<PAGE>

                                                                 Exhibit 4(m)(i)




                    ========================================




                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                        NEW YORK COMMUNITY BANCORP, INC.

                               Dated as of  , 2002



                    ========================================

<PAGE>

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>
                                                                                              Page
<S>                                                                                           <C>
                                             ARTICLE I

                                   DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions and Interpretation ...................................................   2
            ------------------------------

                                             ARTICLE II

                                        TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application .................................................   5
            --------------------------------
SECTION 2.2 Lists of Holders of Securities ...................................................   5
            ------------------------------
SECTION 2.3 Reports by the Preferred Securities Guarantee Trustee ............................   6
            -----------------------------------------------------
SECTION 2.4 Periodic Reports .................................................................   6
            ----------------
SECTION 2.5 Evidence of Compliance with Conditions Precedent .................................   6
            ------------------------------------------------
SECTION 2.6 Waiver of Events of Default ......................................................   6
            ---------------------------
SECTION 2.7 Notice of Events of Default ......................................................   6
            ---------------------------
SECTION 2.8 Conflicting Interests ............................................................   7
            ---------------------

                                            ARTICLE III

                                    POWERS, DUTIES AND RIGHTS OF
                               PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Preferred Securities Guarantee Trustee ..................   7
            ---------------------------------------------------------------
SECTION 3.2 Certain Rights of Preferred Securities Guarantee Trustee .........................   9
            --------------------------------------------------------
SECTION 3.3 Not Responsible for Recitals or Issuance Preferred Securities Guarantee ..........  11
            -----------------------------------------------------------------------

                                             ARTICLE IV

                               PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1 Preferred Securities Guarantee Trustee; Eligibility ..............................  11
            ---------------------------------------------------
SECTION 4.2 Appointment, Removal and Resignation of Preferred Securities Guarantee Trustee ...  11
            ------------------------------------------------------------------------------

                                             ARTICLE V

                                             GUARANTEE

SECTION 5.1 Guarantee ........................................................................  12
            ---------
SECTION 5.2 Waiver of Notice and Demand ......................................................  13
            ---------------------------
SECTION 5.3 Obligations Not Affected .........................................................  13
            ------------------------
</TABLE>

                                       i

<PAGE>


<TABLE>
<CAPTION>
                                                                                              Page
                                                                                              ----
<S>                                                                                           <C>
SECTION 5.4 Rights of Holders ................................................................  14
            -----------------
SECTION 5.5 Guarantee of Payment .............................................................  14
            --------------------
SECTION 5.6 Subrogation ......................................................................  14
            -----------
SECTION 5.7 Independent Obligations ..........................................................  14
            -----------------------

                                             ARTICLE VI

                             LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1 Limitation of Transactions .......................................................  15
            --------------------------
SECTION 6.2 Ranking ..........................................................................  15
            -------
                                            ARTICLE VII

                                            TERMINATION

SECTION 7.1 Termination ......................................................................  16
            -----------

                                            ARTICLE VIII

                                          INDEMNIFICATION

SECTION 8.1 Exculpation ......................................................................  16
            -----------
SECTION 8.2 Compensation and Indemnification .................................................  16
            --------------------------------

                                             ARTICLE IX

                                           MISCELLANEOUS

SECTION 9.1 Successors and Assigns ...........................................................  17
            ----------------------
SECTION 9.2 Amendments .......................................................................  17
            ----------
SECTION 9.3 Notices ..........................................................................  17
            -------
SECTION 9.4 Benefit ..........................................................................  19
            -------
SECTION 9.5 Governing Law ....................................................................  19
            -------------
</TABLE>

                                       ii

<PAGE>

                              CROSS REFERENCE TABLE

<TABLE>
<CAPTION>
Section of Trust
Indenture Act of                                            Section of Guarantee
1939, as amended                                                  Agreement
----------------                                                  ---------
<S>                                                         <C>
     310(a) ..............................................          4.1(a)
     310(b) ..............................................       2.8, 4.1(c)
     310(c) ..............................................           N/A
     311(a) ..............................................          2.2(b)
     311(b) ..............................................          2.2(b)
     311(c) ..............................................           N/A
     312(a) ..............................................          2.2(a)
     312(b) ..............................................          2.2(b)
     312(c) ..............................................           N/A
      313 ................................................           2.3
     314(a) ..............................................           2.4
     314(b) ..............................................           N/A
     314(c) ..............................................           2.5
     314(d) ..............................................           N/A
     314(e) ..............................................      1.1, 2.5, 3.2
     314(f) ..............................................         2.1, 3.2
     315(a) ..............................................      3.1(d), 3.2(a)
     315(b) ..............................................           2.7
     315(c) ..............................................          3.1(c)
     315(d) ..............................................   3.1(d), 3.2(a), 8.1
     315(e) ..............................................           N/A
     316(a) ..............................................      1.1, 2.6, 5.4
     316(b) ..............................................         5.3, 5.4
     316(c) ..............................................           9.2
     317(a) ..............................................           N/A
     317(b) ..............................................           N/A
     318(a) ..............................................          2.1(a)
     318(b) ..............................................          2.1(b)
     318(c) ..............................................          2.1(b)
</TABLE>

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

*    This Cross-Reference Table does not constitute part of this Guarantee
     Agreement and shall not affect the interpretation of any of its terms or
     provisions.

