Document:

<PAGE>

                                                                 Exhibit 4(h)(i)

                   AMENDED AND RESTATED DECLARATION OF TRUST

                                       OF

                       NEW YORK COMMUNITY CAPITAL TRUST
                                                        --

                              Dated as of   , 2002
                                          --

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                              Page
<S>                                                                                           <C>
                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1          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........................................   13
                     ------------------------------
SECTION 3.6          Powers and Duties of the Administrative Trustees......................   14
                     ------------------------------------------------
SECTION 3.7          Prohibition of Actions by the Trust and the Trustees..................   16
                     ----------------------------------------------------
SECTION 3.8          Powers and Duties of the Property Trustee.............................   17
                     -----------------------------------------
SECTION 3.9          Certain Duties and Responsibilities of the Property Trustee...........   20
                     -----------------------------------------------------------
SECTION 3.10         Certain Rights of Property Trustee....................................   21
                     ----------------------------------
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.....................................................   24
                     -----------------
SECTION 3.15         Mergers...............................................................   24
                     -------
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                           <C>
                                    ARTICLE IV
                                      SPONSOR

SECTION 4.1          Sponsor's Purchase of Common Securities................................   26
                     ---------------------------------------
SECTION 4.2          Responsibilities of the Sponsor........................................   27
                     -------------------------------
SECTION 4.3          Right to Proceed.......................................................   27
                     ----------------
SECTION 4.4          Right to Dissolve Trust................................................   27
                     -----------------------

                                    ARTICLE V
                                    TRUSTEES

SECTION 5.1          Number of Trustees; Appointment of Co-Trustee..........................   28
                     ---------------------------------------------
SECTION 5.2          Delaware Trustee.......................................................   28
                     ----------------
SECTION 5.3          Property Trustee; Eligibility..........................................   29
                     -----------------------------
SECTION 5.4          Certain Qualifications of Administrative Trustees and Delaware
                     --------------------------------------------------------------
                     Trustee Generally......................................................   30
                     -----------------
SECTION 5.5          Administrative Trustees................................................   30
                     -----------------------
SECTION 5.6          Appointment, Removal and Resignation of Trustees.......................   31
                     ------------------------------------------------
SECTION 5.7          Vacancies Among Trustees...............................................   32
                     ------------------------
SECTION 5.8          Effect of Vacancies....................................................   33
                     -------------------
SECTION 5.9          Meetings...............................................................   33
                     --------
SECTION 5.10         Delegation of Power....................................................   33
                     -------------------
SECTION 5.11         Merger, Conversion, Consolidation or Succession to Business............   34
                     -----------------------------------------------------------

                                    ARTICLE VI
                                   DISTRIBUTIONS

SECTION 6.1          Distributions..........................................................   34
                     -------------

                                    ARTICLE VII
                              ISSUANCE OF SECURITIES

SECTION 7.1          General Provisions Regarding Securities................................   34
                     ---------------------------------------
SECTION 7.2          Execution and Authentication...........................................   35
                     ----------------------------
SECTION 7.3          Form and Dating........................................................   36
                     ---------------
SECTION 7.4          Registrar, Paying Agent and Exchange Agent.............................   37
                     ------------------------------------------
SECTION 7.5          Paying Agent to Hold Money in Trust....................................   37
                     -----------------------------------
SECTION 7.6          Replacement Securities.................................................   38
                     ----------------------
SECTION 7.7          Outstanding Preferred Securities.......................................   38
                     --------------------------------
SECTION 7.8          Preferred Securities in Treasury.......................................   38
                     --------------------------------
SECTION 7.9          Temporary Securities...................................................   38
                     --------------------
SECTION 7.10         Cancellation...........................................................   39
                     ------------
SECTION 7.11         CUSIP Numbers..........................................................   39
                     -------------
</TABLE>

                                      iii

<PAGE>

<TABLE>
<S>                                                                                            <C>
                                   ARTICLE VIII
                               DISSOLUTION OF TRUST

SECTION 8.1          Dissolution of Trust...................................................   40
                     --------------------

                                    ARTICLE IX
                               TRANSFER OF INTERESTS

SECTION 9.1          Transfer of Securities.................................................   41
                     ----------------------
SECTION 9.2          Transfer Procedures and Restrictions...................................   42
                     ------------------------------------
SECTION 9.3          Deemed Security Holders................................................   45
                     -----------------------
SECTION 9.4          Book-Entry Interests...................................................   45
                     --------------------
SECTION 9.5          Notices to Clearing Agency.............................................   46
                     --------------------------
SECTION 9.6          Appointment of Successor Clearing Agency...............................   46
                     ----------------------------------------

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

SECTION 10.1         Liability..............................................................   46
                     ---------
SECTION 10.2         Exculpation............................................................   47
                     -----------
SECTION 10.3         Fiduciary Duty.........................................................   47
                     --------------
SECTION 10.4         Indemnification........................................................   48
                     ---------------
SECTION 10.5         Outside Businesses.....................................................   51
                     ------------------

                                   ARTICLE XI
                                   ACCOUNTING

SECTION 11.1         Fiscal Year............................................................   51
                     -----------
SECTION 11.2         Certain Accounting Matters.............................................   52
                     --------------------------
SECTION 11.3         Banking................................................................   52
                     -------
SECTION 11.4         Withholding............................................................   52
                     -----------

                                   ARTICLE XII
                             AMENDMENTS AND MEETINGS

SECTION 12.1         Amendments.............................................................   53
                     ----------
SECTION 12.2         Meetings of the Holders; Action by Written Consent.....................   53
                     --------------------------------------------------
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                                            <C>
                                  ARTICLE XIII
                       REPRESENTATIONS OF PROPERTY TRUSTEE
                              AND DELAWARE TRUSTEE

SECTION 13.1         Representations and Warranties of Property Trustee.....................   56
                     --------------------------------------------------
SECTION 13.2         Representations and Warranties of Delaware Trustee.....................   57
                     --------------------------------------------------

                                   ARTICLE XIV
                                  MISCELLANEOUS

SECTION 14.1         Notices................................................................   57
                     -------
SECTION 14.2         Governing Law..........................................................   59
                     -------------
SECTION 14.3         Intention of the Parties...............................................   59
                     ------------------------
SECTION 14.4         Headings...............................................................   59
                     --------
SECTION 14.5         Successors and Assigns.................................................   59
                     ----------------------
SECTION 14.6         Partial Enforceability.................................................   59
                     ----------------------
SECTION 14.7         Counterparts...........................................................   59
                     ------------

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
</TABLE>

                                       v

<PAGE>

                             CROSS-REFERENCE TABLE*
Section of
Trust Indenture
Act of 1939, as                                           Section of
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(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.

                                       vi

<PAGE>

                              AMENDED AND RESTATED
                              DECLARATION OF TRUST
                                       OF
                       NEW YORK COMMUNITY CAPITAL TRUST
                                                        --

                              Dated as of   , 2002
                                          --

          AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") dated and
effective as of   , 2002, by and among the Trustees (as defined herein), the
                --
Sponsor (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 Sponsor
established New York Community Capital Trust    (the "Trust"), a trust created
                                             --
under the Delaware Business Trust Act pursuant to a Declaration dated as of   ,
                                                                            --
2002 (the "Original Declaration"), and a Certificate of Trust filed with the
Secretary of State of the State of Delaware on   , 2002 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 Debenture Issuer (each as hereinafter defined), and engaging
in only those activities necessary, advisable or incidental thereto; and

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

          WHEREAS, all of the Trustees and the Sponsor, 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 business trust under the Business Trust Act and that
this Declaration constitute the governing instrument of such business 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
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:

<PAGE>

                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1 Definitions.
            -----------

          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.

          "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 Exchange Agent.
           -----

          "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 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.

                                        2

<PAGE>

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

          "Business 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.

          "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 Time" means closing of the Preferred Securities, at such
           ------------
place as shall be agreed upon by the purchasers of the issuance of Preferred
Securities and the Trust no later than 10:00 a.m. New York City time, on
December 31, 2002 or such other time selected by New York Community Bancorp,
Inc.

          "Code" means the Internal Revenue Code of 1986, as amended from time
           ----
to time, or any successor legislation.

          "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).
           -----------------

                                        3

<PAGE>

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

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

          "Debenture Issuer" means New York Community Bancorp, Inc., a Delaware
           ----------------
corporation, or any successor entity resulting from any consolidation,
amalgamation, merger or other business combination, in its capacity as issuer of
the Debentures under the Indenture.

          "Debenture 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.

          "Debentures" means the Junior Subordinated Deferrable Interest
           ----------
Debentures due   , 2002 of the Debenture Issuer issued pursuant to the
               --
Indenture.

          "Default" means an event, act or condition that with notice or lapse
           -------
of time, or both, would constitute an Event of Default.

          "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.
           ---

                                        4

<PAGE>

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

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

          "Exchange 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(b).

          "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 Business
Trust Act.

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

          "Indenture" means the Indenture, dated as of the Closing Time, between
           ---------
the Debenture Issuer and the Debenture Trustee, as amended from time to time.

          "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.

          "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.

                                        5

<PAGE>

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

          "Officers' Certificate" means, with respect to any Person, a
           ---------------------
certificate signed by an Authorized Officer of such Person. Any Officers'
Certificate delivered by the Trust shall be signed by at least one
Administrative Trustee. Any Officers' Certificate delivered with respect to
compliance with a condition or covenant provided for in this Declaration shall
include:

          (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 Sponsor, 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 Section 7.1(a).
           --------------------

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

          "Preferred Securities 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 Trustee" has the meaning set forth in Section 5.3(a).
           ----------------

                                        6

<PAGE>

          "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.
           ---------

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

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

          "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.

          "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.

          "Sponsor" means New York Community Bancorp, Inc., a Delaware
           -------
corporation, or any successor entity resulting from any merger, consolidation,
amalgamation or other business combination, in its capacity as sponsor of the
Trust.

                                        7

<PAGE>

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

          "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.

                                        8

<PAGE>

                                   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 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 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 Sponsor and the Administrative Trustees on behalf of the
Trust shall provide the Property Trustee, unless the Property Trustee is
Registrar for the Securities, (i) within 14 days after each record date for
payment of Distributions, a list, in such form as the Property Trustee may
reasonably require, of the names and addresses of the Holders ("List of
Holders") as of such record date, provided that, neither the Sponsor 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 Sponsor 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 14 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 Sections
311(a), 311(b) and 312(b) of the Trust Indenture Act.

                                        9

<PAGE>

SECTION 2.3 Reports by the Property Trustee.
            -------------------------------

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

SECTION 2.4 Periodic Reports to Property Trustee.
            ------------------------------------

          Each of the Sponsor 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 Section 314 (if any) of the Trust
Indenture Act and shall provide to the Property Trustee 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 Sponsor 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 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 Events of Default; 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 Event of Default in respect of the Preferred Securities and its
consequences, provided that, if the underlying Event of Default under the
Indenture:

               (i) is not waivable under the Indenture, the Event of Default
          under the 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 Event of Default
          under the 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 Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded

                                       10

<PAGE>

from this Declaration and the Securities, as permitted by the Trust Indenture
Act. Upon such waiver, any such Default shall cease to exist, and any Event of
Default 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 Default or an Event of Default
with respect to the Preferred Securities or impair any right consequent thereon.
Any waiver by the Holders of the Preferred Securities of an Event of Default
with respect to the Preferred Securities shall also be deemed to constitute a
waiver by the Holders of the Common Securities of any such Event of Default 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 Event of Default with respect to the Common
Securities and its consequences, provided that, if the underlying Event of
                                 -------- ----
Default under the Indenture:

               (i) is not waivable under the Indenture, except where the Holders
          of the Common Securities are deemed to have waived such Event of
          Default under the Declaration as provided below in this Section
          2.6(b), the Event of Default under the Declaration shall also not be
          waivable; or

               (ii) requires the consent or vote of a Super Majority to be
          waived, except where the Holders of the Common Securities are deemed
          to have waived such Event of Default under the Declaration as provided
          below in this Section 2.6(b), the Event of Default under the
          Declaration may only be waived by the vote of the Holders of at least
          the proportion in aggregate liquidation amount of the Common
          Securities that the relevant Super Majority represents of the
          aggregate principal amount of the Debentures outstanding;

provided further, each Holder of Common Securities will be deemed to have waived
-------- -------
any such Event of Default and all Events of Default with respect to the Common
Securities and their consequences if all Events of Default with respect to the
Preferred Securities have been cured, waived or otherwise eliminated, and until
such Events of Default 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 Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such
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 waiver, any such Default shall cease to exist and any Event of Default
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 Event of Default with respect to
the Common Securities or impair any right consequent thereon.

                                       11

<PAGE>

     (c) A waiver of an Event of Default under the Indenture by the Property
Trustee, at the direction of the Holders of the Preferred Securities,
constitutes a waiver of the corresponding Event of Default 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 such 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 Default; Notice.
            ---------------

     (a) The Property Trustee shall, within 90 days after a Responsible Officer
has actual knowledge of the occurrence of a Default with respect to the
Securities, transmit by mail, first class postage prepaid, to the Holders,
notices of all such Defaults, unless such Defaults have 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
Default or Event of Default except:

               (i) a Default or 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) any Default or 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 Event of Default, the Property Trustee shall
transmit notice of such Event of Default to the Holders of the Preferred
Securities, the Administrative Trustees and the Sponsor, unless such Event of
Default shall have been cured or waived. The Sponsor 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.
            ---------

          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.

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

                                       13

<PAGE>

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 Sponsor, including any and all
     amendments thereto, pertaining to the Preferred Securities;

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

          (iii) execute and file an application, prepared by the Sponsor, 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;

          (iv) execute and file with the Commission a registration statement on
     Form 8-A, including any amendments thereto, prepared by the Sponsor,
     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 Sponsor and the Property Trustee prompt written notice of
the occurrence of a Special Event;

                                       14

<PAGE>

     (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 Section
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;

     (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 Debenture Issuer 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 business 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:

                                       15

<PAGE>

               (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 Debenture Issuer to ensure that the
     Debentures will be treated as indebtedness of the Debenture Issuer 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.

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

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;

                                       16

<PAGE>

          (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 Debenture Trustee, or
          exercising any trust or power conferred upon the Debenture 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.

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

                                       17

<PAGE>

          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.

     (e) Subject to Section 3.9(a), the Property Trustee shall take any Legal
Action which arises out of or in connection with an Event of Default of which a
Responsible Officer has actual knowledge or the Property Trustee's duties and
obligations under this Declaration or the Trust Indenture Act; and if the
Property Trustee shall have failed to take such Legal Action following a written
request from the Holders, the Holders of the Preferred Securities may, to the
fullest extent permitted by law, take such Legal Action, to the same extent as
if such Holders of Preferred Securities held an aggregate principal amount of
Debentures equal to the aggregate liquidation amount of such Preferred
Securities, without first proceeding against the Property Trustee or the Trust;
provided, however, that if an Event of Default has occurred and is continuing
--------  -------
and such event is attributable to the failure of the Debenture Issuer 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 Debenture Issuer 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.

                                       18

<PAGE>

     (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 an Event of Default 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 Section 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 Section 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.

     (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.

                                       19

<PAGE>

SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee.
            -----------------------------------------------------------

     (a) The Property Trustee, before the occurrence of any 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) and after the curing or waiving of all such Events
of Default that may have occurred, shall undertake to perform only such duties
as are specifically set forth in this Declaration and in the Securities and no
implied covenants shall be read into this Declaration against the Property
Trustee. In case an Event of Default 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 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) and after the
          curing or waiving of all such Events of Default 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, 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;

                                       20

<PAGE>

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

               (iii) the Property Trustee shall not be 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 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 liable for any interest
          on any money received by it except as it may otherwise agree in
          writing with the Sponsor. 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; and

               (viii) the Property Trustee shall not be responsible for
          monitoring the compliance by the Administrative Trustees or the
          Sponsor 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 Sponsor.

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,

                                       21

<PAGE>

          instrument, opinion, report, notice, request, direction, consent,
          order, bond, debenture, note, other evidence of indebtedness or other
          paper or document believed by it to be genuine and to have been
          signed, sent or presented by the proper party or parties;

               (ii) any direction or act of the Sponsor 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 Sponsor 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 Sponsor or any
          of its Affiliates, and may include any of its employees; and 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

                                       22

<PAGE>

          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 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 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.

                                       23

<PAGE>

     (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
Business 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 Business 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 Sponsor, 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 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

                                       24

<PAGE>

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 Sponsor, 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) 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) the Sponsor 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 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 substantially identical
          to that of the Trust;

                                       25

<PAGE>

               (vii) prior to such merger, consolidation, amalgamation,
          replacement, conveyance, transfer or lease, the Sponsor 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) the Sponsor or any permitted successor or assignee of the
          Sponsor 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; and

               (ix) 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 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.

                                   ARTICLE IV
                                     SPONSOR

SECTION 4.1 Sponsor's Purchase of Common Securities.
            ---------------------------------------

          At the Closing Time the Sponsor 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.

                                       26

<PAGE>

SECTION 4.2 Responsibilities of the Sponsor.
            -------------------------------

          In connection with the issue and sale of the Preferred Securities, the
Sponsor 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 Sponsor deems necessary
or advisable in order to comply with the applicable laws of any such states;

     (c) if so determined by the Sponsor, 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 Sponsor, 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; and

     (e) 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 Sponsor 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 Debenture Issuer to
pay the principal of or interest on the Debentures, to institute a proceeding
directly against the Debenture Issuer for enforcement of its payment obligations
in respect of the Debentures.

SECTION 4.4 Right to Dissolve Trust.
            -----------------------

          The Sponsor 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 Sponsor'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.

                                       27

<PAGE>

                                    ARTICLE V
                                    TRUSTEES

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

          The number of Trustees initially shall be four (4), and:

     (a) at any time before the issuance of any Securities, the Sponsor 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;

provided, however, that, the number of Trustees shall in no event be less than
--------  -------
two (2); 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 Sponsor (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 an Event of
Default 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 Declaration. In case an Event of Default 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 Business 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,

                                       28

<PAGE>

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
          Telephone: (302) 651-1000
          Telecopier: (302) 651-8882

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 Sponsor; 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.

     (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 Section 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 Section 310(b) of the Trust Indenture Act) shall in all respects
comply with the provisions of Section 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 provison
contained in Section 310 (b) of the Trust Indenture Act.

                                       29

<PAGE>

     (e) The initial Property Trustee shall be:

          Wilmington Trust Company
          Rodney Square North
          1100 North Market Street
          Wilmington, Delaware 19890
          Telephone: (302) 651-1000
          Telecopier: (302) 651-8882

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:

          Joseph R. Ficalora
          Robert Wann
          Thomas R. Cangemi
          c/o New York Community Bancorp, Inc.
          615 Merrick Avenue
          Westbury, New York 11590
          Telephone: (516) 683-4100
          Telecopier: (516) 683-8344

     (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 Business 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.

                                       30

<PAGE>

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 Sponsor;

               (ii) unless an Event of Default 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; and

               (iii) if an Event of Default 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, and with
          respect to the Administrative Trustees, in the manner set forth in
          Section 5.6(a)(ii) hereof.

               (b) (i) The Trustee that acts as Property Trustee shall not be
          removed in accordance with Section 5.6(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 removed Property Trustee, the Administrative Trustees
          and the Sponsor; and

               (ii) the Trustee that acts as 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 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 Sponsor.

     (c) 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 Sponsor 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
               Sponsor, the Delaware

                                       31

<PAGE>

               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 Trustee that acts as 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 Dela ware Trustee and delivered to the Trust, the
          Property Trustee (if the resigning Delaware Trustee is not also the
          Property Trustee), the Sponsor and the resigning Delaware Trustee.

     (d) The Holders of the Common Securities or, if an Event of Default 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.

     (e) 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.

     (f) 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.

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

     (h) 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.

                                       32

<PAGE>

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 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.

                                       33

<PAGE>

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).

                                   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
Debenture Issuer 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

                                       34

<PAGE>

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.

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.

          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.

          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.

          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 Sponsor or an Affiliate.

                                       35

<PAGE>

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 Sponsor,
shall furnish any such legend not contained in Exhibit A-1 to the 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 Sponsor, 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

                                       36

<PAGE>

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.

     (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 Exchange Agent.
            ------------------------------------------

          The Trust shall maintain in 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 ("Exchange 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 Exchange Agent and may appoint
one or more co-registrars, one or more additional paying agents and one or more
additional Exchange 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 "Exchange Agent" includes any
additional Exchange Agent. The Trust may change any Paying Agent, Registrar,
co-registrar or Exchange 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 Sponsor. 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 Exchange Agent, the Property Trustee shall
act as such. The Trust or any of its Affiliates may act as Paying Agent,
Registrar, or Exchange Agent. The Trust shall act as Paying Agent, Registrar and
Exchange Agent for the Common Securities.

          The Trust initially appoints the Property Trustee as Registrar, Paying
Agent and Exchange 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 Sponsor or

                                       37

<PAGE>

an Affiliate of the Trust or the Sponsor 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 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
Sponsor, 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 Sponsor or an Affiliate of the Sponsor 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 Sponsor or an Affiliate of the Sponsor, 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

                                       38

<PAGE>

the case of the 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 Sponsor 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
Sponsor 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 Exchange 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.

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

                                       39

<PAGE>

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 Sponsor 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 Sponsor;

               (ii) upon the filing of a certificate of dissolution or
          liquidation or its equivalent with respect to the Sponsor; or the
          revocation of the Sponsor'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 Sponsor directing the Property
          Trustee to dissolve the Trust (which direction is optional, and except
          as otherwise expressly provided below, within the discretion of the
          Sponsor), and provided, further, that such direction and such
                        --------  -------
          distribution is conditioned on (a) the receipt by the Sponsor of any
          and all required regulatory approvals, and (b) the Sponsor'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;

               (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

                                       40

<PAGE>

filing a certificate of cancellation with the Secretary of State of the State of
Delaware in accordance with the Business 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) Subject to this Article IX, Preferred Securities may only be
transferred, in whole or in part, in accordance with the terms and conditions
set forth in this Declaration. 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.

     (c) For so long as the Securities remain outstanding, the Sponsor agrees
(i) not to transfer ownership of the Common Securities of the Trust, provided
that any permitted successor of the Sponsor under the Indenture may succeed to
the Sponsor's ownership of the Common Securities, (ii) not to cause, as Sponsor
of the Trust, or to permit, as Holder of the Common Securities, the dissolution,
winding-up or liquidation of the Trust, except as provided in this Declaration
and (iii) to use its best efforts to cause the Trust (a) to remain a business
trust, except in connection with the distribution of Debentures to the Holders
in liquidation of the Trust, the redemption of all of the Securities, or certain
mergers, consolidations or amalgamations, each as permitted by this Declaration,
and (b) to otherwise continue to be classified as a grantor trust for United
States federal income tax purposes.

     (d) The Registrar 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 (with such indemnity as the Registrar may
require) 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.
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.

                                       41

<PAGE>

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:

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

          (y) 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;

     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

                                       42

<PAGE>

          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.

               (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

               (ii) the Clearing Agency notifies the Sponsor 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 Sponsor 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

                                       43

<PAGE>

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.

     (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 Sponsor 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.

                                       44

<PAGE>

     (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). 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:

                                       45

<PAGE>

     (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 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 Sponsor shall not be:

                                       46

<PAGE>

               (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 Sponsor shall be liable for all of the debts and obligations of the
Trust (other than in respect of the Securities).

     (c) Pursuant to Section 3803(a) of the Business 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 or in equity, an Indemnified Person has
duties (including fiduciary duties) and liabilities relating thereto to the
Trust or to any other Covered Person, an Indemnified Person acting under this
Declaration shall not be liable to the Trust or to any other Covered Person for
its good faith reliance on the provisions of this Declaration. The provisions of
this Declaration, to the extent that they restrict the duties and 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 duties and liabilities of
such Indemnified Person.

     (b) Unless otherwise expressly provided herein:

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

                                       47

<PAGE>

               (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,

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) (i) The Sponsor 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.

               (ii) The Sponsor 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

                                       48

<PAGE>

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.

               (iii) 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.

               (iv) Any indemnification under paragraphs (i) and (ii) of this
Section 10.4(a) (unless ordered by a court) shall be made by the Sponsor 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.

               (v) 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 Sponsor 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
Sponsor as authorized in this Section 10.4(a). Notwithstanding the foregoing, no
advance shall be made by the Sponsor 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

                                       49

<PAGE>

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

               (vi) 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 Sponsor 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 Sponsor 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.

               (vii) The Sponsor 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 Debenture Issuer would have the power to indemnify him or her against such
liability under the provisions of this Section 10.4(a).

               (viii) 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.

               (ix) 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.

     (b) The Sponsor agrees to indemnify the (i) Property Trustee, (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 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 Sponsor agrees to advance expenses (including legal fees)

                                       50

<PAGE>

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 Sponsor 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 subsection. The obligations
as set forth in this Section 10.4(b) 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.

     (c) The Sponsor 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 Sponsor 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 Sponsor, 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 Sponsor, 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 Sponsor, 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
Sponsor or any Affiliate of the Sponsor, 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 Sponsor or its Affiliates.

                                   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.

                                       51

<PAGE>

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.

