Document:

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                                                                 Exhibit 4(h)(i)

                    AMENDED AND RESTATED DECLARATION OF TRUST

                                       OF

                      NEW YORK COMMUNITY CAPITAL TRUST (.)

                              Dated as of (.), (.)

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                                TABLE OF CONTENTS

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<S>            <C>                                                             <C>
                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1    Interpretation...................................................2
SECTION 1.2    Definitions......................................................2

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1    Trust Indenture Act; Application.................................9
SECTION 2.2    Lists of Holders of Securities...................................9
SECTION 2.3    Reports by the Property Trustee.................................10
SECTION 2.4    Periodic Reports to Property Trustee............................10
SECTION 2.5    Evidence of Compliance with Conditions Precedent................10
SECTION 2.6    Events of default; Waiver.......................................10
SECTION 2.7    Default; Notice.................................................12

                                   ARTICLE III
                                  ORGANIZATION

SECTION 3.1    Name............................................................13
SECTION 3.2    Office..........................................................13
SECTION 3.3    Purpose.........................................................13
SECTION 3.4    Authority.......................................................13
SECTION 3.5    Title to Property of the Trust..................................14
SECTION 3.6    Powers and Duties of the Administrative Trustees................14
SECTION 3.7    Prohibition of Actions by the Trust and the Trustees............17
SECTION 3.8    Powers and Duties of the Property Trustee.......................18
SECTION 3.9    Certain Duties and Responsibilities of the Property Trustee.....20
SECTION 3.10   Certain Rights of Property Trustee..............................22
SECTION 3.11   Delaware Trustee................................................24
SECTION 3.12   Execution of Documents..........................................24
SECTION 3.13   Not Responsible for Recitals or Issuance of Securities..........24
SECTION 3.14   Duration of Trust...............................................25
SECTION 3.15   Mergers.........................................................25
SECTION 3.16   Property Trustee May File Proofs of Claim.......................27
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<S>            <C>                                                             <C>
                                   ARTICLE IV
                                     COMPANY

SECTION 4.1    Company's Purchase of Common Securities.........................28
SECTION 4.2    Responsibilities of the Company.................................28
SECTION 4.3    Right to Proceed................................................28
SECTION 4.4    Right to Dissolve Trust.........................................29

                                    ARTICLE V
                                    TRUSTEES

SECTION 5.1    Number of Trustees; Appointment of Co-Trustee...................29
SECTION 5.2    Delaware Trustee................................................30
SECTION 5.3    Property Trustee; Eligibility...................................30
SECTION 5.4    Certain Qualifications of Administrative Trustees and
                  Delaware Trustee Generally...................................31
SECTION 5.5    Administrative Trustees.........................................31
SECTION 5.6    Appointment, Removal and Resignation of Trustees................32
SECTION 5.7    Vacancies Among Trustees........................................34
SECTION 5.8    Effect of Vacancies.............................................34
SECTION 5.9    Meetings........................................................34
SECTION 5.10   Delegation of Power.............................................35
SECTION 5.11   Merger, Conversion, Consolidation or Succession to Business.....35

                                   ARTICLE VI
                                  DISTRIBUTIONS

SECTION 6.1    Distributions...................................................36

                                   ARTICLE VII
                             ISSUANCE OF SECURITIES

SECTION 7.1    General Provisions Regarding Securities.........................36
SECTION 7.2    Execution and Authentication....................................37
SECTION 7.3    Form and Dating.................................................37
SECTION 7.4    Registrar, Paying Agent and Transfer Agent......................39
SECTION 7.5    Paying Agent to Hold Money in Trust.............................39
SECTION 7.6    Replacement Securities..........................................40
SECTION 7.7    Outstanding Preferred Securities................................40
SECTION 7.8    Preferred Securities in Treasury................................40
SECTION 7.9    Temporary Securities............................................40
SECTION 7.10   Cancellation....................................................41
SECTION 7.11   CUSIP Numbers...................................................42
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<S>            <C>                                                             <C>
                                  ARTICLE VIII
                              DISSOLUTION OF TRUST

SECTION 8.1    Dissolution of Trust............................................42

                                   ARTICLE IX
                              TRANSFER OF INTERESTS

SECTION 9.1    Transfer of Securities..........................................43
SECTION 9.2    Transfer Procedures and Restrictions............................44
SECTION 9.3    Deemed Security Holders.........................................48
SECTION 9.4    Book-Entry Interests............................................48
SECTION 9.5    Notices to Clearing Agency......................................49
SECTION 9.6    Appointment of Successor Clearing Agency........................49

                                    ARTICLE X
                           LIMITATION OF LIABILITY OF
                    HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1   Liability.......................................................49
SECTION 10.2   Exculpation.....................................................50
SECTION 10.3   Fiduciary Duty..................................................50
SECTION 10.4   Indemnification.................................................51
SECTION 10.5   Outside Businesses..............................................54

                                   ARTICLE XI
                                   ACCOUNTING

SECTION 11.1   Fiscal Year.....................................................55
SECTION 11.2   Certain Accounting Matters......................................55
SECTION 11.3   Banking.........................................................55
SECTION 11.4   Withholding.....................................................56

                                   ARTICLE XII
                             AMENDMENTS AND MEETINGS

SECTION 12.1   Amendments......................................................56
SECTION 12.2   Meetings of the Holders; Action by Written Consent..............59
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<S>            <C>                                                           <C>
                                  ARTICLE XIII
                       REPRESENTATIONS OF PROPERTY TRUSTEE
                              AND DELAWARE TRUSTEE

SECTION 13.1   Representations and Warranties of Property Trustee..............60
SECTION 13.2   Representations and Warranties of Delaware Trustee..............61

                                   ARTICLE XIV
                                  MISCELLANEOUS

SECTION 14.1   Notices.........................................................62
SECTION 14.2   Governing Law...................................................63
SECTION 14.3   Intention of the Parties........................................63
SECTION 14.4   Headings........................................................63
SECTION 14.5   Successors and Assigns..........................................64
SECTION 14.6   Partial Enforceability..........................................64
SECTION 14.7   Counterparts....................................................64

TERMS OF PREFERRED SECURITIES COMMON SECURITIES...............................I-1

EXHIBIT A-1 FORM OF PREFERRED SECURITY CERTIFICATE...........................A1-1

EXHIBIT A-2 FORM OF COMMON SECURITY CERTIFICATE..............................A2-1
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                             CROSS-REFERENCE TABLE*

  Section of
Trust Indenture
  Act of 1939,                                                   Section of
  as amended                                                    Declaration
---------------                                              -------------------
     310(a)       ........................................           5.3
     310(b)       ........................................      5.3(c); 5.3(d)
     311(a)       ........................................          2.2(b)
     311(b)       ........................................          2.2(b)
     312(a)       ........................................          2.2(a)
     312(b)       ........................................          2.2(b)
      313         ........................................           2.3
     314(a)       ........................................   2.4, 2.7(c); 3.6(j)
     314(b)       ........................................
     314(c)       ........................................           2.5
     315(a)       ........................................       3.6(j); 3.9
     315(b)       ........................................          2.7(a)
     315(c)       ........................................          3.9(a)
     315(d)       ........................................          3.9(b)
     316(a)       ........................................           2.6
     316(c)       ........................................          3.6(e)
     317(a)       ........................................      3.8(e); 3.8(h)
     317(b)       ........................................       3.8(i); 7.5
      318         ........................................           2.1

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

<PAGE>

                              AMENDED AND RESTATED
                              DECLARATION OF TRUST
                                       OF
                      NEW YORK COMMUNITY CAPITAL TRUST (.)

                              Dated as of (.), (.)

     AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") dated and
effective as of (.), (.), by and among the Trustees (as defined herein), the
Company (as defined herein) and the Holders (as defined herein), from time to
time, of undivided beneficial interests in the assets of the Trust to be issued
pursuant to this Declaration;

     WHEREAS, the Delaware Trustee (as defined herein) and the Company
established New York Community Capital Trust (.) (the "Trust"), a trust created
under the Delaware Statutory Trust Act pursuant to a Declaration dated as of
(.), (.) (the "Original Declaration"), and a Certificate of Trust filed with the
Secretary of State of the State of Delaware on (.), (.)for the sole purpose of
issuing and selling certain securities representing undivided beneficial
interests in the assets of the Trust, investing the proceeds thereof in certain
Debentures of the Company (each as hereinafter defined), and engaging in only
those activities necessary, advisable or incidental thereto; and

     WHEREAS, all of the Trustees and the Company, by this Declaration, amend
and restate each and every term and provision of the Original Declaration;

     WHEREAS, all of the Trustees and the Company, by this Declaration, ratify
the actions of each Trustee taken prior to the date hereof;

     NOW, THEREFORE, it being the intention of the parties hereto to continue
the Trust as a statutory trust under the Statutory Trust Act and that this
Declaration constitute the governing instrument of such statutory trust, the
Trustees declare that all assets contributed to the Trust will be held in trust
for the benefit of the holders, from time to time, of the Securities (as defined
herein) representing undivided beneficial interests in the assets of the Trust
issued hereunder, subject to the provisions of this Declaration and, in
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt of which is hereby acknowledged, the
parties, intending to be legally bound hereby, agree as follows:

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                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1 Interpretation.

     Unless the context otherwise requires:

     (a) capitalized terms used in this Declaration but not defined in the
preamble above or elsewhere herein have the respective meanings assigned to them
in this Section 1.1;

     (b) a term defined anywhere in this Declaration has the same meaning
throughout;

     (c) all references to "the Declaration" or "this Declaration" are to this
Declaration and each Annex and Exhibit hereto, as modified, supplemented or
amended from time to time;

     (d) all references in this Declaration to Articles and Sections and Annexes
and Exhibits are to Articles and Sections of and Annexes and Exhibits to this
Declaration unless otherwise specified;

     (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Declaration unless otherwise defined in this Declaration or unless
the context otherwise requires;

     (f) a term defined in the Indenture (as defined herein) has the same
meaning when used in this Declaration unless otherwise defined in this
Declaration or the context otherwise requires; and

     (g) a reference to the singular includes the plural and vice versa and a
reference to any masculine form of a term includes the feminine form of such
term, as applicable.

Section 1.2 Definitions.

     The following terms have the following meanings:

          "Administrative Trustee" has the meaning set forth in Section 5.1.

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

          "Agent" means any Paying Agent, Registrar or Transfer Agent.

          "Authorized Officer" of a Person means any other Person that is
authorized to legally bind such former Person.

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          "Book-Entry Interest" means a beneficial interest in the Global
Preferred Security registered in the name of a Clearing Agency or its nominee,
ownership and transfers of which shall be maintained and made through book
entries by a Clearing Agency as described in Section 9.4.

          "Business Day" means any day other than a Saturday, a Sunday, or a day
on which banking institutions in (i) the Borough of Manhattan in the City of New
York or (ii) Wilmington, Delaware are authorized or required by law, regulation
or executive order to remain closed.

          "Clearing Agency" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act that is acting as depositary
for the Preferred Securities and in whose name or in the name of a nominee of
that organization shall be registered a global certificate and which shall
undertake to effect book entry transfers and pledges of the Preferred
Securities.

          "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time the Clearing
Agency effects book entry transfers and pledges of securities deposited with the
Clearing Agency.

          "Closing Date" means the "Closing Date" under the Underwriting
Agreement.

          "Code" means the Internal Revenue Code of 1986, as amended from time
to time, or any successor legislation. A reference to a specific section of the
Code refers not only to such specific section but also to any corresponding
provision of any federal tax statute enacted after the date of this Declaration,
as such specific section or corresponding provision is in effect on the date of
application of the provisions of this Declaration containing such reference.

          "Commission" means the United States Securities and Exchange
Commission as from time to time constituted, or if at any time after the
execution of this Declaration such Commission is not existing and performing the
duties now assigned to it under applicable federal securities laws, then the
body performing such duties at such time.

          "Common Securities" has the meaning specified in Section 7.1(a).

          "Common Securities Subscription Agreement" means the Common Securities
Subscription Agreement, dated as of the Closing Date, between the Trust and New
York Community Bancorp, Inc. relating to the Common Securities.

          "Company" means New York Community Bancorp, Inc., a Delaware
corporation, in its capacity as sponsor, or any successor entity resulting from
any merger, consolidation, amalgamation or replacement by or conveyance,
transfer or lease of its properties as an entirety or substantially as an
entirety, in its capacity as sponsor of the Trust.

          "Company Indemnified Person" means (a) any Administrative Trustee; (b)
any Affiliate of any Administrative Trustee; (c) any officers, directors,
shareholders, members, partners,

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employees, representatives or agents of any Administrative Trustee; or (d) any
officer, director, employee or agent of the Trust or its Affiliates.

          "Corporate Trust Office" means the office of the Property Trustee at
which the corporate trust business of the Property Trustee shall, at any
particular time, be principally administered, which office at the date of
execution of this Declaration is located at Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Administration.

          "Covered Person" means: (a) any officer, director, shareholder,
partner, member, representative, employee or agent of (i) the Trust or (ii) the
Trust's Affiliates; and (b) any Holder of Securities.

          "Debentures" means the (.)%Junior Subordinated Deferrable Interest
Debentures due (.), (.)of the Company issued pursuant to the Indenture.

          "Definitive Preferred Securities" has the meaning set forth in Section
7.3(c).

          "Delaware Trustee" has the meaning set forth in Section 5.1.

          "Direct Action" has the meaning set forth in Section 3.8(e).

          "Distribution" means a distribution payable to Holders in accordance
with Section 6.1.

          "DTC" means The Depository Trust Company, the initial Clearing Agency.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, or any successor legislation.

          "Transfer Agent" has the meaning set forth in Section 7.4.

          "Federal Reserve Board" means the Board of Governors of the Federal
Reserve System.

          "Fiduciary Indemnified Person" has the meaning set forth in Section
10.4(j).

          "Fiscal Year" has the meaning set forth in Section 11.1.

          "Global Preferred Security" has the meaning set forth in Section
7.3(a).

          "Holder" means a Person in whose name a Security or Successor Security
is registered on the register maintained by or on behalf of the Registrar, such
Person being a beneficial owner of the Trust within the meaning of the Statutory
Trust Act.

                                        4

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          "Indemnified Person" means a Company Indemnified Person or a Fiduciary
Indemnified Person.

          "Indenture" means the Indenture, dated as of (.), between the Company
and the Indenture Trustee, as amended from time to time.

          "Indenture Event of Default" means an Event of default (as defined in
the Indenture) that has occurred and is continuing with respect to the
Debentures.

          "Indenture Trustee" means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as trustee under the
Indenture until a successor is appointed thereunder, and thereafter means such
successor trustee.

          "Initial Optional Redemption Date" has the meaning set forth in
Section 4(b) of Annex I hereto.

          "Investment Company" means an investment company as defined in the
Investment Company Act.

          "Investment Company Act" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation, and the rules and
regulations promulgated thereunder.

          "Investment Company Event" has the meaning set forth in Section 4(c)
of Annex I hereto.

          "Issuer Order" shall mean a written order signed in the name of the
Trust by an Administrative Trustee and delivered to the Property Trustee.

          "Legal Action" has the meaning set forth in Section 3.6(g).

          "Like Amount" has the meaning set forth in Section 3 of Annex I
hereto.

          "List of Holders" has the meaning set forth in Section 2.2(a).

          "Majority in Liquidation Amount" means, with respect to the Trust
Securities, except as provided in the terms of the Preferred Securities or by
the Trust Indenture Act, Holders of outstanding Trust Securities voting together
as a single class or, as the context may require, Holders of outstanding
Preferred Securities or Holders of outstanding Common Securities voting
separately as a class, excluding the Trust and the Company and any Affiliate
thereof, who are the record owners of more than 50% of the aggregate liquidation
amount (including the amount that would be paid on redemption, liquidation or
otherwise, plus accumulated and unpaid Distributions to but

                                        5

<PAGE>

excluding the date upon which the voting percentages are determined) of all
outstanding Securities of the relevant class.

          "Officers' Certificate" means, when delivered by the Trust, a
certificate signed by a majority of the Administrative Trustees and, when
delivered by the Company, 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 of the Company. Any Officers' Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Declaration shall include, where applicable:

          (a) a statement that each officer signing the Certificate has read the
covenants or conditions 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 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 or not, in the opinion of each such
officer, such condition or covenant has been complied with.

          "Opinion of Counsel" means a written opinion of counsel, who may be an
employee of the Company, and who shall be acceptable to the Property Trustee.

          "Participants" has the meaning specified in Section 7.3(b).

          "Paying Agent" has the meaning specified in Section 7.4.

          "Payment Amount" has the meaning specified in Section 6.1.

          "Person" means 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" has the meaning specified in Section 7.1(a).

          "Preferred Securities Guarantee" means, the Preferred Securities
Guarantee Agreement, dated as of the Closing Date, entered into by New York
Community Bancorp, Inc., with respect to the Preferred Securities.

                                        6

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          "Preferred Security Beneficial Owner" means, with respect to a
Book-Entry Interest, a Person who is the beneficial owner of such Book-Entry
Interest, as reflected on the books of the Clearing Agency, or on the books of a
Person maintaining an account with such Clearing Agency (directly as a Clearing
Agency Participant or as an indirect participant, in each case in accordance
with the rules o 1 f such Clearing Agency).

          "Preferred Security Certificate" has the meaning set forth in Section
9.4.

          "Property Trustee" has the meaning set forth in Section 5.3(a).

          "Property Trustee Account" has the meaning set forth in Section
3.8(c)(i).

          "Quorum" means a majority of the Administrative Trustees or, if there
are only two Administrative Trustees, both of them.

          "Redemption Price" has the meaning set forth in Section 4(a) of Annex
I hereto.

          "Registrar" has the meaning set forth in Section 7.4.

          "Regular Record Date" means the date on which determination is made
as to which Holders' Distributions are payable.

          "Regulatory Capital Event" has the meaning set forth in Section 4(c)
of Annex I hereto.

          "Related Party" means, with respect to the Company, any direct or
indirect wholly owned subsidiary of the Company or any other Person that owns,
directly or indirectly, 100% of the outstanding voting securities of the
Company.

          "Responsible Officer" means any officer within the Corporate Trust
Office of the Property Trustee with direct responsibility for the administration
of this Declaration and also means, with respect to a particular corporate trust
matter, any other officer of the Property Trustee to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

          "Rule 3a-5" means Rule 3a-5 under the Investment Company Act, or any
successor rule or regulation.

          "Securities" or "Trust Securities" means the Common Securities and the
Preferred Securities.

          "Securities Act" means the Securities Act of 1933, as amended from
time to time, or any successor legislation.

                                        7

<PAGE>

          "Securities Guarantees" means the Common Securities Guarantee and the
Preferred Securities Guarantee.

          "Special Event" has the meaning set forth in Section 4(c) of Annex I
hereto.

          "Special Event Redemption Price" has the meaning set forth in Section
4(c) of Annex I hereto.

          "Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code (S) 3801 et seq., as it may be amended from time to time, or
any successor legislation.

          "Successor Delaware Trustee" has the meaning set forth in Section
5.6(b)(ii).

          "Successor Entity" has the meaning set forth in Section 3.15(b)(i).

          "Successor Property Trustee" has the meaning set forth in Section
3.8(f)(ii).

          "Successor Securities" has the meaning set forth in Section
3.15(b)(i).

          "Super Majority" has the meaning set forth in Section 2.6(a) (ii).

          "Tax Event" has the meaning set forth in Section 4(c) of Annex I
hereto.

          "10% in Liquidation Amount" means, with respect to the Trust
Securities, except as provided in the terms of the Preferred Securities or by
the Trust Indenture Act, Holders of outstanding Trust Securities voting together
as a single class or, as the context may require, Holders of outstanding
Preferred Securities or Holders of outstanding Common Securities voting
separately as a class, excluding the Trust and the Company and any Affiliate
thereof, who are the record owners of 10% or more of the aggregate liquidation
amount (including the amount that would be paid on redemption, liquidation or
otherwise, plus accumulated and unpaid Distributions to the date upon which the
voting percentages are determined) of all outstanding Securities of the relevant
class.

          "Treasury Regulations" means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United
States Treasury Department, as such regulations may be amended from time to time
(including corresponding provisions of succeeding regulations).

          "Trust Enforcement Event" means, with respect to the Securities, an
event of default under this Declaration, which occurs upon the happening of an
Indenture Event of Default.

          "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended from time to time, or any successor legislation.

                                        8

<PAGE>

          "Trust Property" means (a) the Debentures, (b) any cash on deposit in
or owing to the Property Trustee Account and (c) all proceeds and rights in
respect of the foregoing and any other property and assets for the time being
held or deemed to be held by the Property Trustee pursuant to this Declaration.

          "Trustee" or "Trustees" means each Person who has signed this
Declaration as a trustee, so long as such Person shall continue as a trustee of
the Trust in accordance with the terms hereof, and all other Persons who may
from time to time be duly appointed, qualified and serving as Trustees in
accordance with the provisions hereof, and references herein to a Trustee or the
Trustees shall refer to such Person or Persons solely in their capacity as
trustees hereunder.

          "Underwriting Agreement" means the underwriting agreement, dated (.),
between the Company, the Trust and the Underwriters with respect to the initial
offering of the Preferred Securities.

                                   ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application.

     (a) This Declaration is subject to the provisions of the Trust Indenture
Act that are required to be part of this Declaration in order for this
Declaration to be qualified under the Trust Indenture Act and shall, to the
extent applicable, be governed by such provisions.

     (b) The Property Trustee shall be the only Trustee which is a trustee for
the purposes of the Trust Indenture Act.

     (c) If and to the extent that any provision of this Declaration limits,
qualifies or conflicts with the duties imposed by (S)(S) 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control.

     (d) The application of the Trust Indenture Act to this Declaration shall
not affect the Trust's classification as a grantor trust for United States
federal income tax purpose and shall not affect the nature of the Securities as
equity securities representing undivided beneficial interests in the assets of
the Trust.

SECTION 2.2 Lists of Holders of Securities.

     (a) Each of the Company and the Administrative Trustees on behalf of the
Trust shall provide the Property Trustee, unless the Property Trustee is
Registrar for the Securities, (i) as of the Regular Record Date or other record
date relating to the payment of any Distribution, at least one Business Day
prior to the date for payment of such Distribution, except while the Preferred
Securities are represented only by one or more Global Preferred Securities, a
list, in such form as the Property Trustee may reasonably require, of the names
and addresses of the Holders ("List of

                                        9

<PAGE>

Holders") as of such record date, provided that, neither the Company nor the
Administrative Trustees on behalf of the Trust shall be obligated to provide
such List of Holders at any time that the List of Holders does not differ from
the most recent List of Holders given to the Property Trustee by the Company and
the Administrative Trustees on behalf of the Trust, and (ii) at any other time,
within 30 days of receipt by the Trust of a written request for a List of
Holders as of a date no more than 15 days before such List of Holders is given
to the Property Trustee. The Property Trustee shall preserve, in as current a
form as is reasonably practicable, all information contained in Lists of Holders
given to it or which it receives in the capacity as Paying Agent (if acting in
such capacity), provided that the Property Trustee may destroy any List of
Holders previously given to it on receipt of a new List of Holders.

     (b) The Property Trustee shall comply with its obligations under (S)(S)
311(a), 311(b) and 312(b) of the Trust Indenture Act.

SECTION 2.3 Reports by the Property Trustee.

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

SECTION 2.4 Periodic Reports to Property Trustee.

     Each of the Company and the Administrative Trustees on behalf of the Trust
shall provide to the Property Trustee and the Commission such documents, reports
and information as are required by (S) 314 (if any) of the Trust Indenture Act
and shall provide to the Property Trustee the compliance certificate required by
(S) 314 of the Trust Indenture Act in the form, in the manner and at the times
required by (S) 314 of the Trust Indenture Act.

SECTION 2.5 Evidence of Compliance with Conditions Precedent.

     Each of the Company and the Administrative Trustees on behalf of the Trust
shall provide to the Property Trustee such evidence of compliance with any
conditions precedent provided for in this Declaration that relate to any of the
matters set forth in (S) 314(c) of the Trust Indenture Act. Any certificate or
opinion required to be given by an officer pursuant to (S) 314(c)(1) of the
Trust Indenture Act may be given in the form of an Officers' Certificate.

SECTION 2.6 Trust Enforcement Events; Waiver.

     (a) The Holders of a Majority in Liquidation Amount of Preferred Securities
may, by vote, on behalf of the Holders of all of the Preferred Securities, waive
any past Trust Enforcement Event in respect of the Preferred Securities and its
consequences, provided however, if the underlying Indenture Event of Default:

                                       10

<PAGE>

          (i) is not waivable under the Indenture, the related Trust Enforcement
     Event under this Declaration shall also not be waivable; or

          (ii) requires the consent or vote of greater than a majority in
     aggregate principal amount of the holders of the Debentures (a "Super
     Majority") to be waived under the Indenture, the related Trust Enforcement
     Event under this Declaration may only be waived by the vote of the Holders
     of at least the proportion in aggregate liquidation amount of the Preferred
     Securities that the relevant Super Majority represents of the aggregate
     principal amount of the Debentures outstanding.

The foregoing provisions of this Section 2.6(a) shall be in lieu of (S)
316(a)(1)(B) of the Trust Indenture Act and such (S) 316(a)(1)(B) of the Trust
Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act.

Upon such waiver, any such Trust Enforcement Event with respect to the Preferred
Securities arising therefrom shall be deemed to have been cured, for every
purpose of this Declaration, but no such waiver shall extend to any subsequent
or other Trust Enforcement Event with respect to the Preferred Securities or
impair any right consequent thereon. Any waiver by the Holders of the Preferred
Securities of a Trust Enforcement Event with respect to the Preferred Securities
shall also be deemed to constitute a waiver by the Holders of the Common
Securities of any such Trust Enforcement Event with respect to the Common
Securities for all purposes of this Declaration without any further act, vote,
or consent of the Holders of the Common Securities.

     (b) The Holders of a Majority in Liquidation Amount of the Common
Securities may, by vote, on behalf of the Holders of all of the Common
Securities, waive any past Trust Enforcement Event with respect to the Common
Securities and its consequences, provided that, if the underlying Indenture
Event of Default is not waivable under the Indenture, except where the Holders
of the Common Securities are deemed to have waived such Trust Enforcement Event
under the Declaration as provided below in this Section 2.6(b), the Trust
Enforcement Event under the Declaration shall also not be waivable. The Holders
of Common Securities shall be deemed to have waived any such Trust Enforcement
Event with respect to the Common Securities and the consequences thereof until
all Trust Enforcement Events with respect to the Preferred Securities have been
cured, waived or otherwise eliminated. Until all Trust Enforcement Events in
respect of the Preferred Securities shall have been so cured, waived or
otherwise eliminated the Property Trustee will be deemed to be acting solely on
behalf of the Holders of the Preferred Securities and only the Holders of the
Preferred Securities will have the right to direct the Property Trustee in
accordance with the terms of the Securities.

          The foregoing provisions of this Section 2.6(b) shall be in lieu of
(S)(S) 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such (S)(S)
316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly
excluded from this Declaration and the Securities, as permitted by the Trust
Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon
such waiver, any such Default shall cease to exist and any Trust Enforcement
Event with respect to the

                                       11

<PAGE>

Common Securities arising therefrom shall be deemed to have been cured for every
purpose of this Declaration, but no such waiver shall extend to any subsequent
or other Trust Enforcement Event with respect to the Common Securities or impair
any right consequent thereon.

     (c) A waiver of an Indenture Event of Default by the Property Trustee, at
the direction of the Holders of the Preferred Securities, constitutes a waiver
of the Trust Enforcement Event under this Declaration. The foregoing provisions
of this Section 2.6(c) shall be in lieu of (S) 316(a)(1)(B) of the Trust
Indenture Act and such (S) 316(a)(1)(B) of the Trust Indenture Act is hereby
expressly excluded from this Declaration and the Securities, as permitted by the
Trust Indenture Act.

SECTION 2.7 Default; Notice.

     (a) The Property Trustee shall, within 90 days after a Responsible Officer
has actual knowledge of the occurrence of a Trust Enforcement Event with respect
to the Securities, transmit by mail, first class postage prepaid, to the
Holders, notice of such Trust Enforcement Events, unless such Trust Enforcement
Event has been cured before the giving of such notice or previously waived;
provided, however, that except in the case of a default arising from the
nonpayment of principal of or interest (including Compounded Interest and
Additional Sums (as such terms are defined in the Indenture), if any) on any of
the Debentures, the Property 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 Property Trustee shall not be deemed to have knowledge of any Trust
Enforcement Event except:

          (i) an Indenture Event of Default under Sections 5.01(a) (other than
     the payment or nonpayment of Compounded Interest or Additional Sums) and
     5.01(b) of the Indenture; or

          (ii) an Indenture Event of Default as to which the Property Trustee
     shall have received written notice or of which a Responsible Officer
     charged with the administration of the Declaration shall have actual
     knowledge.

     (c) Within ten Business Days after a Responsible Officer has actual
knowledge of the occurrence of any Trust Enforcement Event, the Property Trustee
shall transmit notice of such Trust Enforcement Event to the Holders of the
Preferred Securities, the Administrative Trustees and the Company, unless such
Trust Enforcement Event shall have been cured or waived. The Company and the
Administrative Trustees shall file annually with the Property Trustee a
certification as to whether or not they are in compliance with all the
conditions and covenants applicable to them under this Declaration.

                                       12

<PAGE>

                                   ARTICLE III
                                  ORGANIZATION

SECTION 3.1 Name.

     The Trust is named New York Community Capital Trust (.) as such name may be
modified from time to time by the Administrative Trustees following written
notice to the Delaware Trustee, the Property Trustee and the Holders. The
Trust's activities may be conducted under the name of the Trust or any other
name deemed advisable by the Administrative Trustees.

SECTION 3.2 Office.

     The address of the principal office of the Trust is c/o New York Community
Bancorp, Inc., 615 Merrick Avenue, Westbury, New York 11590. On ten Business
Days' prior written notice to the Delaware Trustee, the Property Trustee and the
Holders of Securities, the Administrative Trustees may designate another
principal office.

SECTION 3.3 Purpose.

     The exclusive purposes and functions of the Trust are (a) to issue and sell
the Securities, (b) use the proceeds from the sale of the Securities to acquire
the Debentures, and (c) except as otherwise limited herein, to engage in only
those other activities necessary, advisable or incidental thereto, including
without limitation, those activities specified in Sections 3.6, 3.8, 3.9, 3.10,
3.11 and/or 3.12. The Trust shall not borrow money, issue debt or reinvest
proceeds derived from investments, mortgage or pledge any of its assets, or
otherwise undertake (or permit to be undertaken) any activity that would cause
the Trust not to be classified for United States federal income tax purposes as
a grantor trust.

SECTION 3.4 Authority.

     (a) Subject to the limitations provided in this Declaration and to the
specific duties of the Property Trustee, the Administrative Trustees shall have
exclusive and complete authority to carry out the purposes of the Trust. An
action taken by one or more of the Administrative Trustees in accordance with
their powers shall constitute the act of and serve to bind the Trust and an
action taken by the Property Trustee on behalf of the Trust in accordance with
its powers shall constitute the act of and serve to bind the Trust. In dealing
with the Trustees acting on behalf of the Trust, no Person shall be required to
inquire into the authority of the Trustees to bind the Trust. Persons dealing
with the Trust are entitled to rely conclusively on the power and authority of
the Trustees as set forth in this Declaration.

     (b) Except as expressly set forth in this Declaration and except if a
meeting of the Administrative Trustees is called with respect to any matter over
which the Administrative Trustees have power to act, any power of the
Administrative Trustees may be exercised by, or with the consent of, any one
such Administrative Trustee.

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<PAGE>

     (c) Unless otherwise determined by the Administrative Trustees and except
as otherwise required by the Statutory Trust Act or applicable law, any
Administrative Trustee is authorized to execute on behalf of the Trust any
documents which the Administrative Trustees have the power and authority to
cause the Trust to execute pursuant to Section 3.8.

     (d) Notwithstanding anything contained herein or elsewhere to the contrary,
the Trust has power and authority and is hereby authorized and empowered,
without the need for any further action on its part (i) to execute, deliver and
perform its obligations under the Underwriting Agreement, the Common Securities
Subscription Agreement, the Debenture Subscription Agreement, and the Securities
and (ii) to perform its obligations under this Declaration.

SECTION 3.5 Title to Property of the Trust.

     Except as provided in Section 3.8 with respect to the Debentures and the
Property Trustee Account or as otherwise provided in this Declaration, legal
title to all assets of the Trust shall be vested in the Trust. The Holders shall
not have legal title to any part of the assets of the Trust, but shall have an
undivided beneficial interest in the assets of the Trust.

SECTION 3.6 Powers and Duties of the Administrative Trustees.

     Subject to Section 5.5, the Administrative Trustees acting individually or
together shall have the exclusive right, power, duty and authority, and are
hereby authorized and directed, to cause the Trust to engage in the following
activities:

     (a) to issue and sell the Securities in accordance with this Declaration;
provided, however, that the Trust may issue no more than one series of Preferred
Securities and no more than one series of Common Securities; and, provided
further, that there shall be no interests in the Trust other than the
Securities;

     (b) in connection with the issue of the Preferred Securities, to:

          (i) execute and file with the Commission one or more registration
     statements on Form S-3 prepared by the Company, including any and all
     amendments thereto, pertaining to the Preferred Securities;

          (ii) execute and file any documents prepared by the Company, or take
     any acts as determined by the Company to be necessary in order to qualify
     or register all or part of the Preferred Securities in any State in which
     the Company has determined to qualify or register such Preferred Securities
     for sale;

          (iii) execute and file an application, prepared by the Company, to the
     NYSE or any other national stock exchange or the NASDAQ Stock Market's
     National Market for listing or quotation upon notice of issuance of any
     Preferred Securities;

                                       14

<PAGE>

          (iv) execute and file with the Commission a registration statement on
     Form 8-A, including any amendments thereto, prepared by the Company,
     relating to the registration of the Preferred Securities under Section
     12(b) of the Exchange Act;

          (v) execute and enter into one or more purchase agreements providing
     for the sale of the Common Securities and the purchase of the Debentures;
     and

          (vi) execute and deliver letters, documents or instruments to DTC.

     (c) to acquire the Debentures with the proceeds of the sale of the
Preferred Securities and the Common Securities; provided, however, that the
Administrative Trustees shall cause legal title to the Debentures to be held of
record in the name of the Property Trustee for the benefit of the Holders;

     (d) to give the Company and the Property Trustee prompt written notice of
the occurrence of a Special Event;

     (e) to establish a record date with respect to all actions to be taken
hereunder that require a record date be established, including and with respect
to, for the purposes of Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders of Securities as to such actions and applicable record
dates;

     (f) to take all actions and perform such duties as may be required of the
Administrative Trustees pursuant to the terms of the Securities set forth in
Annex I hereto, and to execute and deliver Issuer Orders as described in
Sections 7.6 and 7.9(a);

     (g) to the fullest extent permitted by law, to bring or defend, pay,
collect, compromise, arbitrate, resort to legal action, or otherwise adjust
claims or demands of or against the Trust ("Legal Action"), unless pursuant to
Section 3.8(e), the Property Trustee has the exclusive power to bring such Legal
Action;

     (h) to employ or otherwise engage employees and agents (who may be
designated as officers with titles) and managers, contractors, advisors and
consultants and pay reasonable compensation for such services;

     (i) to cause the Trust to comply with the Trust's obligations under the
Trust Indenture Act;

     (j) to give the certificate required by Section 314(a)(4) of the Trust
Indenture Act to the Property Trustee, which certificate may be executed by any
Administrative Trustee;

     (k) to incur expenses that are necessary or incidental to carry out any of
the purposes of the Trust;

                                       15

<PAGE>

     (l) to act as, or appoint another Person to act as, registrar, transfer
agent and paying agent for the Securities;

     (m) to give prompt written notice to the Property Trustee and the Holders
of any notice received from the Company of its election to defer payments of
interest on the Debentures by extending the interest payment period under the
Indenture;

     (n) to take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust's valid existence, rights,
franchises and privileges as a statutory trust under the laws of the State of
Delaware and of each other jurisdiction in which such existence is necessary to
protect the limited liability of the Holders or to enable the Trust to effect
the purposes for which the Trust was created;

     (o) to take any action, not inconsistent with this Declaration or with
applicable law, that the Administrative Trustees determine in their discretion
to be necessary or desirable in carrying out the activities of the Trust as set
out in this Section 3.6, including, but not limited to:

          (i) causing the Trust not to be deemed to be an Investment Company
     required to be registered under the Investment Company Act;

          (ii) causing the Trust to be classified for United States federal
               income tax purposes as a grantor trust; and

          (iii) cooperating with the Company to ensure that the Debentures will
     be treated as indebtedness of the Company for United States federal income
     tax purposes, provided that such actions do not adversely affect the
     interests of Holders; and

     (p) to take all action necessary to cause all applicable tax returns and
tax information reports that are required to be filed with respect to the Trust
to be duly prepared and filed by the Administrative Trustees, on behalf of the
Trust.

     (q) to execute and deliver all documents, agreements, certificates and
instruments, exercise all rights and powers, perform all duties and do all
things for and on behalf of the Trust in all matters necessary, advisable or
incidental to the foregoing or the transactions contemplated thereby.

     The Administrative Trustees must exercise the powers set forth in this
Section 3.6 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Administrative Trustees shall not take
any action that is inconsistent with the purposes and functions of the Trust set
forth in Section 3.3.

     Subject to this Section 3.6, the Administrative Trustees shall have none of
the powers or the authority of the Property Trustee set forth in Section 3.8.

                                       16

<PAGE>

     Any expenses incurred by the Administrative Trustees pursuant to this
Section 3.6 shall be reimbursed by the Company.

SECTION 3.7   Prohibition of Actions by the Trust and the Trustees.

     The Trust shall not, and the Trustees (including the Property Trustee and
the Delaware Trustee) shall not, and the Administrative Trustees shall cause the
Trust not to, engage in any activity other than as required or authorized by
this Declaration. Notwithstanding any provision in this Declaration to the
contrary, the Trust shall not:

          (a) invest any proceeds received by the Trust from holding the
     Debentures, but shall distribute all such proceeds to Holders pursuant to
     the terms of this Declaration and of the Securities;

          (b) acquire any assets other than as expressly provided herein;

          (c) possess Trust Property for other than a Trust purpose or execute
     any mortgage in respect of, or pledge, any Trust Property;

          (d) make any loans or incur any indebtedness other than loans
     represented by the Debentures;

          (e) possess any power or otherwise act in such a way as to vary the
     Trust Property or the terms of the Securities in any way whatsoever;

          (f) issue any securities or other evidences of beneficial ownership
     of, or beneficial interest in, the Trust other than the Securities;

          (g) other than as provided in this Declaration or Annex I hereto, (A)
     direct the time, method and place of conducting any proceeding with respect
     to any remedy available to the Indenture Trustee, or exercising any trust
     or power conferred upon the Indenture Trustee with respect to the
     Debentures, (B) waive any past default that is waivable under the
     Indenture, or (C) exercise any right to rescind or annul any declaration
     that the principal of all the Debentures shall be due and payable; or

          (h) consent to any amendment, modification or termination of the
     Indenture or the Debentures where such consent shall be required unless the
     Trust shall have received an opinion of independent tax counsel experienced
     in such matters to the effect that such amendment, modification or
     termination will not cause more than an insubstantial risk that the Trust
     will not be classified as a grantor trust for United States federal income
     tax purposes.

                                       17

<PAGE>

SECTION 3.8 Powers and Duties of the Property Trustee.

     (a) The legal title to the Debentures shall be owned by and held of record
in the name of the Property Trustee in trust for the benefit of the Trust and
the Holders. The right, title and interest of the Property Trustee to the
Debentures shall vest automatically in each Person who may hereafter be
appointed as Property Trustee in accordance with Section 5.6. Such vesting and
cessation of title shall be effective whether or not conveyancing documents with
regard to the Debentures have been executed and delivered.

     (b) The Property Trustee shall not transfer its right, title and interest
in the Debentures to the Administrative Trustees or to the Delaware Trustee (if
the Property Trustee does not also act as Delaware Trustee).

     (c) The Property Trustee shall:

          (i) establish and maintain a segregated non-interest bearing trust
     account (the "Property Trustee Account") in the name of and under the
     exclusive control of the Property Trustee on behalf of the Holders and,
     upon the receipt of payments of funds made in respect of the Debentures
     held by the Property Trustee, deposit such funds into the Property Trustee
     Account and make payments or cause the Paying Agent to make payments to the
     Holders from the Property Trustee Account in accordance with Section 6.1;
     funds in the Property Trustee Account shall be held uninvested until
     disbursed in accordance with this Declaration; and the Property Trustee
     Account shall be an account that is maintained with a banking institution
     the rating on whose long-term unsecured indebtedness by a "nationally
     recognized statistical rating organization," as that term is defined for
     purposes of Rule 436(g)(2) under the Securities Act, is at least equal to
     the rating assigned to the Preferred Securities, unless the Preferred
     Securities are not rated, in which case the banking institution's long-term
     unsecured indebtedness shall be rated at least investment grade by a
     "nationally recognized statistical rating organization";

          (ii) engage in such ministerial activities as shall be necessary or
     appropriate to effect the redemption of the Securities to the extent the
     Debentures are redeemed or mature; and

          (iii) upon written notice of distribution issued by the Administrative
     Trustees in accordance with the terms of the Securities, engage in such
     ministerial activities as shall be necessary or appropriate to effect the
     distribution of the Debentures to Holders upon the occurrence of certain
     events.

     (d) The Property Trustee shall take all actions and perform such duties as
may be specifically required of the Property Trustee pursuant to the terms of
this Declaration and the Securities.

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<PAGE>

     (e) Subject to Section 3.9(a), the Property Trustee shall take any Legal
Action which arises out of or in connection with a Trust Enforcement Event of
which a Responsible Officer has actual knowledge or the Property Trustee's
duties and obligations under this Declaration or the Trust Indenture Act;
provided, however, that if a Trust Enforcement Event has occurred and is
continuing and such event is attributable to the failure of the Company to pay
the principal of or interest (including Compounded Interest and Additional Sums,
if any) on the Debentures on the date such principal or interest (including
Compounded Interest and Additional Sums, if any) or is otherwise payable (or in
the case of redemption, on the redemption date), then a Holder of Preferred
Securities may directly institute a proceeding for enforcement of payment to
such Holder of the principal of or interest (including Compounded Interest and
Additional Sums, if any) on the Debentures having a principal amount equal to
the aggregate liquidation amount of the Preferred Securities of such Holder (a
"Direct Action") on or after the respective due date specified in the
Debentures. In connection with such Direct Action, the Holders of the Common
Securities will be subrogated to the rights of such Holder of Preferred
Securities to the extent of any payment made by the Company to such Holder of
Preferred Securities in such Direct Action. Except as provided in the preceding
sentences, the Holders of Preferred Securities will not be able to exercise
directly any other remedy available to the holders of the Debentures.

     (f) The Property Trustee shall continue to serve as a Trustee until either:

          (i) the Trust has been completely liquidated and the proceeds of the
     liquidation distributed to the Holders pursuant to the terms of the
     Securities and this Declaration; or

          (ii) a successor Property Trustee has been appointed and has accepted
     that appointment in accordance with Section 5.6 (a "Successor Property
     Trustee").

     (g) The Property Trustee shall have the legal power to exercise all of the
rights, powers and privileges of a holder of Debentures under the Indenture and,
if a Trust Enforcement Event actually known to a Responsible Officer occurs and
is continuing, the Property Trustee shall, for the benefit of Holders, enforce
its rights as holder of the Debentures subject to the rights of the Holders
pursuant to the terms of this Declaration and the Securities.

     (h) The Property Trustee shall be authorized to undertake any actions set
forth in (S) 317(a) of the Trust Indenture Act.

     (i) For such time as the Property Trustee is the Paying Agent, the Property
Trustee may authorize one or more Persons to act as additional Paying Agents and
to pay Distributions, redemption payments or liquidation payments on behalf of
the Trust with respect to all Securities and any such Paying Agent shall comply
with (S) 317(b) of the Trust Indenture Act. Any such additional Paying Agent may
be removed by the Property Trustee at any time the Property Trustee remains as
Paying Agent and a successor Paying Agent or additional Paying Agents may be
(but are not required to be) appointed at any time by the Property Trustee while
the Property Trustee is acting as Paying Agent.

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<PAGE>

     (j) Subject to this Section 3.8, the Property Trustee shall have none of
the duties, liabilities, powers or the authority of the Administrative Trustees
set forth in Section 3.6.

          Notwithstanding anything expressed or implied to the contrary in this
Declaration or any Annex or Exhibit hereto, (i) the Property Trustee must
exercise the powers set forth in this Section 3.8 in a manner that is consistent
with the purposes and functions of the Trust set out in Section 3.3, and (ii)
the Property Trustee shall not take any action that is inconsistent with the
purposes and functions of the Trust set out in Section 3.3.

     (k) If the Property Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Property Trustee or to such Holder, then and in every such case the
Corporation, the Property Trustee and the Holders shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Property Trustee and the Holders shall continue as though no such proceeding had
been instituted.

SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee.

     (a) If a Trust Enforcement Event has occurred (that has not been cured or
waived pursuant to Section 2.6) of which a Responsible Officer has actual
knowledge, the Property Trustee shall exercise such of the rights and powers
vested in it by this Declaration, and use the same degree of care and skill in
their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

     (b) No provision of this Declaration shall be construed to relieve the
Property 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 a Trust Enforcement Event of which the
     Property Trustee has knowledge as provided in Section 2.7(b), and after the
     curing or waiving of all such Trust Enforcement Events that may have
     occurred:

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

          (B) in the absence of bad faith on the part of the Property Trustee,
          the Property 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 Property Trustee and
          conforming to the requirements of this Declaration; provided,

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<PAGE>

          however, that in the case of any such certificates or opinions that by
          any provision hereof are specifically required to be furnished to the
          Property Trustee, the Property 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 Declaration;

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

          (iii) the Property Trustee shall not be personally liable with respect
     to any action 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 Securities relating to the time, method and place of
     conducting any proceeding for any remedy available to the Property Trustee,
     or exercising any trust or power conferred upon the Property Trustee under
     this Declaration;

          (iv) no provision of this Declaration shall require the Property
     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;

          (v) the Property Trustee's sole duty with respect to the custody,
     safekeeping and physical preservation of the Debentures and the Property
     Trustee Account shall be to deal with such property in a similar manner as
     the Property Trustee deals with similar property for its own account,
     subject to the protections and limitations on liability afforded to the
     Property Trustee under this Declaration and the Trust Indenture Act;

          (vi) the Property Trustee shall have no duty or personally liability
     for or with respect to the value, genuineness, existence or sufficiency of
     the Debentures or the payment of any taxes or assessments levied thereon or
     in connection therewith;

          (vii) the Property Trustee shall not be personally liable for any
     interest on any money received by it except as it may otherwise agree in
     writing with the Company. Money held by the Property Trustee need not be
     segregated from other funds held by it except in relation to the Property
     Trustee Account maintained by the Property Trustee pursuant to Section
     3.8(c)(i) and except to the extent otherwise required by law;

          (viii) the Property Trustee shall not be responsible for monitoring
     the compliance by the Administrative Trustees or the Company with their
     respective duties under this Declaration, nor shall the Property Trustee be
     liable for any default or misconduct of the Administrative Trustees or the
     Company; and

          (ix) in the event that the Property Trustee is unable to decide
     between alternative courses of action permitted or required under this
     Declaration or any other document, or is unsure as to the application of
     any provision of this Declaration or any other document, or

                                       21

<PAGE>

     any such provision may be ambiguous as to its application or in conflict
     with any other applicable provision, permits any determination by the
     Property Trustee, or is silent or incomplete as to the course of action
     that the Property Trustee is required to take with respect to a particular
     set of facts, the Property Trustee may give notice (in such form as shall
     be appropriate under the circumstances) to the Company and/or to the
     Holders requesting instruction from any of them, and to the extent that the
     Property Trustee acts or refrains from acting in good faith in accordance
     with any such instruction received, the Property Trustee shall not be
     personally liable, on account of such action or inaction, to any Person,
     and if the Property Trustee shall not have received appropriate instruction
     within 10 days of such notice (or within such shorter period of time as
     reasonably may be specified in such notice or may be necessary under the
     circumstances) it may, but shall be under no duty to, take or refrain from
     taking action, and shall have no personal liability to any Person for such
     action or inaction.

