred Securities; and

               (ii) at any other time, within 30 days of receipt by the Company
     of a written request from the Guarantee Trustee for a List of Holders as of
     a date no more than fifteen days before such List of Holders is given to
     the Guarantee Trustee.

If at any time the List of Holders does not differ from the most recent List of
Holders provided to the Guarantee Trustee by the Company, the Company shall not
be obligated to provide such List of Holders. The Guarantee Trustee shall
preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it; provided that the Guarantee Trustee
may destroy any List of Holders previously given to it on receipt of a new List
of Holders.

          (b) The Guarantee Trustee shall comply with its obligations under, and
shall be entitled to the benefits of, Sections 311(a), 311(b) and Section 312(b)
of the Trust Indenture Act.

          Section 2.3. Reports by the Guarantee Trustee

          Within 60 days after May 15 of each year (commencing with the first
anniversary of the issuance of the Preferred Securities), the Guarantee Trustee
shall provide to the Holders of the Preferred Securities such reports as are
required by Section 313 of the Trust Indenture Act, if any, in the form and in
the manner provided by Section 313 of the Trust Indenture Act. The Guarantee
Trustee shall also comply with the other requirements of Section 313 of the
Trust Indenture Act.

          Section 2.4. Periodic Reports to the Guarantee Trustee

          The Company shall provide to the Guarantee Trustee such documents,
reports and information as are required by Section 314 of the Trust Indenture
Act, if any, and the compliance certificate required by Section 314 of the Trust
Indenture Act in the form, in the manner and at the times required by Section
314 of the Trust Indenture Act.

          Section 2.5. Evidence of Compliance with Conditions Precedent

          The Company shall provide to the Guarantee Trustee annually such
evidence of compliance with any conditions precedent provided for in this
Guarantee that relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required

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to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture
Act may be given in the form of an Officers' Certificate.

          Section 2.6. Events of Default; Waiver

          Except as set forth in the Declaration and the Indenture, the Holders
of a Majority in Liquidation Amount of the Securities may waive, by vote or
written consent, on behalf of all Holders, any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist,
and any Event of Default arising there from shall be deemed to have been cured,
for every purpose of this Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

          Section 2.7. Event of Default; Notice

          (a) The Guarantee Trustee shall, within 90 days after the occurrence
of an Event of Default actually known to a Responsible Officer, transmit by
mail, first class postage prepaid, to all Holders, notice of such Event of
Default, unless such Event of Default has been cured before the giving of such
notice; provided that except for a default in the payment of any Guarantee
Payment, the Guarantee Trustee shall be protected in withholding such notice if
and so long as a Responsible Officer in good faith determines that the
withholding of such notice is in the interests of the Holders.

          (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written notice
from the Company, or a Responsible Officer charged with the administration of
the Declaration shall have obtained actual knowledge, of such Event of Default.

          Section 2.8. Conflicting Interests

          The Declaration and the Indenture shall be deemed to be specifically
described in this Guarantee for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

          Section 2.9. Disclosure of Information

          The disclosure of information as to the names and addresses of the
Holders of the Securities in accordance with Section 312 of the Trust Indenture
Act, regardless of the source from which such information was derived, shall not
be deemed to be a violation of any existing law, or any law hereafter enacted
which does not specifically refer to Section 312 of the Trust Indenture Act, nor
shall the Guarantee Trustee be held accountable by reason of mailing any
material pursuant to a request made under Section 312(b) of the Trust Indenture
Act.

          Section 2.10. Guarantee Trustee May File Proofs of Claim

          Upon the occurrence of an Event of Default, the Guarantee Trustee is
hereby authorized, but shall not be obligated, to:

          (a) recover judgment, in its own name and as trustee of an express
     trust, against the Company for the whole amount of any Guarantee Payments
     remaining unpaid; and

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<PAGE>

          (b) file such proofs of claim and other papers or documents as may be
     necessary or advisable in order to have its claims and those of the Holders
     allowed in any judicial proceedings relative to the Company, its creditors
     or its property.