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 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

                                       52

<PAGE>

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

               (ii) unless, in the case of any proposed amendment which affects
          the rights, powers, duties, obligations or immunities of the Property
          Trustee, the Property Trustee shall have first received:

               (A) an Officers' Certificate from each of the Trust and the
               Sponsor 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 Sponsor 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;

provided, however, that the Property Trustee shall not be required to sign any
--------  -------
such amendment; and

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

                                       53

<PAGE>

               (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) 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 (g) below) may be
effected only with such additional requirements as may be set forth in the terms
of such Securities;

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

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

     (f) 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

     (g) 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) to modify, eliminate or add any provisions of the
          Declaration to such extent as shall be necessary to enable the Trust
          or the Sponsor to conduct an Exchange Offer in the manner contemplated
          by the Registration Rights Agreement;

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.

                                       54

<PAGE>

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 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;

                                       55

<PAGE>

               (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 Business 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 Sponsor at the date of this Declaration, and
each Successor Property Trustee represents and warrants to the Trust and the
Sponsor at the time of the Successor Property Trustee's acceptance of its
appointment as Property Trustee that:

     (a) the Property 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 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 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);

     (c) 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

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

                                       56

<PAGE>

SECTION 13.2 Representations and Warranties of Delaware Trustee.
             --------------------------------------------------

          The Trustee that acts as initial Delaware Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration, and
each Successor Delaware Trustee represents and warrants to the Trust and the
Sponsor 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 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);

     (c) 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; and

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

     (e) 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 Business 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:

                                       57

<PAGE>

     (f) 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: Thomas R. Cangemi
          Telephone: (516) 683-4100
          Telecopier: (516) 683-8344

     (g) 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
          Telephone: (302) 651-1000
          Telecopier: (302) 651-8882

     (h) 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
          Telephone: (302) 651-1000
          Telecopier: (302) 651-8882

     (i) if given to the Holder of the Common Securities, at the mailing address
of the Sponsor 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: Joseph R. Ficalora
          Telephone: (516) 683-4100
          Telecopier: (516) 683-4424

     (j) 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

                                       58

<PAGE>

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.

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 Sponsor
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.

                                       59

<PAGE>

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

                                      ------------------------------------------
                                      Joseph R. Ficalaro
                                      as Administrative Trustee

                                      ------------------------------------------
                                      Robert Wann
                                      as Administrative Trustee

                                      ------------------------------------------
                                      Thomas R. Cangemi
                                      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 Sponsor and Debenture Issuer

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

<PAGE>

                                     ANNEX I

                                    TERMS OF
                              PREFERRED SECURITIES
                                COMMON SECURITIES

         Pursuant to Section 7.1 of the Amended and Restated Declaration, dated
as of   , 2002 (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
("Compound Interest") (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 Compound Interest) 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 Trust has funds available in the
Property Trustee Account. The amount of Distributions payable for any
period will be computed for any

                                      I-1

<PAGE>

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 quarterly Distribution
period 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 Payment
Date"). So long as the Debenture Issuer shall not be in default in the payment
of interest on the Debentures, the Debenture Issuer 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
Debenture Issuer 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 Payment Date following the
Extension Period. Upon the termination of any Extension Period and the payment
of all amounts then due, the Debenture Issuer may commence a new Extension
Period, subject to the above requirements. In the event that the Debenture
Issuer exercises this right, then (i) the Debenture Issuer 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 Debenture Issuer of its obligations
under any employee benefit plans or any other contractual obligation of the
Debenture Issuer (other than a contractual obligation ranking pari passu with or
junior to the Debentures), (b) as a result of a reclassification of the
Debenture Issuer's capital stock or the exchange or conversion of one class or
series of the Debenture Issuer's capital stock for another class of the
Debenture Issuer's capital stock or (c) the purchase of fractional interests in
shares of the Debenture Issuer's capital stock pursuant to the conversion or
exchange provisions of such capital stock or the security being converted or
exchanged), (ii) the Debenture Issuer shall not make any payment of interest,
principal or premium, if any, on or repay, repurchase or redeem any debt
securities issued by the Debenture Issuer that rank pari passu with or junior to
such Debentures and (iii) the Debenture Issuer shall not make any guarantee
payments with respect to the foregoing (other than pursuant to the Preferred
Securities Guarantee).

     (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

                                      I-2

<PAGE>

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 Payment Date, as a result of the Debenture Issuer
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 Payment Date
falling within an Extension Period unless the Debenture Issuer has elected to
make a full or partial payment of interest accrued on the Debentures on such
Distribution Payment 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 Debenture Issuer 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.

     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

                                      I-3

<PAGE>

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

          (ii) The Debenture Issuer 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 December 28, 2006 (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
Debenture Issuer 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 Debenture
Issuer and the Trust of an opinion of independent securities counsel experienced
in such matters to the

                                      I-4

<PAGE>

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 Debenture Issuer 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 Debenture
Issuer 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 Debenture Issuer 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 Sponsor were subject to such capital
requirement); provided, however, that the distribution of the Debentures in
              --------  -------
connection with the liquidation of the Trust by the Debenture Issuer shall not
in and of itself constitute a Regulatory Capital Event.

          "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 Debenture Issuer 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 Debenture Issuer on
the Debentures is not, or within 90 days of the date of such opinion will not
be, deductible by the Debenture Issuer, 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.

                                      I-5

<PAGE>

     (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 Debenture Issuer 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) Notice of any redemption of, or notice of distribution of
     Debentures in exchange for, the Securities (a "Redemption/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
     Redemption/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 Redemption/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 Redemption/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

                                      I-6

<PAGE>

     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
     Redemption/ 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
                                                             -------------
     Debenture Issuer 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 certificated form and Common
     Securities, provided that the Debenture Issuer 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 Redemption/ 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 Sponsor 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.

                                      I-7

<PAGE>

          (v) Redemption/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
     Sponsor 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.

     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 Debenture Trustee or executing any
trust or power conferred on such Debenture 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 an Event of Default under the Declaration has occurred and is
continuing and such event is attributable to the failure of the Debenture Issuer
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 Debenture Issuer 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 Debenture Issuer 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.

                                      I-8

<PAGE>

          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
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 Sponsor or any Affiliate of the
Sponsor 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 Debenture Event of Default shall have occurred and be
continuing, any Trustee may be removed at any time by the Holder of the Common
Securities. If a Debenture Event of Default 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 Sponsor 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 Debenture Trustee, or executing any
trust or power conferred on such Debenture 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

                                      I-9

<PAGE>

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 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 Event of Default under the Declaration has occurred and is
continuing and such event is attributable to the failure of the Debenture Issuer
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 Debenture Issuer 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 Debenture Issuer 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 Sponsor,
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, or (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; provided,
             --------

                                      I-10

<PAGE>

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 Sponsor 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 such date.

     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, an Event of Default 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 an Event of Default 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.

     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.

                                      I-11

<PAGE>

     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 Sponsor 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-12

<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 OF TRUST
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 OF TRUST 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.]

                     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 business 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

                                      A1-1

<PAGE>

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 Sponsor 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
Sponsor, 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 Sponsor and with any guarantee now or
hereafter entered into by the Sponsor in respect of any preferred or preference
stock of any Affiliate of the Sponsor.

     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.

     IN WITNESS WHEREOF, the Trust has executed this certificate.

                                      A1-2

<PAGE>

                                             NEW YORK COMMUNITY CAPITAL TRUST
                                                                              --

                                             By:
                                             Name:
                                             Title: Administrative Trustee

dated   ,
      --  --

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                                        WILMINGTON TRUST COMPANY

                                                        as Property Trustee

                                             By:
                                                 -------------------------------
                                             Authorized Officer

                                      A1-3

<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 ("Compound Interest") (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 Compound Interest) 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 quarterly Distribution period 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 Debenture Issuer 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 Debenture Issuer 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 Debenture Issuer may commence a new
Extension Period, subject to the above requirements.

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

                              [FORM OF ASSIGNMENT]

                                      A1-4

<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 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.)

                                      A1-5

<PAGE>

     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

     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.

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

                                   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)

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

                                      A1-6

<PAGE>

                     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.

                                      A1-7

<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(c) 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 business 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(c) 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   , 2002 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 Sponsor 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 ("Compound
Interest") (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 Compound Interest) 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 quarterly Distribution
period 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 Debenture Issuer 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 Debenture Issuer 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 Debenture Issuer
may commence a new Extension Period, subject to the above requirements.

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

                              [FORM OF ASSIGNMENT]
                                   ASSIGNMENT

                                      A2-3<PAGE>

                                                                 Exhibit 4(i)(i)

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

                        NEW YORK COMMUNITY BANCORP, INC.

                                   ----------

                                   ----------

                                    INDENTURE

                               Dated as of   , 2002
                                           --

                                   ----------

                            WILMINGTON TRUST COMPANY,

                              as Debenture Trustee

                                   ----------

               JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

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

<PAGE>

     Tie Sheet of provisions of Trust Indenture Act of 1939 with Indenture dated
as of   , 2002 between New York Community Bancorp, Inc. and Wilmington Trust
      --
Company, as Debenture Trustee:

ACT SECTION                                                    INDENTURE SECTION

310(a)(1)      ...................................................... 6.09
   (a)(2)      .......................................... 6.09, 6.10, 6.11
310(a)(3)      ....................................................... N/A
   (a)(4)      ....................................................... N/A
310(a)(5)      .......................................... 6.09, 6.10, 6.11
310(b)         ...................................................... 6.08
310(c)         ....................................................... N/A
311(a)         ...................................................... 6.13
311(b)         ...................................................... 6.13
311(c)         ....................................................... N/A
312(a)         ....................................... 4.01(a) and 4.02(a)
312(b)         ................................................... 4.02(b)
312(c)         ................................................... 4.02(c)
313(a)         ................................................... 4.04(a)
313(b)(1)      ................................................... 4.04(a)
313(b)(2)      ................................................... 4.04(a)
313(c)         ................................................... 4.04(a)
313(d)         ................................................... 4.04(b)
314(a)         ................................................ 3.05, 4.03
314(b)         ....................................................... N/A
314(c)(1)      ............................................ 6.07 and 13.06
314(c)(2)      ............................................ 6.07 and 13.06
314(c)(3)      ....................................................... N/A
314(d)         ....................................................... N/A
314(e)         ............................................... 6.07, 13.06
314(f)         ....................................................... N/A
315(a)(c) and (d).................................................... 6.01
315(b)         ...................................................... 5.08
315(e)         ...................................................... 5.09
316(a)(1)      ...................................................... 5.07
316(a)(2)      ....................................................... N/A
316(a) last sentence................................................. 9.02
316(b)         ............................................. 5.07 and 9.02
316(c)         ............................................. 7.01 and 9.02
317(a)         ...................................................... 5.05
317(b)         ...................................................... 6.05
318            ..................................................... 13.08

----------

THIS TIE-SHEET IS NOT PART OF THE INDENTURE AS EXECUTED.

<PAGE>

                                TABLE OF CONTENTS

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

SECTION 1.01    Definitions................................................................................    1
                -----------
SECTION 1.02    Business Day Certificate...................................................................    9
                ------------------------

                                   ARTICLE II
                                   SECURITIES

SECTION 2.01    Forms Generally............................................................................    9
                ---------------
SECTION 2.02    Execution and Authentication...............................................................    9
                ----------------------------
SECTION 2.03    Form and Payment...........................................................................   10
                ----------------
SECTION 2.04    Global Security............................................................................   10
                ---------------
SECTION 2.05    Interest...................................................................................   12
                --------
SECTION 2.06    Transfer ..................................................................................   12
                ---------
SECTION 2.07    Replacement Securities.....................................................................   13
                ----------------------
SECTION 2.08    Temporary Securities.......................................................................   13
                --------------------
SECTION 2.09    Cancellation...............................................................................   14
                ------------
SECTION 2.10    Defaulted Interest.........................................................................   14
                ------------------
SECTION 2.11    CUSIP Numbers..............................................................................   15
                -------------

                                   ARTICLE III
                     PARTICULAR COVENANTS OF THE CORPORATION

SECTION 3.01    Payment of Principal and Interest..........................................................   15
                ---------------------------------
SECTION 3.02    Offices for Notices and Payments, etc......................................................   15
                -------------------------------------
SECTION 3.03    Appointments to Fill Vacancies in Debenture Trustee's Office...............................   16
                ------------------------------------------------------------
SECTION 3.04    Provision as to Paying Agent...............................................................   16
                ----------------------------
SECTION 3.05    Certificate to Debenture Trustee...........................................................   16
                --------------------------------
SECTION 3.06    Compliance with Consolidation Provisions...................................................   17
                ----------------------------------------
SECTION 3.07    Limitation on Dividends....................................................................   17
                -----------------------
SECTION 3.08    Covenants as to Capital Trust   ...........................................................   17
                -------------------------------
SECTION 3.09    Payment of Expenses........................................................................   18
                -------------------
SECTION 3.10    Payment Upon Resignation or Removal........................................................   18
                -----------------------------------
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                            <C>
                                   ARTICLE IV
                   LIST OF SECURITYHOLDERS AND REPORTS BY THE
                      CORPORATION AND THE DEBENTURE TRUSTEE

SECTION 4.01    List of Securityholders......................................................................  19
                -----------------------
SECTION 4.02    Preservation and Disclosure of Lists.........................................................  19
                ------------------------------------
SECTION 4.03    Reports by the Corporation...................................................................  20
                --------------------------
SECTION 4.04    Reports by the Debenture Trustee.............................................................  21
                --------------------------------

                                    ARTICLE V
                      REMEDIES OF THE DEBENTURE TRUSTEE AND
                      SECURITYHOLDERS UPON EVENT OF DEFAULT

SECTION 5.01    Events of Default............................................................................  21
                -----------------
SECTION 5.02    Payment of Securities on Default; Suit Therefor..............................................  23
                -----------------------------------------------
SECTION 5.03    Application of Moneys Collected by Debenture Trustee.........................................  25
                ----------------------------------------------------
SECTION 5.04    Proceedings by Securityholders...............................................................  25
                ------------------------------
SECTION 5.05    Proceedings by Debenture Trustee.............................................................  26
                --------------------------------
SECTION 5.06    Remedies Cumulative and Continuing...........................................................  26
                ----------------------------------
SECTION 5.07    Restoration of Rights and Remedies...........................................................  27
                ----------------------------------
SECTION 5.08    Direction of Proceedings and Waiver of Defaults by Majority of
                --------------------------------------------------------------
                Securityholders..............................................................................  27
                ---------------
SECTION 5.09    Notice of Defaults...........................................................................  28
                ------------------
SECTION 5.10    Undertaking to Pay Costs.....................................................................  28
                ------------------------

                                   ARTICLE VI
                        CONCERNING THE DEBENTURE TRUSTEE

SECTION 6.01    Duties and Responsibilities of Debenture Trustee.............................................  29
                ------------------------------------------------
SECTION 6.02    Reliance on Documents, Opinions, etc.........................................................  30
                ------------------------------------
SECTION 6.03    No Responsibility for Recitals, etc..........................................................  31
                -----------------------------------
SECTION 6.04    Debenture Trustee, Authenticating Agent, Paying Agents, Transfer Agents
                -----------------------------------------------------------------------
                and Registrar May Own Securities.............................................................  31
                --------------------------------
SECTION 6.05    Moneys to be Held in Trust...................................................................  31
                --------------------------
SECTION 6.06    Compensation and Expenses of Debenture Trustee...............................................  32
                ----------------------------------------------
SECTION 6.07    Officers' Certificate as Evidence............................................................  32
                ---------------------------------
SECTION 6.08    Conflicting Interest of Debenture Trustee....................................................  33
                -----------------------------------------
SECTION 6.09    Eligibility of Debenture Trustee.............................................................  33
                --------------------------------
SECTION 6.10    Resignation or Removal of Debenture Trustee..................................................  33
                -------------------------------------------
SECTION 6.11    Acceptance by Successor Debenture Trustee....................................................  34
                -----------------------------------------
SECTION 6.12    Succession by Merger, etc....................................................................  35
                -------------------------
SECTION 6.13    Limitation on Rights of Debenture Trustee as a Creditor......................................  36
                -------------------------------------------------------
SECTION 6.14    Authenticating Agents........................................................................  36
                ---------------------
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                                                                                                            <C>
                                   ARTICLE VII
                         CONCERNING THE SECURITYHOLDERS

SECTION 7.01    Action by Securityholders....................................................................  37
                -------------------------
SECTION 7.02    Proof of Execution by Securityholders........................................................  37
                -------------------------------------
SECTION 7.03    Who Are Deemed Absolute Owners...............................................................  38
                ------------------------------
SECTION 7.04    Securities Owned by Corporation Deemed Not Outstanding.......................................  38
                ------------------------------------------------------
SECTION 7.05    Revocation of Consents; Future Holders Bound.................................................  38
                --------------------------------------------

                                  ARTICLE VIII
                           MEETINGS OF SECURITYHOLDERS

SECTION 8.01    Purposes of Meetings.........................................................................  39
                --------------------
SECTION 8.02    Call of Meetings by Debenture Trustee........................................................  39
                -------------------------------------
SECTION 8.03    Call of Meetings by Corporation or Securityholders...........................................  39
                --------------------------------------------------
SECTION 8.04    Qualifications for Voting....................................................................  40
                -------------------------
SECTION 8.05    Regulations..................................................................................  40
                -----------
SECTION 8.06    Voting.......................................................................................  40
                ------

                                   ARTICLE IX
                                   AMENDMENTS

SECTION 9.01    Without Consent of Securityholders...........................................................  41
                ----------------------------------
SECTION 9.02    With Consent of Securityholders..............................................................  42
                -------------------------------
SECTION 9.03    Compliance with Trust Indenture Act; Effect of Supplemental Indentures.......................  43
                ----------------------------------------------------------------------
SECTION 9.04    Notation on Securities.......................................................................  43
                ----------------------
SECTION 9.05    Evidence of Compliance of Supplemental Indenture to be Furnished to Debenture Trustee........  44
                -------------------------------------------------------------------------------------

                                    ARTICLE X
           CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER AND LEASE

SECTION 10.01   Corporation May Consolidate, etc., on Certain Terms..........................................  44
                ---------------------------------------------------
SECTION 10.02   Successor Person to be Substituted for Corporation...........................................  44
                --------------------------------------------------
SECTION 10.03   Opinion of Counsel to be Given Debenture Trustee.............................................  45
                ------------------------------------------------

                                   ARTICLE XI
                     SATISFACTION AND DISCHARGE OF INDENTURE

SECTION 11.01   Discharge of Indenture.......................................................................  45
                ----------------------
SECTION 11.02   Deposited Moneys and U.S. Government Obligations to be Held in Trust
                --------------------------------------------------------------------
                by Debenture Trustee.........................................................................  46
                --------------------
SECTION 11.03   Paying Agent to Repay Moneys Held............................................................  46
                ---------------------------------
SECTION 11.04   Return of Unclaimed Moneys...................................................................  46
                --------------------------
SECTION 11.05   Defeasance Upon Deposit of Moneys or U.S. Government Obligations.............................  46
                ----------------------------------------------------------------
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                                                            <C>
                                   ARTICLE XII
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

SECTION 12.01   Indenture and Securities Solely Corporate Obligations........................................  48
                -----------------------------------------------------

                                  ARTICLE XIII
                            MISCELLANEOUS PROVISIONS

SECTION 13.01   Successors...................................................................................  48
                ----------
SECTION 13.02   Official Acts by Successor Corporation.......................................................  48
                --------------------------------------
SECTION 13.03   Surrender of Corporation Powers..............................................................  48
                -------------------------------
SECTION 13.04   Addresses for Notices, etc...................................................................  48
                --------------------------
SECTION 13.05   Governing Law................................................................................  49
                -------------
SECTION 13.06   Evidence of Compliance with Conditions Precedent.............................................  49
                ------------------------------------------------
SECTION 13.07   Business Days................................................................................  49
                -------------
SECTION 13.08   Trust Indenture Act to Control...............................................................  50
                ------------------------------
SECTION 13.09   Table of Contents, Headings, etc.............................................................  50
                --------------------------------
SECTION 13.10   Execution in Counterparts....................................................................  50
                -------------------------
SECTION 13.11   Separability.................................................................................  50
                ------------
SECTION 13.12   Assignment...................................................................................  50
                ----------
SECTION 13.13   Acknowledgment of Rights.....................................................................  50
                ------------------------

                                   ARTICLE XIV
                            PREPAYMENT OF SECURITIES

SECTION 14.01   Special Event Prepayment.....................................................................  51
                ------------------------
SECTION 14.02   Optional Prepayment by Corporation...........................................................  51
                ----------------------------------
SECTION 14.03   No Sinking Fund..............................................................................  52
                ---------------
SECTION 14.04   Notice of Prepayment; Selection of Securities................................................  52
                ---------------------------------------------
SECTION 14.05   Payment of Securities Called for Prepayment..................................................  52
                -------------------------------------------

                                   ARTICLE XV
                           SUBORDINATION OF SECURITIES

SECTION 15.01   Agreement to Subordinate.....................................................................  53
                ------------------------
SECTION 15.02   Default on Senior Indebtedness...............................................................  53
                ------------------------------
SECTION 15.03   Liquidation; Dissolution; Bankruptcy.........................................................  54
                ------------------------------------
SECTION 15.04   Subrogation..................................................................................  55
                -----------
SECTION 15.05   Debenture Trustee to Effectuate Subordination................................................  56
                ---------------------------------------------
SECTION 15.06   Notice by the Corporation....................................................................  56
                -------------------------
SECTION 15.07   Rights of the Debenture Trustee; Holders of Senior Indebtedness..............................  57
                ---------------------------------------------------------------
SECTION 15.08   Subordination May Not Be Impaired............................................................  58
                ---------------------------------
</TABLE>

                                        v

<PAGE>

<TABLE>
<S>                                                                                                          <C>
                                   ARTICLE XVI
                      EXTENSION OF INTEREST PAYMENT PERIOD

SECTION 16.01   Extension of Interest Payment Period.........................................................  58
                ------------------------------------
SECTION 16.02   Notice of Extension..........................................................................  59
                -------------------
</TABLE>

SIGNATURES
EXHIBIT A - FORM OF SECURITY

                                       vi

<PAGE>

     THIS INDENTURE, dated as of   , 2002, between New York Community Bancorp,
                                 --
Inc., a Delaware corporation (hereinafter called the "Corporation"), and
Wilmington Trust Company, a Delaware banking corporation, as debenture trustee
(hereinafter sometimes called the "Debenture Trustee").

                              W I T N E S S E T H :

     In consideration of the premises, and the purchase of the Securities (as
defined below) by the holders thereof, the Corporation covenants and agrees with
the Debenture Trustee for the equal and proportionate benefit of the respective
holders from time to time of the Securities, as follows:

                                    ARTICLE I
                                   DEFINITIONS

     SECTION 1.01 Definitions.
                  -----------

     The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes of
this Indenture shall have the respective meanings specified in this Section
1.01. All other terms used in this Indenture which are defined in the Trust
Indenture Act of 1939, asamended (the "Trust Indenture Act"), or which are by
reference therein defined in the Securities Act of 1933, as amended (the
"Securities Act"), shall (except as herein otherwise expressly provided or
unless the context otherwise requires) have the meanings assigned to such terms
in said Trust Indenture Act and in said Securities Act as in force at the date
of this Indenture as originally executed. The following terms have the meanings
given to them in the Declaration (as defined below): (i) Clearing Agency; (ii)
Delaware Trustee; (iii) Property Trustee; (iv) Administrative Trustees; (v)
Capital Securities; (vi) Direct Action; (vii) Capital Securities Guarantee; and
; (viii) Distributions. All accounting terms used herein and not expressly
defined shall have the meanings assigned to such terms in accordance with
generally accepted accounting principles, and the term "generally accepted
accounting principles" means such accounting principles as are generally
accepted at the time of any computation. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Indenture as a whole
and not to any particular Article, Section or other subdivision. Headings are
used for convenience of reference only and do not affect interpretation. The
singular includes the plural and vice versa.

     "Additional Sums" shall have the meaning set forth in Section 2.06(c).

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

     "Allocable Amounts," when used with respect to any Senior Indebtedness,
means all amounts due or to become due on such Senior Indebtedness less, if
applicable, any amount which would have been paid to, and retained by, the
holders of such Senior Indebtedness (whether as a result of the receipt of
payments by the holders of such Senior Indebtedness from the Corporation or any
other obligor thereon or from any holders of, or trustee in respect of, other
indebtedness that is subordinate and junior in right of payment to such Senior
Indebtedness pursuant to any provision of such indebtedness for the payment over
of amounts received on account of such indebtedness to the

                                       1

<PAGE>

holders of such Senior Indebtedness or otherwise) but for the fact that such
Senior Indebtedness is subordinate or junior in right of payment to (or subject
to a requirement that amounts received on such Senior Indebtedness be paid over
to obligees on) trade accounts payable or accrued liabilities arising in the
ordinary course of business.

     "Authenticating Agent" shall mean any agent or agents of the Debenture
Trustee which at the time shall be appointed and acting pursuant to Section
6.14.

     "Bankruptcy Law" shall mean Title 11, U.S. Code, or any similar federal or
state law for the relief of debtors.

