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Exhibit 10.1
 Loan Agreement
 by and between
 Employee Stock Ownership Plan Trust  of  Hudson City Savings Bank
 and
 Hudson City Bancorp, Inc.
 MADE AND ENTERED INTO AS OF
JUNE 21, 2005




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TABLE OF CONTENTS
 PageARTICLE IDEFINITIONSSection 1.1 Business Day
    
    
    2Section 1.2 Code
    
    
    2Section 1.3 Default
    
    
    2Section 1.4 ERISA
    
    
    2Section 1.5 Event of Default
    
    
    2Section 1.6 Fiscal Year
    
    
    2Section 1.7 Independent Counsel
    
    
    2Section 1.8 Loan
    
    
    2Section 1.9 Loan Documents
    
    
    2Section 1.10 Pledge Agreement
    
    
    2Section 1.11 Principal Amount
    
    
    2Section 1.12 Promissory Note
    
    
    2Section 1.13 Register
    
    
    2ARTICLE IITHE LOAN; PRINCIPAL AMOUNT; INTEREST;SECURITY INDEMNIFICATIONSection 2.1 The Loan; Principal Amount.
    
    
    3Section 2.2 Interest.
    
    
    4Section 2.3 Promissory Note.
    
    
    4Section 2.4 Payment of Trust Loan.
    
    
    4Section 2.5 Prepayment.
    
    
    6Section 2.6 Method of Payments.
    
    
    6Section 2.7 Use of Proceeds of Loan.
    
    
    7Section 2.8 Security.
    
    
    8Section 2.9 Registration of the Promissory Note.
    
    
    8ARTICLE IIIREPRESENTATIONS AND WARRANTIES OF THE BORROWERSection 3.1 Power; Authority; Consents.
    
    
    9Section 3.2 Due Execution; Validity; Enforceability.
    
    
    9Section 3.3 Properties; Priority of Liens.
    
    
    9Section 3.4 No Defaults; Compliance with Laws.
    
    
    9Section 3.5 Purchases of Common Stock.
    
    
    9
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PageARTICLE IVREPRESENTATIONS AND WARRANTIES OF THE LENDERSection 4.1 Power; Authority; Consents.
    
    
    10Section 4.2 Due Execution; Validity; Enforceability.
    
    
    10Section 4.3 ESOP; Contributions.
    
    
    10Section 4.4 Trustee; Committee.
    
    
    10Section 4.5 Compliance with Laws; Actions.
    
    
    10ARTICLE VEVENTS OF DEFAULTSection 5.1 Events of Default under Loan Agreement.
    
    
    11Section 5.2 Lenders Rights upon Event of Default.
    
    
    11ARTICLE VIMISCELLANEOUS PROVISIONSSection 6.1 Payments Due to the Lender.
    
    
    11Section 6.2 Payments.
    
    
    12Section 6.3 Survival.
    
    
    12Section 6.4 Modifications, Consents and Waivers; Entire Agreement.
    
    
    12Section 6.5 Remedies Cumulative.
    
    
    12Section 6.6 Further Assurances; Compliance with Covenants.
    
    
    13Section 6.7 Notices.
    
    
    13Section 6.8 Counterparts.
    
    
    14Section 6.9 Construction; Governing Law.
    
    
    14Section 6.10 Severability.
    
    
    14Section 6.11 Binding Effect; No Assignment or Delegation.
    
    
    15EXHIBIT A Form of Promissory Note
    
    
    A-1EXHIBIT B Form of Pledge Agreement
    
    
    B-1EXHIBIT C Form of Assignment
    
    
    C-1
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Loan
Agreement
 Loan Agreement st Employee Stock Ownership Plan Trust of
Hudson City Savings Bank Hudson City Bancorp, Inc.
 W I T N E S S E T H :
 Whereas,
 Whereas
 Whereas
 Whereas
 Whereas
 Whereas
 Now, Therefore




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ARTICLE I
 DEFINITIONS
  Section 1.1 Business Day
 Section 1.2 Code
 Section 1.3 Default
 Section 1.4 ERISA
 Section 1.5
Event of Default
 Section 1.6
Fiscal Year
 Section 1.7 Independent Counsel llp
 Section 1.8 Loan
 Section 1.9 Loan Documents
 Section 1.10 Pledge Agreement
 Section 1.11 Principal Amount
 Section 1.12
Promissory Note
 Section 1.13
Register
 2




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ARTICLE II
 THE LOAN; PRINCIPAL AMOUNT;  INTEREST; SECURITY INDEMNIFICATION
 Section 2.1 The Loan; Principal Amount .
 provided , however
 provided , however
     3