                                      iii

<PAGE>

                    PREFERRED SECURITIES GUARANTEE AGREEMENT

          This PREFERRED SECURITIES GUARANTEE AGREEMENT (the "Preferred
Securities Guarantee"), dated as of  , 2002 is executed and delivered by New
York Community Bancorp, Inc., a Delaware corporation (the "Guarantor"), and
Wilmington Trust Company, a Delaware banking corporation, as trustee (the
"Preferred Securities Guarantee Trustee" or "Trustee"), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Securities (as
defined herein) of New York Community Preferred Trust  , a Delaware statutory
business trust (the "Issuer").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of  , 2002, by and among the trustees of the Issuer
named therein, the Guarantor, as sponsor, and the Holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof   preferred securities, having an aggregate
liquidation amount of $ , such preferred securities being designated the  %
Preferred Securities (the "Preferred Securities").

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

          WHEREAS, the Guarantor is also executing and delivering the Common
Securities Guarantee Agreement; dated as of  , 2002 (the "Common Securities
Guarantee"), for the benefit of the holders of the Common Securities (as defined
herein), the terms of which provide that if an Event of Default (as defined in
the Declaration) has occurred and is continuing, the rights of holders of the
Common Securities to receive Guarantee Payments under the Common Securities
Guarantee are subordinated, to the extent and in the manner set forth in the
Common Securities Guarantee, to the rights of Holders of Preferred Securities to
receive Guarantee Payments under this Preferred Securities Guarantee.

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

<PAGE>

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

          SECTION 1.1 Definitions and Interpretation
                      ------------------------------

          In this Preferred Securities Guarantee, unless the context otherwise
requires:

          (a)     capitalized terms used in this Preferred Securities Guarantee
but not defined in the preamble above have the respective meanings assigned to
them in this Section 1.1;

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

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

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

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

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

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

          "Affiliate" has the same meaning as given to that term in Rule 405
           ---------
under the Securities Act of 1933, as amended, or any successor rule thereunder.

          "Business Day" shall mean any day other than a Saturday, a Sunday, or
           ------------
a day on which banking institutions in Westbury, New York or Wilmington,
Delaware are authorized or required by law or executive order to remain closed.

          "Common Securities" shall mean the securities representing common
           -----------------
undivided beneficial interests in the assets of the Issuer.

          "Corporate Trust Office" shall mean the office of the Preferred
           ----------------------
Securities Guarantee Trustee at which the corporate trust business of the
Preferred Securities 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" shall mean any Holder or beneficial owner of
           --------------
Preferred Securities.

                                       2

<PAGE>

          "Debentures" shall mean the series of subordinated debt securities of
           ----------
the Guarantor designated the Junior Subordinated Deferrable Interest Debentures
due   held by the Property Trustee (as defined in the Declaration) of the
Issuer.

          "Event of Default" shall mean a default by the Guarantor on any of its
           ----------------
payment or other obligations under this Preferred Securities Guarantee;
provided, however, that, except with respect to default in respect of any
--------  -------
Guarantee Payment, no default by the Guarantor hereunder shall constitute an
Event of Default unless the Guarantor shall have received written notice of the
default and shall not have cured such default within 60 days after receipt
thereof.

          "Guarantee Payments" shall mean the following payments or
           ------------------
distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by or on behalf of the Issuer: (i) any accumulated
and unpaid Distributions (as defined in the Declaration) that are required to be
paid on such Preferred Securities, to the extent the Issuer has funds legally
available therefor at such time, (ii) the redemption price, including all
accumulated and unpaid Distributions to the date of redemption (the "Redemption
Price"), to the extent the Issuer has funds legally available therefor at such
time, with respect to any Preferred Securities called for redemption, and (iii)
upon a voluntary or involuntary dissolution, winding up or liquidation of the
Issuer (other than in connection with the distribution of Debentures to the
Holders in exchange for Preferred Securities or in connection with the
redemption of the Preferred Securities, in each case as provided in the
Declaration), the aggregate of the liquidation amount and all accumulated and
unpaid Distributions on the Preferred Securities to the date of payment, to the
extent the Issuer has funds legally available therefor at such time (the
"Liquidation Distribution"). If an Event of Default has occurred and is
continuing, no Guarantee Payments under the Common Securities Guarantee with
respect to the Common Securities or any guarantee payment under the Common
Securities Guarantee or any Other Common Securities Guarantee shall be made
until the Holders of the Preferred Securities shall be paid in full the
Guarantee Payments to which they are entitled under this Preferred Securities
Guarantee.