SECTION 3.10 Certain Rights of Property Trustee.

     (a) Subject to the provisions of Section 3.9:

          (i) the Property 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 appropriate Person;

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

          (iii) whenever in the administration of this Declaration, the Property
     Trustee shall deem it desirable that a matter be proved or established
     before taking, suffering or omitting any action hereunder, the Property
     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 Company or the Administrative Trustees;

          (iv) the Property Trustee shall have no duty to see to any recording,
     filing or registration of any instrument (including any financing or
     continuation statement or any filing under tax or securities laws) or any
     rerecording, refiling or registration thereof;

          (v) the Property Trustee may consult with counsel or other experts of
     its selection, and the advice or opinion of such counsel and experts 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 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; and

                                       22

<PAGE>

     the Property Trustee shall have the right at any time to seek instructions
     concerning the administration of this Declaration from any court of
     competent jurisdiction;

          (vi) the Property Trustee shall be under no obligation to exercise any
     of the rights or powers vested in it by this Declaration at the request or
     direction of any Holder, unless such Holder shall have provided to the
     Property Trustee security and indemnity, reasonably satisfactory to the
     Property Trustee, against the costs, expenses (including reasonable
     attorneys' fees and expenses and the expenses of the Property 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 Property Trustee; provided, however,
     that, nothing contained in this Section 3.10(a)(vi) shall be taken to
     relieve the Property Trustee, upon the occurrence of an Event of Default
     (of which, other than in the case of Events of Default under Sections
     5.01(a) and 5.01(b) of the Indenture, which the Property Trustee is deemed
     to have knowledge of as provided in Section 2.7(b) hereof, a Responsible
     Officer of the Property Trustee has actual knowledge), of its obligation to
     exercise the rights and powers vested in it by this Declaration;

          (vii) the Property 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 Property Trustee, in its
     discretion, may make such further inquiry or investigation into such facts
     or matters as it may see fit;

          (viii) the Property 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 Property Trustee shall
     not be responsible for any misconduct or negligence on the part of any such
     agent, custodian, nominee or attorney appointed with due care by it
     hereunder;

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

          (x) whenever in the administration of this Declaration the Property
     Trustee shall deem it desirable to receive instructions with respect to
     enforcing any remedy or right or taking any other action hereunder, the
     Property Trustee (i) may request instructions from the Holders which
     instructions may only be given by the Holders of the same proportion in
     liquidation amount of the Securities as would be entitled to direct the
     Property Trustee under the terms of the Securities in respect of such
     remedy, right or action, (ii) may refrain from enforcing such remedy or
     right or taking such other action until such instructions are

                                       23

<PAGE>

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

          (xi) except as otherwise expressly provided by this Declaration, the
     Property Trustee shall not be under any obligation to take any action that
     is discretionary under the provisions of this Declaration; and

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

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

SECTION 3.11 Delaware Trustee.

     Notwithstanding any other provision of this Declaration other than Section
5.2, the Delaware Trustee shall not be entitled to exercise any powers, nor
shall the Delaware Trustee have any of the duties and responsibilities of the
Trustees described in this Declaration (except as required under the Statutory
Trust Act). Except as set forth in Section 5.2, the Delaware Trustee shall be a
Trustee for the sole and limited purpose of fulfilling the requirements of (S)
3807 of the Statutory Trust Act. In the event the Delaware Trustee shall at any
time be required to take any action or perform any duty hereunder, the Delaware
Trustee shall be entitled to the benefits of Section 3.9(b)(ii) to (viii),
inclusive, and Section 3.10. No implied covenants or obligations shall be read
into this Declaration against the Delaware Trustee.

SECTION 3.12 Execution of Documents.

     Unless otherwise required by applicable law, each Administrative Trustee,
individually, is authorized to execute and deliver on behalf of the Trust any
documents, agreements, instruments or certificates that the Administrative
Trustees have the power and authority to execute pursuant to Section 3.6.

SECTION 3.13 Not Responsible for Recitals or Issuance of Securities.

     The recitals contained in this Declaration and the Securities shall be
taken as the statements of the Company, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as to
the value or condition of the Trust Property or any part

                                       24

<PAGE>

thereof. The Trustees make no representations as to the validity or sufficiency
of this Declaration or the Securities.

SECTION 3.14 Duration of Trust.

     The Trust, unless earlier dissolved pursuant to the provisions of Article
VIII hereof, shall dissolve on (.), (.).

SECTION 3.15 Mergers.

     (a) The Trust may not merge with or into, consolidate, amalgamate, or be
replaced by, or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to any Person, except as described in
Section 3.15(b) and (c) and except with respect to the distribution of
Debentures to Holders pursuant to Section 8.1(a)(iii) of this Declaration or
Section 3 of Annex I.

     (b) The Trust may, at the request of the Company, with the consent of the
Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders, the Delaware
Trustee or the Property Trustee, merge with or into, consolidate, amalgamate, or
be replaced by, or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to, a trust organized as such under the
laws of any State; provided that:

          (i) if the Trust is not the successor entity, such successor entity
     (the "Successor Entity") either:

          (A)  expressly assumes all of the obligations of the Trust under the
               Securities; or

          (B)  substitutes for the Securities other securities having
               substantially the same terms as the Securities (the "Successor
               Securities") so long as the Successor Securities rank the same as
               the Securities rank in priority with respect to Distributions and
               payments upon liquidation, redemption and otherwise;

          (ii) if the Trust is not the successor entity, the Company expressly
     appoints a trustee of the Successor Entity that possesses the same powers
     and duties as the Property Trustee with respect to the Debentures;

          (iii) the Successor Securities (excluding any securities substituted
     for the Common Securities) are listed, quoted or included for trading, or
     any Successor Securities will be listed, quoted or included for trading
     upon notification of issuance, on any national securities exchange or with
     any other organization on which the Preferred Securities are then listed,
     quoted or included;

          (iv) such merger, consolidation, amalgamation, replacement,
     conveyance, transfer or lease does not cause the Preferred Securities
     (including any Successor Securities) or the

                                       25

<PAGE>

     Debentures to be downgraded by any nationally recognized statistical rating
     organization that publishes a rating on the Preferred Securities or the
     Debentures;

          (v) such merger, consolidation, amalgamation, replacement, conveyance,
     transfer or lease does not adversely affect the rights, preferences and
     privileges of the Holders (including the holders of any Successor
     Securities) in any material respect (other than with respect to any
     dilution of the interests of such Holders or holders, as the case may be,
     in the Successor Entity);

          (vi) the Successor Entity has a purpose identical in all material
     respects to that of the Trust;

          (vii) prior to such merger, consolidation, amalgamation, replacement,
     conveyance, transfer or lease, the Company has received an opinion of
     independent counsel to the Trust experienced in such matters to the effect
     that:

          (A)  such merger, consolidation, amalgamation, replacement,
               conveyance, transfer or lease does not adversely affect the
               rights, preferences and privileges of the Holders (including the
               holders of any Successor Securities) in any material respect
               (other than with respect to any dilution of the interests of such
               Holders or holders, as the case may be, in the Successor Entity);

          (B)  following such merger, consolidation, amalgamation, replacement,
               conveyance, transfer or lease, neither the Trust nor the
               Successor Entity will be required to register as an Investment
               Company; and

          (C)  following such merger, consolidation, amalgamation, replacement,
               conveyance, transfer or lease, the Trust (or the Successor
               Entity) will continue to be classified as a grantor trust for
               United States federal income tax purposes;

          (viii) if the Trust is not the Successor Entity, the Company or any
     permitted successor or assignee of the Company owns all of the common
     securities of the Successor Entity and guarantees the obligations of the
     Successor Entity under the Successor Securities at least to the extent
     provided by the Securities Guarantees;

          (ix) the Successor Entity expressly assumes all of the obligations of
     the Trust; and

          (x) there shall have been furnished to the Property Trustee an
     Officers' Certificate and an Opinion of Counsel, each to the effect that
     all conditions precedent in this Declaration to such transaction have been
     satisfied.

     (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the
consent of Holders of 100% in aggregate liquidation amount of the Securities,
consolidate, amalgamate, merge

                                       26

<PAGE>

with or into, or be replaced by, or convey, transfer or lease its properties and
assets as an entirety or substantially as an entirety to, any other Person or
permit any other Person to consolidate, amalgamate, merge with or into, or
replace it if such consolidation, amalgamation, merger, replacement, conveyance,
transfer or lease would cause the Trust or the Successor Entity not to be
classified as a grantor trust for United States federal income tax purposes.

SECTION 3.16 Property Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon the
Securities or the property of the Trust or of such other obligor or their
creditors, the Property Trustee (irrespective of whether any Distributions on
the Securities are then due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Property Trustee has made any
demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise to:

     (a) file and prove a claim for the whole amount of any Distributions owing
and unpaid in respect of the Securities (or, if the Securities are original
issue discount securities, such portion of the liquidation amount as may be
specified in the terms of such securities) and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the
Property Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding; and

     (b) collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such
payments to the Property Trustee and, in the event the Property Trustee consents
to the making of such payments directly to the Holders, to pay to the Property
Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and
any other amounts due the Property Trustee.

          Nothing contained herein shall be deemed to authorize the Property
Trustee to authorize or consent to or accept or adopt, on behalf of any Holder,
any plan of reorganization, arrangement, adjustment or compensation affecting
the Securities or the rights of any Holder or to authorize the Property Trustee
to vote in respect of the claim of any Holder in any such proceeding.

                                       27

<PAGE>

                                   ARTICLE IV
                                    SPONSOR

SECTION 4.1 Company's Purchase of Common Securities.

     At the Closing Date the Company will purchase all of the Common Securities
then issued by the Trust, in an amount equal to at least 3% of the total capital
of the Trust, at the same time as the Preferred Securities are issued and sold.

SECTION 4.2 Responsibilities of the Company.

     In connection with the issue and sale of the Preferred Securities, the
Company shall have the exclusive right and responsibility to engage in, or
direct the Administrative Trustees to engage in, the following activities:

     (a) to prepare for filing by the Trust with the Commission one or more
registration statements on Form S-3 in relation to the Preferred Securities,
including any amendments thereto;

     (b) to determine the states in which to take appropriate action to qualify
or register for sale all or part of the Preferred Securities and to do any and
all such acts, other than actions which must be taken by the Trust, and advise
the Trust of actions it must take, and prepare for execution and filing any
documents to be executed and filed by the Trust, as the Company deems necessary
or advisable in order to comply with the applicable laws of any such states;

     (c) if so determined by the Company, to prepare for filing by the Trust an
application to the NYSE or any other national stock exchange or the NASDAQ
National Market for listing or quotation upon notice of issuance of the
Preferred Securities;

     (d) if so determined by the Company, to prepare for filing by the Trust
with the Commission a registration statement on Form 8-A relating to the
registration of the Preferred Securities under Section 12(b) of the Exchange
Act, including any amendments thereto;

     (e) to prepare any registration statements or reports required to be filed
or submitted with the Commission with respect to the Securities pursuant to the
Exchange Act, unless performed by the Administrative Trustees; and

     (f) to negotiate the terms of and execute and deliver the Underwriting
Agreement providing for the issuance of the Preferred Securities.

SECTION 4.3 Right to Proceed.

     The Company acknowledges the rights of the Holders of Preferred Securities,
in the event that a failure of the Trust to pay Distributions on the Preferred
Securities is attributable to the failure of the Company to pay the principal of
or interest on the Debentures, to institute a proceeding

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<PAGE>

directly against the Company for enforcement of its payment obligations in
respect of the Debentures.

SECTION 4.4 Right to Dissolve Trust.

     The Company will have the right at any time to dissolve the Trust and,
after satisfaction of liabilities to creditors of the Trust as required by
applicable law, to cause the Debentures to be distributed to the Holders in
liquidation of the Trust. Such right is subject to the Company's having received
(i) an Opinion of Counsel to the effect that such distribution will not cause
the Holders of Preferred Securities to recognize gain or loss for United States
federal income tax purposes and (ii) all required regulatory approvals.

                                    ARTICLE V
                                    TRUSTEES

SECTION 5.1 Number of Trustees; Appointment of Co-Trustee.

     The number of Trustees initially shall be five (5), and:

(a) at any time before the issuance of any Securities, the Company may, by
written instrument, increase or decrease the number of Trustees; and

(b) after the issuance of any Securities, the number of Trustees may be
increased or decreased by vote of the Holders of a Majority in Liquidation
Amount of the Common Securities voting as a class at a meeting of the Holders of
the Common Securities or by written consent in lieu of such meeting;

     provided, however, that, the number of Trustees shall in no event be less
     than three (3); provided further that (1) one Trustee, in the case of a
     natural person, shall be a person who is a resident of the State of
     Delaware or that, if not a natural person, is an entity which has its
     principal place of business in the State of Delaware (the "Delaware
     Trustee"); (2) there shall be at least one Trustee who is an employee or
     officer of, or is affiliated with, the Company (an "Administrative
     Trustee"); and (3) one Trustee shall be the Property Trustee for so long as
     this Declaration is required to qualify as an indenture under the Trust
     Indenture Act, and such Trustee may also serve as Delaware Trustee if it
     meets the applicable requirements. Notwithstanding the above, unless a
     Trust Enforcement Event shall have occurred and be continuing, at any time
     or times, for the purpose of meeting the legal requirements of the Trust
     Indenture Act or of any jurisdiction in which any part of the Trust
     Property may at the time be located, the Holders of a Majority in
     Liquidation Amount of the Common Securities acting as a class at a meeting
     of the Holders of the Common Securities, and the Administrative Trustees
     shall have power to appoint one or more Persons either to act as a
     co-trustee, jointly with the Property Trustee, of all or any part of the
     Trust Property, or to act as separate trustee of any such property, in
     either case with such powers as may be provided in the instrument of
     appointment, and to vest in such Person or Persons in such capacity any
     property, title, right or power deemed necessary or desirable, subject to
     the provisions of this

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<PAGE>

     Declaration. In case a a Trust Enforcement Event has occurred and is
     continuing, the Property Trustee alone shall have power to make any such
     appointment of a co-trustee.

SECTION 5.2 Delaware Trustee.

     For so long as required by the Statutory Trust Act, the Delaware Trustee
shall be:

     (a) a natural person who is a resident of the State of Delaware; or

     (b) if not a natural person, an entity which has its principal place of
business in the State of Delaware, and otherwise meets the requirements of
applicable law,

provided, however, that, if the Property Trustee has its principal place of
business in the State of Delaware and otherwise meets the requirements of
applicable law, then the Property Trustee shall also be the Delaware Trustee and
Section 3.11 shall have no application.

          The initial Delaware Trustee shall be:

          Wilmington Trust Company
          Rodney Square North
          1100 North Market Street
          Wilmington, Delaware 19890
          Attention: Corporate Trust Administration
          Facsimile No.: (302) 636-4145

SECTION 5.3 Property Trustee; Eligibility.

     (a) There shall at all times be one Trustee (the "Property Trustee") which
shall act as Property Trustee and 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
     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. 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 5.3(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.

                                       30

<PAGE>

     (b) If at any time the Property Trustee shall cease to be eligible to so
act under Section 5.3(a), the Property Trustee shall immediately resign in the
manner and with the effect set forth in Section 5.6(c).

     (c) If the Property Trustee has or shall acquire any "conflicting interest"
within the meaning of (S) 330(b) of the Trust Indenture Act, the Property
Trustee and the Holder of the Common Securities (as if it were the obligor
referred to in (S) 310(b) of the Trust Indenture Act) shall in all respects
comply with the provisions of (S) 310(b) of the Trust Indenture Act.

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

     (e) The initial Property Trustee shall be:

          Wilmington Trust Company
          Rodney Square North
          1100 North Market Street
          Wilmington, Delaware 19890
          Attention: Corporate Trust Administration
          Facsimile No.: (302) 636-4145
SECTION 5.4 Certain Qualifications of Administrative Trustees and Delaware
            Trustee Generally.

     Each Administrative Trustee and the Delaware Trustee (unless the Property
Trustee also acts as Delaware Trustee) shall be either a natural person who is
at least 21 years of age or a legal entity that shall act through one or more
Authorized Officers.

SECTION 5.5 Administrative Trustees.

     The initial Administrative Trustees shall be:

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

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

     --------------------------
     c/o New York Community Bancorp, Inc.
     615 Merrick Avenue
     Westbury, New York 11590

     Telephone: (516) 683-4100
     Telecopier: (516) 683-8385

                                       31

<PAGE>

     (a) Except as otherwise expressly set forth in this Declaration and except
if a meeting of the Administrative Trustees is called with respect to any matter
over which the Administrative Trustees have power to act, any power of the
Administrative Trustees may be exercised by, or with the consent of, any one
such Administrative Trustee.

     (b) Unless otherwise required by the Statutory Trust Act or other
applicable law, any Administrative Trustee acting alone is authorized to execute
on behalf of the Trust any documents which the Administrative Trustees have the
power and authority to cause the Trust to execute pursuant to Section 3.6.

     (c) An Administrative Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his or
her power for the purposes of signing any documents which the Administrative
Trustees have power and authority to cause the Trust to execute pursuant to
Section 3.6.

SECTION 5.6 Appointment, Removal and Resignation of Trustees.

     (a) Subject to Section 5.6(b) hereof and to Section 6(b) of Annex I hereto,
Trustees may be appointed or removed without cause at any time:

          (i) until the issuance of any Securities, by written instrument
     executed by the Company;

          (ii) unless a Trust Enforcement Event shall have occurred and be
     continuing after the issuance of any Securities, by vote of the Holders of
     a Majority in Liquidation Amount of the Common Securities voting as a class
     at a meeting of the Holders of the Common Securities or by written consent
     in lieu of such meeting; and

          (iii) if a Trust Enforcement Event shall have occurred and be
     continuing after the issuance of the Securities, with respect to the
     Property Trustee or the Delaware Trustee, by vote of Holders of a Majority
     in Liquidation Amount of the Preferred Securities voting as a class at a
     meeting of Holders of the Preferred Securities or by written consent in
     lieu of such meeting, and with respect to the Administrative Trustees, in
     the manner set forth in Section 5.6(a)(ii) hereof.

     (b) The Property Trustee shall not be removed in accordance with Section
5.6(a) until a successor Trustee possessing the qualifications to act as
Property Trustee under Section 5.3(a) (a "Successor Property Trustee") has been
appointed and has accepted such appointment by written instrument executed by
such Successor Property Trustee and delivered to the removed Property Trustee,
the Administrative Trustees and the Company; and

     (c) The Delaware Trustee shall not be removed in accordance with this
Section 5.6(a) until a successor Trustee possessing the qualifications to act as
Delaware Trustee under Sections 5.2

                                       32

<PAGE>

and 5.4 (a "Successor Delaware Trustee") has been appointed and has accepted
such appointment by written instrument executed by such Successor Delaware
Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if
the removed Delaware Trustee is not also the Property Trustee), the
Administrative Trustees and the Company.

     (d) A Trustee appointed to office shall hold office until his successor
shall have been appointed or until his death, removal or resignation. Any
Trustee may resign from office (without need for prior or subsequent accounting)
by an instrument in writing signed by the Trustee and delivered to the other
Trustees, the Company and the Trust, which resignation shall take effect upon
such delivery or upon such later date as is specified therein; provided,
however, that:

          (i) No such resignation of the Trustee that acts as the Property
     Trustee shall be effective:

               (A) until a Successor Property Trustee has been appointed and has
               accepted such appointment by instrument executed by such
               Successor Property Trustee and delivered to the Trust, the
               Company, the Delaware Trustee (if the resigning Property Trustee
               is not also the Delaware Trustee) and the resigning Property
               Trustee; or

               (B) until the assets of the Trust have been completely liquidated
               and the proceeds thereof distributed to the Holders; and

          (ii) no such resignation of the Delaware Trustee shall be effective
     until a Successor Delaware Trustee has been appointed and has accepted such
     appointment by instrument executed by such Successor Delaware Trustee and
     delivered to the Trust, the Property Trustee (if the resigning Delaware
     Trustee is not also the Property Trustee), the Company and the resigning
     Delaware Trustee.

     (e) The Holders of the Common Securities or, if a Trust Enforcement Event
shall have occurred and be continuing after the issuance of the Securities, the
Holders of the Preferred Securities shall use their best efforts to promptly
appoint a Successor Property Trustee or Successor Delaware Trustee, as the case
may be, if the Property Trustee or the Delaware Trustee delivers an instrument
of resignation in accordance with this Section 5.6.

     (f) If no Successor Property Trustee or Successor Delaware Trustee shall
have been appointed and accepted appointment as provided in this Section 5.6
within 60 days after delivery of an instrument of resignation or removal, the
Property Trustee or Delaware Trustee resigning or being removed, as applicable,
may petition any court of competent jurisdiction for appointment of a Successor
Property Trustee or Successor Delaware Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper to prescribe, appoint a
Successor Property Trustee or Successor Delaware Trustee, as the case may be.

                                       33

<PAGE>

     (g) No Property Trustee or Delaware Trustee shall be liable for the acts or
omissions to act of any Successor Property Trustee or Successor Delaware
Trustee, as the case may be.

     (h) At the time of resignation or removal of the Property Trustee or the
Delaware Trustee, the Company shall pay to such Trustee any amounts that may be
owed to such Trustee pursuant to Section 10.4.

     (i) Any successor Delaware Trustee shall file an amendment to the
Certificate of Trust with the Secretary of State of the State of Delaware
identifying the name and principal place of business of such Successor Delaware
Trustee in the State of Delaware.

SECTION 5.7 Vacancies Among Trustees.

     If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.l, or if the number of Trustees is
increased pursuant to Section 5.1, a vacancy shall occur. A resolution
certifying the existence of such vacancy by the Administrative Trustees or, if
there are more than two, a majority of the Administrative Trustees shall be
conclusive evidence of the existence of such vacancy. The vacancy shall be
filled with a Trustee appointed in accordance with Section 5.6.

SECTION 5.8 Effect of Vacancies.

     The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee shall
not operate to dissolve, liquidate or annul the Trust or to terminate this
Declaration. Whenever a vacancy in the number of Administrative Trustees shall
occur, until such vacancy is filled by the appointment of an Administrative
Trustee in accordance with Section 5.6, the Administrative Trustees in office,
regardless of their number, shall have all the powers granted to the
Administrative Trustees and shall discharge all the duties imposed upon the
Administrative Trustees by this Declaration.

SECTION 5.9 Meetings.

     If there is more than one Administrative Trustee, meetings of the
Administrative Trustees shall be held from time to time upon the call of any
Administrative Trustee. Regular meetings of the Administrative Trustees may be
held at a time and place fixed by resolution of the Administrative Trustees.
Notice of any in-person meetings of the Administrative Trustees shall be hand
delivered or otherwise delivered in writing (including by facsimile, with a hard
copy by overnight courier) not less than 24 hours before such meeting. Notice of
any telephonic meetings of the Administrative Trustees or any committee thereof
shall be hand delivered or otherwise delivered in writing (including by
facsimile, with a hard copy by overnight courier) not less than 24 hours before
a meeting. Notices shall contain a brief statement of the time, place and
anticipated purposes of the meeting. The presence (whether in person or by
telephone) of an Administrative Trustee at a meeting shall constitute a waiver
of notice of such meeting except where an Administrative Trustee attends a
meeting for the express purpose of objecting to the transaction of any activity
on the

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<PAGE>

ground that the meeting has not been lawfully called or convened. Unless
provided otherwise in this Declaration, any action of the Administrative
Trustees may be taken at a meeting by vote of a majority of the Administrative
Trustees present (whether in person or by telephone) and eligible to vote with
respect to such matter, provided that, a Quorum is present, or without a meeting
by the unanimous written consent of the Administrative Trustees. In the event
there is only one Administrative Trustee, any and all action of such
Administrative Trustee shall be evidenced by a written consent of such
Administrative Trustee.

SECTION 5.10 Delegation of Power.

     (a) Any Administrative Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his or
her power for the purpose of executing any documents contemplated in Section
3.6, including any registration statement or amendment thereto filed with the
Commission, or making any other governmental filing.

     (b) The Administrative Trustees shall have power to delegate from time to
time to such of their number or to officers of the Trust the doing of such
things and the execution of such instruments either in the name of the Trust or
the names of the Administrative Trustees or otherwise as the Administrative
Trustees may deem expedient, to the extent such delegation is not prohibited by
applicable law or contrary to the provisions of this Declaration.

SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business.

     Any Person into which the Property Trustee or the Delaware Trustee or any
Administrative Trustee that is not a natural person, as the case may be, may be
merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Property
Trustee or the Delaware Trustee, as the case may be, shall be a party, or any
Person succeeding to all or substantially all the corporate trust business of
the Property Trustee or the Delaware Trustee, as the case may be, shall be the
successor of the Property Trustee or the Delaware Trustee, as the case may be,
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, provided such Person shall be otherwise
qualified and eligible under this Article and provided further that such Person
shall file an amendment to the Certificate of Trust with the Delaware Secretary
of State as contemplated in Section 5.6(h).

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                                   ARTICLE VI
                                  DISTRIBUTIONS

SECTION 6.1 Distributions.

     Holders shall receive Distributions in accordance with the applicable terms
of the relevant Holder's Securities. If and to the extent that the Company makes
a payment of interest (including Compounded Interest and Additional Sums),
premium and/or principal on the Debentures held by the Property Trustee (the
amount of any such payment being a "Payment Amount"), the Property Trustee shall
and is directed, to the extent funds are available for that purpose, to make a
distribution (a "Distribution") of the Payment Amount to Holders in accordance
with the terms of the Securities.

                                   ARTICLE VII
                             ISSUANCE OF SECURITIES

SECTION 7.1 General Provisions Regarding Securities.

     (a) The Administrative Trustees shall, on behalf of the Trust, issue one
class of capital securities representing undivided preferred beneficial
interests in the assets of the Trust having such terms as are set forth in Annex
I (the "Preferred Securities") and one class of common securities representing
undivided common beneficial interests in the assets of the Trust having such
terms as are set forth in Annex I (the "Common Securities"). The Trust shall
issue no securities or other interests in the assets of the Trust other than the
Preferred Securities and the Common Securities.

     (b) The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and shall
not constitute a loan to the Trust.

     (c) Upon issuance of the Securities as provided in this Declaration, the
Securities so issued shall be deemed to be validly issued and, subject to the
terms of this Declaration, fully paid and nonassessable undivided beneficial
interests in the assets of the Trust and entitled to the benefits of this
Declaration, and the Holders thereof shall be entitled to the benefits of this
Declaration.

     (d) Every Person, by virtue of having become a Holder or a Preferred
Security Beneficial Owner in accordance with the terms of this Declaration,
shall be deemed to have expressly assented and agreed to the terms of, and shall
be bound by, this Declaration.

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SECTION 7.2 Execution and Authentication.

     (a) The Securities shall be signed on behalf of the Trust by an
Administrative Trustee. In case any Administrative Trustee of the Trust who
shall have signed any of the Securities shall cease to be such Administrative
Trustee before the Securities so signed shall be delivered by the Trust, such
Securities nevertheless may be delivered as though the Person who signed such
Securities had not ceased to be such Administrative Trustee; and any Securities
may be signed on behalf of the Trust by such persons who, at the actual date of
execution of such Security, shall be the Administrative Trustees of the Trust,
although at the date of the execution and delivery of this Declaration any such
person was not an Administrative Trustee.

     (b) One Administrative Trustee shall sign the Preferred Securities for the
Trust by manual or facsimile signature. Unless otherwise determined by an
Administrative Trustee on behalf of the Trust, an Administrative Trustee shall
sign the Common Securities for the Trust by manual signature.

     (c) A Preferred Security shall not be valid until authenticated by the
manual signature of an authorized signatory of the Property Trustee. The
signature shall be conclusive evidence that the Preferred Security has been
authenticated under this Declaration. A Common Security shall be valid upon
execution by an Administrative Trustee without any act of the Property Trustee.

     (d) Upon receipt of an Issuer Order to do so, the Property Trustee shall
authenticate the Preferred Securities for original issue. The aggregate number
of Preferred Securities outstanding at any time shall not exceed the number set
forth in Annex I hereto except as provided in Section 7.6.

     (e) The Property Trustee may appoint an authenticating agent acceptable to
the Trust to authenticate Preferred Securities. An authenticating agent may
authenticate Preferred Securities whenever the Property Trustee may do so. Each
reference in this Declaration to authentication by the Property Trustee includes
authentication by such agent. An authenticating agent has the same rights as the
Property Trustee hereunder with respect to the Company or an Affiliate.

SECTION 7.3 Form and Dating.

     The Preferred Securities shall be evidenced by one or more certificates
substantially in the form of Exhibit A-1, and the Common Securities shall be
evidenced by one or more certificates substantially in the form of Exhibit A-2.
The Property Trustee's certificate of authentication shall be substantially in
the form set forth in Exhibit A-1. Certificates representing the Securities may
be printed, lithographed or engraved or may be produced in any other manner as
is reasonably acceptable to an Administrative Trustee, as evidenced by the
execution thereof. The Securities may have letters, "CUSIP" or other numbers,
notations or other marks of identification or designation and such legends or
endorsements required by law, stock exchange rule, agreements to which the Trust
is subject, if any, or usage, provided that, any such notation, legend or
endorsement is in a form acceptable to the Administrative Trustees, as evidenced
by their execution thereof. The Trust at the direction of the Company, shall
furnish any such legend not contained in Exhibit A-1 to the

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Property Trustee in writing. Each Preferred Security shall be dated the date of
its authentication. The terms and provisions of the Securities set forth in
Annex I and the forms of Securities set forth in Exhibits A-1 and A-2 are part
of the terms of this Declaration and, to the extent applicable, the Property
Trustee and the Company, by their execution and delivery of this Declaration,
expressly agree to such terms and provisions and to be bound thereby.

     (a) Global Preferred Security. Unless otherwise specified in the terms of
the Preferred Securities set forth in Annex I, the Preferred Securities
Certificates, on original issuance, will be executed and issued by the Trust and
authenticated by the Property Trustee in the form of one or more,
fully-registered, global Preferred Security Certificates (each a "Global
Certificate"), to be delivered to DTC, the initial Depository Institution, by,
or on behalf of, the Trust or, which shall be deposited on behalf of the
purchasers of the Preferred Securities represented thereby with the Property
Trustee, at its Corporate Trust Office, as custodian for the Clearing Agency,
and registered in the name of the Clearing Agency or a nominee of the Clearing
Agency, duly executed by the Trust and authenticated by the Property Trustee as
hereinafter provided. The number of Preferred Capital Securities represented by
the Global Capital Securities may from time to time be increased or decreased by
adjustments made on the records of the Property Trustee and the Clearing Agency
or its nominee as hereinafter provided. Such Global Certificates shall initially
be registered on the books and records of the Trust in the name of DTC or its
nominee, and no Preferred Security Beneficial Owner will receive a Definitive
Preferred Security Certificate representing such Preferred Security Beneficial
Owner's interests in such Global Certificates, except as provided in Section
9.7.

     (b) Book-Entry Provisions. This Section 7.3(b) shall apply only to the
Global Preferred Security and such other Preferred Securities in global form as
may be authorized by the Trust to be deposited with or on behalf of the Clearing
Agency.

          An Administrative Trustee shall execute and the Property Trustee
shall, in accordance with this Section 7.3, authenticate and make available for
delivery initially a single Global Preferred Security that (i) shall be
registered in the name of Cede & Co. or other nominee of such Clearing Agency,
and (ii) shall be delivered by the Property Trustee to such Clearing Agency or
pursuant to such Clearing Agency's written instructions or, if no such written
instructions are received by the Property Trustee, held by the Property Trustee
as custodian for the Clearing Agency.

          Members of, or participants in, the Clearing Agency ("Participants")
shall have no rights under this Declaration with respect to the Global Preferred
Security held on their behalf by the Clearing Agency or by the Property Trustee
as the custodian of the Clearing Agency or under such Global Preferred Security,
and the Clearing Agency may be treated by the Trust, the Property Trustee and
any agent of the Trust or the Property Trustee as the absolute owner of such
Global Preferred Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Trust, the Property Trustee or any
agent of the Trust or the Property Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Clearing Agency or
impair, as between the Clearing Agency and its Participants, the operation of
customary practices of such Clearing Agency governing the exercise of the rights
of a holder of a beneficial interest in the Global Preferred Security.

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<PAGE>

     (c) Definitive Preferred Securities. Except as provided in Section 7.9 or
9.2(f)(i), owners of beneficial interests in the Global Preferred Security will
not be entitled to receive physical delivery of certificated Preferred
Securities ("Definitive Preferred Securities").

SECTION 7.4 Registrar, Paying Agent and Transfer Agent.

     The Trust shall maintain in the Borough of Manhattan, The City of New York
or in the City of Wilmington, Delaware (i) an office or agency where Preferred
Securities may be presented for registration of transfer ("Registrar"), (ii) an
office or agency where Preferred Securities may be presented for payment
("Paying Agent") and (iii) an office or agency where Securities may be presented
for exchange ("Transfer Agent"). The Registrar shall keep a register of the
Preferred Securities and of their transfer. The Trust may appoint the Registrar,
the Paying Agent and the Transfer Agent and may appoint one or more
co-registrars, one or more additional paying agents and one or more additional
Transfer Agents in such other locations as it shall determine. The term
"Registrar" includes any additional registrar, the term "Paying Agent" includes
any additional paying agent and the term "Transfer Agent" includes any
additional Transfer Agent. The Trust may change any Paying Agent, Registrar,
co-registrar or Transfer Agent without prior notice to any Holder. The Paying
Agent shall be permitted to resign as Paying Agent upon 30 days' written notice
to the Property Trustee, the Administrative Trustees and the Company. The Trust
shall notify the Property Trustee of the name and address of any Agent not a
party to this Declaration. If the Trust fails to appoint or maintain another
entity as Registrar, Paying Agent or Transfer Agent, the Property Trustee shall
act as such. The Trust or any of its Affiliates may act as Paying Agent,
Registrar, or Transfer Agent.

     The Trust shall act as Paying Agent, Registrar and Transfer Agent for the
Common Securities.

     The Trust initially appoints the Property Trustee as Registrar, Paying
Agent and Transfer Agent for the Preferred Securities.

SECTION 7.5 Paying Agent to Hold Money in Trust.

     The Trust shall require each Paying Agent other than the Property Trustee
to agree in writing that the Paying Agent will hold in trust for the benefit of
Holders or the Property Trustee all money held by the Paying Agent for the
payment of liquidation amounts or Distributions, and will notify the Property
Trustee if there are insufficient funds for such purpose. While any such
insufficiency continues, the Property Trustee may require a Paying Agent to pay
all money held by it to the Property Trustee. The Trust at any time may require
a Paying Agent to pay all money held by it to the Property Trustee and to
account for any money disbursed by it. Upon payment over to the Property
Trustee, the Paying Agent (if other than the Trust or an Affiliate of the Trust)
shall have no further liability for the money. If the Trust or the Company or an
Affiliate of the Trust or the Company acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of the Holders all money held
by it as Paying Agent.

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<PAGE>

SECTION 7.6 Replacement Securities.

     If a Holder claims that a Security owned by it has been lost, destroyed or
wrongfully taken or if such Security is mutilated and is surrendered to the
Trust or in the case of the Preferred Securities to the Property Trustee, an
Administrative Trustee shall execute and the Property Trustee shall, upon
receipt of an Issuer Order to do so, authenticate and make available for
delivery a replacement Security if the Property Trustee's requirements are met.
An indemnity bond must be provided by the Holder which, in the judgment of the
Property Trustee, is sufficient to protect the Trustees, the Company, the Trust
or any authenticating agent from any loss which any of them may suffer if a
Security is replaced. The Trust may charge such Holder for its expenses in
replacing a Security.

SECTION 7.7 Outstanding Preferred Securities.

     The Preferred Securities outstanding at any time are all the Preferred
Securities authenticated by the Property Trustee except for those canceled by
it, those delivered to it for cancellation, and those described in this Section
as not outstanding.

     If a Preferred Security is replaced, paid or purchased pursuant to Section
7.6 hereof, it ceases to be outstanding unless the Property Trustee receives
proof satisfactory to it that the replaced, paid or purchased Preferred Security
is held by a bona fide purchaser.

     If Preferred Securities are considered paid in accordance with the terms of
this Declaration, they cease to be outstanding and Distributions on them shall
cease to accumulate.

     A Preferred Security does not cease to be outstanding because one of the
Trust, the Company or an Affiliate of the Company holds the Security.

SECTION 7.8 Preferred Securities in Treasury.

     In determining whether the Holders of the required amount of Securities
have concurred in any direction, waiver or consent, Preferred Securities owned
by the Trust, the Company or an Affiliate of the Company, as the case may be,
shall be disregarded and deemed not to be outstanding, except that for the
purposes of determining whether the Property Trustee shall be fully protected in
relying on any such direction, waiver or consent, only Securities which the
Property Trustee actually knows are so owned shall be so disregarded.

SECTION 7.9 Temporary Securities.

     (a) Until Definitive Preferred Securities are ready for delivery, the Trust
may prepare and, in the case of the Preferred Securities, the Property Trustee
shall, upon receipt of an Issuer Order to do so, authenticate temporary
Securities. Temporary Securities shall be substantially in the form of
Definitive Preferred Securities but may have variations that the Trust considers
appropriate for temporary Securities. Without unreasonable delay, the Trust
shall prepare and, in the case of the

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<PAGE>

Preferred Securities, the Property Trustee shall, upon receipt of an Issuer
Order to do so, authenticate Definitive Preferred Securities in exchange for
temporary Securities.

     (b) The Global Preferred Security deposited with the Clearing Agency or
with the Property Trustee as custodian for the Clearing Agency pursuant to
Section 7.3 shall be transferred to the beneficial owners thereof in the form of
Definitive Preferred Securities only if such transfer complies with Section 9.2
and (i) the Clearing Agency notifies the Company that it is unwilling or unable
to continue as Clearing Agency for such Global Preferred Security or if at any
time such Clearing Agency ceases to be a "clearing agency" registered under the
Exchange Act, and, in each case, a clearing agency is not appointed by the
Company within 90 days of receipt of such notice or of becoming aware of such
condition, (ii) a Default or an Event of Default has occurred and is continuing,
or (iii) the Trust at its sole discretion elects to cause the issuance of
Definitive Preferred Securities.

     (c) Any Global Preferred Security that is transferable to the beneficial
owners thereof in the form of Definitive Preferred Securities pursuant to this
Section 7.9 shall be surrendered by the Clearing Agency to the Property Trustee
to be so transferred, in whole or from time to time in part, without charge, and
the Property Trustee shall authenticate and make available for delivery, upon
such transfer of each portion of such Global Preferred Security, an equal
aggregate liquidation amount of Preferred Securities of authorized denominations
in the form of Definitive Preferred Securities. Any portion of the Global
Preferred Security transferred pursuant to this Section shall be registered in
such names as the Clearing Agency shall direct.

     (d) Subject to the provisions of Section 7.9(c), the Holder of the Global
Preferred Security may grant proxies and otherwise authorize any Person,
including Participants and Persons that may hold interests through Participants,
to take any action which such Holder is entitled to take under this Declaration
or the Securities.

     (e) In the event of the occurrence of any of the events specified in
Section 7.9(b), the Trust will promptly make available to the Property Trustee a
reasonable supply of certificated Preferred Securities in fully registered form
without distribution coupons.

SECTION 7.10 Cancellation.

     The Trust at any time may deliver Preferred Securities to the Property
Trustee for cancellation. The Registrar, Paying Agent and Transfer Agent shall
forward to the Property Trustee any Preferred Securities surrendered to them for
registration of transfer, redemption, exchange or payment. The Property Trustee
shall promptly cancel all Preferred Securities surrendered for registration of
transfer, redemption, exchange, payment, replacement or cancellation and shall
dispose of canceled Preferred Securities in accordance with its customary
procedures unless the Trust otherwise directs. The Trust may not issue new
Preferred Securities to replace Preferred Securities that it has paid or that
have been delivered to the Property Trustee for cancellation or that any Holder
has exchanged.

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<PAGE>

SECTION 7.11 CUSIP Numbers.

     The Trust in issuing the Preferred Securities may use "CUSIP" numbers (if
then generally in use), and, if so, the Property Trustee shall use "CUSIP"
numbers in notices of redemption as a convenience to Holders of Preferred
Securities; provided that, any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Preferred
Securities or as contained in any notice of a redemption and that reliance may
be placed only on the other identification numbers printed on the Preferred
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Property Trustee
of any change in the CUSIP numbers.

                                  ARTICLE VIII
                              DISSOLUTION OF TRUST

SECTION 8.1 Dissolution of Trust.

     (a) The Trust shall automatically dissolve:

          (i) upon the bankruptcy of the Company;

          (ii) upon the filing of a certificate of dissolution or liquidation or
     its equivalent with respect to the Company; or the revocation of the
     Company's charter and the expiration of 90 days after the date of
     revocation without a reinstatement thereof;

          (iii) following the distribution of a Like Amount of the Debentures to
     the Holders, provided that, the Property Trustee has received written
     notice from the Company directing the Property Trustee to dissolve the
     Trust (which direction is optional, and except as otherwise expressly
     provided below, within the discretion of the Company), and provided,
     further, that such direction and such distribution is conditioned on (a)
     the receipt by the Company of any and all required regulatory approvals,
     and (b) the Company's receipt and delivery to the Administrative Trustees
     of an opinion of independent tax counsel experienced in such matters, which
     opinion may rely on public or private rulings of the Internal Revenue
     Service, to the effect that the Holders of the Preferred Securities will
     not recognize any gain or loss for United States federal income tax
     purposes as a result of the dissolution of the Trust and the distribution
     of Debentures;

          (iv) upon the entry of a decree of judicial dissolution of the Trust
     by a court of competent jurisdiction;

          (v) when all of the Securities shall have been called for redemption
     and the amounts necessary for redemption thereof shall have been paid to
     the Holders in accordance with the terms of the Securities;

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<PAGE>

          (vi) upon the redemption or repayment of the Debentures or at such
     time as no Debentures are outstanding; or

          (vii) the expiration of the term of the Trust provided in Section
     3.14.

     (b) As soon as is practicable upon completion of winding up of the Trust
following the occurrence of an event referred to in Section 8.1(a) and the
satisfaction of creditors of the Trust in accordance with applicable law, the
Administrative Trustees shall terminate the Trust by filing a certificate of
cancellation with the Secretary of State of the State of Delaware in accordance
with the Statutory Trust Act.

     (c) The provisions of Section 3.9 and Article X shall survive the
dissolution and termination of the Trust.

                                   ARTICLE IX
                              TRANSFER OF INTERESTS

SECTION 9.1 Transfer of Securities.

     (a) Securities may only be transferred, in whole or in part, in accordance
with the terms and conditions set forth in this Declaration and in accordance
with the terms of the Securities. To the fullest extent permitted by law, any
transfer or purported transfer of any Security not made in accordance with this
Declaration shall be null and void.

     (b) For so long as the Preferred Securities remain outstanding, the Company
shall covenant:

          (i)  to maintain, directly or indirectly, 100% ownership of the Common
               Securities; provided, however, that any permitted successor of
               the Company (in its capacity as issuer of the Debentures) under
               the Indenture may succeed to the Company's ownership of such
               Common Securities;

          (ii) to use its reasonable best efforts to cause the Trust to (a)
               remain a statutory trust, except in connection with the
               distribution of the Debentures to the Holders in liquidation of
               the Trust, the redemption of all of the Securities, or certain
               mergers, consolidations, conversions or amalgamations, each as
               permitted by this Declaration, (b) not to voluntarily dissolve,
               wind up, liquidate or be terminated, except as permitted by this
               Declaration and (c) otherwise continue to be classified as a
               grantor trust for United States federal income tax purposes;

          (iii) to use its commercially reasonable efforts to ensure that the
               Trust will not be an Investment Company required to be registered
               under the Investment Company Act;

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<PAGE>

          (iv) not to take any action that would be reasonably likely to cause
               the Trust to be classified as an association or a publicly traded
               partnership taxable as a corporation for United States federal
               income tax purposes; and

          (v)  to use its reasonable best efforts to cause each Holder to be
               treated as owning an undivided beneficial interest in the assets
               of the Trust.

     (c) The Trust shall cause to be kept at the Corporate Trust Office the
books and records which, subject to such reasonable regulations as it may
prescribe, the Trust shall provide for the registration of Preferred Securities
and of the transfer of Preferred Securities, which will be effected without
charge but only upon payment in respect of any tax or other governmental charges
that may be imposed in relation to it. Upon surrender for registration of
transfer of any Preferred Securities, an Administrative Trustee shall cause one
or more new Preferred Securities to be issued in the name of the designated
transferee or transferees. If so required by the Property Trustee, every
Preferred Security surrendered for registration of transfer shall be accompanied
by a written instrument of transfer in form satisfactory to the Registrar duly
executed by the Holder or such Holder's attorney duly authorized in writing.
Each Preferred Security surrendered for registration of transfer shall be
delivered to the Registrar and canceled in accordance with Section 7.10. A
transferee of a Preferred Security shall be entitled to the rights and subject
to the obligations of a Holder hereunder upon the receipt by such transferee of
a Preferred Security. By acceptance of a Preferred Security or any interest
therein, each transferee shall be deemed to have agreed to be bound by this
Declaration.

     (d) If the Preferred Securities are to be redeemed in part, neither the
Administrative Trustees nor the Trust shall be required to register the transfer
of or exchange any Preferred Securities:

          (i) during a period beginning on the opening of business 15 days
     before the day of the mailing of a notice of redemption of Preferred
     Securities in accordance with applicable redemption procedures governing
     the Preferred Securities or any notice of selection of Preferred Securities
     for redemption; or

          (ii) so selected for redemption, except the unredeemed portion of any
     such Preferred Securities being redeemed in part.

SECTION 9.2 Transfer Procedures and Restrictions.

     (a) Transfer and Exchange of Definitive Preferred Securities. When
Definitive Preferred Securities are presented to the Registrar or co-registrar:

          (i) to register the transfer of such Definitive Preferred Securities;
     or

          (ii) to exchange such Definitive Preferred Securities which became
     mutilated, destroyed, defaced, stolen or lost, for an equal number of
     Definitive Preferred Securities, the Registrar or co-registrar shall
     register the transfer or make the exchange as requested if its reasonable
     requirements for such transaction are met;

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<PAGE>

provided, however, that the Definitive Preferred Securities surrendered for
registration of transfer or exchange:

          (i) shall be duly endorsed or accompanied by a written instrument of
     transfer in form reasonably satisfactory to the Trust and the Registrar or
     co-registrar, duly executed by the Holder thereof or his attorney duly
     authorized in writing;

     (b) Restrictions on Transfer of a Definitive Preferred Security for a
Beneficial Interest in the Global Preferred Security. A Definitive Preferred
Security may not be exchanged for a beneficial interest in the Global Preferred
Security except upon satisfaction of the requirements set forth below. Upon
receipt by the Property Trustee of a Definitive Preferred Security, duly
endorsed or accompanied by appropriate instruments of transfer, in form
satisfactory to the Property Trustee, together with written instructions
directing the Property Trustee to make, or to direct the Clearing Agency to
make, an adjustment on its books and records with respect to the Global
Preferred Security to reflect an increase in the number of the Preferred
Securities represented by such Global Preferred Security, then the Property
Trustee shall cancel such Definitive Preferred Security and cause, or direct the
Clearing Agency to cause, the aggregate number of Preferred Securities
represented by the Global Preferred Security to be increased accordingly. If the
Global Preferred Security is not then outstanding, an Administrative Trustee on
behalf of the Trust shall issue and the Property Trustee shall authenticate,
upon written order of any Administrative Trustee, a new Global Preferred
Security representing an appropriate number of Preferred Securities.