     "Board of Directors" shall mean either the Board of Directors of the
Corporation or any duly authorized committee of that board.

     "Board Resolution" shall mean a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Corporation to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Debenture Trustee.

     "Book-Entry Capital Securities" shall have the meaning set forth in Section
2.05(a)(i).

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

     "Capital Securities" shall mean undivided beneficial interests in the
assets of the Trust which are designated as "Capital Securities" and rank pari
passu with the Common Securities issued by the Trust; provided, however, that if
an Event of Default has occurred 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 Capital
Securities shall be paid in full the distributions and the liquidation,
redemption and other payments to which they are entitled.

     "Capital Securities Guarantee" shall mean any guarantee agreement that the
Corporation may enter into with Wilmington Trust Company or other Persons that
operates directly or indirectly for the benefit of holders of Capital
Securities.

     "Commission" shall mean the Securities and Exchange Commission, as from
time to time constituted, created under the Exchange Act, or if at any time
after the execution of this Indenture such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time.

     "Common Securities" shall mean undivided beneficial interests in the assets
of the Trust which are designated as "Common Securities" and rank pari passu
with Capital Securities issued by the Trust; provided, however, that if an Event
of Default has occurred 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 Capital
Securities shall be

                                       2

<PAGE>

paid in full the distributions and the liquidation, redemption and other
payments to which they are then entitled.

     "Common Securities Guarantee" shall mean any guarantee that the Corporation
may enter into that operates directly or indirectly for the benefit of holders
of Common Securities.

     "Common Stock" shall mean the Common Stock, $0.01 par value per share, of
the Corporation or any other class of stock resulting from changes or
reclassifications of such Common Stock consisting solely of changes in par
value, or from par value to no par value, or from no par value to par value.

     "Compounded Interest" shall have the meaning set forth in Section 16.01.

     "Corporation" shall mean the person identified as "corporation" in the
preamble to this Indenture and, subject to the provisions of Article X, shall
also include its successors and assigns.

     "Corporation Request" or "Corporation Order" shall mean a written request
or order signed in the name of the Corporation by an Officer and delivered to
the Debenture Trustee.

     "Coupon Rate" shall have the meaning set forth in Section 2.06.

     "Custodian" shall mean any receiver, trustee, assignee, liquidator, or
similar official under any Bankruptcy Law.

     "Debenture Trustee" shall mean the Person identified as "Debenture Trustee"
in the preamble to this Indenture and, subject to the provisions of Article VI
hereof, shall also include its successors and assigns.

     "Declaration" shall mean the Amended and Restated Declaration of Trust of
the Trust, dated as of   , 2002, by and among the Trustees (as defined therein),
                       --
the Corporation, as sponsor, and the holders from time to time of undivided
beneficial interest in the assets of the Trust, as amended from time to time.

     "Default" shall mean any event, act or condition that with notice or lapse
of time, or both, would constitute an Event of Default.

     "Defaulted Interest" shall have the meaning set forth in Section 2.11.

     "Deferred Interest" shall have the meaning set forth in Section 16.01.

     "Definitive Securities" shall mean those Securities issued in fully
registered certificated form not otherwise in global form.

     "Depositary" shall mean, with respect to the Securities for which the
Corporation shall determine that such Securities will be issued as a Global
Security, The Depository Trust Company, New York, New York, or another clearing
agency, or any successor registered as a clearing agency

                                       3

<PAGE>

pursuant to Section 17A of the Exchange Act or other applicable statute or
regulation, which, in each case, shall be designated by the Corporation pursuant
to Section 2.05(d).

     "Dissolution Event" shall mean any event resulting in the dissolution of
the Trust pursuant to the Declaration, and the distribution of the Securities
held by the Property Trustee to the holders of the Trust Securities issued by
the Trust pro rata in accordance with the Declaration.

     "Event of Default" shall mean any event specified in Section 5.01,
continued for the period of time, if any, and after the giving of the notice, if
any, therein designated.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

     "Extended Interest Payment Period" shall have the meaning set forth in
Section 16.01.

     "Federal Reserve" shall mean the Board of Governors of the Federal Reserve
System.

     "Global Security" shall mean, with respect to the Securities, a Security
executed by the Corporation and delivered by the Debenture Trustee to the
Depositary or pursuant to the Depositary's instruction, or if no instructions
are received then held by the Property Trustee, all in accordance with this
Indenture, which Security shall be registered in the name of the Depositary or
its nominee.

     "Indebtedness" shall mean, whether recourse as to all or a portion of the
assets of the Corporation and whether or not contingent, (i) every obligation of
the Corporation for money borrowed; (ii) every obligation of the Corporation
evidenced by bonds, debentures, notes or other similar instruments, including
obligations incurred in connection with the acquisition of property, assets or
businesses; (iii) every reimbursement obligation of the Corporation with respect
to letters of credit, bankers' acceptances or similar facilities issued for the
account of the Corporation; (iv) every obligation of the Corporation issued,
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of
business); (v) every capital lease obligation of the Corporation; (vi) all
indebtedness of the Corporation, whether incurred on or prior to the date of
this Indenture or hereafter incurred, for claims in respect of derivative
products, including interest rate, foreign exchange rate and commodity forward
contracts, options and swaps and similar arrangements; and (vii) every
obligation of the type referred to in clauses (i) through (vi) of another Person
and all dividends of another Person the payment of which, in either case, the
Corporation has guaranteed or is responsible or liable for directly or
indirectly, as obligor or otherwise.

     "Indebtedness Ranking on a Parity with the Securities" shall mean (i)
Indebtedness, whether outstanding on the date of execution of this Indenture or
hereafter created, assumed or incurred, to the extent such Indebtedness by its
terms ranks pari passu with and not prior or senior to the Securities in the
right of payment upon the happening of the dissolution, winding-up, liquidation
or reorganization of the Corporation including, without limitation, all other
debt securities, and guarantees in respect of those debt securities, issued to
any trust other than the Trust, or a trustee of such trust, partnership or other
entity affiliated with the Corporation, that is a financing vehicle of the
Corporation (a "financing entity") in connection with the issuance by such
financing entity of equity securities or other securities guaranteed by the
Corporation pursuant to an instrument that ranks pari passu with or junior in
right of payment to the Capital Securities Guarantee. The securing

                                       4

<PAGE>

of any Indebtedness otherwise constituting Indebtedness Ranking on a Parity with
the Securities shall not be deemed to prevent such Indebtedness from
constituting Indebtedness Ranking on a Parity with the Securities with respect
to any assets of the Corporation not securing such Indebtedness.

     "Indebtedness Ranking Junior to the Securities" shall mean any
Indebtedness, whether outstanding on the date of execution of this Indenture or
hereafter created, assumed or incurred, to the extent such Indebtedness by its
terms ranks junior to and not pari passu with or prior to the Securities in
right of payment upon the happening of the dissolution or winding-up or
liquidation or reorganization of the Corporation. The securing of any
Indebtedness otherwise constituting Indebtedness Ranking Junior to the
Securities shall not be deemed to prevent such Indebtedness from constituting
Indebtedness Ranking Junior to the Securities with respect to any assets of the
Corporation not securing such Indebtedness.

     "Indenture" shall mean this instrument as originally executed or, if
amended as herein provided, as so amended.

     "Initial Optional Redemption Date" shall mean   ,   .
                                                   --  --

     "Interest Payment Date" shall have the meaning set forth in Section
2.06(a).

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

     "Investment Company Act" shall mean the Investment Company Act of 1940, as
amended from time to time, or any successor legislation.

     "Investment Company Event" shall mean the receipt by the Corporation 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 Corporation 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.

     "Like Amount" shall mean Securities having a principal amount equal to the
liquidation amount of the Trust Securities of the holder to whom Securities are
distributed pursuant to Section 2.05.

     "Maturity Date" shall mean   ,   .
                                --  --

     "Non Book-Entry Capital Securities" shall have the meaning set forth in
Section 2.05(a)(ii).

                                       5

<PAGE>

     "Officers" shall mean any of the Chairman, the Chief Executive Officer, the
President, an Executive or Senior Vice President, a Vice President, the Chief
Financial Officer, the Secretary or an Assistant Secretary of the Corporation.

     "Officers' Certificate" shall mean a certificate signed by two Officers and
delivered to the Debenture Trustee.

     "Opinion of Counsel" shall mean a written opinion of counsel, who may be an
employee of the Corporation, and who shall be reasonably acceptable to the
Debenture Trustee.

     "Optional Prepayment Price" shall have the meaning set forth in Section
14.02(a).

     "Other Debentures" shall mean all junior subordinated debentures other than
the Securities issued by the Corporation from time to time and sold to trusts
other than the Trust, in each case similar to the Trust.

     "Other Guarantees" shall mean all guarantees other than the Capital
Securities Guarantee and the Common Securities Guarantee issued by the
Corporation with respect to preferred beneficial interests issued to trusts
other than the Trust, in each case similar to the Trust.

     "Outstanding" when used with reference to the Securities, shall mean,
subject to the provisions of Section 7.04, as of any particular time, all
Securities authenticated and delivered by the Debenture Trustee or the
Authenticating Agent under this Indenture, except

          (a) Securities theretofore canceled by the Debenture Trustee or the
Authenticating Agent or delivered to the Debenture Trustee for cancellation;

          (b) Securities, or portions thereof, for the payment or prepayment of
which moneys in the necessary amount shall have been deposited in trust with the
Debenture Trustee or with any paying agent (other than the Corporation) or shall
have been set aside and segregated in trust by the Corporation (if the
Corporation shall act as its own paying agent); provided that, if such
Securities, or portions thereof, are to be prepaid prior to maturity thereof,
notice of such prepayment shall have been given as set forth in Article XIV or
provision satisfactory to the Debenture Trustee shall have been made for giving
such notice;

          (c) Securities in lieu of or in substitution for which other
Securities shall have been authenticated and delivered pursuant to the terms of
Section 2.08 unless proof satisfactory to the Corporation and the Debenture
Trustee is presented that any such Securities are held by bona fide holders in
due course and;

          (d) Securities held by the Corporation, the Trust or any Affiliate
thereof.

     "Person" shall mean any individual, corporation, estate, partnership, joint
venture, national banking association, association, joint-stock company, limited
liability company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

                                       6

<PAGE>

     "Predecessor Security" of any particular Security shall mean every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 2.08 in lieu of a lost, destroyed or
stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

     "Prepayment Price" shall mean the Special Event Prepayment Price or
Optional Prepayment Price, as the context requires.

     "Principal Office of the Debenture Trustee," or other similar term, shall
mean the office of the Debenture Trustee, at which at any particular time its
corporate trust business shall be administered.

     "Regulatory Capital Event" shall mean the receipt by the Corporation 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 Corporation 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 Capital 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 Corporation were subject to such capital requirement); applied
as if the Corporation (or its successors) were a bank holding company for
purposes of capital adequacy guidelines of the Federal Reserve Board (or any
successor regulatory authority with jurisdiction over bank holding companies),
or any capital adequacy guidelines as then in effect and applicable to the
Corporation; provided, however, that the distribution of the Securities in
connection with the liquidation of the Trust by the Corporation shall not in and
of itself constitute a Regulatory Capital Event.

     "Responsible Officer" shall mean any officer of the Debenture Trustee's
Corporate Trust Administration department with direct responsibility for the
administration of the Indenture and also means, with respect to a particular
corporate trust matter, any other officer of the Debenture Trustee to whom such
matter is referred because of such officer's knowledge of and familiarity with
the particular subject.

     "Securities" shall mean the Corporation's Junior Subordinated Deferrable
Interest Debentures due   ,   , as authenticated and issued under this
                        --  --
Indenture.

     "Securityholder," "holder of Securities," or other similar terms, shall
mean any Person in whose name at the time a particular Security is registered in
the Security Register kept by the Corporation or the Debenture Trustee for that
purpose in accordance with the terms of this Indenture.

     "Security Register" shall mean (i) prior to a Dissolution Event, the list
of holders provided to the Debenture Trustee pursuant to Section 4.01, and (ii)
following a Dissolution Event, any security register maintained by a security
registrar for the Securities appointed by the Corporation

                                       7

<PAGE>

following the execution of a supplemental indenture providing for transfer
procedures as provided for in Section 2.07(a).

     "Senior Indebtedness" shall mean the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Corporation whether
or not such claim for post petition interest is allowed in such proceedings), on
all Indebtedness, whether outstanding on the date of execution of this
Indenture, or hereafter created, assumed or incurred, except Indebtedness
Ranking on a Parity with the Securities or Indebtedness Ranking Junior to the
Securities, and any deferrals, renewals or extensions of such Senior
Indebtedness.

     "Special Event" shall mean an Investment Company Event, a Regulatory
Capital Event or a Tax Event, as the context requires.

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

     "Subsidiary" shall mean with respect to any Person: (i) any corporation at
least a majority of the outstanding voting stock of which is owned, directly or
indirectly, by such Person or by one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries; (ii) any general partnership, joint
venture, limited liability company or similar entity, at least a majority of
whose outstanding partnership, membership or similar interests shall at the time
be owned by such Person or by one or more of its Subsidiaries, or by such Person
and one or more of its Subsidiaries; and (iii) any limited partnership of which
such Person or any of its Subsidiaries is a general partner. For the purposes of
this definition, "voting stock" means shares, interests, participations or other
equivalents in the equity interest (however designated) in such Person having
ordinary voting power for the election of a majority of the directors (or the
equivalent) of such Person, other than shares, interests, participations or
other equivalents having such power only by reason of the occurrence of a
contingency.

     "Tax Event" shall mean the receipt by the Trust and the Corporation of an
opinion of independent tax counsel experienced in such matters to the effect
that, as a result of 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
as a result of 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 Securities, (ii) the interest payable by the Corporation on the
Securities is not, or within 90 days of the date of such opinion will not be,
deductible by the Corporation, in whole or in part, for United States 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.

                                       8

<PAGE>

     "Trust" shall mean New York Community Capital Trust    a Delaware business
                                                         --
trust created for the purpose of issuing its undivided beneficial interests in
connection with the issuance of Securities under this Indenture.

     "Trust Securities" shall mean, collectively, the Capital Securities and the
Common Securities.

     "U.S. Government Obligations" shall mean securities that are: (i) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America, which, in either case under
clauses (i) or (ii), are not callable or prepayable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank or trust
company as custodian with respect to any such U.S. Government Obligation or a
specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository
receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction with respect to the amount payable to the
holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Obligation or the specific payment of interest on
or principal of the U.S. Government Obligation evidenced by such depository
receipt.

     SECTION 1.02 Business Day Certificate.
                  ------------------------

     On the date of execution and delivery of this Indenture (with respect to
calendar year 2002) and within 15 days prior to the end of each succeeding
calendar year while this Indenture remains in effect (with respect to succeeding
calendar years), the Corporation shall deliver to the Debenture Trustee an
Officers' Certificate specifying the days on which banking institutions or trust
companies in Westbury, New York, and Wilmington, Delaware then authorized or
obligated by law or executive order to remain closed.

                                   ARTICLE II
                                   SECURITIES

     SECTION 2.01 Forms Generally.
                  ---------------

     The Securities and the Debenture Trustee's certificate of authentication
shall be substantially in the form of Exhibit A hereto, the terms of which are
incorporated in and made a part of this Indenture. The Securities may have
notations, legends or endorsements required by law, stock exchange rule,
agreements to which the Corporation is subject or usage. Each Security shall be
dated the date of its authentication.

     SECTION 2.02 Execution and Authentication.
                  ----------------------------

     An Officer shall sign the Securities for the Corporation by manual or
facsimile signature. If an Officer whose signature is on a Security no longer
holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid.

                                       9

<PAGE>

     A Security shall not be valid until authenticated by the manual signature
of the Debenture Trustee. The signature of the Debenture Trustee shall be
conclusive evidence that the Security has been authenticated under this
Indenture.

     The Debenture Trustee shall, upon a Corporation Order, authenticate for
original issue up to, and the aggregate principal amount of Securities
outstanding at any time may not exceed, $   million aggregate principal amount
                                         --
of the Securities, except as provided in Sections 2.07, 2.08, 2.09 and 14.05.
The series of Securities to be initially issued hereunder shall be the
Securities.

     SECTION 2.03 Form and Payment.
                  ----------------

     Except as provided in Section 2.05, the Securities shall be issued in fully
registered certificated form without interest coupons. Principal of and interest
on the Securities issued in certificated form will be payable, the transfer of
such Securities will be registerable and such Securities will be exchangeable
for Securities bearing identical terms and provisions, at the office or agency
of the Corporation maintained for such purpose under Section 3.02; provided,
however, that payments of interest may be made at the option of the Corporation:
(i) by check mailed to the holder at such address as shall appear in the
Security Register; or (ii) by transfer to an account maintained by the Person
entitled thereto, provided that proper transfer instructions have been received
in writing by the relevant record date. Notwithstanding the foregoing, so long
as the holder of any Securities is the Property Trustee, the payment of the
principal of and interest (including Compounded Interest and Additional Sums, if
any) on such Securities held by the Property Trustee will be made at such place
and to such account as may be designated by the Property Trustee.

     SECTION 2.04 Global Security.
                  ---------------

     (a) In connection with a Dissolution Event:

          (i) if any Capital Securities are held in book-entry form ("Book-Entry
Capital Securities"), a Like Amount of Definitive Securities shall be presented
to the Debenture Trustee (if an arrangement with the Depositary has been
maintained) by the Property Trustee in exchange for one or more Global
Securities (as may be required pursuant to Section 2.06), to be registered in
the name of the Depositary, or its nominee, and delivered by the Debenture
Trustee to the Depositary for crediting to the accounts of its participants
pursuant to the instructions of the Administrative Trustees; the Corporation
upon any such presentation shall execute one or more Global Securities in such
aggregate principal amount and deliver the same to the Debenture Trustee for
authentication and delivery in accordance with this Indenture; and payments on
the Securities issued as a Global Security will be made to the Depositary; and

          (ii) if any Capital Securities are held in certificated form, the
related Definitive Securities may be presented to the Debenture Trustee, by the
Property Trustee and any Capital Security certificates which represent Capital
Securities other than Book-Entry Capital Securities ("Non Book-Entry Capital
Securities") will be deemed to represent beneficial interests in Securities
presented to the Debenture Trustee by the Property Trustee having an aggregate
principal amount

                                       10

<PAGE>

equal to the aggregate liquidation amount of the Non Book-Entry Capital
Securities until such Capital Security certificates are presented to the
security registrar for the Securities for transfer or reissuance, at which time
such Capital Security certificates will be canceled, and a Security in a Like
Amount, registered in the name of the holder of the Capital Security certificate
or the transferee of the holder of such Capital Security certificate, as the
case may be, will be executed by the Corporation and delivered to the Debenture
Trustee for authentication and delivery in accordance with this Indenture; and
upon the issuance of such Securities, Securities with an equivalent aggregate
principal amount that were presented by the Property Trustee to the Debenture
Trustee will be canceled.

     (b) The Global Securities shall represent the aggregate amount of
outstanding Securities from time to time endorsed thereon; provided, however,
that the aggregate principal amount of outstanding Securities represented
thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and prepayments. Any endorsement of a Global Security to
reflect the amount of any increase or decrease in the aggregate principal amount
of outstanding Securities represented thereby shall be made by the Debenture
Trustee, in accordance with instructions given by the Corporation as required by
this Section 2.04.

     (c) The Global Securities may be transferred, in whole but not in part,
only to the Depositary, to another nominee of the Depositary, or to a successor
Depositary selected or approved by the Corporation or to a nominee of such
successor Depositary.

     (d) If at any time the Depositary notifies the Corporation that it is
unwilling or unable to continue as Depositary or the Depositary has ceased to be
a clearing agency registered under the Exchange Act, and, in each case, a
successor Depositary is not appointed by the Corporation within 90 days after
the Corporation receives such notice or becomes aware of such condition, as the
case may be, the Corporation will execute, and the Debenture Trustee, upon
receipt of a Corporation Order, will authenticate and make available for
delivery the Definitive Securities, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security,
in exchange for such Global Security. If there is a Default or an Event of
Default, the Depositary shall have the right to exchange the Global Securities
for Definitive Securities. In addition, the Corporation may at any time
determine that the Securities shall no longer be represented by a Global
Security. In the event of such an Event of Default or such a determination, the
Corporation shall execute, and subject to Section 2.06, the Debenture Trustee,
upon receipt of an Officers' Certificate evidencing such determination by the
Corporation and a Corporation Order, will authenticate and make available for
delivery the Definitive Securities, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security,
in exchange for such Global Security. Upon the exchange of the Global Security
for such Definitive Securities, in authorized denominations, the Global Security
shall be canceled by the Debenture Trustee. Such Definitive Securities issued in
exchange for the Global Security shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Debenture
Trustee. The Debenture Trustee shall deliver such Definitive Securities to the
Depositary for delivery to the Persons in whose names such Definitive Securities
are so registered.

                                       11

<PAGE>

     SECTION 2.05 Interest.
                  --------

     (a) Each Debenture will bear interest at the rate of   % per annum (the
                                                          --
"Coupon Rate") from   , 2002 until the principal thereof becomes due and
                    --
payable, and on any overdue principal and, to the extent that payment of such
interest is enforceable under applicable law, on any overdue installment of
interest at the Coupon Rate, compounded quarterly, payable quarterly in arrears
on   ,   ,   , and    of each year (each, an "Interest Payment Date"),
   --  --  --      --
commencing on   , 2002, to the Person in whose name such Debenture or any
              --
predecessor Debenture is registered at the close of business on the relevant
record date, which will be, as long as the Preferred Securities remain in
book-entry form (or if no Preferred Securities remain outstanding, as long as
the Debentures remain in book entry form), one Business Day prior to the
relevant Interest Payment Date and, in the event the Preferred Securities are
not in book-entry form (or if no Preferred Securities remain outstanding, in the
event the Debentures are not in book entry form), the 15th day of the month in
which the relevant Interest Payment Date occurs, except as otherwise provided
pursuant to the provisions of Article IV hereof.

     (b) The amount of interest payable on the Securities shall be computed on
the basis of a 360-day year of twelve 30-day months.

     (c) During such time as the Property Trustee is the holder of any
Securities, the Corporation shall pay any additional amounts on the Securities
as may be necessary in order that the amount of Distributions then due and
payable by the Trust on the outstanding Trust Securities shall not be reduced as
a result of any additional taxes, duties and other governmental charges to which
the Trust has become subject as a result of a Tax Event ("Additional Sums").

     SECTION 2.06 Transfer .
                  --------

     (a) General Provisions Relating to Transfers. To permit registrations of
         ----------------------------------------
transfers, the Corporation shall execute and the Debenture Trustee shall
authenticate Definitive Securities and Global Securities at the request of the
security registrar for the Securities. All Definitive Securities and Global
Securities issued upon any registration of transfer or exchange of Definitive
Securities or Global Securities shall be the valid obligations of the
Corporation, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Definitive Securities or Global Securities surrendered
upon such registration of transfer or exchange.

     No service charge shall be made to a holder for any registration of
transfer or exchange, but the Corporation may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith.

     The Corporation shall not be required to: (i) issue or register the
transfer or exchange of Securities during a period beginning at the opening of
business 15 days before the day of mailing of a notice of prepayment or any
notice of selection of Securities for prepayment under Article XIV hereof and
ending at the close of business on the day of such mailing; or (ii) register the
transfer or exchange of any Security so selected for prepayment in whole or in
part, except the nonprepaid portion of any Security being prepaid in part.

                                       12

<PAGE>

     Prior to due presentment for the registration of a transfer of any
Security, the Debenture Trustee, the Corporation and any agent of the Debenture
Trustee or the Corporation may deem and treat the Person in whose name any
Security is registered as the absolute owner of such Security for the purpose of
receiving payment of principal of and premium, if any, and interest on such
Securities, and none of the Debenture Trustee, the Corporation or any agents of
the Debenture Trustee or the Corporation shall be affected by notice to the
contrary.

     SECTION 2.07 Replacement Securities.
                  ----------------------

     If any mutilated Security is surrendered to the Debenture Trustee, or the
Corporation and the Debenture Trustee receive evidence to their satisfaction of
the destruction, loss or theft of any Security, the Corporation shall issue and
the Debenture Trustee shall authenticate a replacement Security if the Debenture
Trustee's requirements for replacements of Securities are met. An indemnity bond
must be supplied by the holder that is sufficient in the judgment of the
Debenture Trustee and the Corporation to protect the Corporation, the Debenture
Trustee, any agent thereof or any Authenticating Agent from any loss that any of
them may suffer if a Security is replaced. The Corporation or the Debenture
Trustee may charge for its expenses in replacing a Security.

     Every replacement Security is an obligation of the Corporation and shall be
entitled to all of the benefits of this Indenture equally and proportionately
with all other Securities duly issued hereunder.

     SECTION 2.08 Temporary Securities.
                  --------------------

     Pending the preparation of Definitive Securities, the Corporation may
execute, and upon receipt of a Corporation Order the Debenture Trustee shall
authenticate and make available for delivery, temporary Securities that are
printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any
authorized denomination, substantially of the tenor of the Definitive Securities
in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the Officers executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities.