          "Holder" shall mean any holder, as registered on the books and records
           ------
of the Issuer, of any Preferred Securities; provided, however, that, in
                                            --------  -------
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Person actually known to a Responsible
Officer of the Preferred Securities Guarantee Trustee to be an Affiliate of the
Guarantor.

          "Indemnified Person" shall mean the Preferred Securities Guarantee
           ------------------
Trustee (including in its individual capacity), any Affiliate of the Preferred
Securities Guarantee Trustee, or any officers, directors, shareholders, members,
partners, employees, representatives, nominees, custodians or agents of the
Preferred Securities Guarantee Trustee.

          "Indenture" shall mean the Indenture, dated as of  , 2002, between New
           ---------
York Community Bancorp, Inc., as issuer of Debentures (the "Debenture Issuer"),
and Wilmington Trust Company, as trustee, pursuant to which the Debentures are
to be issued to the Property Trustee of the Issuer.

          "Majority in Liquidation Amount of the Preferred Securities" shall
           ----------------------------------------------------------
mean, except as provided by the Trust Indenture Act, a vote by Holder(s) of the
Preferred Securities, voting separately as a class, of more than 50% of the
aggregate liquidation amount (including the amount that would be

                                       3

<PAGE>

paid on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to but excluding the date upon which the voting percentages are
determined) of all outstanding Preferred Securities, excluding Preferred
Securities held by the Guarantor, the Issuer or any Affiliate thereof.

          "Officers' Certificate" shall mean, with respect to any Person, a
           ---------------------
certificate signed by the Chairman, the Chief Executive Officer, the President,
an Executive or Senior Vice President, a Vice President, the Chief Financial
Officer or the Secretary or an Assistant Secretary. Any Officers' Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Preferred Securities Guarantee shall include:

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

          (b)     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

          (c)     a statement as to whether or not, in the opinion of each such
officer, such condition or covenant has been complied with.

          "Other Common Securities Guarantees" shall have the same meaning as
           ----------------------------------
"Other Guarantees" in the Common Securities Guarantee.

          "Other Debentures" shall mean all junior subordinated debentures,
           ----------------
other than the Debentures (as defined in the Indenture), issued by the
Guarantor, from time to time and sold to trusts other than the Issuer to be
established by the Guarantor (if any), in each case similar to the Issuer.

          "Other Guarantees" shall mean all guarantees, other than this
           ----------------
Preferred Securities Guarantee, to be issued by the Guarantor with respect to
preferred securities (if any) similar to the Preferred Securities, issued by
trusts other than the Issuer to be established by the Guarantor (if any), in
each case similar to the Issuer.

          "Person" shall mean a legal person, including any individual,
           ------
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

          "Preferred Securities Guarantee Trustee" shall mean Wilmington Trust
           --------------------------------------
Company, as Trustee, under the Preferred Securities Guarantee, until a Successor
Preferred Securities Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Securities Guarantee Trustee.

          "Responsible Officer" shall mean, with respect to a Person, any
           -------------------
officer with direct responsibility for the administration of any matters
relating to this Preferred Securities Guarantee.

                                       4

<PAGE>

          "Successor Preferred Securities Guarantee Trustee" shall mean a
           ------------------------------------------------
successor Preferred Securities Guarantee Trustee possessing the qualifications
to act as Preferred Securities Guarantee Trustee under Section 4.1.

          "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as
           -------------------
amended.

          "Trust Securities" shall mean the Common Securities and the Preferred
           ----------------
Securities collectively.

                                   ARTICLE II

                               TRUST INDENTURE ACT

          SECTION 2.1 Trust Indenture Act; Application
                      --------------------------------

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

          (b)     If and to the extent that any provision of this Preferred
Securities 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. If any provision of this Preferred Securities Guarantee modifies
or excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the modified or excluded provision of the Trust Indenture Act shall be
deemed to apply to this Preferred Securities Guarantee as so modified or
excluded, as the case may be.