     (c) Transfer and Exchange of the Global Preferred Security. Subject to
Section 9.2(f), the transfer and exchange of the Global Preferred Security or
beneficial interests therein shall be effected through the Clearing Agency in
accordance with this Declaration (including applicable restrictions on transfer
set forth herein, if any) and the procedures of the Clearing Agency therefor.

     (d) Transfer of a Beneficial Interest in the Global Preferred Security for
a Definitive Preferred Security.

          (i) Any Person having a beneficial interest in the Global Preferred
     Security may upon request, but only upon 20 days prior notice to the
     Property Trustee, and if accompanied by the information specified below,
     exchange such beneficial interest for a Definitive Preferred Security
     representing the same number of Preferred Securities. Upon receipt by the
     Property Trustee from the Clearing Agency or its nominee on behalf of any
     Person having a beneficial interest in the Global Preferred Security of
     written instructions or such other form of instructions as is customary for
     the Clearing Agency and certification(s) from the transferor in a form
     substantially similar to that attached hereto as the form of "Assignment"
     in Exhibit A-1, which may be submitted by facsimile, then the Property
     Trustee will cause the aggregate number of Preferred Securities represented
     by the Global Preferred Security to be reduced on its books and records
     and, following such reduction, the Trust will execute and the Property
     Trustee will authenticate and make available for delivery to the transferee
     a Definitive Preferred Security.

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<PAGE>

          (ii) Definitive Preferred Securities issued in exchange for a
     beneficial interest in the Global Preferred Security pursuant to this
     Section 9.2(e) shall be registered in such names and in such authorized
     denominations as the Clearing Agency, pursuant to instructions from its
     Clearing Agency Participants or indirect participants or otherwise, shall
     instruct the Property Trustee in writing. The Property Trustee shall
     deliver such Preferred Securities to the Persons in whose names such
     Preferred Securities are so registered in accordance with such instructions
     of the Clearing Agency.

     (e) Restrictions on Transfer and Exchange of the Global Preferred Security.
Notwithstanding any other provisions of this Declaration (other than the
provisions set forth in subsection (h) of this Section 9.2), the Global
Preferred Security may not be transferred as a whole except by the Clearing
Agency to a nominee of the Clearing Agency or another nominee of the Clearing
Agency or by the Clearing Agency or any such nominee to a successor Clearing
Agency or a nominee of such successor Clearing Agency.

     (f) Authentication of Definitive Preferred Securities. If at any time:

          (i) a Default or an Event of Default has occurred and is continuing,

          (ii) the Trust, in its sole discretion, notifies the Property Trustee
     in writing that it elects to cause the issuance of Definitive Preferred
     Securities under this Declaration, or

          (iii) the Clearing Agency notifies the Company that it is unwilling or
     unable to continue as Clearing Agency for such Global Preferred Security or
     if at any time such Clearing Agency ceases to be a "clearing agency"
     registered under the Exchange Act, and, in each case, a clearing agency is
     not appointed by the Company within 90 days of receipt of such notice or of
     becoming aware of such condition,

then an Administrative Trustee on behalf of the Trust will execute, and the
Property Trustee, upon receipt of a written order of the Trust signed by one
Administrative Trustee requesting the authentication and delivery of Definitive
Preferred Securities to the Persons designated by the Trust, will authenticate
and make available for delivery Definitive Preferred Securities, equal in number
to the number of Preferred Securities represented by the Global Preferred
Security, in exchange for such Global Preferred Security.

     (g) Cancellation or Adjustment of Global Preferred Security. At such time
as all beneficial interests in the Global Preferred Security have either been
exchanged for Definitive Preferred Securities to the extent permitted by this
Declaration or redeemed, repurchased or canceled in accordance with the terms of
this Declaration, such Global Preferred Security shall be returned to the
Clearing Agency for cancellation or retained and canceled by the Property
Trustee. At any time prior to such cancellation, if any beneficial interest in
the Global Preferred Security is exchanged for Definitive Preferred Securities,
Preferred Securities represented by such Global Preferred Security shall be
reduced and an adjustment shall be made on the books and records of the Property
Trustee and the Clearing Agency or its nominee to reflect such reduction.

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<PAGE>

     (h) Obligations with Respect to Transfers and Exchanges of Preferred
Securities.

          (i) To permit registrations of transfers and exchanges, the Trust
     shall execute and the Property Trustee shall authenticate Definitive
     Preferred Securities and the Global Preferred Security at the Registrar's
     or co-registrar's request in accordance with the terms of this Declaration.

          (ii) Registrations of transfers or exchanges will be effected without
     charge, but only upon payment (with such indemnity as the Trust or the
     Company may require) in respect of any tax or other governmental charge
     that may be imposed in relation to it.

          (iii) The Registrar or co-registrar shall not be required to register
     the transfer of or exchange of (a) Preferred Securities during a period
     beginning at the opening of business 15 days before the day of mailing of a
     notice of redemption or any notice of selection of Preferred Securities for
     redemption and ending at the close of business on the day of such mailing
     or (b) any Preferred Security so selected for redemption in whole or in
     part, except the unredeemed portion of any Preferred Security being
     redeemed in part.

          (iv) Prior to the due presentation for registration of transfer of any
     Preferred Security, the Trust, the Property Trustee, the Paying Agent, the
     Registrar or any co-registrar may deem and treat the Person in whose name a
     Preferred Security is registered as the absolute owner of such Preferred
     Security for the purpose of receiving Distributions on such Preferred
     Security and for all other purposes whatsoever, and none of the Trust, the
     Property Trustee, the Paying Agent, the Registrar or any co-registrar shall
     be affected by notice to the contrary.

          (v) All Preferred Securities issued upon any registration of transfer
     or exchange pursuant to the terms of this Declaration shall evidence the
     same security and shall be entitled to the same benefits under this
     Declaration as the Preferred Securities surrendered upon such registration
     of transfer or exchange.

     (i) No Obligation of the Property Trustee.

          (i) The Property Trustee shall have no responsibility or obligation to
     any Preferred Security Beneficial Owner, a Participant in the Clearing
     Agency or other Person with respect to the accuracy of the records of the
     Clearing Agency or its nominee or of any Participant thereof, with respect
     to any ownership interest in the Preferred Securities or with respect to
     the delivery to any Participant, beneficial owner or other Person (other
     than the Clearing Agency) of any notice (including any notice of
     redemption) or the payment of any amount, under or with respect to such
     Preferred Securities. All notices and communications to be given to the
     Holders and all payments to be made to Holders under the Preferred
     Securities shall be given or made only to or upon the order of the
     registered Holders (which shall be the Clearing Agency or its nominee in
     the case of the Global Preferred Security).

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<PAGE>

     The rights of Preferred Security Beneficial Owners shall be exercised only
     through the Clearing Agency subject to the applicable rules and procedures
     of the Clearing Agency. The Property Trustee may conclusively rely and
     shall be fully protected in relying upon information furnished by the
     Clearing Agency or any agent thereof with respect to its Participants and
     any Preferred Security Beneficial Owners.

          (ii) The Property Trustee and the Registrar shall have no obligation
     or duty to monitor, determine or inquire as to compliance with any
     restrictions on transfer imposed under this Declaration or under applicable
     law with respect to any transfer of any interest in any Preferred Security
     (including any transfers between or among Clearing Agency Participants or
     Preferred Security Beneficial Owners) other than to require delivery of
     such certificates and other documentation or evidence as are expressly
     required by, and to do so if and when expressly required by, the terms of
     this Declaration, and to examine the same to determine substantial
     compliance as to form with the express requirements hereof.

SECTION 9.3 Deemed Security Holders.

     The Trustees may treat the Person in whose name any Security shall be
registered on the books and records of the Trust as the sole owner and Holder of
such Security for purposes of receiving Distributions and for all other purposes
whatsoever and, accordingly, shall not be bound to recognize any equitable or
other claim to or interest in such Security on the part of any Person, whether
or not the Trust shall have actual or other notice thereof.

SECTION 9.4 Book-Entry Interests.

     The Global Preferred Security shall initially be registered on the books
and records of the Trust in the name of Cede & Co., the nominee of the Clearing
Agency and no Preferred Security Beneficial Owner will receive physical delivery
of a definitive Preferred Security certificate (a "Preferred Security
Certificate") representing such Preferred Security Beneficial Owner's interests
in such Global Preferred Security, except as provided in Section 9.2 and Section
7.9. Unless and until Definitive Preferred Securities have been issued to the
Preferred Security Beneficial Owners pursuant to Section 9.2 or Section 7.9:

     (a) the provisions of this Section 9.4 shall be in full force and effect;

     (b) the Trust and the Trustees shall be entitled to deal with the Clearing
Agency for all purposes of this Declaration (including the payment of
Distributions on the Global Preferred Security and receiving approvals, votes or
consents hereunder) as the sole Holder of the Global Preferred Security and
shall have no obligation to the Preferred Security Beneficial Owners;

     (c) to the extent that the provisions of this Section 9.4 conflict with any
other provisions of this Declaration, the provisions of this Section 9.4 shall
control; and

     (d) the rights of the Preferred Security Beneficial Owners shall be
exercised only through

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<PAGE>

the Clearing Agency and shall be limited to those established by law and
agreements between such Preferred Security Beneficial Owners and the Clearing
Agency and/or the Clearing Agency Participants, and the Clearing Agency shall
receive and transmit payments of Distributions on the Global Preferred Security
to such Clearing Agency Participants; provided, however, that solely for the
purposes of determining whether the Holders of the requisite amount of Preferred
Securities have voted on any matter provided for in this Declaration, the
Trustees, with respect to the Global Preferred Security, may conclusively rely
on, and shall be protected in relying on, any written instrument (including a
proxy) delivered to the Trustees by the Clearing Agency setting forth the
Preferred Security Beneficial Owners' votes or assigning the right to vote on
any matter to any other Persons either in whole or in part; and the Clearing
Agency will also make book-entry transfers among the Clearing Agency
Participants.

SECTION 9.5 Notices to Clearing Agency.

     Whenever a notice or other communication to the Preferred Security Holders
is required to be given by a Trustee under this Declaration, such Trustee shall
give all such notices and communications specified herein to be given to the
Holder of the Global Preferred Security to the Clearing Agency and shall have no
notice obligations to the Preferred Security Beneficial Owners.

SECTION 9.6 Appointment of Successor Clearing Agency.

     If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Preferred Securities, the Administrative Trustees
may, in their sole discretion, appoint a successor Clearing Agency with respect
to such Preferred Securities.

                                    ARTICLE X
                           LIMITATION OF LIABILITY OF
                    HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1 Liability.

     (a) Except as expressly set forth in this Declaration, the Securities
Guarantees and the terms of the Securities, the Company shall not be:

          (i) personally liable for the return of any portion of the capital
     contributions (or any return thereon) of the Holders which shall be made
     solely from assets of the Trust; and

          (ii) required to pay to the Trust or to any Holder any deficit upon
     dissolution of the Trust or otherwise.

     (b) The Company, in its capacity as issuer of the Debentures, shall be
liable for all of the debts and obligations of the Trust (other than in respect
of the Securities) to the extent such debts and obligations are not satisfied
out of the Trust's assets.

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<PAGE>

     (c) Pursuant to (S) 3803(a) of the Statutory Trust Act, the Holders shall
be entitled to the same limitation of personal liability extended to
stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware.

SECTION 10.2 Exculpation.

     (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Trust 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 on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration 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 (or in the case
of the Property Trustee or the Delaware Trustee, 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 Trust and upon such information, opinions, reports or
statements presented to the Trust 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 such Indemnified Person who has been selected
with reasonable care by or on behalf of the Trust, 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 10.3 Fiduciary Duty.

     (a) To the extent that, at law (common or statutory) or in equity, an
Indemnified Person has duties (including fiduciary duties) to the Trust, any
other Covered Person, or any other Person, such duties may be restricted or
eliminated by provisions in this Declaration, except that this Declaration may
not eliminate the implied contractual covenant of good faith and fair dealing.
An Indemnified Person shall not be liable to the Trust, any other Covered
Person, or any other Person that is a party to or is otherwise bound by this
Declaration for breach of fiduciary duty for such Indemnified Person's good
faith reliance on the provisions of this Declaration. The provisions of this
Declaration, to the extent that they restrict or eliminate the liabilities of an
Indemnified Person otherwise existing at law or in equity (other than the duties
imposed on the Property Trustee under the Trust Indenture Act), are agreed by
the parties hereto to replace such other liabilities of such Indemnified Person,
except that no provision of this Declaration may limit or eliminate liability
for any act or omission that constitutes a bad faith violation of the implied
contractual covenant of good faith and fair dealing.

     (b) Unless otherwise expressly provided herein:

          (i) whenever a conflict of interest exists or arises between any
     Covered Person and any Indemnified Person, or

          (ii) whenever this Declaration or any other agreement contemplated
     herein or therein provides that an Indemnified Person shall act in a manner
     that is, or provides terms that are, fair and reasonable to the Trust or
     any Holder of Securities,

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<PAGE>

the Indemnified Person shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person,
the resolution, action or term so made, taken or provided by the Indemnified
Person shall not constitute a breach of this Declaration or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at
law or in equity or otherwise.

     (c) Whenever in this Declaration an Indemnified Person is permitted or
required to make a decision:

          (i) in its "discretion" or under a grant of similar authority, the
          Indemnified Person shall be entitled to consider such interests and
          factors as it desires, including its own interests, and shall have no
          duty or obligation to give any consideration to any interest of or
          factors affecting the Trust or any other Person; or

          (ii) in its "good faith" or under another express standard, the
          Indemnified Person shall act under such express standard and shall not
          be subject to any other or different standard imposed by this
          Declaration or by applicable law.

SECTION 10.4 Indemnification.

     (a) The Company shall indemnify, to the full extent permitted by law, any
Company Indemnified Person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Trust) by reason of the fact that he is or was a
Company Indemnified Person, against expenses (including attorneys' fees and
expenses), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with such action, suit or proceeding if
he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Trust, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the Company Indemnified Person
did not act in good faith and in a manner which he reasonably believed to be in
or not opposed to the best interests of the Trust, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that his conduct
was unlawful.

     (b) The Company shall indemnify, to the full extent permitted by law, any
Company Indemnified Person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action or suit by or in the right
of the Trust to procure a judgment in its favor by reason of the fact that he is
or was a Company Indemnified Person against expenses (including attorneys' fees
and expenses) actually and reasonably incurred by him in connection with the
defense or settlement of such action or suit if he acted in good faith and in a
manner he reasonably

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<PAGE>

believed to be in or not opposed to the best interests of the Trust and except
that no such indemnification shall be made in respect of any claim, issue or
matter as to which such Company Indemnified Person shall have been adjudged to
be liable to the Trust unless and only to the extent that the Court of Chancery
of Delaware or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such Person is fairly and reasonably
entitled to indemnity for such expenses which such Court of Chancery or such
other court shall deem proper.

     (c) To the extent that a Company Indemnified Person shall be successful on
the merits or otherwise (including dismissal of an action without prejudice or
the settlement of an action without admission of liability) in defense of any
action, suit or proceeding referred to in paragraphs (i) and (ii) of this
Section 10.4(a), or in defense of any claim, issue or matter therein, he or she
shall be indemnified, to the full extent permitted by law, against expenses
(including attorneys' fees) actually and reasonably incurred by him or her in
connection therewith.

     (d) Any indemnification under paragraphs (i) and (ii) of this Section
10.4(a) (unless ordered by a court) shall be made by the Company only as
authorized in the specific case upon a determination that indemnification of the
Company Indemnified Person is proper in the circumstances because he or she has
met the applicable standard of conduct set forth in paragraphs (i) and (ii).
Such determination shall be made (1) by the Administrative Trustees by a
majority vote of a Quorum consisting of such Administrative Trustees who were
not parties to such action, suit or proceeding, (2) if such a Quorum is not
obtainable, or, even if obtainable, if a Quorum of disinterested Administrative
Trustees so directs, by independent legal counsel in a written opinion, or (3)
by the Common Security Holder of the Trust.

     (e) Expenses (including attorneys' fees and expenses) incurred by a Company
Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in paragraphs (i) and (ii)
of this Section 10.4(a) shall be paid by the Company in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by
or on behalf of such Company Indemnified Person to repay such amount if it shall
ultimately be determined that he or she is not entitled to be indemnified by the
Company as authorized in this Section 10.4(a). Notwithstanding the foregoing, no
advance shall be made by the Company if a determination is reasonably and
promptly made (i) by the Administrative Trustees by a majority vote of a Quorum
of disinterested Administrative Trustees, (ii) if such a Quorum is not
obtainable, or, even if obtainable, if a Quorum of disinterested Administrative
Trustees so directs, by independent legal counsel in a written opinion or (iii)
by the Common Security Holder of the Trust, that, based upon the facts known to
the Administrative Trustees, counsel or the Common Security Holder at the time
such determination is made, such Company Indemnified Person acted in bad faith
or in a manner that the Common Security Holder did not believe to be in, or
believed was opposed to, the best interests of the Trust, or, with respect to
any criminal proceeding, that such Company Indemnified Person believed or had
reasonable cause to believe his or her conduct was unlawful.

     In no event shall any advance be made in instances where the Administrative
Trustees, independent legal counsel or Common Security Holder reasonably
determine that a

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<PAGE>

Company Indemnified Person deliberately breached his or her duty to the Trust or
its Common or Preferred Security Holders.

     (f) The indemnification and advancement of expenses provided by, or granted
pursuant to, the other paragraphs of this Section 10.4(a) shall not be deemed
exclusive of any other rights to which those seeking indemnification and
advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the Company or Preferred Security
Holders of the Trust or otherwise, both as to action in his official capacity
and as to action in another capacity while holding such office. All rights to
indemnification under this Section 10.4(a) shall be deemed to be provided by a
contract between the Company and each Company Indemnified Person who serves in
such capacity at any time while this Section 10.4(a) is in effect. Any repeal or
modification of this Section 10.4(a) shall not affect any rights or obligations
then existing.

     (g) The Company or the Trust may purchase and maintain insurance on behalf
of any person who is or was a Company Indemnified Person against any liability
asserted against him or her and incurred by him or her in any such capacity, or
arising out of his or her status as such, whether or not the Company would have
the power to indemnify him or her against such liability under the provisions of
this Section 10.4(a).

     (h) For purposes of this Section 10.4(a), references to "the Trust" shall
include, in addition to the resulting or surviving entity, any constituent
entity (including any constituent of a constituent) absorbed in a consolidation
or merger, so that any person who is or was a director, trustee, officer or
employee of such constituent entity, or is or was serving at the request of such
constituent entity as a director, trustee, officer, employee or agent of another
entity, shall stand in the same position under the provisions of this Section
10.4(a) with respect to the resulting or surviving entity as he or she would
have with respect to such constituent entity if its separate existence had
continued.

     (i) The indemnification and advancement of expenses provided by, or granted
pursuant to, this Section 10.4(a) shall, unless otherwise provided when
authorized or ratified, continue as to a Person who has ceased to be a Company
Indemnified Person and shall inure to the benefit of the heirs, executors and
administrators of such a Person.

     (j) The Company agrees to indemnify the (i) Property Trustee acting in any
capacity hereunder (including, without limitation, as Registrar, Paying Agent
and Transfer Agent), (ii) the Delaware Trustee, (iii) any Affiliate of the
Property Trustee or the Delaware Trustee, and (iv) any officers, directors,
shareholders, members, partners, employees, representatives, custodians,
nominees or agents of the Property Trustee or the Delaware Trustee (each of the
Persons in (i) through (iv), including the Property Trustee and the Delaware
Trustee in their respective individual capacities, being referred to as a
"Fiduciary Indemnified Person") for, and to hold each Fiduciary Indemnified
Person harmless against, any and all loss, liability, damage, action, suit,
claim or expense including taxes (other than taxes based on the income of such
Fiduciary Indemnified Person) of any kind and nature whatsoever incurred without
negligence or bad faith on the part of such Fiduciary Indemnified Person,
arising out of or in connection with the acceptance or

                                       53

<PAGE>

administration of the trust or trusts hereunder, including the costs and
expenses (including reasonable legal fees and expenses) of defending against or
investigating any claim or liability in connection with the exercise or
performance of any of the powers or duties of such Fiduciary Indemnified Person
hereunder. The Company agrees to advance expenses (including legal fees)
incurred by a Fiduciary 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 Company of
an undertaking by or on behalf of such Fiduciary Indemnified Person to repay
such amount if it shall be determined that such Fiduciary Indemnified is not
entitled to be indemnified as authorized in this subsection. The obligations as
set forth in this Section 10.4(j) shall survive the resignation or removal of
the Property Trustee or the Delaware Trustee, the termination of the Trust and
the satisfaction and discharge of this Declaration.

     (k) The Company agrees to pay the Property Trustee and the Delaware
Trustee, from time to time, such compensation for all services rendered by the
Property Trustee and the Delaware Trustee hereunder as may be mutually agreed
upon in writing by the Company and the Property Trustee or the Delaware Trustee,
as the case may be, and, except as otherwise expressly provided herein, to
reimburse the Property Trustee and the Delaware Trustee upon its or their
request for all reasonable expenses (including legal fees and expenses),
disbursements and advances incurred or made by the Property Trustee or the
Delaware Trustee, as the case may be, in accordance with the provisions of this
Declaration, except any such expense, disbursement or advance as may be
attributable to its or their negligence or bad faith.

SECTION 10.5 Outside Businesses.

     Any Covered Person, the Company, the Delaware Trustee and the Property
Trustee (subject to Section 5.3(c)) may engage in or possess an interest in
other business ventures of any nature or description, independently or with
others, similar or dissimilar to the business of the Trust, and the Trust and
the Holders shall have no rights by virtue of this Declaration in and to such
independent ventures or the income or profits derived therefrom, and the pursuit
of any such venture, even if competitive with the business of the Trust, shall
not be deemed wrongful or improper. No Covered Person, the Company, the Delaware
Trustee, or the Property Trustee shall be obligated to present any particular
investment or other opportunity to the Trust even if such opportunity is of a
character that, if presented to the Trust, could be taken by the Trust, and any
Covered Person, the Company, the Delaware Trustee and the Property Trustee shall
have the right to take for its own account (individually or as a partner or
fiduciary) or to recommend to others any such particular investment or other
opportunity. Any Covered Person, the Delaware Trustee and the Property Trustee
may engage or be interested in any financial or other transaction with the
Company or any Affiliate of the Company, or may act as depositary for, trustee
or agent for, or act on any committee or body of holders of, securities or other
obligations of the Company or its Affiliates.

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<PAGE>

                                   ARTICLE XI
                                   ACCOUNTING

SECTION 11.1 Fiscal Year.

     The fiscal year ("Fiscal Year") of the Trust shall be the calendar year, or
such other year as is required by the Code.

SECTION 11.2 Certain Accounting Matters.

     (a) At all times during the existence of the Trust, the Administrative
Trustees shall keep, or cause to be kept, full books of account, records and
supporting documents, which shall reflect in reasonable detail each transaction
of the Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with generally accepted accounting principles,
consistently applied. The Trust shall use the accrual method of accounting for
United States federal income tax purposes. The books of account and the records
of the Trust shall be examined by and reported upon as of the end of each Fiscal
Year of the Trust by a firm of independent certified public accountants selected
by the Administrative Trustees.

     (b) The Administrative Trustees shall cause to be duly prepared and
delivered to each of the Holders any annual United States federal income tax
information statement required by the Code, containing such information with
regard to the Securities held by each Holder as is required by the Code and the
Treasury Regulations. Notwithstanding any right under the Code to deliver any
such statement at a later date, the Administrative Trustees shall endeavor to
deliver all such information statements within 30 days after the end of each
Fiscal Year of the Trust.

     (c) The Administrative Trustees shall cause to be duly prepared and filed
with the appropriate taxing authority, an annual United States federal income
tax return, on a Form 1041 or such other form required by United States federal
income tax law, and any other annual income tax returns required to be filed by
the Administrative Trustees on behalf of the Trust with any state or local
taxing authority.

     (d) The Administrative Trustees shall cause to be prepared and delivered to
each Holder, within 90 days after the end of each Fiscal Year of the Trust,
annual financial statements of the Trust, including a balance sheet of the Trust
as of the end of such Fiscal Year, and the related statements of income or loss.

SECTION 11.3 Banking.

     The Trust may maintain one or more bank accounts in the name and for the
sole benefit of the Trust; provided, however, that all payments of funds in
respect of the Debentures held by the Property Trustee shall be made directly to
the Property Trustee Account and no other funds of the Trust shall be deposited
in the Property Trustee Account. The sole signatories for such accounts

                                       55

<PAGE>

shall be designated by the Administrative Trustees; provided, however, that the
Property Trustee shall designate the signatories for the Property Trustee
Account.

SECTION 11.4 Withholding.

     The Trust and the Administrative Trustees shall comply with all withholding
requirements under United States federal, state and local law. The Trust shall
request, and the Holders shall provide to the Trust, such forms or certificates
as are necessary to establish an exemption from withholding with respect to each
Holder, and any representations and forms as shall reasonably be requested by
the Trust to assist it in determining the extent of, and in fulfilling, its
withholding obligations. The Administrative Trustees shall cause to be filed
required forms with applicable jurisdictions and, unless an exemption from
withholding is properly established by a Holder, shall remit amounts withheld
with respect to the Holder to applicable jurisdictions. To the extent that the
Trust is required to withhold and pay over any amounts to any authority with
respect to Distributions or allocations to any Holder, the amount withheld shall
be deemed to be a Distribution in the amount of the withholding to the Holder.
In the event of any claim of excess withholding, Holders shall be limited to an
action against the applicable jurisdiction. If the amount required to be
withheld was not withheld from actual Distributions made, the Trust may reduce
subsequent Distributions by the amount of such withholding.

                                   ARTICLE XII
                            AMENDMENTS AND MEETINGS

SECTION 12.1 Amendments.

     (a) Except as otherwise provided in this Declaration (including Section 7
of Annex I hereto) or by any applicable terms of the Securities, this
Declaration may only be amended by a written instrument approved and executed
by:

          (i) the Company and the Administrative Trustees (or, if there are more
     than two Administrative Trustees, a majority of the Administrative
     Trustees);

          (ii) if the amendment affects the rights, powers, duties, obligations
     or immunities of the Property Trustee, the Property Trustee; and

          (iii) if the amendment affects the rights, powers, duties, obligations
     or immunities of the Delaware Trustee, the Delaware Trustee.

     (b) No amendment shall be made, and any such purported amendment shall be
void and ineffective:

          (i) unless, in the case of any proposed amendment, the Property
     Trustee shall have first received:

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<PAGE>

               (A)  an Officers' Certificate from each of the Trust and the
                    Company that such amendment is permitted by, and conforms
                    to, the terms of this Declaration (including the terms of
                    the Securities); and

               (B)  an Opinion of Counsel (who may be counsel to the Company or
                    the Trust) that such amendment is permitted by, and conforms
                    to, the terms of this Declaration (including the terms of
                    the Securities) and that all conditions precedent to the
                    execution and delivery of such amendment have been
                    satisfied;

          (ii) to the extent the result of such amendment would be to:

               (A)  cause the Trust to fail to continue to be classified for
                    purposes of United States federal income taxation as a
                    grantor trust;

               (B)  reduce or otherwise adversely affect the powers of the
                    Property Trustee in contravention of the Trust Indenture
                    Act; or

               (C)  cause the Trust to be deemed to be an Investment Company
                    required to be registered under the Investment Company Act.

     (c) This Declaration shall not be amended without the consent of the
Company, a majority of the Administrative Trustees and the Holders of at least a
Majority in Liquidation Amount of the Securities if such amendment would:

          (i) adversely affect the powers, preferences or special rights of the
          Securities in any material respect; or

          (ii) result in the dissolution, winding-up or termination of the Trust
          other than pursuant to the terms of this Declaration;

provided that if any amendment referred to in clause (i) above would adversely
affect only the Preferred Securities or the Common Securities, then only the
Holders of the affected class will be entitled to vote on such amendment, and
such amendment shall not be effective except with the approval of a Majority in
Liquidation Amount of the Holders of the class of Securities affected thereby.

     (d) At such time after the Trust has issued any Securities that remain
outstanding, any amendment that would adversely affect the rights, privileges or
preferences of any Holder (other than an amendment pursuant to (i) below) may be
effected only with such additional requirements as may be set forth in the terms
of such Securities;

     (e) Section 10.1(c) and this Section 12.1 shall not be amended without the
consent of all of the Holders;

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<PAGE>

     (f) Article Four shall not be amended without the consent of the Holders of
a Majority in Liquidation Amount of the Common Securities;

     (g) The rights of the Holders of the Common Securities under Article V to
increase or decrease the number of, and appoint and remove Trustees shall not be
amended without the consent of the Holders of a Majority in Liquidation Amount
of the Common Securities; and

     (h) This Declaration may not be amended without the consent of each Holder
affected thereby to:

          (i)   change the amount or timing of any Distribution on the
          Securities or otherwise adversely affect the amount of any
          Distribution required to be made in respect of the Securities as of a
          specified date;

          (ii)  restrict the right of a Holder to institute suit for the
          enforcement of any such payment on or after the due date of such
          payment;

          (iii) change the purposes of the Trust;

          (iv)  authorize the issuance of any additional beneficial interests in
          the Trust;

          (v)   change the provisions relating to the distribution of amounts
          payable upon the dissolution and liquidation of the Trust; or

          (vi)  affect the limited liability of any Holder of the Securities.

     (i) Notwithstanding Section 12.1(c), this Declaration may be amended
without the consent of the Holders to:

          (i) cure any ambiguity, correct or supplement any provision in this
     Declaration that may be inconsistent with any other provision of this
     Declaration or to make any other provisions with respect to matters or
     questions arising under this Declaration which shall not be inconsistent
     with the other provisions of the Declaration;

          (ii) to modify, eliminate or add to any provisions of the Declaration
     to such extent as shall be necessary to ensure that the Trust will be
     classified for United States federal income tax purposes as a grantor trust
     at all times that any Securities are outstanding or to ensure that the
     Trust will not be required to register as an Investment Company under the
     Investment Company Act; and

          (iii) add to the covenants, restrictions or obligations of the Company
     or grant any additional rights to the Holders of Preferred Securities; and

                                       58

<PAGE>

          (iv) conform any change in Rule 3a-5 or written change in
     interpretation or application of Rule 3a-5 by any legislative body, court,
     government agency or regulatory authority which amendment does not have a
     material adverse effect on the rights, preferences or privileges of the
     Holders of the Securities.

provided, however, that in each clause above, such action shall not adversely
affect in any material respect the interests of the Holders, and any such
amendments of this Declaration shall become effective when notice thereof is
given to the Holders.

SECTION 12.2 Meetings of the Holders; Action by Written Consent.

     (a) Meetings of the Holders of any class of Securities may be called at any
time by the Administrative Trustees (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this Declaration, the terms of
the Securities or the rules of any stock exchange on which the Preferred
Securities are listed or admitted for trading. The Administrative Trustees shall
call a meeting of the Holders of such class if directed to do so by the Holders
of at least 10% in Liquidation Amount of such class of Securities. Such
direction shall be given by delivering to the Administrative Trustees one or
more notices in writing stating that the signing Holders wish to call a meeting
and indicating the general or specific purpose for which the meeting is to be
called. Any Holders calling a meeting shall specify in writing the Preferred
Security Certificates held by the Holders exercising the right to call a meeting
and only those Securities specified shall be counted for purposes of determining
whether the required percentage set forth in the second sentence of this
paragraph has been met.

     (b) Except to the extent otherwise provided in the terms of the Securities,
the following provisions shall apply to meetings of Holders:

          (i) notice of any such meeting shall be given to all the Holders
     having a right to vote thereat at least seven days and not more than 60
     days before the date of such meeting. Whenever a vote, consent or approval
     of the Holders is permitted or required under this Declaration or the rules
     of any stock exchange on which the Preferred Securities are listed or
     admitted for trading, such vote, consent or approval may be given at a
     meeting of the Holders; any action that may be taken at a meeting of the
     Holders may be taken without a meeting if a consent in writing setting
     forth the action so taken is signed by the Holders owning not less than the
     minimum amount of Securities in liquidation amount that would be necessary
     to authorize or take such action at a meeting at which all Holders having a
     right to vote thereon were present and voting; prompt notice of the taking
     of action without a meeting shall be given to the Holders entitled to vote
     who have not consented in writing; and the Administrative Trustees may
     specify that any written ballot submitted to the Security Holder for the
     purpose of taking any action without a meeting shall be returned to the
     Trust within the time specified by the Administrative Trustees;

          (ii) each Holder may authorize any Person to act for it by proxy on
     all matters in which a Holder is entitled to participate, including waiving
     notice of any meeting, or voting

                                       59

<PAGE>

     or participating at a meeting; no proxy shall be valid after the expiration
     of eleven months from the date thereof unless otherwise provided in the
     proxy; every proxy shall be revocable at the pleasure of the Holder
     executing it; and, except as otherwise provided herein, all matters
     relating to the giving, voting or validity of proxies shall be governed by
     the General Corporation Law of the State of Delaware relating to proxies,
     and judicial interpretations thereunder, as if the Trust were a Delaware
     corporation and the Holders were stockholders of a Delaware corporation;

          (iii) each meeting of the Holders shall be conducted by the
     Administrative Trustees or by such other Person that the Administrative
     Trustees may designate; and

          (iv) unless the Statutory Trust Act, this Declaration, the terms of
     the Securities, the Trust Indenture Act or the listing rules of any stock
     exchange on which the Preferred Securities are then listed or trading,
     otherwise provides, the Administrative Trustees, in their sole discretion,
     shall establish all other provisions relating to meetings of Holders,
     including notice of the time, place or purpose of any meeting at which any
     matter is to be voted on by any Holders, waiver of any such notice, action
     by consent without a meeting, the establishment of a record date, quorum
     requirements, voting in person or by proxy or any other matter with respect
     to the exercise of any such right to vote.

                                  ARTICLE XIII
                       REPRESENTATIONS OF PROPERTY TRUSTEE
                              AND DELAWARE TRUSTEE

SECTION 13.1 Representations and Warranties of Property Trustee.

     The Trustee that acts as initial Property Trustee represents and warrants
to the Trust and to the Company at the date of this Declaration, and each
Successor Property Trustee represents and warrants to the Trust and the Company
at the time of the Successor Property Trustee's acceptance of its appointment as
Property Trustee that:

     (a) the Property Trustee is a banking corporation, a national banking
association or a bank or trust company, duly organized, validly existing and in
good standing under the laws of the United States or the State of Delaware as
the case may be, with corporate power and authority to execute and deliver, and
to carry out and perform its obligations under the terms of, this Declaration;

     (b) the Property Trustee satisfies the requirements set forth in Section
5.3(a);

     (c) the execution, delivery and performance by the Property Trustee of this
Declaration has been duly authorized by all necessary corporate action on the
part of the Property Trustee; and this Declaration has been duly executed and
delivered by the Property Trustee and under Delaware law (excluding any
securities laws) constitutes a legal, valid and binding obligation of the
Property Trustee, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, reorganization, moratorium, insolvency, and other
similar laws affecting creditors' rights generally

                                       60

<PAGE>

and to general principles of equity and the discretion of the court (regardless
of whether the enforcement of such remedies is considered in a proceeding in
equity or at law);

     (d) the execution, delivery and performance of this Declaration by the
Property Trustee does not conflict with or constitute a breach of the charter or
by-laws of the Property Trustee; and

     (e) no consent, approval or authorization of, or registration with or
notice to, any federal or state banking authority under any Delaware law or
United States federal law governing the banking and trust powers of the Property
Trustee is required for the execution, delivery or performance by the Property
Trustee of this Declaration.

SECTION 13.2 Representations and Warranties of Delaware Trustee.

     The initial Delaware Trustee represents and warrants to the Trust and to
the Company at the date of this Declaration, and each Successor Delaware Trustee
represents and warrants to the Trust and the Company at the time of the
Successor Delaware Trustee's acceptance of its appointment as Delaware Trustee
that:

     (a) the Delaware Trustee is a Delaware banking corporation, a national
banking association or a bank or trust company, duly organized, validly existing
and in good standing under the laws of the United States or the State of
Delaware, as the case may be, with corporate power and authority to execute and
deliver, and to carry out and perform its obligations under the terms of, this
Declaration;

     (b) the Delaware Trustee satisfies the requirements set forth in Section
5.2.

     (c) the execution, delivery and performance by the Delaware Trustee of this
Declaration has been duly authorized by all necessary corporate action on the
part of the Delaware Trustee; and this Declaration has been duly executed and
delivered by the Delaware Trustee and under Delaware law (excluding any
securities laws) constitutes a legal, valid and binding obligation of the
Delaware Trustee, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, reorganization, moratorium, insolvency, and other
similar laws affecting creditors' rights generally and to general principles of
equity and the discretion of the court (regardless of whether the enforcement of
such remedies is considered in a proceeding in equity or at law);

     (d) the execution, delivery and performance of this Declaration by the
Delaware Trustee does not conflict with or constitute a breach of the charter or
by-laws of the Delaware Trustee;

     (e) no consent, approval or authorization of, or registration with or
notice to, any federal or Delaware banking authority under any Delaware law or
United States federal law governing the banking and trust powers of the Delaware
Trustee is required for the execution, delivery or performance by the Delaware
Trustee of this Declaration; and

                                       61

<PAGE>

     (f) the Delaware Trustee is a natural person who is a resident of the State
of Delaware or, if not a natural person, an entity which has its principal place
of business in the State of Delaware, and is a Person that satisfies for the
Trust Section 3807(a) of the Statutory Trust Act.

                                   ARTICLE XIV
                                  MISCELLANEOUS

SECTION 14.1 Notices.

     All notices provided for in this Declaration shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or
mailed by first class mail, overnight courier service or confirmed telecopy, as
follows:

     (a) if given to the Trust, in care of the Administrative Trustees at the
Trust's mailing address set forth below (or such other address as the Trust may
give notice of to the Property Trustee, the Delaware Trustee and the Holders):

         New York Community Capital Trust (.)
         c/o New York Community Bancorp, Inc.
         615 Merrick Avenue
         Westbury, New York 11590
         Attention: Administrative Trustee,
         c/o  Chief Financial Officer
         Facsimile No.: (516) 683-8385

     (b) if given to the Delaware Trustee, at the mailing address set forth
below (or such other address as Delaware Trustee may give notice of to the
Holders):

         Wilmington Trust Company
         Rodney Square North
         1100 North Market Street
         Wilmington, Delaware 19890
         Attention: Corporate Trust Administration
         Facsimile No.: (302) 636-4145

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

         Wilmington Trust Company
         Rodney Square North
         1100 North Market Street
         Wilmington, Delaware 19890
         Attention: Corporate Trust Administration
         Facsimile No.: (302) 636-4145

                                       62

<PAGE>

     (d) if given to the Holder of the Common Securities, at the mailing address
of the Company set forth below (or such other address as the Holder of the
Common Securities may give notice to the Trust):

         New York Community Bancorp, Inc.
         615 Merrick Avenue
         Westbury, New York 11590
         Attention: Chief Financial Officer
         Facsimile No.: (516) 683-8385

     (e) if given to any other Holder, at the address set forth on the books and
records of the Trust.

     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 14.2 Governing Law.

     This Declaration and the rights of the parties hereunder shall be governed
by and construed in accordance with the laws of the State of Delaware without
regard to conflict of laws principles thereof.

SECTION 14.3 Intention of the Parties.

     It is the intention of the parties hereto that the Trust be classified for
United States federal income tax purposes as a grantor trust. The provisions of
this Declaration shall be interpreted to further this intention of the parties.

SECTION 14.4 Headings.

     Headings contained in this Declaration are inserted for convenience of
reference only and do not affect the interpretation of this Declaration or any
provision hereof.

                                       63

<PAGE>

SECTION 14.5 Successors and Assigns.

     Whenever in this Declaration any of the parties hereto is named or referred
to, the successors and assigns of such party shall be deemed to be included, and
all covenants and agreements in this Declaration by the Company and the Trustees
shall bind and inure to the benefit of their respective successors and assigns,
whether or not so expressed.

SECTION 14.6 Partial Enforceability.

     If any provision of this Declaration, or the application of such provision
to any Person or circumstance, shall be held invalid, the remainder of this
Declaration, or the application of such provision to Persons or circumstances
other than those to which it is held invalid, shall not be affected thereby.

SECTION 14.7 Counterparts.

     This Declaration may contain more than one counterpart of the signature
page and this Declaration may be executed by the affixing of the signature of
each of the Trustees to one or more of such counterpart signature pages. All of
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.

                                       64

<PAGE>

     IN WITNESS WHEREOF, the undersigned has caused these presents to be
executed as of the day and year first above written.

                                               ---------------------------------
                                               as Administrative Trustee

                                               ---------------------------------
                                               as Administrative Trustee

                                               ---------------------------------
                                               as Administrative Trustee

                                               WILMINGTON TRUST COMPANY
                                               as Delaware Trustee

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

                                               WILMINGTON TRUST COMPANY
                                               as Property Trustee

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

                                               NEW YORK COMMUNITY BANCORP, INC.,
                                               as Company

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

                                       65

<PAGE>

ANNEX I

                                    TERMS OF
                              PREFERRED SECURITIES
                               COMMON SECURITIES

     Pursuant to Section 7.1 of the Amended and Restated Declaration, dated as
of (.).(.) (as amended from time to time, the "Declaration"), the designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Securities are set out below (each capitalized term used but not defined
herein has the meaning set forth in the Declaration, the Indenture or, if not
defined in such Declaration or Indenture, as defined in the Offering Memorandum
referred to below in Section 2(c) of this Annex I):

     1.   Designation and Number.

     (a) Preferred Securities. (.) Securities of the Trust with an aggregate
liquidation amount with respect to the assets of the Trust of (.) ($(.)) and
with a liquidation amount with respect to the assets of the Trust of One
Thousand Dollars ($1,000) (the "Liquidation Amount") per security, are hereby
designated for the purposes of identification only as Preferred Securities . The
certificates evidencing the Preferred Securities shall be substantially in the
form of Exhibit A-1 to the Declaration, with such changes and additions thereto
or deletions therefrom as may be required by ordinary usage, custom or practice
or to conform to the rules of any exchange or quotation system on or in which
the Preferred Securities are listed, traded or quoted.

     (b) Common Securities. (.)Common Securities of the Trust with an aggregate
liquidation amount with respect to the assets of the Trust of (.) ($ (.)) and a
liquidation amount with respect to the assets of the Trust of $1,000 per
security, are hereby designated for the purposes of identification only as
"Common Securities" (the "Common Securities"). The certificates evidencing the
Common Securities shall be substantially in the form of Exhibit A-2 to the
Declaration, with such changes and additions thereto or deletions therefrom as
may be required by ordinary usage, custom or practice.

     (c) The Preferred Securities and the Common Securities represent undivided
beneficial interests in the assets of the Trust.

     2.   Distributions.

     (a) Distributions payable on each Security will be fixed at a rate per
annum of (.) (the "Coupon Rate") of the stated liquidation amount of (.) per
Security, such rate being the rate of interest payable on the Debentures to be
held by the Property Trustee. Distributions in arrears for more than one quarter
will bear interest thereon compounded quarterly at the Coupon Rate ("Compounded
Distributions") (to the extent permitted by applicable law). The term
"Distributions" as used herein includes such cash distributions and any such
interest (including Additional Interest and Compounded Distributions) payable
unless otherwise stated. A Distribution

                                      I-1

<PAGE>

will be made by the Property Trustee only to the extent that payments are made
in respect of the Debentures held by the Property Trustee and to the extent the
Trust has funds available in the Property Trustee Account. The amount of
Distributions payable for any period will be computed for any full 90-day
quarterly Distribution period on the basis of a 360-day year of twelve 30-day
months, and for any period shorter than a full 90-day quarterly Distribution
period on the basis of a 30-day month for which Distributions are computed.
Distributions will be computed on the basis of the actual number of days elapsed
per calendar month (but not to exceed 30 days in any month).

     (b) Distributions on the Securities will be cumulative, will accrue from
(.) and, except as otherwise described below, will be payable quarterly in
arrears, on (.), (.), (.) and (.) of each year, commencing on (.) when, as and
if available for payment, except as otherwise described below (each, a
"Distribution Date"). So long as the Company shall not be in default in the
payment of interest on the Debentures, the Company has the right under the
Indenture to defer payments of interest on the Debentures by extending the
interest payment period from time to time on the Debentures for a period not
exceeding 20 consecutive quarters (each an "Extension Period"), during which
Extension Period no interest shall be due and payable on the Debentures,
provided that no Extension Period shall last beyond the Stated Maturity of the
Debentures. As a consequence of such deferral, Distributions will also be
deferred. Despite such deferral, quarterly Distributions will continue to accrue
with interest thereon (to the extent permitted by applicable law) at the Coupon
Rate compounded quarterly to the extent permitted by law during any such
Extension Period. Prior to the termination of any such Extension Period, the
Company may further extend such Extension Period; provided that such Extension
Period, together with all such previous and further extensions thereof, may not
exceed 20 consecutive quarters or extend beyond the Stated Maturity of the
Debentures. Any interest accrued on the Debentures during an Extension Period
shall be paid Pro Rata to holders of Debentures on the first payment date
following the Extension Period and the Payment Amount shall be paid Pro Rata to
the Holders on the first Distribution Date following the Extension Period. Upon
the termination of any Extension Period and the payment of all amounts then due,
the Company may commence a new Extension Period, subject to the above
requirements. In the event that the Company exercises this right, then (i) the
Company shall not declare or pay any dividend on, make a distribution with
respect to, or redeem, purchase or acquire, or make a liquidation payment with
respect to, any of its capital stock (other than (a) purchases or acquisitions
of shares of its common stock in connection with the satisfaction by the Company
of its obligations under any employee benefit plans or any other contractual
obligation of the Company (other than a contractual obligation ranking pari
passu with or junior to the Debentures), (b) as a result of a reclassification
of the Company's capital stock or the exchange or conversion of one class or
series of the Company's capital stock for another class of the Company's capital
stock or (c) 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), (ii) the Company shall not
make any payment of interest, principal or premium, if any, on or repay,
repurchase or redeem any debt securities issued by the Company that rank pari
passu with or junior to such Debentures and (iii) the Company shall not make any
guarantee payments with respect to the foregoing (other than pursuant to the
Preferred Securities Guarantee).

                                      I-2

<PAGE>

     (c) Distributions on the Securities will be payable promptly by the
Property Trustee upon receipt of immediately available funds to the Holders
thereof as they appear on the books and records of the Trust on the relevant
record dates, which will be, as long as the Preferred Securities remain in
book-entry form, one Business Day prior to the relevant payment date and, in the
event the Preferred Securities are not in book-entry form, the 15th day of the
month in which the relevant payment date occurs. The record dates and
distribution dates shall be the same as the record dates and payment dates on
the Debentures. Distributions payable on any Securities that are not punctually
paid on any Distribution Date, as a result of the Company having failed to make
the corresponding interest payment on the Debentures, will forthwith cease to be
payable to the Person in whose name such Securities are registered on the
relevant record date, and such defaulted Distribution will instead be payable to
the Person in whose name such Securities are registered on the special record
date established by the Administrative Trustees, which record date shall
correspond to the special record date or other specified date determined in
accordance with the Indenture; provided, however, that Distributions shall not
be considered payable on any Distribution Date falling within an Extension
Period unless the Company has elected to make a full or partial payment of
interest accrued on the Debentures on such Distribution Date. Distributions on
the Securities will be paid by the Trust. All Distributions paid with respect to
the Securities shall be paid on a Pro Rata basis to Holders thereof entitled
thereto. If any date on which Distributions are payable on the Securities is not
a Business Day, then payment of the Distribution payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay) except that, if such Business Day
is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on such date.