     If temporary Securities are issued, the Corporation shall cause Definitive
Securities to be prepared without unreasonable delay. The Definitive Securities
shall be printed, lithographed or engraved, or provided by any combination
thereof, or in any other manner permitted by the rules and regulations of any
applicable securities exchange, all as determined by the Officers executing such
Definitive Securities. After the preparation of Definitive Securities, the
temporary Securities shall be exchangeable for Definitive Securities upon
surrender of the temporary Securities at the office or agency maintained by the
Corporation for such purpose pursuant to Section 3.02 hereof, without charge to
the holder thereof. Upon surrender for cancellation of any one or more temporary
Securities, the Corporation shall execute, and the Debenture Trustee, upon
receipt of a Corporation Order, shall authenticate and make available for
delivery, in exchange therefor the same aggregate principal amount of Definitive
Securities of authorized denominations. Until so exchanged, the temporary
Securities shall in all respects be entitled to the same benefits under this
Indenture as Definitive Securities.

                                       13

<PAGE>

     SECTION 2.9 Cancellation.
                  -----------

     The Corporation at any time may deliver Securities to the Debenture Trustee
for cancellation. The Debenture Trustee and no one else shall cancel all
Securities surrendered for registration of transfer, exchange, payment,
replacement or cancellation and shall return such canceled Securities to the
Corporation. The Corporation may not issue new Securities to replace Securities
that have been prepaid or paid or that have been delivered to the Debenture
Trustee for cancellation.

     SECTION 2.10 Defaulted Interest.
                  ------------------

     Any interest on any Security that is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called "Defaulted
Interest") shall forthwith cease to be payable to the holder on the relevant
regular record date by virtue of having been such holder; and such Defaulted
Interest shall be paid by the Corporation, at its election, as provided in
clause (a) or clause (b) below:

     (a) The Corporation may make payment of any Defaulted Interest on
Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special
record date for the payment of such Defaulted Interest, which shall be fixed in
the following manner: the Corporation shall notify the Debenture Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each such
Security and the date of the proposed payment, and at the same time the
Corporation shall deposit with the Debenture Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Debenture Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to
be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon, the Debenture Trustee shall fix
a special record date for the payment of such Defaulted Interest which shall not
be more than 15 nor less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Debenture Trustee of the
notice of the proposed payment. The Debenture Trustee shall promptly notify the
Corporation of such special record date and, in the name and at the expense of
the Corporation, shall cause notice of the proposed payment of such Defaulted
Interest and the special record date therefor to be mailed, first class postage
prepaid, to each Securityholder at his or her address as it appears in the
Security Register, not less than 10 days prior to such special record date.
Notice of the proposed payment of such Defaulted Interest and the special record
date therefor having been mailed as aforesaid, such Defaulted Interest shall be
paid to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered on such special record date and shall be
no longer payable pursuant to the following clause (b).

     (b) The Corporation may make payment of any Defaulted Interest on any
Securities in any other lawful manner not inconsistent with the requirements of
any securities exchange on which such Securities may be listed, and upon such
notice as may be required by such exchange, if, after notice given by the
Corporation to the Debenture Trustee of the proposed payment pursuant to this
clause, such manner of payment shall be deemed practicable by the Debenture
Trustee.

                                       14

<PAGE>

     SECTION 2.11 CUSIP Numbers.
                  -------------

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

                                   ARTICLE III
                     PARTICULAR COVENANTS OF THE CORPORATION

     SECTION 3.01 Payment of Principal and Interest.
                  ---------------------------------

     The Corporation covenants and agrees for the benefit of the holders of the
Securities that it will duly and punctually pay or cause to be paid the
principal of and interest on the Securities at the place, at the respective
times and in the manner provided herein. The Corporation further covenants to
pay any and all amounts due in respect of the Securities, including, without
limitation, Additional Sums, as may be required pursuant to Section 2.05(c) and
Compounded Interest, as may be required pursuant to Section 16.01.

     SECTION 3.02 Offices for Notices and Payments, etc.
                  -------------------------------------

     So long as any of the Securities remain outstanding, the Corporation will
maintain in Wilmington, Delaware an office or agency where the Securities may be
presented for payment, an office or agency where the Securities may be presented
for registration of transfer as in this Indenture provided and an office or
agency where notices and demands to or upon the Corporation in respect of the
Securities or this Indenture may be served. The Corporation will give to the
Debenture Trustee written notice of the location of any such office or agency
and of any change of location thereof. Until otherwise designated from time to
time by the Corporation in a notice to the Debenture Trustee, any such office or
agency for all of the above purposes shall be the Principal Office of the
Debenture Trustee. In case the Corporation shall fail to maintain any such
office or agency in Wilmington, Delaware or shall fail to give such notice of
the location or of any change in the location thereof, presentations and demands
may be made and notices may be served at the Principal Office of the Debenture
Trustee.

     In addition to any such office or agency, the Corporation may from time to
time designate one or more offices or agencies outside Wilmington, Delaware
where the Securities may be presented for payment, for registration of transfer
and where notices and demands to or upon the Corporation in respect of the
Securities or this Indenture may be served in the manner provided in this
Indenture, and the Corporation may from time to time rescind such designation,
as the Corporation may deem desirable or expedient; provided, however, that no
                                                    --------  -------
such designation or rescission shall in any manner relieve the Corporation of
its obligation to maintain any such office

                                       15

<PAGE>

or agency in Wilmington, Delaware for the purposes above mentioned. The
Corporation will give to the Debenture Trustee prompt written notice of any such
designation or rescission thereof.

     SECTION 3.03 Appointments to Fill Vacancies in Debenture Trustee's Office.
                  ------------------------------------------------------------

     The Corporation, whenever necessary to avoid or fill a vacancy in the
office of Debenture Trustee, will appoint, in the manner provided in Section
6.10, a Debenture Trustee, so that there shall at all times be a Debenture
Trustee hereunder.

     SECTION 3.04 Provision as to Paying Agent.
                  ----------------------------

     (a) If the Corporation shall appoint a paying agent other than the
Debenture Trustee with respect to the Securities, it will cause such paying
agent to execute and deliver to the Debenture Trustee an instrument in which
such agent shall agree with the Debenture Trustee, subject to the provisions of
this Section 3.04,

          (1) that it will hold all sums held by it as such agent for the
payment of the principal of or interest on the Securities (whether such sums
have been paid to it by the Corporation or by any other obligor on the
Securities) in trust for the benefit of the holders of the Securities; and

          (2) that it will give the Debenture Trustee notice of any failure by
the Corporation (or by any other obligor on the Securities) to make any payment
of the principal of or interest (including Additional Sums and Compounded
Interest, if any) on the Securities when the same shall be due and payable.

     (b) If the Corporation shall act as its own paying agent, it will, on or
before each due date of the principal of or interest on the Securities, set
aside, segregate and hold in trust for the benefit of the holders of the
Securities a sum sufficient to pay such principal or interest so becoming due
and will notify the Debenture Trustee of any failure to take such action and of
any failure by the Corporation (or by any other obligor under the Securities) to
make any payment of the principal of or interest on the Securities when the same
shall become due and payable.

     (c) Anything in this Section 3.04 to the contrary notwithstanding, the
Corporation may, at any time, for the purpose of obtaining a satisfaction and
discharge with respect to the Securities hereunder, or for any other reason, pay
or cause to be paid to the Debenture Trustee all sums payable with respect to
the Securities, such sums to be held by the Debenture Trustee upon the trusts
herein contained.

     (d) Anything in this Section 3.04 to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section 3.04 is subject to
Sections 11.03 and 11.04.

     SECTION 3.05 Certificate to Debenture Trustee.
                  --------------------------------

     The Corporation will deliver to the Debenture Trustee on or before 120 days
after the end of each fiscal year of the Corporation, commencing with the first
fiscal year ending after the date hereof, so long as Securities are outstanding
hereunder, an Officers' Certificate, one of the signers of which shall be the
principal executive, principal financial or principal accounting officer of the

                                       16

<PAGE>

Corporation, stating that in the course of the performance by the signers of
their duties as officers of the Corporation they would normally have knowledge
of any Default by the Corporation in the performance of any covenants contained
herein, stating whether or not they have knowledge of any such Default and, if
so, specifying each such Default of which the signers have knowledge, the nature
thereof and the action, if any, the Corporation intends to undertake as a result
of such Default.

     SECTION 3.06 Compliance with Consolidation Provisions.
                  ----------------------------------------

     The Corporation will not, while any of the Securities remain outstanding,
consolidate with, or merge into, or merge into itself, or sell or convey all or
substantially all of its property to any other Person unless the provisions of
Article X hereof are complied with.

     SECTION 3.07 Limitation on Dividends.
                  -----------------------

     The Corporation will not: (i) declare or pay any dividends or distributions
on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Corporation's capital stock; (ii) make any payment of principal of or
interest on, or repay, repurchase or redeem any debt securities of the
Corporation (including Other Debentures) that rank pari passu with or junior in
right of payment to the Securities; or (iii) make any guarantee payments with
respect to any guarantee by the Corporation of the debt securities of any
Subsidiary of the Corporation (including Other Guarantees) if such guarantee
ranks pari passu with or junior in right of payment to the Securities (other
than (a) dividends or distributions in shares of, or options, warrants orrights
to subscribe for or purchase shares of, Common Stock, (b) any declaration of a
dividend in connection with the implementation of a stockholders' rights plan,
or the issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the Capital
Securities Guarantee, as defined in the Indenture, (d) as a result of a
reclassification of the Corporation's capital stock or the exchange or
conversion of one class or series of the Corporation's capital stock for another
class or series of the Corporation's capital stock, (e) the purchase of
fractional interests in shares of the Corporation's capital stock pursuant to
the conversion or exchange provisions of such capital stock or the security
being converted or exchanged and (f) purchases of Common Stock related to the
issuance of Common Stock or rights under any of the Corporation's benefit or
compensation plans for its directors, officers or employees or any of the
Corporation's dividend reinvestment plans), if at such time (1) there shall have
occurred any event of which the Corporation has actual knowledge that (a) is a
Default or an Event of Default and (b) in respect of which the Corporation shall
not have taken reasonable steps to cure, (2) such Securities are held by the
Property Trustee of Capital Trust     and the Corporation shall be in default
                                  ---
with respect to its payment of any obligations under the Capital Securities
Guarantee or (3) the Corporation shall have given notice of its election to
exercise its right to commence an Extended Interest Payment Period and shall not
have rescinded such notice, and such Extended Interest Payment Period or any
extension thereof shall have commenced and be continuing.

     SECTION 3.08 Covenants as to New York Community Capital Trust    .
                  ----------------------------------------------------

     In the event Securities are issued to the Trust or a trustee of such Trust
in connection with the issuance of Trust Securities by the Trust, for so long as
such Trust Securities remain outstanding, the Corporation: (i) will maintain
100% direct or indirect ownership of the Common Securities of

                                       17

<PAGE>

the Trust; provided, however, that any successor of the Corporation, permitted
pursuant to Article X, may succeed to the Corporation's ownership of such Common
Securities; (ii) will use commercially reasonable efforts to cause the Trust (a)
to remain a business trust, except in connection with a distribution of
Securities to the holders of Trust Securities in liquidation of the Trust, the
redemption of all of the Trust Securities of the Trust, or certain mergers,
consolidations or amalgamations, each as permitted by the Declaration, and (b)
to otherwise continue to be classified as a grantor trust and not an association
taxable as a corporation for United States federal income tax purposes; (iii)
will use commercially reasonable efforts to cause each holder of the Trust
Securities to be treated as owning an undivided beneficial interest in the
Securities; and (iv) will not cause, as sponsor of the Trust, or permit, as
holder of the Common Securities, the dissolution, winding-up or liquidation of
the Trust, except as provided in the Declaration.

     SECTION 3.09 Payment of Expenses.
                  -------------------

     In connection with the offering, sale and issuance of the Securities to the
Trust and in connection with the sale of the Trust Securities by the Trust, the
Corporation, in its capacity as borrower with respect to the Securities, shall:

     (a) pay all costs and expenses relating to the offering, sale and issuance
of the Securities, and compensation of the Debenture Trustee in accordance with
the provisions of Section 6.06;

     (b) pay all costs and expenses of the Trust, including, but not limited to,
costs and expenses relating to the organization of the Trust, the offering, sale
and issuance of the Trust Securities, the fees and expenses of the Property
Trustee and the Delaware Trustee, the costs and expenses relating to the
operation of the Trust, including without limitation, costs and expenses of
accountants, attorneys, statistical or bookkeeping services, expenses for
printing and engraving and computing or accounting equipment, paying agent(s),
registrar(s), transfer agent(s), duplicating, travel and telephone and other
telecommunications expenses and costs and expenses incurred in connection with
the acquisition, financing, and disposition of assets of the Trust;

     (c) be primarily and fully liable for any indemnification obligations
arising with respect to the Declaration;

     (d) pay any and all taxes (other than United States withholding taxes
attributable to the Trust or its assets) and all liabilities, costs and expenses
with respect to such taxes of the Trust; and

     (e) pay all other fees, expenses, debts and obligations (other than in
respect of the Trust Securities) related to the Trust.

     SECTION 3.10 Payment Upon Resignation or Removal.
                  -----------------------------------

     Upon termination of this Indenture or the removal or resignation of the
Debenture Trustee, unless otherwise stated, the Corporation shall pay to the
Debenture Trustee all amounts accrued and owing to the Debenture Trustee to the
date of such termination, removal or resignation. Upon termination of the
Declaration or the removal or resignation of the Delaware Trustee or the
Property Trustee, as the case may be, pursuant to Section 5.6 of the
Declaration, the Corporation shall pay to

                                       18

<PAGE>

the Delaware Trustee or the Property Trustee, as the case may be, all amounts
accrued and owing to such trustee(s) to the date of such termination, removal or
resignation.

                                   ARTICLE IV
                   LIST OF SECURITYHOLDERS AND REPORTS BY THE
                      CORPORATION AND THE DEBENTURE TRUSTEE

     SECTION 4.01 List of Securityholders.
                  -----------------------

     The Corporation covenants and agrees that it will furnish or cause to be
furnished to the Debenture Trustee:

     (a) on a semi-annual basis on each regular record date for the Securities,
a list, in such form as the Debenture Trustee may reasonably require, of the
names and addresses of the Securityholders as of such record date; and

     (b) at such other times as the Debenture Trustee may request in writing,
within 30 days after the receipt by the Corporation, of any such request, a list
of similar form and content as of a date not more than 15 days prior to the time
such list is furnished,

except that, no such lists need be furnished so long as the Debenture Trustee is
in possession thereof by reason of its acting as security registrar for the
Securities.

     SECTION 4.02 Preservation and Disclosure of Lists.
                  ------------------------------------

     (a) The Debenture Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
holders of the Securities (i) contained in the most recent list furnished to it
as provided in Section 4.01; or (ii) received by it in the capacity of security
registrar (if so acting) hereunder. The Debenture Trustee may destroy any list
furnished to it as provided in Section 4.01 upon receipt of a new list so
furnished.

     (b) In case three or more holders of Securities (hereinafter referred to as
"applicants") apply in writing to the Debenture Trustee and furnish to the
Debenture Trustee reasonable proof that each such applicant has owned a Security
for a period of at least six months preceding the date of such application, and
such application states that the applicants desire to communicate with other
holders of Securities or with holders of all Securities with respect to their
rights under this Indenture and is accompanied by a copy of the form of proxy or
other communication which such applicants propose to transmit, then the
Debenture Trustee shall, within five Business Days after the receipt of such
application, at its election, either:

          (1) afford such applicants access to the information preserved at the
time by the Debenture Trustee in accordance with the provisions of subsection
(a) of this Section 4.02, or

          (2) inform such applicants as to the approximate number of holders of
all Securities whose names and addresses appear in the information preserved at
the time by the Debenture Trustee in accordance with the provisions of
subsection (a) of this Section 4.02, and as

                                       19

<PAGE>

to the approximate cost of mailing to such Securityholders the form of proxy or
other communication, if any, specified in such application.

     If the Debenture Trustee shall elect not to afford such applicants access
to such information, the Debenture Trustee shall, upon the written request of
such applicants, mail to each Securityholder whose name and address appear in
the information preserved at the time by the Debenture Trustee in accordance
with the provisions of subsection (a) of this Section 4.02 a copy of the form of
proxy or other communication which is specified in such request with reasonable
promptness after a tender to the Debenture Trustee of the material to be mailed
and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless within five Business Days after such tender, the Debenture
Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Debenture Trustee, such mailing would be contrary to
the best interests of the holders of Securities or would be in violation of
applicable law. Such written statement shall specify the basis of such opinion.
If the Commission, after opportunity for a hearing upon the objections specified
in the written statement so filed, shall enter an order refusing to sustain any
of such objections or if, after the entry of an order sustaining one or more of
such objections, the Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Debenture Trustee shall mail copies of such material to
all such Securityholders with reasonable promptness after the entry of such
order and the renewal of such tender; otherwise the Debenture Trustee shall be
relieved of any obligation or duty to such applicants respecting their
application.

     (c) Each and every holder of Securities, by receiving and holding the same,
agrees with the Corporation and the Debenture Trustee that neither the
Corporation nor the Debenture Trustee nor any paying agent shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the holders of Securities in accordance with the provisions of
subsection (b) of this Section 4.02, regardless of the source from which such
information was derived, and that the Debenture Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
said subsection (b).

     SECTION 4.03 Reports by the Corporation.
                  --------------------------

     (a) The Corporation covenants and agrees to file with the Debenture
Trustee, within 15 days after the date on which the Corporation is required to
file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as said Commission may from time to time by rules and regulations
prescribe) which the Corporation may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the
Corporation is not required to file information, documents or reports pursuant
to either of such sections, then to provide to the Debenture Trustee, such of
the supplementary and periodic information, documents and reports which would
have been required pursuant to Section 13 of the Exchange Act in respect of a
security listed and registered on a national securities exchange as may be
prescribed from time to time in such rules and regulations. The Corporation also
covenants and agrees to comply with the provisions of Section 314(a) of the
Trust Indenture Act.

                                       20

<PAGE>

     (b) The Corporation covenants and agrees to file with the Debenture Trustee
and the Commission, in accordance with the rules and regulations prescribed from
time to time by said Commission, such additional information, documents and
reports with respect to compliance by the Corporation with the conditions and
covenants provided for in this Indenture as may be required from time to time by
such rules and regulations.

     (c) The Corporation covenants and agrees to transmit by mail to all holders
of Securities, as the names and addresses of such holders appear upon the
Security Register, within 30 days after the filing thereof with the Debenture
Trustee, such summaries of any information, documents and reports required to be
filed by the Corporation pursuant to subsections (a) and (b) of this Section
4.03 as may be required by rules and regulations prescribed from time to time by
the Commission.

     (d) Delivery of such reports, information and documents to the Debenture
Trustee is for informational purposes only and the Debenture Trustee's receipt
of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Corporation's compliance with any of its covenants hereunder (as to which the
Debenture Trustee is entitled to rely exclusively on Officers' Certificates).

     SECTION 4.04 Reports by the Debenture Trustee.
                  --------------------------------

     (a) The Debenture Trustee shall transmit to Securityholders such reports
concerning the Debenture Trustee and its actions under this Indenture as may be
required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto. If required by Section 313(a) of the Trust Indenture
Act, the Debenture Trustee shall, within 60 days after the date hereof, and no
later than the anniversary date hereof in each succeeding year, deliver to
Securityholders a brief report, dated as of each such date which complies with
the provisions of such Section 313(a).

     (b) A copy of each such report shall, at the time of such transmission to
Securityholders, be filed by the Debenture Trustee with each stock exchange, if
any, upon which the Securities are listed, with the Commission and with the
Corporation. The Corporation will promptly notify the Debenture Trustee when the
Securities are listed on any stock exchange.

                                    ARTICLE V
                      REMEDIES OF THE DEBENTURE TRUSTEE AND
                      SECURITYHOLDERS UPON EVENT OF DEFAULT

     SECTION 5.01 Events of Default.
                  -----------------

     One or more of the following events of default shall constitute an Event of
Default hereunder (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

     (a) default in the payment of any interest (including Compounded Interest
and Additional Sums, if any) on the Securities or any Other Debentures (about
which a Responsible Officer of the

                                       21

<PAGE>

Debenture Trustee has actual knowledge) when due, and continuance of such
default for a period of 30 days; provided, however, that a valid extension of an
interest payment period by the Corporation in accordance with the terms hereof
or thereof shall not constitute a default in the payment of interest for this
purpose; or

     (b) default in the payment of any principal of the Securities or any Other
Debentures (about which a Responsible Officer of the Debenture Trustee has
actual knowledge) when due, whether at maturity, upon prepayment, by declaration
of acceleration of maturity or otherwise; or

     (c) default in the performance, or breach, of any covenant or warranty of
the Corporation in this Indenture (other than a covenant or warranty a default
in whose performance or whose breach is elsewhere in this Section specifically
dealt with), and continuance of such default or breach for a period of 90 days
after there has been given, by registered or certified mail, to the Corporation
by the Debenture Trustee or to the Corporation and the Debenture Trustee by the
holders of at least 25% in aggregate principal amount of the outstanding
Securities a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a "Notice of Default" hereunder;
or

     (d) a court having jurisdiction in the premises shall enter a decree or
order for relief in respect of the Corporation in an involuntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Corporation or for any substantial
part of its property, or ordering the winding-up or liquidation of its affairs
and such decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

     (e) the Corporation shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, shall
consent to the entry of an order for relief in an involuntary case under any
such law, or shall consent to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of the Corporation or of any substantial part of its property,
or shall make any general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due.

     If an Event of Default with respect to Securities at the time outstanding
occurs and is continuing, then in every such case the Debenture Trustee or the
holders of not less than 25% in aggregate principal amount of the Securities
then outstanding may declare the principal amount of all Securities to be due
and payable immediately, by a notice in writing to the Corporation (and to the
Debenture Trustee if given by the holders of the outstanding Securities), and
upon any such declaration the same shall become immediately due and payable.

     The foregoing provisions, however, are subject to the condition that if, at
any time after the principal of the Securities shall have been so declared due
and payable, and before any judgment or decree for the payment of the moneys due
shall have been obtained or entered as hereinafter provided, (i) the Corporation
shall pay or shall deposit with the Debenture Trustee a sum sufficient to pay
(A) all matured installments of interest (including Compounded Interest and
Additional Sums, if any) on all the Securities and the principal of any and all
Securities which shall have become due otherwise than by acceleration (with
interest upon such principal, and, to the extent that payment of

                                       22

<PAGE>

such interest is enforceable under applicable law, on overdue installments of
interest, at the same rate as the rate of interest specified in the Securities
to the date of such payment or deposit) and (B) such amount as shall be
sufficient to cover compensation due to the Debenture Trustee and each
predecessor Debenture Trustee, their respective agents, attorneys and counsel,
pursuant to Section 6.06, and (ii) any and all Events of Default under the
Indenture, other than the non-payment of the principal of the Securities which
shall have become due solely by such declaration of acceleration, shall have
been cured, waived or otherwise remedied as provided herein, then, in every such
case, the holders of a majority in aggregate principal amount of the Securities
then outstanding, by written notice to the Corporation and to the Debenture
Trustee, may rescindand annul such declaration and its consequences, but no such
waiver or rescission and annulment shall extend to or shall affect any
subsequent default or shall impair any right consequent thereon.

     In case the Debenture Trustee shall have proceeded to enforce any right
under this Indenture and such proceedings shall have been discontinued or
abandoned because of such rescission or annulment or for any other reason or
shall have been determined adversely to the Debenture Trustee, then and in every
such case the Corporation, the Debenture Trustee and the holders of the
Securities shall be restored respectively to their several positions and rights
hereunder, and all rights, remedies and powers of the Corporation, the Debenture
Trustee and the holders of the Securities shall continue as though no such
proceeding had been taken.

     SECTION 5.02 Payment of Securities on Default; Suit Therefor.
                  -----------------------------------------------

     The Corporation covenants that: (i) in case default shall be made in the
payment of any installment of interest (including Compounded Interest and
Additional Sums, if any) on any of the Securities as and when the same shall
become due and payable, and such default shall have continued for a period of 30
days; or (ii) in case default shall be made in the payment of the principal of
any of the Securities as and when the same shall have become due and payable,
whether at maturity of the Securities or upon prepayment or by declaration or
otherwise, then, upon demand of the Debenture Trustee, the Corporation will pay
to the Debenture Trustee, for the benefit of the holders of the Securities, the
whole amount that then shall have become due and payable on all such Securities
for principal or interest (including Compounded Interest and Additional Sums, if
any) or both, as the case may be, with interest upon the overdue principal and
(to the extent that payment of such interest is enforceable under applicable law
and, if the Securities are held by the Trust or a trustee of such Trust, without
duplication of any other amounts paid by the Trust or a trustee in respect
thereof) upon the overdue installments of interest (including Compounded
Interest and Additional Sums, if any) at the rate borne by the Securities; and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including reasonable compensation to the
Debenture Trustee, its agents, attorneys and counsel, and any other amount due
to the Debenture Trustee pursuant to Section 6.06.

