Document:

<PAGE>

                                                                     Exhibit 4.8

                                 UNIT AGREEMENT

                                      among

                        NEW YORK COMMUNITY BANCORP, INC.
                       NEW YORK COMMUNITY CAPITAL TRUST V

                                       and

                            Wilmington Trust Company,
                                as Warrant Agent

                            Wilmington Trust Company,
                               as Property Trustee

                            Wilmington Trust Company,
                                  as Unit Agent

                          Dated as of November 4, 2002

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
    Article I       Definitions and Other Provisions of General Applications.................................    1

         Section 1.1.     Definitions........................................................................    1

         Section 1.2.     Compliance Certificates and Opinions...............................................    8

         Section 1.3.     Form of Documents Delivered to Unit Agent..........................................    8

         Section 1.4.     Acts of Holders; Record Dates......................................................    9

         Section 1.5.     Notices............................................................................   10

         Section 1.6.     Notice to Holders; Waiver..........................................................   11

         Section 1.7.     Effect of Headings and Table of Contents...........................................   11

         Section 1.8.     Successors and Assigns.............................................................   12

         Section 1.9.     Separability Clause................................................................   12

         Section 1.10.    Benefits of Agreement..............................................................   12

         Section 1.11.    Governing Law......................................................................   12

         Section 1.12.    Legal Holidays.....................................................................   12

         Section 1.13.    Counterparts.......................................................................   12

         Section 1.14.    Inspection of Agreement............................................................   12

    Article II      Certificate Forms........................................................................   13

         Section 2.1.     Forms of Certificates Generally; Legends...........................................   13

         Section 2.2.     Form of Unit Agent's Certificate of Authentication.................................   13

    Article III     The Units................................................................................   14

         Section 3.1.     Amount; Form and Denominations.....................................................   14

         Section 3.2.     Rights and Obligations Evidenced by the Certificates...............................   14

         Section 3.3.     Execution, Authentication, Delivery and Dating.....................................   14

         Section 3.4.     Temporary Certificates.............................................................   15

         Section 3.5.     Registration; Registration of Transfer and Exchange................................   16

         Section 3.6.     Separation and Rejoining of Units..................................................   17

         Section 3.7.     Book-Entry Interests...............................................................   18

         Section 3.8.     Notices to Holders.................................................................   18

         Section 3.9.     Appointment of Successor Clearing Agency...........................................   19

         Section 3.10.    Definitive Certificates............................................................   19

         Section 3.11.    Mutilated, Destroyed, Lost and Stolen Certificates.................................   19

         Section 3.12.    Persons Deemed Owners..............................................................   20

         Section 3.13.    Cancellation.......................................................................   20

         Section 3.14.    CUSIP Numbers......................................................................   21

    Article IV      The Preferred Securities.................................................................   21
</TABLE>

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                                                <C>
         Section 4.1.     Payment of Distribution; Rights to Distributions Preserved; Distribution Rate Reset...    21

         Section 4.2.     Notice and Voting.....................................................................    21

         Section 4.3.     Distribution of Debentures............................................................    22

Article V             Remarketing and Redemption; Early Exercise................................................    22

         Section 5.1.     Remarketing and Redemption............................................................    22

         Section 5.3.     Change of Control.....................................................................    25

         Section 5.4.     Certain Rights Following a Remarketing................................................    25

Article VI            Remedies..................................................................................    26

         Section 6.1.     Unconditional Right of Holders to Receive Payments and to Purchase Common Stock.......    26

         Section 6.2.     Restoration of Rights and Remedies....................................................    26

         Section 6.3.     Rights and Remedies Cumulative........................................................    26

         Section 6.4.     Delay or Omission Not Waiver..........................................................    26

         Section 6.5.     Undertaking for Costs.................................................................    26

         Section 6.6.     Waiver of Stay or Extension Laws......................................................    27

Article VII           The Unit Agent............................................................................    27

         Section 7.1.     Certain Duties and Responsibilities...................................................    27

         Section 7.2.     Notice of Default.....................................................................    28

         Section 7.3.     Certain Rights of Unit Agent..........................................................    28

         Section 7.4.     Not Responsible for Recitals or Issuance of Units.....................................    29

         Section 7.5.     May Hold Units........................................................................    30

         Section 7.6.     Money Held in Custody.................................................................    30

         Section 7.7.     Compensation and Reimbursement........................................................    30

         Section 7.8.     Unit Agent Required; Eligibility......................................................    30

         Section 7.9.     Resignation and Removal; Appointment of Successor.....................................    31

         Section 7.10.    Acceptance of Appointment by Successor................................................    32

         Section 7.11.    Merger, Conversion, Consolidation or Succession to Business...........................    32

         Section 7.12.    Preservation of Information; Communications to Holders................................    32

         Section 7.13.    No Obligations of Unit Agent..........................................................    33

         Section 7.14.    Tax Compliance........................................................................    33

Article VIII          Supplemental Agreements...................................................................    33

         Section 8.1.     Supplemental Agreements Without Consent of Holders....................................    33

         Section 8.2.     Supplemental Agreements With Consent of Holders; Other Fiduciaries....................    34

         Section 8.3.     Execution of Supplemental Agreements..................................................    35
</TABLE>

                                       ii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                                                <C>
         Section 8.4.     Effect of Supplemental Agreements.....................................................    35

         Section 8.5.     Reference to Supplemental Agreements..................................................    35

Article IX            Consolidation, Merger, Sale or Conveyance.................................................    35

         Section 9.1.     Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain
                          Conditions............................................................................    35

         Section 9.2.     Rights and Duties of Successor Corporation............................................    36

         Section 9.3.     Opinion of Counsel Given to Agent.....................................................    36

Article X             Covenants.................................................................................    36

         Section 10.1.    Performance Under Agreements..........................................................    36

         Section 10.2.    Maintenance of Office or Agency.......................................................    36

         Section 10.3.    Statements of Officers of the Company as to Compliance................................    37

         Section 10.4.    ERISA.................................................................................    37

         Section 10.5.    Statement by Officers as to Default...................................................    37

         Section 10.6.    Calculation of Original Issue Discount................................................    37

Article XI            Representations of the Unit Agent.........................................................    38

         Section 11.1.    Representations and Warranties of the Unit Agent......................................    38

Article XII           The Warrant Agent and The Property Trustee................................................    38

         Section 12.1.    Certain Duties and Responsibilities...................................................    38

EXHIBIT A
Form of Certificate

EXHIBIT B Instruction to Disregard Remarketing
EXHIBIT C Notice of Electing Remarketing Holder
EXHIBIT D Notice of Change of Control Redemption Election
EXHIBIT E Notice of Change of Control Exchange and Repurchase
</TABLE>

                                      iii

<PAGE>

     UNIT AGREEMENT, dated as of November 4, 2002 among New York Community
Bancorp, Inc., a Delaware corporation (the "Company"), New York Community
Capital Trust V, a Delaware statutory trust (the "Trust"), Wilmington Trust
Company, as Property Trustee for the Trust, Wilmington Trust Company, as Warrant
Agent, and Wilmington Trust Company, acting as unit agent for the Holders of the
Units from time to time (the "Unit Agent").

     WHEREAS, the Issuers desire to issue Bifurcated Option Note Unit
SecuritiES(SM) (BONUSES(SM)) consisting of:

          (i)     Preferred Securities (stated liquidation amount $50.00 per
     preferred security) issued by the Trust pursuant to the Declaration and
     guaranteed (such guarantee, the "Guarantee" and, together with the
     Preferred Securities, the "Trust Securities") by the Company, to the extent
     set forth in the Guarantee Agreement; and

          (ii)    Warrants issued by the Company pursuant to the Warrant
     Agreement;

     WHEREAS, concurrently with the issuance of the Trust Securities, the Trust
will invest the proceeds thereof (together with the proceeds of the issuance to
the Company of the common securities of the Trust) in Debentures;

     WHEREAS the Issuers have duly authorized the execution and delivery of this
Unit Agreement and the Certificates evidencing the Units;

     WHEREAS, all things necessary to make the Preferred Securities, when the
Certificates are executed by the Trust and authenticated and delivered by the
Unit Agent, as provided in this Unit Agreement, the valid obligations of the
Trust, and to constitute these presents a valid agreement of the Trust, in
accordance with its terms, have been done; and

     WHEREAS, all things necessary to make the Warrants and the Debentures, when
the Certificates are executed by the Company and authenticated and delivered by
the Unit Agent, as provided in this Unit Agreement, the valid obligations of the
Company, and to constitute these presents a valid agreement of the Company, in
accordance with its terms, have been done.

     NOW, THEREFORE, for and in consideration of the premises and the purchase
of the Units by the Holders thereof, it is mutually agreed as follows:

                                    ARTICLE I

                        Definitions and Other Provisions
                             of General Applications

     Section 1.1. Definitions.

     For all purposes of this Unit Agreement, except as otherwise expressly
provided or unless the context otherwise requires:

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

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

<PAGE>

     (c)  all references to "this Unit Agreement" are to this Unit Agreement as
modified, supplemented or amended from time to time;

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

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

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

          "Accreted Value" has the meaning set forth in the Declaration.

          "Act," when used with respect to any Holder, has the meaning set forth
     in Section 1.4.

          "Action Expiration Date" has the meaning set forth in Section 1.4(e).

          "Affiliate" has the meaning set forth in the Declaration.

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

          "Bankruptcy Code" means title 11 of the United States Code, or any
     other law of the United States that from time to time provides a uniform
     system of bankruptcy laws.

          "Beneficial Owner" means, with respect to a Global Unit, 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).

          "Board of Directors" means the board of directors of the Company or
     any duly authorized committee of that board.

          "Board Resolution" means one or more resolutions of the Board of
     Directors, a copy of which has been certified by the Secretary or an
     Assistant Secretary of the Company 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 Unit Agent.

          "Book-Entry Interest" means a beneficial interest in a Global Unit,
     ownership and transfers of which shall be maintained and made through book
     entries by a Clearing Agency as described in Section 3.7.

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

          "Calculation Agent" means Wilmington Trust Company, solely as
     calculation agent under the Calculation Agreement, and any successor
     thereto.

                                       2

<PAGE>

          "Calculation Agreement" means the Calculation Agency Agreement dated
     as of November 4, 2002 between the Company and the Calculation Agent, as
     amended, supplemented or replaced from time to time in accordance with its
     terms.

          "Certificate" means a certificate evidencing the rights and
     obligations of a Holder in respect of the number of Units specified on such
     Certificate, substantially in the form of Exhibit A hereto.

          "Change of Control" has the meaning set forth in the Declaration.

          "Change of Control Notice Date" has the meaning set forth in Section
     5.3.

          "Change of Control Redemption Right" has the meaning set forth in
     Section 5.3.

          "Change of Control Repurchase Right" has the meaning set forth in
     Section 5.3.

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

          "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.

          "Code" means the Internal Revenue Code of 1986, as amended.

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

          "Company" means New York Community Bancorp, Inc., a Delaware
     corporation, until there shall be a successor thereto pursuant to the
     applicable provision of this Unit Agreement, and thereafter "Company" shall
     mean such successor.

          "Corporate Trust Office" means the principal corporate trust office of
     the Unit Agent at which, at any particular time, its corporate trust
     business shall be administered, which office at the date of execution of
     this Unit Agreement is located at Wilmington Trust Company, 1100 North
     Market Street, Rodney Square North, Wilmington, Delaware 19890, Attention:
     Corporate Trust Administration.

          "Coupon Rate" means the percentage rate per annum at which each
     Debenture will bear interest initially which rate, on and after the
     Remarketing Date, will be the Reset Rate established in the Remarketing on
     the Remarketing Date.

          "Debentures" means the 6.000% Junior Subordinated Deferrable Interest
     Debentures due November 1, 2051 to be issued by the Company pursuant to the
     Indenture.

          "Declaration" means the Amended and Restated Declaration of Trust of
     the Trust, dated as of November 4, 2002, among the Company, as sponsor and
     the trustees named therein, as the same may be amended or supplemented from
     time to time in accordance with its terms.

                                       3

<PAGE>

          "Definitive Certificates" means definitive, physical fully registered
     Certificates delivered in accordance with Section 3.10.

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

          "Distributions" has the meaning set forth in the Declaration.

          "Distribution Date" has the meaning set forth in the Declaration.

          "Distribution Rate" has the meaning set forth in Section 5.1.

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

          "Electing Remarketing Holder" has the meaning set forth in Section
     5.1.

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
     amended from time to time, or any successor legislation thereto, and the
     rules and regulations promulgated thereunder.

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

          "Exchange Agent" has the meaning set forth in the Declaration.

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

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

          "Global Unit" means a Certificate that evidences all or part of the
     Units and is registered in the name of a Clearing Agency or a nominee
     thereof.

          "Guarantee" has the meaning assigned to it in the Recitals hereto.

          "Guarantee Agreement" means the Guarantee Agreement, dated as of
     November 4, 2002, between the Company, as guarantor in respect of the
     Units, and the Guarantee Trustee, as amended or supplemented from time to
     time in accordance with its terms.

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

          "Holder," when used with respect to a Unit, means the Person in whose
     name the Unit evidenced by a Certificate is registered in the Register;
     provided, however, that in determining whether the Holders of the requisite
     number of Units have voted on any matter, then for the purpose of such
     determination only (and not for any other purpose hereunder), if the
     Security remains in the form of one or more Global Units and if the
     Clearing Agency which is the holder of such Global Unit has sent an omnibus
     proxy assigning voting rights to the Clearing Agency Participants to whose
     accounts the Units are credited on the record date, the term "Holder" shall
     mean such Clearing Agency Participant identified to the Unit Agent in
     writing as such, acting at the direction of the Beneficial Owners.

                                       4

<PAGE>

          "Indenture" means the Indenture, dated as of November 4, 2002, between
     the Company and the Indenture Trustee, as amended by the First Supplemental
     Indenture, dated as of November 4, 2002, as may be further amended and
     supplemented in accordance with its terms (including any provisions of the
     TIA that are deemed incorporated therein), pursuant to which the Debentures
     are to be issued.

          "Indenture Event of Default" has the meaning set forth in the
     Declaration.

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

          "Issuer Order" or "Issuer Request" means a written request or order
     signed in the name of the Company or the Trust by its President or a Vice
     Chair or a Senior Executive Vice President and by its Treasurer, its
     Secretary or an Assistant Secretary, and delivered to the Unit Agent.

          "Issuers" is a collective reference to the Company and the Trust.

          "Legal Cause Remarketing Event" has the meaning set forth in the
     Declaration.

          "Maturity Remarketing Date" has the meaning set forth in the
     Declaration.

          "Notice of Remarketing" means a notice of a Remarketing delivered
     pursuant to the Declaration.

          "Officers' Certificate" means, with respect to the Trust, a
     certificate signed by any Administrative Trustee and, with respect to the
     Company, a certificate signed by any two of the Chairman, a Vice Chairman,
     the Chief Executive Officer, the President, a Vice President, the Chief
     Financial Officer, the Treasurer, the Chief Accounting Officer, the
     Secretary or an Assistant Secretary, of the Company, and delivered to the
     Unit Agent.

          "Opinion of Counsel" means a written opinion of counsel, rendered by
     an independent law firm which shall be reasonably acceptable to the Unit
     Agent. An opinion of counsel may rely on certificates as to matters of
     fact.

          "Optional Redemption Remarketing Event" has the meaning set forth in
     the Declaration.

          "Outstanding Units," with respect to any Unit means, as of the date of
     determination, all Units evidenced by Certificates theretofore
     authenticated, executed and delivered under this Unit Agreement, except:

                 (i)   Units evidenced by Certificates theretofore cancelled by
          the Unit Agent or delivered to the Unit Agent for cancellation or
          deemed cancelled pursuant to the provisions of this Unit Agreement;
          and

                 (ii)  Units evidenced by Certificates in exchange for or in
          lieu of which other Certificates have been authenticated, executed on
          behalf of the Issuers and delivered pursuant to this Unit Agreement,
          other than any such Certificate in respect of which there shall have
          been presented to the Unit Agent proof satisfactory to it that such
          Certificate is held by a protected purchaser in whose hands the Unit
          evidenced by such Certificate are valid obligations of the Issuers;

                                       5

<PAGE>

     provided, however, that in determining whether the Holders of the requisite
     number of the Units have given any request, demand, authorization,
     direction, notice, consent or waiver hereunder, Units owned by the Company
     or any Affiliate of the Company shall be disregarded and deemed not to be
     Outstanding Units, except that, in determining whether the Unit Agent shall
     be protected in relying upon any such request, demand, authorization,
     direction, notice, consent or waiver, only Units which a Responsible
     Officer of the Unit Agent actually knows to be so owned shall be so
     disregarded. Units so owned which have been pledged in good faith may be
     regarded as Outstanding Units if the pledgee establishes to the
     satisfaction of the Unit Agent the pledgee's right so to act with respect
     to such Units and that the pledgee is not the Company or any Affiliate of
     the Company.

          "Party" or "Parties" have the respective meanings given to them in
     Section 12.1.

          "Payment Date" means each February 1, May 1, August 1 and November 1,
     commencing February 1, 2003.

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

          "Plan" means an employee benefit plan that is subject to ERISA, a plan
     or individual retirement account that is subject to Section 4975 of the
     Code or any entity whose assets are considered assets of any such plan.

          "Predecessor Certificate" of any particular Certificate means every
     previous Certificate evidencing all or a portion of the rights and
     obligations of the Issuers and the Holder under the Units evidenced
     thereby; and, for the purposes of this definition, any Certificate
     authenticated and delivered under Section 3.11 in exchange for or in lieu
     of a mutilated, destroyed, lost or stolen Certificate shall be deemed to
     evidence the same rights and obligations of the Issuers and the Holder as
     the mutilated, destroyed, lost or stolen Certificate.

          "Preferred Securities" means the Preferred Securities of the Trust,
     each having a stated liquidation amount of $50.00, representing preferred
     undivided beneficial ownership interests in the assets of the Trust.

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

          "Record Date" with respect to any Payment Date, means the Business Day
     immediately preceding such Payment Date.

          "Register" and "Registrar" have the respective meanings given to them
     in Section 3.5.

          "Remarketing" has the meaning set forth in the Declaration.

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

                                       6

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

          "Remarketing Date" has the meaning set forth in the Declaration.

          "Remarketing Event" has the meaning set forth in the Declaration.

          "Remarketing Settlement Date" has the meaning set forth in the
     Declaration.

          "Required Repurchase Date" has the meaning set forth in the
     Declaration.

          "Reset Rate" has the meaning set forth in the Declaration.

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

          "Special Distribution Date" has the meaning set forth in the
     Declaration.

          "TIA" means the Trust Indenture Act of 1939, as amended.

          "Trust" means New York Community Capital Trust V, a statutory trust
     formed under the laws of the State of Delaware, or any successor thereto.

          "Trust Enforcement Event" has the meaning set forth in the
     Declaration.

          "Trust Securities" has the meaning set forth in the Recitals hereto.

          "Unit" or "Units" means the collective rights and obligations of a
     Holder of a Certificate in respect of a Preferred Security (and the related
     Debenture) and a Warrant.

          "Unit Agent" or "Agent" means the Person named as the "Unit Agent" in
     the first paragraph of this instrument, solely in such Unit Agent capacity,
     until a successor Unit Agent shall have become such pursuant to the
     applicable provisions of this Unit Agreement, and thereafter "Unit Agent"
     shall mean such Person.

          "Unit Agreement" means this instrument as originally executed or as it
     may from time to time be supplemented or amended by one or more agreements
     supplemental hereto entered into pursuant to the applicable provisions
     hereof.

          "Vice President" means any vice president, whether or not designated
     by a number or a word or words added before or after the title "vice
     president."

          "Warrant" or "Warrants" means the Warrants issued by the Company
     pursuant to the Warrant Agreement representing the right to purchase Common
     Stock.

          "Warrant Agent" means Wilmington Trust Company, solely as warrant
     agent under the Warrant Agreement, and any successor thereto.

                                       7

<PAGE>
          "Warrant Agreement" means the Warrant Agreement, dated as of November
     4, 2002, between the Company and the Warrant Agent, as amended or
     supplemented from time to time in accordance with its terms.

          "Warrant Value" has the meaning set forth in the Warrant Agreement.

     Section 1.2.      Compliance Certificates and Opinions.

     Except as otherwise expressly provided by this Unit Agreement, upon any
application or request by the Company or the Trust, as applicable, to the Unit
Agent to take any action in accordance with any provision of this Unit
Agreement, the Company or the Trust, as applicable, shall furnish to the Unit
Agent an Officers' Certificate stating that all conditions precedent, if any,
provided for in this Unit Agreement relating to the proposed action have been
complied with and, if requested by the Unit Agent, an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent, if any,
have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents is specifically required by
any provision of this Unit Agreement relating to such particular application or
request, no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Unit Agreement shall include:

          (1)    a statement that each individual signing such certificate or
     opinion has read such covenant or condition and the definitions herein
     relating thereto;

          (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 each such individual, he or
     she has made such examination or investigation as is necessary to enable
     such individual 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, in the opinion of each such
     individual, such condition or covenant has been complied with.

     Section 1.3.     Form of Documents Delivered to Unit Agent.

     In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

     Any certificate or opinion of an officer of an Issuer may be based, insofar
as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of an Issuer stating that the
information with respect to such factual matters is in the possession of an
Issuer unless such counsel knows, or in the exercise of

                                        8

<PAGE>

reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Unit Agreement, they may, but need not, be consolidated
and form one instrument.

     Section 1.4.      Acts of Holders; Record Dates.

     (a)  Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Unit Agreement to be given or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders personally or by an agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Unit
Agent and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Unit Agreement and (subject to Section 7.1) conclusive in favor of the Unit
Agent and the Company, if made in the manner provided in this Section.

     (b)  The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner which the Unit Agent deems
sufficient.

     (c)  The Holders of Units shall be proved by the Register.

     (d)  Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Certificate shall bind every future Holder of
the same Certificate and the Holder of every Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Unit Agent or
the Company in reliance thereon, whether or not notation of such action is made
upon such Certificate.

     (e)  The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Units entitled to give, make or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Unit Agreement to be given, made or taken
by Holders of Units. If any record date is set pursuant to this paragraph, the
Holders of the Outstanding Units as proved by the Register, on such record date,
and no other Holders, shall be entitled to take the relevant action with respect
to the Units , whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless taken on
or prior to the applicable Action Expiration Date by Holders of the requisite
number of Outstanding Units on such record date. Nothing in this paragraph shall
be construed to prevent the Company from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with
no action by any Person be cancelled and be of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite number of Outstanding Units on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Company,
at its own expense, shall cause notice of such record date, the proposed action
by Holders and the applicable Action Expiration Date to be given to the Unit
Agent in writing and to each Holder of Units in the manner set forth in Section
1.6.

     With respect to any record date set pursuant to this Section, the Company
may designate any date as the "Action Expiration Date" and from time to time may
change the Action Expiration Date to any

                                       9

<PAGE>

earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Action Expiration Date is given to the Unit Agent in
writing, and to each Holder of Units in the manner set forth in Section 1.6, on
or prior to the existing Action Expiration Date. If an Action Expiration Date is
not designated with respect to any record date set pursuant to this Section, the
Company shall be deemed to have initially designated the 180th day after such
record date as the Action Expiration Date with respect thereto, subject to its
right to change the Action Expiration Date as provided in this paragraph.
Notwithstanding the foregoing, no Action Expiration Date shall be later than the
180th day after the applicable record date.

     Section 1.5. Notices.

     Any notice or communication is duly given if in writing and delivered in
Person or mailed by first class mail (registered or certified, return receipt
requested), telecopier (with receipt confirmed) or overnight air courier
guaranteeing next day delivery, to the others' address; provided that notice
shall be deemed given to the Unit Agent only upon receipt thereof:

       If to the Unit Agent:

        Wilmington Trust Company, as Agent
        Rodney Square North
        1100 North Market Street
        Wilmington, Delaware 19890
        Telecopier No.: (302) 636-4140
        Attention:    Corporate Trust Administration

       If to the Company:

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

       If to the Trust:

        New York Community Capital Trust V, c/o New York Community Bancorp. Inc.
        615 Merrick Avenue
        Westbury, New York  11590
        Telecopier No.: (516) 683-8385
        Attention:  Joseph Ficalora, Administrative Trustee, c/o Chief
        Executive Officer of New York Community Bancorp, Inc.

       If to the Warrant Agent:

        Wilmington Trust Company, as Warrant Agent
        Rodney Square North
        1100 North Market Street
        Wilmington, Delaware  19890
        Telecopier No.:  (302) 636-4140
        Attention:  Corporate Trust Administration

                                       10

<PAGE>

          If to the Property Trustee:

             Wilmington Trust Company, as Property Trustee
             Rodney Square North
             1100 North Market Street
             Wilmington, Delaware  19890
             Telecopier No.:  (302) 636-4140
             Attention:  Corporate Trust Administration

          If to the Indenture Trustee:

             Wilmington Trust Company, as Indenture Trustee
             Rodney Square North
             1100 North Market Street
             Wilmington, Delaware  19890
             Telecopier No.:  (302) 636-4140
             Attention:  Corporate Trust Administration

     Section 1.6. Notice to Holders; Waiver.

     Where this Unit Agreement provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at its address as it appears in the Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Where this Unit Agreement provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Unit Agent,
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     In case by reason of the suspension of regular mail service or by reason of
any other cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Unit Agent shall
constitute a sufficient notification for every purpose hereunder.

     Section 1.7. Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

     Section 1.8. Successors and Assigns.

     All covenants and agreements in this Unit Agreement by the Company shall
bind its successors and assigns, whether so expressed or not.

     Section 1.9. Separability Clause.

     In case any provision in this Unit Agreement or in the Units shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions hereof and thereof shall not in any way be affected or
impaired thereby.

                                       11

<PAGE>

     Section 1.10. Benefits of Agreement.

     Nothing in this Unit Agreement or in the Units, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder
and, to the extent provided hereby, the Holders, any benefits or any legal or
equitable right, remedy or claim under this Unit Agreement. The Holders from
time to time shall be beneficiaries of this Unit Agreement and shall be bound by
all of the terms and conditions hereof and of the Units evidenced by their
Certificates by their acceptance of delivery of such Certificates.

     Section 1.11. Governing Law.

     This Agreement and the Units shall be governed by and construed in
accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.

     Section 1.12. Legal Holidays.

     In any case where any Payment Date shall not be a Business Day, then
(notwithstanding any other provision of this Unit Agreement or the Certificates)
payment of any amounts otherwise payable on such date shall not be made on such
date, but such payments shall be made on the next succeeding Business Day with
the same force and effect as if made on such Payment Date, provided that no
interest shall accrue or be payable for the period from and after any such
Payment Date, except that, if such next succeeding Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day with the same force and effect as if made on such Payment
Date.

     Section 1.13. Counterparts.

     This Agreement may be executed in any number of counterparts by the parties
hereto on separate counterparts, each of which, when so executed and delivered,
shall be deemed an original, but all such counterparts shall together constitute
one and the same instrument.

     Section 1.14. Inspection of Agreement.

     A copy of this Unit Agreement shall be available at all reasonable times,
upon written request and reasonable advance notice to the Unit Agent, during
normal business hours at the Corporate Trust Office for inspection by any Holder
or Beneficial Owner identified to the Unit Agent in writing as such.

                                   ARTICLE II

                                Certificate Forms

     Section 2.1. Forms of Certificates Generally; Legends.

     (a) Each Unit will consist of one Preferred Security and one Warrant. The
Certificates shall be printed, lithographed or engraved on steel engraved
borders or may be produced in any other manner, all as determined by the
officers of the Company executing the Units evidenced by such Certificates,
consistent with the provisions of this Unit Agreement, as evidenced by their
execution thereof.

     (b) Every Global Unit authenticated, executed and delivered hereunder shall
bear a legend in substantially the following form:

                                       12

<PAGE>

"THIS CERTIFICATE IS A GLOBAL UNIT WITHIN THE MEANING OF THE UNIT AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A NOMINEE OF THE
DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE UNIT AGREEMENT AND NO TRANSFER OF THIS
CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY, ANOTHER
NOMINEE OF THE DEPOSITARY OR A SUCCESSOR OF THE DEPOSITARY OR SUCH NOMINEE) MAY
BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. TRANSFERS OF THIS GLOBAL
CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY, ANOTHER NOMINEE OF THE DEPOSITARY
OR A SUCCESSOR OF SUCH DEPOSITARY OR SUCH A NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE UNIT AGREEMENT."

"UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY OR ITS NOMINEE TO NEW YORK COMMUNITY BANCORP, INC., NEW YORK
COMMUNITY CAPITAL TRUST V OR THEIR RESPECTIVE AGENTS FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY OR ITS NOMINEE (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY OR ITS NOMINEE), AND EXCEPT AS OTHERWISE
PROVIDED IN THE UNIT AGREEMENT ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

     Every Certificate (whether a Global Unit or a Definitive Certificate)
representing a Unit shall bear a legend to the following effect:

     "THE CONSTITUENT COMPONENTS OF THIS UNIT MUST BE SEPARATED PRIOR TO
     TRANSFER (EXCEPT AS PART OF A UNIT) AS PROVIDED IN THE UNIT AGREEMENT.."

     Finally, the Warrants and Preferred Securities which constitute components
of the Units shall bear additional legends as described in the Warrant Agreement
and Declaration, respectively.

     Section 2.2. Form of Unit Agent's Certificate of Authentication.

     The form of the Unit Agent's certificate of authentication of the Units
shall be in substantially the form set forth on Exhibit A.

                                       13

<PAGE>

                                  ARTICLE III

                                    The Units

     Section 3.1. Amount; Form and Denominations.

     The aggregate number of Units evidenced by Certificates authenticated,
executed and delivered hereunder is limited to 5,500,000 except for Certificates
authenticated, executed and delivered upon registration of transfer of, in
exchange for, or in lieu of, other Certificates pursuant to Section 3.4, 3.5,
3.10, 3.13 or 8.5.

     The Certificates shall be issuable only in registered form and only in
denominations of a single Security and any integral multiple thereof.

     On the date of issuance of the Global Units, the Company shall allocate
$33.18 of the purchase price thereof to the Preferred Securities and $16.82 of
the purchase price to the Warrants.

     Section 3.2. Rights and Obligations Evidenced by the Certificates.

     Each Certificate shall evidence the number of Units specified therein, with
each such Security representing the ownership by the Holder thereof of a
beneficial interest in a Preferred Security (or Debenture upon a liquidation of
the Trust) and a Warrant and shall be entitled to the benefits of the
Declaration, the Indenture, the Warrant Agreement and all agreements ancillary
thereto.

     Section 3.3. Execution, Authentication, Delivery and Dating.

     Subject to the provisions of Section 3.6 hereof, upon the execution and
delivery of this Unit Agreement, and at any time and from time to time
thereafter, the Company and the Trust may deliver Certificates executed by the
Company and an administrative trustee on behalf of the Trust to the Unit Agent
for authentication and delivery, together with an Issuer Order for
authentication of such Certificates, and the Unit Agent in accordance with such
Issuer Order shall authenticate and deliver such Certificates, provided, that
prior to authenticating such Units, and accepting responsibilities under this
Unit Agreement in relation to such Units, the Unit Agent shall be entitled to
receive, and, shall be fully protected in relying upon:

               (a) copy of the resolution or resolutions of the Board of
          Directors in or pursuant to which the terms and form of the Units were
          established, certified by the Secretary or an Assistant Secretary of
          the Company to have been duly adopted by the Board of Directors and to
          be in full force and effect as of the date of such certificate, and if
          the terms and form of such Units are established by an Officers'
          Certificate pursuant to general authorization of the Board of
          Directors, such Officers' Certificate;

               (b) an Officers' Certificate delivered in accordance with
          Sections 1.2 and 1.3; and

               (c) an Opinion of Counsel which shall state:

                   (1) that the terms of such Units have been established in
               accordance with Section 2.1 and in conformity with the other
               provisions of this Unit Agreement;

                   (2) that such Units, when authenticated and delivered by the
               Unit Agent and issued by the Company and the Trust in the manner
               and subject to any conditions

                                       14

<PAGE>

          specified in such Opinion of Counsel, will constitute valid and
          legally binding obligations of the Company and the Trust, enforceable
          in accordance with their terms, subject to bankruptcy, insolvency,
          reorganization and other laws of general applicability relating to or
          affecting the enforcement of creditors' rights and to general equity
          principles; and

               (3) that all laws and requirements in respect of the execution
          and delivery by the Company and the Trust with respect to such Units
          have been complied with.

     The Unit Agent shall have the right to decline to authenticate and deliver
any Units under this Section if the Unit Agent, being advised by counsel,
determines that such action may not lawfully be taken or if the Unit Agent in
good faith shall determine that such action would expose the Unit Agent to
personal liability.

     The Certificates shall be executed on behalf of the Company (in respect of
the Warrants) by its President, a Vice Chair or a Senior Executive Vice
President, and shall be executed on behalf of the Trust (in respect of the
Preferred Securities) by an Administrative Trustee. The signature of any of
these signatories on the Certificates may be manual or facsimile.

     Certificates bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Certificates or did not
hold such offices at the date of such Certificates. Certificates bearing the
manual or facsimile signatures of individuals who were at any time
Administrative Trustees of the Trust shall bind the Trust, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of such Certificates.

     Each Certificate shall be dated the date of its authentication.

     No Certificate shall be entitled to any benefit under this Unit Agreement
or be valid or obligatory for any purpose unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by an authorized signatory of the Unit Agent by manual
signature, and such certificate upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder.

     Section 3.4. Temporary Certificates.

     Pending the preparation of definitive Certificates, the Issuers shall
execute and deliver to the Unit Agent, and, upon an Issuer Order and subject to
Section 1.2, the Unit Agent shall authenticate and deliver, in lieu of such
Definitive Certificates, temporary Certificates which are in substantially the
form set forth in Exhibit A hereto, with such letters, numbers or other marks of
identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as may be required by the rules of any
securities exchange on which the Units are listed, or as may, consistently
herewith, be determined by the officers of the Company executing such
Certificates, as evidenced by their execution of the Certificates.

     If temporary Certificates are issued, the Company will cause Definitive
Certificates to be prepared without unreasonable delay. After the preparation of
Definitive Certificates, the temporary Certificates shall be exchangeable for
Definitive Certificates upon surrender of the temporary Certificates at the
Corporate Trust Office, at the expense of the Company and without charge to the
Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Issuers shall execute and deliver to the Unit Agent, and, upon
Issuer Order and subjection to Section 1.2, the Unit Agent shall authenticate

                                       15

<PAGE>

and deliver in exchange therefor, one or more Definitive Certificates of like
tenor and denominations and evidencing a like number of Units as the temporary
Certificate or Certificates so surrendered. Until so exchanged, the temporary
Certificates shall in all respects evidence the same benefits and the same
obligations with respect to the Units evidenced thereby as Definitive
Certificates.

     Section 3.5. Registration; Registration of Transfer and Exchange.

     (a) The Unit Agent shall keep at the Corporate Trust Office a register (the
"Register") in which, subject to such reasonable regulations as it may
prescribe, the Unit Agent shall record the registration of Certificates and
transfers and exchanges of Certificates (the Unit Agent, in such capacity, the
"Registrar").

     No beneficial interest in a Warrant or a Preferred Security that is a
component of a Unit represented by a Certificate may be transferred or exchanged
(except by a transfer or exchange of such Unit) until such components have been
separated in accordance with Section 3.6 hereof, and each Certificate shall bear
a legend to that effect.

     Upon surrender for registration of transfer of any Certificate at the
Corporate Trust Office, the Company and the Trust shall execute and deliver to
the Unit Agent, and the Unit Agent shall authenticate and deliver, in the name,
upon Issuer Order and receipt of an Officers' Certificate and Opinion of Counsel
as required under Section 1.2, of the designated transferee or transferees, one
or more new Certificates of any authorized denominations, like tenor, and
evidencing a like number of Units.

     At the option of the Holder, Certificates may be exchanged for other
Certificates, of any authorized denominations and evidencing a like number of
Securities upon surrender of the Certificates to be exchanged at the Corporate
Trust Office. Whenever any Certificates are so surrendered for exchange, the
Company and the Trust shall execute and deliver to the Unit Agent, and the Unit
Agent, upon Issuer Order and receipt of an Officers' Certificate and Opinion of
Counsel as required under Section 1.2, shall authenticate and deliver the
Certificates which the Holder making the exchange is entitled to receive.

     All Certificates issued upon any registration of transfer or exchange of a
Certificate shall evidence the ownership of the same number of Securities, and
be entitled to the same benefits and subject to the same obligations, under this
Unit Agreement as the Securities evidenced by the Certificate surrendered upon
such registration of transfer or exchange.

     Every Certificate presented or surrendered for registration of transfer or
for exchange shall be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Company, the Trust and the Unit Agent
duly executed, by the Holder thereof or its attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or
exchange of a Certificate, but Company and the Unit Agent may require payment
from the Holder of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Certificates, other than any exchanges pursuant to Sections 3.6, 3.7
and 8.5 not involving any transfer.

     Notwithstanding the foregoing, the Company and the Trust shall not be
obligated to execute and deliver to the Unit Agent, and the Unit Agent shall not
be obligated to authenticate and deliver any Certificate in exchange for any
other Certificate presented or surrendered for registration of transfer or for
exchange on or after the Business Day immediately preceding the Expiration Date.
In lieu of delivery of a new Certificate, upon satisfaction of the applicable
conditions specified above in this Section and

                                       16

<PAGE>

receipt of appropriate registration or transfer instructions from such Holder,
the Unit Agent shall deliver the consideration received on such Expiration Date
(which may be shares of Common Stock issuable in respect of the exercise of
Warrants forming a part of the Securities evidenced by such other Certificate,
Warrant Value receivable upon a redemption of such Warrants or Remarketing
Proceeds receivable upon a contemporaneous remarketing of the Preferred
Securities forming a part of the Securities evidenced by such other
Certificate), subject to the applicable conditions and in accordance with the
applicable provisions of Article V hereof.

     Section 3.6. Separation and Rejoining of Units.

     Each Global Unit shall represent such of the outstanding Units as shall be
specified in the "Schedule of Increases or Decreases in Global Certificate"
attached thereto or otherwise in accordance with the Applicable Procedures. At
any time after issuance, the Preferred Security and Warrant components of any
Security may be separated by the Holder and thereafter transferred separately
and, (i) in the event of an election to exercise the Warrant component prior to
the Remarketing Settlement Date (as provided in Section 5.2), (ii) in the event
of an election to have Warrants redeemed or Preferred Securities repurchased
upon a Change of Control (in each case, pursuant to Section 5.3) or (iii) in the
event of a Remarketing, the Preferred Security and Warrant components of any
Security shall be separated. In the event of any separation of the components of
a Security, (i) if such Security is represented by a Definitive Certificate, the
Holder shall present such Definitive Certificate to the Unit Agent for
cancellation and the Unit Agent shall so notify the Registrar and shall return
the Preferred Security and Warrant components of such Security to the Property
Trustee and Warrant Agent, respectively, with an instruction for them to
authenticate and deliver to, or upon the instruction of, such Holder a separated
Preferred Security and a separated Warrant, bearing the separate "CUSIP" number
assigned to the Preferred Security and the Warrant, respectively, and (ii) if
such Security is represented by the Global Unit, the Unit Agent shall make the
necessary adjustment to the "Schedule of Increases or Decreases in Global
Certificate" attached to the Global Unit or otherwise comply with the Applicable
Procedures to reduce the amount of Units represented thereby and shall instruct
the Property Trustee and the Warrant Agent to effect a corresponding increase in
the Preferred Securities and the Warrants, respectively, represented by global
certificates bearing separate CUSIP numbers. The Unit Agent shall make such
other necessary adjustments to the Global Unit actually known to the Unit Agent
consistent with the terms of this Unit Agreement to reflect the appropriate
number of Units represented thereby.

     Following a Remarketing of the Preferred Securities component of a
Security, (i) if such Security is represented by a Definitive Certificate, the
Holder shall present such Definitive Certificate to the Unit Agent for
cancellation and the Unit Agent shall so notify the Registrar and shall return
the Preferred Security and Warrant components of such Security to the Property
Trustee and Warrant Agent, respectively, with an instruction for the Property
Trustee to authenticate and deliver to, or upon the written instruction of the
Remarketing Agent a Preferred Security bearing the separate "CUSIP" number
assigned to the Preferred Security and (ii) if such Security is represented by
the Global Unit, the Unit Agent shall, in accordance with the written
instructions of the Remarketing Agent, make the necessary adjustment to the
"Schedule of Increases or Decreases in Global Certificate" attached to the
Global Unit or otherwise comply with the Applicable Procedures to reduce the
amount of Units represented thereby and shall instruct the Property Trustee to
effect a corresponding increase in the Preferred Securities represented by
global certificates bearing the separate CUSIP number. The Unit Agent shall make
such other necessary adjustments to the Global Unit consistent with the terms of
this agreement to reflect the appropriate number of Units represented thereby.

     Once separated in accordance with Section 5.2, a Preferred Security and a
Warrant may be rejoined to form a Security, whether or not such securities were
at one time components of the same Security. In the event a holder of a
Preferred Security and a Warrant desires to rejoin a Security, (i) if the

                                       17

<PAGE>

constituent components are represented by definitive certificates, the holder
shall present (x) the Preferred Security to the Property Trustee and (y) the
Warrant to the Warrant Agent, in each case for cancellation and the Property
Trustee and the Warrant Agent shall so notify the Unit Agent in writing, who
shall in turn so notify the Registrar and shall, upon Issuer Order and receipt
of an Officers' Certificate and Opinion of Counsel as required under Section
1.2, authenticate and deliver to, or upon the written instruction of, such
holder a Security bearing the separate CUSIP number assigned to the Units, and
(ii) if the constituent components are represented by global certificates, each
of the Property Trustee and the Warrant Agent shall make the necessary
adjustment to their respective global certificates or otherwise comply with the
Applicable Procedures to reduce the amount of Preferred Securities and Warrants,
respectively, represented thereby and shall instruct Unit Agent in writing to
effect a corresponding increase in the Units represented by the Global Unit
bearing separate CUSIP number. The Unit Agent, the Property Trustee, and the
Warrant Agent shall make such other necessary adjustments to their respective
global certificates actually known to them consistent with the terms of this
Unit Agreement to reflect the appropriate number of Units, Preferred Securities
and Warrants, as appropriate, represented thereby.

     The Unit Agent is authorized and empowered to deliver such further
directions to the Property Trustee, the Warrant Agent, the Exchange Agent and
others, and to take such further actions as shall be necessary to effect the
exchanges, separations, transfers and recreations contemplated by Section 3.5
and 3.6.

     Section 3.7. Book-Entry Interests.

     The Certificates, on original issuance, will be issued in the form of one
or more fully registered Global Units, to be delivered to the Depositary by, or
on behalf of, the Company. Such Global Unit shall initially be registered on the
books and records of the Company and the Trust in the name of Cede & Co., the
nominee of the Depositary, and no Beneficial Owner will receive a Definitive
Certificate representing such Beneficial Owner's interest in such Global Unit,
except as provided in Section 3.10. The Unit Agent is hereby authorized to enter
into an agreement with the Depositary if so requested by the Company, and in
doing so the Unit Agent shall be entitled to all of the benefits and protections
of this Agreement and, unless otherwise directed in writing by the Depository,
the Unit Agent is hereby authorized to hold the Certificates evidencing Global
Units as custodian for the Depository. Unless and until Definitive Certificates
have been issued to Beneficial Owners pursuant to Section 3.10:

          (a) the provisions of this Section 3.7 shall be in full force and
     effect;

          (b) the Issuers, the Unit Agent, the Property Trustee and the Warrant
     Agent shall be entitled to deal with the Clearing Agency for all purposes
     of this Unit Agreement as the Holder of the Units and the sole holder of
     the Global Unit(s) and shall have no obligation to the Beneficial Owners;

          (c) to the extent that the provisions of this Section 3.7 conflict
     with any other provisions of this Unit Agreement, the provisions of this
     Section 3.7 shall control; and

          (d) the rights of the Beneficial Owners shall be exercised only
     through the Clearing Agency and shall be limited to those established by
     law and agreements between such Beneficial Owners and the Clearing Agency
     and/or the Clearing Agency Participants.

                                       18

<PAGE>

     Section 3.8.  Notices to Holders.

     Whenever a notice or other communication to the Holders is required to be
given under this Unit Agreement, such notices and communications shall be given
to the Holders and, with respect to any Units registered in the name of a
Clearing Agency or the nominee of a Clearing Agency, the Issuers, the Unit
Agent, the Property Trustee and the Warrant Agent shall have no obligations to
the Beneficial Owners.

     Section 3.9.  Appointment of Successor Clearing Agency.

     If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Units, the Company may, in its sole discretion,
appoint a successor Clearing Agency with respect to the Units.

     Section 3.10. Definitive Certificates.

     If (i) a Clearing Agency elects to discontinue its services as securities
depositary with respect to the Units and a successor Clearing Agency is not
appointed within 90 days after such discontinuance pursuant to Section 3.9 or
(ii) there shall have occurred and be continuing a default by the Company in
respect of its obligations under the Warrant Agreement, the Indenture, the
Declaration or this Unit Agreement, upon surrender of the Global Units
representing the Units by the Clearing Agency, accompanied by registration
instructions, the Company and the Trust shall cause Definitive Certificates to
be delivered to Beneficial Owners in accordance with the instructions of the
Clearing Agency. The Company shall not be liable for any delay in delivery of
such instructions and may conclusively rely on and shall be protected in relying
on, such instructions.

     Section 3.11. Mutilated, Destroyed, Lost and Stolen Certificates.

     If any mutilated Certificate is surrendered to the Unit Agent, the Issuers
shall execute and deliver to the Unit Agent, and the Unit Agent, upon Issuer
Order and subject to Section 1.2, shall authenticate and deliver in exchange
therefor, a new Certificate, evidencing the same number of Units and bearing a
Certificate number not contemporaneously outstanding.

     If there shall be delivered to the Company and the Unit Agent (i) evidence
to their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) such security or indemnity as may be required by them to hold each of them
and any agent of any of them harmless, then, in the absence of notice to the
Company and the Trust or the Unit Agent that such Certificate has been acquired
by a protected purchaser, the Company and the Trust shall execute and deliver to
the Unit Agent, and the Unit Agent, upon Issuer Order and subject to Section
1.2, shall authenticate and deliver to the Holder, in lieu of any such
destroyed, lost or stolen Certificate, a new Certificate, evidencing the same
number of Units and bearing a Certificate number not contemporaneously
outstanding.

     Notwithstanding the foregoing, the Issuers shall not be obligated to
execute and deliver to the Unit Agent, and the Unit Agent shall not be obligated
to authenticate and deliver to the Holder, a Certificate on or after the
Business Day immediately preceding the Expiration Date. In lieu of delivery of a
new Certificate, upon satisfaction of the applicable conditions specified above
in this Section and receipt of appropriate registration or transfer instructions
from such Holder, the Unit Agent shall deliver (subject to its actual receipt
thereof) the consideration received by the Unit Agent on such Expiration Date
(which may be (i) shares of Common Stock issuable in respect of the exercise of
Warrants pursuant to the Warrant Agreement, (ii) the Warrant Value receivable
upon a redemption of such Warrants pursuant to the Warrant Agreement or (iii)
proceeds of a Remarketing receivable upon a contemporaneous

                                       19

<PAGE>

remarketing of the Preferred Securities forming a part of the Units evidenced by
such other Certificate as provided in the Declaration).

     Upon the issuance of any new Certificate under this Section, the Company,
the Trust, and the Unit Agent may require the payment by the Holder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Unit Agent) connected therewith.

     Every new Certificate issued pursuant to this Section in lieu of any
destroyed, lost or stolen Certificate shall constitute an original additional
contractual obligation of the Issuers and of the Holder in respect of the
Security evidenced thereby, whether or not the destroyed, lost or stolen
Certificate (and the Units evidenced thereby) shall be at any time enforceable
by anyone, and shall be entitled to all the benefits and be subject to all the
obligations of this Unit Agreement equally and proportionately with any and all
other Certificates delivered hereunder.

     The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Certificates.

     Section 3.12. Persons Deemed Owners.

     Prior to due presentment of a Certificate for registration of transfer, the
Company, the Trust, the Unit Agent, the Property Trustee, and the Warrant Agent
and any agent of any of them may treat the Holder in whose name such Certificate
is registered as the owner of the Security evidenced thereby, for the purpose of
receiving payments on the Preferred Securities, the Debentures, or the Warrants
and for all other purposes whatsoever, whether or not any payments on the
Preferred Securities, the Debentures or the Warrants shall be overdue and
notwithstanding any notice to the contrary, and none of the Company, the Trust,
the Unit Agent, the Property Trustee, and the Warrant Agent, nor any agent of
any of them, shall be affected by notice to the contrary.

     Notwithstanding the foregoing, with respect to any Global Unit, nothing
herein shall prevent the Company, the Trust, the Unit Agent or any agent of the
Company, the Trust or the Unit Agent, from giving effect to any written
certification, proxy or other authorization furnished by any Clearing Agency (or
its nominee), as a Holder, with respect to such Global Unit or impair, as
between such Clearing Agency and owners of beneficial interests in such Global
Unit, the operation of customary practices governing the exercise of rights of
such Clearing Agency (or its nominee) as Holder of such Global Unit.

     Section 3.13. Cancellation.

     All Certificates surrendered (i) for separation as provided in Section 3.6
hereof, (ii) in connection with a remarketing and redemption as provided in the
Declaration, the Warrant Agreement and Article V hereof or (iii) upon the
transfer of Preferred Securities, Debentures (as applicable) or Warrants upon
the registration of a transfer or exchange of a Security or any of its
components shall, if surrendered to any Person other than the Unit Agent, be
delivered to the Unit Agent and, if not already cancelled, shall be promptly
cancelled by it upon such surrender. The Company and the Trust may at any time
deliver to the Unit Agent for cancellation any Certificates previously
authenticated, executed and delivered hereunder which the Company and the Trust
may have acquired in any manner whatsoever, and all Certificates so delivered
shall, upon Issuer Order, be promptly cancelled by the Unit Agent. No
Certificates shall be authenticated, executed and delivered in lieu of or in
exchange for any Certificates cancelled as provided in this Section, except as
expressly permitted by this Unit Agreement. All cancelled Certificates held by
the Unit Agent shall be held by the Unit Agent or returned to the Company
pursuant to an Issuer Order.

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<PAGE>

     If the Company, the Trust or any Affiliate of the Company shall acquire any
Certificate, such acquisition shall not operate as a cancellation of such
Certificate unless and until such Certificate is delivered to the Unit Agent for
cancellation together with an Issuer Order therefor.

     Section 3.14. CUSIP Numbers.

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

                                   ARTICLE IV

                            The Preferred Securities

     Section 4.1. Payment of Distribution; Rights to Distributions Preserved;
Distribution Rate Reset.

     Distributions on the Preferred Securities which are made on any Payment
Date shall, subject to receipt thereof by the Unit Agent, be payable to the
Holders as they appear on the Register at the close of business on the relevant
Record Dates. Distributions on the Preferred Securities which are made on any
Remarketing Settlement Date shall, subject to receipt thereof by the Unit Agent,
be payable to (or, in the case of Section 5.1, for the account of) the Holders
as they appear on the Register at the close of business on the Remarketing Date.
If the Units are represented by one or more Global Units, the relevant Record
Dates shall be the close of business on the Business Day preceding the
corresponding Payment Date, unless a different Record Date is established or
provided for the corresponding distributions on the Preferred Securities. If the
Units are not represented by one or more Global Units, the relevant Record Dates
shall be at least one Business Day prior to the corresponding Payment Dates, or
such other dates as may be selected by the Issuers.

     Each Certificate evidencing Preferred Securities (including rights to
receive Debentures) delivered under this Unit Agreement upon registration of
transfer of or in exchange for or in lieu of any other Certificate shall carry
the rights to distributions accumulated and unpaid, and to accumulate
distributions, which were carried by the Preferred Securities (or such
Debentures) underlying such other Certificate.

     The applicable Coupon Rate on the Debentures on and after the Remarketing
Date shall be equal to the Reset Rate established in the Remarketing on such
date.

     Section 4.2. Notice and Voting.

     The Unit Agent will be entitled to exercise the voting and any other
consensual rights pertaining to the Preferred Securities, Debentures (as
applicable) and Warrants, as the case may be, but only to the extent instructed
in writing by the Holders as described below and in Article V. Upon receipt of
written notice of any meeting at which holders of Preferred Securities,
Debentures or Warrants are entitled to vote or upon any solicitation of
consents, waivers or proxies of holders of Preferred Securities, Debentures or
Warrants, the Unit Agent shall, as soon as practicable thereafter, mail to the
Holders of Units a notice (a) containing such information as is contained in the
notice or solicitation, (b) stating that

                                       21

<PAGE>

each Holder on the record date set by the Unit Agent therefor (which, to the
extent possible, shall be the same date as the record date for determining the
holders of Preferred Securities, Debentures or Warrants, as the case may be,
entitled to vote) shall be entitled to instruct the Unit Agent in writing as to
the exercise of the voting rights pertaining to such Preferred Securities,
Debentures or Warrants underlying their Security and (c) stating the manner in
which such written instructions may be given. Upon the written request of the
Holders of Units as of such record date received by the Unit Agent at least six
days prior to such meeting, the Unit Agent shall endeavor insofar as practicable
to vote or cause to be voted, in accordance with the instructions set forth in
such requests, the maximum number of Preferred Securities, Debentures or
Warrants, as the case may be, as to which any particular voting instructions are
received. In the absence of specific instructions from the Holder of a Security,
the Unit Agent shall abstain from voting the Preferred Securities, Debentures or
Warrants underlying such Security. The Company hereby agrees to solicit Holders
of Units to timely instruct the Unit Agent in order to enable the Unit Agent to
vote such Preferred Securities, Debentures or Warrants and the Trust shall
covenant to such effect in the Declaration.

     Section 4.3. Distribution of Debentures.

     Upon the liquidation of the Trust in accordance with the Declaration, a
principal amount at maturity of Debentures constituting the assets of the Trust
and underlying the Preferred Securities equal to the aggregate stated
liquidation amount of the Preferred Securities shall be delivered to the Unit
Agent in exchange for, and for delivery against surrender of, the Preferred
Securities. Thereafter, the Debentures will be substituted for the Preferred
Securities as a component of the Units. Following the liquidation of the Trust,
the Holders shall have such rights and obligations with respect to the
Debentures as the Holders had in respect of the Preferred Securities. The
Company may cause to be made in any Certificates thereafter to be issued such
change in phraseology and form (but not in substance) as may be appropriate to
reflect the liquidation of the Trust and the substitution of Debentures for
Preferred Securities.

                                   ARTICLE V

                   Remarketing and Redemption; Early Exercise

     Section 5.1. Remarketing and Redemption.

     Pursuant to a Remarketing Agreement to be entered into, the Company will
engage a Remarketing Agent to sell the Preferred Securities (or, if the
Debentures have been distributed upon liquidation of the Trust, the Debentures)
upon the occurrence of a Remarketing Event. In connection with a Remarketing of
the Preferred Securities:

          (i)  upon a Optional Redemption Remarketing Event or a Legal Cause
     Remarketing Event, the Accreted Value of the Debentures as of the end of
     the day on the day next preceding the Remarketing Date shall become due on
     the date which is 180 days following the Remarketing Date, and, as a
     result, the Accreted Value of the Preferred Securities as of the end of the
     day on the day next preceding the Remarketing Date shall be redeemed on the
     date which is 180 days following the Remarketing Date;

          (ii) on the Remarketing Date, the rate of interest per annum on the
     Accreted Value of the Debentures shall become the Reset Rate established in
     the Remarketing of the Preferred Securities, and, as a result, the
     "Distribution Rate" per annum on the Accreted Value of the Preferred
     Securities shall become the Reset Rate established in the Remarketing;

                                       22

<PAGE>

          (iii) on the Remarketing Settlement Date, interest accrued and unpaid
     on the Debentures from and including the immediately preceding interest
     payment date to, but excluding, the Remarketing Settlement Date shall be
     payable to the holders of the Debentures, and, as a result, Distributions
     accumulated and unpaid on the Units from and including the immediately
     preceding Distribution Date to, but excluding, the Remarketing Settlement
     Date shall be payable to the Holders of the Units;

          (iv)  in connection with a Remarketing upon a Optional Redemption
     Remarketing Event or a Legal Cause Remarketing Event, the Company shall be
     obligated to redeem the Warrants on the Remarketing Settlement Date at a
     redemption price per Warrant equal to the Warrant Value as of the end of
     the day on the day next preceding the Remarketing Date; and

          (v)   on and after the Remarketing Date, the Warrants shall be
     exercisable at the Exercise Price.