     (d) If at any time while the Property Trustee is the Holder of any
Debentures, the Trust or the Property Trustee is required to pay any taxes,
duties, assessments or governmental charges of whatever nature (other than
withholding taxes) imposed by the United States, or any other taxing authority,
then, in any such case, the Company will pay as additional interest ("Additional
Interest") on the Debentures held by the Property Trustee, such amounts as shall
be required so that the net amounts received and retained by the Trust and the
Property Trustee after paying any such taxes, duties, assessments or other
governmental charges will be equal to the amounts the Trust and the Property
Trustee would have received had no such taxes, duties, assessments or other
governmental charges been imposed.

     (e) In the event that there is any money or other property held by or for
the Trust that is not accounted for hereunder, such property shall be
distributed Pro Rata among the Holders.

                                      I-3

<PAGE>

     3.   Liquidation Distribution Upon Dissolution.

     In the event of any dissolution of the Trust, the Trust shall be liquidated
by the Administrative Trustees as expeditiously as the Administrative Trustees
determine to be possible by distributing to the Holders, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, a Like
Amount (as defined below) of the Debentures, unless such distribution is
determined by the Property Trustee not to be practicable, in which event such
Holders will be entitled to receive out of the assets of the Trust legally
available for distribution to Holders, after satisfaction of liabilities to
creditors of the Trust as provided by applicable law, an amount equal to the
aggregate of the liquidation amount of $1,000 per Security plus accumulated and
unpaid Distributions thereon to the date of payment (such amount being the
"Liquidation Distribution").

     "Like Amount" means (i) with respect to a redemption of the Securities,
Securities having a Liquidation Amount equal to the principal amount of
Debentures to be paid in accordance with their terms and (ii) with respect to a
distribution of Debentures upon the liquidation of the Trust, Debentures having
a principal amount equal to the Liquidation Amount of the Securities of the
Holder to whom such Debentures are distributed.

     If, upon any such liquidation, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets legally available to pay
in full the aggregate Liquidation Distribution, then the amounts payable
directly by the Trust with respect to the Securities shall be paid on a Pro Rata
basis.

     4.   Redemption and Distribution.

     (a) Upon the repayment of the Debentures in whole or in part, at maturity
or otherwise (either at the option of the Company or pursuant to a Special
Event, as described below), the proceeds from such repayment shall be
simultaneously applied by the Property Trustee (subject to the Property Trustee
having received written notice no later than 45 days prior to such repayment) to
redeem a Like Amount of the Securities at a redemption price equal to (i) in the
case of the repayment of the Debentures on the Maturity Date, the Maturity
Redemption Price (as defined below), (ii) in the case of the optional prepayment
of the Debentures prior to the Initial Optional Redemption Date and upon the
occurrence and continuation of a Special Event, the Special Event Redemption
Price (as defined below) and (iii) in the case of the optional prepayment of the
Debentures on or after the Initial Optional Redemption Date, the Optional
Redemption Price (as defined below). The Maturity Redemption Price, the Special
Event Redemption Price and the Optional Redemption Price are referred to
collectively as the "Redemption Price". Holders will be given not less than 30
nor more than 60 days prior written notice of such redemption.

     (b) (i) The "Maturity Redemption Price" shall mean an amount equal to 100%
of the principal of, plus accrued and unpaid interest (including Compounded
Interest

                                      I-4

<PAGE>

     and Additional Sums, if any, thereon to the date of redemption) on, the
     Debentures as of the Maturity Date thereof.

          (ii) The Company shall have the right (subject to the conditions in
     the Indenture) to elect to prepay the Debentures, in whole or in part, at
     any time on or after (.), (.)(the "Initial Optional Redemption Date"), and,
     simultaneous with such prepayment, to cause a Like Amount of the Securities
     to be redeemed by the Trust at the Optional Redemption Price on a Pro Rata
     basis. "Optional Redemption Price" shall mean an amount equal to 100% of
     the Liquidation Amount of the Securities to be redeemed, plus, accumulated
     and unpaid Distributions thereon, if any, to the date of such redemption.

     (c) If at any time an Investment Company Event, a Regulatory Capital Event
or a Tax Event (each as defined below, and each a "Special Event") occurs, the
Company shall have the right (subject to the conditions set forth in the
Indenture) at any time prior to the Initial Optional Redemption Date, to prepay
the Debentures in whole, but not in part, within the 90 days following the
occurrence of such Special Event (the "90 Day Period"), and, simultaneous with
such prepayment, to cause a Like Amount of the Securities to be redeemed by the
Trust at the Special Event Redemption Price on a Pro Rata basis.

          "Investment Company Event" shall mean the receipt by the Company and
the Trust of an opinion of independent securities counsel experienced in such
matters to the effect that as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws or any regulations
thereunder of the United States or any rules, guidelines or policies of any
applicable regulatory authority for the Company or (b) any official
administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which
pronouncement or decision is announced on or after the date of original issuance
of the Securities, the Trust is, or within 90 days of the date of such opinion
will be, considered an Investment Company that is required to be registered
under the Investment Company Act.

          "Regulatory Capital Event" shall mean the receipt by the Company and
the Trust of an opinion of independent bank regulatory counsel experienced in
such matters to the effect that as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws or any regulations
thereunder of the United States or any rules, guidelines or policies of an
applicable regulatory authority for the Company or (b) any official
administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which
pronouncement or decision is announced on or after the date of original issuance
of the Securities, the Preferred Securities do not constitute, or within 90 days
of the date of such opinion will not constitute, Tier 1 Capital (or its then
equivalent if the Company were subject to such capital requirement); provided,
however, that the distribution of the Debentures in connection with the
liquidation of the Trust by the Company shall not in and of itself constitute a
Regulatory Capital Event.

                                      I-5

<PAGE>

          "Special Event Redemption Price" shall mean, with respect to any
redemption of the Securities following a Special Event, an amount in cash equal
to 100% of the principal amount of the Securities plus any accrued and unpaid
interest thereon (including Compounded Interest and Additional Sums, if any) to
the date of such redemption.

          A "Tax Event" shall occur upon receipt by the Company and the Trust of
an opinion of independent tax counsel experienced in such matters to the effect
that, as a result of (a) any amendment to, or change (including any announced
prospective change) in, the laws or any regulations thereunder of the United
States or any political subdivision or taxing authority thereof or therein, or
(b) any official administrative pronouncement or judicial decision interpreting
or applying such laws or regulations, which amendment or change is effective or
which pronouncement or decision is announced on or after the date of original
issuance of the Securities, there is more than an insubstantial risk that (i)
the Trust is, or will be within 90 days of the date of such opinion, subject to
United States federal income tax with respect to income received or accrued on
the Debentures, (ii) the interest payable by the Company on the Debentures is
not, or within 90 days of the date of such opinion will not be, deductible by
the Company, in whole or in part, for federal income tax purposes, or (iii) the
Trust is, or will be within 90 days of the date of such opinion, subject to more
than a de minimis amount of other taxes, duties or other governmental charges.

     (d) In the case of an optional redemption, if fewer than all the
outstanding Securities are to be so redeemed, the Common Securities and the
Preferred Securities shall be redeemed Pro Rata and the Preferred Securities to
be redeemed will be determined as described in Section 4(g)(ii) below. Upon the
entry of an order for the dissolution of the Trust by a court of competent
jurisdiction, the Debentures thereafter will be subject to optional redemption,
in whole, but not in part, on or after the Initial Optional Redemption Date.

     (e) On and from the date fixed by the Administrative Trustees for any
distribution of Debentures and liquidation of the Trust: (i) the Securities will
no longer be deemed to be outstanding, (ii) the Clearing Agency or its nominee
(or any successor Clearing Agency or its nominee), as the Holder of the
Preferred Securities, will receive a registered global certificate or
certificates representing the Debentures to be delivered upon such distribution,
and (iii) any certificates representing Securities not held by the Clearing
Agency or its nominee (or any successor Clearing Agency or its nominee) will be
deemed to represent beneficial interests in a Like Amount of Debentures until
such certificates are presented to the Company or its agent for transfer or
reissue.

     (f) The Trust may not redeem fewer than all the outstanding Securities
unless all accumulated and unpaid Distributions have been paid on all Securities
for all semi-annual Distribution periods terminating on or before the date of
redemption.

     (g) The procedure with respect to redemptions or distributions of
Securities shall be as follows:

                                      I-6

<PAGE>

          (i) Notice of any redemption of, or notice of distribution of
     Debentures in exchange for, the Securities (a "Debenture/Distribution
     Notice") will be given by the Trust by mail to each Holder of Securities to
     be redeemed or exchanged not fewer than 30 nor more than 60 days before the
     date fixed for redemption or exchange thereof which, in the case of a
     redemption, will be the date fixed for redemption of the Debentures. For
     purposes of the calculation of the date of redemption or exchange and the
     dates on which notices are given pursuant to this Section 4(g)(i), a
     Debenture/Distribution Notice shall be deemed to be given on the day such
     notice is first mailed by first-class mail, postage prepaid, to Holders.
     Each Debenture/Distribution Notice shall be addressed to the Holders at the
     address of each such Holder appearing in the books and records of the
     Trust. No defect in the Debenture/Distribution Notice or in the mailing of
     either thereof with respect to any Holder shall affect the validity of the
     redemption or exchange proceedings with respect to any other Holder.

          (ii) In the event that fewer than all the outstanding Securities are
     to be redeemed, the particular Securities to be redeemed shall be selected
     on a Pro Rata basis (based upon Liquidation Amounts) not more than 60 nor
     less than 30 days prior to the date fixed for redemption from the
     outstanding Securities not previously called for redemption; provided,
     however, that with respect to Holders that would be required to hold less
     than 100 but more than zero Securities as a result of such redemption, the
     Trust shall redeem Securities of each such Holder so that after such
     redemption such Holder shall hold either 100 Securities or such Holder no
     longer holds any Securities, and shall use such method (including, without
     limitation, by lot) as the Trust shall deem fair and appropriate; provided,
     further, that any such redemption may be made on the basis of the aggregate
     Liquidation Amount of Securities held by each Holder thereof and may be
     made by making such adjustments as the Trust deems fair and appropriate in
     order that fractional Securities shall not thereafter remain outstanding.
     With respect to Preferred Securities registered in the name of and held of
     record by the Clearing Agency or its nominee (or any successor Clearing
     Agency or its nominee) or any nominee, the distribution of the proceeds of
     such redemption will be made to the Clearing Agency and disbursed by such
     Clearing Agency in accordance with the procedures applied by such agency or
     nominee.

          (iii) If Securities are to be redeemed and the Trust gives a
     Debenture/ Distribution Notice (which notice will be irrevocable), then (A)
     with respect to Preferred Securities issued in book-entry form, by 12:00
     noon, New York City time, on the redemption date, provided that the Company
     has paid the Property Trustee a sufficient amount of cash in connection
     with the related redemption or maturity of the Debentures by 10:00 a.m.,
     New York City time, on the Maturity Date or the date of redemption, as the
     case requires, the Property Trustee will deposit irrevocably with the
     Clearing Agency or its nominee (or successor Clearing Agency or its
     nominee) immediately available funds sufficient to pay the applicable
     Redemption Price with respect to such Preferred Securities and will give
     the Clearing Agency irrevocable instructions and authority to pay the
     Redemption Price to the relevant Clearing Agency Participants, and (B) with
     respect to Preferred Securities issued in

                                      I-7

<PAGE>

     certificated form and Common Securities, provided that the Company has paid
     the Property Trustee a sufficient amount of cash in connection with the
     related redemption or maturity of the Debentures, the Property Trustee will
     irrevocably deposit with the paying agent for the Preferred Securities (if
     other than the Property Trustee) funds sufficient to pay the applicable
     Redemption Price to the Holders by check mailed to the address of the
     relevant Holder appearing on the books and records of the Trust on the
     redemption date, and provided further, that any such payment shall become
     due only upon surrender by the Holder of the related certificated Preferred
     Securities. If a Debenture/Distribution Notice shall have been given and
     funds deposited as required, if applicable, then immediately prior to the
     close of business on the date of such deposit, or on the redemption date,
     as applicable, Distributions will cease to accumulate on the Securities so
     called for redemption and all rights of Holders so called for redemption
     will cease, except the right of the Holders of such Securities to receive
     the Redemption Price, but without interest on such Redemption Price, and
     such Securities shall cease to be outstanding.

          (iv) Payment of accumulated and unpaid Distributions on the Redemption
     Date of the Securities will be subject to the rights of Holders at the
     close of business on a regular record date in respect of a Distribution
     Date occurring on or prior to such Redemption Date.

               Neither the Administrative Trustees nor the Trust shall be
     required to register or cause to be registered the transfer of (i) any
     Securities beginning at the opening of business 15 days before the day of
     mailing of a notice of redemption or any notice of selection of Securities
     for redemption or (ii) any Securities selected for redemption, except the
     unredeemed portion of any Security being redeemed. If any date fixed for
     redemption of Securities is not a Business Day, then payment of the
     Redemption Price payable on such date will be made on the next succeeding
     day that is a Business Day (and without any interest or other payment in
     respect of any such delay). If payment of the Redemption Price with respect
     to any Securities is improperly withheld or refused and not paid either by
     the Property Trustee or by the Company as guarantor pursuant to the
     relevant Securities Guarantee, Distributions on such Securities will
     continue to accumulate from the original redemption date to the actual date
     of payment, in which case the actual payment date will be considered the
     date fixed for redemption for purposes of calculating the Redemption Price.

          (v) Debenture/Distribution Notices shall be sent by the Property
     Trustee on behalf of the Trust to (A) with respect to Preferred Securities
     issued in book-entry form, the Clearing Agency or its nominee (or any
     successor Clearing Agency or its nominee), (B) with respect to Preferred
     Securities issued in certificated form, to the Holders thereof, and (C)
     with respect to the Common Securities, to the Holders thereof.

          (vi) Subject to the foregoing and applicable law (including, without
     limitation, United States federal securities laws and banking laws), the
     Company or any of its subsidiaries may at any time and from time to time
     purchase outstanding Preferred Securities by tender, in the open market or
     by private agreement.

                                      I-8

<PAGE>

     5.   Voting Rights - Preferred Securities.

     (a) Except as provided under Sections 5(b), 6(b) and 7 and as otherwise
required by law and the Declaration, the Holders of the Preferred Securities
will have no voting rights.

     (b) So long as any Debentures are held by the Property Trustee, the
Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee or executing any
trust or power conferred on such Indenture Trustee with respect to the
Debentures, (ii) waive any past default that is waivable under Section 5.07 of
the Indenture, (iii) exercise any right to rescind or annul a declaration of
acceleration of the maturity of the principal of the Debentures or (iv) consent
to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of a Majority in Liquidation Amount
of all outstanding Preferred Securities; provided, however, that where a consent
under the Indenture would require the consent of each holder of Debentures
affected thereby, no such consent shall be given by the Property Trustee without
the prior approval of each Holder of the Preferred Securities. The Trustees
shall not revoke any action previously authorized or approved by a vote of the
Holders of the Preferred Securities except by subsequent vote of such Holders.
The Property Trustee shall notify each Holder of Preferred Securities of any
notice of default with respect to the Debentures. In addition to obtaining the
foregoing approvals of such Holders of the Preferred Securities, prior to taking
any of the foregoing actions, the Trustees shall obtain an opinion of counsel
experienced in such matters to the effect that the Trust will continue to be
classified as a grantor trust for United States federal income tax purposes
after taking any such action into account.

          If a Trust Enforcement Event under the Declaration has occurred and is
continuing and such event is attributable to the failure of the Company to pay
principal of or interest on the Debentures on the due date (or, in the case of
redemption, on the redemption date), then a Holder of Preferred Securities may
institute a proceeding directly against the Company for enforcement of payment
to such Holder of the principal of or interest on a Like Amount of Debentures (a
"Direct Action") on or after the respective due date specified in the
Debentures. In connection with such Direct Action, the Common Securities Holder
will be subrogated to the rights of such Holder of Preferred Securities to the
extent of any payment made by the Company to such Holder of Preferred Securities
in such Direct Action. Except as provided in the second preceding sentence, or
except as set forth in the first sentence of Section 3.8(e) of the Declaration,
the Holders of Preferred Securities will not be able to exercise directly any
other remedy available to the holders of the Debentures.

          Any approval or direction of Holders of Preferred Securities may be
given at a separate meeting of Holders of Preferred Securities convened for such
purpose, at a meeting of all of the Holders of Securities in the Trust or
pursuant to written consent. The Property Trustee will cause a notice of any
meeting at which Holders of Preferred Securities are entitled to vote to be
mailed to each Holder of record of Preferred Securities. Each such notice will
include a statement setting forth (i) the date of such meeting or the date by
which such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of

                                      I-9

<PAGE>

such matter upon which written consent is sought and (iii) instructions for the
delivery of proxies or consent.

          No vote or consent of the Holders of the Preferred Securities will be
required for the Trust to redeem and cancel Preferred Securities or to
distribute the Debentures in accordance with the Declaration and the terms of
the Securities.

          Notwithstanding that Holders of Preferred Securities are entitled to
vote or consent under any of the circumstances described above, any of the
Preferred Securities that are owned by the Company or any Affiliate of the
Company shall not be entitled to vote or consent and shall, for purposes of such
vote or consent, be treated as if they were not outstanding.

     6.   Voting Rights - Common Securities.

     (a) Except as provided under Sections 6(b), 6(c), and 7 or as otherwise
required by law and the Declaration, the Holders of the Common Securities will
have no voting rights.

     (b) Unless a Trust Enforcement Event shall have occurred and be continuing,
any Trustee may be removed at any time by the Holder of the Common Securities.
If a Trust Enforcement Event has occurred and is continuing, the Property
Trustee and the Delaware Trustee may be removed at such time by the Holders of a
Majority in Liquidation Amount of the outstanding Preferred Securities. In no
event will the Holders of the Preferred Securities have the right to vote to
appoint, remove or replace the Administrative Trustees, which voting rights are
vested exclusively in the Company as the Holder of the Common Securities. No
resignation or removal of a Trustee and no appointment of a successor trustee
shall be effective until the acceptance of appointment by the successor trustee
in accordance with the provisions of the Declaration.

     (c) So long as any Debentures are held by the Property Trustee, the
Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or executing any
trust or power conferred on such Indenture Trustee with respect to the
Debentures, (ii) waive any past default that is waivable under Section 5.07 of
the Indenture, (iii) exercise any right to rescind or annul a declaration of
acceleration of the maturity of the principal of the Debentures or (iv) consent
to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of a Majority in Liquidation Amount
of all outstanding Common Securities; provided, however, that where a consent
under the Indenture would require the consent of each holder of Debentures
affected thereby, no such consent shall be given by the Property Trustee without
the prior approval of each Holder of the Common Securities. The Trustees shall
not revoke any action previously authorized or approved by a vote of the Holders
of the Common Securities except by subsequent vote of such Holders. The Property
Trustee shall notify each Holder of Common Securities of any notice of default
with respect to the Debentures. In addition to obtaining the foregoing approvals
of such Holders of the Common Securities, prior to taking any of the foregoing
actions, the Trustees shall obtain an opinion of counsel experienced in such
matters to

                                      I-10

<PAGE>

the effect that the Trust will continue to be classified as a grantor trust for
United States federal income tax purposes after taking any such action into
account.

          If an Trust Enforcement Event under the Declaration has occurred and
is continuing and such event is attributable to the failure of the Company to
pay principal of or interest on the Debentures on the due date (or in the case
of redemption, on the redemption date), then a Holder of Common Securities may
institute a Direct Action directly against the Company for enforcement of
payment to such Holder of the principal of or interest on a Like Amount of
Debentures on or after the respective due date specified in the Debentures. In
connection with such Direct Action, the rights of the Common Securities Holder
will be subordinated to the rights of Holders of Preferred Securities in respect
of any payment from the Company in such Direct Action. Except as provided in the
second preceding sentence, the Holders of Common Securities will not be able to
exercise directly any other remedy available to the holders of the Debentures.

          Any approval or direction of Holders of Common Securities may be given
at a separate meeting of Holders of Common Securities convened for such purpose,
at a meeting of all of the Holders of Securities in the Trust or pursuant to
written consent. The Administrative Trustees will cause a notice of any meeting
at which Holders of Common Securities are entitled to vote, or of any matter
upon which action by written consent of such Holders is to be taken, to be
mailed to each Holder of record of Common Securities. Each such notice will
include a statement setting forth (i) the date of such meeting or the date by
which such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought, and (iii) instructions for the
delivery of proxies or consents.

          No vote or consent of the Holders of the Common Securities will be
required for the Trust to redeem and cancel Common Securities or to distribute
the Debentures in accordance with the Declaration and the terms of the
Securities.

     7.   Amendments to Declaration.

          In addition to the requirements set out in Section 12.1 of the
Declaration, the Declaration may be amended from time to time by the Company,
the Property Trustee and the Administrative Trustees without the consent of the
Holders to (i) cure any ambiguity, correct or supplement any provisions in the
Declaration that may be inconsistent with any other provisions, or make any
other provisions with respect to matters or questions arising under the
Declaration which shall not be inconsistent with the other provisions of the
Declaration, (ii) modify, eliminate or add to any provisions of the Declaration
to such extent as shall be necessary to ensure that the Trust will be classified
for United States federal income tax purposes as a grantor trust at all times
that any Securities are outstanding or to ensure that the Trust will not be
required to register as an Investment Company under the Investment Company Act;
(iii) add to the covenants, restrictions or obligations of the Company or grant
any additional rights to the Holders of Preferred Securities; or (iv) conform
any change in Rule 3a-5 or written change in interpretation or application of
Rule 3a-5 by any

                                      I-11

<PAGE>

legislative body, court, government agency or regulatory authority which
amendment does not have a material adverse effect on the rights, preferences or
privileges of the Holders of Securities; provided, however, that in each case,
such action shall not adversely affect in any material respect the interests of
any Holder, and any such amendments of the Declaration shall become effective
when notice thereof is given to the Holders. The Declaration may also be amended
by the Trustees and the Company with (i) the consent of Holders representing a
Majority in Liquidation Amount of all outstanding Securities, and (ii) receipt
by the Trustees of an Opinion of Counsel to the effect that such amendment or
the exercise of any power granted to the Trustees in accordance with such
amendment will not affect the Trust's status as a grantor trust for United
States federal income tax purposes or the Trust's exemption from status as an
Investment Company under the Investment Company Act; provided, however, that,
without the consent of each Holder of Trust Securities, the Declaration may not
be amended to (i) change the amount or timing of any Distribution on, or the
payment required to be made in respect of, the Trust Securities as of a
specified date or (ii) restrict the right of a Holder of Trust Securities to
institute suit for the enforcement of any such payment on or after the due date
of such payment, (iii) change the purposes of the Trust, (iv) authorize the
issuance of any additional beneficial interests in the Trust, (v) change the
provisions relating to the distribution of amounts payable upon the dissolution
and liquidation of the Trust, or (vi) affect the limited liability of any Holder
of the Securities.

     8.   Pro Rata.

          A reference in these terms of the Securities to any payment,
distribution or treatment as being "Pro Rata" shall mean pro rata to each Holder
according to the aggregate liquidation amount of the Securities held by such
Holder in relation to the aggregate liquidation amount of all Securities
outstanding unless, in relation to a payment, a Trust Enforcement Event under
the Declaration has occurred and is continuing, in which case any funds
available to make such payment shall be paid first to each Holder of the
Preferred Securities pro rata according to the aggregate liquidation amount of
Preferred Securities held by such Holder relative to the aggregate liquidation
amount of all Preferred Securities outstanding and then, only after satisfaction
of all amounts owed to the Holders of the Preferred Securities, to each Holder
of Common Securities pro rata according to the aggregate liquidation amount of
Common Securities held by such Holder relative to the aggregate liquidation
amount of all Common Securities outstanding.

     9.   Ranking.

          The Preferred Securities rank pari passu with the Common Securities
and payment thereon shall be made Pro Rata with the Common Securities, except
that, if a Trust Enforcement Event under the Declaration occurs and is
continuing, no payments in respect of Distributions on, or payments upon
liquidation, redemption or otherwise with respect to, the Common Securities
shall be made until the Holders of the Preferred Securities shall be paid in
full the Distributions, Redemption Price, Liquidation Distribution and any other
payments to which they are entitled at such time.

                                      I-12

<PAGE>

     10.  Acceptance of Preferred Securities Guarantee, Common Securities
          Guarantee. Indenture and Debentures.

          Each Holder of Preferred Securities and Common Securities, by the
acceptance thereof, agrees to the provisions of the Preferred Securities
Guarantee, the Common Securities Guarantee, the Indenture and the Debentures, as
applicable, including the subordination provisions therein.

     11.  No Preemptive Rights.

          Neither the issuance of Preferred Securities, nor the issuance of
Common Securities is subject to preemptive or other similar rights. The Holders
shall have no preemptive or similar rights to subscribe for any additional
securities.

     12.  Miscellaneous.

          These terms constitute a part of the Declaration.

          The Company will provide a copy of the Declaration, the Preferred
Securities Guarantee or the Common Securities Guarantee, as applicable, and the
Indenture (including any supplemental indenture) to a Holder without charge upon
written request to the Trust at its principal place of business.

                                      I-13

<PAGE>

                                   EXHIBIT A-1

IF THE PREFERRED SECURITY IS A GLOBAL CERTIFICATE, INSERT-[THIS PREFERRED
SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE DECLARATION
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (THE "DEPOSITORY") OR A NOMINEE OF THE DEPOSITORY. THIS PREFERRED
SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO TRANSFER OF THIS PREFERRED
SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO
THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN
LIMITED CIRCUMSTANCES.

UNLESS THE PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL BECAUSE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                                      A1-1

<PAGE>

                     FORM OF PREFERRED SECURITY CERTIFICATE

Certificate Number [ ]                        Number of Preferred Securities [ ]

CUSIP No. [ ]

                   Certificate Evidencing Preferred Securities
                                       of
                       NEW YORK COMMUNITY CAPITAL TRUST (.)

                          (.)%(.) Preferred Securities
                 (liquidation amount (.)per Preferred Security)

     NEW YORK COMMUNITY CAPITAL TRUST (.), a statutory trust formed under the
laws of the State of Delaware (the "Trust"), hereby certifies that (.) (the
"Holder") is the registered owner of (.) preferred securities of the Trust
representing undivided beneficial interests in the assets of the Trust
designated the (.) Preferred Securities (liquidation amount (.) per Preferred
Security) (the "Preferred Securities"). The Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer. The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Preferred Securities
represented hereby are issued and shall in all respects be subject to the
provisions of the Amended and Restated Declaration of Trust of the Trust dated
as of (.), as the same may be amended from time to time (the "Declaration"),
including the designation of the terms of the Preferred Securities as set forth
in Annex I to the Declaration. Capitalized terms used herein but not defined
shall have the meaning given them in the Declaration. The Holder is entitled to
the benefits of the Preferred Securities Guarantee to the extent provided
therein. The Company will provide a copy of the Declaration, the Preferred
Securities Guarantee and the Indenture to a Holder without charge upon written
request to the Trust at its principal place of business.

     Upon receipt of this certificate, the Holder is bound by the Declaration
and is entitled to the benefits thereunder.

     In addition, the Holder is deemed to have (i) agreed to the terms of the
Indenture and the Debentures, including that the Debentures are subordinate and
junior in right of payment to all present and future Senior Indebtedness and
Other Financial Obligations (as defined in the Indenture) as and to the extent
provided in the Indenture and (ii) agreed to the terms of the Preferred
Securities Guarantee, including that the Preferred Securities Guarantee is
subordinate and junior in right of payment to all other liabilities of the
Company, including the Debentures, except those made pari passu or subordinate
by their terms, and pari passu with the most senior preferred or preference
stock now or hereafter issued by the Company and with any guarantee now or
hereafter entered into by the Company in respect of any preferred or preference
stock of any Affiliate of the Company.

                                      A1-2

<PAGE>

     THIS SECURITY IS NOT A SAVINGS OR DEPOSIT ACCOUNT OR OTHER OBLIGATION OF A
BANK AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY.

     By acceptance, the Holder agrees to treat, for United States federal income
tax purposes, the Debentures as indebtedness and the Preferred Securities as
evidence of indirect beneficial ownership in the Debentures.

     Unless the Property Trustee's Certificate of Authentication hereon has been
properly executed, these Preferred Securities shall not be entitled to any
benefit under the Declaration or be valid or obligatory for any purpose.

                                      A1-3

<PAGE>

     IN WITNESS WHEREOF, the Trust has executed this certificate.

                                         NEW YORK COMMUNITY CAPITAL TRUST (.)

                                         By:
                                             -----------------------------------
                                         Name:
                                               ---------------------------------
                                         Title:  Administrative Trustee

dated (.),(.)

          PROPERTY TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Preferred Securities referred to in the within-mentioned
Declaration.

                                         WILMINGTON TRUST COMPANY,
                                         not in its individual capacity, but
                                         solely as Property
                                         Trustee

                                         By:
                                             -----------------------------------
                                          Authorized Signatory

                                      A1-4

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

     Distributions payable on each Preferred Security will be fixed at a rate
per annum of (.) (the "Coupon Rate") of the stated liquidation amount of (.) per
Preferred Security, such rate being the rate of interest payable on the
Debentures to be held by the Institutional Trustee. Distributions in arrears for
more than one quarter will bear interest thereon compounded quarterly at the
Coupon Rate ("Compounded Distributions") (to the extent permitted by applicable
law). The term "Distributions" as used herein includes such cash distributions
and any such interest (including Additional Interest and Compounded
Distributions) payable unless otherwise stated. A Distribution will be made by
the Property Trustee only to the extent that payments are made in respect of the
Debentures held by the Property Trustee and to the extent the Property Trustee
has funds available in the Property Trustee Account. The amount of Distributions
payable for any period will be computed for any full quarterly Distribution
period on the basis of a 360-day year of twelve 30-day months, and for any
period shorter than a full 90-day quarterly Distribution period on the basis of
a 30-day month for which Distributions are computed. Distributions will be
computed on the basis of the actual number of days elapsed per calendar month
(but not to exceed 30 days in any month).

     Except as otherwise described below, Distributions on the Preferred
Securities will be cumulative, will accrue from (.) and will be payable
quarterly in arrears on [_], [_], [_] and [_] of each year, commencing on (.) to
Holders of record on the relevant record dates, which will be, as long as the
Preferred Securities remain in book-entry form, one Business Day prior to the
relevant payment date and, in the event the Preferred Securities are not in
book-entry form, the 15th day of the month in which the relevant payment date
occurs. Such payment dates shall correspond to the interest payment dates on the
Debentures. The Company has the right under the Indenture to defer payments of
interest by extending the interest payment period from time to time on the
Debentures for a period not exceeding 20 consecutive quarters (each an
"Extension Period"), provided that no Extension Period shall last beyond the
date of the maturity of the Debentures and, as a consequence of such deferral,
quarterly Distributions will also be deferred. Despite such deferral, quarterly
Distributions will continue to accrue with interest thereon (to the extent
permitted by applicable law) at the Coupon Rate compounded quarterly during any
such Extension Period. Prior to the termination of any such Extension Period,
the Company may further extend such Extension Period; provided that such
Extension Period together with all such previous and further extensions thereof
may not exceed 20 consecutive quarters or extend beyond the maturity of the
Debentures. Payments of accrued Distributions will be payable to Holders as they
appear on the books and records of the Trust on the first record date after the
end of the Extension Period. Upon the termination of any Extension Period and
the payment of all amounts then due, the Company may commence a new Extension
Period, subject to the above requirements. The Preferred Securities shall be
redeemable as provided in the Declaration.

                                      A1-5

<PAGE>

                              [FORM OF ASSIGNMENT]
                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred
Security Certificate to:

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

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

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

        (Insert assignee's social security or tax identification number)

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

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

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

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

                    (Insert address and zip code of assignee)

and irrevocably appoints

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

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

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

agent to transfer this Preferred Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date:
      -------------------------

Signature:
           ------------------------------

(Sign exactly as your name appears on the other side of this Preferred Security
Certificate)

(Signature(s) must be guaranteed by an "eligible guarantor institution" meeting
the requirements of the Trustee, which requirements include membership or
participation in STAMP or such other "signature guaranty program" as may be
determined by the Trustee in addition to or in substitution for STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.)

     The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN CON - as tenants in common

                                      A1-6

<PAGE>

     TEN ENT - as tenants in the entireties

     JT TEN - as joint tenants with right of survival

     UNIF GIFT MIN ACT - under Uniform Gift to Minors Act and not as tenants

     Additional abbreviations may also be used though not in the above list.

                                   ----------

                                 I-1 ASSIGNMENT

                                   ----------

FOR VALUE RECEIVED, the undersigned hereby assigns and transfers this Preferred
Security Certificate to:

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

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

--------------------------------------------------------------------------------
            (Assignee's social security or tax identification number)

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

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

--------------------------------------------------------------------------------
                       (Address and zip code of assignee)

and irrevocably appoints

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

--------------------------------------------------------------------------------
                                                                           agent
--------------------------------------------------------------------------
to transfer this Preferred Security Certificate on the books of the Trust. The
agent may substitute another to act for him or her.

Date:
     -------------------------------
Signature:
          -------------------------------------
(Sign exactly as your name appears on the other
 side of this Preferred Security Certificate)

                                      A1-7

<PAGE>

Signature Guarantee:   Signature must be guaranteed by an "eligible guarantor
                       institution" that is a bank, stockbroker, savings and
                       loan association or credit union meeting the
                       requirements of the Registrar, which requirements
                       include membership or participation in the Securities
                       Transfer Agents Medallion Program ("STAMP") or such
                       other "signature guarantee program" as may be
                       determined by the Registrar in addition to, or in
                       substitution for, STAMP, all in accordance with the
                       Securities Exchange Act of 1934, as amended.

                                      A1-8

<PAGE>

                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

     THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS OR ANY
OTHER APPLICABLE SECURITIES LAW. NEITHER THIS COMMON SECURITY NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

                                      A2-1

<PAGE>

This Certificate is not transferable except in compliance with Section 9.1 of
the Declaration.

                    Certificate Evidencing Common Securities

                                       of

                       New York Community Capital Trust (.)

                                Common Securities
                  (liquidation amount $(.) per Common Security)

          New York Community Capital Trust (.), a statutory trust created under
the laws of the State of Delaware (the "Trust"), hereby certifies that New York
Community Bancorp, Inc. (the "Holder") is the registered owner of (.) common
securities of the Trust representing undivided beneficial interests in the
assets of the Trust designated the Common Securities (liquidation amount $(.)
per Common Security) (the "Common Securities"). Subject to the terms of Section
9.1 of the Declaration (as defined below), the Common Securities are not
transferable. The designation, rights, privileges, restrictions, preferences and
other terms and provisions of the Common Securities represented hereby are
issued and shall in all respects be subject to the provisions of the Amended and
Restated Declaration of the Trust dated as of (.), (.)as the same may be amended
from time to time (the "Declaration"), including the designation of the terms of
the Common Securities as set forth in Annex I to the Declaration. Capitalized
terms used but not defined herein shall have the meaning given them in the
Declaration. The Company will provide a copy of the Declaration, the Common
Securities Guarantee and the Indenture (including any supplemental indenture) to
a Holder without charge upon written request to the Trust at its principal place
of business.

          Upon receipt of this Certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder and to the benefits of
the Common Securities Guarantee to the extent provided therein.

          By acceptance hereof, the Holder agrees to treat, for United States
federal income tax purposes, the Debentures as indebtedness and the Common
Securities as evidence of indirect beneficial ownership in the Debentures.

          IN WITNESS WHEREOF, the Trust has executed this certificate this (.)
day of (.).

                                         NEW YORK COMMUNITY CAPITAL TRUST (.)

                                         By:
                                            ------------------------------------
                                            Name:
                                            Administrative Trustee

                                      A2-2

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

     Distributions payable on each Common Security will be fixed at a rate per
annum of (.) (the "Coupon Rate") of the stated liquidation amount of (.) per
Common Security, such rate being the rate of interest payable on the Debentures
to be held by the Property Trustee. Distributions in arrears for more than one
quarter will bear interest thereon compounded quarterly at the Coupon Rate
("Compounded Distributions") (to the extent permitted by applicable law). The
term "Distributions" as used herein includes such cash distributions and any
such interest (including Additional Interest and Compounded Distributions)
payable unless otherwise stated. A Distribution will be made by the Property
Trustee only to the extent that payments are made in respect of the Debentures
held by the Property Trustee and to the extent the Property Trustee has funds
available in the Property Trustee Account. The amount of Distributions payable
for any period will be computed for any full quarterly Distribution period on
the basis of a 360-day year of twelve 30-day months, and for any period shorter
than a full 90-day quarterly Distribution period on the basis of a 30-day month
for which Distributions are computed. Distributions will be computed on the
basis of the actual number of days elapsed per calendar month (but not to exceed
30 days in any month).

     Except as otherwise described below, distributions on the Common Securities
will be cumulative, will accrue from (.) and will be payable quarterly in
arrears, on [_], [_], [_] and [_] of each year, commencing on [_] to Holders of
record on the relevant record dates, which will be, as long as the Preferred
Securities remain in book-entry form, one Business Day prior to the relevant
payment date and, in the event the Preferred Securities are not in book-entry
form, the 15th day of the month in which the relevant payment date occurs. Such
payment dates shall correspond to the interest payment dates on the Debentures.
The Company has the right under the Indenture to defer payments of interest by
extending the interest payment period from time to time on the Debentures for a
period not exceeding 20 consecutive quarters (each an "Extension Period"),
provided that no Extension Period shall last beyond the date of the maturity of
the Debentures and, as a consequence of such deferral, quarterly Distributions
will also be deferred. Despite such deferral, quarterly Distributions will
continue to accrue with interest thereon (to the extent permitted by applicable
law) at the Coupon Rate compounded quarterly during any such Extension Period.
Prior to the termination of any such Extension Period, the Company may further
extend such Extension Period; provided that such Extension Period together with
all such previous and further extensions thereof may not exceed 20 consecutive
quarters or extend beyond the maturity date of the Debentures. Payments of
accrued Distributions will be payable to Holders as they appear on the books and
records of the Trust on the first record date after the end of the Extension
Period. Upon the termination of any Extension Period and the payment of all
amounts then due, the Company may commence a new Extension Period, subject to
the above requirements.

     The Common Securities shall be redeemable as provided in the Declaration.

                                      A2-3

<PAGE>

                              [FORM OF ASSIGNMENT]
                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Common
Security Certificate to:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

        (Insert assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

                   (Insert address and zip code of assignee)

and irrevocably appoints
________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

agent to transfer this Common Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date:___________________

Signature:_______________________
(Sign exactly as your name appears on the other side of this Common Security
Certificate)

(Signature(s) must be guaranteed by an "eligible guarantor institution" meeting
the requirements of the Trustee, which requirements include membership or
participation in STAMP or such other "signature guaranty program" as may be
determined by the Trustee in addition to or in substitution for STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.)

     The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN CON - as tenants in common

                                      A2-4

<PAGE>

     TEN ENT - as tenants in the entireties

     JT TEN - as joint tenants with right of survival

     UNIF GIFT MIN ACT - under Uniform Gift to Minors Act and not as tenants

     Additional abbreviations may also be used though not in the above list.

                           __________________________

                                 I-1 ASSIGNMENT

                           __________________________

FOR VALUE RECEIVED, the undersigned hereby assigns and transfers this Common
Security Certificate to:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

           (Assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

                   (Address and zip code of assignee)

and irrevocably appoints
________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

agent to transfer this Common Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date:___________________

Signature:_______________________
(Sign exactly as your name appears on the other side of this Common Security
Certificate)

                                      A2-5

<PAGE>

Signature Guarantee: Signature must be guaranteed by an "eligible guarantor
                     institution" that is a bank, stockbroker, savings and loan
                     association or credit union meeting the requirements of the
                     Registrar, which requirements include membership or
                     participation in the Securities Transfer Agents Medallion
                     Program ("STAMP") or such other "signature guarantee
                     program" as may be determined by the Registrar in addition
                     to, or in substitution for, STAMP, all in accordance with
                     the Securities Exchange Act of 1934, as amended.

                                      A2-6<PAGE>

                                                                Exhibit 4(h)(ii)

                      NEW YORK COMMUNITY CAPITAL TRUST (.)

                   AMENDED AND RESTATED DECLARATION OF TRUST

                              Dated as of (.), (.)

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>                                                                              <C>
ARTICLE I INTERPRETATION AND DEFINITIONS..........................................1
   Section 1.1. Interpretation....................................................1
   Section 1.2. Definitions.......................................................2

ARTICLE II TRUST INDENTURE ACT...................................................13
   Section 2.1. Trust Indenture Act; Application.................................13
   Section 2.2. Lists of Holders.................................................14
   Section 2.3. Reports by the Property Trustee..................................14
   Section 2.4. Periodic Reports to the Property Trustee.........................15
   Section 2.5. Evidence of Compliance with Conditions Precedent.................15
   Section 2.6. Trust Enforcement Events; Waiver.................................15
   Section 2.7. Trust Enforcement Events; Notice.................................16

ARTICLE III ORGANIZATION.........................................................17
   Section 3.1. Name.............................................................17
   Section 3.2. Office...........................................................17
   Section 3.3. Purpose..........................................................17
   Section 3.4. Authority........................................................17
   Section 3.5. Title to Property of the Trust...................................18
   Section 3.6. Prohibition of Actions by the Trust and the Trustees.............18
   Section 3.7. Powers and Duties of the Administrative Trustees.................19
   Section 3.8. Powers and Duties of the Property Trustee........................22
   Section 3.9. Certain Duties and Responsibilities of the Property Trustee......24
   Section 3.10. Certain Rights of the Property Trustee..........................26
   Section 3.11. Powers and Duties of the Delaware Trustee.......................28
   Section 3.12. Not Responsible for Recitals or Issuance of Securities..........29
   Section 3.13. Duration of the Trust...........................................29
   Section 3.14. Mergers, Consolidations, Conversions, Amalgamations
                    or Replacements of the Trust ................................29
   Section 3.15. Property Trustee May File Proofs of Claim.......................31

ARTICLE IV SPONSOR...............................................................32
   Section 4.1. Responsibilities of the Company..................................32
   Section 4.2. Indemnification and Expenses of the Trustees.....................32
   Section 4.3. Right to Proceed.................................................33
</TABLE>

                                      (i)

<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>                                                                              <C>
ARTICLE V TRUSTEES...............................................................33
   Section 5.1. Number of Trustees...............................................33
   Section 5.2. Delaware Trustee; Eligibility....................................33
   Section 5.3. Property Trustee; Eligibility....................................34
   Section 5.4. Qualifications of Administrative Trustees Generally..............35
   Section 5.5. Initial Administrative Trustees..................................35
   Section 5.6. Appointment, Removal and Resignation of Trustees.................35
   Section 5.7. Vacancies among Trustees.........................................37
   Section 5.8. Effect of Vacancies..............................................37
   Section 5.9. Meetings.........................................................37
   Section 5.10. Delegation of Power by the Administrative Trustees..............37
   Section 5.11. Merger, Conversion, Consolidation or Succession to Business.....38

ARTICLE VI THE SECURITIES........................................................38
   Section 6.1. General Provisions Regarding the Securities......................38
   Section 6.2. Execution and Authentication.....................................39
   Section 6.3. Form and Dating..................................................40
   Section 6.4. The Company's Purchase of the Common Securities..................41
   Section 6.5. Distributions....................................................42
   Section 6.6. Remarketing......................................................43
   Section 6.7. Limited Right to Require Exchange of Preferred Securities
                   and Repurchase of Debentures..................................50
   Section 6.8. Reserved.........................................................51
   Section 6.9. Redemption.......................................................51
   Section 6.10. Distribution of Debentures in Exchange for Securities Upon
                    the Occurrence of a Special Event............................53
   Section 6.11. Voting Rights of the Preferred Securities.......................55
   Section 6.12. Voting Rights of the Common Securities..........................57
   Section 6.13. Ranking.........................................................59
   Section 6.14. Registrar, Paying Agent and Transfer Agent......................59
   Section 6.15. Paying Agent to Hold Money in Trust.............................59
</TABLE>

                                      (ii)

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>                                                                              <C>
   Section 6.16. Replacement Securities..........................................60
   Section 6.17. Outstanding Preferred Securities................................60
   Section 6.18. Preferred Securities in Treasury................................60
   Section 6.19. Deemed Security Holders.........................................60
   Section 6.20. Cancellation....................................................61
   Section 6.21. CUSIP Numbers...................................................61
   Section 6.22. Global Preferred Securities; Legends............................61

ARTICLE VII TRANSFER OF SECURITIES...............................................63
   Section 7.1. Transfer of Securities...........................................63
   Section 7.2. Separation and Rejoining of Units................................64
   Section 7.3. Book-Entry Interests.............................................65
   Section 7.4. Notices to Clearing Agency.......................................66
   Section 7.5. Appointment of Successor Clearing Agency.........................66

ARTICLE VIII DISSOLUTION AND TERMINATION OF THE TRUST............................66
   Section 8.1. Dissolution and Termination of the Trust.........................66
   Section 8.2. Liquidation Distribution Upon Dissolution or Termination
                   of the Trust..................................................67

ARTICLE IX LIMITATION OF LIABILITY OF THE HOLDERS, THE TRUSTEES OR OTHERS........69
   Section 9.1. Liability........................................................69
   Section 9.2. Exculpation......................................................69
   Section 9.3. Fiduciary Duty...................................................69
   Section 9.4. Indemnification of Company Indemnified Persons...................70
   Section 9.5. Indemnification of Trustees......................................73
   Section 9.6. Outside Businesses...............................................74

ARTICLE X ACCOUNTING.............................................................74
   Section 10.1. Fiscal Year.....................................................74
   Section 10.2. Certain Accounting Matters......................................74
   Section 10.3. Banking.........................................................75
   Section 10.4. Withholding.....................................................75

ARTICLE XI AMENDMENTS AND MEETINGS...............................................76
</TABLE>

                                      (iii)

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>                                                                              <C>
   Section 11.1. Amendments......................................................76
   Section 11.2. Meetings of the Holders; Action by Written Consent..............78

ARTICLE XII REPRESENTATIONS OF THE PROPERTY TRUSTEE AND THE DELAWARE TRUSTEE.....80
   Section 12.1. Representations and Warranties of the Property Trustee..........80
   Section 12.2. Representations and Warranties of the Delaware Trustee..........81

ARTICLE XIII MISCELLANEOUS.......................................................81
   Section 13.1. Notices.........................................................81
   Section 13.2. Governing Law...................................................83
   Section 13.3. Intention of the Parties........................................83
   Section 13.4. Headings........................................................83
   Section 13.5. Successors and Assigns..........................................83
   Section 13.6. Partial Enforceability..........................................83
   Section 13.7. Counterparts....................................................83
   Section 13.8. The Exchange Agent..............................................83

EXHIBITS
Exhibit A - Form of Preferred Securities Certificate
Exhibit B - Form of Common Security Certificate
</TABLE>

                                      (iv)

<PAGE>

                            CROSS-REFERENCE TABLE/(1)/

Section of Trust Indenture
Act of 1939, as amended                                                  Section
-----------------------                                                  -------
310(a)                                                                       5.3
310(b)                                                            5.3(c); 5.3(d)
310(c)                                                            Not Applicable
311(a)                                                                    2.2(b)
311(b)                                                                    2.2(b)
311(c)                                                            Not Applicable
312(a)                                                                    2.2(a)
312(b)                                                                    2.2(b)
312(c)                                                            Not Applicable
313(a)                                                                       2.3
313(b)                                                                       2.3
313(c)                                                                       2.3
313(d)                                                                       2.3
314(a)                                                               2.4; 3.7(i)
314(b)                                                            Not Applicable
314(c)                                                                       2.5
314(d)                                                            Not Applicable
314(e)                                                                       2.5
314(f)                                                            Not Applicable
315(a)                                                           3.9(a); 3.10(a)
315(b)                                                                    2.7(a)
315(c)                                                                    3.9(a)
315(d)                                                                    3.9(b)
316(a)                                                     2.6; 6.10(b); 6.11(c)
316(b)                                                            Not Applicable
316(c)                                                            Not Applicable
317(a)                                                              3.8(h); 3.15
317(b)                                                            Not Applicable

----------
/(1)/ This Cross-Reference Table does not constitute part of the Declaration and
shall not affect the interpretation of any of its terms or provisions.