                                  ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

          Section 3.1. Powers and Duties of the Guarantee Trustee

          (a) This Guarantee shall be held by the Guarantee Trustee for the
benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee to any Person except a Holder exercising his or her rights pursuant to
Section 5.4(b) or to a Successor Guarantee Trustee on acceptance by such
Successor Guarantee Trustee of its appointment to act as Successor Guarantee
Trustee pursuant to Section 4.2. The right, title and interest of the Guarantee
Trustee shall automatically vest in any Successor Guarantee Trustee, and such
vesting and succession of title shall be effective whether or not conveyancing
documents have been executed and delivered pursuant to the appointment of such
Successor Guarantee Trustee.

          (b) If an Event of Default actually known to a Responsible Officer has
occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee
for the benefit of the Holders.

          (c) The Guarantee Trustee, before the occurrence of any Event of
Default and after the cure or waiver of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Guarantee, and no implied covenants shall be read into this
Guarantee against the Guarantee Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6) and is
actually known to a Responsible Officer, the Guarantee Trustee shall exercise
such of the rights and powers vested in it by this Guarantee, and use the same
degree of care and skill in its exercise thereof, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

          (d) No provision of this Guarantee shall be construed to relieve the
Guarantee Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

               (i) prior to the occurrence of any Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

                    (A) the duties and obligations of the Guarantee Trustee
          shall be determined solely by the express provisions of this
          Guarantee, and the Guarantee Trustee shall not be liable except for
          the performance of such duties and obligations as are specifically set
          forth in this Guarantee, and no implied covenants or obligations shall
          be read into this Guarantee against the Guarantee Trustee; and

                    (B) in the absence of bad faith on the part of the Guarantee
          Trustee, the Guarantee Trustee may conclusively rely, as to the truth
          of the statements and the correctness of the opinions expressed
          therein, upon any certificates or opinions furnished to the Guarantee
          Trustee and conforming on

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<PAGE>

          their face to the requirements of this Guarantee; provided, however,
          that in the case of any such certificates or opinions that by any
          provision hereof are specifically required to be furnished to the
          Guarantee Trustee, the Guarantee Trustee shall be under a duty to
          examine the same only to determine whether or not on their face they
          conform to the requirements of this Guarantee;

               (ii) the Guarantee Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer, unless it shall be
     proved that the Guarantee Trustee was negligent in ascertaining the
     pertinent facts upon which such judgment was made;

               (iii) the Guarantee Trustee shall not be liable with respect to
     any action taken or omitted to be taken by it without negligence, in good
     faith in accordance with the direction of the Holders of a Majority in
     Liquidation Amount of the Securities relating to the time, method and place
     of conducting any proceeding for any remedy available to the Guarantee
     Trustee in respect of this Guarantee, or exercising any trust or power
     conferred upon the Guarantee Trustee under this Guarantee; and

               (iv) no provision of this Guarantee shall require the Guarantee
     Trustee to expend or risk its own funds or otherwise incur personal
     financial liability in the performance of any of its duties or in the
     exercise of any of its rights or powers.

          Section 3.2. Certain Rights of Guarantee Trustee

          (a) Subject to the provisions of Section 3.1:

               (i) the Guarantee Trustee may conclusively rely, and shall be
     fully protected in acting or refraining from acting, upon any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     direction, consent, order, bond, debenture, note, other evidence of
     indebtedness or other paper or document believed by it to be genuine and to
     have been signed, sent or presented by the proper party or parties;

               (ii) any direction or act of the Company contemplated by this
     Guarantee may be sufficiently evidenced by an Officers' Certificate;

               (iii) whenever, in the administration of this Guarantee, the
     Guarantee Trustee shall deem it desirable that a matter be proved or
     established before taking, suffering or omitting any action hereunder, the
     Guarantee Trustee (unless other evidence is herein specifically prescribed)
     may request and, in the absence of bad faith on its part, conclusively rely
     upon an Officers' Certificate which, upon receipt of such request, shall be
     promptly delivered by the Company;