     Upon receipt from the Company of a written Notice of Remarketing as
provided in the Declaration and of a written notice of a Redemption as provided
in the Warrant Agreement, the Unit Agent shall, as soon as practicable
thereafter, mail to the Holders of Units a notice of such receipt, together with
a copy of each such notice.

     IN THE ABSENCE OF AN AFFIRMATIVE ELECTION NOT TO PARTICIPATE IN THE
     REMARKETING, EACH HOLDER WILL BE DEEMED TO HAVE ELECTED TO PARTICIPATE IN
     SUCH REMARKETING AND, IF APPLICABLE, TO HAVE ITS WARRANTS REDEEMED ON THE
     RELATED REMARKETING SETTLEMENT DATE AT THE WARRANT VALUE.

     Each Holder of a Security who desires NOT to participate in the Remarketing
shall notify the Unit Agent of such intention by use of a written notice in
substantially the form of Exhibit B hereto. Such notice shall be given to the
Unit Agent prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Remarketing Date specified in the Notice of
Remarketing. A Holder of Security must affirmatively elect NOT to participate in
a Remarketing on or prior to 5:00 p.m. New York City time on the Business Day
immediately preceding the Remarketing Date. Subject to the next paragraph, an
election by a Holder NOT to participate in the Remarketing will not alter the
deemed election by such Holder to have its Warrants redeemed on the Remarketing
Settlement Date. Any such notice shall be irrevocable and may not be conditioned
upon the level at which the Reset Rate is established in the Remarketing. The
Unit Agent, based on such notices received by it, shall notify the Remarketing
Agent, promptly after 5:00 p.m., New York City time, on the Business Day
immediately preceding the Remarketing Date, of the aggregate number of Preferred
Securities (or, if the Debentures have been distributed in connection with a
liquidation of the Trust, the Debentures) that are a component of Units to be
remarketed. Upon receipt of such notice from the Unit Agent, the Remarketing
Agent shall, on the Remarketing Date, use commercially reasonable efforts to
remarket such Preferred Securities (or Debentures) on such date at a price equal
to: (i) in connection with a Remarketing upon a Optional Redemption Remarketing
Event or a Legal Cause Remarketing Event, 100% of the aggregate Accreted Value
of such Preferred Securities (or Debentures) as of the end of the day on the day
next preceding the Remarketing Date; and (ii) on the Maturity Remarketing Date,
100% of the stated liquidation amount (or principal amount).

     Each Holder of a Security who desires to exercise its Warrants on the
Remarketing Settlement Date at the Exercise Price per Warrant described in
clause (v) above in this Section 5.1, instead of having such Warrants redeemed
on such date, shall notify the Unit Agent and the Warrant Agent of such
intention by use of a written notice in substantially the form of Exhibit C
hereto. Such notice shall be

                                       23

<PAGE>

given to the Unit Agent and the Warrant Agent prior to 5:00 p.m., New York City
time, on the Business Day immediately preceding the Remarketing Settlement Date
specified in the related Notice of Remarketing. As provided above, any Holder
who does not notify the Unit Agent and the Warrant Agent of an election to
exercise its Warrants on the Warrant Settlement Date shall be deemed to have
elected to have such Warrants redeemed. Upon receipt of the foregoing notices
the Unit Agent shall provide notice to the Warrant Agent, promptly after 5:00
p.m., New York City time, on the Business Day immediately preceding the related
Remarketing Settlement Date specified in the related Notice of Remarketing, of
the number of Warrants to be exercised and shall, no later than 5:00 p.m., New
York City time, on the Remarketing Settlement Date, deliver to the Warrant Agent
a duly completed form of election to purchase set forth on the reverse side of
the Warrant Certificate, a form of which is attached to the Global Unit, and
shall instruct the Remarketing Agent to deliver to the Warrant Agent the
proceeds of the Remarketing referred to in the following paragraph. Upon receipt
of the Common Stock deliverable upon exercise of the Warrants, the Warrant Agent
shall deliver such shares to or upon the order of the Holder.

     Each Holder who elects to participate in the Remarketing and to exercise
its Warrants on the related Remarketing Settlement Date is referred to as an
"Electing Remarketing Holder." The Unit Agent shall instruct the Remarketing
Agent to deliver the proceeds from the Remarketing of Preferred Securities of
each Electing Remarketing Holder to the Warrant Agent, and the Warrant Agent
shall apply such amounts to satisfy in full such Holders' obligation to pay the
Exercise Price for the Common Stock under the related Warrants on the
Remarketing Settlement Date. Any Holder (other than an Electing Remarketing
Holder) of a Security affirmatively electing to exercise Warrants on the
Remarketing Settlement Date may do so by following the procedures set forth in
Section 5.2 and in the Warrant Agreement. The proceeds from a redemption of the
Warrants which form a part of the Units shall be paid to the Holders of such
Units.

     The Declaration provides that if, by 4:00 p.m. New York City time, on a
Remarketing Date, the Remarketing Agent is unable to remarket all of the
Preferred Securities deemed tendered for purchase, a "Failed Remarketing" shall
be deemed to have occurred and the Remarketing Agent shall so advise by
telephone the Clearing Agency, the Property Trustee, the Warrant Agent, the
Indenture Trustee, the Administrative Trustees on behalf of the Trust and the
Company. The Company shall then give notice of the Failed Remarketing to the
Unit Agent no later than 12:00 noon, New York City time, on the Business Day
following the Failed Remarketing and the Unit Agent will, in turn, give notice
to the Holders of the Preferred Securities prior to the close of business on the
Business Day following the Failed Remarketing. Notice of a Failed Remarketing
shall be deemed to constitute a withdrawal of each previously delivered election
to exercise Warrants on the related Remarketing Settlement Date. Following any
such withdrawal a holder may still elect to exercise its Warrants in accordance
with the procedures specified in Section 3.6 hereof and in the Warrant
Agreement.

     Upon the occurrence of a Optional Redemption Remarketing Event or a Legal
Cause Remarketing Event and the election by the Company to cause a Remarketing
of the Preferred Securities, and on the Maturity Remarketing Date, as long as
the Units are evidenced by one or more Global Units, deposited with the Clearing
Agency, the Company shall request, not less than four nor more than 20 days
prior to the Remarketing Date, that the Clearing Agency notify the Holders of
the Units of the Remarketing of the Preferred Securities and of the procedures
that must be followed if such Holder of Units wishes to elect not to participate
in the Remarketing of the Preferred Securities.

     Section 5.2. Early Exercise of Warrants; Exchange of Preferred Securities
and Repurchase of Debentures.

     A Holder of a Security may elect to exercise the Warrants which form a part
of such Security at any time in accordance with the terms of the Warrant
Agreement. Each Holder, other than an Electing

                                       24

<PAGE>

Remarketing Holder, who desires to exercise its Warrants shall, prior to any
such exercise, separate the Warrant and the Preferred Security components of the
Security in accordance with Section 3.6. In no event may a Holder satisfy its
obligation to pay the Exercise Price by tendering Preferred Securities.

     Following the exercise of a Warrant on a day other than the Remarketing
Settlement Date, the Holder of the Security of which such Warrant formed a part
may require the Trust to exchange the Preferred Securities which formed the
other part of such Security for Debentures having an Accreted Value equal to the
Accreted Value of the Preferred Securities being exchanged and to require the
Company to repurchase such Debentures on the applicable Special Distribution
Date which is no less than 180 days from such exercise date, as specified in the
Declaration.

     Section 5.3. Change of Control.

     Following a Change of Control, each Holder will have the right to (i)
require the Trust to distribute to such Holder, Debentures having an Accreted
Value equal to Accreted Value of the Preferred Securities components of such
Holder's Units in exchange for its Preferred Securities and (ii) cause the
Company to repurchase (a "Change of Control Repurchase Right") such Holder's
Debentures and redeem (a "Change of Control Redemption Right") such Holder's
Warrants at the amounts and on the dates specified in the Warrant Agreement, the
Declaration and the Indenture, as applicable.

     Upon receipt from the Company of written notice of a Change of Control (as
provided in the Declaration and the Warrant Agreement), the Unit Agent shall, as
soon as practicable thereafter, mail to the Holders of Units a notice of such
receipt, together with a copy of such notice of Change of Control. The date
specified in the notice from the Company will be the "Change of Control Notice
Date."

          (a) Warrants. To exercise the Change of Control Redemption Right, a
     Holder must deliver to the Unit Agent, prior to the 30th day following the
     Change of Control Notice Date, irrevocable written notice substantially in
     the form of Exhibit D hereto, of such Holder's election to have Warrants
     redeemed on the date specified in the Warrant Agreement. The Unit Agent,
     based on such notices received by it, shall notify the Warrant Agent no
     later than the 30th day following the Change of Control Notice Date of the
     aggregate number of Warrants to be redeemed. An election to have Warrants
     redeemed shall also constitute an election to separate the related Units
     into their component parts and the Unit Agent, the Property Trustee and the
     Warrant Agent shall follow the procedures specified in Section 3.6.

          (b) Preferred Securities. To exercise the Change of Control Repurchase
     Right, a Holder who has not separated its Units pursuant to clause (a)
     above must deliver to the Unit Agent, no earlier than the 180th and no
     later than the 210th day following the Change of Control Notice Date,
     irrevocable written notice substantially in the form of Exhibit E hereto,
     of such Holder's election to have Preferred Securities components of its
     Units exchanged for an equivalent Accreted Value of Debentures and to have
     such Debentures repurchased on the date specified in the Indenture. The
     Unit Agent, based on such notices received by it, shall notify the Trust,
     the Company, the Property Trustee and the Exchange Agent, no later than the
     211th day following the Change of Control Notice Date of the aggregate
     number of Preferred Securities to be exchanged for Debentures by the Trust
     and to be repurchased by the Company. An election to exchange Preferred
     Securities for Debentures and to have such Debentures repurchased by the
     Company shall also constitute an election to separate the related Units
     into their component parts and the Unit Agent, the Exchange Agent and the
     Property Trustee shall follow the procedures specified in Section 3.6
     hereof (and Section 6.8 of the Declaration).

                                       25

<PAGE>

     Section 5.4. Certain Rights Following a Remarketing.

     Following a Remarketing Settlement Date and a Redemption or exercise of the
Warrants (including the delivery of all shares of Common Stock pursuant to the
exercise of a Warrant or the payment of the Warrant Value payable upon the
related Redemption and the payment of any amounts payable upon the related
Remarketing), a Unit shall thereafter represent the right to receive any excess
proceeds from the Remarketing, if any; provided, however, that in the case of a
"Failed Remarketing" under the Declaration, a Unit shall thereafter represent
the right to receive the Preferred Securities forming a part of such Unit,
containing the terms as provided in the Declaration (or if the Debentures have
been distributed upon liquidation of the Trust, the Debentures).

                                   ARTICLE VI

                                    Remedies

     Section 6.1. Unconditional Right of Holders to Receive Payments and to
Purchase Common Stock.

     The Holder of any Security shall have all the rights provided to a holder
of Preferred Securities under the Declaration and to a holder of Warrants under
the Warrant Agreement, including the right to institute suit for the enforcement
of any such payments or obligations thereunder, and such rights shall not be
impaired except as provided in the Declaration and the Warrant Agreement.

     Section 6.2. Restoration of Rights and Remedies.

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

     Section 6.3. Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Certificates in the last paragraph of
Section 3.11, no right or remedy herein conferred upon or reserved to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

     Section 6.4. Delay or Omission Not Waiver.

     No delay or omission of any Holder to exercise any right or remedy upon a
default shall impair any such right or remedy or constitute a waiver of any such
right. Every right and remedy given by this Article or by law to the Holders may
be exercised from time to time, and as often as may be deemed expedient, by such
Holders.

                                       26

<PAGE>

     Section 6.5. Undertaking for Costs.

     All parties to this Unit Agreement agree, and each Holder of a Security, by
its acceptance of such Security 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 Unit Agreement, or in any suit against the Unit Agent for any
action taken, suffered or omitted by it as Unit Agent, 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, 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;
provided that the provisions of this Section shall not apply to any suit
instituted by the Company, to any suit instituted by the Unit Agent, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% of the Outstanding Units, or to any suit instituted by any Holder for
the enforcement of distributions on any Preferred Securities on or after the
respective Payment Date therefor in respect of any Security held by such Holder,
or for enforcement of the right to purchase shares of Common Stock under the
Warrants constituting part of any Security held by such Holder.

     Section 6.6. Waiver of Stay or Extension Laws.

     The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the
performance of this Unit Agreement; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Unit Agent or the Holders, but will suffer and
permit the execution of every such power as though no such law had been enacted.

                                  ARTICLE VII

                                 The Unit Agent

     Section 7.1. Certain Duties and Responsibilities.

     (a) The Unit Agent undertakes to perform, with respect to the Units, such
duties and only such duties as are specifically required to be performed by the
Unit Agent under this Unit Agreement, and no implied covenants or obligations
shall be read into this Unit Agreement against the Unit Agent; and

              (1) in the absence of bad faith on its part, the Unit Agent may
         conclusively rely and be fully protected in so relying, as to the
         truth of the statements and the correctness of the opinions expressed
         therein, upon certificates or opinions furnished to the Unit Agent and
         conforming to the requirements of this Unit Agreement but in the case
         of any certificates or opinions which by any provision hereof are
         specifically required to be furnished to the Unit Agent, the Unit
         Agent shall be under a duty to examine the same to determine whether
         or not they conform to the requirements of this Unit Agreement (but
         need not confirm or investigate the accuracy of mathematical
         calculations or other facts stated therein).

     (b) No provision of this Unit Agreement shall be construed to relieve the
Unit Agent from liability for its own grossly negligent action, its own grossly
negligent failure to act, or its own willful misconduct, except that

                                       27

<PAGE>

              (1) this Subsection shall not be construed to limit the effect of
         Subsection (a) of this Section;

              (2) the Unit Agent shall not be liable for any error of judgment
         made in good faith by a Responsible Officer;

              (3) no provision of this Unit Agreement shall require the Unit
         Agent to expend or risk its own funds or otherwise incur any personal
         financial liability in the performance of any of its duties hereunder,
         or in the exercise of any of its rights or powers, if adequate
         indemnity is not provided to it; and

              (4) no provision of this Unit Agreement shall require the Unit
         Agent to expend or risk its own funds or otherwise incur any personal
         financial liability in the performance of any of its duties hereunder,
         or in the exercise of any of its rights or powers, if it shall have
         reasonable grounds for believing that repayment of such funds or
         adequate indemnity against such risk or liability is not reasonably
         assured to it.

     (c) Whether or not therein expressly so provided, every provision of this
Unit Agreement relating to the conduct or affecting the liability of or
affording protection to the Unit Agent shall be subject to the provisions of
this Section.

     Section 7.2. Notice of Default.

     Within 30 days after the occurrence of any default by the Company hereunder
of which a Responsible Officer of the Unit Agent has actual knowledge, the Unit
Agent shall transmit by mail to the Company and the Holders of Units, as their
names and addresses appear in the Register, notice of such default hereunder,
unless such default shall have been cured or waived. Section 7.3. Certain Rights
of Unit Agent.

     Subject to the provisions of Section 7.1:

         (a) the Unit Agent may rely and shall be fully protected in acting or
     refraining from acting upon any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     bond, debenture, note, other evidence of indebtedness or other paper or
     document believed by it to be genuine and to have been signed or presented
     by an appropriate Person;

         (b) any request or direction of the Company mentioned herein shall be
     sufficiently evidenced by an Officers' Certificate, Issuer Order or Issuer
     Request, and any resolution of the Board of Directors of the Company may be
     sufficiently evidenced by a Board Resolution;

         (c) whenever in the administration of this Unit Agreement the Unit
     Agent shall deem it desirable that a matter be proved or established prior
     to taking, suffering or omitting any action hereunder, the Unit Agent
     (unless other evidence be herein specifically prescribed) may, in the
     absence of bad faith on its part, require and rely upon an Officers'
     Certificate of the Company;

         (d) the Unit Agent may consult with counsel of its selection and the
     advice of such counsel or any Opinion of Counsel 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 reliance thereon;

                                       28

<PAGE>

         (e) the Unit Agent 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 Unit Agent, in its sole discretion, may make reasonable
     further inquiry or investigation into such facts or matters as it may see
     fit, and, if the Unit Agent shall determine to make such further inquiry or
     investigation, it shall be given a reasonable opportunity to examine the
     books, records and premises of the Company, personally or by agent or
     attorney at the sole cost of the Company, and shall incur no personal
     liability or additional liability of any kind by reason of such inquiry or
     investigation;

         (f) the Unit Agent may execute any of the powers hereunder or perform
     any duties hereunder either directly or by or through agents or attorneys
     or an Affiliate and the Unit Agent shall not be personally responsible for
     any misconduct or negligence on the part of any agent or attorney or an
     Affiliate appointed with due care by it hereunder;

         (g) with respect to the calculation of the Accreted Value and the
     Warrant Value, the Unit Agent may conclusively rely upon the calculations
     thereof determined by the Calculation Agent;

         (h) the Unit Agent shall not be personally liable for any action
     taken, suffered, or omitted to be taken by it in good faith and reasonably
     believed by it to be authorized or within the discretion or rights or
     powers conferred upon it by this Unit Agreement;

         (i) the Unit Agent shall not be deemed to or have notice of any Trust
     Enforcement Event or an Indenture Event of Default unless a Responsible
     Officer of the Unit Agent has actual knowledge thereof or has received a
     written notice thereof that references the Units and this Unit Agreement;

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

         (k) the rights, privileges, protections, immunities and benefits given
     to the Unit Agent, including, without limitation, its right to be
     indemnified, are extended to, and shall be enforceable by, the Unit Agent
     in each of its capacities hereunder, the Warrant Agent, the Property
     Trustee, the Guarantee Trustee, the Indenture Trustee, and to each agent,
     custodian and other Person employed to act hereunder.

                                       29

<PAGE>

     Section 7.4. Not Responsible for Recitals or Issuance of Units.

     The recitals contained herein and in the Certificates shall be taken as the
statements of the Company, and the Unit Agent assumes no responsibility for
their accuracy. The Unit Agent makes no representations as to the validity or
sufficiency of either this Unit Agreement or of the Units.

     The Unit Agent shall not be accountable for the use or application by the
Company of Units or the proceeds thereof.

     Section 7.5. May Hold Units.

     Any Registrar or any other agent of the Company, or the Unit Agent and its
Affiliates, in their individual or any other capacity, may become the owner or
pledgee of Units and may otherwise deal with the Company or any other Person
with the same rights it would have if it were not Registrar or such other agent,
or the Unit Agent.

     Section 7.6. Money Held in Custody.

         Money held by the Unit Agent in custody hereunder need not be
segregated from the other funds except to the extent required by law or provided
herein. The Unit Agent shall be under no obligation to invest or pay interest on
any money received by it hereunder except as otherwise agreed in writing with
the Company.

     Section 7.7. Compensation and Reimbursement.

     The Company agrees:

                  (1) to pay to the Unit Agent in its individual capacity from
          time to time such compensation as shall from time to time be agreed to
          in writing by the Company and the Unit Agent for all services rendered
          by it hereunder;

                  (2) except as otherwise expressly provided for herein, to
          reimburse the Unit Agent in its individual capacity upon its request
          for all reasonable expenses, disbursements and advances incurred or
          made by the Unit Agent (including the reasonable compensation and the
          expenses and disbursements of its agents and counsel), except any such
          expense, disbursement or advance as may be attributable to its gross
          negligence or bad faith; and

                  (3) to indemnify the Unit Agent in its individual capacity and
          any predecessor Unit Agent for, and to defend and hold it harmless
          against, any loss, liability, claim, or expense (including reasonable
          fees of counsel), including taxes (other than taxes based upon,
          measured by or determined by the income of the Unit Agent) incurred
          without gross negligence or bad faith on its part, arising out of or
          in connection with this Agreement, the Securities, or the acceptance
          or administration of its duties hereunder, including the costs and
          expenses (including reasonable fees of counsel) of defending itself
          against any claim or liability in connection with the exercise or
          performance of any of its powers or duties hereunder.

     The Unit Agent shall have a lien prior to the Units as to all property and
funds held by it hereunder for any amount owing it or any predecessor Unit Agent
pursuant to this Section 7.7, except with respect to funds held in trust for the
benefit of the Holders of particular Units.

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<PAGE>

     The provisions of this Section shall survive the termination of this Unit
Agreement and the resignation or removal of the Unit Agent.

     Section 7.8. Unit Agent Required; Eligibility.

     There shall at all times be a Unit Agent hereunder which shall be an entity
organized and doing business under the laws of the United States of America, any
State thereof or the District of Columbia, authorized under such laws to
exercise corporate trust powers, having (or being a member of a bank holding
company having) a combined capital and surplus of at least $50,000,000, subject
to supervision or examination by Federal or State authority and having a
Corporate Trust Office in Wilmington, Delaware or in the Borough of Manhattan,
The City of New York, if there be such an entity in Wilmington, Delaware or the
Borough of Manhattan, The City of New York, qualified and eligible under this
Article and willing to act on reasonable terms. If such entity publishes reports
of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such entity 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 the Unit 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 hereinafter specified in this Article.

     Section 7.9. Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Unit Agent and no appointment of a
successor Unit Agent pursuant to this Article shall become effective until the
acceptance of appointment by the successor Unit Agent in accordance with the
applicable requirements of Section 7.10.

     (b) The Unit Agent may resign at any time by giving written notice thereof
to the Company 60 days prior to the effective date of such resignation. If the
instrument of acceptance by a successor Unit Agent required by Section 7.10
shall not have been delivered to the Unit Agent within 30 days after the giving
of such notice of resignation, the resigning Unit Agent (at the expense of the
Company) may petition any court of competent jurisdiction for the appointment of
a successor Unit Agent.

     (c) The Unit Agent may be removed at any time by Act of the Holders of a
majority in number of the Outstanding Units delivered to the Unit Agent and the
Company.

     (d) If at any time

               (1) the Unit Agent fails to comply with Section 310(b) of the
         TIA, as if the Unit Agent were an indenture trustee under an indenture
         qualified under the TIA, after written request therefor by the Company
         or by any Holder who has been a bona fide Holder of a Security for at
         least six months, or

              (2) the Unit Agent shall cease to be eligible under Section 7.8
         and shall fail to resign after written request therefor by the Company
         or by any such Holder, or

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

then, in any such case, (i) the Company by a Board Resolution may remove the
Unit Agent, or (ii) any Holder who has been a bona fide Holder of a Security for
at least six months may, on behalf of himself

                                       31

<PAGE>

and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Unit Agent and the appointment of a successor Unit Agent.

     (e) If the Unit Agent shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Unit Agent for any cause,
the Company, by a Board Resolution, shall promptly appoint a successor Unit
Agent and shall comply with the applicable requirements of Section 7.10. If no
successor Unit Agent shall have been so appointed by the Company and accepted
appointment in the manner required by Section 7.10, any Holder who has been a
bona fide Holder of a Security for at least six months may, on behalf of itself
and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Unit Agent.

     (f) the Company shall give, or shall cause such successor Unit Agent to
give, notice of each resignation and each removal of the Unit Agent and each
appointment of a successor Unit Agent by mailing written notice of such event by
first-class mail, postage prepaid, to all Holders as their names and addresses
appear in the applicable Register. Each notice shall include the name of the
successor Unit Agent and the address of its Corporate Trust Office.

     Section 7.10. Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor Unit Agent, every
such successor Unit Agent so appointed shall execute, acknowledge and deliver to
the Company and to the retiring Unit Agent an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Unit Agent
shall become effective and such successor Unit Agent, without any further act,
deed or conveyance, shall become vested with all the rights, powers, agencies
and duties of the retiring Unit Agent; but, on the written request of the
Company or the successor Unit Agent, such retiring Unit Agent shall, upon
payment of its charges, execute and deliver an instrument transferring to such
successor Unit Agent all the rights, powers and trusts of the retiring Unit
Agent and shall duly assign, transfer and deliver to such successor Unit Agent
all property and money held by such retiring Unit Agent hereunder. If an
instrument of acceptance by a successor Unit Agent shall not have been delivered
to the Unit Agent within 30 days after the giving of notice of removal, the Unit
Agent being removed may petition, at the expense of the Company, any court of
competent jurisdiction for the appointment of a successor Unit Agent.

     (b) Upon request of any such successor Unit Agent, the Company shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Unit Agent all such rights, powers and agencies
referred to in paragraph (a) of this Section.

     (c) No successor Unit Agent shall accept its appointment unless at the time
of such acceptance such successor Unit Agent shall be qualified and eligible
under this Article.

     Section 7.11. Merger, Conversion, Consolidation or Succession to Business.

     Any Person into which the Unit Agent may be merged or converted or
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Unit Agent shall be a party, or any Person succeeding
to all or substantially all the corporate trust business of the Unit Agent,
shall be the successor of the Unit Agent hereunder, provided such Person shall
be otherwise qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the parties hereto.
In case any Certificates shall have been authenticated, but not delivered, by
the Unit Agent then in office, any successor by merger, conversion or
consolidation or otherwise to such Unit Agent may adopt such authentication and
deliver the Certificates so authenticated with the same effect as if such
successor Unit Agent had itself authenticated such Units.

                                       32

<PAGE>

     Section 7.12. Preservation of Information; Communications to Holders.

     (a) The Unit Agent in its capacity as Registrar shall preserve, in as
current a form as is reasonably practicable, the names and addresses of Holders
received by the Unit Agent in its capacity as Registrar.

     (b) If three or more Holders (herein referred to as "applicants") apply in
writing to the Unit Agent, and furnish to the Unit Agent 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 with respect to their rights
under this Unit Agreement or under the Units and is accompanied by a copy of the
form of proxy or other communication which such applicants propose to transmit,
then the Unit Agent shall mail to all the Holders copies of the form of proxy or
other communication which is specified in such request, with reasonable
promptness after a tender to the Unit Agent of the materials to be mailed and of
payment, or provision for the payment, of the reasonable expenses of such
mailing.

     Section 7.13. No Obligations of Unit Agent.

     The Unit Agent assumes no obligations and shall not be subject to any
personal liability under this Unit Agreement in respect of the obligations of
the Holder of any Security hereunder. Each Issuer agrees, and each Holder of a
Certificate, by his acceptance thereof, shall be deemed to have agreed that the
Unit Agent shall have no personal liability in respect of its authentication of
Certificates. Anything in this Unit Agreement to the contrary notwithstanding,
in no event shall the Unit Agent or its officers, employees or agents be liable
under this Unit Agreement to any third party for indirect, special, punitive, or
consequential loss or damage of any kind whatsoever, including lost profits,
whether or not the likelihood of such loss or damage was known to the Unit
Agent, incurred without any act or deed that is found to be attributable to
gross negligence or willful misconduct on the part of the Unit Agent.

     Section 7.14. Tax Compliance.

     (a) The Company will comply with all applicable certification, information
reporting and withholding (including "backup" withholding) requirements imposed
by applicable tax laws, regulations or administrative practice with respect to
(i) any payments made with respect to the Units or (ii) the issuance, delivery,
holding, transfer, redemption or exercise of rights under the Units. Such
compliance shall include, without limitation, the preparation and timely filing
of required returns and the timely payment of all amounts required to be
withheld to the appropriate taxing authority or its designated agent.

     (b) The Unit Agent shall comply in accordance with the terms hereof with
any written direction received from the Company with respect to the execution or
certification of any required documentation and the application of such
requirements described in Section 7.14(a) to particular payments or Holders or
in other particular circumstances, and may for purposes of this Unit Agreement
conclusively rely on any such direction in accordance with the provisions of
Section 7.3(a) hereof.