                                      (v)

<PAGE>

          AMENDED AND RESTATED DECLARATION OF TRUST (the "Declaration") dated
and effective as of (.), (.), by and among the Trustees (as defined herein), the
Company (as defined herein) and the Holders (as defined herein), from time to
time, of undivided beneficial interests in the assets of the Trust to be issued
pursuant to this Declaration;

          WHEREAS, the Delaware Trustee (as defined herein), the Administrative
Trustees (as defined herein) and the Company established New York Community
Capital Trust (.) (the "Trust"), a trust created under the Statutory Trust Act
(as defined herein) pursuant to a Declaration of Trust dated as of (.), (.) (the
"Original Declaration"), and a Certificate of Trust filed with the Secretary of
State of the State of Delaware on (.), (.) for the sole purpose of issuing and
selling certain securities representing undivided beneficial interests in the
assets of the Trust, investing the proceeds thereof in certain Debentures of the
Company (each as hereinafter defined), and engaging in only those activities
necessary, advisable or incidental thereto; and

          WHEREAS, all of the Trustees and the Company by this Declaration,
amend and restate each and every term and provision of the Original Declaration;

          WHEREAS, all of the Trustees and the Company, by this Declaration,
ratify the actions of each Trustee and the Company taken on behalf of the Trust
prior to the date hereof;

          NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a statutory trust under the Statutory Trust Act and that
this Declaration constitute the governing instrument of such statutory trust,
the Trustees declare that all assets contributed to the Trust will be held in
trust for the benefit of the Holders, from time to time, of the Securities (as
defined herein) representing undivided beneficial interests in the assets of the
Trust issued hereunder, subject to the provisions of this Declaration.

                                   ARTICLE I

                         INTERPRETATION AND DEFINITIONS

Section 1.1. Interpretation.

          Unless the context otherwise requires:

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

          (b) a term defined anywhere in this Declaration has the same meaning
throughout;

          (c) all references to "this Declaration" are to this Declaration as
modified, supplemented or amended from time to time in accordance with the
provisions hereof;

          (d) all references in this Declaration to Articles, Sections and
Exhibits are to Articles and Sections of and Exhibits to this Declaration unless
otherwise specified;

          (e) a term defined in the Trust Indenture Act has the same meaning
when used in this Declaration unless otherwise defined in this Declaration; and

<PAGE>

          (f) a reference to the singular includes the plural and vice versa,
and a reference to any masculine form of a term includes the feminine form of
such term, as applicable.

Section 1.2. Definitions.

     The following terms have the following meanings:

     "Accreted Value" means, on the date of determination:

          (1)  with respect to any Security, the Accreted Value of a Debenture
               having an aggregate principal amount equal to the aggregate
               stated liquidation amount of such Security; and

          (2)  with respect to any Debenture, the sum of:

                    (i)  $(.), which is the portion of the initial purchase
                         price of a Unit that is allocated to a Preferred
                         Security (as provided under Section 3.1 of the Unit
                         Agreement); plus

                    (ii) accretion of the Discount, calculated using a per annum
                         coupon of (.)%, payable quarterly, and an all-in-yield
                         of (.)% per annum on a quarterly bond equivalent yield
                         basis using a 360-day year of twelve 30-days months
                         until such sum equals $(.) on the Expiration Date.

     "Administrative Trustee" has the meaning set forth in Section 5.4.

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

     "Agent" means any Paying Agent, Registrar or Transfer Agent.

     "Applicable Procedures" means, with respect to any transfer or exchange of
or for the beneficial interests in the Global Preferred Securities, the rules
and procedures of the Depositary that apply to such transfer or exchange.

     "Authorized Officer" of a Person means any other Person that is authorized
to legally bind such former Person.

     "Book-Entry Interest" means a beneficial interest in the Global Preferred
Securities registered in the name of a Clearing Agency or its nominee, ownership
and transfers of which shall be maintained and made through book-entries by a
Clearing Agency.

     "Business Day" means any day other than a Saturday or a Sunday or a day on
which banking institutions in (i) the Borough of Manhattan in The City of New
York, or (ii) Wilmington, Delaware are authorized or required by law, regulation
or executive order to close.

     "Calculation Agency Agreement" means the Calculation Agency Agreement,
dated as of(.), (.), between the Company and the Calculation Agent, as amended,
supplemented or replaced from time to time in accordance with its terms.

                                       2

<PAGE>

     "Calculation Agent" means the Property Trustee, as initial Calculation
Agent under the Calculation Agency Agreement, and any successor thereto.

     "Certificate" means a Common Securities Certificate or a Preferred
Securities Certificate.

     "Clearing Agency" means an organization registered as a "Clearing Agency"
pursuant to Section 17A of the Exchange Act that is acting as depositary for the
Preferred Securities and in whose name or in the name of a nominee of that
organization shall be registered the Global Preferred Securities and which shall
undertake to effect book-entry transfers and pledges of the Preferred
Securities.

     "Clearing Agency Participant" means a broker, dealer, bank, other financial
institution or other Person for whom from time to time the Clearing Agency
effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

     "Closing Date" means the "Closing Date" under the Underwriting Agreement.

     "Closing Price" of any security on any date of determination means:

          (1)  the closing sale price (or, if no closing sale price is reported,
               the last reported sale price) of such security on the New York
               Stock Exchange on such date;

          (2)  if such security is not listed for trading on the New York Stock
               Exchange on any such date, the closing sale price as reported in
               the composite transactions for the principal U.S. securities
               exchange on which such security is so listed;

          (3)  if such security is not so listed on a U.S. national or regional
               securities exchange, the closing sale price as reported by the
               Nasdaq National Market;

          (4)  if such security is not so reported, the last quoted bid price
               for such security in the over-the-counter market as reported by
               the National Quotation Bureau or similar organization; or

          (5)  if such bid price is not available, the average of the mid-point
               of the last bid and ask prices of such security on such date from
               at least three nationally recognized independent investment
               banking firms retained for this purpose by the Company.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor legislation. A reference to a specific section of the
Code refers not only to such specific section but also to any corresponding
provision of any federal tax statute enacted after the date of this Declaration,
as such specific section or corresponding provision is in effect on the date of
application of the provisions of this Declaration containing such reference.

     "Commission" means the United States Securities and Exchange Commission as
from time to time constituted, or if at any time after the execution of this
Declaration such Commission is not existing and performing the duties now
assigned to it under applicable federal securities laws, then the body
performing such duties at such time.

     "Common Securities" has the meaning set forth in Section 6.1(a).

                                       3

<PAGE>

     "Common Securities Certificate" means a certificate in fully registered
form representing Common Securities, substantially in the form of Exhibit B.

     "Common Securities Subscription Agreement" means the subscription
agreement, dated as of (.), (.), between the Trust and the Company relating to
the purchase by the Company of (.) Common Securities of the Trust.

     "Common Stock" means the common stock of the Company.

     "Company" means New York Community Bancorp, Inc., a Delaware corporation,
in its capacity as sponsor, or any success or entity resulting from any merger,
consolidation, amalgamation or replacement by or conveyance, transfer or lease
of its properties as an entirety or substantially as an entirety, in its
capacity as sponsor of the Trust.

     "Company Indemnified Person" means:

          (1)  any Administrative Trustee;

          (2)  any Affiliate of any Administrative Trustee;

          (3)  any officers, directors, shareholders, members, partners,
               employees, representatives or agents of any Administrative
               Trustee; or

          (4)  any officer, employee or agent of the Trust or its Affiliates.

     "Compounded Distributions" has the meaning set forth in Section 6.5(b).

     "Conversion Price" has the meaning set forth in the Warrant Agreement.

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

     "Coupon Rate" has the meaning set forth in Section 6.5(a).

     "Covered Person" means:

          (1)  any officer, director, shareholder, partner, member,
               representative, employee or agent of (a) the Trust or (b) the
               Trust's Affiliates; and

          (2)  any Holder.

     "Debenture Distribution Notice" has the meaning set forth in Section
6.10(c).

     "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.

                                       4

<PAGE>

     "Debentures Subscription Agreement" means the subscription agreement, dated
as of (.), (.), between the Trust and the Company relating to the purchase by
the Trust of $(.) in aggregate principal amount of the Debentures.

     "Definitive Preferred Securities" has the meaning set forth in Section 6.3.

     "Delaware Trustee" has the meaning set forth in Section 5.2.

     "Depositary" means DTC until another Clearing Agency becomes its successor.

     "Direct Action" has the meaning set forth in Section 3.8(e).

     "Discount" means the difference between the principal amount of $(.)
payable in respect of a Debenture on (.), (.) and the initial purchase price of
$(.).

     "Distribution" has the meaning set forth in Section 6.5(b).

     "Distribution Date" has the meaning set forth in Section 6.5(b).

     "DTC" means The Depository Trust Company, the initial Clearing Agency, and
any successor thereto.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended from
time to time, or any successor legislation, and the rules and regulations
promulgated thereunder.

     "Exchange Agent" means, initially, the Property Trustee solely in its
capacity as Exchange Agent, and any successor thereto.

     "Exchange Notice" has the meaning set forth in Section 8.2(c).

     "Exercise Price" has the meaning set forth in the Warrant Agreement.

     "Extension Period" has the meaning set forth in Section 6.5(c).

     "Expiration Date" has the meaning set forth in the Warrant Agreement.

     "Failed Remarketing" has the meaning set forth in Section 6.6(n).

     "Failed Remarketing Date" means a Remarketing Date on which a Failed
Remarketing occurs.

     "Federal Reserve Board" means the Board of Governors of the Federal Reserve
System.

     "Fiduciary Indemnified Person" has the meaning set forth in Section 9.5.

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

     "Fiscal Year" has the meaning set forth in Section 10.1.

                                       5

<PAGE>

     "Global Preferred Security" has the meaning set forth in Section 6.3.

     "Global Unit Certificate" has the meaning set forth in Section 6.3.

     "Guarantee" means the Guarantee Agreement, dated as of (.), (.), between
the Company, as Guarantor in respect of the Securities, and Wilmington Trust
Company, as Guarantee Trustee, as amended or supplemented from time to time in
accordance with its terms.

     "Holder" means a Person in whose name a Security is registered, such Person
being a beneficial owner within the meaning of the Statutory Trust Act.

     "Indemnified Person" means a Company Indemnified Person or a Fiduciary
Indemnified Person.

     "Indenture" means the Indenture, dated as of (.), (.), between the Company
and the Indenture Trustee, as amended or supplemented from time to time in
accordance with the terms thereof, including the First Supplemental Indenture.

     "Indenture Event of Default" means an Event of Default (as such term is
defined in the Indenture) under the Indenture.

     "Indenture Trustee" means Wilmington Trust Company, solely as trustee under
the Indenture or any successor thereto.

     "Interest Payment Date" has the meaning set forth in the First Supplemental
Indenture.

     "Investment Company" means an investment company as defined in the
Investment Company Act.

     "Investment Company Act" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation, and the rules and
regulations promulgated thereunder.

     "Investment Company Event" means the receipt by the Trust of an Opinion of
Counsel, rendered by an independent law firm having a recognized national
securities practice, to the effect that, as a result of the occurrence of a
change in law or regulation or a change in interpretation or application of law
or regulation by any legislative body, court, governmental agency or regulatory
authority (a "Change in Investment Company Act Law"), there is more than an
insubstantial risk that the Trust is or will be considered an Investment Company
that is required to be registered under the Investment Company Act, which Change
in Investment Company Act Law becomes effective on or after the date on which
the Preferred Securities were initially issued and sold.

     "Issuers" means the Company and the Trust, collectively.

     "Legal Action" has the meaning set forth in Section 3.7(f).

     "Legal Cause Remarketing Event" means a Remarketing Event that occurs upon
the occurrence of:

                                       6

<PAGE>

          (1) either (a) a Tax Event or an Investment Company Event; provided
     that the Administrative Trustees have been informed by an independent law
     firm that such firm, for substantive reasons, cannot deliver a No
     Recognition Opinion to the Trust; or (b) a Regulatory Capital Event; and

          (2) the Company causes written notice of the Remarketing to be given
     to the Holders of the Preferred Securities, the holders of the Units and
     the holders of the Warrants.

     "Legal Requirements" means compliance with all applicable laws and
regulations, if any, including, without limitation, the Securities Act,
necessary to permit (i) the Remarketing of the Preferred Securities (and the
subsequent exchange of Preferred Securities for Debentures if a purchaser in the
Remarketing so elects to exchange its purchased Preferred Securities for
Debentures pursuant to Section 6.6(c)), (ii) the contemporaneous modifications
to the terms of the Debentures pursuant to the Indenture and (iii) the
contemporaneous redemption of the Warrants.

     "Like Amount" means, with respect to a redemption of the Securities,
Securities having an Accreted Value equal to the Accreted Value of Debentures to
be repaid in accordance with their terms.

     "Liquidation" has the meaning set forth in Section 8.2(a).

     "Liquidation Distribution" has the meaning set forth in Section 8.2(b).

     "List of Holders" has the meaning set forth in Section 2.2(a).

     "Majority in Liquidation Amount" means, Holders of outstanding Securities
voting together as a single class, or, as the context may require, Holders of
outstanding Preferred Securities or Holders of outstanding Common Securities,
voting separately as a class, who are the record owners of more than 50% of the
aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accumulated and unpaid Distributions
to the date upon which the voting percentages are determined) of all outstanding
Securities or all outstanding Securities of the relevant class, as the case may
be.

     "Maturity Remarketing Date" means two Business Days prior to the Expiration
Date.

     "90-Day Period" has the meaning set forth in Section 6.10(a).

     "No Recognition Opinion" has the meaning set forth in Section 6.10(b)(i).

     "Officers' Certificate" means, when delivered by the Trust, a certificate
signed by a majority of the Administrative Trustees and, when delivered by the
Company, 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 of the Company. Any Officers' Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Declaration shall include, where applicable:

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

                                       7

<PAGE>

          (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.

     "Opinion of Counsel" means a written opinion of counsel, rendered by an
independent law firm which shall be reasonably acceptable to the Property
Trustee.

     "Optional Redemption Remarketing Event" means a Remarketing Event that
occurs because:

          (1)  on any date on or after (.), (.)but prior to (.), (.), the
               Closing Price of a share of the Common Stock exceeds and has
               exceeded for at least 20 Trading Days within the immediately
               preceding 30 consecutive Trading Days and on the day on which the
               Company elects to redeem the Warrants, 125% of the Conversion
               Price; and

          (2)  within ten Business Days of such date, the Company, causes
               written notice of its election to redeem the Warrants to be given
               to the Holders of the Preferred Securities, the holders of the
               Units and the holders of the Warrants.

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

     "Paying Agent" has the meaning set forth in Section 6.14.

     "Payment Amount" has the meaning set forth in Section 6.5(f).

     "Person" means 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" has the meaning set forth in Section 6.1(a).

     "Preferred Securities Certificate" means a certificate in fully registered
form representing Preferred Securities, substantially in the form of Exhibit A.

     "Preferred Security Beneficial Owner" means, with respect to a Book-Entry
Interest, a Person who is the beneficial owner of such Book-Entry Interest, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the
rules of such Clearing Agency).

     "Property Account" means a segregated non-interest bearing trust account
maintained with a banking institution, the rating on whose long-term unsecured
indebtedness is at least equal

                                       8

<PAGE>

to the rating assigned to the Preferred Securities by a "nationally recognized
statistical rating organization" within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act or any successor rule.

     "Property Trustee" has the meaning set forth in Section 5.3(a).

     "Pro Rata" means pro rata to each Holder according to the aggregate stated
liquidation amount of the Securities held by such Holder in relation to the
aggregate stated liquidation amount of all Securities outstanding unless, in
relation to a payment, a Trust Enforcement Event has occurred and is continuing,
in which case any funds available to make such payment shall be paid first to
each Holder of the Preferred Securities pro rata according to the aggregate
stated liquidation amount of Preferred Securities held by the relevant Holder
relative to the aggregate stated liquidation amount of all Preferred Securities
outstanding, and only after satisfaction of all amounts owed to the Holders of
the Preferred Securities, to each Holder of Common Securities pro rata according
to the aggregate stated liquidation amount of Common Securities held by the
relevant Holder relative to the aggregate stated liquidation amount of all
Common Securities outstanding.

     "Quorum" means a majority of the Administrative Trustees or, if there are
only two Administrative Trustees, both of them.

     "Redemption Date" has the meaning set forth in Section 6.9(a).

     "Redemption Notice" has the meaning set forth in Section 6.9(c).

     "Redemption Price" has the meaning set forth in Section 6.9(a).

     "Registrar" has the meaning set forth in Section 6.14.

     "Regular Record Date" means the date on which determination is made as to
which Holders' Distributions are payable.

     "Regulatory Capital Event" means that the Companyis, or pursuant to law or
regulation will become within 180 days, subject to capital requirements under
which, in the written Opinion of Counsel, rendered by an independent bank
regulatory law firm experienced in such matters, the Preferred Securities would
not constitute Tier 1 Capital applied as if the Company (or its successor) were
a bank holding company (as that concept is used in the guidelines or regulations
issued by the Board of Governors of the Federal Reserve System as of the date
hereof (or its then equivalent)).

     "Remarketing" means the operation of the procedures for remarketing set
forth in Section 6.6.

     "Remarketing Agent" means the remarketing agent (or any successor
remarketing agent) selected by the Company, which will initially be Salomon
Smith Barney Inc.

     "Remarketing Agreement" means the a remarketing agreement to be entered
into among the Company, the Trust and the Remarketing Agent, with customary and
typical terms and conditions at the time of the execution thereof.

                                       9

<PAGE>

     "Remarketing Date" means:

          (1)  with respect to an Optional Redemption Remarketing Event or a
               Legal Cause Remarketing Event, two Business Days prior to the
               Warrant Redemption Date; and

          (2)  with respect to the expiration of the Warrants, the Maturity
               Remarketing Date.

     "Remarketing Event" means the occurrence of an Optional Redemption
Remarketing Event, a Legal Cause Remarketing Event or the Maturity Remarketing
Date.

     "Remarketing Settlement Date" means (i) with respect to a Remarketing upon
expiration of the Warrants, the Expiration Date and (ii) with respect to a
Remarketing upon an Optional Redemption Remarketing Event or a Legal Cause
Remarketing Event, the Warrant Redemption Date.

     "Repurchase Price" means the principal amount at maturity of the Debentures
that are received in exchange for Preferred Securities upon the exercise of the
Repurchase Right plus accrued and unpaid interest (including deferred interest)
on such Debentures to, but excluding, the applicable Special Distribution Date.

     "Repurchase Right" has the meaning set forth in Section 6.7(a).

     "Reset Rate" means the interest rate per annum on the Debentures (and, as a
result, the Distribution rate per annum on the Securities), that is determined
pursuant to the Remarketing of the Preferred Securities; provided, however, that
if a Failed Remarketing occurs, the Reset Rate shall equal (.)% per annum.

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

     "Rule 3a-5" means Rule 3a-5 under the Investment Company Act, or any
successor rule or regulation thereunder, and the rules and regulations
promulgated thereunder.

     "Security" or "Securities" mean the Common Securities and the Preferred
Securities.

     "Securities Act" means the Securities Act of 1933, as amended from time to
time, or any successor legislation, and the rules and regulations promulgated
thereunder.

     "66 2/3% in Liquidation Amount" means, except as provided in the Preferred
Securities or by the Trust Indenture Act, Holders of outstanding Securities
voting together as a single class or, as the context may require, Holders of
outstanding Preferred Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of 66 2/3% or more of
the aggregate liquidation amount (including the stated amount that would be paid
on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to the

                                       10

<PAGE>

date upon which the voting percentages are determined) of all outstanding
Securities or all outstanding Securities of the relevant class, as the case may
be.

     "Special Distribution Date" means the fifteenth day of each calendar month
on which the Repurchase Price shall be payable if a Holder of a Preferred
Security elects to exercise its Repurchase Right.

     "Special Event" has the meaning set forth in Section 6.10(a).

     "Special Record Date" means the Remarketing Date.

     "Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware Code, 12
Del. Code Section 3801 et seq., as it may be amended from time to time, or any
successor legislation.

     "Successor Delaware Trustee" has the meaning set forth in Section 5.6(c).

     "Successor Entity" has the meaning set forth in Section 3.14(b)(i).

     "Successor Property Trustee" has the meaning set forth in Section 5.6(b).

     "Successor Securities" has the meaning set forth in Section 3.14(b)(i)(B).

     "Super Majority" has the meaning set forth in Section 2.6(a)(ii).

     "Tax Event" means the receipt by the Trust of an Opinion of Counsel,
rendered by an independent law firm having a recognized national tax practice,
to the effect that, as a result of:

          (1)  any amendment to, change in or announced proposed change in, the
               laws (or any regulations thereunder) of the United States or any
               political subdivision or taxing authority thereof or therein; or

          (2)  any official administrative pronouncement or judicial decision
               interpreting or applying such laws or regulations,

which amendment or change is effective or proposed change, administrative
pronouncement or judicial decision is announced on or after the Closing Date,
there is more than an insubstantial risk that:

          (a) the Trust is, or will be within 90 days of the date of such
opinion, subject to United States federal income tax with respect to interest
received or accrued on the Debentures; or

          (b) the interest payable by the Company on the Debentures is not, or
within 90 days of the date of such opinion will not be, deductible by the
Company, in whole or in part, for United States federal income tax purposes; or

          (c) the Trust is, or will be within 90 days of the date of such
opinion, subject to more than a de minimis amount of other taxes, duties or
other governmental charges.

                                       11

<PAGE>

     "10% in Liquidation Amount" means, except as provided in the terms of the
Preferred Securities or by the Trust Indenture Act, Holders of outstanding
Securities voting together as a single class or, as the context may require,
Holders of outstanding Preferred Securities or Holders of outstanding Common
Securities voting separately as a class, who are the record owners of 10% or
more of the aggregate liquidation amount (including the stated amount that would
be paid on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities or all outstanding Securities of the relevant class,
as the case may be.

     "Trading Day" means any day on which shares of Common Stock or other
capital stock of the Company then issuable upon exercise of the Warrants:

          (1)  are not suspended from trading on any national securities
               association or exchange or over-the-counter market at the close
               of business; and

          (2)  have traded at least once on the national securities association
               or exchange or over-the-counter market that is the primary market
               for the trading of Common Stock.

     "Transfer Agent" has the meaning set forth in Section 6.14.

     "Treasury Regulations" means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

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

     "Trustee" or "Trustees" means each Person who has signed this Declaration
as a trustee, so long as such Person shall continue in office in accordance with
the terms hereof, and all other Persons who may from time to time be duly
appointed, qualified and serving as trustees in accordance with the provisions
hereof, and references herein to a Trustee or the Trustees shall refer to such
Person or Persons solely in their capacity as trustees hereunder.

     "Trust Enforcement Event" means, with respect to the Securities, an event
of default under this Declaration, which occurs upon the happening of an
Indenture Event of Default.

     "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.

     "Underwriting Agreement" means the underwriting agreement, dated (.), (.),
between the Company, the Trust and the Underwriters with respect to the initial
offering and sale of the Units, Preferred Securities and Warrants.

     "Underwriter" means (.).

     "Unit" means the collective rights and obligations of a holder of a unit
certificate issued under the Unit Agreement in respect of a Preferred Security
(and the related Debenture) and a Warrant.

                                       12

<PAGE>

     "Unit Agent" means Wilmington Trust Company, solely as initial Unit Agent
under the Unit Agreement, and any successor thereto.

     "Unit Agreement" means the Unit Agreement, dated (.), (.), among the
Company, the Trust, the Unit Agent, the Property Trustee and the Warrant Agent,
as amended or supplemented from time to time in accordance with its terms.

     "Warrant" or "Warrants" has the meaning set forth in the Warrant Agreement.

     "Warrant Agent" means Wilmington Trust Company, solely as initial Warrant
Agent under the Warrant Agreement, and any successor thereto.

     "Warrant Agreement" means the Warrant Agreement, dated (.), (.),between the
Company and the Warrant Agent, as amended or supplemented from time to time in
accordance with its terms.

     "Warrant Redemption Date" means the date on which the Warrants are redeemed
pursuant to the Warrant Agreement.

     "Warrant Requirements" mean:

          (1)  a registration statement covering the issuance and sale or resale
               of Common Stock to the holders of Warrants upon exercise of such
               Warrants shall be effective under the Securities Act, or such
               issuance and sale shall be exempt from the registration
               requirements of the Securities Act;

          (2)  the shares of Common Stock shall be registered, qualified or
               deemed to be exempt under the securities laws of the state of
               residence of such holder of Warrants; and

          (3)  a then current prospectus shall be available for delivery to
               exercising holders of the Warrants.

      "Warrant Value" has the meaning set forth in the Warrant Agreement.

                                   ARTICLE II

                               TRUST INDENTURE ACT

Section 2.1. Trust Indenture Act; Application.

          (a) This Declaration is subject to the provisions of the Trust
Indenture Act that are required to be part of this Declaration in order for this
Declaration to be qualified under the Trust Indenture Act and shall be governed,
to the extent applicable, by such provisions.

          (b) The Property Trustee shall be the only Trustee which is a Trustee
for the purposes of the Trust Indenture Act.

                                       13

<PAGE>

          (c) If and to the extent that any provision of this Declaration
limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

          (d) The application of the Trust Indenture Act to this Declaration
shall not affect the Trust's classification as a grantor trust for United States
federal income tax purposes and shall not affect the nature of the Securities as
equity securities representing undivided beneficial interests in the assets of
the Trust.

Section 2.2. Lists of Holders.

          (a) Except when the Property Trustee is the Registrar, each of the
Company and the Administrative Trustees on behalf of the Trust shall provide the
Property Trustee a list, in such form as the Property Trustee may reasonably
require, of the names and addresses of the Holders ("List of Holders"):

               (i)  as of the Regular Record Date or other record date relating
                    to the payment of any Distribution, at least one Business
                    Day prior to the date for payment of such Distribution,
                    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 Trust of
                    a written request from the Property Trustee for a List of
                    Holders as of a date no more than fifteen days before such
                    List of Holders is given to the Property Trustee.

If at any time the List of Holders does not differ from the most recent List of
Holders provided to the Property Trustee by the Company and the Administrative
Trustees on behalf of the Trust, then neither the Company nor the Administrative
Trustees shall be obligated to deliver such List of Holders. The Property
Trustee shall preserve, in as current a form as is reasonably practicable, all
information contained in Lists of Holders given to it or which it receives in
the capacity as Paying Agent (if acting in such capacity); provided that the
Property Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

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

Section 2.3. Reports by the Property Trustee.

          Within 60 days after May 15 of each year (commencing with the year of
the first anniversary of the issuance of the Preferred Securities), the Property
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 Property
Trustee also shall comply with the requirements of Section 313(d) of the Trust
Indenture Act.

                                       14

<PAGE>

Section 2.4. Periodic Reports to the Property Trustee.

          Each of the Company and the Administrative Trustees on behalf of the
Trust shall provide to the Property 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.

          Each of the Company and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee annually such evidence of compliance
with any conditions precedent provided for in this Declaration 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) of the Trust Indenture Act may be given in the form of an Officers'
Certificate.

Section 2.6. Trust Enforcement Events; Waiver.

          (a) The Holders of a Majority in Liquidation Amount of the Preferred
Securities may waive, by vote or written consent, on behalf of the Holders of
all of the Preferred Securities, any past Trust Enforcement Events in respect of
the Preferred Securities and its consequences; provided, however, that if the
underlying Indenture Event of Default:

               (i)  is not waivable under the Indenture, the related Trust
                    Enforcement Event under this Declaration also shall not be
                    waivable; or

               (ii) requires the vote or consent of the holders of greater than
                    a majority in aggregate principal amount of the Debentures
                    (a "Super Majority") to be waived under the Indenture, the
                    related Trust Enforcement Event under this Declaration only
                    may be waived by the vote or written consent of the Holders
                    of at least the proportion in aggregate liquidation amount
                    of the Preferred Securities that the relevant Super Majority
                    represents of the aggregate principal amount of the
                    Debentures outstanding.

          The foregoing provisions of this Section 2.6(a) shall be in lieu of
Section 316(a)(1)(B) of the Trust Indenture Act and Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act.

          Upon such waiver, any such Trust Enforcement Event in respect of the
Preferred Securities arising therefrom shall be deemed to have been cured for
every purpose of this Declaration, but no such waiver shall extend to any
subsequent or other Trust Enforcement Event with respect to the Preferred
Securities or impair any right consequent thereon. Any waiver by the Holders of
the Preferred Securities of a Trust Enforcement Event with respect to the
Preferred Securities also shall be deemed to constitute a waiver by the Holders
of the Common Securities of any such Trust Enforcement Event with respect to the
Common Securities for all purposes of this Declaration without any further act,
vote or consent of the Holders of the Common Securities.

                                       15

<PAGE>

          (b) The Holders of a Majority in Liquidation Amount of the Common
Securities may waive, by vote or written consent, on behalf of the Holders of
all of the Common Securities, any past Trust Enforcement Event in respect of the
Common Securities and its consequences; provided that if the underlying
Indenture Event of Default is not waivable under the Indenture, except where the
Holders of the Common Securities are deemed to have waived such Trust
Enforcement Event as provided below in this Section 2.6(b), the related Trust
Enforcement Event under this Declaration also shall not be waivable. The Holders
of Common Securities shall be deemed to have waived any and all Trust
Enforcement Events with respect to the Common Securities and the consequences
thereof until all Trust Enforcement Events with respect to the Preferred
Securities have been cured, waived or otherwise eliminated. Until all Trust
Enforcement Events in respect of the Preferred Securities shall have been so
cured, waived or otherwise eliminated, the Property Trustee shall be deemed to
be acting solely on behalf of the Holders of the Preferred Securities and only
the Holders of the Preferred Securities shall have the right to direct the
Property Trustee in accordance with the terms of the Securities.

          The foregoing provisions of this Section 2.6(b) shall be in lieu of
Section 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act, and Sections
316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly
excluded from this Declaration and the Securities, as permitted by the Trust
Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon
such cure, waiver or other elimination, any such default shall cease to exist
and any Trust Enforcement Event with respect to the Common Securities arising
therefrom shall be deemed to have been cured for every purpose of this
Declaration, but no such waiver shall extend to any subsequent or other default
or Trust Enforcement Event with respect to the Common Securities or impair any
right consequent thereon.

          (c) A waiver of an Indenture Event of Default by the Property Trustee
at the direction of the Holders of the Preferred Securities constitutes a waiver
of the related Trust Enforcement Event under this Declaration. The foregoing
provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of
the Trust Indenture Act, and Section 316(a)(1)(B) of the Trust Indenture Act is
hereby expressly excluded from this Declaration and the Securities, as permitted
by the Trust Indenture Act.

Section 2.7. Trust Enforcement Events; Notice.

          (a) The Property Trustee shall, within 90 days after the occurrence of
a Trust Enforcement Event actually known to a Responsible Officer, transmit by
mail, first class postage prepaid, to the Holders, notice of such Trust
Enforcement Event unless such Trust Enforcement Event has been cured before the
giving of such notice; provided, however, that except for a default in the
payment of principal of (or premium, if any) or interest on any of the
Debentures, the Property 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 Property Trustee shall not be deemed to have knowledge of any
Trust Enforcement Event except for:

               (i)  a default under Sections 2.4(a) and 2.4(b) of the First
                    Supplemental Indenture; or

                                       16

<PAGE>

               (ii) any default as to which the Property Trustee shall have
                    received written notice or of which a Responsible Officer
                    charged with the administration of this Declaration shall
                    have actual knowledge.

                                   ARTICLE III

                                  ORGANIZATION

Section 3.1. Name.

          The Trust is named "New York Community Capital (.)" as such name may
be modified from time to time by the Administrative Trustees following written
notice to the Holders. The Trust's activities may be conducted under the name of
the Trust.

Section 3.2. Office.

          The address of the principal office of the Trust is c/o New York
Community Bancorp, Inc., 615 Merrick Avenue, Westbury, New York 11590. On ten
Business Days' written notice to the Holders, the Administrative Trustees may
designate another principal office.

Section 3.3. Purpose.

          The exclusive purposes and functions of the Trust are:

          (a) to issue and sell the Securities;

          (b) to use the proceeds from the sale of the Securities to acquire the
Debentures; and

          (c) except as otherwise limited herein, to engage in only those other
activities necessary, advisable or incidental thereto and to the issuance of the
Units.

          By acceptance of this Trust, none of the Trustees, the Company, the
Holders or the Preferred Security Beneficial Owners will take any position that
is contrary to the classification of the Trust as a grantor trust for United
States federal income tax purposes.

Section 3.4. Authority.

          (a) Subject to the limitations provided in this Declaration and to the
specific duties of the Property Trustee, the Administrative Trustees shall have
exclusive authority to carry out the purposes of the Trust. Any action taken by
the Administrative Trustees in accordance with their powers shall constitute the
act of and shall serve to bind the Trust, and any action taken by the Property
Trustee on behalf of the Trust in accordance with its powers shall constitute
the act of and shall serve to bind the Trust. In dealing with the Trustees
acting on behalf of the Trust, no Person shall be required to inquire into the
authority of the Trustees to bind the Trust. Persons dealing with the Trust are
entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Declaration.

                                       17

<PAGE>

          (b) Except as expressly set forth in this Declaration and except if a
meeting of the Administrative Trustees is called with respect to any matter over
which the Administrative Trustees have power to act, any power of the
Administrative Trustees may be exercised by, or with the consent of, any one
such Administrative Trustee.

          (c) Unless otherwise determined by the Administrative Trustees and
except as otherwise required by the Statutory Trust Act or applicable law, any
Administrative Trustee is authorized to execute on behalf of the Trust any
documents which the Administrative Trustees have the power and authority to
cause the Trust to execute pursuant to Section 3.7.

          (d) Notwithstanding anything contained herein or elsewhere to the
contrary, the Trust has power and authority and is hereby authorized and
empowered, without the need for any further action on its part (i) to execute,
deliver and perform its obligations under the Unit Agreement, the Underwriting
Agreement, the Common Securities Subscription Agreement, the Debenture
Subscription Agreement, the Units and the Securities and (ii) to perform its
obligations under this Declaration.

Section 3.5. Title to Property of the Trust.

          Except as provided in Section 3.8 with respect to the Debentures and
the Property Account or as otherwise provided in this Declaration, legal title
to all assets of the Trust shall be vested in the Trust. The Holders shall not
have legal title to any part of the assets of the Trust, but shall have an
undivided beneficial interest in the assets of the Trust.

Section 3.6. Prohibition of Actions by the Trust and the Trustees.

          The Trust shall not, the Trustees shall not, and the Administrative
Trustees shall cause the Trust not to, engage in any activity other than as
required or authorized by this Declaration. In particular, the Trust shall not,
the Trustees shall not, and the Administrative Trustees shall cause the Trust
not to:

             (i)    invest any proceeds received by the Trust in connection with
                    its ownership of Debentures, but the Trust shall distribute
                    all such proceeds to Holders pursuant to the terms of this
                    Declaration and of the Securities;

             (ii)   acquire any assets other than as expressly provided herein;

             (iii)  possess any power or otherwise act in such a way as to vary
                    the Trust assets;

             (iv)   possess property for any purpose other than a Trust purpose;

             (v)    make any loans or incur any indebtedness other than loans
                    represented by the Debentures;

             (vi)   mortgage or pledge any of the Trust's assets;

             (vii)  possess any power or otherwise act in such a way as to vary
                    the terms of the Securities in any way whatsoever (except to
                    the

                                       18

<PAGE>

                    extent expressly authorized in this Declaration or by the
                    terms of the Securities);

             (viii) issue any securities or other evidences of ownership of,
                    or beneficial interest in, the Trust other than the
                    Securities;

             (ix)   other than as provided in this Declaration or by the terms
                    of the Securities:

                    (A)  direct the time, method and place of conducting any
                         proceeding with respect to any remedy available to the
                         Indenture Trustee, or exercising any trust or power
                         conferred upon the Indenture Trustee with respect to
                         the Debentures;

                    (B)  waive any past Indenture Event of Default that is
                         waivable under the Indenture;

                    (C)  exercise any right to rescind or annul any declaration
                         that the principal of all the Debentures shall be due
                         and payable; or

                    (D)  consent to any amendment, modification or termination
                         of the Indenture or the Debentures where such consent
                         shall be required, unless the Trust shall have received
                         an opinion of a nationally recognized independent tax
                         counsel experienced in such matters to the effect that
                         such amendment, modification or termination will not
                         cause more than an insubstantial risk that the Trust
                         will not be classified as a grantor trust for United
                         States federal income tax purposes;

             (x)    take any action inconsistent (in the case of the Property
                    Trustee or the Delaware Trustee, to the actual knowledge of
                    a Responsible Officer thereof) with the status of the Trust
                    as a grantor trust for United States federal income tax
                    purposes; or

             (xi)   revoke any action previously authorized or approved by vote
                    of the Holders of the Preferred Securities.

Section 3.7. Powers and Duties of the Administrative Trustees.

          The Administrative Trustees shall have the exclusive power, duty and
authority to cause the Trust to engage in the following activities to:

          (a) establish the terms and forms of the Securities in the manner
specified in Section 6.1 and to issue and sell the Securities in accordance with
this Declaration; provided, however, that:

                                       19

<PAGE>

             (i)    the Trust may issue no more than one series of Preferred
                    Securities and no more than one series of Common Securities;

             (ii)   there shall be no interests in the Trust other than the
                    Securities; and

             (iii)  the issuance of Securities shall be limited to a
                    simultaneous issuance of both Preferred Securities and
                    Common Securities on the Closing Date;

          (b) acquire the Debentures with the proceeds of the sale of the
Securities; provided, however, that the Administrative Trustees shall cause
legal title to the Debentures to be beneficially held in the name of the
Property Trustee for the benefit of the Holders;

          (c) give the Company and the Property Trustee prompt written notice of
the occurrence of a Special Event;

          (d) establish a record date with respect to all actions to be taken
hereunder that require a record date be established, including and with respect
to, for the purposes of Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders as to such actions and applicable record dates;

          (e) take all actions and perform such duties as may be required of the
Administrative Trustees or the Trust pursuant to the terms of this Declaration,
the Unit Agreement, the Underwriting Agreement, the Common Securities
Subscription Agreement, the Debenture Subscription Agreement, the Units and the
Securities;

          (f) bring or defend, pay, collect, compromise, arbitrate, resort to
legal action, or otherwise adjust claims or demands of or against the Trust
("Legal Action"), unless pursuant to Section 3.8(e) the Property Trustee has the
exclusive power to bring such Legal Action;

          (g) employ or otherwise engage employees and agents (who may be
designated as officers with titles) and managers, contractors, advisors and
consultants to conduct only those services that the Administrative Trustees have
authority to conduct directly, and to pay reasonable compensation for such
services;

          (h) cause the Trust to comply with the Trust's obligations under the
Trust Indenture Act;

          (i) give to the Property Trustee the certificate required by Section
314(a)(4) of the Trust Indenture Act, which certificate may be executed by any
Administrative Trustee;

          (j) incur expenses that are necessary or incidental to carry out any
of the purposes of the Trust;

          (k) act as, or appoint another Person to act as, Registrar and
Transfer Agent for the Securities or to appoint a Paying Agent for the
Securities as provided in Section 6.14;

                                       20

<PAGE>

          (l) give prompt written notice to the Property Trustee and to Holders
of any notice received from the Company of its election to defer payments of
interest on the Debentures by extending the interest payment period under the
Indenture;

          (m) take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust's valid existence, rights,
franchises and privileges as a statutory trust under the laws of the State of
Delaware and of each other jurisdiction in which such existence is necessary to
protect the limited liability of the Holders or to enable the Trust to effect
the purposes for which the Trust was created;

          (n) take any action not inconsistent with this Declaration or with
applicable law that the Administrative Trustees determine in their discretion to
be necessary or desirable in carrying out the purposes and functions of the
Trust as set forth in Section 3.3 or the activities of the Trust as set out in
this Section 3.7, as long as such action does not materially adversely affect
the interests of the Holders, including but not limited to:

             (i)    causing the Trust not to be deemed to be an Investment
                    Company required to be registered under the Investment
                    Company Act;

             (ii)   causing the Trust to be classified as a grantor trust for
                    United States federal income tax purposes; and

             (iii)  cooperating with the Company to ensure that the Debentures
                    will be treated as indebtedness of the Company for United
                    States federal income tax purposes;

          (o) take all action necessary to cause all applicable tax returns and
tax information reports that are required to be filed with respect to the Trust
to be duly prepared and filed by the Administrative Trustees on behalf of the
Trust;

          (p) execute and deliver all documents or instruments, including the
Unit Agreement, the Underwriting Agreement, the Common Securities Subscription
Agreement, the Debenture Subscription Agreement, the Units and the Securities,
perform all duties and powers, and do all things for and on behalf of the Trust
in all matters necessary or incidental to the foregoing; and

          (q) to prepare any registration statements or reports required to be
filed or submitted with the Commission with respect to the Securities pursuant
to the Exchange Act unless performed by the Company, as sponsor.

          The Administrative Trustees shall exercise the powers set forth in
this Section 3.7 in a manner that is consistent with the purposes and functions
of the Trust set out in Section 3.3, and the Administrative Trustees shall have
no power to, and shall not, take any action that is inconsistent with the
purposes and functions of the Trust set forth in Section 3.3.

          Subject to this Section 3.7, the Administrative Trustees shall have
none of the powers or the authority of the Property Trustee set forth in Section
3.8.

                                       21

<PAGE>

          Any expenses incurred by the Administrative Trustees pursuant to this
Section 3.7 shall be reimbursed by the Company.

          Unless otherwise required by the Statutory Trust Act or other
applicable law, such Administrative Trustee, acting alone, is authorized to
execute and deliver on behalf of the Trust, any documents, instruments or
certificates that the Administrative Trustees have the power and authority to
execute pursuant to this Section 3.7.

Section 3.8. Powers and Duties of the Property Trustee.

          (a) The legal title to the Debentures shall be owned by and
beneficially held in the name of the Property Trustee in trust for the benefit
of the Trust and the Holders. The right, title and interest of the Property
Trustee to the Debentures shall vest automatically in each Person who may
hereafter be appointed as Property Trustee in accordance with Section 5.6. Such
vesting and cessation of title shall be effective whether or not conveyancing
documents with regard to the Debentures have been executed and delivered.

          (b) The Property Trustee shall not transfer its right, title and
interest in the Debentures to the Administrative Trustees or to the Delaware
Trustee (if the Property Trustee does not also act as Delaware Trustee).

          (c) The Property Trustee shall:

             (i)    establish and maintain the Property Account in the name of
                    and under the exclusive control of the Property Trustee on
                    behalf of the Holders and, upon the receipt of payments of
                    funds made in respect of the Debentures, deposit such funds
                    into the Property Account and make payments or (cause the
                    Paying Agent to make payments) to the Holders from the
                    Property Account in accordance with Section 6.5. Funds in
                    the Property Account shall be held uninvested until
                    disbursed in accordance with this Declaration;

             (ii)   engage in such ministerial activities as shall be necessary
                    or appropriate to effect the redemption of the Securities to
                    the extent the Debentures are redeemed or mature; and

             (iii)  upon written direction by the Company to dissolve the
                    Trust, engage in such ministerial activities as shall be
                    necessary or appropriate to effect the distribution of the
                    Debentures to the Holders in exchange for the Securities.

          (d) The Property Trustee is hereby authorized to take all actions and
perform such duties as may be specifically required of the Property Trustee
pursuant to the terms of this Declaration, the Unit Agreement and the
Securities.

          (e) Subject to Section 3.9(a), the Property Trustee is hereby
authorized to take any Legal Action which arises out of or in connection with:

                                       22

<PAGE>

               (i)  a Trust Enforcement Event of which a Responsible Officer has
                    actual knowledge; or

               (ii) the Property Trustee's duties and obligations under this
                    Declaration or the Trust Indenture Act;

provided, however, that if a Trust Enforcement Event has occurred and is
continuing and such Trust Enforcement Event is attributable to the failure of
the Company to pay the principal of or premium, if any, or interest on the
Debentures on the date such principal, premium, if any, or interest is otherwise
payable (or in connection with a distribution of Debentures in exchange for
Preferred Securities and repurchase of Debentures under Sections 6.7 and 6.8), a
Holder of Preferred Securities may institute, to the fullest extent permitted by
law, a proceeding directly against the Company to enforce payment to such Holder
of the principal of or premium, if any, or interest on the Debentures having an
aggregate principal amount equal to the aggregate liquidation amount of the
Preferred Securities of such Holder (a "Direct Action") on or after the
respective due date specified in the Debentures. In connection with such Direct
Action, the rights of the Holders of the Common Securities will be subrogated to
the rights of such Holder of Preferred Securities to the extent of any payment
made by the Company to such Holder of Preferred Securities in such Direct
Action. Except as provided in the preceding sentences, the Holders of Preferred
Securities will not be able to exercise directly any other remedy available to
the holders of the Debentures.

          (f) The Property Trustee shall continue to serve as a Trustee until
either:

               (i)  the Trust has been completely liquidated and the proceeds of
                    the liquidation distributed to the Holders pursuant to the
                    terms of the Securities; or

               (ii) a Successor Property Trustee has been appointed and has
                    accepted that appointment in accordance with Section 5.6.

          (g) The Property Trustee shall have the legal power to exercise all of
the rights, powers and privileges of a holder of Debentures under the Indenture
and, if a Trust Enforcement Event actually known to a Responsible Officer occurs
and is continuing, the Property Trustee shall enforce, for the benefit of
Holders, its rights as holder of the Debentures subject to the rights of the
Holders pursuant to the terms of such Securities.

          (h) The Property Trustee shall be authorized to undertake any actions
set forth in Section 317(a) of the Trust Indenture Act.

          (i) The Property Trustee may authorize one or more Persons to act as
additional Paying Agents and to pay Distributions, redemption payments or
liquidation payments on behalf of the Trust with respect to all Securities, and
any such Paying Agent shall comply with Section 317(b) of the Trust Indenture
Act. Any such additional Paying Agent may be removed by the Property Trustee at
any time, and a successor Paying Agent or additional Paying Agents may be
appointed at any time by the Property Trustee.

          (j) Subject to this Section 3.8, the Property Trustee shall have none
of the duties, liabilities, powers or the authority of the Administrative
Trustees set forth in Section 3.7.

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<PAGE>

          The Property Trustee shall exercise the powers set forth in this
Section 3.8 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Property Trustee shall have no power
to, and shall not, take any action that is inconsistent with the purposes and
functions of the Trust set out in Section 3.3.

Section 3.9. Certain Duties and Responsibilities of the Property Trustee.

          (a) If a Trust Enforcement Event has occurred (that has not been cured
or waived pursuant to Section 2.6) of which a Responsible Officer has actual
knowledge, the Property Trustee shall exercise such of the rights and powers
vested in it by this Declaration, and shall use the same degree of care and
skill in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs.