          SECTION 2.2 Lists of Holders of Securities
                      ------------------------------

          (a)     The Guarantor shall provide the Preferred Securities Guarantee
Trustee (unless the Preferred Securities Guarantee Trustee is otherwise the
registrar of the Preferred Securities) with a list, in such form as the
Preferred Securities Guarantee Trustee may reasonably require, of the names and
addresses of the Holders of the Preferred Securities ("List of Holders") as of
such date, (i) within fourteen (14) days after each record date for payment of
Distributions (as defined in the Declaration), and (ii) at any other time within
30 days of receipt by the Guarantor of a written request for a List of Holders
as of a date no more than 14 days before such List of Holders is given to the
Preferred Securities Guarantee Trustee; provided, however, that the Guarantor
                                        --------  -------
shall not be obligated to provide such List of Holders at any time the List of
Holders does not differ from the most recent List of Holders given to the
Preferred Securities Guarantee Trustee by the Guarantor. The Preferred
Securities Guarantee Trustee may destroy any List of Holders previously given to
it upon receipt of a new List of Holders.

          (b)     The Preferred Securities Guarantee Trustee shall comply with
its obligations under Sections 31l(a), 31l(b) and Section 312(b) of the Trust
Indenture Act.

                                       5

<PAGE>

          SECTION 2.3 Reports by the Preferred Securities Guarantee Trustee
                      -----------------------------------------------------

          Within 60 days after the date hereof, and no later than the
anniversary date hereof in each succeeding year, the Preferred Securities
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 Preferred Securities Guarantee Trustee shall also comply with the
requirements of Section 313(d) of the Trust Indenture Act.

          SECTION 2.4 Periodic Reports
                      ----------------

          The Guarantor shall provide to the Preferred Securities Guarantee
Trustee such documents, reports and information as are required by Section 314
(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. Delivery of such reports, information and
documents to the Preferred Securities Guarantee Trustee is for informational
purposes only and the Preferred Securities Guarantee Trustee's receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Guarantor's
compliance with any of its covenants hereunder (as to which the Preferred
Securities Guarantee Trustee is entitled to rely exclusively on Officers'
Certificates).

          SECTION 2.5 Evidence of Compliance with Conditions Precedent
                      ------------------------------------------------

          The Guarantor shall provide to the Preferred Securities Guarantee
Trustee such evidence of compliance with the conditions precedent, if any,
provided for in this Preferred Securities Guarantee that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate
or opinion required to be given by an officer pursuant to Section 314(c)(1) may
be given in the form of an Officers' Certificate.

          SECTION 2.6 Waiver of Events of Default
                      ---------------------------

          The Holders of a Majority in Liquidation Amount of the Preferred
Securities may, by vote, on behalf of the Holders of all of the Preferred
Securities, waive 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 therefrom shall be deemed to have been cured, for every purpose of this
Preferred Securities 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 Notice of Events of Default
                      ---------------------------

          (a)     The Preferred Securities Guarantee Trustee shall, within 10
Business Days after the occurrence of an Event of Default with respect to this
Preferred Securities Guarantee actually known to a Responsible Officer of the
Preferred Securities Guarantee Trustee, transmit by mail, first class postage
prepaid, to all Holders of the Preferred Securities, notices of all such Events
of Default, unless such Events of Default have been cured before the giving of
such notice; provided, however, that, except in the case of an Event of Default
             --------  -------
arising from the non-payment of any Guarantee Payment, the Preferred Securities
Guarantee Trustee shall be protected in withholding such notice

                                       6

<PAGE>

if and so long as a Responsible Officer of the Preferred Securities Guarantee
Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of the Preferred Securities.

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

          SECTION 2.8 Conflicting Interests
                      ---------------------

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

                                   ARTICLE III

                          POWERS, DUTIES AND RIGHTS OF
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

          SECTION 3.1 Powers and Duties of the Preferred Securities Guarantee
                      -------------------------------------------------------
                      Trustee
                      -------

          (a)     This Preferred Securities Guarantee shall be held by the
Preferred Securities Guarantee Trustee for the benefit of the Holders of the
Preferred Securities, and the Preferred Securities Guarantee Trustee shall not
transfer this Preferred Securities Guarantee to any Person except a Holder of
the Preferred Securities exercising his or her rights pursuant to Section 5.4(b)
or to a Successor Preferred Securities Guarantee Trustee on acceptance by such
Successor Preferred Securities Guarantee Trustee of its appointment to act as
Successor Preferred Securities Guarantee Trustee. The right, title and interest
of the Preferred Securities Guarantee Trustee shall automatically vest in any
Successor Preferred Securities 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
Preferred Securities Guarantee Trustee.