     (c) The Unit Agent upon specific written direction from the Company shall
maintain records documenting compliance with such requirements described in
Section 7.14(a), and shall make such records available, on written request, to
the Company or its authorized representative within a reasonable period of time
after receipt of such request.

                                       33

<PAGE>

                                  ARTICLE VIII

                             Supplemental Agreements

     Section 8.1. Supplemental Agreements Without Consent of Holders.

     Without the consent of any Holders or any other party hereto, the Company
and the Unit Agent, at any time and from time to time, may enter into one or
more agreements supplemental hereto, in form satisfactory to the Company and the
Unit Agent, for any of the following purposes:

                  (1) to evidence the succession of another Person to the
          Company, and the assumption by any such successor of the covenants of
          the Company herein and in the Certificates; or

                  (2) to add to the covenants of the Company for the benefit of
          the Holders, or to surrender any right or power herein conferred upon
          the Company; or

                  (3) to evidence and provide for the acceptance of appointment
          hereunder by a successor Unit Agent; or

                  (4) to cure any ambiguity, to correct or supplement any
          provision in this Unit Agreement that may be defective or inconsistent
          with any other provision of this Unit Agreement, or to make any other
          provisions with respect to matters or questions arising under this
          Unit Agreement that shall not be inconsistent with the other
          provisions of this Unit Agreement; provided that such action shall not
          adversely affect in any material respect the interests of the Holders.

     Section 8.2. Supplemental Agreements With Consent of Holders; Other
Fiduciaries.

     With the consent of the Holders of not less than a majority in number of
the Outstanding Units voting together as one class, by Act of said Holders
delivered to the Company and the Unit Agent, the Company, when authorized by a
Board Resolution, the Trust and the Unit Agent may enter into an agreement or
agreements supplemental hereto for the purpose of modifying in any manner the
provisions of this Unit Agreement or the rights of the Holders in respect of the
Units; provided, however, that, except as contemplated herein, no such
supplemental agreement shall, without the unanimous consent of the Holders of
each Outstanding Security affected thereby,

                  (1) materially and adversely affect such Holder's rights under
          a Security; or

                  (2) reduce the percentage of the Outstanding Units the consent
          of whose Holders is required for any such supplemental agreement;

provided, that any modification of the Declaration or Warrant Agreement in
accordance with the terms thereof shall be binding on the rights of the Holders
under this Unit Agreement without the need for any further consent.

     It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental agreement, but it shall
be sufficient if such Act shall approve the substance thereof.

                                       34

<PAGE>

     No agreement supplemental hereto shall modify in any way any of the rights
or obligations of the Unit Agent, the Property Trustee, the Indenture Trustee,
the Warrant Agent or the Remarketing Agent without such Person's consent.

     The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Persons entitled to consent to any indenture
supplemental hereto. If a record date is fixed, the Holders on such record date,
or their duly designated proxies, and only such Persons, shall be entitled to
consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; provided, that unless such consent shall have
become effective by virtue of the requisite percentage having been obtained
prior to the date which is 90 days after such record date, any such consent
previously given shall automatically and without further action by any Holder be
canceled and of no further effect.

     Section 8.3. Execution of Supplemental Agreements.

     In executing, or accepting the additional agencies created by, any
supplemental agreement permitted by this Article or the modifications thereby of
the agencies created by this Unit Agreement, the Unit Agent shall be entitled to
receive, and (subject to Section 7.1) shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental agreement
is authorized or permitted by this Unit Agreement. The Agent may, but shall not
be obligated to, enter into any such supplemental agreement which affects the
Unit Agent's own rights, duties or immunities under this Unit Agreement or
otherwise.

     Section 8.4. Effect of Supplemental Agreements.

     Upon the execution of any supplemental agreement under this Article, this
Unit Agreement shall be modified in accordance therewith, and such supplemental
agreement shall form a part of this Unit Agreement for all purposes; and every
Holder of Certificates theretofore or thereafter authenticated, executed on
behalf of the Holders and delivered hereunder, shall be bound thereby.

     Section 8.5. Reference to Supplemental Agreements.

     Certificates authenticated and delivered after the execution of any
supplemental agreement pursuant to this Article may, and shall if required by
the Unit Agent, bear a notation in form approved by the Unit Agent as to any
matter provided for in such supplemental agreement. If the Company shall so
determine, new Certificates so modified as to conform, in the opinion of the
Unit Agent and the Company, to any such supplemental agreement may be prepared
and executed by the Company and, upon Issuer Order and subject to Section 1.2,
authenticated and delivered by the Unit Agent in exchange for Certificates
representing Outstanding Units.

                                   ARTICLE IX

                    Consolidation, Merger, Sale or Conveyance

     Section 9.1. Covenant Not to Merge, Consolidate, Sell or Convey Property
Except Under Certain Conditions.

     The Company covenants that it will not merge or consolidate with any other
Person or sell, assign, transfer, lease or convey all or substantially all of
its properties and assets to any Person or group of affiliated Persons in one
transaction or a series of related transactions, unless (i) either the Company
shall be the continuing corporation, or the successor (if other than the
Company) shall be a corporation

                                       35

<PAGE>

organized and existing under the laws of the United States of America or a State
thereof or the District of Columbia and such corporation shall expressly assume
all the obligations of the Company under this Unit Agreement by one or more
supplemental agreements in form reasonably satisfactory to the Unit Agent,
executed and delivered to the Unit Agent by such corporation, and (ii) the
Company or such successor corporation, as the case may be, shall not,
immediately after such merger or consolidation, or such sale, assignment,
transfer, lease or conveyance, be in default in the performance of any covenant
or condition hereunder or under any of the Units (including the component parts
thereof).

     Section 9.2.  Rights and Duties of Successor Corporation.

     In case of any such consolidation, merger, sale, assignment, transfer,
lease or conveyance and upon any such assumption by a successor corporation in
accordance with Section 9.1, such successor corporation shall succeed to and be
substituted for the Company with the same effect as if it had been named herein
as the Company. Such successor corporation thereupon may cause to be signed, and
may issue either in its own name or in the name of the Company, any or all of
the Certificates evidencing Units issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Unit Agent; and, upon the
Issuer Order of such successor corporation, instead of the Company, and subject
to all the terms, conditions and limitations in this Unit Agreement prescribed,
the Unit Agent shall authenticate and deliver any Certificates which previously
shall have been signed and delivered by the officers of the Company to the Unit
Agent for authentication, and any Certificate evidencing Units which such
successor corporation thereafter shall cause to be signed and delivered to the
Unit Agent for that purpose. All the Certificates issued shall in all respects
have the same legal rank and benefit under this Unit Agreement as the
Certificates theretofore or thereafter issued in accordance with the terms of
this Unit Agreement as though all of such Certificates had been issued at the
date of the execution hereof.

     In case of any such consolidation, merger, sale, assignment, transfer,
lease or conveyance such change in phraseology and form (but not in substance)
may be made in the Certificates evidencing Units thereafter to be issued as may
be appropriate.

     Section 9.3.  Opinion of Counsel Given to Agent.

     The Agent, subject to Sections 7.1 and 7.3, shall be entitled to receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, assignment, transfer, lease or conveyance, and any such assumption,
complies with the provisions of this Article and that all conditions precedent
to the consummation of any such consolidation, merger, sale, assignment,
transfer, lease or conveyance and assumption have been met.

                                   ARTICLE X

                                   Covenants

     Section 10.1. Performance Under Agreements.

     The Company covenants and agrees for the benefit of the Holders from time
to time of the Units that it will duly and punctually perform its obligations
under the Warrant Agreement and the Declaration, as applicable, in accordance
with the terms thereof and this Unit Agreement.

     Section 10.2. Maintenance of Office or Agency.

     The Company will maintain in the Borough of Manhattan, The City of New York
an office or agency where Certificates may be presented or surrendered for
registration of transfer or exchange,

                                       36

<PAGE>

separation or re-establishment of a Security and where notices and demands to or
upon the Company in respect of the Units and this Unit Agreement may be served.
The Company will give prompt written notice to the Unit Agent of the location,
and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail
to furnish the Unit Agent with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Company hereby appoints the Unit Agent as its agent to receive
all such presentations, surrenders, notices and demands.

     The Company may also from time to time designate one or more other offices
or agencies where Certificates may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in the Borough of
Manhattan, The City of New York for such purposes. The Company will give prompt
written notice to the Unit Agent of any such designation or rescission and of
any change in the location of any such other office or agency. The Company
hereby designates as the place of payment for the Units the Corporate Trust
Office and appoints the Unit Agent at its Corporate Trust Office as paying agent
in such city.

     Section 10.3. Statements of Officers of the Company as to Compliance.

     The Company will deliver to the Unit Agent, within 120 days after the end
of each fiscal year of the Company (which as of the date hereof is December 31)
ending after the date hereof, an Officers' Certificate (one of the signers of
which shall be the principal executive officer, principal financial officer or
principal accounting officer of the Company), stating whether or not to the best
knowledge of the signers thereof either Issuer is in default in the performance
and observance of any of the terms, provisions and conditions hereof, and if
either Issuer shall be in default, specifying all such defaults and the nature
and status thereof of which they may have knowledge.

     Section 10.4. ERISA.

     Each Holder from time to time of a Unit which is a Plan hereby and by its
acceptance of such Unit represents that its acquisition of the Unit and the
holding of the same satisfies the applicable fiduciary requirements of ERISA and
that it is entitled to exemption relief from the prohibited transaction
provisions of ERISA and the Code in accordance with one or more prohibited
transaction exemptions or otherwise will not result in a nonexempt prohibited
transaction.

     Section 10.5. Statement by Officers as to Default.

     The Company shall deliver to the Unit Agent, as soon as possible and in any
event within five days after the Company becomes aware of the occurrence of any
Trust Enforcement Event or Indenture Event of Default or an event which, with
notice or the lapse of time or both, would constitute a Trust Enforcement Event
or Indenture Event of Default, an Officers' Certificate setting forth the
details of such Trust Enforcement Event or Indenture Event of Default or default
and the action which the Company proposes to take with respect thereto.

     Section 10.6. Calculation of Original Issue Discount.

     The Company shall provide to the Unit Agent on a timely basis such
information as the Unit Agent requires to enable the Unit Agent to prepare and
file any form that the Company in writing requests the Unit Agent to prepare and
file and that is required to be submitted by the Company with the Internal
Revenue Service and Holders of Units relating to original discount, including,
without limitation, Form 1099-OID or any successor form.

                                       37

<PAGE>

                                   ARTICLE XI

                        Representations of the Unit Agent

     Section 11.1. Representations and Warranties of the Unit Agent.

     The initial Agent represents and warrants to the Trust and to the Company
at the date of this Unit Agreement, and each successor Unit Agent represents and
warrants to the Trust and the Company at the time of the successor Unit Agent's
acceptance of its appointment as Agent, that:

          (a) the Unit Agent is a banking corporation duly organized, validly
     existing and in good standing under the laws of the jurisdiction of its
     organization, with trust powers and authority to execute and deliver, and
     to carry out and perform its obligations under the terms of, this Unit
     Agreement;

          (b) the Unit Agent satisfies the requirements set forth in Section
     7.8;

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

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

          (e) no consent, approval or authorization of, or registration with or
     notice to, any State of Delaware or federal banking authority that has not
     been obtained, made, or given is required for the execution, delivery or
     performance by the Unit Agent of this Unit Agreement.

                                  ARTICLE XII

                   The Warrant Agent and The Property Trustee

     Section 12.1. Certain Duties and Responsibilities.

     (a) (1) The Warrant Agent and the Property Trustee (each, a "Party",
together, the "Parties") each undertakes to perform, with respect to this Unit
Agreement, such duties and only such duties as are specifically required to be
performed by it in this Unit Agreement, and no implied covenants or obligations
shall be read into this Unit Agreement against any Party. The provisions
regarding the appointment, removal, resignation, vacancies, meetings, delegation
of power and merger, conversion, consolidation or succession to business
applicable to such Party and rights, benefits, privileges, indemnities and
immunities of such Party under the Declaration or Warrant Agreement, as to which
such Person is a party, shall apply to the performance of such Person's duties
and obligations hereunder.

     Without limiting the foregoing,

                                       38

<PAGE>

          (a) In the absence of bad faith or negligence on its part, any Party
     may conclusively rely, as to the truth of the statements and the
     correctness of the opinions expressed therein, upon certificates or
     opinions furnished to such Party and conforming to the requirements of this
     Unit Agreement but in the case of any certificates or opinions which by any
     provision hereof are specifically required to be furnished to a Party, such
     Party shall be under a duty to examine the same to determine whether or not
     they conform to the requirements of this Unit Agreement.

          (b) No provision of this Unit Agreement shall be construed to relieve
     any Party from liability for its own negligent action, its own negligent
     failure to act, or its own willful misconduct, except that

              (1) this Subsection shall not be construed to limit the effect of
          Subsection (a) of this Section;

              (2) no Party shall be liable for any error of judgment made in
          good faith it; and

              (3) no provision of this Unit Agreement shall require any Party
          to expend or risk its own funds or otherwise incur any financial
          liability in the performance of any of its duties hereunder, or in the
          exercise of any of its rights or powers, if adequate indemnity is not
          provided to it.

          (c) Whether or not therein expressly so provided, every provision of
     this Unit Agreement relating to the conduct or affecting the liability of
     or affording protection to the Parties shall be subject to the provisions
     of this Section.

          (d) Any Party may rely and shall be fully protected in acting or
     refraining from acting upon any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     bond, debenture, note, other evidence of indebtedness or other paper or
     document believed by it to be genuine and to have been signed or presented
     by an appropriate Person;

          (e) Any request or direction of the Company mentioned herein shall be
     sufficiently evidenced by an Officers' Certificate, Issuer Order or Issuer
     Request, and any resolution of the Board of Directors of the Company may be
     sufficiently evidenced by a Board Resolution;

          (f) Whenever in the administration of this Unit Agreement any Party
     shall deem it desirable that a matter be proved or established prior to
     taking, suffering or omitting any action hereunder, such Party (unless
     other evidence be herein specifically prescribed) may, in the absence of
     bad faith on its part, require and rely upon an Officers' Certificate of
     the Company;

          (g) Any Party may consult with counsel of its selection and the advice
     of such counsel or any Opinion of Counsel 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 reliance thereon;

          (h) No Party shall 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 any Party, in its sole discretion, may make reasonable further inquiry
     or investigation into such facts or matters as it may see fit, and, if such
     Party shall determine to make such further

                                       39

<PAGE>

     inquiry or investigation, it shall be given a reasonable opportunity to
     examine the books, records and premises of the Company, personally or by
     agent or attorney at the sole cost of the Company and shall incur no
     personal liability or additional liability of any kind by reason of such
     inquiry or investigation; and

          (i) Any Party may execute any of the powers hereunder or perform any
     duties hereunder either directly or by or through agents or attorneys or an
     Affiliate and no Party shall be personally responsible for any misconduct
     or negligence on the part of any agent or attorney or an Affiliate
     appointed with due care by it hereunder.

          (j) No Party shall be personally liable for any action taken,
     suffered, or omitted to be taken by it in good faith and reasonably
     believed by it to be authorized or within the discretion or rights or
     powers conferred upon it by this Unit Agreement;

          (k) No Party shall be deemed to or have notice of any default or event
     of default unless an officer in the corporate trust department of such
     Party has actual knowledge thereof or has received a written notice thereof
     that references the Units and this Unit Agreement.

          (l) The rights, privileges, protections, immunities and benefits given
     to each Party, including, without limitation, its right to be indemnified,
     are extended to, and shall be enforceable by, such Party in each of its
     capacities hereunder, and to each agent, custodian and other Person
     employed to act hereunder.

          (m) The recitals contained herein and in the Certificates shall be
     taken as the statements of the Company, and no Party assumes any
     responsibility for their accuracy. No Party makes any representations as to
     the validity or sufficiency of either this Unit Agreement or of the Units.

          (n) Any Party in its individual or any other capacity, may become the
     owner or pledgee of Units and may otherwise deal with the Company or any
     other Person with the same rights it would have if it were not a Party.

          (o) The Company agrees to pay each Party such compensation, and to
     reimburse each Party for such expenses, as shall be provided from time to
     time in the Declaration and the Warrant Agreement to which such Party is a
     signatory.

          (p) The provisions of this Section shall survive the termination of
     this Unit Agreement and the resignation or removal of a Party.

          (q) No Party shall be accountable for the use or application by the
     Company of Units or the proceeds thereof.

          (r) In the event that a Party is unable to decide between alternative
     courses of action permitted or required under this Unit Agreement or any
     other document, or is unsure as to the application of any provision of this
     Unit Agreement or any other document, or any such provision may be
     ambiguous as to its application or in conflict with any other applicable
     provision, permits any determination by a Party, or is silent or incomplete
     as to the course of action that a Party is required to take with respect to
     a particular set of facts, a Party may give notice (in such form as shall
     be appropriate under the circumstances) to the Company and/or to the
     Holders requesting instruction from any of them, and to the extent that a
     Party acts or refrains from acting in good faith in accordance with any
     such instruction received, a Party shall not be personally liable, on

                                       40

<PAGE>

account of such action or inaction, to any Person, and if a Party shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking action, and shall have no personal liability to any
Person for such action or inaction.

                                       41

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Unit Agreement to
be duly executed as of the day and year first above written.

                        NEW YORK COMMUNITY BANCORP, INC.

                        By: /s/ Anthony E. Burke
                            ------------------------------------------------
                             Name: Anthony E. Burke
                             Title: Senior Executive Vice President

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

                        By: /s/ W. Chris Sponenberg
                            ------------------------------------------------
                             Name: W. Chris Sponenberg
                             Title: Vice President

                        WILMINGTON TRUST COMPANY, not in its individual
                        capacity, but solely as Warrant Agent

                        By: /s/ W. Chris Sponenberg
                            ------------------------------------------------
                             Name: W. Chris Sponenberg
                             Title: Vice President

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

                        By: /s/ W. Chris Sponenberg
                            ------------------------------------------------
                             Name: W. Chris Sponenberg
                             Title: Vice President

                        NEW YORK COMMUNITY CAPITAL TRUST V

                        By: /s/ Robert Wann
                            ------------------------------------------------
                             Name: Robert Wann, as
                                   Administrative Trustee

                        By: /s/ Thomas R. Cangemi
                            ------------------------------------------------
                             Name: Thomas R. Cangemi, as
                                   Administrative Trustee

                                       42

<PAGE>

                                                                       EXHIBIT A

                               FACE OF CERTIFICATE

THIS CERTIFICATE IS A GLOBAL UNIT WITHIN THE MEANING OF THE UNIT AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A NOMINEE OF THE
DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE UNIT AGREEMENT AND NO TRANSFER OF THIS
CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY, ANOTHER
NOMINEE OF THE DEPOSITARY OR A SUCCESSOR OF THE DEPOSITARY OR SUCH NOMINEE) MAY
BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. TRANSFERS OF THIS GLOBAL
CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY, ANOTHER NOMINEE OF THE DEPOSITARY
OR A SUCCESSOR OF SUCH DEPOSITARY OR SUCH A NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE UNIT AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY OR ITS NOMINEE TO NEW YORK COMMUNITY BANCORP, INC., NEW YORK
COMMUNITY CAPITAL TRUST V OR THEIR RESPECTIVE AGENTS FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY OR ITS NOMINEE (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY OR ITS NOMINEE), AND EXCEPT AS OTHERWISE
PROVIDED IN THE UNIT AGREEMENT ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE CONSTITUENT COMPONENTS OF THIS UNIT MUST BE SEPARATED PRIOR TO TRANSFER
(EXCEPT AS PART OF A UNIT) AS PROVIDED IN THE UNIT AGREEMENT.

                                      A-1

<PAGE>

Certificate No.: CUSIP No.:64944P 30 7
Number of Units: 5,500,000

                        NEW YORK COMMUNITY BANCORP, INC.
                       NEW YORK COMMUNITY CAPITAL TRUST V
                                Unit Certificate

     This Certificate certifies that Cede & Co. is the registered Holder of the
number of Units set forth above. Each Unit consists of (i) beneficial ownership
by the Holder of one Preferred Security (the "Preferred Security") of New York
Community Capital Trust V, a Delaware statutory trust (the "Trust"), having a
stated liquidation amount of $50, attached as Annex A hereto and (ii) the rights
and obligations of the Holder under one Warrant to purchase shares of common
stock of New York Community Bancorp Inc., a Delaware corporation (the
"Company"), attached as Annex B hereto. All capitalized terms used herein which
are defined in the Unit Agreement (as defined on the reverse hereof) have the
meanings set forth therein.

     Distributions on any Preferred Security forming part of a Unit evidenced
hereby, which are payable quarterly in arrears on February 1, May 1, August 1,
and November 1 of each year, commencing on February 1, 2003 (a "Payment Date"),
shall, subject to receipt thereof by the Unit Agent, be paid to the Person in
whose name this Certificate (or a Predecessor Certificate) is registered at the
close of business on the Record Date for such Payment Date, except that the
proceeds of a Remarketing will be paid to the Warrant Agent in satisfaction of
each Electing Remarketing Holder's obligations to pay the Exercise Price of
Warrants constituting a part of this Unit.

     Distributions on the Preferred Securities will be payable at an office of
the Unit Agent or, at the option of the Company, by check mailed to the address
of the Person entitled thereto as such address appears on the Register.

     Reference is hereby made to the further provisions set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Unit Agent by manual signature, this Certificate shall not be entitled to any
benefit under the Unit Agreement, the Warrant Agreement or the Declaration or be
valid or obligatory for any purpose.

                                      A-2

<PAGE>

     IN WITNESS WHEREOF, the undersigned have caused this Unit Certificate to be
duly executed.

                                   NEW YORK COMMUNITY BANCORP, INC.

                                   By:
                                        ________________________________________
                                        Name:
                                        Title:

                                   NEW YORK COMMUNITY CAPITAL TRUST V

                                   By:
                                        ________________________________________
                                        Name:
                                        Title: Administrative Trustee

                                      A-3

<PAGE>

                   UNIT AGENT'S CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates referred to in the within mentioned Unit
Agreement.

Dated:                             WILMINGTON TRUST COMPANY, not in its
                                   individual capacity, but solely as Unit Agent

                                   By:
                                        ________________________________________
                                        Authorized Signatory

                                      A-4

<PAGE>

                        (FORM OF REVERSE OF CERTIFICATE)

     Each Unit evidenced hereby is governed by a Unit Agreement, dated as of
November 4, 2002 (as may be amended or supplemented from time to time, the "Unit
Agreement"), among New York Community Bancorp, Inc. (the "Company"), New York
Community Capital Trust V (the "Trust") Wilmington Trust Company, as unit agent
(including its successors thereunder, the "Unit Agent"), Wilmington Trust
Company, as Warrant Agent, and Wilmington Trust Company, as Property Trustee, to
which Agreement reference is hereby made for a description of the respective
rights, limitations of rights, obligations, duties and immunities thereunder of
the Unit Agent, the Company, and the Holders and of the terms upon which the
Certificates are, and are to be, executed and delivered. Pursuant to the Unit
Agreement, the rights, limitations or rights, obligations, duties and immunities
of the Unit Agent, the Company, and the Holders, and the Certificates include
the rights, obligations, duties and immunities set forth in the Warrant
Agreement and the Declaration, to which reference is further made for a
description thereof.

     The Company may, under the circumstances described in the Declaration,
cause a Remarketing of the outstanding Preferred Securities which form a part of
this Unit. In connection therewith, the Company will, as described in the
Warrant Agreement, redeem all Warrants which form a part of this Unit.

     In no event may a Holder pay the Exercise Price of a Warrant by tendering a
Preferred Security. In accordance with the terms of the Declaration and the Unit
Agreement, the Holder of this Certificate may pay the Exercise Price for the
shares of Common Stock purchased pursuant to each Warrant constituting a part of
this Unit by applying the proceeds of a remarketing of the related Preferred
Securities.

     A Holder of a Unit who does not affirmatively elect NOT to participate in a
Remarketing on or prior to 5:00 p.m. New York City time on the Business Day
immediately preceding the Remarketing Date, will be deemed to have consented to
participation in such Remarketing. A Holder of a Unit who does not affirmatively
elect on or prior to 5:00 p.m. on the Business Day preceding a Remarketing
Settlement Date to exercise the Warrants related to such Unit will be deemed to
have consented to a redemption of such Warrants on the Remarketing Settlement
Date. A Remarketing sale will be made by the Remarketing Agent pursuant to the
terms of the Remarketing Agreement on the Remarketing Date.

     A holder may exercise the Warrants which form a part of the Units evidenced
by this Certificate at any time upon compliance with the procedures specified in
the Warrant Agreement. A Holder of a Unit evidenced by this Certificate who
elects to exercise Warrants prior to the Remarketing Settlement Date shall have
the right to require the Trust to exchange the related Preferred Securities for
Debentures having an Accreted Value equal to the Accreted Value of such
Preferred Securities and to require the Company to repurchase such Debentures on
the next Special Distribution Date which is no less than 180 days after the
applicable exercise date.

     Upon receipt of written notice of any meeting at which holders of Preferred
Securities are entitled to vote or upon the solicitation of consents, waivers or
proxies of holders of Preferred Securities, the Unit Agent shall, as soon as
practicable thereafter, mail to the Holders a notice (a) containing such
information as is contained in the notice or solicitation, (b) stating that each
Holder on the record date set by the Unit Agent therefor (which, to the extent
possible, shall be the same date as the record date for determining the holders
of Preferred Securities entitled to vote) shall be entitled to instruct the Unit
Agent in writing as to the exercise of the voting rights pertaining to the
Preferred Securities constituting a part of such Holder's Unit and (c) stating
the manner in which such written instructions may be given. Upon the written
request of the Holders as of such record date, the Unit Agent shall endeavor
insofar as practicable to vote

                                      A-5

<PAGE>

or cause to be voted, in accordance with the instructions set forth in such
requests, the maximum number of Preferred Securities as to which any particular
written voting instructions are received. In the absence of specific written
instructions from the Holder of a Unit, the Unit Agent shall abstain from voting
the Preferred Security evidenced by such Unit.

     Upon the liquidation of the Trust, a principal amount of the Debentures
constituting the assets of the Trust and underlying the Preferred Securities
equal to the aggregate Accreted Value of the Preferred Securities shall be
delivered to the Unit Agent in exchange for, and for delivery against surrender
of, the Preferred Securities. Thereafter, the Holders shall have such rights and
obligations with respect to the Debentures as the Holders had in respect of the
Preferred Securities and any reference herein to the Preferred Securities shall
be deemed to be a reference to the Debentures.

     The Certificates are issuable only in registered form and only in
denominations of a single Unit and any integral multiple thereof. The transfer
of any Certificate will be registered and Certificates may be exchanged as
provided in the Unit Agreement. The Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents under the
Unit Agreement. No service charge shall be required for any such registration of
transfer or exchange, but the Company and the Unit Agent may require payment of
a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. A Unit shall be separable into its components, and Units
may be recreated as provided in the Unit Agreement; provided, however, this
Certificate shall not represent more than 5,500,000 Units. All such adjustments
to the equivalent aggregate amount of this Certificate shall be duly recorded by
placing an appropriate notation on the Schedule attached hereto.

     The Holder of this Certificate, by its acceptance hereof, expressly
withholds any consent to the assumption (i.e., affirmance) of the Warrant
Agreement or the Warrants by the Company or its trustee in the event that the
Company becomes the subject of a case under the Bankruptcy Code.

     The Holder of this Certificate, by its acceptance hereof, expressly agrees
to be bound by the terms and provisions of the Unit Agreement, the Warrant
Agreement and the Declaration.

     Subject to certain exceptions, the provisions of the Unit Agreement may be
amended with the consent of the Holders of a majority in number of the Units.

     The Company, the Unit Agent and its Affiliates and any agent of the Company
or the Unit Agent may treat the Holder in whose name this Certificate is
registered as the owner of the Unit evidenced hereby for the purpose of
receiving payments of distributions payable quarterly on the Preferred
Securities and for all other purposes whatsoever, whether or not any payments in
respect thereof be overdue and notwithstanding any notice to the contrary, and
neither the Company, the Unit Agent nor any such agent shall be affected by
notice to the contrary.