          (b) No provision of this Declaration shall be construed to relieve the
Property 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 a Trust Enforcement Event and
                    after the cure or waiver of all such Trust Enforcement
                    Events that may have occurred:

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

                    (B)  in the absence of bad faith on the part of the Property
                         Trustee, the Property 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 Property Trustee and
                         conforming on their face to the requirements of this
                         Declaration; 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
                         Property Trustee, the Property Trustee shall be under a
                         duty to examine such certificates or opinions to
                         determine whether or not on their face they conform to
                         the requirements of this Declaration (but need not
                         confirm or investigate the accuracy of mathematical
                         calculations or other facts stated therein);

               (ii) the Property Trustee shall not be personally liable for any
                    error of judgment made in good faith by a Responsible
                    Officer, unless it shall be proved that the Property Trustee
                    was negligent in

                                       24

<PAGE>

                    ascertaining the pertinent facts upon which such judgment
                    was made;

           (iii)    the Property Trustee shall not be personally 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 not less than 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 Property Trustee, or exercising any trust
                    or power conferred upon the Property Trustee under this
                    Declaration;

           (iv)     no provision of this Declaration shall require the Property
                    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;

           (v)      the Property Trustee's sole duty with respect to the
                    custody, safe keeping and physical preservation of the
                    Debentures and the Property Account shall be to deal with
                    such property in a similar manner as the Property Trustee
                    deals with similar property for its own account, subject to
                    the protections and limitations on liability afforded to the
                    Property Trustee under this Declaration and the Trust
                    Indenture Act;

           (vi)     the Property Trustee shall have no duty or personal
                    liability for or with respect to the value, genuineness,
                    existence or sufficiency of the Debentures or the payment of
                    any taxes or assessments levied thereon or in connection
                    therewith;

           (vii)    the Property Trustee shall not be personally liable for any
                    interest on any money received by it except as it may
                    otherwise agree in writing with the Company, and money held
                    by the Property Trustee need not be segregated from other
                    funds held by it except in relation to the Property Account
                    maintained by the Property Trustee pursuant to Section
                    3.8(c)(i) and except to the extent otherwise required by
                    law;

           (viii)   the Property Trustee shall not be personally responsible
                    for monitoring the compliance by the Administrative Trustees
                    or the Company with their respective duties under this
                    Declaration, nor shall the Property Trustee be liable for
                    any default or misconduct of the Administrative Trustees or
                    the Company; and

           (ix)     in the event that the Property Trustee is unable to decide
                    between alternative courses of action permitted or required
                    under this Declaration or any other document, or is unsure
                    as to the application of any provision of this Declaration
                    or any other document, or any such provision may be
                    ambiguous as to its application or in conflict with any
                    other applicable provision,

                                       25

<PAGE>

                    permits any determination by the Property Trustee, or is
                    silent or incomplete as to the course of action that the
                    Property Trustee is required to take with respect to a
                    particular set of facts, the Property Trustee may give
                    notice (in such form as shall be appropriate under the
                    circumstances) to the Company and/or to the Holders
                    requesting instruction from any of them, and to the extent
                    that the Property Trustee acts or refrains from acting in
                    good faith in accordance with any such instruction received,
                    the Property Trustee shall not be personally liable, on
                    account of such action or inaction, to any Person, and if
                    the Property Trustee shall not have received appropriate
                    instruction within 10 days of such notice (or within such
                    shorter period of time as reasonably may be specified in
                    such notice or may be necessary under the circumstances) it
                    may, but shall be under no duty to, take or refrain from
                    taking action, and shall have no personal liability to any
                    Person for such action or inaction.

Section 3.10. Certain Rights of the Property Trustee.

          (a) Subject to the provisions of Section 3.9:

               (i)  the Property Trustee may request and 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 appropriate
                    Person;

               (ii) any direction or act of the Company or the Administrative
                    Trustees contemplated by this Declaration shall be
                    sufficiently evidenced by an Officers' Certificate;

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

               (iv) the Property Trustee shall have no duty to see to any
                    recording, filing or registration of any instrument
                    (including any financing or continuation statement or any
                    filing under tax or securities laws) or any rerecording,
                    refiling or registration thereof;

               (v)  the Property Trustee may consult with counsel or other
                    experts of its selection and the advice or opinion of such
                    counsel and experts with respect to legal matters or advice
                    within the scope

                                       26

<PAGE>

                    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 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
                    Property Trustee shall have the right at any time to seek
                    instructions concerning the administration of this
                    Declaration from any court of competent jurisdiction;

             (vi)   the Property Trustee shall be under no obligation to
                    exercise any of the rights or powers vested in it by this
                    Declaration at the request or direction of any Holder,
                    unless such Holder shall have provided to the Property
                    Trustee security and indemnity, reasonably satisfactory to
                    the Property Trustee, against the costs, expenses (including
                    reasonable attorneys' fees and expenses and the expenses of
                    the Property 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 Property Trustee;
                    provided that nothing contained in this Section 3.10(a)(vi)
                    shall be taken to relieve the Property Trustee, upon the
                    occurrence of an Indenture Event of Default (of which the
                    Property Trustee is deemed to have knowledge as provided in
                    Section 2.7(b) hereof), of its obligation to exercise the
                    rights and powers vested in it by this Declaration;

             (vii)  the Property 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 Property Trustee, in its sole
                    discretion, may make such further inquiry or investigation
                    into such facts or matters as it sees fit;

             (viii) the Property 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 Property Trustee shall not be personally
                    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 Property Trustee or its agents
                    hereunder shall bind the Trust and the Holders, and the
                    signature of the Property 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 Property Trustee to so act or as to its
                    compliance with any of the terms and provisions of this
                    Declaration, both of which shall be conclusively evidenced
                    by the Property Trustee's or its agent's taking such action;

                                       27

<PAGE>

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

                    (A)  may request instructions from the Holders which
                         instructions may only be given by the Holders of the
                         same proportion in liquidation amount of the Securities
                         as would be entitled to direct the Property Trustee
                         under the terms of the Securities in respect of such
                         remedy, right or action;

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

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

             (xi)   except as otherwise expressly provided by this Declaration,
                    the Property Trustee shall not be under any obligation to
                    take any action that is discretionary under the provisions
                    of this Declaration;

             (xii)  with respect to the calculation of the Accreted Value, the
                    Property Trustee may conclusively rely upon the calculation
                    thereof determined by the Calculation Agent; and

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

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

Section 3.11. Powers and Duties of the Delaware Trustee.

               Notwithstanding any other provision of this Declaration other
than Section 5.2, the Delaware Trustee shall not be entitled to exercise any
powers of, nor shall the Delaware Trustee have any of the duties and
responsibilities of, the Administrative Trustees or the Property Trustee
described in this Declaration (except as required under the Statutory Trust
Act). Except as set forth in Section 5.2, the Delaware Trustee shall be a
Trustee for the sole and limited purpose of fulfilling the requirements of
Section 3807 of the Statutory Trust Act. In the event the Delaware Trustee is
required to take any action or perform any duty hereunder, the Delaware

                                       28

<PAGE>

Trustee shall be entitled to the benefits of Sections 3.9(b)(ii) to (ix),
inclusive, and Section 3.10. No implied covenants or obligations shall be read
into this Declaration against the Delaware Trustee.

Section 3.12. Not Responsible for Recitals or Issuance of Securities.

          The recitals contained in this Declaration and the Securities shall be
taken as the statements of the Company, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as to
the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this
Declaration, the Securities, the Debentures or the Indenture.

Section 3.13. Duration of the Trust.

          The Trust, unless earlier dissolved or terminated pursuant to the
provisions of Article VIII, shall have existence up to (.), (.).

Section 3.14. Mergers, Consolidations, Conversions, Amalgamations or
Replacements of the Trust.

          (a) The Trust may not merge with or into, consolidate with, convert
into, amalgamate with, or be replaced by, or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to, any
Person, except as described in Section 3.14(b) and 3.14(c) and except with
respect to the distribution of Debentures to Holders pursuant to Article 6 or
Article 8 of this Declaration.

          (b) At the request of the Company and with the consent of the
Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders, the Delaware
Trustee or the Property Trustee, the Trust may merge with or into, consolidate
with, convert into, amalgamate with, be replaced by or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to, a
trust organized as such under the laws of any state; provided that:

               (i)  if the Trust is not the successor entity, such successor
                    entity (the "Successor Entity") either:

                    (A)  expressly assumes all of the obligations of the Trust
                         with respect to the Securities; or

                    (B)  substitutes for the Securities other securities having
                         substantially the same terms as the Securities (the
                         "Successor Securities"), so long as the Successor
                         Securities rank the same as the Securities rank in
                         priority with respect to Distributions and payments
                         upon liquidation, redemption and otherwise;

               (ii) if the Trust is not the successor entity, the Company
                    expressly appoints a trustee of the Successor Entity that
                    possesses the same powers and duties as the Property Trustee
                    as the holder of the Debentures;

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<PAGE>

             (iii)  the Successor Securities are, or upon notification of
                    issuance will be, listed (or eligible for trading) on any
                    national securities exchange or with any other organization
                    on which the Preferred Securities were listed or quoted (or
                    otherwise eligible for trading) prior to such merger,
                    consolidation, conversion, amalgamation, replacement,
                    conveyance, transfer or lease;

             (iv)   if the Preferred Securities (including any Successor
                    Securities) are rated by any nationally recognized
                    statistical rating organization prior to such transaction,
                    such merger, consolidation, conversion, amalgamation,
                    replacement, conveyance, transfer or lease does not cause
                    the Preferred Securities (including any Successor
                    Securities) to be downgraded by any nationally recognized
                    statistical rating organization;

             (v)    such merger, consolidation, conversion, amalgamation,
                    replacement, conveyance, transfer or lease does not
                    adversely affect the rights, preferences and privileges of
                    the Holders (including any Successor Securities) in any
                    material respect (other than with respect to any dilution of
                    such Holders' interests in the new entity);

             (vi)   such Successor Entity, if not the Trust, has a purpose
                    identical in all material respects to that of the Trust;

             (vii)  prior to such merger, consolidation, conversion,
                    amalgamation, replacement, conveyance, transfer or lease,
                    the Company has received an Opinion of Counsel to the Trust,
                    rendered by an independent law firm experienced in such
                    matters, to the effect that:

                    (A)  such merger, consolidation, conversion, amalgamation,
                         replacement, conveyance, transfer or lease does not
                         adversely affect the rights, preferences and privileges
                         of the Holders of the Securities (including any
                         Successor Securities) in any material respect (other
                         than with respect to any dilution of the Holders'
                         interest in the new entity);

                    (B)  following such merger, consolidation, conversion,
                         amalgamation, replacement, conveyance, transfer or
                         lease, neither the Trust nor the Successor Entity will
                         be required to register as an Investment Company; and

                    (C)  following such merger, consolidation, conversion,
                         amalgamation, replacement, conveyance, transfer or
                         lease, the Trust (or the Successor Entity) will
                         continue to be classified as a grantor trust for United
                         States federal income tax purposes;

                                       30

<PAGE>

           (viii)   if the Trust is not the successor entity, the Company or
                    any permitted successor or assignee owns all of the common
                    securities of such Successor Entity and guarantees the
                    obligations of such Successor Entity under the Successor
                    Securities at least to the extent provided by the Guarantee;

           (ix)     the Successor Entity expressly assumes all of the
                    obligations of the Trust; and

           (x)      there shall have been furnished to the Property Trustee an
                    Officers' Certificate and an Opinion of Counsel to the
                    effect that all conditions precedent in this Declaration to
                    such transaction have been satisfied.

          (c) Notwithstanding Section 3.14(b), the Trust shall not, except with
the consent of Holders of 100% in aggregate liquidation amount of the
Securities, merge with or into, consolidate with, convert into, amalgamate with,
be replaced by, or convey, transfer or acquire by conveyance, transfer or lease
its properties and assets as an entirety or substantially as an entirety to, any
other Person or permit any other Person to merge with or into, consolidate with,
convert into, amalgamate with, replace it, acquire by conveyance, transfer or
lease its properties and assets as an entirety or substantially as an entirety,
if such merger, consolidation, conversion, amalgamation, replacement,
conveyance, transfer or lease would cause the Trust or the Successor Entity to
be classified as other than a grantor trust for United States federal income tax
purposes or would cause each Holder of Securities not to be treated as owning an
undivided beneficial interest in the Debentures.

Section 3.15. Property Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon the
Securities or the property of the Trust or of such other obligor or their
creditors, the Property Trustee (irrespective of whether any Distributions on
the Securities are then due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Property Trustee has made any
demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise to:

          (a) file and prove a claim for the whole amount of any Distributions
owing and unpaid in respect of the Securities (or, if the Securities are
original issue discount securities, such portion of the liquidation amount as
may be specified in the terms of such securities) and to file such other papers
or documents as may be necessary or advisable in order to have the claims of the
Property Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding; and

          (b) collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Property Trustee and, in the event the Property Trustee consents
to the making of such payments directly to the Holders, to pay to the

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<PAGE>

Property Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and
any other amounts due the Property Trustee.

          Nothing contained herein shall be deemed to authorize the Property
Trustee to authorize or consent to or accept or adopt, on behalf of any Holder,
any plan of reorganization, arrangement, adjustment or compensation affecting
the Securities or the rights of any Holder or to authorize the Property Trustee
to vote in respect of the claim of any Holder in any such proceeding.

                                   ARTICLE IV

                                     SPONSOR

Section 4.1. Responsibilities of the Company.

          In connection with the issue and sale of the Preferred Securities, the
Company shall have the exclusive right and responsibility to engage in the
following activities:

          (a) to prepare for filing by the Trust with the Commission one or more
registration statements on Form S-3 in relation to the Preferred Securities,
including any amendments thereto;

          (b) to determine the states in which to take appropriate action to
qualify or register for sale all or part of the Preferred Securities and to do
any and all such acts, other than actions which must be taken by the Trust, and
advise the Trust of actions it must take, and prepare for execution and filing
any documents to be executed and filed by the Trust, as the Company deems
necessary or advisable in order to comply with the applicable laws of any such
states;

          (c) if the Preferred Securities are separately traded from the Units
and the applicable exchange listing requirements are met, to prepare for
execution and filing by the Trust an application to permit the Preferred
Securities to trade or be quoted or listed in or on the New York Stock Exchange
or any other national securities exchange, quotation system or the Nasdaq
National Market for listing or quotation upon notice of issuance of the
Preferred Securities; and

          (d) to prepare any registration statements or reports required to be
filed or submitted with the Commission with respect to the Securities pursuant
to the Exchange Act, unless performed by the Administrative Trustees.

Section 4.2. Indemnification and Expenses of the Trustees.

          The Company, in its capacity as issuer of the Debentures, agrees to
indemnify the Property Trustee and the Delaware Trustee (including in their
respective individual capacities) for, and to hold each of them harmless
against, any loss, liability or expense incurred without negligence or bad faith
on the part of the Property Trustee or the Delaware Trustee, as the case may be,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of defending either
of them against any claim or liability in connection with the exercise or
performance of any of their respective powers or duties hereunder. The
provisions of this Section 4.2 shall survive the resignation or removal of the
Delaware Trustee or the Property Trustee and the termination of this
Declaration.

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<PAGE>

Section 4.3. Right to Proceed.

          The Company acknowledges the rights of the Holders of Preferred
Securities, in the event that a failure of the Trust to pay Distributions on the
Preferred Securities is attributable to the failure of the Company to pay
interest or principal on the Debentures, to institute a Direct Action against
the Company for enforcement of its payment obligations on the Debentures.

                                   ARTICLE V

                                    TRUSTEES

Section 5.1. Number of Trustees.

          The number of Trustees initially shall be five, and:

          (a) at any time before the issuance of any Securities, the Company
may, by written instrument, increase or decrease the number of Trustees; and

          (b) after the issuance of any Securities, the number of Trustees may
be increased or decreased by vote of the Holders of a Majority in Liquidation
Amount of the Common Securities at a meeting of the Holders of the Common
Securities or by written consent in lieu of such meeting; provided, however,
that the number of Trustees shall in no event be less than three; and provided,
further, that:

             (i)    one Trustee shall be the Delaware Trustee;

             (ii)   one Trustee shall be the Property Trustee, which, for so
                    long as this Declaration is required to qualify as an
                    indenture under the Trust Indenture Act, shall meet the
                    requirements of applicable law; provided that the Property
                    Trustee also may serve as Delaware Trustee if it meets the
                    applicable requirements; and

             (iii)  at least one Trustee shall be an Administrative Trustee who
                    shall be an employee or officer of, or shall be affiliated
                    with, the Company.

Section 5.2. Delaware Trustee; Eligibility.

          (a) If required by the Statutory Trust Act, one Trustee (the "Delaware
Trustee") shall be:

             (i)    a natural person who is a resident of the State of Delaware;
                    or

             (ii)   if not a natural person, an entity which has its principal
                    place of business in the State of Delaware and otherwise
                    meets the requirements of applicable law;

provided that if the Property Trustee has its principal place of business in the
State of Delaware and otherwise meets the requirements of applicable law, the
Property Trustee also shall be the Delaware Trustee and Section 3.11 shall have
no application.

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<PAGE>

          (b) The initial Delaware Trustee shall be:

              Wilmington Trust Company
              Rodney Square North
              1100 North Market Street
              Wilmington, DE 19890

Section 5.3. Property Trustee; Eligibility.

          (a) There shall at all times be one Trustee which shall act as
Property Trustee (the "Property Trustee"). The Property Trustee 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 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
                    5.3(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 Property Trustee shall cease to be eligible to
so act under Section 5.3(a), the Property Trustee shall immediately resign in
the manner and with the effect set forth in Section 5.6(b).

          (c) If the Property Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Property Trustee and the Holders of the Common Securities (as if it were the
obligor referred to in Section 310(b) of the Trust Indenture Act) shall comply
in all respects with the provisions of Section 310(b) of the Trust Indenture
Act.

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

          (e) The initial Property Trustee shall be:

              Wilmington Trust Company
              Rodney Square North
              1100 North Market Street
              Wilmington, DE 19890

                                       34

<PAGE>

              Attention: Corporate Trust Administration

Section 5.4. Qualifications of Administrative Trustees Generally.

          Each Administrative Trustee (each, an "Administrative Trustee") shall
be either a natural person who is at least 21 years of age or a legal entity
that shall act through one or more Authorized Officers.

Section 5.5. Initial Administrative Trustees.

          The initial Administrative Trustees shall be Messrs. Joseph R.
Ficalora, Robert Wann and Thomas R. Cangemi, the business address of each of
whom is c/o New York Community Bancorp, Inc., 615 Merrick Avenue, Westbury, New
York 11590.

Section 5.6. Appointment, Removal and Resignation of Trustees.

          (a) Subject to Section 5.6(b), the Trustees may be appointed or
removed without cause at any time:

             (i)    until the issuance of any Securities, by written instrument
                    executed by the Company;

             (ii)   unless a Trust Enforcement Event shall have occurred and be
                    continuing after the issuance of any Securities, by vote of
                    the Holders of a Majority in Liquidation Amount of the
                    Common Securities at a meeting of the Holders of the Common
                    Securities or by written consent in lieu of such meeting;
                    and

             (iii)  if a Trust Enforcement Event shall have occurred and be
                    continuing after the issuance of the Securities, with
                    respect to the Property Trustee or the Delaware Trustee, by
                    vote of Holders of a Majority in Liquidation Amount of the
                    Preferred Securities at a meeting of Holders of the
                    Preferred Securities or by written consent in lieu of such
                    meeting.

          (b) The Property Trustee shall not be removed in accordance with
Section 5.6(a) until a successor Trustee possessing the qualifications to act as
Property Trustee under Section 5.3(a) (a "Successor Property Trustee") has been
appointed and has accepted such appointment by written instrument executed by
such Successor Property Trustee and delivered to the Administrative Trustees and
the Company.

          (c) The Delaware Trustee shall not be removed in accordance with
Section 5.6(a) until a successor Trustee possessing the qualifications to act as
Delaware Trustee under Section 5.2(a) (a "Successor Delaware Trustee") has been
appointed and has accepted such appointment by written instrument executed by
such Successor Delaware Trustee and delivered to the Administrative Trustees and
the Company.

          (d) A Trustee appointed to office shall hold office until a successor
shall have been appointed or until death, dissolution, removal or resignation.
Any Trustee may resign from office (without need for prior or subsequent
accounting) by a written instrument signed by

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<PAGE>

such Trustee and delivered to the Company, the Trust and the other Trustees,
which resignation shall take effect upon such delivery or upon such later date
as is specified therein; provided, however, that:

               (i)  no such resignation of the Property Trustee shall be
                    effective:

                    (A)  until a Successor Property Trustee has been appointed
                         and has accepted such appointment by written instrument
                         executed by such Successor Property Trustee and
                         delivered to the Trust, the Administrative Trustees,
                         the Company and the resigning Property Trustee; or

                    (B)  until the assets of the Trust have been completely
                         liquidated and the proceeds thereof distributed to the
                         Holders; and

               (ii) no such resignation of the Delaware Trustee shall be
                    effective until a Successor Delaware Trustee has been
                    appointed and has accepted such appointment by written
                    instrument executed by such Successor Delaware Trustee and
                    delivered to the Trust, the Administrative Trustees, the
                    Company and the resigning Delaware Trustee.

          (e) The Holders of the Common Securities or, if a Trust Enforcement
Event shall have occurred and be continuing after the issuance of the
Securities, the Holders of the Preferred Securities, shall use their best
efforts to promptly appoint a Successor Property Trustee or Successor Delaware
Trustee, as the case may be, if the Property Trustee or the Delaware Trustee
delivers an instrument of resignation in accordance with this Section 5.6.

          (f) If no Successor Property Trustee or Successor Delaware Trustee, as
the case may be, shall have been appointed and accepted appointment as provided
in this Section 5.6 within 60 days after delivery of an instrument of
resignation or removal, the Property Trustee or Delaware Trustee resigning or
being removed, as applicable, may at the expense of the Company petition any
court of competent jurisdiction for appointment of a Successor Property Trustee
or Successor Delaware Trustee, as applicable. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper and prescribe, appoint a
Successor Property Trustee or Successor Delaware Trustee, as the case may be.

          (g) No Property Trustee or Delaware Trustee shall be liable for the
acts or omissions to act of any Successor Property Trustee or Successor Delaware
Trustee, as the case may be.

          (h) At the time of resignation or removal of the Property Trustee or
the Delaware Trustee, the Company shall pay to such Trustee any amounts that may
be owed to such Trustee pursuant to Section 9.4.

          (i) Any successor Delaware Trustee is authorized to file an amendment
to the Certificate of Trust with the Secretary of State of the State of Delaware
identifying the name and principal place of business of such successor Delaware
Trustee in the State of Delaware.

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<PAGE>

Section 5.7. Vacancies Among Trustees.

          If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is
increased pursuant to Section 5.1, a vacancy shall occur. A resolution
certifying the existence of such vacancy by the Administrative Trustees or, if
there are more than two, a majority of the Administrative Trustees shall be
conclusive evidence of the existence of such vacancy. The vacancy shall be
filled with a Trustee appointed in accordance with Section 5.6.

Section 5.8. Effect of Vacancies.

          The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee shall
not operate to dissolve, terminate or annul the Trust or terminate this
Declaration. Whenever a vacancy in the number of Administrative Trustees shall
occur, until such vacancy is filled by the appointment of an Administrative
Trustee in accordance with Section 5.6, the Administrative Trustees in office,
regardless of their number, shall have all the powers granted to the
Administrative Trustees and shall discharge all the duties imposed upon the
Administrative Trustees by this Declaration.

Section 5.9. Meetings.

          If there is more than one Administrative Trustee, meetings of the
Administrative Trustees shall be held from time to time upon the call of any
Administrative Trustee. Regular meetings of the Administrative Trustees may be
held at a time and place fixed by resolution of the Administrative Trustees.
Notice of any in-person or telephonic meetings of the Administrative Trustees or
any committee thereof shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 24
hours before such meeting unless such notice is waived by all of the
Administrative Trustees. Notices shall contain a brief statement of the time,
place and anticipated purposes of the meeting. The presence (whether in person
or by telephone) of an Administrative Trustee at a meeting shall constitute a
waiver of notice of such meeting except where an Administrative Trustee attends
a meeting for the express purpose of objecting to the transaction of any
activity on the ground that the meeting has not been lawfully called or
convened. Unless provided otherwise in this Declaration, any action of the
Administrative Trustees may be taken at a meeting by vote of a majority of the
Administrative Trustees present (whether in person or by telephone) and eligible
to vote with respect to such matter; provided that a Quorum is present, or
without a meeting by the unanimous written consent of the Administrative
Trustees. In the event there is only one Administrative Trustee, any and all
action of such Administrative Trustee shall be evidenced by a written consent of
such Administrative Trustee.

Section 5.10. Delegation of Power by the Administrative Trustees.

          (a) Any Administrative Trustee may, by power of attorney consistent
with applicable law, delegate to any other natural person over the age of 21 his
power for the purpose of executing any documents which the Administrative
Trustees have power and authority to cause the Trust to execute pursuant to
Section 3.7.

          (b) The Administrative Trustees shall have power to delegate from time
to time to such of their number or to officers of the Trust the doing of such
things and the execution of such instruments either in the name of the Trust or
the names of the Administrative Trustees or

                                       37

<PAGE>

otherwise as the Administrative Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of
the Trust, as set forth herein.

Section 5.11. Merger, Conversion, Consolidation or Succession to Business.

          Any Person into which the Property Trustee, the Delaware Trustee or
any Administrative Trustee that is not a natural person, as the case may be, may
be merged or converted or with which such Trustee may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which such
Trustee shall be a party, or any Person succeeding to all or substantially all
the corporate trust business of such Trustee, shall be the successor of such
Trustee under this Declaration without the execution or filing of any paper or
any further act on the part of any of the parties hereto; provided that such
Person shall be otherwise qualified and eligible under this Article V; provided,
further, that such Person shall file an amendment to the Certificate of Trust
with the Delaware Secretary of State as contemplated in Section 5.6(i).

                                   ARTICLE VI

                                 THE SECURITIES

Section 6.1. General Provisions Regarding the Securities.

          (a) The Administrative Trustees shall issue on behalf of the Trust one
class of preferred securities representing undivided preferred beneficial
interests in the assets of the Trust (the "Preferred Securities") and one class
of common securities representing undivided common beneficial interests in the
assets of the Trust (the "Common Securities").

               (i)  The Preferred Securities of the Trust shall number o and
                    shall have an aggregate stated liquidation amount with
                    respect to the assets of the Trust of $o, a stated
                    liquidation amount with respect to the assets of the Trust
                    of $o per Preferred Security and an accreted value at any
                    time equal to the Accreted Value. The Preferred Securities
                    are hereby designated for the purposes of identification
                    only as the Preferred Securities. The Preferred Securities
                    Certificates evidencing the Preferred Securities shall be
                    substantially in the form of Exhibit A, with such changes
                    and additions thereto or deletions therefrom as may be
                    required by ordinary usage, custom or practice.

               (ii) The Common Securities of the Trust shall number o and shall
                    have an aggregate liquidation amount with respect to the
                    assets of the Trust of $o, a stated liquidation amount with
                    respect to the assets of the Trust of $o per Common Security
                    and an accreted value at any time equal to the Accreted
                    Value. The Common Securities are hereby designated for the
                    purposes of identification only as the Common Securities.
                    The Common Securities Certificates evidencing the Common
                    Securities shall be substantially in the form of Exhibit B,
                    with such changes and additions thereto or deletions
                    therefrom as may be required by ordinary usage, custom or
                    practice.

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<PAGE>

          (b) The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and shall
not constitute a loan to the Trust.

          (c) Upon issuance of the Securities as provided in this Declaration,
the Securities so issued shall be deemed to be validly issued, fully paid and
nonassessable beneficial interests in the assets of the Trust.

          (d) Each Person, by virtue of having become a Holder or a Preferred
Security Beneficial Owner in accordance with the terms of this Declaration,
shall be deemed to have expressly assented and agreed to the terms of, and shall
be bound by, this Declaration, the Guarantee, the Indenture and the Debentures.

          (e) Payment of Distributions on, and any payment of the Redemption
Price upon a redemption of, the Securities shall be made on a Pro Rata basis
based on the liquidation amount of such Securities; provided that if, on any
date on which payment of a Distribution or the Redemption Price is to be made,
an Indenture Event of Default has occurred and is continuing, then such payment
shall not be made on any of the Common Securities, and no other payment on
account of the redemption, liquidation or other acquisition of such Common
Securities shall be made, until all accumulated and unpaid Distributions or
payments of the Redemption Price, as the case may be, on all of the outstanding
Preferred Securities for which Distributions are to be paid or that have been
called for redemption, as the case may be, are fully paid. All funds available
to the Property Trustee shall first be applied to the payment in full in cash of
all Distributions on, or the Redemption Price of, the Preferred Securities then
due and payable.

          (f) Neither the issuance of Preferred Securities nor the issuance of
Common Securities is subject to preemptive or other similar rights to subscribe
for any additional securities. The Holders of the Securities shall not have any
preemptive or similar rights to subscribe for any additional securities.

Section 6.2. Execution and Authentication.

          (a) Each Certificate shall be signed on behalf of the Trust by an
Administrative Trustee by manual or facsimile signature. If any Administrative
Trustee of the Trust who shall have signed any of the Securities shall cease to
be such Administrative Trustee before the Securities so signed shall be
delivered by the Trust, such Securities nevertheless may be delivered as though
the person who signed such Securities had not ceased to be such Administrative
Trustee; and any Securities may be signed on behalf of the Trust by such persons
who, at the actual date of execution of such Security, shall be the
Administrative Trustees of the Trust, although at the date of the execution and
delivery of this Declaration any such person was not such an Administrative
Trustee.

          (b) A Preferred Securities Certificate shall not be valid until
authenticated by the manual signature of an authorized signatory of the Property
Trustee. The signature shall be conclusive evidence that such Preferred
Securities Certificate has been authenticated under this Declaration.

          (c) Upon receipt of a written order of the Trust signed by one
Administrative Trustee, the Property Trustee is authorized to authenticate the
Preferred Securities for original

                                       39

<PAGE>

issue. The aggregate number of Preferred Securities outstanding at any time
shall not exceed the aggregate stated liquidation amount set forth in Section
6.1(a)(i).

          (d) The Property Trustee shall have the right to decline to
authenticate and deliver any Securities under this Section if the Property
Trustee, being advised by counsel, determines that such action may not lawfully
be taken or if the Property Trustee in good faith shall determine that such
action would expose the Property Trustee to personal liability to existing
Holders.

          (e) The Property Trustee may appoint an authenticating agent
acceptable to the Trust to authenticate Preferred Securities. An authenticating
agent may authenticate Preferred Securities whenever the Property Trustee may do
so. Each reference in this Declaration to authentication by the Property Trustee
includes authentication by such agent. An authenticating agent has the same
rights as the Property Trustee to deal with the Company or an Affiliate.

Section 6.3. Form and Dating.

          The Preferred Securities shall be evidenced by one or more
certificates substantially in the form of Exhibit A and the Common Securities
shall be evidenced by one or more certificates substantially in the form of
Exhibit B. The Property Trustee's certificate of authentication shall be
substantially in the form set forth in Exhibit A.

          The terms and provisions of the Securities set forth in Exhibits A and
B are part of the terms of this Declaration and to the extent applicable, the
Property Trustee and the Company, by their execution and delivery of this
Declaration, expressly agree to such terms and provisions and to be bound
thereby.

          The Certificates shall be printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Administrative
Trustees, as evidenced by their execution thereof. The Certificates may have
letters, CUSIP or other numbers, notations or other marks of identification or
designation and such legends or endorsements as the Administrative Trustees may
deem appropriate, or as may be required by law, stock exchange rule, agreements
to which the Trust is subject, if any, or usage; provided that any such
notation, legend or endorsement is in a form acceptable to the Trust.

          Each Preferred Security shall be dated the date of its authentication.

          Upon the execution and delivery of this Declaration, the Preferred
Securities shall be issued as a component of a Unit, in fully registered form
without Distribution coupons (the "Global Unit Certificate"), substantially in
the form set forth in Exhibit A of the Unit Agreement. The Preferred Securities
also initially shall be issued in the form of one or more global Certificates in
fully registered form without Distribution coupons and with the global legends
specified in Exhibit A (each, a "Global Preferred Security"), substantially in
the form of Exhibit A. The Global Preferred Securities shall be registered in
the name of the Clearing Agency or a nominee of the Clearing Agency, duly
executed by the Trust and authenticated by the Property Trustee, and deposited
on behalf of the purchasers of the Preferred Securities represented thereby with
the Property Trustee, at the Corporate Trust Office, as custodian for the
Clearing Agency. The Global Preferred Securities shall represent such of the
outstanding Preferred Securities as shall be specified in the "Schedule of
Increases or Decreases in Global Preferred Security" attached thereto (or on the
books and records of the Property Trustee and the

                                       40

<PAGE>

Clearing Agency or its nominee). Initially the number of Preferred Securities
evidenced by a Global Preferred Security shall be zero. Thereafter, the number
of Preferred Securities represented by the Global Preferred Securities may from
time to time be increased or decreased by adjustments made on the "Schedule of
Increases or Decreases in Global Preferred Security" attached thereto (or books
and records of the Property Trustee and the Clearing Agency or its nominee) as
hereinafter provided.

          Except as provided in Sections 6.22(f) and 6.22(g), Preferred Security
Beneficial Owners shall not be entitled to receive physical delivery of
definitive, fully registered Preferred Securities Certificates ("Definitive
Preferred Securities").

Section 6.4. The Company's Purchase of the Common Securities.

          (a) On the Closing Date, the Company shall purchase all of the Common
Securities then issued by the Trust, in an aggregate liquidation amount equal to
at least 3% of the total capital of the Trust, at such time as the Preferred
Securities are sold and issued. The aggregate stated liquidation amount of the
Common Securities outstanding at any time shall not be less than 3% of the total
capital of the Trust.

          (b) For so long as the Preferred Securities remain outstanding, the
Company shall covenant:

               (i)  to maintain, directly or indirectly, 100% ownership of the
                    Common Securities; provided, however, that any permitted
                    successor of the Company (in its capacity as issuer of the
                    Debentures) under the Indenture may succeed to the Company's
                    ownership of such Common Securities;

               (ii) to use its reasonable best efforts to cause the Trust to (a)
                    remain a statutory trust, except in connection with the
                    distribution of the Debentures to the Holders in liquidation
                    of the Trust, the redemption of all of the Securities, or
                    certain mergers, consolidations, conversions or
                    amalgamations, each as permitted by this Declaration, (b)
                    not to voluntarily dissolve, wind up, liquidate or be
                    terminated, except as permitted by this Declaration and (c)
                    otherwise continue to be classified as a grantor trust for
                    United States federal income tax purposes;

               (iii) to use its commercially reasonable efforts to ensure that
                    the Trust will not be an Investment Company required to be
                    registered under the Investment Company Act;

               (iv) not to take any action that would be reasonably likely to
                    cause the Trust to be classified as an association or a
                    publicly traded partnership taxable as a corporation for
                    United States federal income tax purposes; and

               (v)  to use its reasonable best efforts to cause each Holder to
                    be treated as owning an undivided beneficial interest in the
                    assets of the Trust.

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<PAGE>

Section 6.5. Distributions.

          (a) Holders shall be entitled to receive Distributions that shall be
payable at a rate per annum of (.)% (the "Coupon Rate") of the liquidation
preference of $(.) per Security from and including (.), (.) to, but excluding,
the Remarketing Date, and at the Reset Rate of the Accreted Value of the
Security on the Remarketing Date to, but excluding, the date of redemption. At
all times, the Distribution rate shall correspond to the interest rate on the
Debentures. The amount of a Distribution payable shall be computed:

             (i)    for any full 90-day quarterly Distribution period, on the
                    basis of a 360-day year consisting of twelve 30-day months;

             (ii)   for any period shorter than a full 90-day quarterly
                    Distribution period, on the basis of a 30-day month; and

             (iii)  for any period shorter than a 30-day month, on the basis of
                    the actual number of days elapsed in the 30-day month.

Subject to Section 6.1(e), Distributions shall be made on the Securities on a
Pro Rata basis. Distributions shall be payable on the Distribution Dates only to
the extent that payments are made to the Trust in respect of the Debentures held
by the Property Trustee and to the extent the Trust has funds available for the
payment of such Distributions in the Property Account.

          (b) Distributions on the Securities shall accumulate from the date of
original issue, shall be cumulative and shall be payable quarterly in arrears on
o, o, o, and o of each year (each, a "Distribution Date"), commencing on o, o,
when, as and if available for payment, except as otherwise provided in this
Declaration. Interest not paid on the Debentures on the scheduled Interest
Payment Dates shall accrue and compound quarterly at the Coupon Rate of the
aggregate principal amount or the Reset Rate of the Accreted Value of the
Debentures on the Remarketing Date, as applicable, and, as a result,
Distributions not paid on the scheduled Distribution Dates shall accumulate and
compound quarterly at the Coupon Rate of the aggregate stated liquidation amount
or the Reset Rate of the Accreted Value of the Preferred Securities on the
Remarketing Date, as applicable ("Compounded Distributions"). The term
"Distribution" means ordinary quarterly distributions together with any
Compounded Distributions.

          (c) As long as no Indenture Event of Default has occurred and is
continuing and as long as a Failed Remarketing has not occurred, the Company has
the right under the Indenture to defer payments of interest on the Debentures by
extending the interest payment period, at any time and from time to time, on the
Debentures for a period not exceeding 20 consecutive quarters (each, an
"Extension Period"), during which Extension Period no interest shall be due and
payable on the Debentures; provided that no Extension Period shall end on a date
other than an Interest Payment Date or extend beyond the stated maturity of the
Debentures. Upon the occurrence of a Failed Remarketing, any such Extension
Period shall terminate and interest shall be payable in cash on the next
Interest Payment Date. As a consequence of such deferral, Distributions also
shall be deferred. Despite such deferral, interest on the Debentures shall
continue to accrue with additional interest thereon (to the extent permitted by
applicable law) and, as a result, Distributions shall continue to accumulate
with additional Distributions thereon (to the extent permitted by applicable
law) at the Coupon Rate of the aggregate principal amount or at the Reset Rate
of the Accreted Value on the Remarketing Date, as the case may be, compounded
quarterly during any such Extension Period. Prior to the termination of any such

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<PAGE>

Extension Period, the Company may further defer payments of interest by further
extending such Extension Period; provided that such Extension Period, together
with all such previous and further extensions of such Extension Period, may not
exceed 20 consecutive quarters or extend beyond the stated maturity date of the
Debentures. Upon the termination of any Extension Period and the payment of all
amounts then due, the Company may commence a new Extension Period, subject to
the above requirements.

          (d) Distributions on the Securities shall be payable to the Holders
thereof as their names appear in the books and records of the Trust at the close
of business on the relevant Regular Record Dates; provided that Distributions
payable on the Remarketing Settlement Date shall be payable to the Holders
thereof as their names appear in the books and records of the Trust at the close
of business on the Special Record Date. If the Preferred Securities are
represented by one or more Global Preferred Securities, the relevant Regular
Record Dates shall be the close of business on the Business Day preceding the
corresponding Distribution Date, unless a different Regular Record Date is
established or provided for the corresponding Interest Payment Date on the
Debentures. If the Preferred Securities are not represented by one or more
Global Preferred Securities, the relevant Regular Record Dates for the Preferred
Securities shall be at least one Business Day prior to the corresponding
Distribution Dates, or such other dates as may be selected by the Administrative
Trustees. The record dates for the Common Securities shall be the same as the
record dates for the Preferred Securities. At all times, the Distribution Dates
shall correspond to the Interest Payment Dates on the Debentures.

          Distributions payable on any Securities that are not punctually paid
on any Distribution Date, as a result of the Company having failed to make a
payment under the Debentures, shall cease to be payable to the Person in whose
name such Securities are registered on the relevant record date, and such
defaulted Distribution instead shall be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
determined in accordance with the Indenture for payment of the corresponding
defaulted interest on the Debentures.

          (e) If any date on which a Distribution is payable on the Securities
is not a Business Day, payment of the Distribution payable on such date will be
made on the next day that is a Business Day (and without any additional
Distribution or other payment in respect of any such delay), except that if such
Business Day is in the next calendar year, such payment shall be made on the
immediately preceding Business Day with the same force and effect as if made on
the date such payment was originally payable.

          (f) If and to the extent that the Company makes a payment of principal
of and premium, if any, and interest on the Debentures held by the Property
Trustee (the amount of any such payment being a "Payment Amount"), the Property
Trustee shall and is directed, to the extent funds are available for that
purpose, to make a distribution of the Payment Amount to the Holders on a Pro
Rata basis, subject to Section 6.1(e).

          (g) In the event that there is any money or other property held by or
for the Trust that is not accounted for hereunder, such property shall be
distributed on a Pro Rata basis among the Holders subject to 6.1(e).

Section 6.6. Remarketing.

          (a) In connection with a Remarketing of the Preferred Securities:

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<PAGE>

             (i)    in connection with a Remarketing upon an Optional Redemption
                    Remarketing Event or a Legal Cause Remarketing Event, the
                    Accreted Value of the Debentures as of the end of the day on
                    the day next preceding the Remarketing Date shall become due
                    on the date which is 180 days following the Remarketing
                    Date, and, as a result, the Accreted Value of the Securities
                    as of the end of the day on the day next preceding the
                    Remarketing Date shall be redeemed on the date which is 180
                    days following the Remarketing Date;

             (ii)   beginning on the Remarketing Date, the rate of interest per
                    annum on the Accreted Value of the Debentures shall become
                    the Reset Rate on the Accreted Value of the Securities
                    established in the Remarketing of the Preferred Securities,
                    and, as a result, the Distribution rate per annum on the
                    Accreted Value of the Securities shall become the Reset Rate
                    established in the Remarketing of the Preferred Securities;

             (iii)  on the Remarketing Settlement Date, interest accrued and
                    unpaid on the Debentures from and including the immediately
                    preceding Interest Payment Date to, but excluding, the
                    Remarketing Settlement Date shall be payable to the holders
                    of the Debentures on the Special Record Date, and, as a
                    result, Distributions accumulated and unpaid on the
                    Securities from and including the immediately preceding
                    Distribution Date to, but excluding, the Remarketing
                    Settlement Date shall be payable to the Holders of the
                    Securities on the Special Record Date;

             (iv)   in connection with a Remarketing upon an Optional Redemption
                    Remarketing Event or a Legal Cause Remarketing Event, the
                    Company shall be obligated to redeem the Warrants on the
                    Remarketing Settlement Date at a redemption price per
                    Warrant equal to the Warrant Value as of the end of the day
                    on the day next preceding the Remarketing Date; and

             (v)    on and after the Remarketing Date, the Warrants shall be
                    exercisable at the Exercise Price.

          (b) The proceeds from the Remarketing of the Preferred Securities
shall be paid to the selling Holders; provided that upon an Optional Redemption
Remarketing Event or a Legal Cause Remarketing Event, the proceeds from the
Remarketing of the Preferred Securities that are held pursuant to the Unit
Agreement for which the holders of such Units have elected to exercise their
Warrants shall be paid directly to the Warrant Agent to satisfy in full the
Exercise Price of the Warrants held by such holders with any excess proceeds
being paid to the selling holders.

          (c) In connection with a Remarketing of the Preferred Securities and
at any time thereafter, a purchaser may exchange its Preferred Securities for
its Pro Rata share of Debentures. In such event, the Administrative Trustees
shall cause Debentures held by the Property Trustee, having an aggregate
Accreted Value equal to the aggregate Accreted Value of

                                       44

<PAGE>

the Preferred Securities purchased by such purchaser and with accrued and unpaid
interest equal to the accumulated and unpaid Distributions on the Preferred
Securities purchased by such purchaser and having the same record date for
payment as the Preferred Securities, to be distributed to such purchaser in
exchange for such Holders' pro rata interest in the Trust. In such event, the
Debentures held by the Trust shall decrease by the amount of Debentures
delivered to the purchaser of Preferred Securities.

          (d) Upon the occurrence of an Optional Redemption Remarketing Event,
the Company shall cause a Remarketing of the Preferred Securities and select a
Remarketing Date; provided, however, that the following conditions precedent are
satisfied:

             (i)    as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, no Trust Enforcement Event or deferral of
                    Distributions to Holders of the Preferred Securities shall
                    have occurred and be continuing;

             (ii)   as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, the Warrant Requirements shall have been
                    satisfied; and

             (iii)  on the Remarketing Date, the Legal Requirements shall have
                    been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date; provided, however, that the following conditions precedent are satisfied
on the Remarketing Settlement Date:

                    (A)  the Warrant Requirements shall be satisfied; and

                    (B)  pursuant to the Warrant Agreement, a redemption of the
                         Warrants of those holders who have not elected to
                         exercise their Warrants prior to or on such date shall
                         have been consummated.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
of the Preferred Securities cannot occur and the contemporaneous redemption of
Warrants shall be canceled; provided, however, that if:

          (x)       the Remarketing cannot occur because of a failure to satisfy
                    either the Warrant Requirements or the Legal Requirements as
                    of or on the relevant date or dates; and

          (y)       the Company is using its best efforts to satisfy such
                    Requirements;

the Company shall have the right to cause a Remarketing of the Preferred
Securities on a subsequent date which is no later than the Expiration Date;
provided, however, that all applicable requirements and conditions precedents
(including the timely occurrence of an Optional Redemption Remarketing Event)
are satisfied.

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<PAGE>

          (e) Upon the occurrence of a Legal Cause Remarketing Event, the
Company shall cause a Remarketing of the Preferred Securities and select a
Remarketing Date; provided, however, that the following conditions precedent are
satisfied:

             (i)    as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, no Trust Enforcement Event shall have
                    occurred and be continuing;

             (ii)   as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, the Warrant Requirements shall have been
                    satisfied; and

             (iii)  on the Remarketing Date, the Legal Requirements shall have
                    been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date; provided, however, that the following conditions precedent are satisfied
on the Remarketing Settlement Date:

                    (A)  the Warrant Requirements shall be satisfied; and

                    (B)  a redemption of the Warrants of those holders who have
                         not elected to exercise their Warrants prior to or on
                         such date shall have been consummated pursuant to the
                         Warrant Agreement.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

          (x)  the Remarketing cannot occur because of a failure to satisfy
               either the Warrant Requirements or the Legal Requirements as of
               or on the relevant date or dates; and

          (y)  the Company is using its best efforts to satisfy such
               Requirements;

the Company shall have the right to cause a Remarketing of the Preferred
Securities on a subsequent date which is no later than the Expiration Date;
provided, however, that all applicable requirements and conditions precedents
(including the timely occurrence of a Legal Cause Remarketing Event) are
satisfied.

          (f) On the Maturity Remarketing Date, a Remarketing of the Preferred
Securities shall occur; provided, however, that on such date, the Legal
Requirements (to the extent applicable) shall have been satisfied.

          (g) If, for any reason, a Remarketing of the Preferred Securities does
not occur on the Maturity Remarketing Date, the Administrative Trustees shall
give notice thereof to all Holders of Preferred Securities (whether or not held
pursuant to the Unit Agreement) prior to the close of business on the Business
Day following the Maturity Remarketing Date. In such event:

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<PAGE>

             (i)    the rate of interest per annum on the Accreted Value of the
                    Debentures (which, on the Maturity Remarketing Date, shall
                    be equal to the principal amount of the Debentures) shall
                    become (.)%, and, as a result, the rate of Distribution per
                    annum on the Accreted Value of the Securities (which, on the
                    Maturity Remarketing Date, shall be equal to the liquidation
                    preference of the Securities) shall become (.)%;

             (ii)   the Accreted Value of the Debentures (and, as a result, the
                    Accreted Value of the Securities) shall be due and payable
                    on the day which is 180 days after the Maturity Remarketing
                    Date; and

             (iii)  pursuant to the Indenture, the Company no longer shall have
                    the option to defer payments of interest on the Debentures.