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

          (c)     The Preferred Securities Guarantee Trustee, before the
occurrence of any Event of Default (of which, other than a default in respect of
any Guarantee Payment, a Responsible Officer of the Property Trustee has actual
knowledge) and after the curing of all such Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Preferred Securities Guarantee, and no implied covenants or
obligations shall be read into this Preferred Securities Guarantee against the
Preferred Securities 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 of the Preferred Securities Guarantee Trustee,
the Preferred

                                       7

<PAGE>

Securities Guarantee Trustee shall exercise such of the rights and powers vested
in it by this Preferred Securities 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 Preferred Securities Guarantee shall be
construed to relieve the Preferred Securities 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 (of
          which, other than a default in respect of any Guarantee Payment, a
          Responsible Officer of the Property Trustee has actual knowledge) and
          after the curing or waiving of all such Events of Default that may
          have occurred:

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

                  (B)      in the absence of bad faith on the part of the
          Preferred Securities Guarantee Trustee, the Preferred Securities
          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 Preferred Securities
          Guarantee Trustee and conforming to the requirements of this Preferred
          Securities 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 Preferred Securities Guarantee
          Trustee, the Preferred Securities Guarantee Trustee shall be under a
          duty to examine the same to determine whether or not on their face
          they conform to the requirements of this Preferred Securities
          Guarantee;

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

                  (iii)    the Preferred Securities Guarantee Trustee shall not
          be liable with respect to any actions taken or omitted to be taken by
          it in good faith in accordance with the direction of the Holders of a
          Majority in Liquidation Amount of the Preferred Securities relating to
          the time, method and place of conducting any proceeding for any remedy
          available to the Preferred Securities Guarantee Trustee, or exercising
          any trust or power conferred upon the Preferred Securities Guarantee
          Trustee under this Preferred Securities Guarantee; and

                  (iv)     no provision of this Preferred Securities Guarantee
          shall require the Preferred Securities 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

                                       8

<PAGE>

          or powers, if the Preferred Securities Guarantee Trustee shall have
          reasonable grounds for believing that the repayment of such funds or
          liability is not reasonably assured to it under the terms of this
          Preferred Securities Guarantee or indemnity, reasonably satisfactory
          to the Preferred Securities Guarantee Trustee, against such risk or
          liability is not reasonably assured to it.

          SECTION 3.2 Certain Rights of Preferred Securities Guarantee Trustee
                      --------------------------------------------------------

          (a)     Subject to the provisions of Section 3.1:

                  (i)      the Preferred Securities 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 Guarantor contemplated by
          this Preferred Securities Guarantee may be sufficiently evidenced by
          an Officers' Certificate;

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

                  (iv)     the Preferred Securities Guarantee Trustee shall have
          no duty to see to any recording, filing or registration of any
          instrument or other document (or any rerecording, refiling or
          registration thereof);

                  (v)      the Preferred Securities Guarantee Trustee may
          consult with counsel of its selection, and the advice or opinion of
          such counsel with respect to legal matters shall be full and complete
          authorization and protection in respect of any action taken, suffered
          or omitted by it hereunder in good faith and in accordance with such
          advice or opinion; and such counsel may be counsel to the Guarantor or
          any of its Affiliates and may include any of its employees; and the
          Preferred Securities Guarantee Trustee shall have the right at any
          time to seek instructions concerning the administration of this
          Preferred Securities Guarantee from any court of competent
          jurisdiction;

                  (vi)     the Preferred Securities Guarantee Trustee shall be
          under no obligation to exercise any of the rights or powers vested in
          it by this Preferred Securities Guarantee at the request or direction
          of any Holder, unless such Holder shall have provided to the Preferred
          Securities Guarantee Trustee such security and indemnity, reasonably
          satisfactory to the Preferred Securities Guarantee Trustee, against
          the costs, expenses (including attorneys' fees and expenses and the
          expenses of the Preferred Securities 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

                                       9

<PAGE>

          Preferred Securities Guarantee Trustee, provided, however, that
                                                  --------  -------
          nothing contained in this Section 3.2(a)(vi) shall be taken to relieve
          the Preferred Securities Guarantee Trustee, upon the occurrence of an
          Event of Default, of its obligation to exercise the rights and powers
          vested in it by this Preferred Securities Guarantee;

                  (vii)    the Preferred Securities Guarantee Trustee shall have
          no obligation 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 Preferred Securities Guarantee Trustee, in its discretion, may
          make such further inquiry or investigation into such facts or matters
          as it may see fit;

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

                  (ix)     any action taken by the Preferred Securities
          Guarantee Trustee or its agents hereunder shall bind the Holders of
          the Preferred Securities, and the signature of the Preferred
          Securities 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 Preferred Securities
          Guarantee Trustee to so act or as to its compliance with any of the
          terms and provisions of this Preferred Securities Guarantee, both of
          which shall be conclusively evidenced by the Preferred Securities
          Guarantee Trustee's or its agent's taking such action;

                  (x)      whenever in the administration of this Preferred
          Securities Guarantee the Preferred Securities Guarantee Trustee shall
          deem it desirable to receive instructions with respect to enforcing
          any remedy or right or taking any other action hereunder, the
          Preferred Securities Guarantee Trustee (i) may request instructions
          from the Holders of a Majority in Liquidation Amount of the Preferred
          Securities, (ii) may refrain from enforcing such remedy or right or
          taking such other action until such instructions are received, and
          (iii) shall be protected in conclusively relying on or acting in
          accordance with such instructions; and

                  (xi)     the Preferred Securities 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 or rights or powers conferred upon
          it by this Preferred Securities Guarantee.