               (iv) the Guarantee Trustee shall have no duty to record, file or
     register any instrument (including any financing or continuation statement
     or any filing under tax or securities laws) or any duty to rerecord, refile
     or reregister such instrument;

               (v) the Guarantee Trustee may consult with counsel or other
     experts of its selection, and the advice or opinion of such counsel with
     respect to legal matters or advice within the scope of such experts' area
     of expertise shall be full and complete authorization and protection in
     respect of any action taken, suffered or omitted by it

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     hereunder in good faith and in accordance with such advice or opinion. Such
     counsel may be counsel to the Company or any of its Affiliates and may
     include any of its employees. The Guarantee Trustee shall have the right at
     any time to seek instructions concerning the administration of this
     Guarantee from any court of competent jurisdiction;

               (vi) the Guarantee Trustee shall be under no obligation to
     exercise any of the rights or powers vested in it by this Guarantee at the
     request or direction of any Holder, unless such Holder shall have provided
     to the Guarantee Trustee such security and indemnity, reasonably
     satisfactory to the Guarantee Trustee, against the costs, expenses
     (including reasonable attorneys' fees and expenses and the expenses of the
     Guarantee Trustee's agents, nominees or custodians) and liabilities that
     might be incurred by it in complying with such request or direction,
     including such reasonable advances as may be requested by the Guarantee
     Trustee; provided that nothing contained in this Section 3.2(a)(vi) shall
     be taken to relieve the Guarantee Trustee, upon the occurrence of an Event
     of Default, of its obligation to exercise the rights and powers vested in
     it by this Guarantee;

               (vii) the Guarantee Trustee shall not be bound to make any
     investigation into the facts or matters stated in any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     direction, consent, order, bond, debenture, note, other evidence of
     indebtedness or other paper or document, but the Guarantee Trustee, in its
     discretion, may make such further inquiry or investigation into such facts
     or matters as it may see fit;

               (viii) the Guarantee Trustee may execute any of the trusts or
     powers hereunder or perform any duties hereunder either directly or by or
     through agents, custodians, nominees or attorneys, and the Guarantee
     Trustee shall not be responsible for any misconduct or negligence on the
     part of any agent or attorney appointed with due care by it hereunder;

               (ix) any action taken by the Guarantee Trustee or its agents
     hereunder shall bind the Holders, and the signature of the Guarantee
     Trustee or its agents alone shall be sufficient and effective to perform
     any such action, and no third party shall be required to inquire as to the
     authority of the Guarantee Trustee to so act or as to its compliance with
     any of the terms and provisions of this Guarantee, both of which shall be
     conclusively evidenced by the Guarantee Trustee's or its agent's taking
     such action;

               (x) whenever in the administration of this Guarantee the
     Guarantee Trustee shall deem it desirable to receive instructions with
     respect to enforcing any remedy or right or taking any other action
     hereunder, the Guarantee Trustee:

                    (A) may request instructions from the Holders of a Majority
          in Liquidation Amount of the Preferred Securities;

                    (B) may refrain from enforcing such remedy or right or
          taking such other action until such instructions are received; and

                    (C) shall be protected in conclusively relying on or acting
          in accordance with such instructions; and

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<PAGE>

               (xi) the Guarantee Trustee shall not be liable for any action
     taken, suffered, or omitted to be taken by it in good faith, without
     negligence, and reasonably believed by it to be authorized or within the
     discretion, rights or powers conferred upon it by this Guarantee.

          (b) No provision of this Guarantee shall be deemed to impose any duty
or obligation on the Guarantee Trustee to perform any act or acts or exercise
any right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Guarantee Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty.

          Section 3.3. Not Responsible for Recitals or Issuance of Guarantee

          The recitals contained in this Guarantee shall be taken as the
statements of the Company, and the Guarantee Trustee does not assume any
responsibility for their correctness. The Guarantee Trustee makes no
representation as to the validity or sufficiency of this Guarantee.