          (h) Upon the occurrence of an Optional Redemption Remarketing Event or
a Legal Cause Remarketing Event, or upon the Maturity Remarketing Date, as long
as the Preferred Securities are evidenced by Global Preferred Securities
deposited with the Clearing Agency, the Company shall request, no fewer than
three nor more than 18 Business Days prior to the Remarketing Date, that the
Clearing Agency notify the Holders of the Preferred Securities of the
Remarketing of the Preferred Securities and of the procedures that must be
followed if such Holder of Preferred Securities wishes to elect not to
participate in the Remarketing of the Preferred Securities.

          (i) Upon the occurrence of a Remarketing Event, all of the Preferred
Securities (excluding the Preferred Securities as to which the Holders thereof
have elected not to participate in the Remarketing) shall be remarketed by the
Remarketing Agent. Not later than 5:00 p.m. (New York City time) on the Business
Day preceding the Remarketing Date, each Holder of Preferred Securities may
elect not to have the Preferred Securities held by such Holder remarketed in the
Remarketing. Holders of Preferred Securities that are not held pursuant to the
Unit Agreement shall give such notice to the Property Trustee, and Holders of
Preferred Securities that are held pursuant to the Unit Agreement shall give
such notice to the Unit Agent. Holders of Preferred Securities that do not give
notice of their intention not to participate in the Remarketing shall be deemed
to have consented to the disposition of their Preferred Securities in the
Remarketing. Any such notice shall be irrevocable and may not be conditioned
upon the level at which the Reset Rate is established in the Remarketing.

     Not later than 5:00 p.m. (New York City time) on the Business Day preceding
the Remarketing Date, the Property Trustee and the Unit Agent, as applicable,
based on the notices received by it prior to such time, shall notify the Trust,
the Company and the Remarketing Agent of the number of Preferred Securities to
be tendered for purchase in the Remarketing.

          (j) The right of each Holder to have Preferred Securities tendered for
purchase shall be limited to the extent that:

               (i)  the Remarketing Agent conducts a Remarketing pursuant to the
                    terms of the Remarketing Agreement;

               (ii) the Remarketing Agent is able to find a purchaser or
                    purchasers for the Preferred Securities deemed tendered; and

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<PAGE>

             (iii)  such purchaser or purchasers deliver the purchase price
                    therefor to the Remarketing Agent.

          (k) On the Remarketing Date, the Remarketing Agent shall use
commercially reasonable efforts to remarket the Preferred Securities deemed
tendered for purchase at a price no less than 100% of the aggregate Accreted
Value as of the end of the day on the day next preceding the Remarketing Date.

          (l) If, as a result of the efforts described in 6.6(k), the
Remarketing Agent determines that it will be able to remarket all of the
Preferred Securities deemed tendered for purchase at the purchase price set
forth in Section 6.6(k) prior to 4:00 p.m. (New York City time) on the
Remarketing Date, the Remarketing Agent shall determine the Reset Rate, which
shall be the rate per annum (rounded to the nearest one-thousandth (0.001) of 1%
per annum) that the Remarketing Agent determines, in its sole judgment, to be
the lowest rate per annum that will enable it to remarket all of the Preferred
Securities deemed tendered for Remarketing.

          (m) If none of the Holders of the Preferred Securities or the holders
of the Units elects to have their Preferred Securities remarketed in the
Remarketing, the Reset Rate shall equal the rate determined by the Remarketing
Agent, in its sole discretion, as the rate that would have been established had
a Remarketing been held on the Remarketing Date, and the related modifications
to the other terms of the Preferred Securities and to the terms of the
Debentures and the Warrants shall be effective as of the Remarketing Date.

          (n) If, by 4:00 p.m. (New York City time) on the Remarketing Date, the
Remarketing Agent is unable to remarket all of the Preferred Securities deemed
tendered for purchase, a "Failed Remarketing" shall be deemed to have occurred
and the Remarketing Agent shall so advise by telephone (promptly confirmed in
writing) the Clearing Agency, the Property Trustee, the Indenture Trustee and
the Administrative Trustees on behalf of the Trust and the Company. The
Administrative Trustees shall then give notice of the Failed Remarketing to the
Company and the Holders of the Preferred Securities prior to the close of
business on the Business Day following the Failed Remarketing Date. In the event
of a Failed Remarketing:

             (i)    the Accreted Value of the Debentures as of the end of the
                    day on the day next preceding the Failed Remarketing Date
                    shall become due on the date which is 180 days following the
                    Failed Remarketing Date, and, as a result, the Accreted
                    Value of the Securities as of the end of the day on the day
                    next preceding the Failed Remarketing Date shall be redeemed
                    on the date which is 180 days following the Failed
                    Remarketing Date;

             (ii)   beginning on the Failed Remarketing Date, the rate of
                    interest per annum on the Accreted Value of the Debentures
                    shall become (.)%, and, as a result, the rate of
                    Distribution per annum on the Accreted Value of the
                    Securities shall become (.)%; and

             (iii)  pursuant to the Indenture, the Company no longer shall have
                    the option to defer payments of interest on the Debentures.

     Notwithstanding a Failed Remarketing, subject to the satisfaction of the
Legal Requirements, the Warrants shall be redeemed at the Warrant Value and a
holder of Warrants

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<PAGE>

shall have the option to exercise its Warrants in lieu of such redemption, as
provided in the Unit Agreement and the Warrant Agreement.

          (o) By approximately 4:30 p.m. (New York City time) on the Remarketing
Date, so long as there has not been a Failed Remarketing, the Remarketing Agent
shall advise, by telephone (promptly confirmed in writing):

             (i)    the Clearing Agency, the Property Trustee, the Indenture
                    Trustee, the Trust and the Company of the Reset Rate
                    determined in the Remarketing and the number of Preferred
                    Securities sold in the Remarketing;

             (ii)   each purchaser (or the Clearing Agency Participant thereof)
                    of the Reset Rate and the number of Preferred Securities
                    such purchaser is to purchase; and

             (iii)  each purchaser to give instructions to its Clearing Agency
                    Participant to pay the purchase price on the Remarketing
                    Settlement Date in same day funds against delivery of the
                    Preferred Securities purchased through the facilities of the
                    Clearing Agency.

          (p) In accordance with the Clearing Agency's normal procedures, on the
Remarketing Settlement Date, the transactions described above with respect to
each Preferred Security deemed tendered for purchase and sold in the Remarketing
shall be executed through the Clearing Agency, and the accounts of the
respective Clearing Agency Participants shall be debited and credited and such
Preferred Securities delivered by book entry as necessary to effect purchases
and sales of such Preferred Securities. The Clearing Agency shall make payment
in accordance with its normal procedures.

          (q) If any Holder of the Preferred Securities selling such Preferred
Securities (or any holder of Units selling the Preferred Securities that are
held pursuant to the Unit Agreement) in the Remarketing fails to deliver such
Preferred Securities, the Clearing Agency Participant of such selling holder and
of any other Person that was to have purchased Preferred Securities in the
Remarketing may deliver to any such other Person a number of Preferred
Securities that is less than the number of Preferred Securities that otherwise
was to be purchased by such Person. In such event, the number of Preferred
Securities to be so delivered shall be determined by such Clearing Agency
Participant, and delivery of such lesser number of Preferred Securities shall
constitute good delivery.

          (r) The Remarketing Agent is not obligated to purchase any Preferred
Securities that otherwise would remain unsold in the Remarketing. Neither the
Trust, any Trustee, the Company nor the Remarketing Agent shall be obligated in
any case to provide funds to make payment upon tender of the Preferred
Securities for Remarketing.

          (s) Under the Remarketing Agreement, the Company, in its capacity as
Company, shall be liable for, and shall pay, any and all costs and expenses
incurred in connection with the Remarketing, and the Trust shall not have any
liabilities for such costs and expenses.

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<PAGE>

          (t) The tender and settlement procedures set in this Section 6.6,
including provisions for payment by purchasers of the Preferred Securities in
the Remarketing, shall be subject to modification to the extent required by the
Clearing Agency or if the book-entry system is no longer available for the
Preferred Securities at the time of the Remarketing, to facilitate the tendering
and remarketing of the Preferred Securities in definitive form. In addition, the
Remarketing Agent may modify the settlement procedures set forth herein in order
to facilitate the settlement process.

Section 6.7 Limited Right to Require Exchange of Preferred Securities and
Repurchase of Debentures.

          (a) Upon the exercise of Warrants by a holder of Units on a date other
than a Remarketing Settlement Date, such Holder shall have the right (the
"Repurchase Right"), on the next Special Distribution Date that is no less than
180 days following the exercise date of such Warrants, to require the Trust to
exchange the Preferred Securities related to such exercised Warrants for
Debentures having a principal amount at maturity equal to the liquidation
preference of such Preferred Securities on such exchange date plus accumulated
and unpaid Distributions (including deferred Distributions) to such date, and to
require the Company to repurchase such Debentures on the applicable Special
Distribution Date.

          (b) To exercise its Repurchase Right, a Unit holder shall:

             (i)    provide the Administrative Trustees, the Exchange Agent and
                    the Company with notice of its election to exercise its
                    Repurchase Right no less than 30 days prior to the Special
                    Distribution Date on which such repurchase is to be
                    effected;

             (ii)   specify in such notice the number of Preferred Securities to
                    be exchanged for Debentures by the Trust; and

             (iii)  certify to the Trust, the Administrative Trustees and the
                    Company that such holder (A) has exercised the Warrants that
                    are held pursuant to the Unit Agreement having an Exercise
                    Price no less than the liquidation preference of the
                    Preferred Security sought to be exchanged, and (B) is the
                    beneficial owner of the Preferred Securities to be
                    exchanged.

          (c) No less than three Business Days prior to the applicable Special
Distribution Date:

               (i)  if the Preferred Securities to be exchanged are represented
                    by a Global Preferred Security, the Property Trustee shall
                    make, in accordance with the instructions of the Exchange
                    Agent, the necessary endorsement to the "Schedule of
                    Increases or Decreases in Global Preferred Security"
                    attached to the Global Preferred Security to reduce the
                    amount of Preferred Securities represented thereby and shall
                    instruct the Indenture Trustee to transfer to the Exchange
                    Agent a corresponding principal amount of Debentures; and

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<PAGE>

               (ii) if the Preferred Securities to be exchanged are represented
                    by Definitive Preferred Securities, (x) the Holder of such
                    Preferred Securities shall present such Definitive Preferred
                    Securities to the Property Trustee for cancellation and the
                    Property Trustee shall so notify the Registrar and (y) the
                    Property Trustee shall instruct the Indenture Trustee to
                    deliver to such Holder, definitive Debentures having a
                    principal amount at maturity equal to the liquidation
                    preference of the cancelled Preferred Securities of such
                    Holder.

          (d) On the applicable Special Distribution Date, the Company shall
repurchase, pursuant to the Indenture, the Debentures which were the subject of
an exchange notice received by the Company pursuant to Section 6.7(b) at the
Repurchase Price.

Section 6.8 Reserved.

Section 6.9. Redemption.

          (a) Except as provided in Sections 6.7 and 6.8, if applicable, upon
the repayment of the Debentures held by the Trust, in whole or in part, whether
at stated maturity (as adjusted in connection with a Remarketing, if applicable)
or otherwise, the proceeds from such repayment shall be simultaneously applied
by the Property Trustee to redeem a Like Amount of the Securities at a
redemption price (i) in the absence of a Remarketing, equal to $(.), plus
accumulated and unpaid Distributions on the Securities through the date of
redemption or (ii) in the event of a successful Remarketing prior to maturity,
the Securities' Accreted Value (the "Redemption Price"). The Redemption Price
shall be payable on the date of redemption (the "Redemption Date") only to the
extent that the Trust has sufficient funds available for the payment of such
Redemption Price.

          (b) If the Debentures are repaid in part, the Securities shall be
redeemed in part. Except as provided in Section 6.13, the proceeds from such
repayment of Debentures shall be allocated on a Pro Rata basis to the redemption
of the Securities.

          (c) The procedure with respect to redemptions of Securities shall be
as follows:

               (i)  Notice of any redemption of Securities (a "Redemption
                    Notice"), which notice shall be irrevocable, shall be given
                    by the Trust by mail to each Holder of Securities within 5
                    Business Days of the Redemption Date, which shall be the
                    date fixed for repayment of the Debentures. A Redemption
                    Notice shall be deemed to be given on the day such notice is
                    first mailed by first-class mail, postage prepaid, to
                    Holders. No defect in the Redemption Notice or in the
                    mailing of the redemption Notice with respect to any Holder
                    shall affect the validity of the redemption proceedings with
                    respect to any other Holder.

               (ii) Each Redemption Notice shall be prepared by the
                    Administrative Trustees and delivered to the Property
                    Trustee, which will then send such Redemption Notice on
                    behalf of the Trust to:

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<PAGE>

                    (A)  in respect of the Preferred Securities, the Clearing
                         Agency or its nominee (or any successor Clearing Agency
                         or its nominee) if the Global Preferred Securities have
                         been issued or, the Holders thereof if Definitive
                         Preferred Securities have been issued, and

                    (B)  in respect of the Common Securities, the Holder (or
                         Holders) thereof.

               (iii) Once the Trust gives a Redemption Notice:

                    (A)  with respect to Preferred Securities issued in
                         book-entry form, by 12:00 noon (New York City time) on
                         the Redemption Date of such Preferred Securities;
                         provided that the Company has paid the Property Trustee
                         a sufficient amount of cash in connection with the
                         related repayment of the Debentures by 10:00 a.m. (New
                         York City time) on such Redemption Date, the Property
                         Trustee shall deposit irrevocably with the Clearing
                         Agency or its nominee (or successor Clearing Agency or
                         its nominee) funds sufficient to pay the applicable
                         Redemption Price with respect to such Global Preferred
                         Securities and shall give the Clearing Agency
                         irrevocable instructions and authority to pay the
                         Redemption Price to the relevant Clearing Agency
                         Participants, and

                    (B)  with respect to Preferred Securities issued in
                         definitive form and Common Securities, by 12:00 noon
                         (New York City time) on the Redemption Date of such
                         Securities, provided that the Company has paid the
                         Property Trustee a sufficient amount of cash in
                         connection with the related repayment of the Debentures
                         by 10:00 a.m. (New York City time) on such Redemption
                         Date, the Property Trustee shall deposit irrevocably
                         with the Paying Agent such funds sufficient to pay the
                         applicable Redemption Price with respect to such
                         Definitive Preferred Securities and Common Securities
                         and shall give the Paying Agent irrevocable
                         instructions and authority to pay the Redemption Price
                         to the relevant Holders upon surrender of their
                         Certificates evidencing their Securities.

               (iv) If a Redemption Notice shall have been given and funds
                    deposited as required, then, immediately prior to the close
                    of business on the Redemption Date, Distributions shall
                    cease to accumulate on the Securities called for redemption
                    and all rights of Holders of Securities called for
                    redemption, except the right of such Holders to receive the
                    Redemption Price (but without interest on such Redemption
                    Price), shall cease, and such Securities shall cease to be
                    outstanding.

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<PAGE>

             (v)    Payment of accumulated and unpaid Distributions on the
                    Redemption Date of the Securities shall be subject to the
                    rights of Holders on the close of business on a Regular
                    Record Date in respect of a Distribution Date occurring
                    prior to or on such Redemption Date.

             (vi)   If any Redemption Date is not a Business Day, payment of the
                    Redemption Price payable on such Redemption Date shall be
                    made on the next day that is a Business Day (and without any
                    interest or other payment in respect of any such delay)
                    except that, if such next Business Day falls in the next
                    calendar year, such payment shall be made on the immediately
                    preceding Business Day, in each case with the same force and
                    effect as if made on the date such payment was originally
                    payable.

             (vii)  If payment of the Redemption Price in respect of any
                    Securities called for redemption is improperly withheld or
                    refused and not paid either by the Property Trustee or by
                    the Company pursuant to the Guarantee, Distributions on such
                    Securities shall continue to accumulate from the redemption
                    date originally established by the Trust to the date such
                    Redemption Price is actually paid, in which case the actual
                    payment date shall be the Redemption Date for purposes of
                    calculating the Redemption Price.

             (viii) Subject to the foregoing and applicable law (including,
                    without limitation, United States federal securities laws
                    and banking laws), the Company or any of its subsidiaries
                    may at any time and from time to time purchase outstanding
                    Preferred Securities by tender, in the open market or by
                    private agreement.

Section 6.10 Distribution of Debentures in Exchange for Securities Upon the
Occurrence of a Special Event

          (a) If at any time either a Tax Event or an Investment Company Event
occurs (each, a "Special Event") and certain conditions set forth in Section
6.10(b) are satisfied, the Administrative Trustees may dissolve the Trust and,
after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, cause the Debentures held by the Property Trustee to be
distributed to the Holders in liquidation of such Holders' interests in the
Trust on a Pro Rata basis, upon not less than 30 nor more than 60 days notice,
within the 90 days following the occurrence of such Special Event (the "90-Day
Period"), and, simultaneous with such distribution, to cause a Like Amount of
the Securities to be exchanged by the Trust on a Pro Rata basis.

          (b) The dissolution of the Trust and distribution of the Debentures
pursuant to Section 6.10(a) shall be permitted only upon satisfaction of the
following three conditions:

               (i)  the receipt by the Administrative Trustees of an Opinion of
                    Counsel, rendered by an independent law firm having a
                    recognized national tax practice, to the effect that the
                    Holder shall not recognize any gain or loss for United
                    States federal

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<PAGE>

                    income tax purposes as a result of the dissolution of the
                    Trust and the distribution of the Debentures (a "No
                    Recognition Opinion"); provided that if a Special Event
                    occurs and the Administrative Trustees are informed by an
                    independent counsel that such counsel cannot deliver a No
                    Recognition Opinion to the Trust, and thus a dissolution of
                    the Trust and distribution of the Debentures shall not be
                    permitted, the Company shall have the right to cause a
                    Remarketing of the Preferred Securities as set forth in
                    Section 6.6 within the 90-Day Period;

             (ii)   neither the Trust nor the Company being able to eliminate,
                    which elimination shall be complete within the 90-Day
                    Period, such Special Event by taking some ministerial action
                    (such as filing a form, making an election or pursuing some
                    other reasonable measure) that:

                    (A)  has no material adverse effect on the Trust, the
                         Company or the Holders; or

                    (B)  does not subject any of them to more than de minimis
                         regulatory requirements; and

             (iii)  the receipt by the Administrative Trustees of the prior
                    written consent of the Company.

          (c) Notice of any distribution of Debentures in exchange for the
Securities (a "Debenture Distribution Notice"), which notice shall be
irrevocable, shall be given by the Trust by mail to each Holder of Securities
not fewer than 30 nor more than 60 days before the date of distribution of the
Debentures. A Debenture Distribution Notice shall be deemed to be given on the
day such notice is first mailed by first-class mail, postage prepaid, to
Holders. No defect in the Debenture Distribution Notice or in the mailing of the
Debenture Distribution Notice with respect to any Holder shall affect the
validity of the exchange proceedings with respect to any other Holder.

          Each Debenture Distribution Notice shall be prepared by the
Administrative Trustees and delivered to the Property Trustee, which will then
send such Debenture Distribution Notice on behalf of the Trust to:

               (i)  in respect of the Preferred Securities, the Clearing Agency
                    or its nominee (or any successor Clearing Agency or its
                    nominee) if the Global Preferred Securities have been issued
                    or, the Holders thereof if Definitive Preferred Securities
                    have been issued, and

               (ii) in respect of the Common Securities, the Holder (or Holders)
                    thereof.

          (d) On and from the date fixed by the Administrative Trustees for any
distribution of Debentures and liquidation of the Trust:

               (i)  the Securities no longer shall be deemed to be outstanding;

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             (ii)   the Clearing Agency or its nominee (or any successor
                    Clearing Agency or its nominee), as the Holder of the
                    Preferred Securities, will receive a registered global
                    certificate or certificates representing the Debentures to
                    be delivered upon such distribution; and

             (iii)  any certificates representing Securities not held by the
                    Clearing Agency or its nominee (or any successor Clearing
                    Agency or its nominee) shall be deemed to represent
                    Debentures having an aggregate principal amount equal to the
                    aggregate liquidation amount of such Securities and bearing
                    accrued and unpaid interest in an amount equal to the
                    accumulated and unpaid Distributions on such Securities,
                    until such certificates are presented for cancellation, at
                    which time the Company shall issue, and the Indenture
                    Trustee shall authenticate, a certificate representing such
                    Debentures.

          (e) In the event of a dissolution of the Trust and a distribution of
the Debentures, pursuant to the Indenture, the Company shall have the same
rights, and shall be subject to the same terms and conditions, to cause a
Remarketing of the Debentures as the Company has and is subject to under Section
6.6 to cause a Remarketing of the Preferred Securities.

Section 6.11 Voting Rights of the Preferred Securities.

          (a) Except as provided under this Section 6.11 and 11.1 and as
otherwise required by the Statutory Trust Act, this Declaration and other
applicable law, the Holders of the Preferred Securities shall have no voting
rights.

          (b) Subject to the requirement of the Property Trustee obtaining a tax
opinion in certain circumstances set forth in Section 6.11(d), the Holders of a
Majority in Liquidation Amount of the Preferred Securities, voting separately as
a class, shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Property Trustee, or to direct
the exercise of any trust or power conferred upon the Property Trustee under
this Declaration, including the right to direct the Property Trustee, as holder
of the Debentures, to:

             (i)    exercise the remedies available to it under the Indenture;

             (ii)   consent to any amendment or modification of the Indenture or
                    the Debentures where such consent is required; or

             (iii)  waive any past default and its consequences that are
                    waivable under Section 2.11 of the First Supplemental
                    Indenture;

provided, however, that if an Indenture Event of Default has occurred and is
continuing, the Holders of at least 25% of the aggregate liquidation amount of
the Preferred Securities may direct the Property Trustee to declare the
principal of and premium, if any, and interest on the Debentures due and
payable; provided, further, that where a consent or action under the Indenture
would require the consent or act of the Holders of a Super Majority of the
aggregate principal

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<PAGE>

amount of Debentures affected thereby, the Property Trustee may give such
consent or take such action only at the written direction of the Holders of the
percentage of the aggregate liquidation amount of the Preferred Securities which
is at least equal to the percentage required under the Indenture.

          (c) If the Property Trustee fails to enforce its rights under the
Debentures after a Holder of Preferred Securities has made a written request,
such Holder of Preferred Securities may institute, to the fullest extent
permitted by law, a legal proceeding directly against the Company to enforce the
Property Trustee's rights under the Indenture without first instituting any
legal proceeding against the Property Trustee or any other Person. In addition,
if a Trust Enforcement Event has occurred and is continuing and such event is
attributable to the failure of the Company to make any interest, principal or
other required payments when due under the Indenture, then a Holder of Preferred
Securities may institute a Direct Action against the Company on or after the
respective due date specified in the Debentures.

          (d) The Property Trustee shall notify all Holders of the Preferred
Securities of any notice of any Indenture Event of Default received from the
Company with respect to the Debentures. Such notice shall state that such
Indenture Event of Default also constitutes a Trust Enforcement Event. Except
with respect to directing the time, method and place of conducting a proceeding
for a remedy, the Property Trustee shall be under no obligation to take any of
the actions described in Section 6.10(b), unless the Property Trustee has
received an Opinion of Counsel, rendered by a nationally recognized independent
tax counsel, to the effect that the Trust will not fail to be classified as a
grantor trust for United States federal income tax purposes as a result of such
action, and that each Holder of Preferred Securities shall be treated as owning
an undivided beneficial interest in the Debentures.

          (e) If the consent of the Property Trustee, as the holder of the
Debentures, is required under the Indenture with respect to any amendment,
modification or termination of the Indenture, the Property Trustee shall request
the written direction of the Holders with respect to such amendment,
modification or termination and shall vote with respect to such amendment,
modification or termination as directed by a Majority in Liquidation Amount of
the Securities voting together as a single class; provided that where a consent
under the Indenture would require the consent of the Holders of a Super Majority
of the aggregate principal amount of the Debentures, the Property Trustee may
give such consent only at the direction of the Holders of the percentage of the
aggregate liquidation amount of the Securities which is at least equal to the
percentage required under the Indenture. The Property Trustee shall not take any
such action in accordance with the directions of the Holders of the Securities
unless the Property Trustee has received an Opinion of Counsel, rendered by a
nationally recognized independent tax counsel, to the effect that the Trust will
not fail to be classified as a grantor trust for United States federal income
tax purposes as a result of such action, and that each Holder of Securities will
be treated as owning an undivided beneficial interest in the Debentures.

          (f) A waiver of an Indenture Event of Default with respect to the
Debentures shall constitute a waiver of the corresponding Trust Enforcement
Event.

          (g) Any required approval or direction of the Holders of the Preferred
Securities may be given at a separate meeting of the Holders of the Preferred
Securities convened for such purpose, at a meeting of all of the Holders of the
Securities or pursuant to written consent. The Administrative Trustees shall
cause a notice of any meeting at which Holders of the

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<PAGE>

Preferred Securities are entitled to vote to be mailed to each Holder of record
of Preferred Securities. Each such notice shall include a statement setting
forth:

               (i)   the date of such meeting or the date by which action is to
                     be taken;

               (ii)  a description of any resolution proposed for adoption at
                     such meeting on which such Holders are entitled to vote or
                     of the matter upon which written consent is sought; and

               (iii) instructions for the delivery of proxies or consents.

          (h) No vote or consent of the Holders of the Preferred Securities
shall be required for the Trust to redeem and cancel the Preferred Securities or
distribute the Debentures in accordance with this Declaration and the terms of
the Securities.

          (i) Notwithstanding that the Holders of the Preferred Securities are
entitled to vote or consent under any of the circumstances described above, any
of the Preferred Securities that are owned at such time by the Company, the
Trustees or any Affiliate of the Company or any Trustee shall not be entitled to
vote or consent and shall be treated, solely for purposes of such vote or
consent, as if such Preferred Securities were not outstanding.

          (j) Except as provided under Section 6.11(k), the Holders of the
Preferred Securities shall have no rights to appoint or remove the Trustees, who
may be appointed, removed or replaced solely by the Holders of the Common
Securities.

          (k) If an Indenture Event of Default has occurred and is continuing,
the Property Trustee and the Delaware Trustee may be removed and replaced by a
Majority in Liquidation Amount of the Preferred Securities.

Section 6.12 Voting Rights of the Common Securities.

          (a) Except as provided in Section 5.1(b), this Section 6.12 and
Section 11.1 and as otherwise required by the Statutory Trust Act, the Trust
Indenture Act or other applicable law, the Holders of the Common Securities
shall have no voting rights.

          (b) Subject to Section 6.11(k), the Holders of the Common Securities
shall be entitled to vote to appoint, remove or replace any Trustee or to
increase or decrease the number of Trustees in accordance with Article V.

          (c) Subject to Section 2.6 and only after all Trust Enforcement Events
with respect to the Preferred Securities have been cured, waived or otherwise
eliminated and subject to the requirement of the Property Trustee receiving an
Opinion of Counsel, rendered by an independent law firm experienced in such
matters, in certain circumstances set forth in this Section 6.12(c), the Holders
of the Common Securities shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Property
Trustee, or to direct the exercise of any trust or power conferred upon the
Property Trustee under this Declaration, including the right to direct the
Property Trustee, as the holder of the Debentures, to:

               (i)  exercise the remedies available to it under the Indenture;

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<PAGE>

               (ii)  consent to any amendment or modification of the Indenture
                     or the Debentures where such consent is required; or

               (iii) waive any past default and its consequences that are
                     waivable under Section 2.11 of the First Supplemental
                     Indenture;

provided that where a consent or action under the Indenture would require the
consent or act of the Holders of a Super Majority of the aggregate principal
amount of Debentures affected thereby, only the Holders of the percentage of the
aggregate liquidation amount of the Common Securities which is at least equal to
the percentage required under the Indenture may direct the Property Trustee to
give such consent or take such action.

Except with respect to directing the time, method and place of conducting a
proceeding for a remedy, the Property Trustee shall be under no obligation to
take any of the actions described in clauses (i) and (ii) of this Section
6.12(c) unless the Property Trustee has received an Opinion of Counsel, rendered
by a nationally recognized independent tax counsel, to the effect that the Trust
will not fail to be classified as a grantor trust for United States federal
income tax purposes as a result of such action, and each Holder will be treated
as owning an undivided beneficial interest in the Debentures.

          (d) If the Property Trustee fails to enforce its rights under the
Debentures after the Holders of the Common Securities have made a written
request pursuant to Section 6.11(c), the Holders of the Common Securities may
institute, to the fullest extent permitted by law, a legal proceeding directly
against the Company to enforce the Property Trustee's rights under the
Debentures without first instituting any legal proceeding against the Property
Trustee or any other Person.

          (e) A waiver of an Indenture Event of Default with respect to the
Debentures shall constitute a waiver of the corresponding Trust Enforcement
Event.

          (f) Any required approval or direction of the Holders of the Common
Securities may be given at a separate meeting of the Holders of the Common
Securities convened for such purpose, at a meeting of all of the Holders of the
Securities or pursuant to written consent. The Administrative Trustees shall
cause a notice of any meeting at which the Holders of the Common Securities are
entitled to vote to be mailed to the Holders of the Common Securities. Such
notice shall include a statement setting forth:

               (i)   the date of such meeting or the date by which the action is
                     to be taken;

               (ii)  a description of any resolution proposed for adoption at
                     such meeting on which the Holders of the Common Securities
                     are entitled to vote or of the matter upon which written
                     consent is sought; and

               (iii) instructions for the delivery of proxies or consents.

          (g) No vote or consent of the Holders of the Common Securities shall
be required for the Trust to redeem and cancel the Common Securities or to
distribute the Debentures in accordance with this Declaration and the terms of
the Securities.

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Section 6.13 Ranking.

          The Preferred Securities rank pari passu with the Common Securities
and payment thereon shall be made on a Pro Rata basis with the Common
Securities, except that, if a Trust Enforcement Event occurs and is continuing,
no payments in respect of Distributions on, or payments upon liquidation,
redemption or otherwise with respect to, the Common Securities shall be made
until the Holders of the Preferred Securities shall be paid in full the
Distributions, Redemption Price, Liquidation Distribution and other payments to
which they are entitled at such time.

Section 6.14 Registrar, Paying Agent and Transfer Agent.

          The Trust shall maintain in the Borough of Manhattan, The City of New
York or in the City of Wilmington, Delaware:

               (i)   an office or agency where Preferred Securities may be
                     presented for registration of transfer ("Registrar"),

               (ii)  an office or agency where Definitive Preferred Securities
                     may be presented for payment, if any Preferred Securities
                     are not represented by one or more Global Preferred
                     Securities ("Paying Agent"); and

               (iii) an office or agency where Securities may be presented for
                     transfer and exchange ("Transfer Agent").

          The Registrar shall keep a register of the Preferred Securities and of
their transfer. The term "Registrar" includes any additional registrar, "Paying
Agent" includes any additional paying agent and the term "Transfer Agent"
includes any additional transfer agent. The Administrative Trustees on behalf of
the Trust may appoint the Registrar, the Paying Agent and the Transfer Agent. If
the Administrative Trustees fail to appoint or maintain another entity as
Registrar, Paying Agent or Transfer Agent, the Property Trustee shall act as
such. The Trust or any of its Affiliates may act as Paying Agent, Registrar, or
Transfer Agent. The Administrative Trustees on behalf of the Trust may change
any Registrar, Paying Agent or Transfer Agent without prior notice to any
Holder. The Paying Agent shall be permitted to resign as Paying Agent upon 30
days' written notice to the Administrative Trustees. The Administrative Trustees
on behalf of the Trust shall notify the Property Trustee and the Holders of any
change in the location of the office or agency of any Agent.

          The Trust shall act as Paying Agent, Registrar and Transfer Agent for
the Common Securities.

          The Trust initially appoints the Property Trustee as Registrar, Paying
Agent, and Transfer Agent for the Preferred Securities.

Section 6.15 Paying Agent to Hold Money in Trust.

          The Trust shall require each Paying Agent other than the Property
Trustee to agree in writing that the Paying Agent will hold in trust for the
benefit of Holders or the Property Trustee all money held by the Paying Agent
for the payment of Distributions, Redemption Price

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<PAGE>

or Liquidation Amounts, and will notify the Property Trustee if there are
insufficient funds for such purpose. While any such insufficiency continues, the
Property Trustee may require a Paying Agent to pay all money held by it to the
Property Trustee. The Trust at any time may require a Paying Agent to pay all
money held by it to the Property Trustee and to account for any money disbursed
by it. Upon payment over to the Property Trustee, the Paying Agent (if other
than the Trust or an Affiliate of the Trust) shall have no further liability for
the money. If the Trust or the Company or any Affiliate of the Trust or the
Company acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of the Holders all money held by it as Paying Agent.

Section 6.16 Replacement Securities.

          If a Holder claims that a Security owned by it has been lost,
destroyed or wrongfully taken or if such Security is mutilated and is
surrendered to the Trust or in the case of the Preferred Securities to the
Property Trustee, the Trust shall issue and the Property Trustee shall, upon
written order of the Trust signed by one Administrative Trustee, authenticate a
replacement Security if the Property Trustee's and the Trust's requirements, as
the case may be, are met. An indemnity bond must be provided by the Holder
which, in the judgment of the Property Trustee, is sufficient to protect the
Trustees, the Company, the Trust or any authenticating agent from any loss which
any of them may suffer if a Security is replaced. The Trust may charge such
Holder for its expenses in replacing a Security.

Section 6.17 Outstanding Preferred Securities.

          The Preferred Securities outstanding at any time are all the Preferred
Securities authenticated by the Property Trustee and, in the case of the Global
Preferred Securities, specified in the "Schedule of Increases or Decreases in
Global Preferred Security" attached thereto (or on the books and records of the
Property Trustee and the Clearing Agency or its nominee), except for those
canceled by it, those delivered to it for cancellation, and those described in
this Section as not outstanding.

          A Preferred Security does not cease to be outstanding because the
Company, one of the Trustees or any Affiliate of the Company or any of the
Trustees owns the Security.

Section 6.18 Preferred Securities in Treasury.

          In determining whether the Holders of the required amount of
Securities have concurred in any direction, waiver or consent, Preferred
Securities owned by the Company, the Trustees or any Affiliate of the Company or
any Trustees, as the case may be, shall be disregarded and deemed not to be
outstanding, except that for the purposes of determining whether the Property
Trustee shall be fully protected in relying on any such direction, waiver or
consent, only Securities which a Responsible Officer of the Property Trustee
actually knows are so owned shall be so disregarded.

Section 6.19 Deemed Security Holders.

          The Trustees may treat the Person in whose name any Security shall be
registered on the books and records of the Trust as the sole owner of such
Security for purposes of receiving Distributions and for all other purposes
whatsoever. Accordingly, the Trustees shall not be bound

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<PAGE>

to recognize any equitable or other claim to or interest in such Security on the
part of any Person, whether or not the Trust shall have actual or other notice
thereof.

Section 6.20 Cancellation.

          The Trust at any time may deliver Preferred Securities to the Property
Trustee for cancellation. The Registrar, Paying Agent and Transfer Agent shall
forward to the Property Trustee any Preferred Securities surrendered to them for
registration of transfer, redemption, exchange or payment. The Property Trustee
shall promptly cancel all Preferred Securities surrendered for registration of
transfer, redemption, exchange, payment, replacement or cancellation and shall
dispose of cancelled Preferred Securities as the Trust directs in writing,
provided that the Property Trustee shall not be obligated to destroy Preferred
Securities. The Trust may not issue new Preferred Securities to replace
Preferred Securities that it has paid or that have been delivered to the
Property Trustee for cancellation or that any Holder has exchanged.

Section 6.21 CUSIP Numbers.

          The Trust in issuing the Preferred Securities may use "CUSIP" numbers
(if then generally in use), and, if so, the Property Trustee shall use "CUSIP"
numbers in Redemption Notices, Distribution Notices and notices of Remarketing
or as a convenience to Holders of Preferred Securities; provided that any such
notice may state that no representation is made as to the correctness of such
numbers either as printed on the Preferred Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Preferred Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Property Trustee of any change in the CUSIP
numbers.

Section 6.22 Global Preferred Securities; Legends

          (a) Every Global Preferred Security authenticated, executed on behalf
of the Trust and delivered hereunder shall bear a legend in the form set forth
in Exhibit A.

          (b) An Administrative Trustee shall execute, and, upon its receipt of
a written order of the Trust signed by one Administrative Trustee, the Property
Trustee is authorized to authenticate and deliver, one or more Global Preferred
Securities that:

               (i)  shall be registered in the name of the Clearing Agency or
                    the nominee of such Clearing Agency; and

               (ii) shall be delivered by the Property Trustee to such Clearing
                    Agency or pursuant to such Clearing Agency's instructions
                    or, if no such instructions are received by the Property
                    Trustee, shall be held by the Property Trustee as custodian
                    for such Clearing Agency.

          (c) The Global Preferred Securities shall represent such of the
outstanding Preferred Securities as shall be specified in the "Schedule of
Increases or Decreases in Global Preferred Security" attached thereto (or on the
books and records of the Property Trustee and the Clearing Agency or its
nominee). Initially the number of Preferred Securities evidenced by the

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Global Preferred Securities shall be zero and shall not, at any time, represent
more than (.) Preferred Securities with a maximum liquidation value of $(.).

          (d) Preferred Securities not represented by a Global Preferred
Security issued in exchange for all or a part of a Global Preferred Security
pursuant to this Section 6.22 shall be registered in such names and in such
authorized denominations as the Clearing Agency, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Property
Trustee. Upon execution and authentication, the Property Trustee shall deliver
any Preferred Securities not represented by a Global Preferred Security to the
Persons in whose names such Definitive Preferred Securities are so registered.

          (e) At such time as all interests in Global Preferred Securities have
been redeemed, repurchased or canceled, such Global Preferred Securities shall
be canceled, upon receipt thereof, by the Property Trustee in accordance with
standing procedures of the Clearing Agency. At any time prior to such
cancellation, if any interest in a Global Preferred Security is exchanged for
Preferred Securities not represented by a Global Preferred Security, redeemed,
canceled or transferred to a transferee who receives Preferred Securities not
represented by a Global Preferred Security, or if any Preferred Security not
represented by a Global Preferred Security is exchanged or transferred for part
of a Global Preferred Security, then, in accordance with the standing procedures
of the Clearing Agency, the aggregate stated liquidation amount of such Global
Preferred Security shall be reduced or increased, as the case may be, and an
endorsement shall be made on such Global Preferred Security by the Property
Trustee to reflect such reduction or increase in the "Schedule of Increases or
Decreases in Global Preferred Security" attached thereto.

          (f) The Trust and the Property Trustee, as the authorized
representative of the Holders of the Preferred Securities, may deal with the
Clearing Agency for all purposes of this Declaration, including the making of
payments due on the Preferred Securities and exercising the rights of Holders of
the Preferred Securities hereunder. The rights of any Preferred Security
Beneficial Owners shall be limited to those established by law and agreements
between such owners and Clearing Agency Participants; provided that no such
agreement shall give to any Person any rights against the Trust or the Property
Trustee. Multiple requests and directions from and votes of the Clearing Agency
as the Holder of the Preferred Securities represented by Global Preferred
Securities with respect to any particular matter shall not be deemed
inconsistent to the extent they do not represent an amount of Preferred
Securities in excess of those held in the name of the Clearing Agency or its
nominee.

          (g) If at any time the Clearing Agency notifies the Trust that it is
unwilling or unable to continue as Clearing Agency for the Preferred Securities
or if at any time the Clearing Agency no longer is eligible to serve as Clearing
Agency, the Administrative Trustees shall appoint a successor Clearing Agency
with respect to the Preferred Securities. If a successor Clearing Agency is not
appointed by the Trust within 90 days after the Trust receives such notice or
becomes aware of such ineligibility, the Trust's election that the Preferred
Securities be represented by one or more Global Preferred Securities shall no
longer be effective, and an Administrative Trustee shall execute, and upon its
receipt of a written order of the Trust signed by one Administrative Trustee,
the Property Trustee is authorized to authenticate and deliver, Definitive
Preferred Securities, in any authorized denominations, in an aggregate stated
liquidation amount equal to the aggregate stated liquidation amount of the
Global Preferred Securities representing the Preferred Securities, in exchange
for such Global Preferred Securities.

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<PAGE>

An Administrative Trustee also shall execute, and upon its receipt of a written
order of the Trust signed by one Administrative Trustee, the Property Trustee
also is authorized to authenticate and deliver, Definitive Preferred Securities,
in any authorized denominations, in an aggregate stated liquidation amount equal
to the aggregate stated liquidation amount of the Global Preferred Securities
representing the Preferred Securities, in exchange for such Global Preferred
Securities, if (1) the Company in its sole discretion elects to cause the
issuance of the Preferred Securities in definitive form or (2) there shall have
occurred and be continuing any event which after notice or lapse of time or both
would be a Trust Enforcement Event.

          (h) The Administrative Trustees at any time and in their sole
discretion may determine that the Preferred Securities issued in the form of one
or more Global Preferred Securities shall no longer be represented by Global
Preferred Securities. In such event an Administrative Trustee on behalf of the
Trust shall execute, and, upon its receipt of a written order of the Trust
signed by one Administrative Trustee, the Property Trustee is authorized to
authenticate and deliver, Definitive Preferred Securities, in any authorized
denominations, in an aggregate stated liquidation amount equal to the aggregate
stated liquidation amount of the Global Preferred Securities representing the
Preferred Securities, in exchange for such Global Preferred Securities.

          (i) Notwithstanding any other provisions of this Declaration (other
than the provisions set forth in Section 7.1), Global Preferred Securities may
not be transferred as a whole except by the Clearing Agency to a nominee of the
Clearing Agency or by a nominee of the Clearing Agency to the Clearing Agency or
another nominee of the Clearing Agency or by the Clearing Agency or any such
nominee to a successor Clearing Agency or a nominee of such successor Clearing
Agency.

          (j) Interests of Preferred Security Beneficial Owners in a Global
Preferred Security may be transferred or exchanged for Preferred Securities not
represented by a Global Preferred Security, and Preferred Securities not
represented by a Global Preferred Security may be transferred or exchanged for a
Global Preferred Security or Securities, in accordance with rules of the
Clearing Agency and the provisions of Section 7.1.

                                   ARTICLE VII

                             TRANSFER OF SECURITIES

Section 7.1. Transfer of Securities.

          (a) The Preferred Securities may be transferred, in whole or in part,
only in accordance with the terms and conditions set forth in this Declaration
and in the terms of the Preferred Securities. To the fullest extent permitted by
law, any transfer or purported transfer of any Preferred Security not made in
accordance with this Declaration shall be null and void.

          (b) Subject to this Section 7.1 and Section 6.22, the Preferred
Securities shall be freely transferrable.

          (c) The Common Securities shall not be transferrable except as
provided in the Indenture.

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          (d) The Trust shall cause to be kept at the Corporate Trust Office the
books and records in which, subject to such reasonable regulations as it may
prescribe, the Trust shall provide for the registration of Preferred Securities
and of transfers of Preferred Securities.

          (e) Upon surrender for registration of transfer of any Preferred
Securities at an office or agency of the Trust designated for such purpose, an
Administrative Trustee shall execute, and upon its receipt of a written order of
the Trust signed by one Administrative Trustee, the Property Trustee is
authorized to authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Preferred Securities of any authorized
denominations and of a like aggregate principal amount.

          (f) At the option of the Holder, Preferred Securities may be exchanged
for other Preferred Securities of any authorized denominations and of a like
aggregate stated liquidation amount, upon surrender of the Preferred Securities
to be exchanged at such office or agency. Whenever any Preferred Securities are
so surrendered for exchange, an Administrative Trustee shall execute, and upon
its receipt of a written order of the Trust signed by one Administrative
Trustee, the Property Trustee is authorized to authenticate and deliver, the
Preferred Securities that the Holder making the exchange is entitled to receive.

          (g) If so required by the Property Trustee, every Preferred Security
presented or surrendered for registration of transfer or for exchange shall be
duly endorsed, or accompanied by a duly executed written instrument of transfer
in form satisfactory to the Property Trustee and the Registrar, by the Holder
thereof or his attorney duly authorized in writing.

          (h) No service charge shall be made for any registration of transfer
or exchange of Preferred Securities, but the Trust may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Preferred
Securities.

          (i) If the Preferred Securities are to be redeemed in part, neither
the Administrative Trustees nor the Trust shall be required to register the
transfer of or exchange any Preferred Securities:

               (i)  during a period beginning on the opening of business 15 days
                    before the day of the mailing of a Redemption Notice or any
                    notice of selection of Securities for redemption; or

               (ii) so selected for redemption, except the unredeemed portion of
                    any such Preferred Securities being redeemed in part.

Section 7.2 Separation and Rejoining of Units.

          At any time after issuance, the Preferred Security and Warrant
components of any Unit may be separated by the holder and thereafter transferred
separately. In the event of any separation of the components of a Unit:

          (a) if such Unit is represented by a definitive certificate, the
holder shall present such definitive certificate to the Unit Agent for
cancellation and the Unit Agent shall so notify the Unit registrar and shall
return the Preferred Security component of such Unit to the

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Property Trustee with an instruction to authenticate and deliver to, or upon
the instruction of, such holder a separated Preferred Security bearing the
separate CUSIP number assigned to the Preferred Security; and

          (b) if such Unit is represented by a global certificate, the Unit
Agent shall make the necessary adjustment to the "Schedule of Exchanges of
Increases or Decreases in Global Certificate" attached to the global unit
certificate or otherwise comply with the Depositary's procedures to reduce the
amount of Units represented thereby and shall instruct the Property Trustee to
effect a corresponding increase in the Preferred Securities represented by the
Global Preferred Securities bearing a separate CUSIP number.

          Once separated, a Preferred Security and Warrant may be rejoined to
form a Unit. In the event a holder of a Preferred Security and a Warrant desires
to rejoin a Unit:

               (i)  if the constituent components are represented by definitive
                    certificates, the holder shall present (A) the Preferred
                    Security to the Property Trustee and (B) the Warrant to the
                    Warrant Agent, in each case for cancellation and the
                    Property Trustee and the Warrant Agent shall so notify the
                    Unit Agent, who shall in turn so notify the registrar under
                    the Unit Agreement and shall, upon an Issuer Order (as
                    defined in the Unit Agreement) and subject to Section 1.2 of
                    the Unit Agreement, authenticate and deliver to, or upon the
                    written instruction of, such holder a Unit certificate
                    bearing the separate CUSIP number assigned to the Units; and

               (ii) if the constituent components are represented by global
                    certificates, each of the Property Trustee and the Warrant
                    Agent shall make the necessary adjustment to their
                    respective global certificates or otherwise comply with the
                    Depositary's procedures to reduce the amount of Preferred
                    Securities and Warrants, respectively, represented thereby
                    and shall instruct the Unit Agent in writing to effect a
                    corresponding increase in the Units represented by the
                    global unit certificate bearing a separate CUSIP number. The
                    Property Trustee shall make such other necessary adjustments
                    to the Global Preferred Securities, as directed in writing
                    by the Administrative Trustees, to reflect the appropriate
                    number of Units and Preferred Securities, as appropriate,
                    represented thereby.

Section 7.3. Book-Entry Interests.