     In case the Corporation shall fail forthwith to pay such amounts upon such
demand, the Debenture Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any actions or proceedings
at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Corporation or any other
obligor on the

                                       23

<PAGE>

Securities and collect in the manner provided by law out of the property of the
Corporation or any other obligor on the Securities, wherever situated, the
moneys adjudged or decreed to be payable.

     In case there shall be pending proceedings for the bankruptcy or for the
reorganization of the Corporation or any other obligor on the Securities under
Title 11, United States Code, or any other applicable law, or in case a receiver
or trustee shall have been appointed for the property of the Corporation or such
other obligor, or in the case of any other similar judicial proceedings relative
to the Corporation or other obligor upon the Securities, or to the creditors or
property of the Corporation or such other obligor, the Debenture Trustee,
irrespective of whether the principal of the Securities shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Debenture Trustee shall have made any demand pursuant to the
provisions of this Section 5.02, shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or
claims for the whole amount of principal and interest owing and unpaid in
respect of the Securities and, in case of any judicial proceedings, to file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Debenture Trustee (including any claim for
amounts due to the Debenture Trustee pursuant to Section 6.06) and of the
Securityholders allowed in such judicial proceedings relative to the Corporation
or any other obligor on the Securities, or to the creditors or property of the
Corporation or such other obligor, unless prohibited by applicable law and
regulations, to vote on behalf of the holders of the Securities in any election
of a trustee or a standby trustee in arrangement, reorganization, liquidation or
other bankruptcy or insolvency proceedings or person performing similar
functions in comparable proceedings, and to collect and receive any moneys or
other property payable or deliverable on any such claims, and to distribute the
same after the deduction of its charges and expenses; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the
Securityholders to make such payments to the Debenture Trustee, and, in the
event that the Debenture Trustee shall consent to the making of such payments
directly to the Securityholders, to pay to the Debenture Trustee such amounts as
shall be sufficient to cover reasonable compensation to, and expenses of, the
Debenture Trustee, each predecessor Debenture Trustee and their respective
agents, attorneys and counsel, and all other amounts due to the Debenture
Trustee pursuant to Section 6.06.

     Nothing herein contained shall be construed to authorize the Debenture
Trustee to authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any holder thereof or to
authorize the Debenture Trustee to vote in respect of the claim of any
Securityholder in any such proceeding.

     All rights of action and of asserting claims under this Indenture, or under
any of the Securities, may be enforced by the Debenture Trustee without the
possession of any of the Securities, or the production thereof on any trial or
other proceeding relative thereto, and any such suit or proceeding instituted by
the Debenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, subject to the terms of this
Indenture, be for the ratable benefit of the holders of the Securities.

     In any proceedings brought by the Debenture Trustee (and also any
proceedings involving the interpretation of any provision of this Indenture to
which the Debenture Trustee shall be a party),

                                       24

<PAGE>

the Debenture Trustee shall be held to represent all the holders of the
Securities, and it shall not be necessary to make any holders of the Securities
parties to any such proceedings.

     SECTION 5.03 Application of Moneys Collected by Debenture Trustee.
                  ----------------------------------------------------

     Any moneys collected by the Debenture Trustee shall be applied in the
following order, at the date or dates fixed by the Debenture Trustee for the
distribution of such moneys, upon presentation of the Securities in respect of
which moneys have been collected, and stamping thereon the payment, if only
partially paid, and upon surrender thereof if fully paid:

     First: To the payment of costs and expenses of collection applicable to the
Securities and all other amounts due to the Debenture Trustee under Section
6.06;

     Second: To the payment of all Senior Indebtedness of the Corporation, if
and to the extent required by Article XV;

     Third: To the payment of the amounts then due and unpaid upon Securities
for principal of and interest (including Compounded Interest and Additional
Sums, if any) on the Securities, in respect of which or for the benefit of which
money has been collected, ratably, without preference of priority of any kind,
according to the amounts due on such Securities for principal and interest,
respectively; and

     Fourth: To the Corporation.

     SECTION 5.04 Proceedings by Securityholders.
                  ------------------------------

     No holder of any Security shall have any right by virtue of or by availing
of any provision of this Indenture to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless
such holder previously shall have given to the Debenture Trustee written notice
of an Event of Default and of the continuance thereof with respect to the
Securities specifying such Event of Default, as hereinbefore provided, and
unless also the holders of not less than 25% in aggregate principal amount of
the Securities then outstanding shall have made written request upon the
Debenture Trustee to institute such action, suit or proceeding in its own name
as Debenture Trustee hereunder and shall have offered to the Debenture Trustee
such reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Debenture Trustee for 60
days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action, suit or proceeding, it being understood and
intended, and being expressly covenanted by the taker and holder of every
Security with every other taker and holder and the Debenture Trustee, that no
one or more holders of Securities shall have any right in any manner whatever by
virtue of or by availing itself of any provision of this Indenture to affect,
disturb or prejudice the rights of any other holder of Securities, or to obtain
or seek to obtain priority over or preference to any other such holder, or to
enforce any right under this Indenture, except in the manner herein provided and
for the equal, ratable and common benefit of all holders of Securities.

                                       25

<PAGE>

     Notwithstanding any other provisions in this Indenture, however, the right
of any holder of any Security to receive payment of the principal of and
interest on (including Compounded Interest and Additional Sums, if any) on such
Security, on or after the same shall have become due and payable, or to
institute suit for the enforcement of any such payment, shall not be impaired or
affected without the consent of such holder, and by accepting a Security
hereunder it is expressly understood, intended and covenanted by the taker and
holder of every Security with every other such taker and holder and the
Debenture Trustee, that no one or more holders of Securities shall have any
right in any manner whatsoever by virtue or by availing itself of any provision
of this Indenture to affect, disturb or prejudice the rights of the holders of
any other Securities, or to obtain or seek to obtain priority over or preference
to any other such holder, or to enforce any right under this Indenture, except
in the manner herein provided and for the equal, ratable and common benefit of
all holders of Securities. For the protection and enforcement of the provisions
of this Section, each and every Securityholder and the Debenture Trustee shall
be entitled to such relief as can be given either at law or in equity.

     The Corporation and the Debenture Trustee acknowledge that pursuant to the
Declaration, the holders of Capital Securities are entitled, in the
circumstances and subject to the limitations set forth therein, to commence a
Direct Action (as defined therein) with respect to any Event of Default referred
to in clause (a) or (b) of Section 5.01.

     SECTION 5.05 Proceedings by Debenture Trustee.
                  --------------------------------

     In case an Event of Default occurs with respect to Securities and is
continuing, the Debenture Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial
proceedings as the Debenture Trustee shall deem most effectual to protect and
enforce any of such rights, either by suit in equity or by action at law or by
proceeding in bankruptcy or otherwise, whether for the specific enforcement of
any covenant or agreement contained in this Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other legal or
equitable right vested in the Debenture Trustee by this Indenture or by law.

     SECTION 5.06 Remedies Cumulative and Continuing.
                  ----------------------------------

     All powers and remedies given by this Article V to the Debenture Trustee or
to the Securityholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any other powers and remedies available to the
Debenture Trustee or the holders of the Securities, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to
the Securities, and no delay or omission of the Debenture Trustee or of any
holder of any of the Securities to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such
right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 5.04, every
power and remedy given by this Article V or by law to the Debenture Trustee or
to the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Debenture Trustee or by the Securityholders.

                                       26

<PAGE>

     SECTION 5.07 Restoration of Rights and Remedies.
                  ----------------------------------

     If the Trustee or any Noteholder 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 Trustee or to such Noteholder, then and in every such case the Corporation,
the Trustee and the Noteholders 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 Trustee and the
Noteholders shall continue as though no such proceeding had been instituted.

     SECTION 5.08 Direction of Proceedings and Waiver of Defaults by Majority of
                  --------------------------------------------------------------
Securityholders.
---------------

     The holders of a majority in aggregate principal amount of the Securities
at the time outstanding shall have the right to direct the time, method, and
place of conducting any proceeding for any remedy available to the Debenture
Trustee, or exercising any trust or power conferred on the Debenture Trustee;
provided, however, that (subject to the provisions of Section 6.01) the
Debenture Trustee shall have the right to decline to follow any such direction
if the Debenture Trustee shall determine that the action so directed would be
unjustly prejudicial to the holders not taking part in such direction or if the
Debenture Trustee being advised by counsel determines that the action or
proceeding so directed may not lawfully be taken or if the Debenture Trustee in
good faith by one of its Responsible Officers shall determine that the action or
proceedings so directed would involve the Debenture Trustee in personal
liability. Prior to any declaration accelerating the maturity of the Securities,
the holders of a majority in aggregate principal amount of the Securities at the
time outstanding may on behalf of the holders of all of the Securities waive any
past Default or Event of Default and its consequences except a Default (a) in
the payment of principal of or interest on (including Compounded Interest and
Additional Sums, if any) on any of the Securities (unless such default has been
cured and a sum sufficient to pay all matured installments of interest
(including Compounded Interest and Additional Sums, if any) and principal, due
otherwise than by acceleration has been deposited with the Debenture Trustee) or
(b) in respect of covenants or provisions hereof which cannot be modified or
amended without the consent of the holder of each Security affected; provided,
however, that if the Securities are held by the Property Trustee, such waiver or
modification to such waiver shall not be effective until the holders of a
majority in aggregate liquidation amount of Trust Securities shall have
consented to such waiver or modification to such waiver; provided, further, that
if the consent of the holder of each outstanding Security is required, such
waiver shall not be effective until each holder of the Trust Securities shall
have consented to such waiver. Upon any such waiver, the Default covered thereby
shall be deemed to be cured for all purposes of this Indenture and the
Corporation, the Debenture Trustee and the holders of the Securities shall be
restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon. Whenever any Default or Event of Default hereunder shall
have been waived as permitted by this Section 5.08, said Default or Event of
Default shall for all purposes of the Securities and this Indenture be deemed to
have been cured and to be not continuing.

                                       27

<PAGE>

     SECTION 5.09 Notice of Defaults
                  ------------------

     (a) The Debenture Trustee shall, within 90 days after the occurrence of a
Default with respect to the Securities actually known to a Responsible Officer
of the Debenture Trustee, mail to all Securityholders, as the names and
addresses of such holders appear upon the Security Register, notice of all such
Defaults, unless such Default shall have been cured before the giving of such
notice (the term "Default" for the purpose of this Section 5.09 being hereby
defined to be any of the events specified in clauses (a), (b), (c), (d) and (e)
of Section 5.01, not including periods of grace, if any, provided for therein,
and irrespective of the giving of written notice specified in clause (c) of
Section 5.01); provided, however, that, except in the case of Default in the
payment of the principal of or interest (including Compounded Interest or
Additional Sums, if any) on any of the Securities, the Debenture Trustee shall
be protected in withholding such notice if and so long as the board of
directors, the executive committee, or a trust committee of directors and/or
Responsible Officers of the Debenture Trustee in good faith determines that the
withholding of such notice is in the interests of the Securityholders; provided,
further, that in the case of any Default of the character specified in Section
5.01(c), no such notice to Securityholders shall be given until at least 60 days
after the occurrence thereof, but shall be given within 90 days after such
occurrence.

     (b) Within ten Business Days after the occurrence of any Event of Default
actually known to a Responsible Officer of the Debenture Trustee, the Debenture
Trustee shall transmit notice of such Event of Default to all Securityholders as
their names and addresses appear on the Security Register, unless such Event of
Default shall have been cured or waived.

     SECTION 5.10 Undertaking to Pay Costs.
                  ------------------------

     All parties to this Indenture agree, and each holder of any Security by its
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Debenture Trustee for any action
taken or omitted by it as Debenture Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys'
fees and expenses, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.10 shall not apply to any suit instituted
by the Debenture Trustee, to any suit instituted by any Securityholder, or group
of Securityholders, holding in the aggregate more than 10% in aggregate
principal amount of the Securities outstanding, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of or
interest (including Compounded Interest and Additional Sums, if any) on any
Security against the Corporation on or after the same shall have become due and
payable.

                                   ARTICLE VI
                        CONCERNING THE DEBENTURE TRUSTEE

                                       28

<PAGE>

     SECTION 6.01 Duties and Responsibilities of Debenture Trustee.
                  ------------------------------------------------

     With respect to the holders of the Securities issued hereunder, the
Debenture Trustee, prior to the occurrence of an Event of Default (which, other
than in the case of Sections 5.01(a) and 5.01(b) hereof, is known to the
Debenture Trustee) and after the curing or waiving of all such Events of Default
which may have occurred, undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture. In case an Event of Default
(which, other than in the case of Sections 5.01(a) and 5.01(b) hereof, is known
to the Debenture Trustee) has occurred (which has not been cured or waived), the
Debenture Trustee shall exercise such of the rights and powers vested in it by
this Indenture, 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.

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

     (a) prior to the occurrence of an Event of Default (which, other than in
     the case of Sections 5.01(a) and 5.01(b) hereof, is known to the Debenture
     Trustee) and after the curing or waiving of all such Events of Default
     which may have occurred,

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

          (2) in the absence of bad faith on the part of the Debenture Trustee,
the Debenture Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificate or
opinion furnished to the Debenture Trustee and conforming to the requirements of
this Indenture; but, in the case of any such certificate or opinion which by any
provision hereof is specifically required to be furnished to the Debenture
Trustee, the Debenture Trustee shall be under a duty to examine the same to
determine whether or not it conforms on its face to the requirements of this
Indenture;

     (b) the Debenture Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer or Responsible Officers, unless it
shall be proved that the Debenture Trustee was negligent in ascertaining the
pertinent facts; and

     (c) the Debenture Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the
direction of the Securityholders pursuant to Section 5.08, relating to the time,
method and place of conducting any proceeding for any remedy available to the
Debenture Trustee, or exercising any trust or power conferred upon the Debenture
Trustee, under this Indenture.

     None of the provisions contained in this Indenture shall require the
Debenture 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, if it reasonably believes that the

                                       29

<PAGE>

repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not
reasonably assured to it.

     SECTION 6.02 Reliance on Documents, Opinions, etc.
                  ------------------------------------

     Except as otherwise provided in Section 6.01:

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

     (b) any request, direction, order or demand of the Corporation mentioned
herein may be sufficiently evidenced by an Officers' Certificate (unless other
evidence in respect thereof be herein specifically prescribed); and any Board
Resolution may be evidenced to the Debenture Trustee by a copy thereof certified
by the Secretary or an Assistant Secretary of the Corporation;

     (c) the Debenture Trustee may consult with counsel of its selection and any
advice or Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted by it hereunder
in good faith and in accordance with such advice or Opinion of Counsel;

     (d) the Debenture Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders, pursuant to the provisions of this
Indenture, unless such Securityholders shall have offered to the Debenture
Trustee reasonable and sufficient security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby;

     (e) the Debenture Trustee shall not be liable for any action taken or
omitted by it in good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture; nothing
contained herein shall, however, relieve the Debenture Trustee of the
obligation, upon the occurrence of an Event of Default (which, other than in the
case of Sections 5.01(a) and 5.01(b) hereof, is known to the Debenture Trustee)
(that has not been cured or waived), to exercise such of the rights and powers
vested in it by this Indenture, and to 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 or her own affairs;

     (f) the Debenture 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, consent, order, approval, bond,
debenture, coupon or other paper or document, unless requested in writing to do
so by the holders of a majority in aggregate principal amount of the outstanding
Securities; provided, however, that if the payment within a reasonable time to
the Debenture Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the
Debenture Trustee, not reasonably assured to the Debenture Trustee by the
security afforded to it by the terms of this Indenture, the Debenture Trustee
may require reasonable indemnity against such expense or liability as a
condition to so proceeding;

                                       30

<PAGE>

     (g) the Debenture Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents
(including any Authenticating Agent) or attorneys, and the Debenture Trustee
shall not be responsible for any misconduct or negligence on the part of any
such agent or attorney appointed by it with due care;

     (h) the Debenture Trustee shall not be charged with knowledge of any
Default or Event of Default unless: (i) such Default or Event of Default falls
within Section 5.01(a) (other than a default with respect to the payment or
nonpayment of Compounded Interest, or Additional Sums) or Section 5.01(b) of the
Indenture, (ii) a Responsible Officer shall have actual knowledge of such
Default or Event of Default; or (iii) written notice of such Default or Event of
Default shall have been given to the Debenture Trustee by the Corporation or any
other obligor on the Securities or by any holder of the Securities; and

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

     SECTION 6.03 No Responsibility for Recitals, etc.
                  -----------------------------------

     The recitals contained herein and in the Securities (except in the
certificate of authentication of the Debenture Trustee or the Authenticating
Agent) shall be taken as the statements of the Corporation, and the Debenture
Trustee and the Authenticating Agent assume no responsibility for the
correctness of the same. The Debenture Trustee and the Authenticating Agent make
no representations as to the validity or sufficiency of this Indenture or of the
Securities. The Debenture Trustee and the Authenticating Agent shall not be
accountable for the use or application by the Corporation of any Securities or
the proceeds of any Securities authenticated and delivered by the Debenture
Trustee or the Authenticating Agent in conformity with the provisions of this
Indenture.

     SECTION 6.04 Debenture Trustee, Authenticating Agent, Paying Agents,
                  ------------------------------------------------------
Transfer Agents and Registrar May Own Securities.
------------------------------------------------

     The Debenture Trustee or any Authenticating Agent or any paying agent or
any transfer agent or any security registrar for the Securities, in its
individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Debenture Trustee,
Authenticating Agent, paying agent, transfer agent or security registrar for the
Securities.

     SECTION 6.05 Moneys to be Held in Trust.
                  --------------------------

     Subject to the provisions of Section 11.04, all moneys received by the
Debenture Trustee or any paying agent shall, until used or applied as herein
provided, be held in trust for the purpose for which they were received, but
need not be segregated from other funds except to the extent required by law.
The Debenture Trustee and any paying agent shall be under no liability for
interest on any money received by it hereunder except as otherwise agreed in
writing with the Corporation. So long as no Event of Default shall have occurred
and be continuing, all interest allowed on any such moneys shall be paid from
time to time upon the written order of the Corporation, signed by an Officer
thereof.

                                       31

<PAGE>

     SECTION 6.06 Compensation and Expenses of Debenture Trustee.
                  ----------------------------------------------

     The Corporation, as issuer of Securities under this Indenture, covenants
and agrees to pay to the Debenture Trustee from time to time, and the Debenture
Trustee shall be entitled to, such compensation as shall be agreed to in writing
between the Corporation and the Debenture Trustee (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an express
trust), and the Corporation will pay or reimburse the Debenture Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made
by the Debenture Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ),
except any such expense, disbursement or advance as may arise from its
negligence or bad faith. The Corporation also covenants to indemnify each of the
Debenture Trustee (including in its individual capacity) and any predecessor
Debenture Trustee (and its officers, agents, directors and employees) for, and
to hold it harmless against, any and all loss, damage, claim, action, suit,
liability or expense including taxes (other than taxes based on the income of
the Debenture Trustee) incurred without negligence or bad faith on the part of
the Debenture Trustee and arising out of or in connection with the acceptance or
administration of this trust, including the costs and expenses of defending
itself against any claim of liability. The obligations of the Corporation under
this Section 6.06 to compensate and indemnify the Debenture Trustee and to pay
or reimburse the Debenture Trustee for expenses, disbursements and advances
shall constitute additional indebtedness hereunder. Such additional indebtedness
shall be secured by a lien prior to that of the Securities upon all property and
funds held or collected by the Debenture Trustee as such, except funds held in
trust for the benefit of the holders of particular Securities.

     The Corporation covenants and agrees to advance expenses (including legal
fees) incurred by the Debenture Trustee (including in its individual capacity)
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 Corporation of an undertaking by or on behalf of
the Debenture Trustee to repay such amount if it shall be determined that the
Debenture Trustee is not entitled to be indemnified as authorized in this
Section.

     When the Debenture Trustee incurs expenses or renders services in
connection with an Event of Default as specified in Section 5.01(d) or Section
5.01(e), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for its services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law.

     The provisions of this Section shall survive the resignation or removal of
the Debenture Trustee and the defeasance or other termination of this Indenture.

     SECTION 6.07 Officers' Certificate as Evidence.
                  ---------------------------------

     Except as otherwise provided in Sections 6.01 and 6.02, whenever in the
administration of the provisions of this Indenture, the Debenture Trustee shall
deem it necessary or desirable that a matter be proved or established prior to
taking or omitting any action hereunder, such matter (unless other evidence in
respect thereof is herein specifically prescribed) may, in the absence of
negligence

                                       32

<PAGE>

or bad faith on the part of the Debenture Trustee, be deemed to be conclusively
proved and established by an Officers' Certificate delivered to the Debenture
Trustee, and such Officers' Certificate, in the absence of negligence or bad
faith on the part of the Debenture Trustee, shall be full warrant to the
Debenture Trustee for any action taken or omitted by it under the provisions of
this Indenture upon the faith thereof.

     SECTION 6.08 Conflicting Interest of Debenture Trustee.
                  -----------------------------------------

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

     SECTION 6.09 Eligibility of Debenture Trustee.
                  --------------------------------

     The Debenture Trustee hereunder shall at all times be a Person organized
and doing business under the laws of the United States of America or any state
or territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Commission 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 Person publishes reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section 6.09 the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published.

     The Corporation may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the Corporation, serve
as Debenture Trustee.

     In case at any time the Debenture Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.09, the Debenture Trustee shall
resign immediately in the manner and with the effect specified in Section 6.10.

     SECTION 6.10 Resignation or Removal of Debenture Trustee.
                  -------------------------------------------

     (a) The Debenture Trustee, or any trustee or trustees hereafter appointed,
may at any time resign by giving written notice of such resignation to the
Corporation and by mailing notice thereof to the holders of the Securities at
their addresses as they shall appear on the Security Register. Upon receiving
such notice of resignation, the Corporation shall promptly appoint a successor
trustee or trustees, in accordance with the provisions of Section 6.09, by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Debenture Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted
appointment within 60 days after the mailing of such notice of resignation to
the affected Securityholders, the resigning Debenture Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee, or
any Securityholder who has been a bona fide holder of a Security for at least
six months may, subject to the provisions of Section 5.10, on behalf of himself
and all others similarly situated, petition any such court for the appointment
of a successor

                                       33

<PAGE>

trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

     (b) In case at any time any of the following shall occur:

          (1) the Debenture Trustee shall fail to comply with the provisions of
Section 6.08 after written request therefor by the Corporation or by any
Securityholder who has been a bona fide holder of a Security or Securities for
at least six months, or

          (2) the Debenture Trustee shall cease to be eligible in accordance
with the provisions of Section 6.09 and shall fail to resign after written
request therefor by the Corporation or by any Securityholder, or

          (3) the Debenture Trustee shall become incapable of acting, or shall
be adjudged a bankrupt or insolvent, or a receiver of the Debenture Trustee or
of its property shall be appointed, or any public officer shall take charge or
control of the Debenture Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

then, in any such case, the Corporation may remove the Debenture Trustee and
appoint a successor trustee, in accordance with the provisions of Section 6.09,
by written instrument, in duplicate, one copy of which instrument shall be
delivered to the Debenture Trustee so removed and one copy to the successor
trustee, or, subject to the provisions of Section 5.10, any Securityholder who
has been a bona fide holder of a Security for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Debenture Trustee and the appointment of a
successor trustee. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Debenture Trustee and appoint a
successor trustee.

     (c) The holders of a majority in aggregate principal amount of the
Securities at the time outstanding may at any time remove the Debenture Trustee
and nominate a successor trustee, which shall be deemed appointed as successor
trustee unless within 10 days after written notification of such nomination the
Corporation objects thereto, or if no successor trustee shall have been so
appointed and shall have accepted appointment within 30 days after such removal,
in which case the Debenture Trustee so removed or any Securityholder, upon the
terms and conditions and otherwise as in subsection (a) of this Section 6.10
provided, may petition any court of competent jurisdiction for an appointment of
a successor trustee.

     (d) Any resignation or removal of the Debenture Trustee and appointment of
a successor trustee pursuant to any of the provisions of this Section 6.10 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 6.11.

     SECTION 6.11 Acceptance by Successor Debenture Trustee.
                  -----------------------------------------

     Any successor trustee appointed as provided in Section 6.10 shall execute,
acknowledge and deliver to the Corporation and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the retiring trustee shall become effective

                                       34

<PAGE>

and such successor trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as trustee
herein; but, nevertheless, on the written request of the Corporation or of the
successor trustee, the trustee ceasing to act shall, upon payment of all amounts
then due it pursuant to the provisions of Section 6.06, execute and deliver an
instrument transferring to such successor trustee all the rights and powers of
the trustee so ceasing to act and shall duly assign, transfer and deliver to
such successor trustee all property and money held by such retiring trustee
thereunder. Upon request of any such successor trustee, the Corporation shall
execute any and all instruments in writing for more fully and certainly vesting
in and confirming to such successor trustee all such rights and powers. Any
trustee ceasing to act shall, nevertheless, retain a lien upon all property or
funds held or collected by such trustee to secure any amounts then due it
pursuant to the provisions of Section 6.06.

     No successor trustee shall accept appointment as provided in this Section
6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section 6.08 and eligible under the provisions
of Section 6.09.

     Upon acceptance of appointment by a successor trustee as provided in this
Section 6.11, the Corporation shall mail notice of the succession of such
trustee hereunder to the holders of Securities at their addresses as they shall
appear on the Security Register. If the Corporation fails to mail such notice
within 10 days after the acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of the
Corporation.