          (b)     No provision of this Preferred Securities Guarantee shall be
deemed to impose any duty or obligation on the Preferred Securities 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 Preferred Securities 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 Preferred Securities Guarantee
Trustee shall be construed to be a duty.

                                       10

<PAGE>

          SECTION 3.2 Not Responsible for Recitals or Issuance Preferred
                      --------------------------------------------------
                      Securities Guarantee
                      --------------------

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

                                   ARTICLE IV

                     PREFERRED SECURITIES GUARANTEE TRUSTEE

          SECTION 4.1 Preferred Securities Guarantee Trustee; Eligibility
                      ---------------------------------------------------

          (a)     There shall at all times be a Preferred Securities Guarantee
Trustee that shall

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

                  (ii)     be a corporation or other Person 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 other Person permitted by the Securities and Exchange Commission to
          act as an indenture trustee under the Trust Indenture Act, authorized
          under such laws to exercise corporate trust powers, having a combined
          capital and surplus of at least fifty million U.S. dollars
          ($50,000,000), and subject to supervision or examination by federal,
          state, territorial or District of Columbia authority; it being
          understood that if such corporation or other Person 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) and to the extent permitted by
          the Trust Indenture Act, 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 Preferred Securities Guarantee Trustee
shall cease to be eligible to so act under Section 4.1(a), the Preferred
Securities Guarantee Trustee shall immediately resign in the manner and with the
effect set out in Section 4.2(c).

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

          SECTION 4.2 Appointment, Removal and Resignation of Preferred
                      -------------------------------------------------
                      Securities Guarantee Trustee
                      ----------------------------

          (a)     Subject to Section 4.2(b), the Preferred Securities Guarantee
Trustee may be appointed or removed without cause at any time by the Guarantor
except during an Event of Default.

                                       11

<PAGE>

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

          (c)     The Preferred Securities Guarantee Trustee shall hold office
until a Successor Preferred Securities Guarantee Trustee shall have been
appointed, subject to Section 4.1, or until its removal or resignation. The
Preferred Securities Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Preferred Securities Guarantee Trustee and delivered to the Guarantor, which
resignation shall not take effect until a Successor Preferred Securities
Guarantee Trustee has been appointed, subject to Section 4.1, and has accepted
such appointment by instrument in writing executed by such Successor Preferred
Securities Guarantee Trustee and delivered to the Guarantor and the resigning
Preferred Securities Guarantee Trustee.

          (d)     If no Successor Preferred Securities Guarantee Trustee shall
have been appointed and accepted appointment as provided in this Section 4.2
within 60 days after delivery of an instrument of removal or resignation, the
Preferred Securities Guarantee Trustee resigning or being removed may petition
any court of competent jurisdiction for appointment of a Successor Preferred
Securities Guarantee Trustee. Such court may thereupon, after prescribing such
notice, if any, as it may deem proper, appoint a Successor Preferred Securities
Guarantee Trustee.

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

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

                                    ARTICLE V

                                    GUARANTEE

          SECTION 5.1 Guarantee
                      ---------

          The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer), as and when due, regardless of any defense, right of
set-off or counterclaim that the Issuer may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer to pay
such amounts to the Holders.

                                       12

<PAGE>

          SECTION 5.2 Waiver of Notice and Demand
                      ---------------------------

          The Guarantor hereby waives notice of acceptance of this Preferred
Securities 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 Issuer or any other Person before proceeding against the Guarantor, 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 Guarantor
under this Preferred Securities 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 Issuer of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Issuer;

          (b)     the extension of time for the payment by the Issuer of all or
any portion of the Distributions, Redemption Price, Liquidation Distribution or
any other sums payable under the terms of the Preferred Securities or the
extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Preferred Securities;

          (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 Preferred
Securities, or any action on the part of the Issuer 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 Issuer or any of the assets of
the Issuer;

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

          (f)     the settlement or compromise of any obligation guaranteed
                  hereby or hereby incurred; or

          (g)     any other circumstance whatsoever that might otherwise
                  constitute a legal or equitable discharge or defense of a
                  guarantor;

it being the intent of this Section 5.3 that the obligations of the Guarantor
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 Guarantor with respect to the happening of any of the
foregoing.