     The Warrants shall not, prior to the exercise thereof, entitle the Holder
to any of the rights of a holder of shares of Common Stock.

     A copy of the Unit Agreement, the Warrant Agreement, the Declaration and
all exhibits to each such agreement is available for inspection upon written
request and reasonable advance notice to the Unit Agent at an office of the Unit
Agent.

     This Unit shall be governed by the laws of the State of New York, without
regard to principles of conflicts of law.

                                      A-6

<PAGE>
                                  ABBREVIATIONS

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

TEN COM-                            As tenants in common
UNIF GIFT MIN ACT-                  Uniform Gifts to Minors Act
                                    -------------------------------------------
TEN ENT-                            As tenants by the entireties
JT TEN-                             As joint tenants with right of survivorship
                                    and not as tenants in common

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

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

________________________________________________________________________________

________________________________________________________________________________

 (Please insert Social Security or Taxpayer I.D. or other Identifying Number of
                                   Assignee)

________________________________________________________________________________

________________________________________________________________________________

 (Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Certificates and all rights thereunder, hereby irrevocably
constituting and appointing attorney to transfer said Certificates on the books
of [Name of Company] with full power of substitution in the premises.

Dated: _____________________________    Signature: _____________________________

                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificates in every particular,
                                        without alteration or enlargement or any
                                        change whatsoever.

Signature Guarantee:

____________________________________

                                      A-7

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

    This Global Certificate shall represent 5,500,000 Units unless otherwise
                                indicated below.

 The following increases or decreases in this Global Certificate have been made:

<TABLE>
<CAPTION>
                                                                 Number of Units
                                                                evidenced by this
               Amount of decrease in  Amount of increase in    Global Certificate
                  Number of Units        Number of Units            following            Signature of
                 evidenced by the        evidenced by the             such           authorized officer of
     Date       Global Certificate      Global Certificate    decrease or increase           Agent
------------   ---------------------  ---------------------   --------------------   ---------------------
<S>            <C>                    <C>                     <C>                    <C>
</TABLE>

                                      A-8

<PAGE>

                                                                         ANNEX A

                                [TO BE INSERTED]

                                      A-9

<PAGE>
                                                                         ANNEX B

                                [TO BE INSERTED]

                                      A-10

<PAGE>

                                                                       EXHIBIT B

                      INSTRUCTION TO DISREGARD REMARKETING

Wilmington Trust Company, as Agent
1100 North Market Street
Wilmington, Delaware 19890

Attention: Corporate Trust Administration

Re:      __________ Bifurcated Option Note Unit SecuritiES(SM) (BONUSES(SM))
         ("Units") of New York Community Bancorp, Inc. and New York Community
         Capital Trust V

         The undersigned Holder hereby advises you that it has elected NOT to
participate in the Remarketing set forth below with respect to the corresponding
number of Preferred Securities that are a component of Units of which the
undersigned is the beneficial owner:

Remarketing Settlement

Date:                               __________________________

Number of Preferred Securities
NOT to Remarket:                    _________________________

         The notification to the Remarketing Agent to be sent by you on the
Business Day immediately preceding the above Remarketing Date shall NOT include
the aggregate number of Preferred Securities set forth above. Unless otherwise
defined herein, terms defined in the Unit Agreement dated November 4, 2002 with
New York Community Bancorp, Inc. and New York Community Capital Trust V are used
herein as defined therein. This notice is being delivered pursuant to Section
5.1 of the Unit Agreement relating to the Units.

Date:

_______________________________________      ___________________________________
                                                         Signature

                                        Signature Guarantee:

                                        ________________________________________

Please print name and address of
Registered Holder:

_______________________________________ ________________________________________

Name                                        Social Security or other Taxpayer
                                             Identification Number, if any

Address

_______________________________________
_______________________________________
_______________________________________

                                      B-1

<PAGE>

                                                                       EXHIBIT C

                      NOTICE OF ELECTING REMARKETING HOLDER

Wilmington Trust Company, as Agent
1100 North Market Street
Wilmington, Delaware 19890

Attention:  Corporate Trust Administration

SALOMON SMITH BARNEY INC.

[Address]

Attention:

         Re:    _______ Bifurcated Option Note Unit SecuritiES(SM) (BONUSES(SM))
                ("Units") of New York Community Bancorp, Inc. and New York
                Community Capital Trust V

         Reference is made to New York Community Bancorp, Inc.'s notice of
Redemption dated . , 20 notifying Holders of the Units of the redemption of the
Warrants on . , 20 . This notice constitutes an election by the undersigned NOT
to redeem the Warrants identified below. The undersigned hereby advises you of
its election to exercise the following number of Warrants which constitute
component parts of Units beneficially owned by the undersigned:

Number of Warrants to Be Exercised:     ________________________________________

         Unless otherwise defined herein, terms defined in the Unit Agreement
dated November 4, 2002 with New York Community Bancorp, Inc. and New York
Community Capital Trust V are used herein as defined therein. This notice is
being delivered pursuant to Section 5.1 of the Unit Agreement.

Date:
_____________________________________  _________________________________________
                                                         Signature

                                       Signature Guarantee:
                                       _________________________________________
Please print name and address of
Registered Holder:
_____________________________________  _________________________________________
             Name                         Social Security or other Taxpayer
                                            Identification Number, if any

Address

_____________________________________
_____________________________________
_____________________________________

                                      C-1

<PAGE>

                                                                       EXHIBIT D

                 NOTICE OF CHANGE OF CONTROL REDEMPTION ELECTION

Wilmington Trust Company, as Agent
1100 North Market Street
Wilmington, Delaware 19890

Attention:  Corporate Trust Administration

Re:      _______ Bifurcated Option Note Unit SecuritiES(SM) (BONUSES(SM))
         ("Units") of New York Community Bancorp, Inc. and New York Community
         Capital Trust V

         Reference is made to New York Community Bancorp, Inc.'s notice of a
Change of Control dated ., 20 . The undersigned hereby advises you of its
election to have the following number of Warrants which constitute component
parts of Units beneficially owned by the undersigned redeemed as aforesaid:

Number of Warrants to Be Redeemed:      ________________________________________

         Unless otherwise defined herein, terms defined in the Unit Agreement
dated November 4, 2002 with New York Community Bancorp, Inc. and New York
Community Capital Trust V are used herein as defined therein. This notice is
being delivered pursuant to Section 5.3 of the Unit Agreement.

Date:

_____________________________________   ________________________________________
                                                       Signature

                                        Signature Guarantee:

                                        ________________________________________

Please print name and address of
Registered Holder:

_____________________________________   ________________________________________
                Name                        Social Security or other Taxpayer
                                              Identification Number, if any

Address

_____________________________________
_____________________________________
_____________________________________

                                      D-1

<PAGE>
                                                                       EXHIBIT E

               NOTICE OF CHANGE OF CONTROL EXCHANGE AND REPURCHASE

Wilmington Trust Company, as Agent
1100 North Market Street
Wilmington, Delaware 19890

Attention:  Corporate Trust Administration

Re:     _______ Bifurcated Option Note Unit Units(SM) (BONUSES(SM)) ("Units") of
        New York Community Bancorp, Inc. and New York Community Capital Trust V

        Reference is made to New York Community Bancorp, Inc.'s notice of a
Change of Control dated ., 20 . The undersigned Holder hereby advises you that
it has elected (i) to have the number of Preferred Securities set forth below
exchanged for an equivalent Accreted Value of Debentures and (ii) to have such
Debentures repurchased by New York Community Bancorp, Inc., or its successor, as
provided in the Unit Agreement, the Declaration and the Indenture:

Number of Preferred Securities to Exchange: ____________________________________

Number of Debentures to Repurchase:         ____________________________________

        Unless otherwise defined herein, terms defined in the Unit Agreement
dated November 4, 2002 with New York Community Bancorp, Inc. and New York
Community Capital Trust V (the "Unit Agreement") are used herein as defined
therein. This notice is being delivered pursuant to Section 5.3 of the Unit
Agreement.

Date:

________________________________________    ____________________________________
                                                         Signature

                                            Signature Guarantee:

                                            ____________________________________

Please print name and address of
Registered Holder:

________________________________________    ____________________________________
Name                                          Social Security or other Taxpayer
                                                Identification Number, if any

Address

________________________________________
________________________________________
________________________________________

                                       E-1<PAGE>

                                                                    Exhibit 4.9

                                WARRANT AGREEMENT

                                     between

                        NEW YORK COMMUNITY BANCORP, INC.

                                       and

                            WILMINGTON TRUST COMPANY,

                                as Warrant Agent

                          Dated as of November 4, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                  Page
<S>                                                                                               <C>
Article I     DEFINITIONS ......................................................................    1

      Section 1.1   Defined Terms ..............................................................    1

      Section 1.2   Interpretive Provisions ....................................................    8

Article II    ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES ..........    8

      Section 2.1   Issuance of Warrants .......................................................    8

      Section 2.2   Form, Denomination and Execution of Warrant Certificates ...................    8

      Section 2.3   Issuance and Delivery of Warrant Certificates ..............................   10

      Section 2.4   Lost, Stolen, Destroyed or Mutilated Warrant Certificates ..................   11

      Section 2.5   Payment of Certain Taxes ...................................................   11

      Section 2.6   Holders of Warrants; Rights of Holders .....................................   11

Article III   DURATION AND EXERCISE OF WARRANTS ................................................   11

      Section 3.1   Duration of Warrants .......................................................   11

      Section 3.2   Exercise of Warrants .......................................................   12

      Section 3.3   Redemption of Warrants .....................................................   13

      Section 3.4   Redemption Procedures ......................................................   14

Article IV    ANTI-DILUTION PROVISIONS .........................................................   14

      Section 4.1   Warrant Adjustments ........................................................   14

      Section 4.2   Merger, Consolidation, Sale, Transfer or Conveyance; Change of Control .....   21

      Section 4.3   Other Events ...............................................................   23

      Section 4.4   Notice of Adjustment .......................................................   23

      Section 4.5   Notice of Certain Transactions .............................................   23

      Section 4.6   Adjustment to Warrant Certificate ..........................................   24

Article V     EXCHANGE AND TRANSFER OF WARRANTS ................................................   24

      Section 5.1   Warrant Register; Exchange and Transfer of Warrants ........................   24

      Section 5.2   Treatment of Holders of Warrant Certificates ...............................   26

      Section 5.3   Cancellation of Warrant Certificates .......................................   26

Article VI    CONCERNING THE WARRANT AGENT .....................................................   26

      Section 6.1   Warrant Agent ..............................................................   26

      Section 6.2   Conditions of Warrant Agent's Obligations ..................................   26

      Section 6.3   Resignation and Removal; Appointment of Successor ..........................   28
</TABLE>

                                       i

<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                                  Page
<S>                                                                               <C>
    Section 6.4     Compliance With Applicable Laws ............................   29

    Section 6.5     Office .....................................................   30

Article VII    COVENANTS .......................................................   30

    Section 7.1     Financial Statements and Reports of the Company ............   30

    Section 7.2     Notices and Demands to the Company and Warrant Agent .......   30

    Section 7.3     Governmental Approvals .....................................   30

    Section 7.4     Satisfaction of Exercise Conditions ........................   30

    Section 7.5     Reservation of Shares ......................................   31

Article VIII   MISCELLANEOUS ...................................................   31

    Section 8.1     Supplements and Amendments .................................   31

    Section 8.2     Addresses for Notices ......................................   31

    Section 8.3     Governing Law ..............................................   32

    Section 8.4     Persons Having Rights Under Warrant Agreement ..............   32

    Section 8.5     Headings ...................................................   32

    Section 8.6     Counterparts ...............................................   32

    Section 8.7     Inspection of Agreement ....................................   32
</TABLE>

                                       ii

<PAGE>

          THIS WARRANT AGREEMENT, dated as of November 4, 2002, between New York
Community Bancorp, Inc., a Delaware corporation (the "Company"), and Wilmington
Trust Company, a Delaware banking corporation, as warrant agent the ("Warrant
Agent").

          WHEREAS, the Company proposes to issue warrants (the "Warrants")
representing the right to purchase, under certain circumstances described
herein, Common Stock (as defined herein); and

          WHEREAS, the Company desires that the Warrant Agent act on behalf of
the Company in connection with the issuance of the Warrants as provided herein
and the Warrant Agent is willing to so act; and

          WHEREAS, the Company has duly authorized the execution and delivery of
this Warrant Agreement to provide for the issuance of Warrants to be exercisable
at such times and for such prices, and to have such other provisions, as shall
be hereinafter provided; and

          WHEREAS, the Company and the Trust are entering into a unit agreement
(the "Unit Agreement") with, among others, Wilmington Trust Company, as unit
agent (the "Unit Agent"), whereby the Units, which will each consist of a
Preferred Security and a Warrant, will be issued;

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          Section 1.1 Defined Terms. Whenever used in this Warrant Agreement,
the following words and phrases, unless the context otherwise requires, shall
have the meanings specified in this Article. Capitalized terms used herein but
not otherwise defined shall have the meanings set forth in the Unit Agreement or
the Declaration, as the case may be.

          "Accreted Value" has the meaning set forth in the Declaration.

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

          "Board of Directors" means the board of directors of the Company or
any duly authorized committee of that board.

          "Board Resolution" means one or more resolutions of the Board of
Directors, a copy of which has been certified by the Secretary or an Assistant
Secretary of the Company 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 Warrant Agent.

          "Book-Entry Warrant" means a Global Warrant.

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

<PAGE>

          "Calculation Agent" has the meaning set forth in Section 6.2(l).

          "Cash Payment" means, with respect to any Warrant, the payment in full
by the Holder thereof of the Exercise Price of such Warrant in lawful money of
the United States of America, in cash or by certified or official bank check to
the Warrant Agent, or by wire transfer to the account indicated to such Holder
by the Warrant Agent, as designated by the Company by written notice to the
Warrant Agent.

          "Cede" means Cede & Co., the nominee of DTC.

          "Change of Control" has the meaning set forth in the Declaration.

          "Change of Control Notice Date" has the meaning set forth in Section
4.2(b).

          "Change of Control Redemption" has the meaning set forth in Section
4.2(b).

          "Change of Control Redemption Date" has the meaning set forth in
Section 4.2(b).

          "Change of Control Redemption Right" has the meaning set forth in
Section 4.2(b).

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

          "Company" means New York Community Bancorp, Inc., a Delaware
corporation, and any successor thereto.

          "Conditions to a Remarketing" means the conditions to a Remarketing
specified in the Declaration. A Failed Remarketing shall not be considered an
inability to satisfy the Conditions to a Remarketing.

          "Conversion Price" means the Exercise Price divided by the Conversion
Ratio.

          "Conversion Ratio" means the Exercise Amount.

          "Date of Determination" means, with respect to the Exercise Price of a
Warrant (i) in connection with a Redemption of such Warrant or an exercise of
such Warrant in lieu of Redemption pursuant to Section 3.3, the end of the
Business Day preceding the Remarketing Date, and (ii) otherwise, the date of
exercise or, in the case of a determination of the Warrant Value pursuant to
Section 4.2(b), the date of redemption of such Warrant.

          "Declaration" means the Amended and Restated Declaration of Trust of
the Trust, dated as of November 4, 2002, among the Company, as sponsor and the
trustees named therein as the same may be amended from time to time in
accordance with its terms.

          "Definitive Warrant" means a Warrant Certificate in definitive,
registered form.

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

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

          "Ex Date" means:

                                       2

<PAGE>

          (i)    with respect to any issuance or distribution, the first date on
     which the Common Stock trades regular way on the relevant exchange or in
     the relevant market from which the Trading Price was obtained without the
     right to receive such issuance or distribution;

          (ii)   with respect to any subdivision or combination of shares of
     Common Stock, the first date on which the Common Stock trades regular way
     on such exchange or in such market after the time at which such subdivision
     or combination becomes effective, and

          (iii)  with respect to any tender or exchange offer, the first date on
     which the Common Stock trades regular way on such exchange or in such
     market after the Tender Expiration Time of such offer.

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

          "Exercise Amount" means 1.4036; provided, however, that such amount is
subject to adjustment as provided in Article IV.

          "Exercise Conditions" means, with respect to any Warrant on any date
on which such Warrant is to be exercised by the Holder thereof,

          (1) a registration statement covering the issuance and sale of Common
     Stock to the holders of Warrants upon exercise of such Warrants shall be
     effective under the Securities Act, or such issuance and sale shall be
     exempt from the registration requirements of the Securities Act;

          (2) the shares of Common Stock shall be registered, qualified or
     deemed to be exempt under the securities laws of the state of residence of
     such holder of Warrants; and

          (3) a then current prospectus relating to the Common Stock shall be
     available for delivery to exercising holders of the Warrants.

          "Exercise Price" means, with respect to any Warrant, $50.00, subject
to adjustment as provided in Article IV.

          "Expiration Date" means, with respect to any Warrant, the earlier of
5:00 p.m., New York time, on (i) May 7, 2051, subject to extension pursuant to
the provisions of Section 3.1, and (ii) the Redemption Date.

          "Failed Remarketing" means the inability of the Remarketing Agent by
4:00 p.m., New York time, on the Remarketing Date, to remarket, pursuant to the
Remarketing Agreement, all of the Preferred Securities deemed tendered for
purchase.

          "Fair Market Value" means the amount that a willing buyer would pay a
willing seller in an arm's length transaction.

          "Global Warrants" means a Certificate that evidences all or part of
the Warrants and is registered in the name of a Clearing Agency or a nominee
thereof.

                                       3

<PAGE>

          "Holder" means, with respect to a Warrant Certificate at any date, (i)
if such Warrant Certificate is not held pursuant to the Unit Agreement, the
person or persons in whose name such Warrant Certificate shall then be
registered as set forth in the Warrant Register maintained by the Warrant Agent
pursuant to Section 5.1(a) for such purpose or (ii) if such Warrant is held
pursuant to the Unit Agreement, the person or persons in whose name the related
Unit is registered as set forth in the Unit Register.

          "Investment Company Event" has the meaning set forth in the
Declaration.

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

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

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

          "Market Capitalization" means, with respect to the Company as of any
date, the product of (i) the Market Price of shares of Common Stock as of such
date and (ii) the number of shares of Common Stock outstanding, excluding
treasury shares, as of such date.

          "Market Price" means the average of the daily Trading Prices per share
of Common Stock for the ten consecutive Trading Days immediately prior to the
date in question; provided, however, that if:

          (i)   the Ex Date for any event other than the issuance or
     distribution requiring such computation that requires an adjustment to the
     Exercise Amount pursuant to Section 4.1(a), (b), (c), (d), (e) or (f)
     occurs during such ten consecutive Trading Days, the Trading Price for each
     Trading Day prior to the Ex Date for such other event shall be adjusted by
     multiplying such Trading Price by the same fraction by which the Exercise
     Amount is so required to be adjusted as a result of such other event;

          (ii)  the Ex Date for any event other than the issuance or
     distribution requiring such computation that requires an adjustment to the
     Exercise Amount pursuant to Section 4.1(a), (b), (c), (d), (e) or (f)
     occurs on or after the Ex Date for the issuance or distribution requiring
     such computation and prior to the day in question, the Trading Price for
     each Trading Day on and after the Ex Date for such other event shall be
     adjusted by multiplying such Trading Price by the reciprocal of the
     fraction by which the Exercise Amount is so required to be adjusted as a
     result of such other event; and

          (iii) the Ex Date for the issuance or distribution requiring such
     computation is prior to the day in question, after taking into account any
     adjustment required pursuant to clause (i) or (ii) above, the Trading Price
     for each Trading Day on or after such Ex Date shall be adjusted by adding
     thereto the amount of any cash and the Fair Market Value as determined by
     the Board of Directors in a manner consistent with any determination of
     such value for purposes of Section 4.1(d) or (f), whose determination shall
     be conclusive and set forth in a Board Resolution of the evidences of
     indebtedness, shares of capital stock or assets being

                                       4

<PAGE>

     distributed applicable to one share of Common Stock as of the close of
     business on the day before such Ex Date.

For purposes of any computation under Section 4.1(f), the Market Price of the
Common Stock on any date shall be deemed to be the average of the daily Trading
Prices per share of Common Stock for such day and the next two succeeding
Trading Days; provided, however, that if the Ex Date for any event other than
the tender offer requiring such computation that requires an adjustment to the
Exercise Amount pursuant to Section 4.1(a), (b), (c), (d), (e) or (f) occurs on
or after the Tender Expiration Time for the tender or exchange offer requiring
such computation and prior to the day in question, the Trading Price for each
Trading Day on and after the Ex Date for such other event shall be adjusted by
multiplying such Trading Price by the reciprocal of the fraction by which the
Exercise Amount is so required to be adjusted as a result of such other event.

          "Maturity Remarketing Date" means the date that is two Business Days
before the Expiration Date.

          "Non-Electing Share" has the meaning set forth in Section 4.2(a).

          "No Recognition Opinion" has the meaning set forth in the Declaration.

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

          (1)   on any date on or after November 4, 2007 but prior to May 7,
2051, the Trading Price of a share of the Common Stock exceeds and has exceeded
for at least 20 Trading Days within the immediately preceding 30 consecutive
Trading Days and on the day on which the Company elects to redeem the warrants,
125% of the Conversion Price; and

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

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

          "Preferred Securities" has the meaning set forth in the Declaration.

          "Purchased Shares" has the meaning set forth in Section 4.1(f).

          "Record Date" means, with respect to any dividend, distribution or
other transaction or event in which the holders of Common Stock have the right
to receive any cash, securities or other property or in which the Common Stock
or other applicable security is exchanged for or converted into any combination
of cash, securities or other property, the date fixed for determination of
stockholders entitled to receive such cash, securities or other property whether
such date is fixed by the Board of Directors or by statute, contract or
otherwise.

          "Redemption" means a redemption of the Warrants pursuant to Sections
3.3 and 3.4.

                                       5

<PAGE>

          "Redemption Conditions" means, with respect to any proposed
Redemption, that (i) as of the date on which the Company elects to redeem the
Warrants and on the Redemption Date, the Exercise Conditions shall be satisfied;
provided, however, that clause (3) of the definition of "Exercise Conditions"
need only be satisfied on the Redemption Date, (ii) on the Redemption Date, the
Company shall have complied with all other applicable laws and regulations, if
any including, without limitation, the Securities Act, necessary to permit the
redemption of the Warrants, and (iii) an Optional Redemption Remarketing Event
or a Special Event Remarketing Event shall have occurred and the Company shall
have satisfied the applicable conditions to a Remarketing set forth in both the
Declaration and the Remarketing Agreement.

          "Redemption Date" means a date selected by the Company not less than
five nor more than 20 Business Days after written notice of such redemption is
given to the Holders to redeem the Warrants.

          "Reference Period" has the meaning set forth in Section 4.1(d).

          "Regulatory Capital Event" has the meaning set forth in the
Declaration.

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

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

          "Remarketing Date" means:

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

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

          "Remarketing Payment" means, with respect to any Warrant that is held
pursuant to the Unit Agreement, the application of the proceeds of the
Remarketing of the related Preferred Security in an amount equal to the Exercise
Price of such Warrant in accordance with the Remarketing Agreement and the Unit
Agreement.

          "Securities Act" means the Securities Act of 1933, as amended from
time to time, or any successor legislation, and the rules and regulations
promulgated thereunder.

          "Successful Remarketing" means, with respect to any Redemption Date,
the contemporaneous settlement scheduled to occur on such Redemption Date of the
Remarketing that commenced on the corresponding Remarketing Date.

          "Tax Event" has the meaning set forth in the Declaration.

          "Tender Expiration Time" has the meaning set forth in Section 4.1(f).

          "Trading Day" means any day on which shares of Common Stock or other
capital stock of the Company then issuable upon exercise of the warrants:

                                       6

<PAGE>

          (i)   are not suspended from trading on any national securities
     association or exchange or over-the-counter market at the close of
     business; and

          (ii)  have traded at least once on the national securities association
     or exchange or over-the-counter market that is the primary market for the
     trading of Common Stock.

          "Trading Price" of a security on any date of determination means:

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

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

          (3)  if such security is not listed on the New York Stock Exchange or
     any other U.S. national or regional securities exchange on that date, the
     closing sale price as reported on that date by the Nasdaq National Market;

          (4)  if such security is not so listed on a U.S. national or regional
     securities exchange or quoted on the Nasdaq National Market on that date,
     the last price quoted by Interactive Data Corporation for that security on
     the date or, if Interactive Data Corporation is not quoting such price, a
     similar quotation service selected by the Company;

          (5)  if such security is not so quoted, the average mid-point of the
     last bid and ask prices for such security on that date from at least two
     dealers recognized as market-makers for such security selected by the
     Company for this purpose; or

          (6)  if such security is not so quoted, the average of the last bid
     and ask prices for such security on that date from a dealer engaged in the
     trading of such securities selected by the Company for this purpose.

          "Trigger Event" has the meaning set forth in Section 4.1(d).

          "Trust" means New York Community Capital Trust V, a Delaware statutory
trust, and any successor thereto.

          "Unit" means the collective rights and obligations of a holder of a
unit certificate issued under the Unit Agreement in respect of a Preferred
Security (and the related Debenture) and a Warrant.

          "Unit Agent" has the meaning set forth in the Recitals hereto.

          "Unit Agreement" has the meaning set forth in the Declaration.

          "Unit Register" means the Register of Unit holders to be maintained by
the Unit Agent pursuant to the Unit Agreement.

          "Warrant" or "Warrants" has the meaning set forth in the Recitals
hereto.

          "Warrant Agent" means the Person named as "Warrant Agent" in the first
paragraph of this Agreement, solely in such Warrant Agent capacity, until a
successor Warrant Agent shall have

                                       7

<PAGE>

become such pursuant to the applicable provisions of this Warrant Agreement, and
thereafter "Warrant Agent" shall mean such Person.

          "Warrant Certificate" means each registered certificate including,
without limitation, the Global Warrants issued by the Company pursuant to this
Warrant Agreement evidencing a Warrant, substantially in the form of Exhibit A
hereto.

          "Warrant Register" has the meaning set forth in Section 5.1(a).

          "Warrant Value" means:

          (1)   with respect to any Warrant redeemed by the Company pursuant to
Section 3.3(a) and Section 4.2(b) hereof, $50 less the Accreted Value of the
Preferred Securities as of the end of the Business Day preceding the
corresponding Remarketing Date or the Change of Control Payment Dates, as
applicable;

          (2)   with respect to any Warrant exercised by the Holder in lieu of a
redemption pursuant to Section 3.3(b) hereof, the Exercise Price.

          Section 1.2  Interpretive Provisions. With respect to all terms in
this Warrant Agreement, the singular includes the plural and the plural the
singular; words importing any gender include the other gender; references to
"writing" include printing, typing, lithography, and other means of reproducing
words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments thereto or changes therein entered
into in accordance with their respective terms and not prohibited by this
Indenture; references to "persons" include their permitted successors and
assigns; and the term "including" means "including without limitation." All
references herein to Articles, Sections, Subsections and Exhibits are references
to Articles, Sections, Subsections and Exhibits contained in or attached to this
Warrant Agreement unless otherwise specified, and each such Exhibit is part of
the terms hereof.

                                   ARTICLE II

                 ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY
                             OF WARRANT CERTIFICATES

          Section 2.1  Issuance of Warrants. The Company hereby issues the
Warrants described herein, each of which evidences the right of the Holder
thereof, under the terms and conditions provided for herein and in the related
Warrant Certificate, to purchase the Exercise Amount (subject to adjustment as
provided in Article IV) of fully paid and non-assessable shares of Common Stock
at the Exercise Price. Each Warrant shall be, after issuance thereof, separately
transferable from the Preferred Security which, together with such Warrant,
comprises the related Unit.

          Section 2.2  Form, Denomination and Execution of Warrant Certificates.

          (a)   Upon the execution and delivery of this Agreement, the Warrants
will be issued as a component of a Unit, in definitive, fully registered form
(the "Global Unit Certificate"), substantially in the form set forth in Exhibit
A of the Unit Agreement.