     SECTION 6.12 Succession by Merger, etc.
                  -------------------------

     Any Person into which the Debenture Trustee 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 Debenture Trustee shall be a party, or
any Person succeeding to all or substantially all of the corporate trust
business of the Debenture Trustee, shall be the successor of the Debenture
Trustee hereunder without the execution or filing of any paper or any further
act on the part of any of the parties hereto.

     In case any Securities shall have been authenticated but not delivered at
the time such successor to the Debenture Trustee shall succeed to the trusts
created by this Indenture, any such successor to the Debenture Trustee may adopt
the certificate of authentication of any predecessor trustee, and deliver such
Securities so authenticated; and in case at that time any of the Securities
shall not have been authenticated, any successor to the Debenture Trustee may
authenticate such Securities either in the name of any predecessor hereunder or
in the name of the successor trustee; and in all such cases such certificates
shall have the full force which the Securities or this Indenture elsewhere
provides that the certificate of the Debenture Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any
predecessor Debenture Trustee or authenticate Securities in the name of any
predecessor Debenture Trustee shall apply only to its successor or successors by
merger, conversion or consolidation.

                                       35

<PAGE>

     SECTION 6.13 Limitation on Rights of Debenture Trustee as a Creditor.
                  -------------------------------------------------------

     The Debenture Trustee shall comply with Section 311(a) of the Trust
Indenture Act, excluding any creditor relationship described in Section 311(b)
of the Trust Indenture Act. A Debenture Trustee who has resigned or been removed
shall be subject to Section 311(a) of the Trust Indenture Act to the extent
included therein.

     SECTION 6.14 Authenticating Agents.
                  ---------------------

     There may be one or more Authenticating Agents appointed by the Debenture
Trustee upon the request of the Corporation with power to act on the Debenture
Trustee's behalf and subject to the Debenture Trustee's direction in the
authentication and delivery of Securities issued upon transfer thereof as fully
to all intents and purposes as though any such Authenticating Agent had been
expressly authorized to authenticate and deliver Securities; provided, however,
that the Debenture Trustee shall have no liability to the Corporation for any
acts or omissions of the Authenticating Agent with respect to the authentication
and delivery of Securities. Any such Authenticating Agent shall at all times be
a Person organized and doing business under the laws of the United States or of
any state or territory thereof or of the District of Columbia authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus
of at least $5,000,000 and being subject to supervision or examination by
federal, state, territorial or District of Columbia authority. If such Person
publishes reports of condition at least annually pursuant to law or the
requirements of such authority, then for the purposes of this Section 6.14 the
combined capital and surplus of such Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect herein specified in this Section.

     Any Person into which any Authenticating Agent may be merged, converted or
with which it may be consolidated, or any Person resulting from any merger or
consolidation to which any Authenticating Agent shall be a party, or any Person
succeeding to the corporate trust business of any Authenticating Agent, shall be
the successor of such Authenticating Agent hereunder, if such successor Person
is otherwise eligible under this Section 6.14 without the execution or filing of
any paper or any further act on the part of the parties hereto or such
Authenticating Agent.

     Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Debenture Trustee and to the Corporation. The Debenture
Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent and to the
Corporation. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be
eligible under this Section 6.14, the Debenture Trustee may, and upon the
request of the Corporation shall, promptly appoint a successor Authenticating
Agent eligible under this Section 6.14, shall give written notice of such
appointment to the Corporation and shall mail notice of such appointment to all
Securityholders as the names and addresses of such holders appear on the
Security Register. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally
named as Authenticating Agent herein.

                                       36

<PAGE>

     The Corporation, as issuer of the Securities, agrees to pay to any
Authenticating Agent from time to time reasonable compensation for its services.
Any Authenticating Agent shall have no responsibility or liability for any
action taken by it as such in accordance with the directions of the Debenture
Trustee.

                                   ARTICLE VII
                         CONCERNING THE SECURITYHOLDERS

     SECTION 7.01 Action by Securityholders.
                  -------------------------

     Whenever in this Indenture it is provided that the holders of a specified
percentage in aggregate principal amount of the Securities may take any action
(including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that at the time
of taking any such action the holders of such specified percentage have joined
therein may be evidenced: (a) by any instrument (including by way of electronic
transmission) or any number of instruments of similar tenor executed by such
Securityholders in person or by agent or proxy appointed in writing; or (b) by
the record of such holders of Securities voting in favor thereof at any meeting
of such Securityholders duly called and held in accordance with the provisions
of Article VIII; or (c) by a combination of such instrument or instruments and
any such record of such a meeting of such Securityholders.

     If the Corporation shall solicit from the Securityholders any request,
demand, authorization, direction, notice, consent, waiver or other action, the
Corporation may, at its option, as evidenced by an Officers' Certificate, fix in
advance a record date for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other
action, but the Corporation shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other action may be given before or after the record date, but only
the Securityholders of record at the close of business on the record date shall
be deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of outstanding Securities have
authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other action, and for that purpose the
outstanding Securities shall be computed as of the record date; provided,
however, that no such authorization, agreement or consent by such
Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six
months after the record date.

     SECTION 7.02 Proof of Execution by Securityholders.
                  -------------------------------------

     Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the
execution of any instrument by a Securityholder or his agent or proxy shall be
sufficient if made in accordance with such reasonable rules and regulations as
may be prescribed by the Debenture Trustee or in such manner as shall be
satisfactory to the Debenture Trustee. The ownership of Securities shall be
proved by the Security Register or by a certificate of the security registrar
for the Securities. The Debenture Trustee may require such additional proof of
any matter referred to in this Section 7.02 as it shall deem necessary.

                                       37

<PAGE>

     The record of any Securityholders' meeting shall be proved in the manner
provided in Section 8.06.

     SECTION 7.03 Who Are Deemed Absolute Owners.
                  ------------------------------

     Prior to due presentment for registration of transfer of any Security, the
Corporation, the Debenture Trustee, any Authenticating Agent, any paying agent,
any transfer agent and any security registrar for the Securities may deem the
person in whose name such Security shall be registered upon the Security
Register to be, and may treat him or her as, the absolute owner of such Security
(whether or not such Security shall be overdue) for the purpose of receiving
payment of or on account of the principal of and premium, if any, and (subject
to Section 2.06) interest on such Security and for all other purposes; and
neither the Corporation nor the Debenture Trustee nor any Authenticating Agent
nor any paying agent nor any transfer agent nor any security registrar for the
Securities shall be affected by any notice to the contrary. All such payments so
made to any holder for the time being or upon his or her order shall be valid
and, to the extent of the sum or sums so paid, effectual to satisfy and
discharge the liability for moneys payable upon any such Security.

     SECTION 7.04 Securities Owned by Corporation Deemed Not Outstanding.
                  ------------------------------------------------------

     In determining whether the holders of the requisite aggregate principal
amount of Securities have concurred in any direction, consent or waiver under
this Indenture, Securities that are owned by the Corporation or any other
obligor on the Securities or by any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Corporation or
any other obligor on the Securities shall be disregarded and deemed not to be
outstanding for the purpose of any such determination; provided, however, that
for the purposes of determining whether the Debenture Trustee shall be protected
in relying on any such direction, consent or waiver, only Securities which a
Responsible Officer of the Debenture Trustee actually knows are so owned shall
be so disregarded. Securities so owned which have been pledged in good faith may
be regarded as outstanding for the purposes of this Section 7.04 if the pledgee
shall establish to the satisfaction of the Debenture Trustee the pledgee's right
to vote such Securities and that the pledgee is not the Corporation or any such
other obligor or Person directly or indirectly controlling or controlled by or
under direct or indirect common control with the Corporation or any such other
obligor. In the case of a dispute as to such right, any decision by the
Debenture Trustee taken upon the advice of counsel shall be full protection to
the Debenture Trustee.

     SECTION 7.05 Revocation of Consents; Future Holders Bound.
                  --------------------------------------------

     At any time prior to (but not after) the evidencing to the Debenture
Trustee, as provided in Section 7.01, of the taking of any action by the holders
of the percentage in aggregate principal amount of the Securities specified in
this Indenture in connection with such action, any holder of a Security (or any
Security issued in whole or in part in exchange or substitution therefor),
subject to Section 7.01, the serial number of which is shown by the evidence to
be included in the group of Securities the holders of which have consented to
such action, may, by filing written notice with the Debenture Trustee at its
principal office and upon proof of holding as provided in Section 7.02, revoke
such action so far as concerns such Security (or so far as concerns the
principal amount represented by any exchanged or substituted Security). Except
as aforesaid, any such action taken

                                       38

<PAGE>

by the holder of any Security shall be conclusive and binding upon such holder
and upon all future holders and owners of such Security, and of any Security
issued in exchange or substitution therefor, irrespective of whether or not any
notation in regard thereto is made upon such Security or any Security issued in
exchange or substitution therefor.

                                  ARTICLE VIII
                           MEETINGS OF SECURITYHOLDERS

     SECTION 8.01 Purposes of Meetings.
                  --------------------
     A meeting of Securityholders may be called at any time and from time to
time pursuant to the provisions of this Article VIII for any of the following
purposes:

     (a) to give any notice to the Corporation or to the Debenture Trustee, or
to give any directions to the Debenture Trustee, or to consent to the waiving of
any Default hereunder and its consequences, or to take any other action
authorized to be taken by Securityholders pursuant to any of the provisions of
Article V;

     (b) to remove the Debenture Trustee and nominate a successor trustee
pursuant to the provisions of Article VI;

     (c) to consent to the execution of an indenture or indentures supplemental
hereto pursuant to the provisions of Section 9.02; or

     (d) to take any other action authorized to be taken by or on behalf of the
holders of any specified aggregate principal amount of such Securities under any
other provision of this Indenture or under applicable law.

     SECTION 8.02 Call of Meetings by Debenture Trustee.
                  -------------------------------------

     The Debenture Trustee may at any time call a meeting of Securityholders to
take any action specified in Section 8.01, to be held at such time and at such
place in Wilmington, Delaware as the Debenture Trustee shall determine. Notice
of every meeting of the Securityholders, setting forth the time and the place of
such meeting and in general terms the action proposed to be taken at such
meeting, shall be mailed to holders of Securities at their addresses as they
shall appear on the Security Register. Such notice shall be mailed not less than
20 nor more than 180 days prior to the date fixed for the meeting.

     SECTION 8.03 Call of Meetings by Corporation or Securityholders.
                  --------------------------------------------------

     In case at any time the Corporation, pursuant to a resolution of the Board
of Directors, or the holders of at least 10% in aggregate principal amount of
the Securities then outstanding, shall have requested the Debenture Trustee to
call a meeting of Securityholders, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the
Debenture Trustee shall not have mailed the notice of such meeting within 20
days after receipt of such request, then the

                                       39

<PAGE>

Corporation or such Securityholders may determine the time and the place in New
York for such meeting and may call such meeting to take any action authorized in
Section 8.01, by mailing notice thereof as provided in Section 8.02.

     SECTION 8.04 Qualifications for Voting.
                  -------------------------

     To be entitled to vote at any meeting of Securityholders, a Person shall
be: (i) a holder of one or more Securities; or (ii) a Person appointed by an
instrument in writing as proxy by a holder of one or more Securities. The only
Persons who shall be entitled to be present or to speak at any meeting of
Securityholders shall be the Persons entitled to vote at such meeting and their
counsel and any representatives of the Debenture Trustee and its counsel and any
representatives of the Corporation and its counsel.

     SECTION 8.05 Regulations.
                  -----------

     Notwithstanding any other provisions of this Indenture, the Debenture
Trustee may make such reasonable regulations as it may deem advisable for any
meeting of Securityholders, in regard to proof of the holding of Securities and
of the appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall think fit.

     The Debenture Trustee shall, by an instrument in writing, appoint a
temporary chairman of the meeting, unless the meeting shall have been called by
the Corporation or by Securityholders as provided in Section 8.03, in which case
the Corporation or the Securityholders calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by majority vote of the
meeting.

     Subject to the provisions of Section 8.04, at any meeting each holder of
Securities or proxy therefor shall be entitled to one vote for each $1,000
principal amount of Securities held or represented by him or her; provided,
however, that no vote shall be cast or counted at any meeting in respect of any
Security challenged as not outstanding and ruled by the chairman of the meeting
to be not outstanding. The chairman of the meeting shall have no right to vote
other than by virtue of Securities held by him or instruments in writing as
aforesaid duly designating him as the person to vote on behalf of other
Securityholders. Any meeting of Securityholders duly called pursuant to the
provisions of Section 8.02 or 8.03 may be adjourned from time to time by a
majority of those present, and the meeting may be held as so adjourned without
further notice.

     SECTION 8.06 Voting.
                  ------

     The vote upon any resolution submitted to any meeting of holders of
Securities shall be by written ballots on which shall be subscribed the
signatures of such holders or of their representatives by proxy and the serial
number or numbers of the Securities held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make
and file with the secretary of

                                       40

<PAGE>

the meeting their verified written reports in triplicate of all votes cast at
the meeting. A record in duplicate of the proceedings of each meeting of
Securityholders shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes
on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was mailed as provided in Section 8.02. The record
shall show the serial numbers of the Securities voting in favor of or against
any resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Corporation and the other to the Debenture Trustee to be
preserved by the Debenture Trustee, the latter to have attached thereto the
ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated. The holders of the Securities
shall vote for all purposes as a single class.

                                   ARTICLE IX
                                   AMENDMENTS

     SECTION 9.01 Without Consent of Securityholders.
                  ----------------------------------

     The Corporation and the Debenture Trustee may from time to time and at any
time amend this Indenture, without the consent of the Securityholders, for one
or more of the following purposes:

     (a) to evidence the succession of another Person to the Corporation, or
successive successions, and the assumption by the successor Person of the
covenants, agreements and obligations of the Corporation pursuant to Article X
hereof;

     (b) to add to the covenants of the Corporation such further covenants,
restrictions or conditions for the protection of the Securityholders as the
Board of Directors and the Debenture Trustee shall consider to be for the
protection of the Securityholders, and to make the occurrence, or the occurrence
and continuance, of a default in any of such additional covenants, restrictions
or conditions a Default or an Event of Default permitting the enforcement of all
or any of the remedies provided in this Indenture as herein set forth; provided,
however, that in respect of any such additional covenant, restriction or
condition such amendment may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such default or
may limit the remedies available to the Debenture Trustee upon such default;

     (c) to provide for the issuance under this Indenture of Securities in
coupon form (including Securities registrable as to principal only) and to
provide for exchangeability of such Securities with the Securities issued
hereunder in fully registered form and to make all appropriate changes for such
purpose;

     (d) to cure any ambiguity or to correct or supplement any provision
contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental
indenture; or to make such other provisions in regard to

                                       41

<PAGE>

matters or questions arising under this Indenture, provided that any such action
shall not materially adversely affect the interests of the holders of the
Securities;

     (e) to evidence and provide for the acceptance of appointment hereunder by
a successor trustee with respect to the Securities;

     (f) to make provision for transfer procedures, certification, book-entry
provisions, the form of restricted securities legends, if any, to be placed on
Securities, and all other matters required pursuant to Section 2.06 or otherwise
necessary, desirable or appropriate in connection with the issuance of
Securities to holders of Capital Securities in the event of a distribution of
Securities by the Trust following a Dissolution Event, provided that any such
action shall not materially adversely affect the interests of the holders of the
Securities;

     (g) to qualify or maintain qualification of this Indenture under the Trust
Indenture Act; or

     (h) to make any change that does not adversely affect the rights of any
Securityholder in any material respect.

     The Debenture Trustee is hereby authorized to join with the Corporation in
the execution of any supplemental indenture to effect such amendment, to make
any further appropriate agreements and stipulations which may be therein
contained and to accept the conveyance, transfer and assignment of any property
thereunder, but the Debenture Trustee shall not be obligated to, but may in its
discretion, enter into any such supplemental indenture which affects the
Debenture Trustee's own rights, duties or immunities under this Indenture or
otherwise.

     Any amendment to this Indenture authorized by the provisions of this
Section 9.01 may be executed by the Corporation and the Debenture Trustee
without the consent of the holders of any of the Securities at the time
outstanding, notwithstanding any of the provisions of Section 9.02.

     SECTION 9.02 With Consent of Securityholders.
                  -------------------------------

     With the consent (evidenced as provided in Section 7.01) of the holders of
a majority in aggregate principal amount of the Securities at the time
outstanding, the Corporation, when authorized by a Board Resolution, and the
Debenture Trustee may from time to time and at any time amend this Indenture for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights
of the holders of the Securities; provided, however, that no such amendment
shall, without the consent of the holders of each Security then outstanding and
affected thereby: (i) change the Maturity Date of any Security, or reduce the
rate or extend the time of payment of interest thereon (except as contemplated
by Article XVI), or reduce the principal amount thereof, or change any
prepayment provisions, or make the principal thereof or any interest or premium
thereon payable in any coin or currency other than U.S. dollars, or impair or
affect the right of any Securityholder to institute suit for payment thereof; or
(ii) reduce the aforesaid percentage of Securities, the holders of which are
required to consent to any such amendment to the Indenture; provided, however,
that if the Securities are held by the Trust, such amendment shall not be
effective until the holders of a majority in liquidation amount of Trust
Securities shall have consented to such amendment; provided, further,

                                       42

<PAGE>

that if the consent of the holder of each outstanding Security is required, such
amendment shall not be effective until each holder of the Trust Securities shall
have consented to such amendment.

     Upon the request of the Corporation accompanied by a copy of a resolution
of the Board of Directors certified by its Secretary or Assistant Secretary
authorizing the execution of any supplemental indenture effecting such
amendment, and upon the filing with the Debenture Trustee of evidence of the
consent of Securityholders as aforesaid, the Debenture Trustee shall join with
the Corporation in the execution of such supplemental indenture unless such
supplemental indenture affects the Debenture Trustee's own rights, duties or
immunities under this Indenture or otherwise, in which case the Debenture
Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture.

     Promptly after the execution by the Corporation and the Debenture Trustee
of any supplemental indenture pursuant to the provisions of this Section, the
Debenture Trustee shall transmit by mail, first class postage prepaid, a notice,
prepared by the Corporation, setting forth in general terms the substance of
such supplemental indenture, to the Securityholders as their names and addresses
appear upon the Security Register. Any failure of the Debenture Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture.

     It shall not be necessary for the consent of the Securityholders under this
Section 9.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

     SECTION 9.03 Compliance with Trust Indenture Act; Effect of Supplemental
                  -----------------------------------------------------------
Indentures.
----------

     Any supplemental indenture executed pursuant to the provisions of this
Article IX shall comply with the Trust Indenture Act. Upon the execution of any
supplemental indenture pursuant to the provisions of this Article IX, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Debenture Trustee, the Corporation
and the holders of Securities shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

     SECTION 9.04 Notation on Securities.
                  ----------------------

     Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to the provisions of this Article IX may bear a
notation in form approved by the Debenture Trustee as to any matter provided for
in such supplemental indenture. If the Corporation or the Debenture Trustee
shall so determine, new Securities so modified as to conform, in the opinion of
the Debenture Trustee and the Board of Directors, to any modification of this
Indenture contained in any such supplemental indenture may be prepared and
executed by the Corporation, authenticated by the Debenture Trustee or the
Authenticating Agent and delivered in exchange for the Securities then
outstanding.

                                       43

<PAGE>

     SECTION 9.05 Evidence of Compliance of Supplemental Indenture to be
                  ------------------------------------------------------
Furnished to Debenture Trustee.
------------------------------

     The Debenture Trustee, subject to the provisions of Sections 6.01 and 6.02,
may receive an Officers' Certificate and an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant hereto complies with
the requirements of this Article IX.

                                    ARTICLE X
           CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER AND LEASE

     SECTION 10.01 Corporation May Consolidate, etc., on Certain Terms.
                   ---------------------------------------------------

     Nothing contained in this Indenture or in any of the Securities shall
prevent any consolidation or merger of the Corporation with or into any other
Person (whether or not affiliated with the Corporation, as the case may be), or
successive consolidations or mergers in which the Corporation or its successor
or successors, as the case may be, shall be a party or parties, or shall prevent
any sale, conveyance, transfer or lease of the property of the Corporation, or
its successor or successors as the case may be, as an entirety, or substantially
as an entirety, to any other Person (whether or not affiliated with the
Corporation, or its successor or successors, as the case may be) authorized to
acquire and operate the same; provided, that (a) the Corporation is the
surviving Person, or the Person formed by or surviving any such consolidation or
merger (if other than the Corporation) or to which such sale, conveyance,
transfer or lease of property is made is a Person organized and existing under
the laws of the United States or any State thereof or the District of Columbia,
and (b) if the Corporation is not the surviving Person, upon any such
consolidation, merger, sale, conveyance, transfer or lease, the due and punctual
payment of the principal of and interest on the Securities according to their
tenor and the due and punctual performance and observance of all the covenants
and conditions of this Indenture to be kept or performed by the Corporation
shall be expressly assumed by the surviving Person, by supplemental indenture
(which shall conform to the provisions of the Trust Indenture Act as then in
effect) satisfactory in form to the Debenture Trustee executed and delivered to
the Debenture Trustee by the Person formed by such consolidation, or into which
the Corporation shall have been merged, or by the Person which shall have
acquired such property, as the case may be, and (c) after giving effect to such
consolidation, merger, sale, conveyance, transfer or lease, no Default or Event
of Default shall have occurred and be continuing.

     SECTION 10.02 Successor Person to be Substituted for Corporation.
                   --------------------------------------------------

     In case of any such consolidation, merger, sale, conveyance, transfer or
lease, and upon the assumption by the successor corporation, by supplemental
indenture, executed and delivered to the Debenture Trustee and satisfactory in
form to the Debenture Trustee, of the obligation of due and punctual payment of
the principal of and interest on all of the Securities and the due and punctual
performance and observance of all of the covenants and conditions of this
Indenture to be performed or observed by the Corporation, such successor Person
shall succeed to and be substituted for the Corporation, with the same effect as
if it had been named herein as a party hereto, and the Corporation thereupon
shall be relieved of any further liability or obligation hereunder or upon the
Securities. Such successor Person thereupon may cause to be signed, and may
issue either in its own name or in the name of the Corporation, any or all of
the Securities issuable hereunder which

                                       44

<PAGE>

theretofore shall not have been signed by the Corporation and delivered to the
Debenture Trustee or the Authenticating Agent; and, upon the order of such
successor Person instead of the Corporation and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Debenture Trustee
or the Authenticating Agent shall authenticate and deliver any Securities which
previously shall have been signed and delivered by any Officer of the
Corporation to the Debenture Trustee or the Authenticating Agent for
authentication, and any Securities which such successor Person thereafter shall
cause to be signed and delivered to the Debenture Trustee or the Authenticating
Agent for that purpose. All the Securities so issued shall in all respects have
the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution
hereof.

     SECTION 10.03 Opinion of Counsel to be Given Debenture Trustee.
                   ------------------------------------------------

     The Debenture Trustee, subject to the provisions of Sections 6.01 and 6.02,
may receive an Opinion of Counsel as conclusive evidence that any consolidation,
merger, sale, conveyance, transfer or lease, and any assumption, permitted or
required by the terms of this Article X complies with the provisions of this
Article X.

                                   ARTICLE XI
                     SATISFACTION AND DISCHARGE OF INDENTURE

     SECTION 11.01 Discharge of Indenture.
                   ----------------------

     When (a) the Corporation shall deliver to the Debenture Trustee for
cancellation all Securities theretofore authenticated (other than any Securities
which shall have been destroyed, lost or stolen and which shall have been
replaced as provided in Section 2.07) and not theretofore canceled, or (b) all
the Securities not theretofore canceled or delivered to the Debenture Trustee
for cancellation shall have become due and payable, or areby their terms to
become due and payable within one year or are to be called for prepayment within
one year under arrangements satisfactory to the Debenture Trustee for the giving
of notice of prepayment, and the Corporation shall deposit or cause to be
deposited with the Debenture Trustee, in trust, funds or U.S. Government
Obligations sufficient to pay on the Maturity Date or upon prepayment all of the
Securities (other than any Securities which shall have been destroyed, lost or
stolen and which shall have been replaced as provided in Section 2.07) not
theretofore canceled or delivered to the Debenture Trustee for cancellation,
including principal and interest (including Compounded Interest and Additional
Sums, if any) due or to become due to the Maturity Date or prepayment date, as
the case may be, but excluding, however, the amount of any moneys for the
payment of principal of or interest (including Compounded Interest and
Additional Sums, if any) on the Securities (1) theretofore repaid to the
Corporation in accordance with the provisions of Section 11.04, or (2) paid to
any State or to the District of Columbia pursuant to its unclaimed property or
similar laws, and if, in either case the Corporation shall also pay or cause to
be paid all other sums payable hereunder by the Corporation, then this Indenture
shall cease to be of further effect except for the provisions of Sections 2.02,
2.06, 2.07, 3.01, 3.02, 3.04, 6.06, 6.10 and 11.04 hereof, which shall survive
until such Securities shall mature and be paid. Thereafter, Sections 6.06, 6.10
and 11.04 shall survive, and the Debenture Trustee, on demand of the Corporation
accompanied by any Officers' Certificate and an Opinion of Counsel and at the
cost and expense of the Corporation, shall execute proper instruments
acknowledging

                                       45

<PAGE>

satisfaction of and discharging this Indenture; the Corporation, however, hereby
agrees to reimburse the Debenture Trustee for any costs or expenses thereafter
reasonably and properly incurred by the Debenture Trustee in connection with
this Indenture or the Securities.

