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EXHIBIT 10.32
 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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EXHIBIT 10.32
 TABLE OF CONTENTS
 PageARTICLE IDEFINITIONSSection 1.1Business Day
    
    
    2Section 1.2Code
    
    
    2Section 1.3Default
    
    
    2Section 1.4ERISA
    
    
    2Section 1.5Event of Default
    
    
    2Section 1.6Fiscal Year
    
    
    2Section 1.7Independent Counsel
    
    
    2Section 1.8Loan
    
    
    2Section 1.9Loan Documents
    
    
    2Section 1.10Pledge Agreement
    
    
    2Section 1.11Principal Amount
    
    
    2Section 1.12Promissory Note
    
    
    2Section 1.13Register
    
    
    2ARTICLE IITHE LOAN; PRINCIPAL AMOUNT; INTEREST;SECURITY INDEMNIFICATIONSection 2.1The Loan; Principal Amount
    
    
    3Section 2.2Interest
    
    
    4Section 2.3Promissory Note
    
    
    4Section 2.4Payment of Trust Loan
    
    
    4Section 2.5Prepayment
    
    
    6Section 2.6Method of Payments
    
    
    6Section 2.7Use of Proceeds of Loan
    
    
    7Section 2.8Security
    
    
    8Section 2.9Registration of the Promissory Note
    
    
    8ARTICLE IIIREPRESENTATIONS AND WARRANTIES OF THE BORROWERSection 3.1Power; Authority; Consents
    
    
    9Section 3.2Due Execution; Validity; Enforceability
    
    
    9Section 3.3Properties; Priority of Liens
    
    
    9Section 3.4No Defaults; Compliance with Laws
    
    
    9Section 3.5Purchases of Common Stock
    
    
    9
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EXHIBIT 10.32
 PageARTICLE IVREPRESENTATIONS AND WARRANTIES OF THE LENDERSection 4.1Power; Authority; Consents
    
    
    10Section 4.2Due Execution; Validity; Enforceability
    
    
    10Section 4.3ESOP; Contributions
    
    
    10Section 4.4Trustee; Committee
    
    
    10Section 4.5Compliance with Laws; Actions
    
    
    10ARTICLE VEVENTS OF DEFAULTSection 5.1Events of Default under Loan Agreement
    
    
    11Section 5.2Lenders Rights upon Event of Default
    
    
    11ARTICLE VIMISCELLANEOUS PROVISIONSSection 6.1Payments Due to the Lender
    
    
    11Section 6.2Payments
    
    
    12Section 6.3Survival
    
    
    12Section 6.4Modifications, Consents and Waivers; Entire Agreement
    
    
    12Section 6.5Remedies Cumulative
    
    
    12Section 6.6Further Assurances; Compliance with Covenants
    
    
    13Section 6.7Notices
    
    
    13Section 6.8Counterparts
    
    
    14Section 6.9Construction; Governing Law
    
    
    14Section 6.10Severability
    
    
    14Section 6.11Binding 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.
 WITNESSETH
 Whereas,
 Whereas
 Whereas
 Whereas
 Whereas
 Whereas
 Now, Therefore




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EXHIBIT 10.32
 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 Yearmeans
 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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EXHIBIT 10.32
 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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EXHIBIT 10.32
 Section 2.2 Interest .
  provided , however ,
  Section 2.3 Promissory Note .
  Section 2.4 Payment of Trust Loan .
  4




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EXHIBIT 10.32
  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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EXHIBIT 10.32
 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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EXHIBIT 10.32
  provided , however
 Section 2.7 Use of Proceeds of Loan .
  7




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EXHIBIT 10.32
 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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EXHIBIT 10.32
 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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EXHIBIT 10.32
 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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EXHIBIT 10.32
 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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EXHIBIT 10.32
  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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EXHIBIT 10.32
  Section 6.6 Further Assurances; Compliance with Covenants .
  Section 6.7 Notices .
  (a)
    
    If to the Borrower:Employee Stock Ownership Plan Trustof Hudson City Bancorp, Inc.Hudson City Savings BankWest 80 Century City RoadParamus, New Jersey 07652-1473Attention: Senior Personnel Officerwith copies to: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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EXHIBIT 10.32
 (b)
    
    If to the Lender:Hudson City Bancorp, Inc.West 80 Century RoadParamus, New Jersey 07652-1473Attention: Chief Financial Officerwith a copy to: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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EXHIBIT 10.32
  Section 6.11 Binding Effect; No Assignment or Delegation .
  15




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EXHIBIT 10.32
 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:
    
    Ronald E. Hermance, Jr.Title:
    
    President and Chief Executive Officer
 16