          Each Warrant Certificate shall evidence one or more Warrants. Upon the
execution and delivery of this Agreement, the Global Warrant shall represent no
outstanding Warrants, as specified in the "Schedule of Increases or Decreases in
Global Certificate" attached thereto or

                                       8

<PAGE>

otherwise in accordance with the Applicable Procedures, and the Global Unit
Certificate shall represent 5,500,000 outstanding Warrants, as specified in the
"Schedule of Increases or Decreases in Global Certificate" attached thereto or
otherwise in accordance with the Applicable Procedures. Thereafter, each of the
Global Warrant and the Global Unit Certificate shall represent such outstanding
Warrants as shall be specified in the "Schedule of Increases or Decreases in
Global Certificate" attached to each such certificate or otherwise in accordance
with the Applicable Procedures.

          (b)  The Warrant Certificates shall be signed in the name and on
behalf of the Company by its Chairman of the Board of Directors, its Vice
Chairman of the Board of Directors, its President, any Executive Vice President,
any Senior Vice President, its Treasurer, its Secretary or an Assistant
Secretary. Such signatures may be manual or facsimile signatures of the present
or any future holder of any such office and may be imprinted or otherwise
reproduced on the Warrant Certificates.

          (c)  No Warrant Certificate shall be valid for any purpose, and no
Warrant evidenced thereby shall be deemed issued or exercisable, until such
Warrant Certificate has been authenticated by the manual or facsimile signature
of the Warrant Agent. Such authentication by the Warrant Agent upon any Warrant
Certificate executed by the Company shall be conclusive evidence that the
Warrant Certificate so authenticated has been duly issued hereunder.

          (d)  In case any officer of the Company who shall have signed any
Warrant Certificate either manually or by facsimile signature shall cease to be
such officer before the Warrant Certificate so signed shall have been
authenticated and delivered by the Warrant Agent, such Warrant Certificate
nevertheless may be authenticated and delivered as though the person who signed
such Warrant Certificate had not ceased to be such officer of the Company; and
any Warrant Certificate may be signed on behalf of the Company by such person
as, at the actual date of the execution of such Warrant Certificate, shall be a
proper officer of the Company, although at the date of the execution of this
Warrant Agreement such person was not such an officer.

          (e)  Every Global Warrant, executed on behalf of the Company and
delivered hereunder shall bear a legend in substantially the form set forth in
Exhibit A:

          Section 2.3  Issuance and Delivery of Warrant Certificates. (a) Upon
the execution and delivery of this Agreement, the Company shall deliver one or
more Global Unit Certificates executed by the Company to the Warrant Agent for
authentication. Except as provided in the following sentence, the Warrant Agent
shall, upon written request of the Company and delivery to the Warrant Agent of
the same Officers' Certificate and Opinion of Counsel as required under Section
1.2 of the Unit Agreement, thereupon authenticate such Warrant Certificates and
hold the same as custodian for DTC. Subsequent to the original issuance, the
Warrant Agent shall authenticate new Warrant Certificates only if such Warrant
Certificates are issued in exchange or substitution for one or more previously
authenticated Warrant Certificates or in connection with their transfer, as
hereinafter provided.

          (b)  Temporary Warrant Certificates. Pending the preparation of
Definitive Warrants, the Company may execute, and, upon written request of the
Company and delivery to the Warrant Agent of the same Officers' Certificate and
Opinion of Counsel as required under Section 1.2 of the Unit Agreement, the
Warrant Agent shall authenticate and deliver, temporary Warrant Certificates
that are printed, lithographed, typewritten, mimeographed or otherwise produced,
substantially of the tenor of the Definitive Warrants in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other
variations as the officer executing such

                                       9

<PAGE>

Warrant Certificates may determine, as evidenced by such officer's execution of
such Warrant Certificates.

          If temporary Warrant Certificates are issued, the Company will cause
Definitive Warrants to be prepared without unreasonable delay. After the
preparation of Definitive Warrants, the temporary Warrant Certificates shall be
exchangeable for Definitive Warrants upon surrender of the temporary Warrant
Certificates at the corporate trust office of the Warrant Agent, without charge
to the Holder thereof. Upon surrender for cancellation of any one or more
temporary Warrant Certificates, the Company shall execute and, upon request of
the Company and delivery to the Warrant Agent of the same Officers' Certificate
and Opinion of Counsel as required under Section 1.2 of the Unit Agreement, the
Warrant Agent shall authenticate and deliver in exchange therefor Definitive
Warrants representing the same aggregate number of Warrants. Until so exchanged,
the temporary Warrant Certificates shall in all respects be entitled to the same
benefits under this Warrant Agreement as Definitive Warrants.

          Section 2.4  Lost, Stolen, Destroyed or Mutilated Warrant
Certificates. Upon receipt by the Company and the Warrant Agent of evidence
reasonably satisfactory to them of the ownership of and the loss, theft,
destruction or mutilation of any Warrant Certificate and of indemnity other than
in connection with any mutilated Warrant Certificates surrendered to the Warrant
Agent for cancellation reasonably satisfactory to them, the Company shall
execute, and upon request of the Company and delivery to the Warrant Agent of
the same Officers' Certificate and Opinion of Counsel as required under Section
1.2 of the Unit Agreement, Warrant Agent shall authenticate and deliver, in
exchange for or in lieu of each lost, stolen, destroyed or mutilated Warrant
Certificate, a new Warrant Certificate evidencing a like number of Warrants of
the same tenor. Upon the issuance of a new Warrant Certificate under this
Section, the Company may require the payment of a sum sufficient to cover any
stamp or other tax or other governmental charge that may be imposed in
connection therewith and any other expenses including the fees and expenses of
the Warrant Agent in connection therewith. Every substitute Warrant Certificate
executed and delivered pursuant to this Section in lieu of any lost, stolen or
destroyed Warrant Certificate shall represent a contractual obligation of the
Company, whether or not such lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of
this Warrant Agreement equally and proportionately with any and all other
Warrant rights and remedies with respect to the replacement of lost, stolen,
destroyed or mutilated Warrant Certificates.

          Section 2.5  Payment of Certain Taxes. The Company shall pay all stamp
and other duties, if any, to which this Warrant Agreement or the original
issuance of the Warrants or Warrant Certificates may be subject under the laws
of the United States of America or any state or locality.

          Section 2.6  Holders of Warrants; Rights of Holders.

          (a)  At any time that a Warrant is held pursuant to the Unit
Agreement, the Company shall, or shall cause the Registrar under the Unit
Agreement to, make available to the Warrant Agent at all times such information
as to holders of Units as may be necessary to keep the Warrant Register up to
date.

          (b)  No Warrant or Warrant Certificate shall entitle the Holder
thereof to any of the rights, preferences and privileges of a holder of Common
Stock, including without limitation any dividend, voting, redemption,
conversion, exchange or liquidation rights.

                                       10

<PAGE>

          (c)  Any Holder may, without the consent of the Warrant Agent,
enforce, and may institute and maintain, any suit, action or proceeding against
the Company suitable to enforce, or otherwise in respect of, its right to
exercise its Warrants as provided in the related Warrant Certificates and this
Warrant Agreement.

                                  ARTICLE III

                        DURATION AND EXERCISE OF WARRANTS

          Section 3.1  Duration of Warrants.

          (a)  Each Warrant shall be exercisable on any date prior to the
Expiration Date by the Holder thereof at the Exercise Price; provided, however,
that the Exercise Conditions are met as of such date. Each Warrant not exercised
at or before 5:00 p.m., New York time, on its Expiration Date shall become void,
and all rights of the Holder of such Warrant under the related Warrant
Certificate and under this Agreement shall cease.

          (b)  Notwithstanding Section 3.1(a), the Expiration Date will be
extended if, during the 90 days immediately preceding the scheduled Expiration
Date, the Company:

          (i)    was required to but did not maintain an effective registration
     statement under the Securities Act with respect to the maximum number of
     shares of Common Stock underlying the Warrants;

          (ii)   did not maintain the registration or qualification of the
     shares of Common Stock underlying the Warrants under the applicable state
     securities laws; or

          (iii)  was required to but did not deliver a then current prospectus
     to exercising Holders of the Warrants.

          In any of those events, the Expiration Date will extend to the first
date after May 7, 2051 after which the Company has for a 90-day period (1)
maintained an effective registration statement under the Securities Act, (2)
maintained the registration or qualification under the applicable state
securities laws and (3) delivered a then current prospectus to exercising
Holders of the Warrants.

          Section 3.2  Exercise of Warrants.

          (a)  Subject to Section 3.3 and Article IV, the Holder of a Warrant
shall have the right, prior to the Expiration Date, at such Holder's option, to
exercise such Warrant and purchase the Exercise Amount of Common Stock at the
Exercise Price. A Warrant may be exercised by giving written notice to the
Warrant Agent no later than 5:00 p.m. New York time on the Business Day
preceding the proposed date of exercise of such Warrant and completing the form
of election to purchase set forth on the reverse side of such Warrant
Certificate, and delivering the same, together with the related Warrant
Certificate in the case of Definitive Warrants, to the Warrant Agent no later
than 5:00 p.m., New York time, on the date of such exercise, together with a
Cash Payment unless, in accordance with Section 3.3(c), a Remarketing Payment is
to be made. In no event may a Holder satisfy its obligation to pay the Exercise
Price by tendering Preferred Securities.

          (b)  On the date of exercise of a Warrant, the Company shall issue,
and the Warrant Agent shall deliver, to or upon the written order of the Holder
of such Warrant, the Exercise Amount of Common Stock to which such Holder is
entitled, registered in such name or names as may be

                                       11

<PAGE>

directed by such Holder. The date on which such Warrant Certificate and payment
are received by the Warrant Agent as aforesaid shall be deemed to be the date on
which the related Warrant is exercised and the related Common Stock is issued.
Notwithstanding anything to the contrary in this paragraph (b), (i) no
fractional shares of Common Stock shall be issued by the Company upon the
exercise of any Warrant, (ii) if more than one Warrant shall be exercised at the
same time by the same Holder, the number of shares of Common Stock issuable in
connection with such exercise shall be computed on the basis of the aggregate
Exercise Amount of the Warrants so exercised, and (iii) on the date a Holder
exercises such Holder's Warrant, the Company shall pay such Holder an amount in
cash equal to the then-current Market Price multiplied by the related fraction
of Common Stock for such fractional shares, computed to the nearest whole cent.

          (c)  If fewer than all of the Warrants evidenced by a Warrant
Certificate are exercised, the Company shall execute, and upon request of the
Company and delivery to the Warrant Agent of the same Officers' Certificate and
Opinion of Counsel as required under Section 1.2 of the Unit Agreement, the
Warrant Agent shall authenticate and deliver, a new Warrant Certificate
evidencing the number of Warrants remaining unexercised.

          (d)  The Warrant Agent shall deposit all funds received by it in
connection with a Cash Payment of the Exercise Price into the account of the
Company maintained with it for such purpose, and shall notify the Company by
telephone by 5:00 p.m., New York time, of each day on which a Cash Payment of
the Exercise Price for Warrants has been so deposited of the amount of such
deposit into its account. The Warrant Agent shall promptly confirm such notice
in writing to the Company.

          (e)  The Warrant Agent shall, from time to time, as promptly as
practicable following written request of the Company or an exercise of Warrants,
advise the Company of (i) the number of Warrants exercised as provided herein,
(ii) the instructions of each Holder with respect to delivery of the Common
Stock to which such Holder is entitled upon such exercise, and (iii) such other
information as the Company shall reasonably request in writing. Such notice may
be given by telephone to be promptly confirmed in writing.

          (f)  The Company shall pay all documentary stamp taxes attributable to
the initial issuance of Warrants or to the issuance of Common Stock to the
registered Holder of such Warrants upon exercise thereof; provided, however,
that such Holder, and not the Company, shall be required to pay any stamp or
other tax or other governmental charge that may be imposed in connection with
any transfer involved in the issuance of the Common Stock; and in the event that
any such transfer is involved, the Company shall not be required to issue any
Common Stock and such Holder's purchase of the Common Stock issued upon the
exercise of such Holder's Warrant shall not be deemed to have been consummated
until such tax or other charge shall have been paid or it has been established
to the Company's satisfaction that no such tax or other charge is due.

          Section 3.3  Redemption of Warrants.

          (a)  Subject to satisfaction of the Redemption Conditions, the Company
shall redeem the Warrants on the Redemption Date for cash in an amount equal to
$50.00 minus the Accreted Value of the Preferred Securities as of the end of the
Business Day preceding the Remarketing Date in accordance with Section 3.4.

          (b)  A Holder may elect to exercise a Warrant in lieu of Redemption,
if (i) such Warrant is held pursuant to the Unit Agreement, and such Holder has
opted out of participating in the Remarketing, by written notice given to the
Warrant Agent and the Unit Agent as provided in the Unit

                                       12

<PAGE>

Agreement; or (ii) such Warrant is not held pursuant to the Unit Agreement, by
written notice given to the Warrant Agent, in each case prior to 5:00 p.m., New
York time, on the Business Day prior to the related Redemption Date. In the
absence of an election to exercise a Warrant in lieu of a Redemption, a Holder
will be deemed to have elected to have its Warrants redeemed on the Redemption
Date.

          (c)  If a Holder elects to exercise a Warrant pursuant to Section
3.3(b) above, then such Holder shall tender the Exercise Price for such Warrant
as a Cash Payment, and shall follow the procedures set forth in Section 3.2;
provided, however, that if (i) such Warrant is, on the Remarketing Date, held
pursuant to the Unit Agreement, (ii) such Holder has not opted out of
participating in the Remarketing, and (iii) a Successful Remarketing shall have
occurred, then the Exercise Price of such Warrant shall be deemed to have been
paid by a Remarketing Payment, and the Remarketing Agent will, in connection
with such Remarketing Payment, apply the proceeds of the Remarketing of the
related Preferred Security in accordance with the terms of the Remarketing
Agreement and the Unit Agreement.

          (d)  Any Warrant redeemed or exercised pursuant to the provisions of
this Section shall, upon such redemption or exercise, cease to be outstanding.

          (e)  If a Redemption cannot occur because of an inability to satisfy
the Redemption Conditions, the Company shall promptly notify in writing the
Warrant Agent and each Holder at its address specified in the Warrant Register
thereof. Such event shall not constitute a default under this Agreement so long
as the Company is exercising its best efforts to satisfy the Redemption
Conditions and is not otherwise in violation of this Agreement including the
provisions of Article VII hereof and the Company may, under such circumstances,
subsequently seek to remarket the Preferred Securities and contemporaneously
redeem the Warrants.

          Section 3.4  Redemption Procedures.

          (a)  The Company shall, contemporaneously with the giving of notice of
Remarketing pursuant to Section 6.6 of the Declaration, furnish written notice
of Redemption to the Warrant Agent, which shall promptly furnish notice of such
Redemption to Holders of Definitive Warrants, and the Company shall request, not
less than three nor more than 18 business days prior to the Remarketing Date,
that DTC notify its participants holding Warrants of the Remarketing. The
Company shall cause notice of such redemption to be published in a newspaper of
general circulation in New York City, five Business Days prior to the Redemption
Date.

          (b)  If the Company gives a notice of Redemption of the Warrants, then
by 12:00 noon, New York time, on the Redemption Date, the Company shall deposit
irrevocably with DTC consideration sufficient to pay the applicable Warrant
Value for all Book-Entry Warrants other than Warrants held by persons electing
to exercise their Warrants in lieu of a Redemption. If any Warrants are not
represented by one or more Global Certificates, the Company shall irrevocably
deposit with the Warrant Agent consideration sufficient to pay the applicable
Warrant Value, and shall give the Warrant Agent irrevocable written instructions
and authority to pay the applicable Warrant Value to the related Holders upon
surrender of the related Warrant Certificates.

          (c)  If notice of Redemption shall have been given and consideration
deposited or paid as required hereby, then, immediately prior to 5:00 p.m., New
York time, on the Redemption Date, all rights of Holders shall cease, except the
right of Holders to receive the applicable Warrant Value or Common Stock if the
related Holder elected to exercise such Holder's Warrant on or prior to 5:00
p.m., New York time, on the Redemption Date, and the Warrants shall cease to be
outstanding.

                                       13

<PAGE>

          (d)  Notwithstanding anything herein to the contrary, and subject to
applicable law, the Company and its subsidiaries may at any time, and from time
to time, purchase outstanding Warrants by tender, in the open market or by
private agreement.

                                   ARTICLE IV

                            ANTI-DILUTION PROVISIONS

          Section 4.1  Warrant Adjustments. The Exercise Amount shall be subject
to adjustments, calculated by the Company (written notice of which promptly
shall be provided to the Warrant Agent as provided in Section 4.4, until receipt
of which the Warrant Agent shall be fully protected in assuming that no
adjustment has been made), from time to time as follows:

          (a)  Dividends and Distributions. In case the Company shall hereafter
pay a dividend or make a distribution to all holders of the outstanding Common
Stock in shares of Common Stock, the Exercise Amount in effect at the opening of
business on the date following the date fixed for the determination of
stockholders entitled to receive such dividend or other distribution shall be
increased by multiplying such Exercise Amount by a fraction,

          (i)  the numerator of which shall be the sum of the number of shares
               of Common Stock outstanding at the close of business on the
               Record Date fixed for such determination and the total number of
               shares constituting such dividend or other distribution, and

          (ii) the denominator of which shall be the number of shares of Common
               Stock outstanding at the close of business on the Record Date
               fixed for such determination.

Such increase shall become effective immediately after the opening of business
on the day following the Record Date. If any dividend or distribution of the
type described in this paragraph (a) is declared but not so paid or made, the
Exercise Amount shall again be adjusted to the Exercise Amount which would then
be in effect if such dividend or distribution had not been declared.

          (b)  Stock Splits. In case the outstanding shares of Common Stock
shall be subdivided into a greater number of shares of Common Stock, the
Exercise Amount in effect at the opening of business on the day following the
day upon which such subdivision becomes effective shall be proportionately
increased, and conversely, in case outstanding shares of Common Stock shall be
combined into a smaller number of shares of Common Stock, the Exercise Amount in
effect at the opening of business on the day following the day upon which such
combination becomes effective shall be proportionately decreased, such reduction
or increase, as the case may be, to become effective immediately after the
opening of business on the day following the day upon which such subdivision or
combination becomes effective.

          (c)  Issuance of Rights or Warrants. In case the Company shall issue
rights or warrants (other than any rights or warrants referred to in paragraph
(d) below) to all holders of its outstanding shares of Common Stock entitling
them to subscribe for or purchase shares of Common Stock (or securities
convertible or exchangeable into Common Stock) at a price per share (or having a
conversion or exchange price per share) less than the Market Price on the Record
Date fixed for the determination of stockholders entitled to receive such rights
or warrants, the Exercise Amount shall be adjusted so that the same shall equal
the amount determined by multiplying the Exercise Amount in effect at the
opening of business on the date after such Record Date by a fraction:

                                       14

<PAGE>

          (i)  the numerator of which shall be the number of shares of Common
               Stock outstanding on the close of business on the Record Date
               plus the total number of additional shares of Common Stock so
               offered for subscription or purchase (or into which the
               convertible or exchangeable securities so offered are convertible
               or exchangeable), and

          (ii) the denominator of which shall be the number of shares of Common
               Stock outstanding at the close of business on the Record Date
               plus the number of shares which the aggregate offering price of
               the total number of shares so offered for subscription or
               purchase (or the aggregate conversion or exchange price of the
               convertible or exchangeable securities so offered) would purchase
               at such Market Price.

Such adjustment shall become effective immediately after the opening of business
on the day following the Record Date fixed for determination of stockholders
entitled to receive such rights or warrants. To the extent that shares of Common
Stock (or securities convertible or exchangeable into Common Stock) are not
delivered pursuant to such rights or warrants, upon the expiration or
termination of such rights or warrants the Exercise Amount shall be readjusted
to the Exercise Amount which would then be in effect had the adjustments made
upon the issuance of such rights or warrants been made on the basis of the
delivery of only the number of shares of Common Stock (or securities convertible
or exchangeable into Common Stock) actually delivered. In the event that such
rights or warrants are not so issued, the Exercise Amount shall again be
adjusted to be the Exercise Amount which would then be in effect if such date
fixed for the determination of stockholders entitled to receive such rights or
warrants had not been fixed. In determining whether any rights or warrants
entitle the holders to subscribe for or purchase shares of Common Stock at less
than such Market Price, and in determining the aggregate offering price of such
shares of Common Stock, there shall be taken into account any consideration
received for such rights or warrants, the value of such consideration if other
than cash, to be determined by the Board of Directors.

          (d)  Other Dividends and Distributions. In case the Company shall, by
dividend or otherwise, distribute to all holders of its Common Stock shares of
any class of capital stock of the Company other than any dividends or
distributions to which paragraph (a) above applies or evidences of its
indebtedness, cash or other assets, including securities, but excluding (i) any
rights or warrants referred to in paragraph (c) above, (ii) any stock,
securities or other property or assets (including cash) distributed in
connection with a reclassification, change, merger, consolidation, statutory
share exchange, combination, sale or conveyance to which Section 4.2 hereof
applies and (iii) dividends and distributions paid exclusively in cash, then, in
each such case, subject to the second succeeding paragraph of this paragraph
(d), the Exercise Amount shall be increased so that the same shall be equal to
the amount determined by multiplying the Exercise Amount in effect immediately
prior to the close of business on the Record Date with respect to such
distribution by a fraction:

          (i)  the numerator of which shall be the Market Price on such date
               plus the Fair Market Value (as determined by the Board of
               Directors, whose determination shall be conclusive and set forth
               in a Board Resolution) on such date of the portion of the
               securities so distributed applicable to one share of Common Stock
               determined on the basis of the number of shares of the Common
               Stock outstanding on the Record Date, and

          (ii) the denominator of which shall be such Market Price.

                                       15

<PAGE>

          (iii) Such increase shall become effective immediately prior to the
                opening of business on the day following the Record Date.
                However, in the event that the then Fair Market Value as so
                determined of the portion of the securities so distributed
                applicable to one share of Common Stock is equal to or greater
                than the Market Price on the Record Date, in lieu of the
                foregoing adjustment, adequate provision shall be made so that
                each Holder shall have the right to receive upon exercise of a
                Warrant the amount of securities such Holder would have received
                had such Holder exercised such Warrant immediately prior to such
                Record Date. In the event that such dividend or distribution is
                not so paid or made, the Exercise Amount shall again be adjusted
                to be the Exercise Amount which would then be in effect if such
                dividend or distribution had not been declared.

          If the Board of Directors determines the Fair Market Value of any
distribution for purposes of this paragraph (d) by reference to the actual or
when issued trading market for any securities comprising all or part of such
distribution, it must in doing so consider the prices in such market over the
same period (the "Reference Period") used in computing the Market Price pursuant
to paragraph (g) below to the extent possible, unless the Board of Directors in
a Board Resolution determines in good faith that determining the Fair Market
Value during the Reference Period would not be in the best interest of the
Holders.

          In the event any such distribution consists of shares of capital stock
of, or similar equity interests in, one or more of the Company's subsidiaries (a
"Spin-Off"), the Fair Market Value of the securities to be distributed shall
equal the average of Trading Prices of those securities for the five consecutive
Trading Days commencing on and including the sixth day of trading of those
securities after the effectiveness of the Spin-Off, and the then current Market
Price shall be measured for the same period. In the event, however, that an
underwritten initial public offering of the securities in the Spin-Off occurs
simultaneously with the Spin-Off, Fair Market Value of the securities
distributed in the Spin-Off shall mean the initial public offering price of such
securities and the then current Market Price shall mean the Trading Price for
the Common Stock on the same Trading Day.

          Rights or warrants distributed by the Company to all holders of Common
Stock entitling the holders thereof to subscribe for or purchase shares of the
Company's capital stock (either initially or under certain circumstances), which
rights or warrants, until the occurrence of a specified event or events
("Trigger Event"):

          (1)   are deemed to be transferred with such shares of Common Stock;

          (2)   are not exercisable; and

          (3)   are also issued in respect of future issuances of Common Stock,

          (4)   shall be deemed not to have been distributed for purposes of
     this paragraph (d) (and no adjustment to the Exercise Amount under this
     paragraph (d) will be required) until the occurrence of the earliest
     Trigger Event. If such right or warrant is subject to subsequent events,
     upon the occurrence of which such right or warrant shall become exercisable
     to purchase different securities, evidences of indebtedness or other assets
     or entitle the holder to purchase a different number or amount of the
     foregoing or to purchase any of the foregoing at a different purchase
     price, then the occurrence of each such event shall be deemed to be the
     date of issuance and record date with respect to a new right or warrant
     (and a termination or expiration of the existing right or warrant without
     exercise by

                                       16

<PAGE>

          the holder thereof). In addition, in the event of any distribution (or
          deemed distribution) of rights or warrants, or any Trigger Event or
          other event (of the type described in the preceding sentence) with
          respect thereto, that resulted in an adjustment to the Exercise Amount
          under this paragraph (d):

                    (x)  in the case of any such rights or warrants which shall
               all have been redeemed or repurchased without exercise by any
               holders thereof, the Exercise Amount shall be readjusted upon
               such final redemption or repurchase to give effect to such
               distribution or Trigger Event, as the case may be, as though it
               were a cash distribution, equal to the per share redemption or
               repurchase price received by a holder of Common Stock with
               respect to such rights or warrants assuming such holder had
               retained such rights or warrants, made to all holders of Common
               Stock as of the date of such redemption or repurchase, and

                    (y)  in the case of such rights or warrants all of which
               shall have expired or been terminated without exercise, the
               Exercise Amount shall be readjusted as if such rights and
               warrants had never been issued.

               For purposes of this paragraph (d) and paragraphs (a), (b) and
(c), any dividend or distribution to which this paragraph (d) is applicable that
also includes shares of Common Stock, a subdivision or combination of Common
Stock to which paragraph (c) applies, or rights or warrants to subscribe for or
purchase shares of Common Stock to which paragraph (c) applies (or any
combination thereof), shall be deemed instead to be:

               (I)  a dividend or distribution of the evidences of indebtedness,
          assets, shares of capital stock, rights or warrants other than such
          shares of Common Stock, such subdivision or combination or such rights
          or warrants to which paragraphs (a), (b) and (c) above apply,
          respectively and any Exercise Amount increase required by this
          paragraph (d) with respect to such dividend or distribution shall then
          be made, immediately followed by,

               (II) a dividend or distribution of such shares of Common Stock,
          such subdivision or combination or such rights or warrants and any
          further Exercise Amount increase required by paragraphs (a), (b) and
          (c) with respect to such dividend or distribution shall then be made,
          except:

                    (A)  the Record Date of such dividend or distribution shall
               be substituted as (x) "the date fixed for the determination of
               stockholders entitled to receive such dividend or other
               distribution," "Record Date fixed for such determinations" and
               "Record Date" within the meaning of paragraph (a) above, (y) "the
               day upon which such subdivision becomes effective" and "the day
               upon which such combination becomes effective" within the meaning
               of paragraph (b) above, and (z) as "the date fixed for the
               determination of stockholders entitled to receive such rights or
               warrants," "the Record Date fixed for the determination of the
               stockholders entitled to receive such rights or warrants" and
               such "Record Date" within the meaning of paragraph (c) above, and

                    (B)  any shares of Common Stock included in such dividend or
               distribution shall not be deemed "outstanding at the close of
               business on the date fixed for such determination" within the
               meaning of paragraph (a) above and any reduction or increase in
               the number of shares of Common Stock resulting from such
               subdivision or combination shall be disregarded in connection
               with such dividend or distribution.

                                       17

<PAGE>

          (e)  In case the Company shall, by dividend or otherwise, distribute
to all holders of its Common Stock cash (excluding any cash that is distributed
upon a reclassification, change, merger, consolidation, statutory share
exchange, combination, sale or conveyance to which Section 4.2 hereof applies or
as part of a distribution referred to in paragraph (d) hereof), in an aggregate
amount that, combined together with:

          (i)  the aggregate amount of any other such distributions to
     all holders of Common Stock made exclusively in cash within the 12 months
     preceding the date of payment of such distribution, and in respect of which
     no adjustment pursuant to this paragraph (e) has been made, and

          (ii) the aggregate of any cash plus the Fair Market Value (as
     determined by the Board of Directors, whose determination shall be
     conclusive and set forth in a Board Resolution) consideration payable in
     respect of any tender offer by the Company or any of its subsidiaries for
     all or any portion of the Common Stock concluded within the 12 months
     preceding the date of such distribution, and in respect of which no
     adjustment pursuant to paragraph (f) below has been made,

exceeds 10% of the product of (A) the Market Price (determined as provided in
paragraph (g) below) on the Record Date with respect to such distribution times
(B) the number of shares of Common Stock outstanding on such date, then and in
each such case, immediately after the close of business on such date, the
Exercise Amount shall be increased so that the same shall equal the amount
determined by multiplying the Exercise Amount in effect immediately prior to the
close of business on such Record Date by a fraction:

          (i)  the numerator of which shall be equal to the Market Price on such
               Record Date, and

          (ii) the denominator of which shall be equal to the Market Price on
               such Record Date less an amount equal to the quotient of (x) the
               excess of such combined amount over such 10% and (y) the number
               of shares of Common Stock outstanding on such Record Date.

However, in the event that the then Fair Market Value (as so determined) of the
portion of the securities so distributed applicable to one share of Common Stock
is equal to or greater than the Market Price on the Record Date, in lieu of the
foregoing adjustment, adequate provision shall be made so that each Holder shall
have the right to receive upon exercise of a Warrant the amount of cash such
Holder would have received had such Holder exercised such Warrant immediately
prior to such Record Date. In the event that such dividend or distribution is
not so paid or made, the Exercise Amount shall again be adjusted to be the
Exercise Amount which would then be in effect if such dividend or distribution
had not been declared.

          (f)  Tender Offers. In case a tender offer made by the Company or any
of its subsidiaries for all or any portion of the Common Stock shall expire and
such tender offer (as amended upon the expiration thereof) shall require the
payment to stockholders (based on the acceptance (up to any maximum specified in
the terms of the tender offer) of Purchased Shares) of an aggregate
consideration having a Fair Market Value (as determined by the Board of
Directors, whose determination shall be conclusive and set forth in a Board
Resolution) that combined together with:

          (i)  the aggregate of the cash plus the Fair Market Value (as
     determined by the Board of Directors, whose determination shall be
     conclusive and set forth in a Board

                                       18

<PAGE>

          Resolution), as of the expiration of such tender offer, of
          consideration payable in respect of any other tender offers, by the
          Company or any of its subsidiaries for all or any portion of the
          Common Stock expiring within the 12 months preceding the expiration of
          such tender offer and in respect of which no adjustment pursuant to
          this paragraph (f) has been made, and

               (ii) the aggregate amount of any distributions to all holders of
          Common Stock made exclusively in cash within 12 months preceding the
          expiration of such tender offer and in respect of which no adjustment
          pursuant to paragraph (e) has been made,

exceeds 10% of the product of (A) the Market Price (determined as provided in
paragraph (g) below) as of the last time (the "Tender Expiration Time") tenders
could have been made pursuant to such tender offer (as it may be amended) times
(B) the number of shares of Common Stock outstanding (including any tendered
shares) on the Tender Expiration Time, then, and in each such case, immediately
prior to the opening of business on the day after the date of the Tender
Expiration Time, the Exercise Amount shall be adjusted so that the same shall
equal the amount determined by multiplying the Exercise Amount in effect
immediately prior to close of business on the date of the Tender Expiration Time
by a fraction:

               (A)  the numerator of which shall be the sum of (x) the Fair
          Market Value (determined as aforesaid) of the aggregate consideration
          payable to stockholders based on the acceptance (up to any maximum
          specified in the terms of the tender offer) of all shares validly
          tendered and not withdrawn as of the Tender Expiration Time (the
          shares deemed so accepted, up to any such maximum, being referred to
          as the "Purchased Shares") and (y) the product of the number of shares
          of Common Stock outstanding (less any Purchased Shares) on the Tender
          Expiration Time and the Market Price of the Common Stock on the
          Trading Day next succeeding the Tender Expiration Time, and

               (B)  the denominator shall be the number of shares of Common
          Stock outstanding (including any tendered shares) at the Tender
          Expiration Time multiplied by the Market Price of the Common Stock on
          the Trading Day next succeeding the Tender Expiration Time.

Such increase (if any) shall become effective immediately prior to the opening
of business on the day following the Tender Expiration Time. In the event that
the Company is obligated to purchase shares pursuant to any such tender offer,
but the Company is permanently prevented by applicable law from effecting any
such purchases or all such purchases are rescinded, the Exercise Amount shall
again be adjusted to be the Exercise Amount which would then be in effect if
such tender offer had not been made. If the application of this paragraph (f) to
any tender offer would result in a decrease in the Exercise Amount, no
adjustment shall be made for such tender offer under this paragraph (f).

               (g)  Notwithstanding the foregoing, whenever successive
adjustments to the Exercise Amount are called for pursuant to this Section 4.1,
such adjustments shall be made to the Market Price as may be necessary or
appropriate to effectuate the intent of this Section 4.1 and to avoid unjust or
inequitable results as determined in good faith by the Board of Directors.

               (h)  The Company may make such reductions in the Exercise Price
as the Board of Directors considers to be advisable to avoid or diminish any
income tax to holders of Common Stock or rights to purchase Common Stock
resulting from any dividend or distribution of stock (or rights to acquire
stock) or from any event treated as such for income tax purposes.

                    To the extent permitted by applicable law, the Company from
time to time may reduce the Exercise Price by any amount for any period of time
if the period is at least 20 days and the

                                       19

<PAGE>

reduction is irrevocable during the period and the Board of Directors determines
in good faith that such reduction would be in the best interests of the Company,
which determination shall be conclusive and set forth in a Board Resolution.
Whenever the Exercise Price is reduced pursuant to the preceding sentence, the
Company shall give to the Warrant Agent and each Holder at the address of such
Holder as it appears in the Warrant Register a written notice of the reduction
at least 15 days prior to the date the reduced Exercise Price takes effect, and
such notice shall state the reduced Exercise Price and the period during which
it will be in effect.

          (i)  Notwithstanding anything to the contrary in this Section 4.1, no
adjustment in the Exercise Amount shall be required unless such adjustment would
require an increase or decrease of at least 1% in such amount; provided,
however, that any adjustments which by reason of this paragraph (i) are not
required to be made shall be carried forward and taken into account in any
subsequent adjustment. All calculations under this Article IV shall be made by
the Company and shall be made to the nearest cent or to the nearest one
hundredth of a share, as the case may be. No adjustment need be made for a
change in the par value or no par value of the Common Stock.

          (j)  In any case in which this Section provides that an adjustment
shall become effective immediately after a Record Date for an event, the Company
may defer until the occurrence of such event (i) issuing to any Holder of a
Warrant exercised after such Record Date and before the occurrence of such event
the additional shares of Common Stock issuable upon such exercise by reason of
the adjustment required by such event over and above the Common Stock issuable
upon such exercise before giving effect to such adjustment and (ii) paying to
such Holder any amount in cash in lieu of any fraction pursuant to Section
3.2(b) hereof.

          (k)  For purposes of this Section, the number of shares of Common
Stock at any time outstanding shall not include shares held in the treasury of
the Company but shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock. The Company shall not pay
any dividend or make any distribution on shares of Common Stock held in the
treasury of the Company.

          (l)  If the distribution date for the rights provided in the Company's
rights agreement, if any, occurs prior to the date a Warrant is exercised, the
Holder who exercises such Warrant after the distribution date is not entitled to
receive the rights that would otherwise be attached (but for the date of
exercise) to the shares of Common Stock received upon such exercise; provided,
however, that an adjustment shall be made to the Exercise Amount pursuant to
paragraph (c) above as if the rights were being distributed to all holders of
the Company's outstanding shares of Common Stock immediately prior to such
exercise. If such an adjustment is made and the rights are later redeemed,
invalidated or terminated, then a corresponding reversing adjustment shall be
made to the Exercise Amount, on an equitable basis, to take account of such
event.

          Section 4.2  Merger, Consolidation, Sale, Transfer or Conveyance;
Change of Control.

          (a)  If any of following events occur, namely:

          (i)  any reclassification or change of the outstanding shares of
     Common Stock (other than a change in par value, or from par value to no par
     value, or from no par value to par value, or as a result of a subdivision
     or combination),

          (ii) any merger, consolidation, statutory share exchange or
     combination of the Company with another corporation as a result of which
     holders of Common Stock shall be

                                       20

<PAGE>

          entitled to receive stock, securities or other property or assets
          (including cash) with respect to or in exchange for such Common Stock,
          or

               (iii)  any sale or conveyance of the properties and assets of the
          Company as, or substantially as, an entirety to any other corporation
          as a result of which holders of Common Stock shall be entitled to
          receive stock, securities or other property or assets (including cash)
          with respect to or in exchange for such Common Stock,

the Company or the successor or purchasing Person, as the case may be, shall
execute with the Warrant Agent an amendment to this Warrant Agreement providing
that the Warrants shall, upon exercise, entitle the Holder thereof to the kind
and amount of shares of stock and other securities or property or assets
(including cash) which such Holder would have been entitled to receive upon such
reclassification, change, merger, consolidation, statutory share exchange,
combination, sale or conveyance had such Warrants been exercised immediately
prior to such reclassification, change, merger, consolidation, statutory share
exchange, combination, sale or conveyance, assuming such holder of Common Stock
did not exercise its rights of election, if any, as to the kind or amount of
securities, cash or other property receivable upon such merger, consolidation,
statutory share exchange, sale or conveyance; provided, however, that if the
kind or amount of securities, cash or other property receivable upon such
merger, consolidation, statutory share exchange, sale or conveyance is not the
same for each share of Common Stock in respect of which such rights of election
shall not have been exercised ("Non-Electing Share"), then for the purposes of
this Section, the kind and amount of securities, cash or other property
receivable upon such merger, consolidation, statutory share exchange, sale or
conveyance for each Non-Electing Share shall be deemed to be the kind and amount
so receivable per share by a plurality of the Non-Electing Shares. Such
amendment shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article IV. If, in
the case of any such reclassification, change, merger, consolidation, statutory
share exchange, combination, sale or conveyance, the stock or other securities
and assets receivable thereupon by a holder of shares of Common Stock includes
shares of stock or other securities and assets of a Person other than the
successor or purchasing Person, as the case may be, in such reclassification,
change, merger, consolidation, statutory share exchange, combination, sale or
conveyance, then such amendment shall also be executed by such other Person and
shall contain such additional provisions to protect the interests of the Holders
as the Board of Directors shall reasonably consider necessary by reason of the
foregoing.

               The Company shall cause notice of the execution of such amendment
to be mailed to each Holder, at the address of such Holder as it appears on the
Warrant Register, within 20 days after execution thereof. Failure to deliver
such notice shall not affect the legality or validity of such amendment.

               The above provisions of this Section shall similarly apply to
successive reclassifications, mergers, consolidations, statutory share
exchanges, combinations, sales and conveyances.

               If this Section applies to any event or occurrence, Section 4.1
hereof shall not apply.

               (b)    Notwithstanding paragraph (a) above, if a Change of
Control occurs, each Holder shall have the right (a "Change of Control
Redemption Right") to require the Company to redeem such Holder's Warrants (a
"Change of Control Redemption") on the date that is 45 days after the Change of
Control Notice Date (the "Change of Control Redemption Date"), at a redemption
price in cash equal to the Warrant Value on such Change of Control Redemption
Date.

                                       21

<PAGE>

               Within 30 days after the date of occurrence of a Change of
Control (the "Change of Control Notice Date"), the Company shall give written
notice to each Holder and the Warrant Agent of the transaction that gave rise to
such Change of Control and of the resulting Change of Control Redemption Right
and of the Change of Control Notice Date and the Change of Control Redemption
Date.

               To exercise such Change of Control Redemption Right, a Holder
shall deliver, on or prior to the 30th day after the Change of Control Notice
Date, irrevocable written notice to the Warrant Agent of such Holder's election
to exercise such Change of Control Redemption Right and the number of Warrants
to be so redeemed. On the Change of Control Redemption Date, the Company shall
redeem the related Warrants at the Warrant Value on such date in accordance with
the procedures for Redemption set forth in Section 3.4(a).

               In connection with a Change of Control Redemption, not less than
three Business Days prior to the Change of Control Redemption Date:

               (i)   if the Warrants to be redeemed are represented by a Global
          Certificate, the Warrant Agent shall make the necessary adjustment to
          the "Schedule of Increases or Decreases in Global Certificate"
          attached to the Global Certificate to reduce the amount of Warrants
          represented thereby; and

               (ii)  if the Warrants to be redeemed are Definitive Warrants, the
          Holder of such Definitive Warrants shall present the related Warrant
          Certificate to the Warrant Agent for cancellation in accordance with
          Section 5.3.

               The Company shall comply with the requirements of the Exchange
Act and any other applicable securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with any
redemption of the Warrants by the Company pursuant to this paragraph (b).

               Section 4.3  Other Events. If any event occurs as to which the
foregoing provisions of this Article IV are not strictly applicable or, if
strictly applicable, would not, in the good faith judgment of the Board of
Directors, fairly and adequately protect the rights of the Holders of the
Warrants in accordance with the essential intent and principles of such
provisions, then the Board of Directors shall make such adjustments in the
application of such provisions, in accordance with such essential intent and
principles, as shall be reasonably necessary, in their good faith opinion, to
protect such purchase rights as aforesaid, but in no event shall any such
adjustment have the effect of decreasing the Exercise Amount of any Warrant.

               Section 4.4  Notice of Adjustment. Whenever the Exercise Amount
is adjusted as herein provided (other than in the case of an adjustment pursuant
to the second paragraph of Section 4.1(h) for which the notice required by such
paragraph has been provided), the Company shall promptly deliver to the Warrant
Agent an Officers' Certificate setting forth the adjusted Exercise Amount and
showing in reasonable detail the facts upon which such adjustment is based.
Promptly after delivery of such Officers' Certificate, the Company shall prepare
a notice stating that the Exercise Amount has been adjusted and setting forth
the adjusted Exercise Amount and the date on which each adjustment becomes
effective, and shall mail such notice to each Holder at the address of such
Holder as it appears in the Warrant Register within 20 days of the effective
date of such adjustment. Failure to deliver such notice shall not effect the
legality or validity of any such adjustment.

                                       22

<PAGE>

          Section 4.5  Notice of Certain Transactions. In case at any time after
the date hereof:

          (a)  the Company shall declare a dividend or any other distribution on
its Common Stock payable otherwise than in cash out of its capital surplus or
its consolidated retained earnings;

          (b)  the Company shall authorize the granting to the holders of its
Common Stock of rights or warrants to subscribe for or purchase any shares of
capital stock of any class (or of securities convertible into shares of capital
stock of any class) or of any other rights;

          (c)  there shall occur any reclassification of the Common Stock of the
Company other than a subdivision or combination of its outstanding Common Stock,
a change in par value, a change from par value to no par value or a change from
no par value to par value, or any merger, consolidation, statutory share
exchange or combination to which the Company is a party and for which approval
of any shareholders of the Company is required, or the sale, transfer or
conveyance of all or substantially all of the assets of the Company; or

          (d)  there shall occur the voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then the Company shall cause to be delivered to the corporate trust office of
the Warrant Agent, and shall cause to be provided to the Warrant Agent and all
Holders in accordance with Section 8.2 hereof, at least 20 days or 10 days in
any case specified in paragraph (a) or (b) above prior to the applicable record
or effective date hereinafter specified, a written notice stating:

          (i)  the date on which a record is to be taken for the purpose of such
     dividend, distribution, rights or warrants, or, if a record is not to be
     taken, the date as of which the holders of Common Stock of record to be
     entitled to such dividend, distribution, rights or warrants are to be
     determined, or

          (ii) the date on which such reclassification, merger, consolidation,
     statutory share exchange, combination, sale, transfer, conveyance,
     dissolution, liquidation or winding up is expected to become effective, and
     the date as of which it is expected that holders of Common Stock of record
     shall be entitled to exchange their shares of Common Stock for securities,
     cash or other property deliverable upon such reclassification, merger,
     consolidation, statutory share exchange, sale, transfer, dissolution,
     liquidation or winding up.

          Neither the failure to give such notice nor any defect therein shall
affect the legality or validity of the proceedings or actions described in
clauses (a) through (d) of this Section.

          Section 4.6  Adjustment to Warrant Certificate. The form of Warrant
Certificate need not be changed because of any adjustment made pursuant to this
Article IV, and Warrant Certificates issued after such adjustment may state the
same Exercise Amount as is stated in the Warrant Certificates initially issued
pursuant to this Warrant Agreement. The Company, however, may at any time in its
sole discretion make any change in the form of Warrant Certificate that it may
deem appropriate to give effect to such adjustments and that does not affect the
substance of the Warrant Certificate, and any Warrant Certificate thereafter
issued or countersigned, whether in exchange or substitution for an outstanding
Warrant Certificate or otherwise, may be in the form as so changed.

                                       23

<PAGE>

                                   ARTICLE V

                        EXCHANGE AND TRANSFER OF WARRANTS

          Section 5.1  Warrant Register; Exchange and Transfer of Warrants.

          (a)  The Warrant Agent shall maintain, at its corporate trust office,
a register (the "Warrant Register") in which, upon the issuance of the Warrants,
and subject to such reasonable regulations as the Warrant Agent may prescribe,
it shall register Warrant Certificates and exchanges and transfers thereof
(including in connection with any change by a Holder from holding a Warrant
pursuant to the Unit Agreement to not holding such Warrant pursuant to the Unit
Agreement). The Warrant Register shall be in written form or in any other form
capable of being converted into written form within a reasonable time.

          (b)  The Warrant Certificates shall be issued in registered form only
and shall be transferable only upon surrender thereof for registration of
transfer. When a Warrant Certificate is presented to the Warrant Agent with a
request to register a transfer thereof, the Warrant Agent shall register such
transfer as requested.

          (c)  Except as provided in the following sentence, upon surrender at
the corporate trust office of the Warrant Agent, Warrant Certificates may be
exchanged for one or more other Warrant Certificates evidencing the same
aggregate number of Warrants of the same tenor, or may be transferred in whole
or in part. A Warrant Certificate evidencing Warrants that are then held
pursuant to the Unit Agreement may be exchanged or transferred prior to the date
such Warrant is not held pursuant to the Unit Agreement only pursuant to and in
accordance with the Unit Agreement. A transfer shall be registered upon
surrender of a Warrant Certificate to the Warrant Agent at its corporate trust
office for transfer, properly endorsed or accompanied by appropriate instruments
of transfer and written instructions for transfer, all in form satisfactory to
the Company and the Warrant Agent, duly signed by the registered holder or
holders thereof or by the duly appointed legal representative thereof or by a
duly authorized attorney, such signature to be guaranteed by (a) a bank or trust
company, (b) a broker or dealer that is a member of the National Association of
Securities Dealers, Inc. (the "NASD") or (c) a member of a national securities
exchange. Upon any such registration of transfer, a new Warrant Certificate
shall be issued to the transferee. Whenever a Warrant Certificate is surrendered
for exchange or transfer, the Company shall execute, and upon request of the
Company and delivery to the Warrant Agent of the same Officers' Certificate and
Opinion of Counsel as required under Section 1.2 of the Unit Agreement, the
Warrant Agent shall authenticate and deliver to the person or persons entitled
thereto, one or more Warrant Certificates, as so requested. The Warrant Agent
shall not be required to effect any exchange or transfer which will result in
the issuance of a Warrant Certificate evidencing a fraction of a Warrant. All
Warrant Certificates issued upon any exchange or transfer of a Warrant
Certificate shall be the valid obligations of the Company, evidencing the same
obligations, and entitled to the same benefits under this Warrant Agreement, as
the Warrant Certificate surrendered for such exchange or transfer. No service
charge shall be made for any exchange or transfer of Warrants, but the Company
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any such exchange or transfer, in
accordance with Section 3.2(f) hereof.

          (d)  As noted in Section 2.2, the Global Warrant shall represent such
of the outstanding Warrants as shall be specified in the "Schedule of Increases
or Decreases in Global Certificate" attached thereto or otherwise in accordance
with the Applicable Procedures, initially equal to zero Warrants. At any time
after issuance, the Preferred Security and Warrant components of any Unit may be
transferred separately. In the event of any separation of the components of a
Unit, the

                                       24

<PAGE>

Unit Agreement provides (i) if such Unit is represented by a definitive
certificate, the holder shall present such definitive certificate to the Unit
Agent for cancellation and the Unit Agent shall deliver the Warrant component of
such Unit to the Warrant Agent with an instruction for it to authenticate and
deliver to, or upon the instruction of, such holder a Warrant not held pursuant
to the Unit Agreement, bearing the separate CUSIP number assigned to the Warrant
(and not the Unit) and (ii) if such Unit is represented by the Global Unit
Certificate, the Unit Agent will make the necessary adjustment to the "Schedule
of Increases or Decreases in Global Certificate" attached to the Global Unit
Certificate or otherwise comply with the Applicable Procedures to reduce the
amount of Units represented thereby and will instruct the Warrant Agent to
effect a corresponding increase in the Warrants represented by the Global
Warrant and bearing a separate CUSIP number. The Warrant Agent shall make such
other necessary adjustments to the Global Warrant consistent with the terms of
this agreement to reflect the appropriate number of Warrants represented
thereby.

          Once not held pursuant to the Unit Agreement, the Preferred Security
and Warrant components of a Unit may at a later time be held pursuant to the
Unit Agreement. In the event a holder of a Preferred Security and a Holder of a
Warrant desire to cause such Preferred Security and Warrant to once again be
held pursuant to the Unit Agreement, (i) if the constituent components are
represented by definitive certificates, the holder shall present along with a
written notice thereof (x) the Preferred Security to the Property Trustee and
(y) the Warrant to the Warrant Agent, in each case for cancellation and the
Property Trustee and the Warrant Agent shall so notify the Unit Agent, who shall
in turn so notify the Company and the Trust, which under the Unit Agreement
shall cause to be issued and delivered to, or upon the instruction of, such
holder a Unit certificate bearing the separate CUSIP number assigned to the
Units and (ii) if the constituent components are represented by global
certificates, each of the Property Trustee and the Warrant Agent shall make the
necessary adjustment to their respective global certificates or otherwise comply
with the Applicable Procedures to reduce the amount of Preferred Securities and
Warrants, respectively, represented thereby and shall instruct the Unit Agent to
effect a corresponding increase in the Units represented by the Global Unit
Certificate bearing a separate CUSIP number. The Warrant Agent shall make such
other necessary adjustments to the Global Warrant consistent with the terms of
this Agreement to reflect the appropriate number of Warrants represented
thereby.

          Section 5.2  Treatment of Holders of Warrant Certificates. At all such
times as any Warrant is held pursuant to the Unit Agreement, the Company, the
Warrant Agent and all other Persons may treat the Holder of the related Unit as
the Holder of the Warrant Certificate evidencing such Warrant for any purpose
and as the Person entitled to exercise the rights relating to such Warrant and
Warrant Certificate, any notice to the contrary notwithstanding. After the date
that a Warrant is no longer held pursuant to the Unit Agreement and prior to due
presentment of the related Warrant Certificate for registration of transfer, the
Company and the Warrant Agent may treat the registered Holder of such Warrant
Certificate as the absolute Holder thereof for any purpose and as the Person
entitled to exercise the rights relating to such Warrant and Warrant
Certificate, any notice to the contrary notwithstanding.

          Section 5.3  Cancellation of Warrant Certificates. In the event that
the Company shall purchase, redeem or otherwise acquire any Warrants after the
issuance thereof pursuant to the terms of this Warrant Agreement, the Warrant
Certificate or Warrant Certificates evidencing such Warrants shall thereupon be
delivered to the Warrant Agent and upon written direction of the Company shall
be canceled by it. The Warrant Agent shall also cancel any Warrant Certificate
delivered to it for exercise, in whole or in part, or for exchange or transfer.
Warrant Certificates so canceled shall be delivered by the Warrant Agent to the
Company from time to time, or disposed of in accordance with the instructions of
the Company; provided, however, that the Warrant Agent shall not be required to
destroy the Warrant Certificates.

                                       25

<PAGE>

                                   ARTICLE VI

                          CONCERNING THE WARRANT AGENT

          Section 6.1  Warrant Agent. The Company hereby appoints Wilmington
Trust Company as Warrant Agent, upon the terms and subject to the conditions set
forth herein, and Wilmington Trust Company hereby accepts such appointment. The
Warrant Agent shall have the powers and authority granted to and conferred upon
it in the Warrant Certificates and hereby, and such further powers and authority
acceptable to it to act on behalf of the Company as the Company may hereafter
grant to or confer upon it. All of the terms and provisions with respect to such
powers and authority contained in the Warrant Certificates are subject to and
governed by the terms and provisions hereof.

          Section 6.2  Conditions of Warrant Agent's Obligations. The Warrant
Agent accepts its obligations set forth herein upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all
of which the rights hereunder of the Holders shall be subject:

          (a)  Compensation and Indemnification. The Company agrees to promptly
pay the Warrant Agent in its individual capacity the compensation as agreed to
in writing from time to time by the Company and the Warrant Agent, and to
reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
counsel fees and expenses) incurred by the Warrant Agent in connection with the
services rendered hereunder by the Warrant Agent. The Company also agrees to
indemnify the Warrant Agent in its individual capacity for, and to defend and
hold it harmless against, any loss, claim, liability or expense (including the
reasonable costs and expenses of defending against any claim of liability) to
the extent incurred without negligence or bad faith on the part of the Warrant
Agent arising out of or in connection with this Warrant Agreement, the Warrant,
or its appointment, status or service as Warrant Agent hereunder.

          (b)  Agent for the Company. In acting under this Warrant Agreement and
in connection with any Warrant Certificate, the Warrant Agent is acting solely
as agent of the Company and does not assume any obligation or relationship of
agency or trust for or with any Holder.

          (c)  Counsel. The Warrant Agent may consult with counsel satisfactory
to it, and the advice of such counsel 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 the advice of such counsel.

          (d)  Documents. The Warrant Agent shall be fully protected and shall
incur no personal liability for or in respect of any action taken, suffered or
omitted by it in reliance upon any notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been presented or signed by an appropriate Person.

          (e)  Officer's Certificate. Whenever in the performance of its duties
hereunder the Warrant Agent shall reasonably deem it necessary that any fact or
matter be proved or established by the Company prior to taking, suffering or
omitting any action hereunder, the Warrant Agent may (unless other evidence in
respect thereof be herein specifically prescribed), in the absence of bad faith
on its part, require and conclusively rely upon a certificate signed by the
Chairman of the Board of Directors, the Vice Chairman of the Board of Directors,
the President, an Executive Vice President, the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the Company delivered by
the Company to the Warrant Agent.

                                       26

<PAGE>

          (f)  Actions Through Agents. The Warrant Agent may execute and
exercise any of the rights or powers hereby vested in it or perform any duty
hereunder either itself or by or through its attorneys or agents, and the
Warrant Agent shall not be answerable or accountable for any act, default,
neglect or misconduct of any such attorney or agent or for any loss resulting
from such neglect or misconduct; provided, however, that reasonable care shall
have been exercised in the selection and continued employment of such attorneys
and agents.

          (g)  Certain Transactions. The Warrant Agent, and any officer,
director or employee thereof, may become the owner of, or acquire any interest
in, any Warrant, with the same rights that he, she or it would have if it were
not the Warrant Agent, and, to the extent permitted by applicable law, he, she
or it may engage or be interested in any financial or other transaction with the
Company and may serve on, or as depository, trustee or agent for, any committee
or body of holders of Common Stock or other obligations of the Company as if it
were not the Warrant Agent.

          (h)  No Liability For Interest. The Warrant Agent shall not be
personally liable for interest on any monies at any time received by it pursuant
to any of the provisions of this Warrant Agreement or of the Warrant
Certificates, except as otherwise agreed with the Company.

          (i)  No Liability For Invalidity. The Warrant Agent shall incur no
personal liability with respect to the validity of this Warrant Agreement except
as to the due execution hereof by the Warrant Agent or the authentication by the
Warrant Agent of any Warrant Certificate.