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Section 2.2 Interest .
  provided , however ,
  Section 2.3 Promissory Note .
  Section 2.4 Payment of Trust Loan .
  4




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Column I
    
    Column IIInstallment Due on
    
    Cumulative FractionLast Business Day
    
    of Collateralof December in
    
    Released2005
    
    2/802006
    
    4/802007
    
    6/802008
    
    8/802009
    
    10/802010
    
    12/802011
    
    14/802012
    
    16/802013
    
    18/802014
    
    20/802015
    
    22/802016
    
    24/802017
    
    26/802018
    
    28/802019
    
    30/802020
    
    32/802021
    
    34/802022
    
    36/802023
    
    38/802024
    
    40/802025
    
    42/802026
    
    44/802027
    
    46/802028
    
    48/802029
    
    50/802030
    
    52/802031
    
    54/802032
    
    56/802033
    
    58/802034
    
    60/802035
    
    62/802036
    
    64/802037
    
    66/802038
    
    68/802039
    
    70/802040
    
    72/802041
    
    74/80
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Column I
    
    Column IIInstallment Due on
    
    Cumulative FractionLast Business Day
    
    of Collateralof December in
    
    Released2042
    
    76/802043
    
    78/802044
    
    80/80
 provided , however provided
further , however ,
 Section 2.5 Prepayment .
 provided , however
 Section 2.6 Method of Payments .
  6




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provided , however
 Section 2.7 Use of Proceeds of Loan .
  7




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Section 2.8 Security .
     Section 2.9 Registration of the Promissory Note .
   ARTICLE III
 REPRESENTATIONS AND WARRANTIES OF THE BORROWER
  8




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Section 3.1 Power; Authority; Consents.
  Section 3.2 Due Execution; Validity; Enforceability .
  Section 3.3 Properties; Priority of Liens .
  Section 3.4 No Defaults; Compliance with Laws .
  Section 3.5 Purchases of Common Stock .
  ARTICLE IV
 REPRESENTATIONS AND WARRANTIES OF THE LENDER
  9




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Section 4.1 Power; Authority; Consents.
  Section 4.2 Due Execution; Validity; Enforceability .
  Section 4.3 ESOP; Contributions .
 provided , however
 Section 4.4 Trustee; Committee .
  Section 4.5 Compliance with Laws; Actions .
  10




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ARTICLE V
 EVENTS OF DEFAULT
 Section 5.1 Events of Default under Loan Agreement .
   provided , however
  Section 5.2 Lenders Rights upon Event of Default .
 provided , however
 ARTICLE VI
 MISCELLANEOUS PROVISIONS
 Section 6.1 Payments Due to the Lender .
  11




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Section 6.2 Payments .
  Section 6.3 Survival .
  Section 6.4 Modifications, Consents and Waivers; Entire Agreement .
  Section 6.5 Remedies Cumulative .
  12




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Section 6.6 Further Assurances; Compliance with Covenants .
  Section 6.7 Notices .
   Employee Stock Ownership Plan Trust
of Hudson City Bancorp, Inc.Hudson City Savings BankWest 80 Century City RoadParamus, New Jersey 07652-1473Attention: Senior Personnel Officer
  GreatBanc Trust Company45 Rockefeller Plaza, Suite 2055New York, New York 10111-2000Attention: Mr. Stephen J. Hartman, Jr.Thacher Proffitt & Wood llpTwo World Financial Center, 28th FloorNew York New York 10281Attention: W. Edward Bright, Esq.The Goldstein Law Firm, P.C.12 Corporate Woods BoulevardAlbany, New York 12211-2350Attention: Brian P. Goldstein, Esq.
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Hudson City Bancorp, Inc.West 80 Century RoadParamus, New Jersey 07652-1473Attention: Chief Financial Officer
  Thacher Proffitt & Wood llpTwo World Financial Center, 28th FloorNew York New York 10281Attention: W. Edward Bright, Esq.
  Section 6.8 Counterparts .
  Section 6.9 Construction; Governing Law .
  Section 6.10 Severability .
  14




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Section 6.11 Binding Effect; No Assignment or Delegation .
  15




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In Witness Whereof
 Employee Stock Ownership Plan Trust
Of Hudson City Savings BankBy:
    
    GreatBanc Trust Company, as TrusteeBy:
    
    /s/ Stephen J. Hartman, Jr.Title:
    
    Senior Vice PresidentHudson City Bancorp, Inc.By:
    
    /s/ Ronald E. Hermance, Jr.Title:
    
    President and Chief Executive Officer
 16