     SECTION 11.02 Deposited Moneys and U.S. Government Obligations to be Held
                   -----------------------------------------------------------
in Trust by Debenture Trustee.
-----------------------------

     Subject to the provisions of Section 11.04, all moneys and U.S. Government
Obligations deposited with the Debenture Trustee pursuant to Sections 11.01 or
11.05 shall be held in trust and applied by it to the payment, either directly
or through any paying agent (including the Corporation if acting as its own
paying agent), to the holders of the particular Securities for the payment of
which such moneys or U.S. Government Obligations have been deposited with the
Debenture Trustee, of all sums due and to become due thereon for principal and
interest.

     The Corporation shall pay and indemnify the Debenture Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Governmental
Obligations deposited pursuant to Section 11.05 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the holders of outstanding Securities.

     SECTION 11.03 Paying Agent to Repay Moneys Held.
                   ---------------------------------

     Upon the satisfaction and discharge of this Indenture all moneys then held
by any paying agent of the Securities (other than the Debenture Trustee) shall,
upon written demand of the Corporation, be repaid to it or paid to the Debenture
Trustee, and thereupon such paying agent shall be released from all further
liability with respect to such moneys.

     SECTION 11.04 Return of Unclaimed Moneys.
                   --------------------------

     Any moneys deposited with or paid to the Debenture Trustee or any paying
agent for payment of the principal of or interest (including Compounded Interest
and Additional Sums, if any) on Securities and not applied but remaining
unclaimed by the holders of Securities for two years after the date upon which
the principal of or interest (including Compounded Interest and Additional Sums,
if any) on such Securities, as the case may be, shall have become due and
payable, shall be repaid to the Corporation by the Debenture Trustee or such
paying agent; and the holder of any of the Securities shall thereafter look only
to the Corporation for any payment which such holder may be entitled to collect
and all liability of the Debenture Trustee or such paying agent with respect to
such moneys shall thereupon cease.

     SECTION 11.05 Defeasance Upon Deposit of Moneys or U.S. Government
                   ----------------------------------------------------
Obligations.
-----------

     The Corporation shall be deemed to have been Discharged (as defined below)
from its obligations with respect to the Securities on the 91st day after the
applicable conditions set forth below have been satisfied:

     (a) the Corporation shall have deposited or caused to be deposited
irrevocably with the Debenture Trustee or the Defeasance Agent (as defined
below) as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the holders of the Securities: (i)

                                       46

<PAGE>

money in an amount; or (ii) U.S. Government Obligations which through the
payment of interest and principal in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment,
money in an amount; or (iii) a combination of (i) and (ii), sufficient, in the
opinion (with respect to (ii) and (iii)) of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Debenture Trustee and the Defeasance Agent, if any, to pay and
discharge each installment of principal of and interest on the outstanding
Securities on the dates such installments of principal and interest are due;

     (b) if the Securities are then listed on any national securities exchange,
the Corporation shall have delivered to the Debenture Trustee and the Defeasance
Agent, if any, an Opinion of Counsel to the effect that the exercise of the
option under this Section 11.05 would not cause such Securities to be delisted
from such exchange;

     (c) no Default or Event of Default with respect to the Securities shall
have occurred and be continuing on the date of such deposit; and

     (d) the Corporation shall have delivered to the Debenture Trustee and the
Defeasance Agent, if any, an Opinion of Counsel to the effect that holders of
the Securities will not recognize income, gain or loss for United States federal
income tax purposes as a result of the exercise of the option under this Section
11.05 and will be subject to United States federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such
option had not been exercised.

     "Discharged" means that the Corporation shall be deemed to have paid and
discharged the entire indebtedness represented by, and obligations under, the
Securities and to have satisfied all the obligations under this Indenture
relating to the Securities (and the Debenture Trustee, at the expense of the
Corporation, shall execute proper instruments acknowledging the same), except
(1) the rights of holders of Securities to receive, from the trust fund
described in clause (a) above, payment of the principal of and the interest if
any, on the Securities when such payments are due; (2) the Corporation's
obligations with respect to the Securities under Sections 2.07, 2.08, 5.02 and
11.04; and (3) the rights, powers, trusts, duties and immunities of the
Debenture Trustee hereunder.

     "Defeasance Agent" means another financial institution which is eligible to
act as Debenture Trustee hereunder and which assumes all of the obligations of
the Debenture Trustee necessary to enable the Debenture Trustee to act
hereunder. In the event such a Defeasance Agent is appointed pursuant to this
Section, the following conditions shall apply:

     (1) the Debenture Trustee shall have approval rights over the document
appointing such Defeasance Agent and the document setting forth such Defeasance
Agent's rights and responsibilities; and

     (2) the Defeasance Agent shall provide verification to the Debenture
Trustee acknowledging receipt of sufficient money and/or U.S. Government
Obligations to meet the applicable conditions set forth in this Section 11.05.

                                       47

<PAGE>

                                   ARTICLE XII
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

     SECTION 12.01 Indenture and Securities Solely Corporate Obligations.
                   -----------------------------------------------------

     No recourse for the payment of the principal of or interest (including
Compounded Interest and Additional Sums, if any) on any Security, or for any
claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Corporation in this Indenture,
or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, officer
or director, as such, past, present or future, of the Corporation or of any
successor Person to the Corporation, either directly or through the Corporation
or any successor Person to the Corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration
for, the execution of this Indenture and the issuance of the Securities.

                                  ARTICLE XIII
                            MISCELLANEOUS PROVISIONS

     SECTION 13.01 Successors.
                   ----------

     All of the covenants, stipulations, promises and agreements of the
Corporation contained in this Indenture shall also bind the Corporation's
successors and assigns whether so expressed or not.

     SECTION 13.02 Official Acts by Successor Corporation.
                   --------------------------------------

     Any act or proceeding that, by any provision of this Indenture, is
authorized or required to be done or performed by any board, committee or
officer of the Corporation shall and may be done and performed with like force
and effect by the like board, committee or officer of any corporation that shall
at the time be the lawful sole successor of the Corporation.

     SECTION 13.03 Surrender of Corporation Powers.
                   -------------------------------

     The Corporation by instrument in writing executed by authority of 2/3
(two-thirds) of its Board of Directors and delivered to the Debenture Trustee
may surrender any of the powers reserved to the Corporation hereunder, and
thereupon such power so surrendered shall terminate both as to the Corporation,
as the case may be, and as to any successor Person.

     SECTION 13.04 Addresses for Notices, etc.
                   ---------------------------

     Any notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Debenture Trustee or by the holders of
Securities on the Corporation may be given or served by being deposited postage
prepaid by first class mail, registered or certified mail, overnight courier
service or conformed telecopy addressed (until another address is filed by the

                                       48

<PAGE>

Corporation with the Debenture Trustee for the purpose) to New York Community
Bancorp, Inc. at 615 Merrick Avenue, Westbury, New York 11590, Attention: Joseph
R. Ficalora. Any notice, direction, request or demand by any Securityholder to
or upon the Debenture Trustee shall be deemed to have been sufficiently given or
made, for all purposes, if given or made in writing at the office of Wilmington
Trust Company at Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Corporate Trust Administration (unless another
address is provided by the Debenture Trustee to the Corporation for such
purpose). Any notice or communication to a Securityholder shall be mailed by
first class mail to his or her address shown on the Security Register kept by
the security registrar for the Securities. Notices required to be given to the
Debenture Trustee or the Authenticating Agent shall be in writing, personally
delivered or mailed first class postage prepaid to each of the foregoing, or at
such other address as shall be designated by written notice to the other
parties.

     SECTION 13.05 Governing Law.
                   -------------

     This Indenture and each Security shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be governed
by and construed in accordance with the laws of said State without regard to
conflict of law principles thereof.

     SECTION 13.06 Evidence of Compliance with Conditions Precedent.
                   ------------------------------------------------

     Upon any application or demand by the Corporation to the Debenture Trustee
to take any action under any of the provisions of this Indenture, the
Corporation shall furnish to the Debenture Trustee (which the Debenture Trustee
shall be fully protected relying on) an Officers' Certificate stating that in
the opinion of the signers all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

     Each certificate or opinion provided for in this Indenture and delivered to
the Debenture Trustee with respect to compliance with a condition or covenant
provided for in this Indenture (except certificates delivered pursuant to
Section 3.05) shall include (1) a statement that the Person making such
certificate or opinion has read such covenant or condition; (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based; (3) a statement that, in the opinion of such Person, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

     SECTION 13.07 Business Days.
                   -------------

     In any case where the date of payment of principal of or interest on the
Securities is not a Business Day, the payment of such principal of or interest
on the Securities will not be made on such date but will be made on the next
succeeding Business Day, except if such Business Day is in the next succeeding
calendar year, such payment will be made on the immediately preceding Business
Day, with the same force and effect as if made on the original date of payment,
and no interest shall accrue for the period from and after such date.

                                       49

<PAGE>

     SECTION 13.08 Trust Indenture Act to Control.
                   ------------------------------

     If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by Sections 310 to 318, inclusive, of the
Trust Indenture Act, such imposed duties shall control.

     SECTION 13.09 Table of Contents, Headings, etc.
                   --------------------------------

     The table of contents and the titles and headings of the articles and
sections of this Indenture have been inserted for convenience of reference only,
are not to be considered a part hereof, and shall in no way modify or restrict
any of the terms or provisions hereof.

     SECTION 13.10 Execution in Counterparts.
                   -------------------------

     This Indenture may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute but one
and the same instrument.

     SECTION 13.11 Separability.
                   ------------

     In case any one or more of the provisions contained in this Indenture or in
the Securities shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Indenture or of the Securities,
but this Indenture and the Securities shall be construed as if such invalid or
illegal or unenforceable provision had never been contained herein or therein.

     SECTION 13.12 Assignment.
                   ----------

     The Corporation will have the right at all times to assign any of its
respective rights or obligations under this Indenture to a direct or indirect
wholly owned Subsidiary of the Corporation, provided that, in the event of any
such assignment, the Corporation will remain liable for all such obligations.
Subject to the foregoing, this Indenture is binding upon and inures to the
benefit of the parties thereto and their respective successors and assigns. This
Indenture may not otherwise be assigned by the parties thereto.

     SECTION 13.13 Acknowledgment of Rights.
                   ------------------------

     The Corporation acknowledges that, with respect to any Securities held by
the Trust or a trustee of such Trust, if the Property Trustee of such Trust
fails to enforce its rights under this Indenture as the holder of the Securities
held as the assets of the Trust, any holder of Capital Securities may institute
legal proceedings, subject to Section 5.09, directly against the Corporation to
enforce such Property Trustee's rights under this Indenture without first
instituting any legal proceedings against such Property Trustee or any other
person or entity. Notwithstanding the foregoing, if an Event of Default has
occurred and is continuing and such event is attributable to the failure of the
Corporation to pay principal of or interest on the Securities when due, the
Corporation acknowledges that a holder of Capital Securities may directly
institute a proceeding for enforcement of payment to such holder of the
principal of or interest on the Securities having an aggregate

                                       50

<PAGE>

principal amount equal to the aggregate liquidation amount of the Capital
Securities of such holder on or after the respective due date specified in the
Securities.

                                   ARTICLE XIV
                            PREPAYMENT OF SECURITIES

     SECTION 14.01 Special Event Prepayment.
                   ------------------------

     If, prior to the Initial Optional Redemption Date, a Special Event has
occurred and is continuing, then notwithstanding Section 14.02(a) but subject to
Section 14.02(c), the Corporation shall have the right, at any time within 90
days following the occurrence of such Special Event, upon: (i) not less than 45
days' written notice to the Debenture Trustee; and (ii) not less than 30 days
nor more than 60 days' written notice to the Securityholders, to prepay the
Securities, in whole (but not in part), at the Special Event Prepayment Price.
Following a Special Event, the Corporation shall take such action as is
necessary to promptly determine the Special Event Prepayment Price. The Special
Event Prepayment Price shall be paid prior to 12:00 noon, New York City time, on
the date of such prepayment or such earlier time as the Corporation determines,
provided that the Corporation shall deposit with the Debenture Trustee an amount
sufficient to pay the Special Event Prepayment Price by 10:00 a.m., New York
City time, on the date such Special Event Prepayment Price is to be paid.

     SECTION 14.02 Optional Prepayment by Corporation.
                   ----------------------------------

     (a) Subject to Sections 14.02(b) and (c), the Corporation shall have the
right to prepay the Securities, in whole or in part, at any time on or after the
Initial Optional Redemption Date, upon (i) not more than 45 days' written notice
to the Debenture Trustee and (ii) not less than 30 days and not more than 60
days' written notice to the Securityholders, at a price equal to 100% of the
principal amount of the Securities to be prepaid plus, in each case, accrued and
unpaid interest thereon (including Compounded Interest and Additional Sums, if
any) to the applicable date of prepayment (the "Optional Prepayment Price").

     If the Securities are only partially prepaid pursuant to this Section
14.02, the Securities to be prepaid shall be selected on a pro rata basis not
more than 60 days prior to the date fixed for prepayment from the outstanding
Securities not previously called for prepayment; provided, further, that any
such proration may be made on the basis of the aggregate principal amount of
Securities held by each Securityholder and may be made by making such
adjustments as the Corporation deems fair and appropriate in order that only
Securities in denominations of $1,000 or integral multiples thereof shall be
prepaid. The Optional Prepayment Price shall be paid prior to 12:00 noon New
York City time, on the date of such prepayment or at such earlier time as the
Corporation determines, provided that the Corporation shall deposit with the
Debenture Trustee an amount sufficient to pay the Optional Prepayment Price by
10:00 a.m., New York City time, on the date such Optional Prepayment Price is to
be paid.

     (b) Notwithstanding the first sentence of Section 14.02(a), upon the entry
of an order for dissolution of the Trust by a court of competent jurisdiction,
the Securities thereafter will be subject to optional prepayment, in whole only,
but not in part, on or after the Initial Optional Redemption

                                       51

<PAGE>

Date, at the applicable Optional Prepayment Price and otherwise in accordance
with this Article XIV.

     (c) Any prepayment of Securities pursuant to Section 14.01 or Section 14.02
shall be subject to the Corporation obtaining any and all required regulatory
approvals.

     SECTION 14.03 No Sinking Fund.
                   ---------------

     The Securities are not entitled to the benefit of any sinking fund.

     SECTION 14.04 Notice of Prepayment; Selection of Securities.
                   ---------------------------------------------

     In case the Corporation shall desire to exercise the right to prepay all,
or, as the case may be, any part of the Securities in accordance with their
terms, it shall fix a date for prepayment and shall mail a notice of such
prepayment at least 30 and not more than 60 days' prior to the date fixed for
prepayment to the holders of Securities to be so prepaid as a whole or in part
at their last addresses as the same appear on the Security Register. Such
mailing shall be by first class mail. The notice, if mailed in the manner herein
provided, shall be conclusively presumed to have been duly given, whether or not
the holder receives such notice. In any case, failure to give such notice by
mail or any defect in the notice to the holder of any Security designated for
prepayment as a whole or in part shall not affect the validity of the
proceedings for the prepayment of any other Security.

     Each such notice of prepayment shall specify the CUSIP number of the
Securities to be prepaid, the date fixed for prepayment, the Prepayment Price at
which the Securities are to be prepaid (or the method by which such Prepayment
Price is to be calculated), the place or places of payment where payment will be
made upon presentation and surrender of the Securities, that interest accrued to
the date fixed for prepayment will be paid as specified in said notice, and that
on and after said date interest thereon or on the portions thereof to be prepaid
will cease to accrue. If less than all the Securities are to be prepaid, the
notice of prepayment shall specify the numbers of the Securities to be prepaid.
In case any Security is to be prepaid in part only, the notice of prepayment
shall state the portion of the principal amount thereof to be prepaid and shall
state that on and after the date fixed for prepayment, upon surrender of such
Security, a new Security or Securities in principal amount equal to the portion
thereof that has not been prepaid will be issued.

     By 10:00 a.m., New York City time, on the prepayment date specified in the
notice of prepayment given as provided in this Section, the Corporation will
deposit with the Debenture Trustee or with one or more paying agents an amount
of money sufficient to prepay on the prepayment date all the Securities so
called for prepayment at the Prepayment Price.

     SECTION 14.05 Payment of Securities Called for Prepayment.
                   -------------------------------------------

     If notice of prepayment has been given as provided in Section 14.04, the
Securities or portions of Securities with respect to which such notice has been
given shall become due and payable on the date and at the place or places stated
in such notice at the Prepayment Price (subject to the rights of holders of
Securities at the close of business on a regular record date in respect of an

                                       52

<PAGE>

Interest Payment Date occurring on or prior to the prepayment date) and on and
after said date (unless the Corporation shall default in the payment of such
Securities at the Prepayment Price) interest (including Compounded Interest and
Additional Sums, if any) on the Securities or portions of Securities so called
for prepayment shall cease to accrue. On presentation and surrender of such
Securities at a place of payment specified in said notice, the said Securities
or the specified portions thereof shall be paid and prepaid by the Corporation
at the applicable Prepayment Price, (subject to the rights of holders of
Securities on the close of business on a regular record date in respect of an
Interest Payment Date occurring on or prior to the prepayment date).

     Upon presentation of any Security prepaid in part only, the Corporation
shall execute and the Debenture Trustee shall authenticate and make available
for delivery to the holder thereof, at the expense of the Corporation, a new
Security or Securities of authorized denominations, in principal amount equal to
the portion of the Security so presented that has not been prepaid.

                                   ARTICLE XV
                           SUBORDINATION OF SECURITIES

     SECTION 15.01 Agreement to Subordinate.
                   ------------------------

     The Corporation covenants and agrees, and each holder of Securities issued
hereunder likewise covenants and agrees, that the Securities shall be issued
subject to the provisions of this Article XV; and each holder of a Security,
whether upon original issue or upon transfer or assignment thereof, accepts and
agrees to be bound by such provisions.

     The payment by the Corporation of the principal of and interest (including
Compounded Interest and Additional Sums, if any) on all Securities issued
hereunder shall, to the extent and in the manner hereinafter set forth, be
subordinated and subject in right of payment to the prior payment in full of all
Allocable Amounts then due and payable in respect of Senior Indebtedness,
whether outstanding at the date of this Indenture or thereafter incurred.

     No provision of this Article XV shall prevent the occurrence of any Default
or Event of Default hereunder.

     SECTION 15.02 Default on Senior Indebtedness.
                   ------------------------------

     In the event and during the continuation of any default by the Corporation
in the payment of principal, premium, interest or any other payment due on any
Senior Indebtedness, or in the event that the maturity of any Senior
Indebtedness has been accelerated because of a default and such acceleration has
not been rescinded or canceled, then, in either case, no payment shall be made
by the Corporation with respect to the principal (including prepayment payments)
of or interest on the Securities (including Compounded Interest and Additional
Sums, if any, or any other amounts which may be due on the Securities pursuant
to the terms hereof or thereof).

     In the event of the acceleration of the maturity of the Securities, then no
payment shall be made by the Corporation with respect to the principal
(including prepayment payments) of or interest

                                       53

<PAGE>

on the Securities (including Compounded Interest and Additional Sums, if any, or
any other amounts which may be due on the Securities pursuant to the terms
hereof or thereof) until the holders of all Senior Indebtedness outstanding at
the time of such acceleration shall receive payment, in full, of all Allocable
Amounts due on or in respect of such Senior Indebtedness (including any amounts
due upon acceleration).

     In the event that, notwithstanding the foregoing, any payment is received
by the Debenture Trustee, or any Securityholder, when such payment is prohibited
by the preceding paragraphs of this Section 15.02, such payment shall be held in
trust for the benefit of, and shall be paid over or delivered by the Debenture
Trustee (if the notice requested by Section 15.06 has been received by the
Debenture Trustee) or by any Securityholder, to the holders of Senior
Indebtedness or their respective representatives, or to the trustee or trustees
under any indenture pursuant to which any of such Senior Indebtedness may have
been issued, as their respective interests may appear, but only to the extent of
the Allocable Amounts in respect of such Senior Indebtedness and to the extent
that the holders of the Senior Indebtedness (or their representative or
representatives or a trustee) notify the Debenture Trustee in writing within 90
days prior to the Debenture Trustee's receipt of such payment of the Allocable
Amounts then due and owing on such Senior Indebtedness, and only the Allocable
Amounts specified in such notice to the Debenture Trustee shall be paid to the
holders of such Senior Indebtedness.

     SECTION 15.03 Liquidation; Dissolution; Bankruptcy.
                   ------------------------------------

     Upon any payment by the Corporation or distribution of assets of the
Corporation of any kind or character, whether in cash, property or securities,
to creditors upon any dissolution, winding-up, liquidation or reorganization of
the Corporation, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, the holders of all Senior Indebtedness of the
Corporation will first be entitled to receive payment in full of Allocable
Amounts due on or in respect of such Senior Indebtedness, before any payment is
made by the Corporation on account of the principal of or interest on the
Securities (including Compounded Interest and Additional Sums (if any) or any
other amounts which may be due on the Securities pursuant to the terms hereof or
thereof); and upon any such dissolution, winding-up, liquidation or
reorganization, any payment by the Corporation, or distribution of assets of the
Corporation of any kind or character, whether in cash, property or securities,
which the Securityholders or the Debenture Trustee would be entitled to receive
from the Corporation, except for the provisions of this Article XV, shall be
paid by the Corporation or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making such payment or distribution, or by the
Securityholders or by the Debenture Trustee under the Indenture if received by
them or it, directly to the holders of Senior Indebtedness of the Corporation
(pro rata to such holders on the basis of the respective Allocable Amounts of
Senior Indebtedness held by such holders, as calculated by the Corporation) or
their representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Indebtedness
may have been issued, as their respective interests may appear, to the extent
necessary to pay all such Allocable Amounts of Senior Indebtedness in full, in
money or moneys worth, after giving effect to any concurrent payment or
distribution to or for the holders of such Senior Indebtedness, before any
payment or distribution is made to the Securityholders or to the Debenture
Trustee.

                                       54

<PAGE>

     In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Corporation of any kind or character prohibited by
the foregoing, whether in cash, property or securities, shall be received by the
Debenture Trustee, or any Securityholder, before the Allocable Amounts of all
Senior Indebtedness is paid in full, or provision is made for such payment in
money in accordance with its terms, such payment or distribution shall be held
in trust for the benefit of and shall be paid over or delivered by the Debenture
Trustee (if the Notice required by Section 15.06 has been received by the
Debenture Trustee) or by any Securityholder, to the holders of such Senior
Indebtedness or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing such
Senior Indebtedness may have been issued, as their respective interests may
appear, as calculated by the Corporation, for application to the payment of all
Allocable Amounts of Senior Indebtedness remaining unpaid to the extent
necessary to pay all Allocable Amounts due on or in respect of such Senior
Indebtedness in full in money in accordance with its terms, after giving effect
to any concurrent payment or distribution to or for the benefit of the holders
of such Senior Indebtedness.

     For purposes of this Article XV, the words "cash, property or securities"
shall not be deemed to include shares of stock of the Corporation as reorganized
or readjusted, or securities of the Corporation or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article XV with respect
to the Securities to the payment of Senior Indebtedness that may at the time be
outstanding, provided that: (i) such Senior Indebtedness is assumed by the new
corporation, if any, resulting from any such reorganization or readjustment; and
(ii) the rights of the holders of such Senior Indebtedness are not, without the
consent of such holders, altered by such reorganization or readjustment. The
consolidation of the Corporation with, or the merger of the Corporation into,
another Person or the liquidation or dissolution of the Corporation following
the sale, conveyance, transfer or lease of its property as an entirety, or
substantially as an entirety, to another Person upon the terms and conditions
provided for in Article X of this Indenture shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 15.03
if such other Person shall, as a part of such consolidation, merger, sale,
conveyance, transfer or lease, comply with the conditions stated in Article X of
this Indenture. Nothing in Section 15.02 or in this Section 15.03 shall apply to
claims of, or payments to, the Debenture Trustee under or pursuant to Section
6.06 of this Indenture.

     SECTION 15.04 Subrogation.
                   -----------

     Subject to the payment in full of all Allocable Amounts of Senior
Indebtedness, the rights of the Securityholders shall be subrogated to the
rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Corporation, as the case
may be, applicable to such Senior Indebtedness until the principal of and
interest on the Securities shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior
Indebtedness of any cash, property or securities to which the Securityholders or
the Debenture Trustee would be entitled except for the provisions of this
Article XV, and no payment over pursuant to the provisions of this Article XV to
or for the benefit of the holders of such Senior Indebtedness by Securityholders
or the Debenture Trustee, shall, as between the Corporation, its creditors other
than holders of Senior Indebtedness of the Corporation, and the holders of the
Securities, be deemed to be a payment by the Corporation to or on account of
such Senior

                                       55

<PAGE>

Indebtedness. It is understood that the provisions of this Article XV are and
are intended solely for the purposes of defining the relative rights of the
holders of the Securities, on the one hand, and the holders of such Senior
Indebtedness on the other hand.

     Nothing contained in this Article XV or elsewhere in this Indenture or in
the Securities is intended to or shall impair, as between the Corporation, its
creditors other than the holders of Senior Indebtedness of the Corporation, and
the holders of the Securities, the obligation of the Corporation, which is
absolute and unconditional, to pay to the holders of the Securities the
principal of and interest (including Compounded Interest and Additional Sums, if
any) on the Securities as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative
rights of the holders of the Securities and creditors of the Corporation, as the
case may be, other than the holders of Senior Indebtedness of the Corporation,
as the case may be, nor shall anything herein or therein prevent the Debenture
Trustee or the holder of any Security from exercising all remedies otherwise
permitted by applicable law upon default under this Indenture, subject to the
rights, if any, under this Article XV of the holders of such Senior Indebtedness
in respect of cash, property or securities of the Corporation, as the case may
be, received upon the exercise of any such remedy.

     SECTION 15.05 Debenture Trustee to Effectuate Subordination.
                   ---------------------------------------------

     Each Securityholder, by such Securityholder's acceptance thereof,
authorizes and directs the Debenture Trustee on such Securityholder's behalf to
take such action (as the Debenture Trustee, in its discretion, deems necessary
or appropriate, upon instruction or otherwise) to effectuate the subordination
provided in this Article XV and appoints the Debenture Trustee such
Securityholder's attorney-in-fact for any and all such purposes.

     SECTION 15.06 Notice by the Corporation.
                   -------------------------

     The Corporation shall give prompt written notice to a Responsible Officer
of the Debenture Trustee of any fact known to the Corporation that would
prohibit the making of any payment of monies to or by the Debenture Trustee in
respect of the Securities pursuant to the provisions of this Article XV.
Notwithstanding the provisions of this Article XV or any other provision of this
Indenture, the Debenture Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment of monies
to or by the Debenture Trustee in respect of the Securities pursuant to the
provisions of this Article XV, unless and until a Responsible Officer of the
Debenture Trustee shall have received written notice thereof from the
Corporation or a holder or holders of Senior Indebtedness or from any trustee
therefor; and before the receipt of any such written notice, the Debenture
Trustee, subject to the provisions of Article VI of this Indenture, shall be
entitled in all respects to assume that no such facts exist; provided, however,
that if the Debenture Trustee shall not have received the notice provided for in
this Section 15.06 at least two Business Days prior to the date upon which, by
the terms hereof, any money may become payable for any purpose (including,
without limitation, the payment of the principal of or interest (including
Compounded Interest and Additional Sums, if any) on any Security), then,
anything herein contained to the contrary notwithstanding, the Debenture Trustee
shall have full power and authority to receive such money and to apply the same
to the purposes for which they were received, and shall not be

                                       56

<PAGE>

affected by any notice to the contrary that may be received by it within two
Business Days prior to such date.

     The Debenture Trustee, subject to the provisions of Article VI of this
Indenture, shall be entitled to conclusively rely on a written notice delivered
to it by a Person representing himself to be a holder of Senior Indebtedness of
the Corporation (or a trustee on behalf of such holder), as the case may be, to
establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee on behalf of any such holder or holders. In the event
that the Debenture Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of such Senior
Indebtedness to participate in any payment or distribution pursuant to this
Article XV, the Debenture Trustee may request such Person to furnish evidence to
the reasonable satisfaction of the Debenture Trustee as to the amount of such
Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article XV, and, if such
evidence is not furnished, the Debenture Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive
such payment.

     Upon any payment or distribution of assets of the Corporation referred to
in this Article XV, the Debenture Trustee, subject to the provisions of Article
VI of this Indenture, and the Securityholders shall be entitled to conclusively
rely upon any order or decree entered by any court of competent jurisdiction in
which such insolvency, bankruptcy, receivership, liquidation, reorganization,
dissolution, winding-up or similar case or proceeding is pending, or a
certificate of the trustee in bankruptcy, liquidating trustee, custodian,
receiver, assignee for the benefit of creditors, agent or other person making
such payment or distribution, delivered to the Debenture Trustee or to the
Securityholders, for the purpose of ascertaining the persons entitled to
participate in such payment or distribution, the holders of Senior Indebtedness
and other indebtedness of the Corporation, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article XV.

     SECTION 15.07 Rights of the Debenture Trustee; Holders of Senior
                   --------------------------------------------------
Indebtedness.
------------

     The Debenture Trustee in its individual capacity shall be entitled to all
the rights set forth in this Article XV in respect of any Senior Indebtedness at
any time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall deprive the Debenture Trustee
of any of its rights as such holder.

     With respect to the holders of Senior Indebtedness of the Corporation, the
Debenture Trustee undertakes to perform or to observe only such of its covenants
and obligations as are specifically set forth in this Article XV, and no implied
covenants or obligations with respect to the holders of such Senior Indebtedness
shall be read into this Indenture against the Debenture Trustee. The Debenture
Trustee shall not be deemed to owe any fiduciary duty to the holders of such
Senior Indebtedness and, subject to the provisions of Article VI of this
Indenture, the Debenture Trustee shall not be liable to any holder of such
Senior Indebtedness if it shall pay over or deliver to Securityholders, the
Corporation or any other Person money or assets to which any holder of such
Senior Indebtedness shall be entitled by virtue of this Article XV or otherwise.

                                       57

<PAGE>

     Nothing in this Article XV shall apply to claims of, or payments to, the
Debenture Trustee under or pursuant to Section 6.06.

     SECTION 15.08 Subordination May Not Be Impaired.
                   ---------------------------------

     No right of any present or future holder of any Senior Indebtedness of the
Corporation to enforce subordination as herein provided shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of the
Corporation, as the case may be, or by any act or failure to act, in good faith,
by any such holder, or by any noncompliance by the Corporation, as the case may
be, with the terms, provisions and covenants of this Indenture, regardless of
any knowledge thereof that any such holder may have or otherwise be charged
with.

     Without in any way limiting the generality of the foregoing paragraph, the
holders of Senior Indebtedness of the Corporation may, at any time and from time
to time, without the consent of or notice to the Debenture Trustee or the
Securityholders, without incurring responsibility to the Securityholders and
without impairing or releasing the subordination provided in this Article XV or
the obligations hereunder of the holders of the Securities to the holders of
such Senior Indebtedness, do any one or more of the following: (i) change the
manner, place or terms of payment or extend the time of payment of, or renew or
alter, such Senior Indebtedness, or otherwise amend or supplement in any manner
such Senior Indebtedness or any instrument evidencing the same or any agreement
under which such Senior Indebtedness is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing such Senior Indebtedness; (iii) release any Person liable in any manner
for the collection of such Senior Indebtedness; and (iv) exercise or refrain
from exercising any rights against the Corporation, as the case may be, and any
other Person.

                                   ARTICLE XVI
                      EXTENSION OF INTEREST PAYMENT PERIOD

     SECTION 16.01 Extension of Interest Payment Period.
                   ------------------------------------

     So long as no Event of Default has occurred and is continuing, the
Corporation shall have the right, at any time and from time to time during the
term of the Securities, to defer payments of interest by extending the interest
payment period of such Securities for a period not exceeding 10 consecutive
semi-annual periods, including the first such semi-annual period during such
extension period (the "Extended Interest Payment Period"), during which Extended
Interest Payment Period no interest shall be due and payable, provided that no
Extended Interest Payment Period shall end on a date other than an Interest
Payment Date or extend beyond the Maturity Date. To the extent permitted by
applicable law, interest, the payment of which has been deferred because of the
extension of the interest payment period pursuant to this Section 16.01, will
bear interest thereon at the Coupon Rate compounded semi-annually for each
semi-annual period during the Extended Interest Payment Period ("Compounded
Interest"). At the end of the Extended Interest Payment Period, the Corporation
shall pay all interest accrued and unpaid on the Securities, including any
Additional Sums and Compounded Interest (together, "Deferred Interest"), that
shall be payable to the holders of the Securities in whose names the Securities
are registered in the Security Register on the record date immediately preceding
the end of the Extended Interest Payment Period. Before the termination of any
Extended Interest Payment Period, the Corporation may further defer payments

                                       58

<PAGE>

of interest by further extending such Extended Interest Payment Period, provided
that such Extended Interest Payment Period, together with all such previous and
further extensions within such Extended Interest Payment Period, shall not (i)
exceed 10 consecutive semi-annual periods, including the first such semi-annual
period during such Extended Interest Payment Period, (ii) end on a date other
than an Interest Payment Date or (iii) extend beyond the Maturity Date of the
Securities. Upon the termination of any Extended Interest Payment Period and the
payment of all amounts then due, the Corporation may commence a new Extended
Interest Payment Period, subject to the foregoing requirements. No interest
shall be due and payable during an Extended Interest Payment Period, except at
the end thereof, but the Corporation may prepay at any time all or any portion
of the interest accrued during an Extended Interest Payment Period.

     SECTION 16.02 Notice of Extension.
                   -------------------

     (a) If the Property Trustee is the only holder of the Securities at the
time the Corporation elects to commence an Extended Interest Payment Period, the
Corporation shall give written notice to the Administrative Trustees, the
Property Trustee and the Debenture Trustee of its election to commence such
Extended Interest Payment Period at least five Business Days before the earlier
of (i) the next succeeding date on which Distributions on the Trust Securities
would have been payable, and (ii) the date the Property Trustee is required to
give notice of the record date, or the date such Distributions are payable, to
any national securities exchange or to holders of the Capital Securities, but in
any event at least five Business Days before such record date.

     (b) If the Property Trustee is not the only holder of the Securities at the
time the Corporation elects to commence an Extended Interest Payment Period, the
Corporation shall give the holders of the Securities and the Debenture Trustee
written notice of its election of such Extended Interest Payment Period at least
10 Business Days before the earlier of (i) the next succeeding Interest Payment
Date, and (ii) the date the Debenture Trustee is required to give notice of the
record or payment date of such interest payment to any national securities
exchange.

     (c) The semi-annual period in which any notice is given pursuant to
paragraphs (a) or (b) of this Section 16.02 shall be counted as one of the 10
semi-annual periods permitted in the maximum Extended Interest Payment Period
permitted under Section 16.01.

     Wilmington Trust Company hereby accepts the trusts in this Indenture
declared and provided, upon the terms and conditions hereinabove set forth.

                                       59

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed by their respective officers thereunto duly authorized, as of
the day and year first above written.

                                                NEW YORK COMMUNITY BANCORP, INC.

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

                                                WILMINGTON TRUST COMPANY,
                                                as Debenture Trustee

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

                                       60

<PAGE>

                                    EXHIBIT A
                                    ---------

                       SUBORDINATED DEBENTURE CERTIFICATE

     IF THE DEBENTURE IS TO BE A GLOBAL DEBENTURE, INSERT - [This Debenture is a
Global Debenture within the meaning of the Indenture hereinafter referred to and
is registered in the name of a Depositary or a nominee of a Depositary. This
Debenture is exchangeable for Debentures registered in the name of a person
other than the Depositary or its nominee only in the limited circumstances
described in the Indenture, and no transfer of this Debenture (other than a
transfer of this Debenture as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary) may be registered except in limited circumstances.

     Unless this Debenture is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York) to the issuer or
its agent for registration of transfer, exchange or payment, and any Debenture
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of The Depository Trust Company 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 since the registered owner hereof, Cede &
Co., has an interest herein.]

                                      A-1

<PAGE>

Certificate No.
                --

                        NEW YORK COMMUNITY BANCORP, INC.

               % JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURE
             --

                                      DUE
                                          --

$                                                                  CUSIP#
 --                                                                      --

     NEW YORK COMMUNITY BANCORP, INC., a Delaware corporation (the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to   , as Property
                                                            --
Trustee of New York Community Capital Trust    under that certain Amended and
                                            --
Restated Declaration of Trust dated as of   , 2002, or registered assigns, the
                                          --
principal sum of [__] ($  ) on   ,   , (the "Stated Maturity"), and to pay
                        --     --  --
interest on said principal sum from   , 2002, or from the most recent interest
                                    --
payment date (each such date, an "Interest Payment Date") to which interest has
been paid or duly provided for, quarterly (subject to deferral as set forth
herein) in arrears on   ,   ,    and    of each year commencing   ,   , at the
                      --  --  --     --                         --  --
rate of   % per annum (the "Coupon Rate") until the principal hereof shall have
        --
become due and payable, and on any overdue principal and premium, and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the same rate per
annum compounded quarterly. The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months and, except as provided in the following sentences, the amount of
interest payable for any period shorter than a full quarterly period for which
interest is computed, 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). In the
event that any date on which interest is payable on this Debenture is not a
Business Day, then payment of interest 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 the date such payment otherwise would have been payable. The interest
installment so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the person
in whose name this Debenture (or one or more Predecessor Securities, as defined
in said Indenture) is registered at the close of business on the relevant record
dates, which will be, as long as this Debenture remains in book-entry form, one
Business Day prior to the relevant Interest Payment Date and, in the event this
Debenture is not in book-entry form, the 15th day of the month in which the
relevant Interest Payment Date occurs. Any such interest installment not
punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holders on such regular record date and may be paid to the Person in
whose name this Debenture (or one or more Predecessor Securities) is registered
at the close of business on a special record date to be fixed by the Debenture
Trustee for the payment of such defaulted interest, notice whereof shall be
given to the registered Holders of this series of Debentures not less than 10
days prior to such special record date, or may be paid at any time in any other
lawful

                                      A-2

<PAGE>

manner not inconsistent with the requirements of any securities exchange on
which the Debentures may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. The principal of
(and premium, if any) and the interest on this Debenture shall be payable at the
office or agency of the Debenture Trustee maintained for that purpose in any
coin or currency of the United States of America that at the time of payment is
legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Company by check mailed to
the registered Holder at such address as shall appear in the Security Register.
Notwithstanding the foregoing, so long as the Holder of this Debenture is the
Property Trustee, the payment of the principal of (and premium, if any) and
interest on this Debenture will be made at such place and to such account as may
be designated by the Property Trustee.

     The indebtedness evidenced by this Debenture is, to the extent provided in
the Indenture, subordinate and junior in right of payment to the prior payment
in full of all Senior Indebtedness (as defined in the Indenture) and this
Debenture is issued subject to the provisions of the Indenture with respect
thereto. Each Holder of this Debenture, by accepting the same, (a) agrees to and
shall be bound by such provisions, (b) authorizes and directs the Debenture
Trustee on his or her behalf to take such action as may be necessary or
appropriate to acknowledge or effectuate the subordination so provided and (c)
appoints the Debenture Trustee his or her attorney-in-fact for any and all such
purposes. Each Holder hereof, by his or her acceptance hereof, hereby waives all
notice of the acceptance of the subordination provisions contained herein and in
the Indenture by each holder of Senior Indebtedness, whether now outstanding or
hereafter incurred, and waives reliance by each such holder upon said
provisions.

     This Debenture shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Debenture Trustee.

     THIS DEBENTURE 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.

     The provisions of this Debenture are continued on the reverse side hereof
and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place.

                           (FORM OF FACE OF SECURITY)

                                      A-3

<PAGE>

     IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly
executed and sealed this ___ day of _______, 2002.

                                              NEW YORK COMMUNITY BANCORP, INC.

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

Attest:

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

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Floating Rate Junior Subordinated Deferrable Interest
Debentures of New York Community Bancorp, Inc. referred to in the
within-mentioned Indenture.

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

Dated:    ,                         By:
        -- --                            --------------------------------------
                                                   Authorized Signatory

                                      A-4

<PAGE>

                             SUBORDINATED DEBENTURE

     This Security is one of the Securities of the Corporation (herein sometimes
referred to as the "Securities"), specified in the Indenture, all issued or to
be issued under and pursuant to an Indenture, dated as of   ,    (the
                                                          --  --
"Indenture"), duly executed and delivered between the Corporation and Wilmington
Trust Company, as Debenture Trustee (the "Debenture Trustee"), to which
Indenture reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Debenture
Trustee, the Corporation and the holders of the Securities. The Securities are
limited in aggregate principal amount as specified in the Indenture.

     Upon the occurrence and continuation of a Special Event (as defined in the
Indenture) prior to _______, ____ (the "Initial Optional Redemption Date"),
the Corporation shall have the right, at any time within 90 days following the
occurrence of such Special Event, to prepay this Security in whole (but not in
part) at the Special Event Prepayment Price. "Special Event Prepayment Price"
shall mean, with respect to any prepayment of the Securities following a Special
Event, an amount in cash equal to 100% of the principal amount of the Securities
to be prepaid plus any accrued and unpaid interest (including Compounded
Interest and Additional Sums, if any) thereon to the date of such prepayment.

     In addition, the Corporation shall have the right to prepay this Security,
in whole or in part, at any time on or after the Initial Optional Redemption
Date (an "Optional Prepayment"), at a price equal to 100% of the principal
amount of this Security plus, in each case, accrued and unpaid interest thereon
(including Compounded Interest and Additional Sums, if any) thereon to the
applicable date of prepayment (the "Optional Prepayment Price").

     The Prepayment Price shall be paid prior to 12:00 noon, New York City time,
on the date of such prepayment or at such earlier time as the Corporation
determines, provided that the Corporation shall deposit with the Debenture
            --------
Trustee an amount sufficient to pay the Prepayment Price by 10:00 a.m., New York
City time, on the date such Prepayment Price is to be paid. Any prepayment
pursuant to this paragraph will be made upon not less than 30 days nor more than
60 days' prior written notice.

     In the event of redemption of this Security in part only, a new Debenture
in part only, a new Debenture or Debentures of this series for the unredeemed
portion here of will be issued in the name of the Holder hereof upon the
cancellation hereof.

     Notwithstanding the foregoing, any prepayment of Securities by the
Corporation shall be subject to the receipt of any and all required regulatory
approvals.

     In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal of all of the Securities may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

     The Indenture contains provisions permitting the Corporation and the
Debenture Trustee, with the consent of the holders of a majority in aggregate
principal amount of the Securities at the time outstanding (as defined in the
Indenture), to execute supplemental indentures for the purpose

                                      A-5

<PAGE>

of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of modifying in any manner the rights of the
holders of the Securities; provided, however, that no such supplemental
                           --------  -------
indenture shall, without the consent of each holder of Securities then
outstanding and affected thereby: (i) change the Maturity Date of any Security,
or reduce the rate or extend the time of payment of interest thereon (subject to
Article XVI of the Indenture), or reduce the principal amount thereof, or change
any of the prepayment provisions or make the principal thereof or any interest
thereon payable in any coin or currency other than U.S. dollars, or impair or
affect the right of any holder of Securities to institute suit for payment
thereof; or (ii) reduce the aforesaid percentage of Securities the holders of
which are required to consent to any such supplemental indenture. The Indenture
also contains provisions permitting the holders of a majority in aggregate
principal amount of the Securities at the time outstanding affected thereby, on
behalf of all of the holders of the Securities, to waive any past default in the
performance of any of the covenants contained in the Indenture, or established
pursuant to the Indenture, and its consequences, except a default in the payment
of the principal of or interest on any of the Securities or a default in respect
of any covenant or provision under which the Indenture cannot be modified or
amended without the consent of each holder of Securities then outstanding. Any
such consent or waiver by the holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such holder and
upon all future holders and owners of this Security and of any Security issued
in exchange herefor or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any notation of such consent or
waiver is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Corporation, which
is absolute and unconditional, to pay the principal of and interest (including
Compounded Interest and Additional Sums, if any) on this Security at the time
and place and at the rate and in the money herein prescribed.

     So long as no Event of Default shall have occurred and be continuing, the
Corporation shall have the right, at any time and from time to time during the
term of the Securities, to defer payments of interest by extending the interest
payment period (an "Extended Interest Payment Period") of such Securities for a
period not: (i) exceeding 10 consecutive semi-annual periods, including the
first such semi-annual period during such extension period; (ii) extending
beyond the Maturity Date of the Securities; or (iii) ending on a date other than
an Interest Payment Date, at the end of which period the Corporation shall pay
all interest then accrued and unpaid (together with interest thereon at the rate
specified for the Securities to the extent that payment of such interest is
enforceable under applicable law). Before the termination of any such Extended
Interest Payment Period, the Corporation may further defer payments of interest
by further extending such Extended Interest Payment Period, provided that such
                                                            --------
Extended Interest Payment Period, together with all such previous and further
extensions within such Extended Interest Payment Period, (i) shall not exceed 10
consecutive semi-annual periods including the first semi-annual period during
such Extended Interest Payment Period, (ii) shall not end on any date other than
an Interest Payment Date, and (iii) shall not extend beyond the Maturity Date of
the Securities. Upon the termination of any such Extended Interest Payment
Period and the payment of all accrued and unpaid interest and any additional
amounts then due, the Corporation may commence a new Extended Interest Payment
Period, subject to the foregoing requirements. No interest shall be due and
payable during an Extended Interest Payment Period, except at the end thereof,
but the Corporation may prepay at any time all or any portion of the interest
accrued during an Extended Interest Payment Period.

                                      A-6

<PAGE>

     The Corporation has agreed that it will not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Corporation's capital stock,
(ii) make any payment of principal of or interest on or repay, repurchase or
redeem any debt securities of the Corporation (including Other Debentures) that
rank pari passu with or junior in right of payment to the Securities or (iii)
make any guarantee payments with respect to any guarantee (other than the
Capital Securities Guarantee) by the Corporation of the debt securities of any
Subsidiary of the Corporation (including Other Guarantees) if such guarantee
ranks pari passu with or junior in right of payment to the Securities (other
than (a) dividends or distributions in shares of, or options, warrants or rights
to subscribe for or purchase shares of, Common Stock, (b) any declaration of a
dividend in connection with the implementation of a stockholders' rights plan,
or the issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the Capital
Securities Guarantee, as defined in the Indenture, (d) as a result of a
reclassification of the Corporation's capital stock or the exchange or
conversion of one class or series of the Corporation's capital stock for another
class or series of the Corporation's capital stock, (e) the purchase of
fractional interests in shares of the Corporation's capital stock pursuant to
the conversion or exchange provisions of such capital stock or the security
being converted or exchanged and (f) purchases of Common Stock related to the
issuance of Common Stock or rights under any of the Corporation's benefit or
compensation plans for its directors, officers or employees or any of the
Corporation's dividend reinvestment plans), if at such time (1) there shall have
occurred any event of which the Corporation has actual knowledge that (a) is a
Default or an Event of Default and (b) in respect of which the Corporation shall
not have taken reasonable steps to cure, (2) such Securities are held by the
Property Trustee of New York Community Statutory Trust II and the Corporation
shall be in default with respect to its payment of any obligations under the
Capital Securities Guarantee or (3) the Corporation shall have given notice of
its election to exercise its right to commence an Extended Interest Payment
Period and shall not have rescinded such notice, and such Extended Interest
Payment Period or any extension thereof shall have commenced and be continuing.

     Subject to (i) the Corporation having received any required regulatory
approvals and (ii) the Administrative Trustees of New York Community Capital
Trust    having received an opinion of counsel to the effect that such
      --
distribution will not cause the holders of Capital Securities to recognize gain
or loss for federal income tax purposes, the Corporation will have the right at
any time to liquidate the Trust and, after satisfaction of liabilities of
creditors of the Trust as required by applicable law, to cause the Securities to
be distributed to the holders of the Trust Securities in liquidation of the
Trust.

     The Securities are issuable only in registered form without coupons in
minimum denominations of $1,000. As provided in the Indenture and subject to the
transfer restrictions limitations as may be contained herein and therein from
time to time, this Security is transferable by the holder hereof on the Security
Register of the Corporation, upon surrender of this Security for registration of
transfer at the office or agency of the Corporation in Wilmington, Delaware
accompanied by a written instrument or instruments of transfer in form
satisfactory to the Corporation or the Debenture Trustee duly executed by the
holder hereof or his or her attorney duly authorized in writing, and thereupon
one or more new Securities of authorized denominations and for the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be made for any such registration of
transfer, but the Corporation may require

                                      A-7

<PAGE>

payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto.

     Prior to due presentment for registration of transfer of this Security, the
Corporation, the Debenture Trustee, any authenticating agent, any paying agent,
any transfer agent and the security registrar may deem and treat the holder
hereof as the absolute owner hereof (whether or not this Security shall be
overdue and notwithstanding any notice of ownership or writing hereon made by
anyone other than the security registrar for the Securities) for the purpose of
receiving payment of or on account of the principal hereof and (subject to the
Indenture) interest due hereon and for all other purposes, and neither the
Corporation nor the Debenture Trustee nor any authenticating agent nor any
paying agent nor any transfer agent nor any security registrar shall be affected
by any notice to the contrary.

     No recourse shall be had for the payment of the principal of or interest
(including Compounded Interest and Additional Sums, if any) on this Security, or
for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Indenture, against any incorporator, stockholder, employee,
officer or director, past, present or future, as such, of the Corporation or of
any predecessor or successor Person, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issuance hereof, expressly waived and released.

     All terms used in this Security that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

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

                                      A-8

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