          (j)  No Responsibility For Company Representations. The Warrant Agent
shall not be personally responsible for any of the recitals or representations
contained herein (except as to representations expressly made by the Warrant
Agent) or in any Warrant Certificate (except as to the Warrant Agent's
authentication on such Warrant Certificate), all of which recitals and
representations are made solely by the Company.

          (k)  No Implied Obligations. The Warrant Agent shall be obligated to
perform only such duties as are specifically required under this Warrant
Agreement to be performed by the Warrant Agent, and no other duties or
obligations shall be implied. The Warrant Agent shall not be under any
obligation to take any action hereunder that may subject it to any expense or
liability, the payment of which within a reasonable time is not, in its
reasonable opinion, assured to it. The Warrant Agent shall not be accountable or
under any duty or responsibility for the use by the Company of any Warrant
Certificate authenticated by the Warrant Agent and delivered by it to the
Company pursuant to this Warrant Agreement or for the application by the Company
of the proceeds of the issuance or exercise of Warrants. The Warrant Agent shall
have no duty or responsibility in case of any default by the Company in the
performance of its covenants or agreements contained herein or in any Warrant
Certificate or in case of the receipt of any written demand from a Holder with
respect to such default, including, without limiting the generality of the
foregoing, any duty or responsibility to initiate or attempt to initiate any
proceedings at law or otherwise or, except as provided in Section 7.2 hereof, to
make any demand upon the Company.

          (l)  No Liability for Calculations by Calculation Agent. The Warrant
Agent shall be entitled to conclusively rely upon any determination by the
Calculation Agent under the Calculation Agency Agreement, dated as of November
4, 2002, between the Company and Wilmington Trust Company, as calculation agent
(the "Calculation Agent"), of the Accreted Value or Discount relating to the
Preferred Securities and shall not incur any personal liability to the Company
or any Holder relating to inaccuracies in calculating such Accreted Value or
Discount.

          Section 6.3  Resignation and Removal; Appointment of Successor.

                                       27

<PAGE>

          (a)  The Company agrees, for the benefit of the Holders of the
Warrants, that there shall at all times be a Warrant Agent hereunder until all
Warrants have expired.

          (b)  The Warrant Agent may at any time resign as such by giving
written notice to the Company, specifying the date on which its desired
resignation shall become effective; provided that such date shall not be less
than 30 days after the date on which such notice is given unless the Company
agrees to accept a shorter notice. The Warrant Agent hereunder may be removed at
any time by the filing with it of an instrument in writing signed by or on
behalf of the Company and specifying such removal and the date when it shall
become effective. Notwithstanding the provisions of this paragraph (b), such
resignation or removal shall take effect upon the appointment by the Company, as
hereinafter provided, of a successor Warrant Agent (which shall be a banking
institution organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under the
laws of such jurisdiction to exercise corporate trust powers and having at the
time of its appointment as Warrant Agent a combined capital and surplus (as set
forth in its most recent published report of financial condition) of at least
$50,000,000) and the acceptance of such appointment by such successor Warrant
Agent. In the event a successor Warrant Agent has not been appointed and has not
accepted its duties within 30 days of the Warrant Agent's notice of resignation
or receipt of notice of removal, the Warrant Agent at the expense of the Company
may apply to any court of competent jurisdiction for the designation of a
successor Warrant Agent. The obligations of the Company under Section 6.2(a)
shall continue to the extent set forth therein notwithstanding termination of
this Agreement or the resignation or removal of the Warrant Agent.

          (c)  In case at any time the Warrant Agent shall resign, or shall be
removed, or shall become incapable of acting, or shall file a petition seeking
relief under Title 11 of the United States Code, as now constituted or hereafter
amended or under any other applicable federal or state bankruptcy law or similar
law, or make an assignment for the benefit of its creditors or consent to the
appointment of a receiver or custodian of all or any substantial part of its
property, or shall admit in writing its inability to pay or meet its debts as
they mature, or if a receiver or custodian of it or all or any substantial part
of its property shall be appointed, or if an order of any court shall be entered
for relief against it under the provisions of Title 11 of the United States
Code, as now constituted or hereafter amended, or under any other applicable
federal or state bankruptcy or similar law, or if any public officer shall have
taken charge or control of the Warrant Agent or of its property or affairs, for
the purpose of rehabilitation, conservation or liquidation, a successor Warrant
Agent, qualified as aforesaid, shall be appointed by the Company by an
instrument in writing, filed with the successor Warrant Agent. Upon the
appointment as aforesaid of a successor Warrant Agent and acceptance by the
latter of such appointment, the Warrant Agent so superseded shall cease to be
Warrant Agent hereunder.

          (d)  Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with all
the authority, rights, powers, trusts, immunities, duties and obligations of
such predecessor with like effect as if originally named as Warrant Agent
hereunder, and such predecessor, upon payment of its charges and disbursements
then unpaid, shall thereupon become obligated to transfer, deliver and pay over,
and such successor Warrant Agent shall be entitled to receive all moneys,
securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder.

          (e)  Any Person into which the Warrant Agent hereunder may be merged
or converted or consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Warrant Agent shall be a party, or any
Person to which the Warrant Agent shall sell or

                                       28

<PAGE>

otherwise transfer all or substantially all of the assets and business of the
Warrant Agent, provided, however, that such Person shall be qualified as
aforesaid, shall be the successor Warrant Agent under this Warrant Agreement
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.

          Section 6.4  Compliance With Applicable Laws. The Warrant Agent agrees
to comply with the provisions of United States federal income tax laws imposing
obligations on it regarding information reporting and backup withholding.

          Section 6.5  Office. The Company will maintain an office or agency
where Warrant Certificates may be presented for exchange, transfer or exercise.
The office initially designated for this purpose shall be the corporate trust
office of the Warrant Agent at its address set forth in Section 8.2.

                                  ARTICLE VII

                                    COVENANTS

          Section 7.1  Financial Statements and Reports of the Company. The
Company agrees (a) to provide to each Holder, without cost to such Holder,
copies of the annual and quarterly reports and documents that the Company files
with the Commission (to the extent such filings are accepted by the Commission
and whether or not the Company has a class of securities registered under the
Exchange Act) or that the Company would be required to file were it subject to
Section 13 or 15 of the Exchange Act, within 15 days after the date of such
filing or the date on which the Company would be required to file such reports
or documents, and all such annual or quarterly reports shall include the
geographic segment financial information as has heretofore been disclosed by the
Company in its public filings with the Commission, and (b) if filing such
reports and documents is not accepted by the Commission or is prohibited under
the Exchange Act, to supply at the Company's expense copies of such reports and
documents to any prospective Holder promptly upon request.

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

          Section 7.2  Notices and Demands to the Company and Warrant Agent. If
the Warrant Agent shall receive any notice or demand addressed to the Company by
any Holder pursuant to the provisions of the Warrant Certificates, the Warrant
Agent shall promptly forward such notice or demand to the Company.

          Section 7.3  Governmental Approvals. The Company shall from time to
time use all reasonable efforts to obtain and keep effective any and all
permits, consents and approvals of governmental agencies and authorities and the
trading market, if any, on which the Warrants may be listed or authorized for
trading from time to time and will make all filings under the federal and state
securities laws (including without limitation the Securities Act), as may be or
become requisite in connection with the issuance, sale, trading, transfer or
delivery of the Warrants and Warrant Certificates, the exercise of the Warrants
and the issuance, sale and delivery of the Common Stock issued upon the exercise
of the Warrants.

                                       29

<PAGE>

          Section 7.4  Satisfaction of Exercise Conditions. Subject to Section
3.3(e), the Company shall at all times exercise its best efforts to satisfy or
cause to be satisfied the Exercise Conditions. In connection therewith, the
Company shall exercise its best efforts to (a) prior to the exercise of any
Warrant (whether in connection with a Redemption or otherwise), furnish the
Warrant Agent with sufficient copies of a then-current prospectus relating to
the Common Stock deliverable upon exercise of any outstanding Warrants (and the
Warrant Agent, upon receipt thereof, if any, shall deliver, at the expense of
the Company, the same to exercising Holders), (b) cause the related registration
statement to be effective until the expiration of all Warrants, and (c)
otherwise cause to be satisfied the Exercise Conditions.

          Section 7.5  Reservation of Shares. The Company shall at all times
keep reserved out of its authorized shares of Common Stock a number of shares of
Common Stock sufficient to provide for the exercise of all outstanding Warrants.
The registrar for the Common Stock shall at all times, until the Warrants have
expired, reserve such number of authorized shares as shall be required for such
purpose. All Common Stock issued upon exercise of Warrants shall, and the
Company covenants that it will, upon issuance, be fully paid, nonassessable,
free of preemptive rights and free from all taxes, liens, charges and security
interests with respect to the issue thereof.

                                  ARTICLE VIII

                                  MISCELLANEOUS

          Section 8.1  Supplements and Amendments.

          (a)  The Company and Warrant Agent may from time to time supplement or
amend this Warrant Agreement without the approval or consent of any Holder in
order to cure any ambiguity, to correct or supplement any provision contained
herein that may be defective or inconsistent with any other provisions herein,
or to make any other provision in regard to matters or questions arising
hereunder that the Company and the Warrant Agent may deem necessary or desirable
and that shall not adversely affect the interests of the Holders. Every Holder
of Warrants, whether issued before or after any such supplement or amendment,
shall be bound thereby. Promptly after the effectiveness of any supplement or
amendment that affects the interest of the Holders, the Company shall give
notice thereof, as provided in Section 8.2 hereof, to the Holders affected
thereby, setting forth in general terms the substance of such supplement or
amendment.

          (b)  The Company and the Warrant Agent may modify or amend this
Warrant Agreement and the Warrant Certificates with the consent of the Holders
of not fewer than a majority in number of the then-outstanding unexercised
Warrants, for any purpose; provided, however, that no such modification or
amendment that (i) changes the Exercise Price of the Warrants other than in
accordance with Section 4.1(h), (ii) reduces the Exercise Amount other than in
accordance with Article IV, (iii) accelerates the Expiration Date of the
Warrants, (iv) materially and adversely affects the rights of any Holder, or (v)
reduces the percentage of outstanding unexercised Warrants the consent of the
Holders of which is required hereunder for modification or amendment of this
Warrant Agreement or the Warrants, may be made without the consent of each
Holder.

          (c)  In connection with any amendment or supplement to this Warrant
Agreement, the Warrant Agent shall receive, at the expense of the Company, and
be fully protected in relying upon, (i) an Officers' Certificate from the
Company that such amendment or supplement is permitted by, and conforms to, the
terms of this Warrant Agreement, and (ii) an Opinion of Counsel (which may be
counsel to the Company) that such amendment or supplement is permitted by, and
conforms to, the terms of this Warrant Agreement and the Warrants and that all
conditions, precedent, if any, in this

                                       30

<PAGE>

Warrant Agreement to the execution and delivery of such amendment or supplement
have been satisfied.

          Section 8.2  Addresses for Notices. Any communications from the
Company to the Warrant Agent with respect to this Warrant Agreement shall be
addressed to Wilmington Trust Company, 1100 North Market Street, Rodney Square
North, Wilmington, Delaware 19890, Attention: Corporate Trust Administration;
any communications from the Warrant Agent to the Company with respect to this
Agreement shall be addressed to New York Community Bancorp, Inc., 615 Merrick
Avenue, Westbury, New York 11590, Attention: Chief Executive Officer (with a
copy to the Secretary); or such other addresses as shall be specified in writing
by the Warrant Agent or by the Company, as the case may be.

          Any notice or communication mailed to a Holder shall be mailed to the
Holder at the Holder's address as it appears on the Warrant Register and shall
be sufficiently given if so mailed within the time prescribed.

          Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders. If a notice
or communication is mailed in the manner provided above, it is duly given,
whether or not the addressee receives it.

          Section 8.3  Governing Law. This Warrant Agreement and the Warrant
Certificates shall be governed by the laws of the State of New York.

          Section 8.4  Persons Having Rights Under Warrant Agreement. Nothing in
this Warrant Agreement, express or implied, and nothing that may be inferred
from any of the provisions hereof is intended, or shall be construed, to confer
upon, or give to, any Person or corporation other than the Company, the Warrant
Agent and the Holders any right, remedy or claim under or by reason of this
Warrant Agreement or of any covenant, condition, stipulation, promise or
agreement hereof; and all covenants, conditions, stipulations, promises and
agreements in this Warrant Agreement contained shall be for the sole and
exclusive benefit of the Company and the Warrant Agent and their respective
successors and of the Holders.

          Section 8.5  Headings. The descriptive headings of the several
Articles and Sections and the Table of Contents of this Warrant Agreement are
for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof.

          Section 8.6  Counterparts. This Warrant Agreement may be executed by
the parties hereto in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original; but all such counterparts shall
together constitute but one and the same instrument.

          Section 8.7  Inspection of Agreement. A copy of this Warrant Agreement
shall be available at all reasonable times, upon written request and reasonable
advance notice to the Warrant Agent, at the principal corporate trust office of
the Warrant Agent, for inspection by the Holders of Warrants.

                                       31

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Warrant
Agreement to be duly executed as of the day and year first above written.

                                     New York Community Bancorp, Inc.

                                     By: /s/ Anthony E. Burke
                                         ---------------------------------------
                                     Name: Anthony E. Burke
                                     Title: Senior Executive Vice President

                                     Wilmington Trust Company, as Warrant Agent

                                     By: /s/ W. Chris Sponenberg
                                         ---------------------------------------
                                     Name: W. Chris Sponenberg
                                     Title: Vice President

<PAGE>

                                                                       EXHIBIT A

                          [FORM OF WARRANT CERTIFICATE]

[To be inserted in Global Warrants only:

THE WARRANTS REPRESENTED BY THIS CERTIFICATE WERE INITIALLY ISSUED AS PART OF AN
ISSUANCE OF UNITS, EACH OF WHICH CONSISTS OF A WARRANT TO PURCHASE 1.4036 SHARES
(SUBJECT TO ANTI-DILUTION ADJUSTMENTS) OF COMMON STOCK OF NEW YORK COMMUNITY
BANCORP, INC. (THE "COMPANY") AT THE EXERCISE PRICE SET FORTH IN THE
BELOW-REFERENCED WARRANT AGREEMENT AND A PREFERRED SECURITY OF NEW YORK
COMMUNITY CAPITAL TRUST V (THE "TRUST"). THE WARRANTS AND THE PREFERRED
SECURITIES MAY BE SEPARATED AND TRANSFERRED SEPARATELY, AND RE-ATTACHED, IN
ACCORDANCE WITH THE PROVISIONS OF THE UNIT AGREEMENT, DATED AS OF NOVEMBER 4,
2002, AMONG THE COMPANY, THE TRUST AND WILMINGTON TRUST COMPANY, AS UNIT AGENT,
WARRANT AGENT AND PROPERTY TRUSTEE (THE "UNIT AGREEMENT").

THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE WARRANT
AGREEMENT REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A NOMINEE OF THE
DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE WARRANT AGREEMENT AND NO TRANSFER OF THIS
CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY, ANOTHER
NOMINEE OF THE DEPOSITARY OR A SUCCESSOR OF THE DEPOSITARY OR SUCH NOMINEE) MAY
BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. TRANSFERS OF THIS GLOBAL
CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY, ANOTHER NOMINEE OF THE DEPOSITARY
OR A SUCCESSOR OF SUCH DEPOSITARY OR SUCH A NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY OR ITS NOMINEE (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY OR ITS NOMINEE), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                                      A-1

<PAGE>

Certificate No.: [    ]                                   CUSIP No:  649445 11 1
Number of Warrants set forth on Schedule A hereto

                        WARRANTS TO PURCHASE COMMON STOCK
                       OF NEW YORK COMMUNITY BANCORP, INC.

     THIS CERTIFIES THAT        , or its registered assigns, is the registered
holder of the number of Warrants set forth above (the "Warrants"). Each Warrant
entitles the holder thereof (the "Holder"), at its option and subject to the
provisions contained herein and in the Warrant Agreement referred to below, to
purchase from New York Community Bancorp, Inc., a Delaware corporation (the
"Company"), 1.4036 shares (subject to certain adjustments as set forth in the
Warrant Agreement) of common stock of the Company (the "Common Stock") at the
Exercise Price. This Warrant Certificate shall terminate and become void, and
the related Warrants shall expire, as of 5:00 p.m., New York time, on the
earlier of (i) May 7, 2051, subject to certain exceptions or (ii) the date the
Warrants are redeemed by the Company pursuant to the terms of the Warrant
Agreement, as described below (the "Expiration Date"), or upon the earlier
exercise hereof as to all the shares of Common Stock subject hereto. The number
of shares issuable upon exercise of the Warrants shall be subject to adjustment
from time to time as set forth in the Warrant Agreement.

     This Warrant Certificate is issued under and in accordance with a Warrant
Agreement dated as of November 4, 2002 (the "Warrant Agreement"), between the
Company and Wilmington Trust Company, as warrant agent (the "Warrant Agent,"
which term includes any successor Warrant Agent under the Warrant Agreement) and
is subject to the terms and provisions contained in the Warrant Agreement, to
all of which terms and provisions the Holder of this Warrant Certificate
consents by acceptance hereof. The Warrant Agreement is hereby incorporated
herein by reference and made a part hereof. Reference is hereby made to the
Warrant Agreement for a full statement of the respective rights, limitations of
rights, duties and obligations of the Company, the Warrant Agent and the Holders
of the Warrants. Capitalized terms used but not defined herein shall have the
meanings ascribed thereto in the Warrant Agreement. A copy of the Warrant
Agreement may be obtained for inspection by the Holder hereof upon written
request and reasonable advance notice to the Warrant Agent at its address for
notices specified in the Warrant Agreement.

     Subject to redemption as described below, the Holder of this Warrant
Certificate shall have the right, prior to the Expiration Date, at such Holder's
option, to exercise the related Warrant and purchase the Exercise Amount
(subject to certain adjustments set forth in the Warrant Agreement) of Common
Stock at the Exercise Price; provided that the Exercise Conditions are met as of
such date. If the Warrant evidenced by this Warrant Certificate is not exercised
at or before 5:00 p.m., New York time, on its Expiration Date, such Warrant
shall become void, and all rights of the Holder of this Warrant Certificate
hereunder and under the Warrant Agreement shall cease. The Warrant or Warrants
evidenced by this Warrant Certificate may be exercised by giving written notice
to the Warrant Agent no later than 5:00 p.m., New York time, on the Business Day
preceding the proposed date of exercise of such Warrants and completing the form
of election to purchase set forth on the reverse hereof, and delivering the
same, together with this Warrant Certificate (if this Warrant Certificate shall
then be held in definitive form), to the Warrant Agent no later than 5:00 p.m.,
New York time, on the date of such exercise, together with a Cash Payment
(unless, in accordance with the Warrant Agreement, a Remarketing Payment is to
be made). In no event may a Holder satisfy its obligation to pay the Exercise
Price by tendering Preferred Securities.

                                      A-2

<PAGE>

          On the date of exercise of the Warrant or Warrants evidenced by this
Warrant Certificate, the Company shall issue, and the Warrant Agent shall
deliver, to or upon the order of the Holder hereof, the Exercise Amount of
Common Stock to which such Holder is entitled, registered in such name or names
as may be directed by such Holder. The date on which this Warrant Certificate
and payment are received by the Warrant Agent as aforesaid shall be deemed to be
the date on which the related Warrant is exercised and the related Common Stock
is issued.

          Notwithstanding anything to the contrary in this Warrant Certificate
or in the Warrant Agreement, (i) no fractional shares of Common Stock shall be
issued by the Company upon the exercise of any Warrant, (ii) if more than one
Warrant shall be exercised at the same time by the same Holder, the number of
shares of Common Stock issuable in connection with such exercise shall be
computed on the basis of the aggregate Exercise Amount of the Warrants so
exercised, and (iii) on the date a Holder exercises such Holder's Warrant, the
Company shall pay such Holder an amount in cash equal to the then-current Market
Price multiplied by the related fraction of Common Stock for such fractional
shares, computed to the nearest whole cent.

          If fewer than all of the Warrants evidenced by this Warrant
Certificate are exercised, the Company shall execute, and an authorized officer
of the Warrant Agent shall countersign and deliver, a new Warrant Certificate
evidencing the number of Warrants remaining unexercised.

          The "Exercise Conditions" require that, with respect to any Warrant on
any date on which such Warrant is or is proposed to be exercised by the Holder
thereof, (i) a registration statement covering the issuance and sale of Common
Stock to Holders of Warrants upon exercise of such Warrants shall be effective
under the Securities Act, or such issuance and sale shall be exempt from the
registration requirements of the Securities Act, (ii) the shares of Common Stock
shall be registered, qualified or deemed to be exempt under the securities laws
of the state of residence of such Holder and (ii) a then-current prospectus
shall be available for delivery to exercising holders of the Warrants.

          As provided in the Warrant Agreement, the number of shares of Common
Stock issuable upon the exercise of the Warrants is subject to an anti-dilution
adjustment upon the happening of certain events. The Warrant Agreement also
provides for certain adjustments and/or distributions in the event of certain
events relating to a merger or combination of the Company, and similar events.

          Subject to satisfaction of the Exercise Conditions and certain other
conditions, the Company may elect to cause a remarketing of the Preferred
Securities and a contemporaneous redemption of the Warrants on the Redemption
Date, for cash, in an amount equal to the Warrant Value, in accordance with the
Warrant Agreement and related agreements.

          A Holder may elect to exercise a Warrant in lieu of Redemption, if (A)
such Warrant is held pursuant to the Unit Agreement, and such Holder has opted
out of participating in the Remarketing, by notice given to the Warrant Agent
and the Unit Agent as provided in the Unit Agreement; or (B) such Warrant is not
held pursuant to the Unit Agreement, by notice given to the Warrant Agent, in
each case prior to 5:00 p.m., New York time, on the Business Day prior to the
related Redemption Date. In the absence of an election to exercise a Warrant in
lieu of a Redemption, a Holder will be deemed to have elected to have its
Warrants redeemed on the Redemption Date.

          If a Holder elects or is deemed to have elected to exercise a Warrant
pursuant to the preceding paragraph, then such Holder must tender the Exercise
Price for such Warrant as a Cash Payment, and must follow certain procedures set
forth in the Warrant Agreement; provided, however, that if (i) such Warrant is,
on the Remarketing Date, held pursuant to the Unit Agreement, (ii) such

                                       A-3

<PAGE>

Holder has not opted out of participating in the Remarketing, and (iii) a
Successful Remarketing shall have occurred, then the Exercise Price of such
Warrant will be deemed to have been paid by a Remarketing Payment, and the
Remarketing Agent will, in connection with such Remarketing Payment, apply the
proceeds of the Remarketing of the related Preferred Security in accordance with
the terms of the Remarketing Agreement and the Unit Agreement.

          Any Warrant so redeemed or exercised will, upon such redemption or
exercise, cease to be outstanding.

          If a Redemption cannot occur because of an inability, following the
Company's best efforts, to satisfy the Redemption Conditions, the Company will
promptly notify the Warrant Agent and each Holder (at its address specified in
the Warrant Register) thereof. Such event will not constitute a default under
the Warrant Agreement so long as the Company is not otherwise in violation
thereof; and the Company may, under such circumstances, subsequently seek to
remarket the Preferred Securities and contemporaneously redeem the Warrants.

          The Company will, contemporaneously with the giving of notice of
Remarketing pursuant to the Declaration, furnish notice of Redemption to the
Warrant Agent, which will, within two (2) Business Days after receipt thereof,
furnish notice of such Redemption to Holders of Definitive Warrants, and the
Company will request, not later than three nor more than 18 business days prior
to the Remarketing Date, that the Depositary notify its participants holding
Warrants of the Remarketing.

          The Company may require payment of a sum sufficient to pay all taxes,
assessments or other governmental charges in connection with the transfer or
exchange of the Warrant Certificates pursuant to the Warrant Agreement, but not
for any exchange or original issuance (not involving a transfer) with respect to
temporary Warrant Certificates, the exercise of the Warrants or the issuance of
the Common Stock.

          This Warrant Certificate may be exchanged at the office of the Warrant
Agent by presenting this Warrant Certificate properly endorsed with a request to
exchange this Warrant Certificate for other Warrant Certificates evidencing an
equal number of Warrants, in accordance with the Warrant Agreement.

          All shares of Common Stock issuable by the Company upon the exercise
of the Warrants shall, upon such issue, be duly and validly issued and fully
paid and non-assessable.

          The holder in whose name this Warrant Certificate is registered may be
deemed and treated by the Company and the Warrant Agent as the absolute owner of
this Warrant Certificate for all purposes whatsoever and neither the Company nor
the Warrant Agent shall be affected by notice to the contrary.

          Neither this Warrant Certificate, nor the Warrant evidenced hereby,
entitles the Holder hereof to any of the rights of a shareholder of the Company.

                                      A-4

<PAGE>

          This Warrant Certificate shall not be valid or obligatory for any
purpose until it shall have been countersigned by the Warrant Agent.

          The internal laws of the State of New York shall govern and be used to
construe this Warrant without giving effect to applicable principals of
conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby.

                                           NEW YORK COMMUNITY BANCORP, INC.

                                           By: ________________________________
                                                  Name:
                                                  Title:

DATED:

                          Certificate of Authentication

This Warrant Certificate is one of the Warrant Certificates issued pursuant to
the Warrant Agreement described herein.

WILMINGTON TRUST COMPANY,
not in its individual capacity, but solely
as Warrant Agent

     By: ______________________________
         Authorized Signatory

                                      A-5

<PAGE>

                        [REVERSE OF WARRANT CERTIFICATE]

                    FORM OF ELECTION TO PURCHASE COMMON STOCK

                 (to be executed only upon exercise of Warrants)

                        NEW YORK COMMUNITY BANCORP, INC.

          The undersigned hereby irrevocably elects to exercise       Warrants
at an Exercise Price of $   per Warrant to acquire the Exercise Amount (as
determined pursuant to the Warrant Agreement) per Warrant of Common Stock of New
York Community Bancorp, Inc. on the terms and conditions specified within this
Warrant Certificate and the Warrant Agreement therein referred to, surrenders
this Warrant Certificate and all right, title and interest therein and directs
that the shares of Common Stock deliverable upon such exercise be registered or
placed in the name and at the address specified below and delivered thereto.

          The signature below must correspond with the name as written upon the
face of the within Warrant Certificate in every particular, without alteration
or enlargement or any change whatsoever, and must be guaranteed.

Dated:

                                           ___________________________________
                                           Signature of Holder

                                           ___________________________________
                                           Street Address

                                           ___________________________________
                                           (City) (State)          (Zip Code)

                                           Signature Guaranteed by:

                                           _____________________
                                           (Signature must be guaranteed by an
                                           eligible guarantor institution
                                           (banks, stock brokers, savings and
                                           loan associations and credit
                                           unions) with membership in an
                                           approved guarantee medallion
                                           program pursuant to Securities
                                           Exchange Commission Rule 17Ad-5)

     Common Stock to be issued to:

     Please insert social security or identifying number: ____________________

     Name: ___________________________________________________________________

     Street Address: _________________________________________________________

     City, State and Zip Code: _______________________________________________

     Any unexercised Warrants represented by the Warrant Certificate to be
issued to:

     Please insert social security or identifying number: ____________________

                                      A-6

<PAGE>

     Name: _______________________________________________________________

     Street Address: _____________________________________________________

     City, State and Zip Code: ___________________________________________

                                      A-7

<PAGE>

                     [To Be Attached To Global Certificates]

                                                                      SCHEDULE A

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

          This Global Certificate shall represent      Warrants unless otherwise
indicated below.

          The following increases or decreases in this Global Certificate have
been made:

<TABLE>
<CAPTION>
                                                                         Number of Warrants
                                             Amount of increase in        evidenced by the
            Amount of decrease in Number       Number of Warrants        Global Certificate         Signature of
            of Warrants evidenced by the    evidenced by the Global        following such        authorized officer
  Date           Global Certificate               Certificate           decrease or increase          of Agent
--------   ------------------------------  -------------------------   ----------------------   ---------------------
<S>          <C>                            <C>                         <C>                     <C>
</TABLE>

                                      B-1

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