                                   ARTICLE IV

                                GUARANTEE TRUSTEE

          Section 4.1. Guarantee Trustee: Eligibility

          (a) There shall at all times be a Guarantee Trustee which shall:

               (i) not be an Affiliate of the Company; and

               (ii) be a corporation organized and doing business under the laws
     of the United States of America or any State or Territory thereof or of the
     District of Columbia, or a corporation or Person permitted by the
     Securities and Exchange Commission to act as an institutional trustee under
     the Trust Indenture Act, authorized under such laws to exercise corporate
     trust powers, having a combined capital and surplus of at least
     $50,000,000, and subject to supervision or examination by federal, state,
     territorial or District of Columbia authority. If such corporation
     publishes reports of condition at least annually, pursuant to law or to the
     requirements of the supervising or examining authority referred to above,
     then for the purposes of this Section 4.1(a)(ii), the combined capital and
     surplus of such corporation shall be deemed to be its combined capital and
     surplus as set forth in its most recent report of condition so published.

          (b) If at any time the Guarantee Trustee shall cease to be eligible to
so act under Section 4.1(a), the Guarantee Trustee shall immediately resign in
the manner and with the effect set out in Section 4.2(c).

          (c) If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee and Company shall in all respects comply with the provisions
of Section 310(b) of the Trust Indenture Act.

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<PAGE>

          Section 4.2. Appointment, Removal and Resignation of Guarantee Trustee

          (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed
or removed without cause at any time by the Company except during an Event of
Default. Subject to the provisions of this Section 4.2, if an Event of Default
shall have occurred and be continuing, the Guarantee Trustee may be appointed or
removed by the Holders of a Majority in Liquidation Amount.

          (b) The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Company.

          (c) The Guarantee Trustee shall hold office until a Successor
Guarantee Trustee shall have been appointed or until its removal or resignation.
The Guarantee Trustee may resign from office (without need for prior or
subsequent accounting) by a written instrument executed by the Guarantee Trustee
and delivered to the Company, which resignation shall not take effect until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
by instrument in writing executed by such Successor Guarantee Trustee and
delivered to the Company and the resigning Guarantee Trustee.

          (d) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 30 days after
delivery of an instrument of removal or resignation, the Guarantee Trustee
resigning or being removed may at the expense of the Company petition any court
of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Guarantee Trustee.

          (e) No Guarantee Trustee shall be liable for the acts or omissions to
act of any Successor Guarantee Trustee.

          (f) Upon termination of this Guarantee or removal or resignation of
the Guarantee Trustee pursuant to this Section 4.2, the Company shall pay to the
Guarantee Trustee all amounts due to the Guarantee Trustee accrued to the date
of such termination, removal or resignation.

                                    ARTICLE V

                                    GUARANTEE

          Section 5.1. Guarantee

          To the extent set forth in this Guarantee, the Company irrevocably and
unconditionally agrees to pay in full to all Holders the Guarantee Payments
(without duplication of amounts theretofore paid by the Trust) on a Pro Rata
basis, as and when due, regardless of any defense, right of set-off or
counterclaim that the Trust may have or assert. The Company's obligation to make
a Guarantee Payment may be satisfied by direct payment of the required amounts
by the Company to the Holders or by causing the Trust to pay such amounts to the
Holders. If a Trust Enforcement Event has occurred and is continuing, the rights
of the Holders of the Common Securities to receive Guarantee Payments shall be
subordinated to the rights of

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<PAGE>

the Holders of Preferred Securities to receive Guarantee Payments.
Notwithstanding anything to the contrary herein, the Company, in its capacity as
issuer of the Debentures, retains all of its rights under the Indenture to:

               (i) extend the interest payment period on the Debentures and the
     Company shall not be obligated hereunder to make any Guarantee Payments
     during any Extension Period (as defined in the Indenture) with respect to
     the Distributions on the Securities; and

               (ii) change the maturity date of the Debentures to the extent
     permitted by the Indenture.

          Section 5.2. Waiver of Notice and Demand

          The Company hereby waives notice of acceptance of this Guarantee and
of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Trust or any other
Person before proceeding against the Company, protest, notice of nonpayment,
notice of dishonor, notice of redemption and all other notices and demands.

          Section 5.3. Obligations Not Affected

          The obligations, covenants, agreements and duties of the Company under
this Guarantee shall in no way be affected or impaired by reason of the
happening from time to time of any of the following:

          (a) the release or waiver, by operation of law or otherwise, of the
     performance or observance by the Trust of any express or implied agreement,
     covenant, term or condition relating to the Securities to be performed or
     observed by the Trust;

          (b) the extension of time for the payment by the Trust of all or a
     portion of the Distributions, Redemption Price or any other sums payable
     under the terms of the Securities or the extension of time for the
     performance of any other obligation under, arising out of, or in connection
     with, the Securities (other than an extension of time for payment of
     Distributions, Redemption Price or other sum payable that results from the
     extension of any interest payment period on the Debentures permitted by the
     Indenture);

          (c) any failure, omission, delay or lack of diligence on the part of
     the Holders to enforce, assert or exercise any right, privilege, power or
     remedy conferred on the Holders pursuant to the terms of the Securities, or
     any action on the part of the Trust granting indulgence or extension of any
     kind;

          (d) the voluntary or involuntary liquidation, dissolution, sale of any
     collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Trust
     or any of the assets of the Trust;

          (e) any invalidity of, or defect or deficiency in, the Securities;

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<PAGE>

          (f) the settlement or compromise of any obligation guaranteed or
     incurred in this Guarantee; or

          (g) any other circumstance whatsoever that might otherwise constitute
     a legal or equitable discharge or defense of the Company, it being the
     intent of this Section 5.3 that the obligations of the Company with respect
     to the Guarantee Payments shall be absolute and unconditional under any and
     all circumstances.

          There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Company with respect to the happening of any of the
foregoing.

          No setoff, counterclaim, reduction or diminution of any obligation, or
any defense of any kind or nature that the Company has or may have against any
Holder (except the defense of payment to such Holder) shall be available
hereunder to the Company against such Holder to reduce the payments to it under
this Guarantee.

          Section 5.4. Rights of Holders

          (a) The Holders of a Majority in Liquidation Amount of the Securities
have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Guarantee Trustee in respect of this Guarantee
or exercising any trust or power conferred upon the Guarantee Trustee under this
Guarantee.

          (b) If the Guarantee Trustee fails to enforce this Guarantee, subject
to the subordination provisions of Section 6.2, any Holder may institute a legal
proceeding directly against the Company to enforce the Guarantee Trustee's
rights under this Guarantee, without first instituting a legal proceeding
against the Trust, the Guarantee Trustee or any other person or entity. In
addition, if the Company has failed to make a Guarantee Payment, a Holder,
subject to the subordination provisions of Section 6.2, may institute a legal
proceeding directly against the Company for enforcement of the Guarantee for
payment to such Holder of the principal of or interest on the Debentures having
a principal amount equal to the aggregate liquidation amount of the Securities
of such Holder. The Company waives any right or remedy to require that any
action be brought first against the Trust or any other Person before proceeding
directly against the Company.

          Section 5.5. Guarantee of Payment

          This Guarantee creates a guarantee of payment and not of collection.

          Section 5.6. Subrogation

          The Company shall be subrogated to all, if any, rights of the Holders
against the Trust in respect of any amounts paid to such Holders by the Company
under this Guarantee; provided, however, that the Company shall not (except to
the extent required by mandatory provisions of law) be entitled to enforce or
exercise any right that it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this
Guarantee, if, at the time of any such payment, any amounts are due and unpaid
under this Guarantee. If any amount shall be paid to the Company in violation of
the preceding sentence, the Company agrees to hold such amount in trust for the
Holders and to pay over such amount to the Guarantee Trustee for the benefit of
the Holders.

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<PAGE>

          Section 5.7. Independent Obligations

          The Company acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the Securities, and
that the Company shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the
occurrence of any event referred to in subsections (a) through (g), inclusive,
of Section 5.3 hereof.

                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

          Section 6.1. Limitation of Transactions

          So long as any Securities remain outstanding, if an Event of Default
occurs under the Guarantee or a Trust Enforcement Event occurs under the
Declaration and written notice of such event has been given to the Company, or
if the Company has exercised its option under the Indenture to defer interest
payments and that period or extension of that period is continuing, the Company
shall not:

          (a) declare or pay any dividend on, make any distributions relating
     to, or redeem, purchase, acquire or make a liquidation payment relating to,
     any of the Company's capital stock or any warrants, options or other rights
     to acquire capital stock (but excluding any debt security that is
     convertible into or exchangeable for capital stock);

          (b) make any payment of interest, principal or premium, if any, on or
     repay, repurchase or redeem any debt securities of the Company (including
     any Other Debentures) that rank on a parity with or junior in interest to
     the Debentures or make any payments with respect to any guarantee by the
     Company of the debt securities of any subsidiary of the Company (including
     Other Guarantees) if such guarantee ranks on a parity with or junior in
     interest to the Debentures in each case, other than:

               (i) dividends or distributions in capital stock (or rights to
     acquire capital stock) of the Company;

               (ii) payments under this Guarantee;

               (iii) any declaration of a dividend in connection with the
     implementation of a shareholders' rights plan, or the issuance of stock
     under any such plan in the future, or the redemption or repurchase of any
     such rights pursuant to a rights agreement;

               (iv) repurchases or acquisitions of shares of capital stock of
     the Company in connection with the satisfaction by the Company of its
     obligations under any employee benefit plans or any other contractual
     obligation of the Company; or

               (v) as a result of an exchange or conversion of the Company's
     capital stock for another class or series of the Company's capital stock;

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<PAGE>

               (vi) 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; and

               (vii) repurchases of capital stock of the Company in connection
     with the satisfaction by the Company of its obligations pursuant to any
     acquisitions of businesses made by the Company (which repurchases are made
     in connection with the satisfaction of indemnification obligations of the
     sellers of such businesses).

          Section 6.2. Ranking

          This Guarantee will constitute an unsecured obligation of the Company
and will rank:

               (i) subordinate and junior in right of payment to Senior
     Indebtedness (as defined in the First Supplemental Indenture), to the same
     extent and in the same manner that the Debentures are subordinated to
     Senior Indebtedness pursuant to the Indenture, it being understood that the
     terms of Article 6 of the First Supplemental Indenture shall apply to the
     obligations of the Company under this Guarantee as if (x) such Article 6
     were set forth herein in full and (y) such obligations were substituted for
     the term "Debentures" appearing in such Article 6, except that with respect
     to Section 6 of the First Supplemental Indenture only, the term "Senior
     Indebtedness" shall mean all liabilities of the Company, whether or not for
     money borrowed (other than obligations in respect of Other Guarantees);

               (ii) pari passu with the most senior preferred or preference
     stock now or hereafter issued by the Company, any guarantee now or
     hereafter entered into by the Company in respect of any preferred or
     preference stock of any Affiliate of the Company, and any Other Guarantee;
     and

               (iii) senior to the Company's capital stock.

                                   ARTICLE VII

                                   TERMINATION

               Section 7.1. Termination

               This Guarantee shall terminate upon:

               (i) full payment of the Redemption Price of all Securities;

               (ii) distribution of the Debentures held by the Trust to the
     Holders; or

               (iii) liquidation of the Trust and the full payment of the
     amounts payable in accordance with the Declaration or the distribution of
     the Debentures to the Holders.

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<PAGE>

Notwithstanding the foregoing, this Guarantee will continue to be effective or
will be reinstated, as the case may be, if at any time any Holder must restore
payment of any sums paid under the Securities or under this Guarantee.

                                  ARTICLE VIII

                                 INDEMNIFICATION

          Section 8.1. Exculpation

          (a) No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Company or any Covered Person for any loss,
damage or claim incurred by reason of any act or omission performed or omitted
by such Indemnified Person in good faith in accordance with this Guarantee and
in a manner that such Indemnified Person reasonably believed to be within the
scope of the authority conferred on such Indemnified Person by this Guarantee or
by law, except that an Indemnified Person shall be liable for any such loss,
damage or claim incurred by a Holder by reason of such Indemnified Person's
negligence or willful misconduct with respect to such acts or omissions.

          (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and, if selected by the Indemnified Person,
who has been selected with reasonable care, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities,
profits, losses, or any other facts pertinent to the existence and amount of
assets from which Distributions to Holders might properly be paid.

          Section 8.2. Indemnification

          To the fullest extent permitted by law, the Company agrees to
indemnify each Indemnified Person for, and to hold each Indemnified Person
harmless against, any and all loss, liability, damage, claim or expense incurred
without negligence or bad faith on its part, arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses (including reasonable legal fees and expenses)
of defending itself against, or investigating, any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder. The obligation to indemnify as set forth in this Section 8.2 shall
survive the termination of this Guarantee and shall survive the removal or
resignation of the Guarantee Trustee.

                                   ARTICLE IX

                                  MISCELLANEOUS

          Section 9.1. Successors and Assigns

          All guarantees and agreements contained in this Guarantee shall bind
the successors, assigns, receivers, trustees and representatives of the Company
and shall inure to the benefit of the Holders then outstanding.

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<PAGE>

          Section 9.2. Amendments

          Except with respect to any changes that do not materially adversely
affect the rights of Holders (in which case no consent of Holders will be
required), this Guarantee may only be amended with the prior approval of the
Holders of a Majority in Liquidation Amount of the Securities. The provisions of
the Declaration with respect to consents to amendments thereof, whether at a
meeting or otherwise, shall apply to the giving of such approval.

          Section 9.3. Notices

          All notices provided for in this Guarantee shall be in writing, duly
signed by the party giving such notice, and shall be delivered by hand or
express courier, telecopied or mailed by first class mail, as follows:

          (a) If given to the Trust, at the Trust's mailing address set forth
     below (or such other address as the Trust may give notice of to the Holders
     and the Guarantee Trustee):

               New York Community Capital Trust VI
               c/o New York Community Bancorp, Inc.
               615 Merrick Avenue
               Westbury, New York 11590
               Attention: Joseph R. Ficalora, Administrative Trustee, c/o Chief
               Executive Officer, New York Community Bancorp, Inc.
               Telecopy: (516) 683-8385

          (b) If given to the Guarantee Trustee, at the Guarantee Trustee's
     mailing address set forth below (or such other address as the Guarantee
     Trustee may give notice of to the Holders and the Trust):

               Wilmington Trust Company
               Rodney Square North
               1100 North Market Street
               Wilmington, Delaware  19890
               Attention: Corporate Trust Administration
               Telecopy: (302) 636-4145

          (c) If given to the Company, at the Company's mailing address set
     forth below (or such other address as the Company may give notice of to the
     Holders and the Guarantee Trustee):

               New York Community Bancorp, Inc.
               615 Merrick Avenue
               Westbury, New York  11590
               Attention: Chief Executive Officer
               Telecopy: (516) 683-8385

          (d) If given to any Holder, at such Holder's address set forth on the
     books and records of the Trust.

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<PAGE>

          All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

          Section 9.4. Benefit

          This Guarantee is solely for the benefit of the Holders and, subject
to Section 3.1(a), is not separately transferable from the Securities.

          Section 9.5. Governing Law

          THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          Section 9.6. Counterparts

          This Guarantee may contain more than one counterpart of the signature
page, and this Guarantee may be executed by affixing of the signature of each of
the parties to one of such counterpart signature pages. All such counterpart
signature pages shall be read as though one, and they shall have the same force
and effect as though all of the signers had signed a single signature page.

          IN WITNESS WHEREOF, this Guarantee Agreement has been entered into as
of the day and year first above written.

                                            New York Community Bancorp, Inc., as
                                            Company


                                            By:
                                                --------------------------------
                                                Name:
                                                Title:


                                            Wilmington Trust Company, as
                                            Guarantee Trustee


                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

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