                                       13

<PAGE>

     SECTION 5.4 Rights of Holders
                 -----------------

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

     (b) If the Preferred Securities Guarantee Trustee fails to enforce this
Preferred Securities Guarantee, any Holder of the Preferred Securities may
institute a legal proceeding directly against the Guarantor to enforce the
Preferred Securities Guarantee Trustee's rights under this Preferred Securities
Guarantee, without first instituting a legal proceeding against the Issuer, the
Preferred Securities Guarantee Trustee or any other person or entity.
Notwithstanding the rights of the Preferred Securities Guarantee Trustee to
enforce this Guarantee Agreement, if the Guarantor has failed to make a
Guarantee Payment, any Holder of the Preferred Securities may directly institute
a proceeding against the Guarantor for enforcement of this Preferred Securities
Guarantee for such payment, without first instituting a legal proceeding against
the Issuer, the Preferred Series Guarantee Trustee or any other person or
entity. The Guarantor waives any right or remedy to require that any action be
brought first against the Issuer or any other person or entity before proceeding
directly against the Guarantor.

     SECTION 5.5 Guarantee of Payment
                 --------------------

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

     SECTION 5.6 Subrogation
                 -----------

     The Guarantor shall be subrogated to all (if any) rights of the Holders of
Preferred Securities against the Issuer in respect of any amounts paid to such
Holders by the Guarantor under this Preferred Securities Guarantee; provided,
                                                                    --------
however, that the Guarantor 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 Preferred Securities
Guarantee, if, at the time of any such payment, any amounts are due and unpaid
under this Preferred Securities Guarantee. If any amount shall be paid to the
Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
such amount in trust for the Holders and to pay over such amount to the Holders.

     SECTION 5.7 Independent Obligations
                 -----------------------

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

                                       14

<PAGE>
                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

     SECTION 6.1 Limitation of Transactions
                 --------------------------

     So long as any Preferred Securities remain outstanding, the Guarantor shall
not (i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of the Guarantor's
capital stock, (ii) make any payment of principal of, or interest or premium, if
any, on or repay, repurchase or redeem any debt securities of the Guarantor
(including Other Debentures) that rank pari passu with or junior in right of
payment to the Debentures or (iii) make any guarantee payments with respect to
any guarantee by the Guarantor of the debt securities of any subsidiary of the
Guarantor (including Other Guarantees) if such guarantee ranks pari passu with
or junior in right of payment to the Debentures (other than (a) dividends or
distributions in shares of, or options, warrants, rights to subscribe for or
purchase shares of, common stock of the Guarantor, (b) 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 thereto, (c) payments under this
Preferred Securities Guarantee, (d) as a result of a reclassification of the
Guarantor's capital stock or the exchange or the conversion of one class or
series of the Guarantor's capital stock for another class or series of the
Guarantor's capital stock, (e) the purchase of fractional interests in shares of
the Guarantor's capital stock pursuant to the conversion or exchange provisions
of such capital stock or the security being converted or exchanged, and (f)
purchases of common stock related to the issuance of common stock or rights
under any of the Guarantor's benefit or compensation plans for its directors,
officers or employees or any of the Guarantor's dividend reinvestment plans) if
at such time (l) there shall have occurred any event of which the Guarantor has
actual knowledge that (A) is a Default or Event of Default (each as defined in
the Indenture) and (B) in respect of which the Guarantor shall not have taken
reasonable steps to cure, (2) if the Debentures are held by the Property
Trustee, the Guarantor shall be in default with respect to its payment of any
obligations under this Preferred Securities Guarantee or (3) the Guarantor shall
have given notice of its election of the exercise of its right to commence an
Extended Interest Payment Period as provided in the Indenture and shall not have
rescinded such notice, and such Extended Interest Payment Period, or an
extension thereof, shall have commenced and be continuing.

     SECTION 6.2 Ranking
                 -------

     This Preferred Securities Guarantee will constitute an unsecured obligation
of the Guarantor and will rank (i) subordinate and junior in right of payment to
all Allocable Amounts (as defined in the Indenture) in respect of Senior
Indebtedness (as defined in the 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 XV of the Indenture
shall apply to the obligations of the Guarantor under this Preferred Securities
Guarantee as if such Article XV were set forth herein in full, (ii) pari passu
with the most senior preferred or preference stock now or hereafter issued by
the Guarantor, any Other Guarantee and, except to the extent set forth therein,
the Common Securities Guarantee, any Other Common Securities Guarantee, and any
guarantee now or hereafter entered into by the Guarantor in respect of any
preferred or preference stock of any Affiliate of the Guarantor, and (iii)
senior to the Guarantor's common stock.

                                       15

<PAGE>

                                   ARTICLE VII

                                   TERMINATION

     SECTION 7.1 Termination
                 -----------

     This Preferred Securities Guarantee shall terminate and be of no further
force and effect upon (i) full payment of the Redemption Price of all Preferred
Securities, (ii) dissolution, winding up or liquidation of the Issuer,
immediately following the full payment of the amounts payable in accordance with
the Declaration, or (iv) the distribution of all of the Debentures to the
Holders of the Trust Securities. Notwithstanding the foregoing, this Preferred
Securities Guarantee will continue to be effective or will be reinstated, as the
case may be, if at any time any Holder of the Preferred Securities must restore
payment of any sums paid under the Preferred Securities or under this Preferred
Securities Guarantee.