          Global Preferred Securities shall initially be registered on the books
and records of the Trust in the name of Cede & Co., the nominee of the Clearing
Agency, and no Preferred Security Beneficial Owner will receive a Definitive
Preferred Security Certificate representing such Preferred Security Beneficial
Owner's interests in such Global Preferred Securities, except as provided in
Section 6.22. Unless Definitive Preferred Securities have been issued to the
Preferred Security Beneficial Owners pursuant to Sections 6.22(f) and 6.22(g):

          (a) the provisions of this Section 7.3 shall be in full force and
effect;

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          (b) to the extent that the provisions of this Section 7.3 conflict
with any other provisions of this Declaration, the provisions of this Section
7.3 shall control;

          (c) the Trust, the Company and the Trustees shall be entitled to deal
with the Clearing Agency for all purposes of this Declaration (including the
payment of Distributions on the Global Preferred Securities and receiving
approvals, votes or consents hereunder) as the Holder of the Preferred
Securities and the absolute owner of the Global Preferred Securities for all
purposes whatsoever and shall have no obligation to the Preferred Security
Beneficial Owners; and

          (d) the rights of the Preferred Security Beneficial Owners shall be
exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Preferred Security Beneficial
Owners and the Clearing Agency and/or the Clearing Agency Participants. The
Clearing Agency shall make book-entry transfers among the Clearing Agency
Participants and shall receive and transmit payments of Distributions on the
Global Preferred Securities to such Clearing Agency Participants; provided that
solely for the purposes of determining whether the Holders of the requisite
liquidation amount of Preferred Securities have voted on any matter provided for
in this Declaration, so long as Definitive Preferred Securities have not been
issued and the Preferred Securities remain in the form of one or more Global
Preferred Securities, the Trustees may rely conclusively on, and shall be
protected in relying on, any written instrument (including a proxy) delivered to
the Trustees by the Clearing Agency setting forth the votes of the Preferred
Security Beneficial Owners or assigning the right to vote on any matter to any
other Persons either in whole or in part.

Section 7.4. Notices to Clearing Agency.

          Whenever a notice or other communication to the Preferred Security
Holders is required under this Declaration, the Trustees shall give all such
notices and communications specified herein to be given to the Holders of Global
Preferred Securities to the Clearing Agency, and shall have no notice
obligations to the Preferred Security Beneficial Owners.

Section 7.5. Appointment of Successor Clearing Agency.

          If any Clearing Agency elects to discontinue its services as
securities depositary with respect to the Preferred Securities, the
Administrative Trustees may, in their sole discretion, appoint a successor
Clearing Agency with respect to such Preferred Securities.

                                  ARTICLE VIII

                    DISSOLUTION AND TERMINATION OF THE TRUST

Section 8.1 Dissolution and Termination of the Trust.

          (a) The Trust shall automatically dissolve upon the earliest to occur
of:

               (i)  the bankruptcy of the Company;

               (ii) the filing of a certificate of dissolution or its equivalent
                    with respect to the Company, or the revocation of the
                    Company's

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                     charter and the expiration of 90 days after the date of
                     revocation without a reinstatement thereof;

               (iii) the entry of a decree of judicial dissolution of the
                     Company or the Trust by a court of competent jurisdiction;

               (iv)  the time when all of the Securities shall have been called
                     for redemption and the amounts necessary for redemption
                     thereof shall have been paid to the Holders in accordance
                     with the terms of the Securities;

               (v)   the written notice from the Company directing the Property
                     Trustee to distribute the Debentures to the Holders in
                     exchange for all of the Securities; provided that the
                     Company has provided to the Property Trustee an Opinion of
                     a Counsel experienced in such matters to the effect that
                     the Holders will not recognize any gain or loss for United
                     States federal income tax purposes as a result of the
                     distribution of Debentures and the dissolution of the
                     Trust;

               (vi)  the time when all of the Administrative Trustees and the
                     Company have consented to the dissolution of the Trust;
                     provided that such action is taken before the issuance of
                     any Securities; and

               (vii) the expiration of the term of the Trust provided in Section
                     3.14.

          (b) As soon as is practicable after the occurrence of an event
referred to in Section 8.1(a), and after satisfaction of liabilities to
creditors of the Trust, if any, as provided by applicable law, the
Administrative Trustees shall terminate the Trust by executing and filing in
accordance with the Statutory Trust Act a certificate of cancellation with the
Secretary of State of the State of Delaware.

          (c) The provisions of Section 4.2 and Article IX shall survive the
termination of the Trust.

Section 8.2. Liquidation Distribution Upon Dissolution or Termination of the
Trust.

          (a) In the event of any voluntary or involuntary dissolution,
liquidation, winding-up or termination of the Trust pursuant to Section 8.1
(each a "Liquidation"), the Trust shall be liquidated by the Administrative
Trustees as expeditiously as the Administrative Trustees determine to be
possible by distributing to the Holders, after satisfaction of liabilities to
creditors of the Trust, if any, as provided by applicable law, Debentures in an
aggregate principal amount equal to the aggregate stated liquidation amount of,
with an interest rate identical to the Distribution rate of, and accrued and
unpaid interest equal to accumulated and unpaid Distributions on, such
Securities in exchange for such Securities.

          (b) If, notwithstanding the other provisions of this Section 8.2,
distribution of the Debentures in the manner set forth in Section 8.2(a) is
determined by the Administrative

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Trustees not to be practical, the assets of the Trust shall be liquidated, and
the Trust shall be wound-up by the Administrative Trustees in such manner as the
Administrative Trustees determine. In such event, the Holders shall be entitled
to receive out of the assets of the Trust available for distribution to the
Holders, after satisfaction of liabilities to creditors of the Trust, if any, as
provided by applicable law, an amount equal to the Accreted Value of the
Securities plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the "Liquidation Distribution"). If, upon any such
Liquidation, the Liquidation Distribution can be paid only in part because the
Trust has insufficient assets available to pay the aggregate Liquidation
Distribution in full, then the amounts payable directly by the Trust on the
Securities shall be paid on a Pro Rata basis; provided that if an Indenture
Event of Default has occurred and is continuing, then the Preferred Securities
shall have a preference over the Common Securities with regard to the
Liquidation Distribution.

          (c) Notice of any distribution of Debentures in exchange for the
Securities pursuant to Section 8.2(a) (an "Exchange Notice"), which notice shall
be irrevocable, shall be given by the Administrative Trustees on behalf of the
Trust by mail to each Holder at least 30 but no more than 60 days before the
date fixed for such distribution. For purposes of the calculation of the date of
distribution and the dates on which notices are given pursuant to this Section
8.2(c), an Exchange Notice shall be deemed to be given on the day such notice is
first mailed by first-class mail, postage prepaid, to the Holders. Each Exchange
Notice shall be addressed to the Holders at the address of each such Holder
appearing on the books and records of the Trust. No defect in the Exchange
Notice or in the mailing of either thereof with respect to any Holder shall
affect the validity of the distribution proceedings with respect to any other
Holder.

          (d) On and from the date fixed for any distribution of Debentures upon
dissolution of the Trust:

               (i)   the Securities no longer shall be deemed to be outstanding;

               (ii)  the Clearing Agency or its nominee (or any successor
                     Clearing Agency or its nominee), as the Holder of the
                     Preferred Securities, will receive a registered global
                     certificate or certificates representing the Debentures to
                     be delivered upon such distribution; and

               (iii) any certificates representing Securities not held by the
                     Clearing Agency or its nominee (or any successor Clearing
                     Agency or its nominee) shall be deemed to represent
                     Debentures having an aggregate principal amount equal to
                     the aggregate liquidation amount of such Securities and
                     bearing accrued and unpaid interest in an amount equal to
                     the accumulated and unpaid Distributions on such
                     Securities, until such certificates are presented for
                     cancellation, at which time the Company shall issue, and
                     the Indenture Trustee shall authenticate, a certificate
                     representing such Debentures.

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                                   ARTICLE IX

         LIMITATION OF LIABILITY OF THE HOLDERS, THE TRUSTEES OR OTHERS

Section 9.1. Liability.

          (a) Except as expressly set forth in this Declaration, the Guarantee
and the terms of the Securities, the Company shall not be:

               (i)  personally liable for the return of any portion of the
                    capital contributions (or any return thereon) of the Holders
                    which shall be made solely from assets of the Trust; and

               (ii) required to pay to the Trust or to any Holder any deficit
                    upon dissolution of the Trust or otherwise.

          (b) The Company, in its capacity as issuer of the Debentures, shall be
liable for all of the debts and obligations of the Trust (other than in respect
of the Securities) to the extent such debts and obligations are not satisfied
out of the Trust's assets.

          (c) Pursuant to Section 3803(a) of the Statutory Trust Act, the
Holders shall be entitled to the same limitation of personal liability extended
to stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware.

Section 9.2. Exculpation.

          (a) No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Trust 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 on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration 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 (or in the case
of the Property Trustee or the Delaware Trustee, 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 Trust and upon such information, opinions, reports
or statements presented to the Trust by any Person as to matters such
Indemnified Person reasonably believes to be within such other Person's
professional or expert competence and, if selected by such 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 9.3. Fiduciary Duty.

          (a) To the extent that, at law (common or statutory) or in equity, an
Indemnified Person has duties (including fiduciary duties) to the Trust, any
other Covered Person, or any other Person, such duties may be restricted or
eliminated by provisions in this Declaration, except that this Declaration may
not eliminate the implied contractual covenant of good faith and fair dealing.
An Indemnified Person shall not be liable to the Trust, any other Covered
Person, or any other Person that is a party to or is otherwise bound by this
Declaration for breach of fiduciary duty for such Indemnified Person's good
faith reliance on the provisions of this Declaration. The provisions of this
Declaration, to the extent that they restrict or eliminate the liabilities of an
Indemnified Person otherwise existing at law or in equity (other than the duties
imposed on the Property Trustee under the Trust Indenture Act), are agreed by
the parties hereto to replace such other liabilities of such Indemnified Person,
except that no provision of this Declaration may limit or eliminate liability
for any act or omission that constitutes a bad faith violation of the implied
contractual covenant of good faith and fair dealing.

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          (b) Unless otherwise expressly provided herein:

               (i)  whenever a conflict of interest exists or arises between a
                    Covered Person and an Indemnified Person; or

               (ii) whenever this Declaration or any other agreement
                    contemplated herein or therein provides that an Indemnified
                    Person shall act in a manner that is, or provides terms that
                    are, fair and reasonable to the Trust or any Holder, the
                    Indemnified Person shall resolve such conflict of interest,
                    take such action or provide such terms, considering in each
                    case the relative interest of each party (including its own
                    interest) to such conflict, agreement, transaction or
                    situation and the benefits and burdens relating to such
                    interests, any customary or accepted industry practices and
                    any applicable generally accepted accounting practices or
                    principles. In the absence of bad faith by the Indemnified
                    Person, the resolution, action or term so made, taken or
                    provided by the Indemnified Person shall not constitute a
                    breach of this Declaration or any other agreement
                    contemplated herein or of any duty or obligation of the
                    Indemnified Person at law or in equity or otherwise.

          (c) Whenever in this Declaration an Indemnified Person is permitted or
required to make a decision:

               (i)  in its "discretion" or under a grant of similar authority,
                    the Indemnified Person shall be entitled to consider such
                    interests and factors as it desires, including its own
                    interests, and shall have no duty or obligation to give any
                    consideration to any interest of or factors affecting the
                    Trust or any other Person; or

               (ii) in its "good faith" or under another express standard, the
                    Indemnified Person shall act under such express standard and
                    shall not be subject to any other or different standard
                    imposed by this Declaration or by applicable law.

Section 9.4 Indemnification of Company Indemnified Persons.

          (a) The Company shall indemnify, to the fullest extent permitted by
law, any Company Indemnified Person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Trust) by reason of the fact that he is or was a
Company Indemnified Person against expenses (including attorneys' fees and
expenses), judgments, fines and amounts paid in settlement actually and
reasonably

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incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Trust, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the Company Indemnified Person did not act in
good faith and in a manner which he reasonably believed to be in or not opposed
to the best interests of the Trust, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.

          (b) The Company shall indemnify, to the fullest extent permitted by
law, any Company Indemnified Person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action or suit by or in the
right of the Trust to procure a judgment in its favor by reason of the fact that
he is or was a Company Indemnified Person against expenses (including attorneys'
fees and expenses) actually and reasonably incurred by him in connection with
the defense or settlement of such action or suit if he acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests
of the Trust and except that no such indemnification shall be made in respect of
any claim, issue or matter as to which such Company Indemnified Person shall
have been adjudged to be liable to the Trust, unless and only to the extent that
the Court of Chancery of Delaware or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such Person is
fairly and reasonably entitled to indemnity for such expenses which such Court
of Chancery or such other court shall deem proper.

          (c) To the extent that a Company Indemnified Person shall be
successful on the merits or otherwise (including dismissal of an action without
prejudice or the settlement of an action without admission of liability) in
defense of any action, suit or proceeding referred to in paragraphs (a) and (b)
of this Section 9.4, or in defense of any claim, issue or matter therein, he
shall be indemnified, to the fullest extent permitted by law, against expenses
(including attorneys' fees and expenses) actually and reasonably incurred by him
in connection therewith.

          (d) Any indemnification under paragraphs (a) and (b) of this Section
9.4 (unless ordered by a court) shall be made by the Company only as authorized
in the specific case upon a determination that indemnification of the Company
Indemnified Person is proper in the circumstances because he has met the
applicable standard of conduct set forth in paragraphs (a) and (b). Such
determination shall be made:

               (i)   by the Administrative Trustees by a majority vote of a
                     Quorum consisting of such Administrative Trustees who were
                     not parties to such action, suit or proceeding;

               (ii)  if such a Quorum is not obtainable, or, even if obtainable,
                     if a Quorum of disinterested Administrative Trustees so
                     directs, by independent legal counsel in a written opinion;
                     or

               (iii) by the Holder of the Common Securities.

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          (e) Expenses (including attorneys' fees and expenses) incurred by a
Company Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in paragraphs (a) and (b)
of this Section 9.4 shall be paid by the Company in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by
or on behalf of such Company Indemnified Person to repay such amount if it shall
ultimately be determined that he or she is not entitled to be indemnified by the
Company as authorized in this Section 9.4. Notwithstanding the foregoing, no
advance shall be made by the Company if a determination is reasonably and
promptly made:

               (i)   by the Administrative Trustees by a majority vote of a
                     Quorum consisting of such Administrative Trustees who were
                     not parties to such action, suit or proceeding;

               (ii)  if such a Quorum is not obtainable, or, even if obtainable,
                     if a Quorum of disinterested Administrative Trustees so
                     directs, by independent legal counsel in a written opinion;
                     or

               (iii) by the Holder of the Common Securities

that, based upon the facts known to the Administrative Trustees, independent
legal counsel or the Holder of the Common Securities at the time such
determination is made, such Company Indemnified Person acted in bad faith or in
a manner that the Holder of the Common Securities did not believe to be in or
believed was opposed to the best interests of the Trust, or, with respect to any
criminal proceeding, that such Company Indemnified Person believed or had
reasonable cause to believe his or her conduct was unlawful.

          In no event shall any advance be made in instances where the
Administrative Trustees, independent legal counsel or Holder of Common
Securities reasonably determine that a Company Indemnified Person deliberately
breached his or her duty to the Trust or Holders of Common Securities or
Preferred Securities.

          (f) The indemnification and advancement of expenses provided by, or
granted pursuant to, the other paragraphs of this Section 9.4 shall not be
deemed exclusive of any other rights to which those seeking indemnification and
advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the Company or of the Holders of
Preferred Securities of the Trust or otherwise, both as to action in his
official capacity and as to action in another capacity while holding such
office. All rights to indemnification under this Section 9.4 shall be deemed to
be provided by a contract between the Company and each Company Indemnified
Person who serves in such capacity at any time while this Section 9.4 is in
effect. Any repeal or modification of this Section 9.4 shall not affect any
rights or obligations then existing.

          (g) The Company or the Trust may purchase and maintain insurance on
behalf of any person who is or was a Company Indemnified Person against any
liability asserted against him and incurred by him in any such capacity, or
arising out of his or her status as such, whether or not the Company would have
the power to indemnify him or her against such liability under the provisions of
this Section 9.4.

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          (h) For purposes of this Section 9.4, references to "the Trust" shall
include, in addition to the resulting or surviving entity, any constituent
entity (including any constituent of a constituent) absorbed in a consolidation
or merger, so that any person who is or was a director, trustee, officer or
employee of such constituent entity, or is or was serving at the request of such
constituent entity as a director, trustee, officer, employee or agent of another
entity, shall stand in the same position under the provisions of this Section
9.4 with respect to the resulting or surviving entity as he would have with
respect to such constituent entity if its separate existence had continued.

          (i) The indemnification and advancement of expenses provided by, or
granted pursuant to, this Section 9.4 shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a Company
Indemnified Person and shall inure to the benefit of the heirs, executors and
administrators of such a person.

Section 9.5. Indemnification of Trustees.

          (a) The Company shall indemnify:

                    (i)   the Property Trustee acting in any capacity hereunder
                          (including, without limitation, as Exchange Agent,
                          Registrar, Paying Agent and Transfer Agent);

                    (ii)  the Delaware Trustee;

                    (iii) any Affiliate of the Property Trustee and the Delaware
                          Trustee; and

                    (iv)  any officers, directors, shareholders, members,
                          partners, employees, representatives, custodians,
                          nominees or agents of the Property Trustee or the
                          Delaware Trustee (each of the Persons in (i) through
                          (iv), including the Property Trustee and the Delaware
                          Trustee in their respective individual capacities,
                          being referred to as a "Fiduciary Indemnified Person")

for, and to hold each Fiduciary Indemnified Person harmless against, any and all
loss, liability, damage, claim or expense including taxes (other than taxes
based on the income of such Fiduciary Indemnified Person) of any kind and nature
whatsoever incurred without negligence or bad faith on the part of such
Fiduciary Indemnified Person, 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
against or investigating any claim or liability in connection with the exercise
or performance of any of the powers or duties of such Fiduciary Indemnified
Person hereunder. The Company agrees to advance expenses (including legal fees)
incurred by a Fiduciary 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 Company of
an undertaking by or on behalf of such Fiduciary Indemnified Person to repay
such amount if it shall be determined that such Fiduciary Indemnified Person is
not entitled to be indemnified as authorized in this section. The obligations as
set forth in this Section 9.5 shall survive the resignation or removal of the
Property Trustee or

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the Delaware Trustee, the termination of the Trust and the satisfaction and
discharge of this Declaration.

          (b) The Company agrees to pay the Property Trustee and the Delaware
Trustee, from time to time, such compensation for all services rendered by the
Property Trustee and the Delaware Trustee hereunder as may be mutually agreed
upon in writing by the Company and the Property Trustee or the Delaware Trustee,
as the case may be, and, except as otherwise expressly provided herein, to
reimburse the Property Trustee and the Delaware Trustee upon its or their
request for all reasonable expenses (including legal fees and expenses),
disbursements and advances incurred or made by the Property Trustee or the
Delaware Trustee (including in their respective individual capacities) as the
case may be, in accordance with the provisions of this Declaration, except any
such expense, disbursement or advance as may be attributable to its or their
negligence or bad faith.

Section 9.6. Outside Businesses.

          Any Covered Person, the Company, the Delaware Trustee and the Property
Trustee may engage in or possess an interest in other business ventures of any
nature or description, independently or with others, similar or dissimilar to
the business of the Trust, and the Trust and the Holders shall have no rights by
virtue of this Declaration in and to such independent ventures or the income or
profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or
improper. No Covered Person, the Company, the Delaware Trustee or the Property
Trustee shall be obligated to present any particular investment or other
opportunity to the Trust even if such opportunity is of a character that, if
presented to the Trust, could be taken by the Trust, and any Covered Person, the
Company, the Delaware Trustee and the Property Trustee shall have the right to
take for its own account (individually or as a partner or fiduciary) or to
recommend to others any such particular investment or other opportunity. Any
Covered Person, the Delaware Trustee and the Property Trustee may engage or be
interested in any financial or other transaction with the Company or any
Affiliate of the Company, or may act as depositary for, trustee or agent for, or
act on any committee or body of holders of, securities or other obligations of
the Company or its Affiliates.

                                    ARTICLE X

                                   ACCOUNTING

Section 10.1 Fiscal Year.

          The fiscal year ("Fiscal Year") of the Trust shall be the calendar
year, or such other year as is required by the Code.

Section 10.2. Certain Accounting Matters.

          (a) At all times during the existence of the Trust, the Administrative
Trustees shall keep, or cause to be kept, full books of account, records and
supporting documents, which shall reflect in reasonable detail each transaction
of the Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with generally accepted accounting principles,
consistently applied. The books of account and the records of the Trust

                                       74

<PAGE>

shall be examined by and reported upon as of the end of each Fiscal Year of the
Trust by a firm of independent certified public accountants selected by the
Administrative Trustees.

          (b) The Administrative Trustees shall cause to be prepared and
delivered to each Holder, within 90 days after the end of each Fiscal Year of
the Trust, annual financial statements of the Trust, including a balance sheet
of the Trust as of the end of such Fiscal Year, and the related statements of
income or loss.

          (c) The Administrative Trustees shall cause to be duly prepared and
delivered to each Holder, an annual United States federal income tax information
statement, required by the Code, containing such information with regard to the
Securities held by each Holder as is required by the Code and the Treasury
Regulations. Notwithstanding any right under the Code to deliver any such
statement at a later date, the Administrative Trustees shall endeavor to deliver
all such information statements within 30 days after the end of each Fiscal Year
of the Trust.

          (d) The Administrative Trustees shall cause to be duly prepared and
filed with the appropriate taxing authority an annual United States federal
income tax return, on Form 1041 or such other form required by United States
federal income tax law, and any other annual income tax returns required to be
filed on behalf of the Trust with any state or local taxing authority.

Section 10.3. Banking.

          The Trust may maintain one or more bank accounts in the name and for
the sole benefit of the Trust; provided, however, that all payments of funds in
respect of the Debentures held by the Property Trustee shall be made directly to
the Property Account and no other funds of the Trust shall be deposited in the
Property Account. The sole signatories for such accounts shall be designated by
the Administrative Trustees; provided, however, that the Property Trustee shall
designate the signatories for the Property Account.

Section 10.4. Withholding.

          The Trust and the Administrative Trustees shall comply with all
withholding requirements under United States federal, state and local law. The
Administrative Trustees shall request, and the Holders shall provide to the
Trust, such forms or certificates as are necessary to establish an exemption
from withholding with respect to each Holder, and any representations and forms
as shall reasonably be requested by the Administrative Trustees to assist them
in determining the extent of, and in fulfilling, the Trust's withholding
obligations. The Administrative Trustees shall file required forms with
applicable jurisdictions and, unless an exemption from withholding is properly
established by a Holder, shall remit amounts withheld with respect to the Holder
to applicable jurisdictions. To the extent that the Trust is required to
withhold and pay over any amounts to any authority with respect to Distributions
or allocations to any Holder, the amount withheld shall be deemed to be a
Distribution in the amount of the withholding to such Holder. In the event of
any claimed over-withholding, the Holder shall be limited to an action against
the applicable jurisdiction. If the amount required to be withheld was not
withheld from actual Distributions made, the Trust may reduce subsequent
Distributions by the amount of such withholding.

                                       75

<PAGE>

                                   ARTICLE XI

                             AMENDMENTS AND MEETINGS

Section 11.1. Amendments.

          (a) Except as otherwise provided in this Declaration or by any
applicable terms of the Securities, this Declaration may only be amended by a
written instrument approved and executed by:

               (i)   the Company;

               (ii)  the Administrative Trustees (or if there are more than two
                     Administrative Trustees a majority of the Administrative
                     Trustees);

               (iii) if the amendment affects the rights, powers, duties,
                     obligations or immunities of the Property Trustee, the
                     Property Trustee; and

               (iv)  if the amendment affects the rights, powers, duties,
                     obligations or immunities of the Delaware Trustee, the
                     Delaware Trustee.

          (b) No amendment shall be made, and any such purported amendment shall
be void and ineffective:

               (i)  unless, in the case of any proposed amendment, the Property
                    Trustee shall have first received:

                    (A)  an Officers' Certificate from each of the Trust and the
                         Company that such amendment is permitted by, and
                         conforms to, the terms of this Declaration (including
                         the terms of the Securities); and

                    (B)  an Opinion of Counsel (who may be counsel to the
                         Company or the Trust) that such amendment is permitted
                         by, and conforms to, the terms of this Declaration
                         (including the terms of the Securities) and that all
                         conditions precedent, if any, in this Declaration to
                         the execution and delivery of such amendment have been
                         satisfied; and

               (ii) to the extent the result of such amendment would be to:

                    (A)  cause the Trust to be classified other than as a
                         grantor trust for purposes of United States federal
                         income taxation;

                    (B)  reduce or otherwise adversely affect the powers of the
                         Property Trustee in contravention of the Trust
                         Indenture Act; or

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<PAGE>

                    (C)  cause the Trust to be deemed to be an Investment
                         Company required to be registered under the Investment
                         Company Act.

          (c) This Declaration may be amended without the consent of the Holders
to:

               (i)   cure any ambiguity;

               (ii)  correct or supplement any provision contained herein that
                     may be defective or inconsistent with any other provision
                     herein, or to make any other provisions with respect to
                     matters or questions arising under this Declaration that
                     shall not be inconsistent with the other provisions of this
                     Declaration;

               (iii) add to the covenants, restrictions or obligations of the
                     Company or grant any additional rights to the Holders of
                     Preferred Securities;

               (iv)  conform to any change in Rule 3a-5 or written change in
                     interpretation or application of Rule 3a-5 by any
                     legislative body, court, government agency or regulatory
                     authority which amendment does not have a material adverse
                     effect on the rights, preferences or privileges of the
                     holders of the Securities;

               (v)   modify, eliminate or add to any provisions of this
                     Declaration to such extent as shall be necessary to ensure
                     that the Trust will be classified for United States federal
                     income tax purposes as a grantor trust at all times that
                     any Securities are outstanding or to ensure that the Trust
                     will not be required to register as an Investment Company
                     under the Investment Company Act;

               (vi)  facilitate the tendering, remarketing and settlement of the
                     Preferred Securities as contemplated by Section 6.6(s); or

               (vii) make any other provision in regard to matters or questions
                     arising hereunder that the Company and the Trustees may
                     deem necessary or desirable and that should not adversely
                     affect in any material respect the interests of the
                     Holders.

          (d) This Declaration may be amended with the consent of the Company, a
majority of the Administrative Trustees and the Holders of at least a Majority
in Liquidation Amount of the Securities. Such an amendment may not, without the
consent of each Holder of any Security affected thereby:

               (i)   change the Distribution rate (or manner of calculation of
                     the Distribution rate), amount, timing or currency or
                     otherwise adversely affect the method of any required
                     payment,

               (ii)  change the purposes of the Trust,

                                       77

<PAGE>

               (iii)  authorize the issuance of any additional beneficial
                      interests in the Trust,

               (vi)   change the redemption provisions,

               (v)    change the conditions precedent for the Sponsor to elect
                      to dissolve the Trust and distribute the Debentures to the
                      Holders of the Securities,

               (vi)   change the Liquidiation Distribution or other provisions
                      relating to the distribution of amounts payable upon the
                      dissolution and liquidation of the Trust,

               (vii)  affect the limited liability of any Holder of the
                      Securities,

               (viii) restrict the right of a Holder of the Securities to
                      institute suit for the enforcement of any required payment
                      on or after the due date therefore (or in the case of
                      redemption, on the Redemption Date), or

               (ix)    amend Section 11.1 hereof

provided that if any amendment referred to in clause (i) above would adversely
affect only the Preferred Securities or the Common Securities, then only the
Holders of the affected class will be entitled to vote on such amendment, and
such amendment shall not be effective except with the approval of a Majority in
Liquidation Amount of the Holders of the class of Securities affected thereby.
It shall not be necessary for the consent of the Holders of Preferred or Common
Securities under this Section to approve the particular form of any proposed
amendment. It shall be sufficient if such consent approves the substance
thereof.

          (e) Neither Article IV nor the rights of the holders of the Common
     Securities under Article V to increase or decrease the number of, and
     appoint and remove, Trustees shall be amended without the consent of the
     Holders of a Majority in Liquidation Amount of the Common Securities.

          (f) After an amendment or waiver under this Section becomes effective,
     the Company shall mail to each Holder a notice briefly describing the
     amendment or waiver. Any failure of the Company to mail any such notice, or
     any defect therein, shall not, however, in any way impair or affect the
     validity of such amendment or waiver.

Section 11.2. Meetings of the Holders; Action by Written Consent.

          (a) Meetings of the Holders of any class of Securities may be called
at any time by the Administrative Trustees (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this Declaration, the terms of
the Securities or the rules of any stock exchange on which the Preferred
Securities are listed or admitted for trading. The Administrative Trustees shall
call a meeting of the Holders of such class if directed to do so by the Holders
of at least 10% in Liquidation Amount of such class of Securities. Such
direction shall be given by delivering to the

                                       78

<PAGE>

Administrative Trustees one or more notices in writing stating that the signing
Holders wish to call a meeting and indicating the general or specific purpose
for which the meeting is to be called. Any Holder or Holders calling a meeting
shall specify in writing the Securities held by the Holder or Holders exercising
the right to call a meeting and only those Securities specified shall be counted
for purposes of determining whether the required percentage set forth in the
second sentence of this paragraph has been met.

          (b) Except to the extent otherwise provided in the terms of the
Securities, the following provisions shall apply to meetings of Holders:

               (i)   Notice of any such meeting shall be given to all the
                     Holders having a right to vote thereat at least seven days
                     and not more than 60 days before the date of such meeting.
                     Whenever a vote, consent or approval of the Holders is
                     permitted or required under this Declaration or the rules
                     of any stock exchange on which the Preferred Securities are
                     listed or admitted for trading, such vote, consent or
                     approval may be given at a meeting of the Holders. Any
                     action that may be taken at a meeting of the Holders may be
                     taken without a meeting if a consent in writing setting
                     forth the action so taken is signed by the Holders owning
                     not less than the minimum amount of Securities in
                     liquidation amount that would be necessary to authorize or
                     take such action at a meeting at which all Holders having a
                     right to vote thereon were present and voting. Prompt
                     notice of the taking of action without a meeting shall be
                     given to the Holders entitled to vote who have not
                     consented in writing. The Administrative Trustees may
                     specify that any written ballot submitted to the Holders
                     for the purpose of taking any action without a meeting
                     shall be returned to the Trust within the time specified by
                     the Administrative Trustees.

               (ii)  Each Holder may authorize any Person to act for it by proxy
                     on any and all matters in which such Holder is entitled to
                     participate, including waiving notice of any meeting, or
                     voting or participating at a meeting. No proxy shall be
                     valid after the expiration of eleven months from the date
                     thereof unless otherwise provided in the proxy. Every proxy
                     shall be revocable at the pleasure of the Holder executing
                     such proxy. Except as otherwise provided herein, all
                     matters relating to the giving, voting or validity of
                     proxies shall be governed by the General Corporation Law of
                     the State of Delaware relating to proxies, and judicial
                     interpretations thereunder, as if the Trust were a Delaware
                     corporation and the Holders were stockholders of a Delaware
                     corporation.

               (iii) Each meeting of the Holders shall be conducted by the
                     Administrative Trustees or by such other Person that the
                     Administrative Trustees may designate.

                                       79

<PAGE>

               (iv)  Unless the Statutory Trust Act, this Declaration, the terms
                     of the Securities, the Trust Indenture Act or the listing
                     rules of any stock exchange on which the Preferred
                     Securities are then listed or trading otherwise provides,
                     the Administrative Trustees, in their sole discretion,
                     shall establish all other provisions relating to meetings
                     of Holders, including notice of the time, place or purpose
                     of any meeting at which any matter is to be voted on by any
                     Holders, waiver of any such notice, action by consent
                     without a meeting, the establishment of a record date,
                     quorum requirements, voting in person or by proxy or any
                     other matter with respect to the exercise of any such right
                     to vote.

                                   ARTICLE XII

        REPRESENTATIONS OF THE PROPERTY TRUSTEE AND THE DELAWARE TRUSTEE

Section 12.1. Representations and Warranties of the Property Trustee.

          The initial Property Trustee represents and warrants to the Trust and
to the Company at the date of this Declaration, and each Successor Property
Trustee represents and warrants to the Trust and the Company at the time of the
Successor Property Trustee's acceptance of its appointment as Property Trustee,
that:

          (a) the Property Trustee is a banking corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction of its
organization, with trust powers and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Declaration;

          (b) the Property Trustee satisfies the requirements set forth in
Section 5.3(a);

          (c) the execution, delivery and performance by the Property Trustee of
this Declaration has been duly authorized by all necessary corporate action on
the part of the Property Trustee; this Declaration has been duly executed and
delivered by the Property Trustee and under Delaware law (excluding any
securities laws) constitutes a legal, valid and binding obligation of the
Property Trustee enforceable against it in accordance with its terms, subject to
applicable bankruptcy, reorganization, moratorium, insolvency and other similar
laws affecting creditors' rights generally and to general principles of equity
and the discretion of the court (regardless of whether the enforcement of such
remedies is considered in a proceeding in equity or at law);

          (d) the execution, delivery and performance of this Declaration by the
Property Trustee does not conflict with, or constitute a breach of, the charter
or by-laws of the Property Trustee; and

          (e) no consent, approval or authorization of, or registration with or
notice to, any federal or state banking authority under any Delaware law or
United States federal law governing the banking and trust powers of the Property
Trustee is required for the execution, delivery or performance by the Property
Trustee of this Declaration.

                                       80

<PAGE>

Section 12.2. Representations and Warranties of the Delaware Trustee.

          The initial Delaware Trustee represents and warrants to the Trust and
to the Company at the date of this Declaration, and each Successor Delaware
Trustee represents and warrants to the Trust and the Company at the time of the
Successor Delaware Trustee's acceptance of its appointment as Delaware Trustee,
that:

          (a) the Delaware Trustee is, if not a natural person, a corporation
duly organized, validly existing and in good standing under the laws of the
State of Delaware, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Declaration;

          (b) the Delaware Trustee satisfies the requirements set forth in
Section 5.2(a);

          (c) the execution, delivery and performance by the Delaware Trustee of
this Declaration has been duly authorized, if the Delaware Trustee is not a
natural person, by all necessary corporate action on the part of the Delaware
Trustee; this Declaration has been duly executed and delivered by the Delaware
Trustee and under Delaware law (excluding securities laws) constitutes a legal,
valid and binding obligation of the Delaware Trustee enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency and other similar laws affecting creditors' rights
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law);

          (d) the execution, delivery and performance of this Declaration by the
Delaware Trustee, if not a natural person, does not conflict with, or constitute
a breach of, the charter or by-laws of the Delaware Trustee; and

          (e) no consent, approval or authorization of, or registration with or
notice to, any federal or state banking authority under any Delaware law or
United States federal law governing the banking and trust powers of the Delaware
Trustee is required for the execution, delivery or performance by the Delaware
Trustee of this Declaration.

                                  ARTICLE XIII

                                  MISCELLANEOUS

Section 13.1. Notices.

          All notices provided for in this Declaration 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:

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

          New York Community Capital Trust VI
          c/o New York Community Bancorp, Inc.

                                       81

<PAGE>

          615 Merrick Avenue
          Westbury, New York 11590.
          Attention: Administrative Trustee, c/o Chief Financial Officer
          Facsimile No.: (516) 683-8385

          (b) if given to the Delaware Trustee, at the mailing address set forth
below (or such other address as Delaware Trustee may give notice of to the
Administrative Trustees, the Property Trustee and the Holders):

          Wilmington Trust Company
          Rodney Square North
          1100 North Market Street
          Wilmington, Delaware 19890
          Attention: Corporate Trust Administration
          Facsimile No.: (302) 636-4145

          (c) if given to the Property Trustee, at the Property Trustee's
mailing address set forth below (or such other address as the Property Trustee
may give notice of to the Administrative Trustees, the Delaware Trustee and the
Holders):

          Wilmington Trust Company
          Rodney Square North
          1100 North Market Street
          Wilmington, Delaware 19890
          Attention: Corporate Trust Administration
          Facsimile No.: (302) 636-4145

          (d) if given to the Holder of the Common Securities, at the mailing
address of the Company set forth below (or such other address as the Holder of
the Common Securities may give notice to the Property Trustee, the Delaware
Trustee and the Trust):

          New York Community Bancorp, Inc.
          615 Merrick Avenue
          Westbury, New York 11590.
          Attention: Chief Financial Officer
          Facsimile No.: (516) 683-8385

          (e) if given to any Holder of Preferred Securities, to the Clearing
Agency, and if Definitive Preferred Securities have been issued, at such
Holder's address set forth on the books and records of the Trust.

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.

                                       82

<PAGE>

Section 13.2. Governing Law.

          This Declaration and the rights of the parties hereunder shall be
governed by, and construed in accordance with, the laws of the State of Delaware
without regard to conflict of laws principles thereof.

Section 13.3. Intention of the Parties.

          It is the intention of the parties hereto that the Trust be classified
as a grantor trust for United States federal income tax purposes. The provisions
of this Declaration shall be interpreted to further this intention of the
parties.

Section 13.4. Headings.

          Headings contained in this Declaration are inserted for convenience of
reference only and do not affect the interpretation of this Declaration or any
provision.

Section 13.5. Successors and Assigns.

          Whenever in this Declaration any of the parties hereto is named or
referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Declaration by the Company
and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

Section 13.6. Partial Enforceability.

          If any provision of this Declaration or the application of such
provision to any Person or circumstance shall be held invalid, the remainder of
this Declaration, or the application of such provision to persons or
circumstances other than those to which it is held invalid, shall not be
affected thereby.

Section 13.7 Counterparts.

          This Declaration may contain more than one counterpart of the
signature page and this Declaration may be executed by the affixing of the
signature of each of the Trustees to one of such counterpart signature pages.
All of 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.

Section 13.8. The Exchange Agent.

          The Exchange Agent undertakes to perform, with respect to the
Preferred Securities, such duties and only such duties as are specifically set
forth in this Declaration, and no implied covenants or obligations shall be read
into this Declaration against the Exchange Agent. In the performance of such
duties, the Exchange Agent shall be entitled to the same rights and powers as
are granted to the Property Trustee, except that the Exchange Agent shall act as
agent solely for the Holders of the Preferred Securities who seek to exchange
such Preferred Securities pursuant to Sections 6.7 and 6.8.

                                       83

<PAGE>

          IN WITNESS WHEREOF, the undersigned has caused these presents to be
executed as of the day and year first above written.

                                           New York Community Bancorp, Inc., as
                                           Company

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

                                                             , as Administrative
                                           ------------------
                                           Trustee

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

                                                             , as Administrative
                                           ------------------
                                           Trustee

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

                                                             , as Administrative
                                           ------------------
                                           Trustee

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

                                           Wilmington Trust Company, as Property
                                           Trustee

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

                                           Wilmington Trust Company, as Delaware
                                           Trustee

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

<PAGE>

                                    EXHIBIT A

                   [FORM OF PREFERRED SECURITIES CERTIFICATE]

[To be inserted in Global Securities only:

THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE INITIALLY ISSUED
AS PART OF AN ISSUANCE OF UNITS, EACH OF WHICH CONSISTS OF A WARRANT TO PURCHASE
(.) SHARES (SUBJECT TO ANTI-DILUTION ADJUSTMENTS) OF COMMON STOCK OF NEW YORK
COMMUNITY BANCORP, INC. (THE "COMPANY") AT THE EXERCISE PRICE SET FORTH IN THE
WARRANT AGREEMENT, DATED AS OF (.), (.), BETWEEN THE COMPANY AND WILMINGTON
TRUST COMPANY, AS WARRANT AGENT, AND A PREFERRED SECURITY OF NEW YORK COMMUNITY
CAPITAL TRUST (.) (THE "TRUST"). THE WARRANTS AND THE PREFERRED SECURITIES MAY
BE SEPARATED AND TRANSFERRED SEPARATELY, AND RE-ATTACHED, IN ACCORDANCE WITH THE
PROVISIONS OF THE UNIT AGREEMENT, DATED AS OF (.), (.), AMONG THE COMPANY, THE
TRUST AND WILMINGTON TRUST COMPANY, AS UNIT AGENT, WARRANT AGENT AND PROPERTY
TRUSTEE (THE "UNIT AGREEMENT").

THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE DECLARATION
REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE "CLEARING AGENCY"), OR A NOMINEE OF THE
CLEARING AGENCY. THIS CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN
THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO TRANSFER OF THIS
CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY THE
CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR'S NOMINEE OR BY A NOMINEE OF THE CLEARING AGENCY TO THE CLEARING
AGENCY, ANOTHER NOMINEE OF THE CLEARING AGENCY OR A SUCCESSOR OF THE CLEARING
AGENCY OR SUCH NOMINEE) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.
TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF THE CLEARING AGENCY OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR'S NOMINEE OR BY A NOMINEE OF THE CLEARING AGENCY TO THE CLEARING
AGENCY, ANOTHER NOMINEE OF THE CLEARING AGENCY OR A SUCCESSOR OF SUCH CLEARING
AGENCY OR SUCH A NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE DECLARATION.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
CLEARING AGENCY OR ITS NOMINEE TO NEW YORK COMMUNITY CAPITAL TRUST (.) OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY OR ITS NOMINEE (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY

                                      A-1

<PAGE>

OR ITS NOMINEE), AND EXCEPT AS OTHERWISE PROVIDED IN THE DECLARATION, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

                                      A-2

<PAGE>

Certificate No.:                                                  CUSIP No.: (.)
Number of Preferred Securities set forth on Schedule A hereto.

                       NEW YORK COMMUNITY CAPITAL TRUST VI

                        PREFERRED SECURITIES CERTIFICATE

                            (.)% Preferred Securities

             (stated liquidation amount $(.) per Preferred Security)

          New York Community Capital Trust(.), a statutory trust created under
the laws of the State of Delaware (the "Trust"), hereby certifies that Cede &
Co. (the "Holder") is the registered owner of preferred securities of the Trust
representing undivided beneficial interests in the assets of the Trust
designated the Preferred Securities (stated liquidation amount $(.) per
Preferred Security) (the "Preferred Securities"). The Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer as provided in the Declaration (as defined below). The
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Preferred Securities represented hereby are issued and shall
in all respects be subject to the provisions of the Amended and Restated
Declaration of Trust of the Trust, dated as of (.), (.) (as the same may be
amended from time to time in accordance with its terms) (the "Declaration"),
among New York Community Bancorp, Inc., as Company, Messrs. (.), (.) and (.), as
Administrative Trustees, Wilmington Trust Company, as Property Trustee, and
Wilmington Trust Company, as Delaware Trustee. Capitalized terms used but not
defined herein shall have the meaning given them in the Declaration. The Holder
is entitled to the benefits of the Guarantee Agreement, dated as of (.), (.)
(the "Guarantee Agreement"), between New York Community Bancorp, Inc., as
Guarantor, and Wilmington Trust Company, as Guarantee Trustee, in respect of the
Preferred Securities. The Company will provide a copy of the Declaration, the
Guarantee Agreement and the Indenture (including any supplemental indenture
thereto) to a Holder without charge upon written request to the Company at its
principal place of business.

          Upon receipt of this certificate, the Holder is bound by the
Declaration, the Indenture, Guarantee Agreement and the Debenture and is
entitled to the benefits thereunder.

          By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Preferred Securities
as evidence of undivided beneficial interests in the Debentures.

                                      A-3

<PAGE>

          IN WITNESS WHEREOF, the Trust has executed this certificate this (.)
day of [____] (.).

                                 NEW YORK COMMUNITY CAPITAL TRUST (.)

                                 By:
                                     -------------------------------------------
                                     Name:
                                     Administrative Trustee

PROPERTY TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Preferred Securities referred to in the within-mentioned
Declaration.

Dated: [_____] (.), (.)

WILMINGTON TRUST COMPANY,
not in its individual capacity,
but solely as Property Trustee

By:
    ------------------------------
       Authorized Signatory

                                      A-4

<PAGE>

                                   ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned assigns and transfers this
Preferred Security Certificate to:

--------------------------------------------------------------------------------
        (Insert assignee's social security or tax identification number)

--------------------------------------------------------------------------------
                    (Insert address and zip code of assignee)

and irrevocably appoints           agent to transfer this Preferred Security
Certificate on the books and records of the Trust. The agent may substitute
another to act for him.

Date:
      --------------

Signature:
           ---------------------------------------------------------------------
       (Sign exactly as your name appears on the Preferred Security Certificate)

Date:
      --------------

Signature Guarantee*:

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

* Signature must be guaranteed by an "eligible guarantor institution" that is a
bank, stockbroker, savings and loan association or credit union meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

                                      A-5

<PAGE>

                                                                      Schedule A

                      SCHEDULE OF INCREASES OR DECREASES IN

                          GLOBAL PREFERRED SECURITY/(2)/

          This Global Preferred Security shall represent 0 (Zero) Preferred
Securities unless otherwise indicated below.

          The following increases or decreases in this Global Preferred Security
have been made:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
        Amount of decrease     Amount of increase     Number of Preferred
           in number of           in number of       Securities evidenced
       Preferred Securities   Preferred Securities       by this Global
            evidenced               evidenced          Preferred Security       Signature of
          by this Global         by this Global         following such       authorized officer
Date    Preferred Security     Preferred Security    decrease or increase        or Agent
-----------------------------------------------------------------------------------------------
<S>    <C>                    <C>                    <C>                     <C>

-----------------------------------------------------------------------------------------------
</TABLE>

----------
/(2)/  Insert in Global Preferred Securities only.

                                       A-6

<PAGE>

                                    EXHIBIT B

                      [FORM OF COMMON SECURITY CERTIFICATE]

This certificate is not transferable except as provided in the declaration (as
defined below).

Certificate No.: (.)

Number of Common Securities:

                      NEW YORK COMMUNITY CAPITAL TRUST (.)

                          COMMON SECURITIES CERTIFICATE

                             (.)% Common Securities

                (stated liquidation amount $ per Common Security)

          New York Community Capital Trust (.), a statutory trust created under
the laws of the State of Delaware (the "Trust"), hereby certifies that New York
Community Bancorp, Inc. (the "Holder") is the registered owner of [__] common
securities of the Trust representing undivided beneficial interests in the
assets of the Trust designated the Common Securities (stated liquidation amount
$(.) per Common Security) (the "Common Securities"). Except as provided in the
Declaration (as defined below), the Common Securities are not transferable, and
any attempted transfer thereof shall be void. The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the
Common Securities represented hereby are issued and shall in all respects be
subject to the provisions of the Amended and Restated Declaration of Trust of
the Trust, dated as of (.), (.) (as the same may be amended from time to time in
accordance with its terms) (the "Declaration"), among New York Community
Bancorp, Inc., as Company, Messrs. (.), (.) and (.), as Administrative Trustees,
Wilmington Trust Company, as Property Trustee, and Wilmington Trust Company, as
Delaware Trustee. Capitalized terms used but not defined herein shall have the
meaning given them in the Declaration. The Holder is entitled to the benefits of
the Guarantee Agreement, dated as of (.), (.) (the "Guarantee Agreement"),
between New York Community Bancorp, Inc., as Guarantor, and Wilmington Trust
Company, as Guarantee Trustee, in respect of the Common Securities. The Company
will provide a copy of the Declaration, the Guarantee Agreement and the
Indenture (including any supplemental indenture) to a Holder without charge upon
written request to the Company at its principal place of business.

                                      B-1

<PAGE>

          Upon receipt of this certificate, the Holder is bound by the
Declaration and the Guarantee Agreement and is entitled to the benefits
thereunder.

          By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Common Securities as
evidence of undivided beneficial interests in the Debentures.

          IN WITNESS WHEREOF, the Trust has executed this certificate this (.)
day of [____], (.).

                                 NEW YORK COMMUNITY CAPITAL TRUST (.)

                                 By:
                                     -------------------------------------------
                                     Name:
                                     Administrative Trustee

                                      B-2

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