                                  ARTICLE VIII

                                 INDEMNIFICATION

     SECTION 8.1 Exculpation
                 -----------

     (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Guarantor 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 Preferred Securities
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
Preferred Securities Guarantee or by law, except that an Indemnified Person
shall be liable for any such loss, damage or claim incurred by reason of such
Indemnified Person's gross negligence, bad faith 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 Guarantor and upon such information, opinions, reports
or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, 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 of Preferred Securities might properly be paid.

     SECTION 8.2 Compensation and Indemnification
                 --------------------------------

     The Guarantor agrees to pay to the Preferred Securities Guarantee Trustee
such compensation for its services as shall be mutually agreed upon by the
Guarantor and the Preferred Securities Guarantee Trustee. The Guarantor shall
reimburse the Preferred Securities Guarantee Trustee upon request for all
reasonable out-of-pocket expenses incurred by it, including the reasonable
compensation and expenses of the Preferred Securities Guarantee Trustee's agents
and counsel,

                                       16

<PAGE>

except any expense as may be attributable to the negligence or bad faith of the
Preferred Securities Guarantee Trustee.

     The Guarantor agrees to indemnify each Indemnified Person for, and to hold
each Indemnified Person harmless against, any and all loss, liability, damage,
action, suit, 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 Guarantor covenants
and agrees to advance expenses (including legal fees) incurred by an Indemnified
Person in defending any claim, demand, action, suit, or proceeding, from time to
time, prior to the final disposition of such claim, demand, action, suit or
proceeding, upon receipt by the Guarantor of an undertaking by or on behalf of
such Indemnified Person to repay such amount if it shall be determined that such
Indemnified Person is not entitled to be indemnified as authorized in this
Section. The provisions of this Section 8.2 shall survive the termination of
this Preferred Securities Guarantee and shall survive the resignation or removal
of the Preferred Securities Guarantee Trustee.

                                   ARTICLE IX

                                  MISCELLANEOUS

     SECTION 9.1 Successors and Assigns
                 ----------------------

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

     SECTION 9.2 Amendments
                 ----------

     Except with respect to any changes that do not materially adversely affect
the rights of Holders of the Preferred Securities (in which case no consent of
such Holders will be required), this Preferred Securities Guarantee may only be
amended with the prior approval of the Holders of a Majority in Liquidation
Amount of the Preferred Securities. The provisions of Section 12.2 of the
Declaration with respect to meetings of Holders of the Trust Securities apply to
the giving of such approval. This Preferred Securities Guarantee may not be
amended, and no amendment hereof that affects the Preferred Securities Guarantee
Trustee's rights, duties or immunities hereunder or otherwise, shall be
effective, unless such amendment is executed by the Preferred Securities
Guarantee Trustee (which shall have no obligation to execute any such amendment,
but may do so in its sole discretion).

     SECTION 9.3 Notices
                 -------

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

                                       17

<PAGE>

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

                         New York Community Preferred Trust
                         c/o New York Community Bank
                         615 Merrick Avenue
                         Westbury, New York 11590
                         Attn: Thomas R. Cangemi
                         Telephone: (516) 683-4100
                         Telecopier: (516) 683-4424


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

                         Wilmington Trust Company
                         Rodney Square North
                         1100 North Market Street
                         Wilmington, Delaware 19890
                         Attn: Corporate Trust
                         Administration - New York
                         Community Capital Trust
                         Telephone: (302) 651-1000
                         Telecopier: (302) 651-8882

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

                         New York Community Bancorp, Inc.
                         615 Merrick Avenue
                         Westbury, New York 11590
                         Attn: Joseph R. Ficalora
                         Telephone: (516) 683-4100
                         Telecopier: (516) 683-4424

     (d) If given to any Holder of the Preferred Securities, at the address set
forth on the books and records of the Issuer.

     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.

                                       18

<PAGE>

     SECTION 9.4 Benefit
                 -------

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

     SECTION 9.5 Governing Law
                 -------------

     THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAW PRINCIPLES THEREOF.

                                       19

<PAGE>

     This Preferred Securities Guarantee is executed as of the day and year
first above written.

                                  NEW YORK COMMUNITY BANCORP, INC.
                                  as Guarantor

                                  By: __________________________________________
                                      Name:
                                      Title:


                                  WILMINGTON TRUST COMPANY,
                                  as Preferred Securities Guarantee Trustee

                                  By: __________________________________________
                                      Name:
                                      Title: