Document:

Exhibit 4(g)(i)

                              CERTIFICATE OF TRUST

                                       OF

                             ROSLYN CAPITAL TRUST I

     This Certificate of Trust of Roslyn Capital Trust I dated August 8,
2001, is hereby duly executed and filed by the undersigned, as trustees of
Roslyn Capital Trust I, for the purpose of forming a business trust under the
Delaware Business Trust Act, 12 Del. C. Section 3801 et. seq. The undersigned
hereby certify as follows:

     1. Name. The name of the business trust formed hereby (the "Trust") is
"Roslyn Capital Trust I."

     2. Delaware Trustee. The name and business address of the trustee of the
Trust which has its principal place of business in the State of Delaware, as
required by 12 Del. C. Sec. 3807(a), is Chase Manhattan Bank USA, National
Association, c/o JP Morgan Chase, Attention: Institutional Trust Services, 500
Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713.

     3. Effective Date. This Certificate of Trust shall be effective as of the
date of its filing.

     IN WITNESS WHEREOF, the undersigned, being the trustees of the Trust at
the time of filing of this Certificate of Trust, have executed this Certificate
of Trust as of the date first above written.

                                /s/ Joseph L. Mancino
                                ___________________________________
                                Name:  Joseph L. Mancino
                                Title: Trustee

                                /s/ Michael P. Puorro
                                ___________________________________
                                Name:  Michael P. Puorro
                                Title: Trustee

                                /s/ R. Patrick Quinn
                                ___________________________________
                                Name:  R. Patrick Quinn
                                Title: Trustee

                      [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>

                                Chase Manhattan Bank USA, National Association,
                                as Trustee

                                By:  /s/ Denis Kelly
                                    ________________________________
                                Name:   Denis Kelly
                                Title:  Assistant Vice President

                                       2Exhibit 4(g)(ii)
                              CERTIFICATE OF TRUST

                                       OF

                            ROSLYN CAPITAL TRUST II

     This Certificate of Trust of Roslyn Capital Trust II dated August 8,
2001, is hereby duly executed and filed by the undersigned, as trustees of
Roslyn Capital Trust II, for the purpose of forming a business trust under the
Delaware Business Trust Act, 12 Del. C. Section 3801 et. seq. The undersigned
hereby certify as follows:

     1. Name. The name of the business trust formed hereby (the "Trust") is
"Roslyn Capital Trust II."

     2. Delaware Trustee. The name and business address of the trustee of the
Trust which has its principal place of business in the State of Delaware, as
required by 12 Del. C. Sec. 3807(a), is Chase Manhattan Bank USA, National
Association, c/o JP Morgan Chase, Attention: Institutional Trust Services, 500
Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713.

     3. Effective Date. This Certificate of Trust shall be effective as of the
date of its filing.

     IN WITNESS WHEREOF, the undersigned, being the trustees of the Trust at
the time of filing of this Certificate of Trust, have executed this Certificate
of Trust as of the date first above written.

                                /s/ Joseph L. Mancino
                                ___________________________________
                                Name:  Joseph L. Mancino
                                Title: Trustee

                                /s/ Michael P. Puorro
                                ___________________________________
                                Name:  Michael P. Puorro
                                Title: Trustee

                                /s/ R. Patrick Quinn
                                ___________________________________
                                Name:  R. Patrick Quinn
                                Title: Trustee

                      [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>

                                Chase Manhattan Bank USA, National Association,
                                as Trustee

                                By:  /s/ Denis Kelly
                                    ________________________________
                                Name:   Denis Kelly
                                Title:  Assistant Vice President

                                       2Exhibit 4(g)(iii)

                              CERTIFICATE OF TRUST

                                       OF

                            ROSLYN CAPITAL TRUST III

     This Certificate of Trust of Roslyn Capital Trust III dated August 8,
2001, is hereby duly executed and filed by the undersigned, as trustees of
Roslyn Capital Trust III, for the purpose of forming a business trust under
the Delaware Business Trust Act, 12 Del. C. Section 3801 et. seq. The
undersigned hereby certify as follows:

     1. Name. The name of the business trust formed hereby (the "Trust") is
"Roslyn Capital Trust III."

     2. Delaware Trustee. The name and business address of the trustee of the
Trust which has its principal place of business in the State of Delaware, as
required by 12 Del. C. Sec. 3807(a), is Chase Manhattan Bank USA, National
Association, c/o JP Morgan Chase, Attention: Institutional Trust Services, 500
Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713.

     3. Effective Date. This Certificate of Trust shall be effective as of the
date of its filing.

     IN WITNESS WHEREOF, the undersigned, being the trustees of the Trust at
the time of filing of this Certificate of Trust, have executed this Certificate
of Trust as of the date first above written.

                                /s/ Joseph L. Mancino
                                ___________________________________
                                Name:  Joseph L. Mancino
                                Title: Trustee

                                /s/ Michael P. Puorro
                                ___________________________________
                                Name:  Michael P. Puorro
                                Title: Trustee

                                /s/ R. Patrick Quinn
                                ___________________________________
                                Name:  R. Patrick Quinn
                                Title: Trustee

                      [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>

                                Chase Manhattan Bank USA, National Association,
                                as Trustee

                                By:/s/ Denis Kelly
                                   ________________________________
                                Name:   Denis Kelly
                                Title:  Assistant Vice President

                                       2Exhibit 4(g)(iv)

                              CERTIFICATE OF TRUST

                                       OF

                            ROSLYN CAPITAL TRUST IV

     This Certificate of Trust of Roslyn Capital Trust IV dated August 8,
2001, is hereby duly executed and filed by the undersigned, as trustees of
Roslyn Capital Trust IV, for the purpose of forming a business trust under the
Delaware Business Trust Act, 12 Del. C. Section 3801 et. seq. The undersigned
hereby certify as follows:

     1. Name. The name of the business trust formed hereby (the "Trust") is
"Roslyn Capital Trust IV."

     2. Delaware Trustee. The name and business address of the trustee of the
Trust which has its principal place of business in the State of Delaware, as
required by 12 Del. C. Sec. 3807(a), is Chase Manhattan Bank USA, National
Association, c/o JP Morgan Chase, Attention: Institutional Trust Services, 500
Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713.

     3. Effective Date. This Certificate of Trust shall be effective as of the
date of its filing.

     IN WITNESS WHEREOF, the undersigned, being the trustees of the Trust at
the time of filing of this Certificate of Trust, have executed this Certificate
of Trust as of the date first above written.

                                /s/ Joseph L. Mancino
                                ___________________________________
                                Name:  Joseph L. Mancino
                                Title: Trustee

                                /s/ Michael P. Puorro
                                ___________________________________
                                Name:  Michael P. Puorro
                                Title: Trustee

                                /s/ R. Patrick Quinn
                                ___________________________________
                                Name:  R. Patrick Quinn
                                Title: Trustee

                      [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>

                                Chase Manhattan Bank USA, National Association,
                                as Trustee

                                By: /s/ Denis Kelly
                                   ________________________________
                                Name:   Denis Kelly
                                Title:  Assistant Vice President

                                       2Exhibit 4(h)(i)

                              DECLARATION OF TRUST
                                       OF
                             ROSLYN CAPITAL TRUST I

                                 Dated as of August 8, 2001

<PAGE>

                               Table of Contents
                                                                           Page

                                   ARTICLE I
                                  DEFINITIONS

SECTION 1.1.   Definitions...................................................1

                                   ARTICLE II
                                  ORGANIZATION

SECTION 2.1.   Name..........................................................3
SECTION 2.2.   Office........................................................3
SECTION 2.3.   Purpose.......................................................3
SECTION 2.4.   Authority.....................................................4
SECTION 2.5.   Title to Property of the Trust................................4
SECTION 2.6.   Powers of the Trustees........................................4
SECTION 2.7.   Filing of Certificate of Trust................................5
SECTION 2.8.   Duration of Trust.............................................5
SECTION 2.9.   Responsibilities of the Sponsor...............................5
SECTION 2.10.  Declaration Binding on Securities Holders.....................6

                                  ARTICLE III
                                    TRUSTEES

SECTION 3.1.   Trustees......................................................6
SECTION 3.2.   Regular Trustees..............................................6
SECTION 3.3.   Delaware Trustee..............................................7
SECTION 3.4.   Institutional Trustee.........................................7
SECTION 3.5.   Not Responsible for Recitals or Sufficiency of Declaration....7

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

SECTION 4.1.   Exculpation...................................................8
SECTION 4.2.   Fiduciary Duty................................................8
SECTION 4.3.   Indemnification...............................................9
SECTION 4.4.   Outside Businesses...........................................13

                                   ARTICLE V
                     AMENDMENTS, TERMINATION, MISCELLANEOUS

SECTION 5.1.   Amendments...................................................13
SECTION 5.2.   Termination of Trust.........................................13
SECTION 5.3.   Governing Law................................................14
SECTION 5.4.   Headings.....................................................14
SECTION 5.5.   Successors and Assigns.......................................14
SECTION 5.6.   Partial Enforceability.......................................14
SECTION 5.7.   Counterparts.................................................14

                                       i
<PAGE>

                              DECLARATION OF TRUST

                                       OF

                             ROSLYN CAPITAL TRUST I

                                 August 8, 2001

     DECLARATION OF TRUST ("Declaration") dated and effective as of August 8,
2001 by the Trustees (as defined herein), the Sponsor (as defined herein), and
by the holders, from time to time, of undivided beneficial interests in the
Trust to be issued pursuant to this Declaration;

     WHEREAS, the Trustees and the Sponsor desire to establish a trust (the
"Trust") pursuant to the Delaware Business Trust Act for the purpose of issuing
and selling the Preferred Securities (as defined herein) and investing the
proceeds thereof in certain Debentures of the Debenture Issuer (as both terms
are defined herein); and

     NOW, THEREFORE, it being the intention of the parties hereto that the
Trust constitute a business trust under the Business Trust Act and that this
Declaration constitute the governing instrument of such business trust, the
Trustees declare that all assets contributed to the Trust will be held in trust
for the exclusive benefit of the holders, from time to time, of the securities
representing undivided beneficial interests in the assets of the Trust issued
hereunder, subject to the provisions of this Declaration.

                                   ARTICLE I
                                  DEFINITIONS

SECTION 1.1. Definitions.

     Unless the context otherwise requires:

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

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

          (c)  all references to "the Declaration" or "this Declaration" are to
               this Declaration of Trust as modified, supplemented or amended
               from time to time;

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

                                       1
<PAGE>

          (e)  a reference to the singular includes the plural and vice versa.

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

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

     "Commission" means the Securities and Exchange Commission.

     "Common Security" means a security representing an undivided beneficial
interest in the assets of the Trust with such terms as may be set out in any
amendment to this Declaration.

     "Company Indemnified Person" means (a) any Regular Trustee; (b) any
Affiliate of any Regular Trustee; (c) any officers, directors, shareholders,
members, partners, employees, representatives or agents of any Regular Trustee;
or (d) any employee or agent of the Trust or its Affiliates.

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

     "Debenture Issuer" means the Parent in its capacity as the issuer of the
Debentures under the Indenture.

     "Debentures" means the series of Debentures to be issued by the Debenture
Issuer and acquired by the Trust.

     "Debenture Trustee" means The Chase Manhattan Bank, as trustee under the
Indenture until a successor is appointed thereunder, and thereafter means such
successor trustee.

     "Delaware Trustee" has the meaning set forth in Section 3.1.

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

     "Fiduciary Indemnified Person" has the meaning set forth in Section
4.3(b).

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

     "Indenture" means the indenture to be entered into between the Parent and
the Debenture Trustee and any indenture supplemental thereto pursuant to which
the Debentures are to be issued.

     "Institutional Trustee" has the meaning set forth in Section 3.4.

     "Parent" means Roslyn Bancorp, Inc., a Delaware corporation, or any
successor entity in a merger.

                                       2
<PAGE>

     "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 Security" means a security representing an undivided beneficial
interest in the assets of the Trust with such terms as may be set out in any
amendment to this Declaration.

     "Regular Trustee" means any Trustee other than the Delaware Trustee and
the Institutional Trustee.

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

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

     "Sponsor" means the Parent in its capacity as sponsor of the Trust.

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

                                  ARTICLE II
                                  ORGANIZATION

SECTION 2.1. Name.

     The Trust created by this Declaration is named "Roslyn Capital Trust I."
The activities of the Trust may be conducted under the name of the Trust or any
other name deemed advisable by the Regular Trustees.

SECTION 2.2. Office.

     The address of the principal office of the Trust is c/o Roslyn Bancorp,
Inc., One Jericho Plaza, Jericho, New York 11753. At any time, the Regular
Trustees may designate another principal office.

SECTION 2.3. Purpose.

     The exclusive purposes and functions of the Trust are either (a) to issue
and sell the Securities and use the proceeds from such sale to acquire the
Debentures or (b) to issue the Common Securities to the Parent in exchange for
cash and to invest the proceeds thereof and in each case to engage in only
those other activities necessary or incidental thereto. The Trust shall not
borrow money, issue debt or reinvest proceeds derived from investments, pledge
any of its assets, or otherwise undertake (or permit to be undertaken) any
activity that would cause the Trust not to be classified for United States
federal income tax purposes as a grantor trust.

                                       3
<PAGE>

SECTION 2.4. Authority.

     Subject to the limitations provided in this Declaration, the Regular
Trustees shall have exclusive and complete authority to carry out the purposes
of the Trust. An action taken by the Regular Trustees in accordance with their
powers shall constitute the act of and serve to bind the Trust. In dealing with
the Regular Trustees acting on behalf of the Trust, no Person shall be required
to inquire into the authority of the Regular Trustees to bind the Trust.
Persons dealing with the Trust are entitled to rely conclusively on the power
and authority of the Regular Trustees as set forth in this Declaration.

SECTION 2.5. Title to Property of the Trust.

     Legal title to all assets of the Trust shall be vested in the Trust.

SECTION 2.6. Powers of the Trustees.

     The Regular Trustees shall have the exclusive power and authority to cause
the Trust to engage in the following activities:

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

          (b)  in connection with the issue and either sale or exchange of the
               Preferred Securities to:

               (i)     execute and file with the Commission one or more
                       registration statements on Form S-3 or Form S-4 prepared
                       by the Sponsor, including any and all amendments thereto
                       in relation to the Preferred Securities;

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

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

                                       4
<PAGE>

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

               (v)     prepare, execute and file with the Commission an Issuer
                       Tender Offer Statement on Schedule 13E-3 or Schedule
                       13E-4, as necessary, or any other appropriate document
                       or schedule, and any amendments thereto.

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

          (d)  to incur expenses which are necessary or incidental to carry out
               any of the purposes of this Declaration; and

          (e)  to execute all documents or instruments, perform all duties and
               powers, and do all things for and on behalf of the Trust in all
               matters necessary or incidental to the foregoing.

SECTION 2.7. Filing of Certificate of Trust.

     On or after the date of execution of this Declaration, the Trustees shall
cause the filing of the Certificate of Trust for the Trust in the form attached
hereto as Exhibit A with the Secretary of State of the State of Delaware.

SECTION 2.8. Duration of Trust.

     The Trust, absent dissolution pursuant to the provisions of Section 5.2,
shall dissolve on August 8, 2056.

SECTION 2.9. Responsibilities of the Sponsor.

     In connection with the issue and sale of the Preferred Securities, the
Sponsor shall have the exclusive right and responsibility to engage in the
following activities:

          (a)  to prepare for filing by the Trust with the Commission one or
               more registration statements on Form S-3 or Form S-4 in relation
               to the Preferred Securities, including any amendments thereto;

          (b)  to determine the States in which to take appropriate action to
               qualify or register for sale or exchange of all or part of the
               Preferred Securities and to do any and all such acts, other than
               actions which must be taken by the Trust, and advise the Trust
               of actions it must take, and prepare for execution and filing
               any

                                       5
<PAGE>

               documents to be executed and filed by the Trust, as the Sponsor
               deems necessary or advisable in order to comply with the
               applicable laws of any such States;

          (c)  to prepare for filing by the Trust an application to the New
               York Stock Exchange or any other national stock exchange or the
               Nasdaq National Market for listing or quotation upon notice of
               issuance of any Preferred Securities;

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

          (e)  to prepare for filing by the Trust with the Commission an Issuer
               Tender Offer Statement on Schedule 13E-3 or Schedule 13E-4, as
               necessary, or any other appropriate document or schedule and any
               amendments thereto; and

          (f)  to negotiate, on behalf of the Trust, the terms of, and
               execute and deliver, an underwriting agreement and pricing
               agreement providing for the sale of the Preferred Securities.

SECTION 2.10. Declaration Binding on Securities Holders.

     Every Person by virtue of having become a holder of a Security or any
interest therein in accordance with the terms of this Declaration, shall be
deemed to have expressly assented and agreed to the terms of, and shall be
bound by, this Declaration.

                                  ARTICLE III
                                    TRUSTEES

SECTION 3.1. Trustees.

     The number of Trustees initially shall be four (4), and thereafter the
number of Trustees shall be such number as shall be fixed from time to time by
a written instrument signed by the Sponsor. The Sponsor is entitled to appoint
or remove without cause any Trustee at any time; provided, however, that the
number of Trustees shall in no event be less than two (2); provided further
that one Trustee, in the case of a natural person, shall be a person who is a
resident of the State of Delaware or that, if not a natural person, is an
entity which has its principal place of business in the State of Delaware (the
"Delaware Trustee"); provided further that there shall be at least one trustee
who is an employee or officer of, or is affiliated with, the Parent (a "Regular
Trustee").

SECTION 3.2. Regular Trustees.

     The initial Regular Trustees shall be Joseph L. Mancino, Michael P. Puorro
and R. Patrick Quinn.

                                       6
<PAGE>

          (a)  except as expressly set forth in this Declaration, any power of
               the Regular Trustees may be exercised by, or with the consent
               of, any one such Regular Trustee.

          (b)  unless otherwise determined by the Regular Trustees, and except
               as otherwise required by the Business Trust Act, any Regular
               Trustee is authorized to execute on behalf of the Trust any
               documents which the Regular Trustees have the power and
               authority to cause the Trust to execute pursuant to Section 2.6;
               and

          (c)  a Regular Trustee may, by power of attorney consistent with
               applicable law, delegate to any other natural person over the
               age of 21 his or her power for the purposes of signing any
               documents which the Regular Trustees have power and authority to
               cause the Trust to execute pursuant to Section 2.6.

SECTION 3.3. Delaware Trustee.

     The initial Delaware Trustee shall be Chase Manhattan Bank USA, National
Association.

     Notwithstanding any other provision of this Declaration, the Delaware
Trustee shall not be entitled to exercise any of the powers, nor shall the
Delaware Trustee have any of the duties and responsibilities of the Regular
Trustees described in this Declaration. The Delaware Trustee shall be a Trustee
for the sole and limited purpose of fulfilling the requirements of Section 3807
of the Business Trust Act. Notwithstanding anything herein to the contrary, the
Delaware Trustee shall not be liable for the acts or omissions to act of the
Trust or of the Regular Trustees except such acts as the Delaware Trustee is
expressly obligated or authorized to undertake under this Declaration or the
Business Trust Act and except for the gross negligence or wilful misconduct of
the Delaware Trustee. The Delaware Trustee may resign upon thirty (30) days'
prior notice to the Sponsor.

SECTION 3.4. Institutional Trustee.

     Prior to the issuance of the Preferred Securities and Common Securities,
the Sponsor shall appoint another trustee (the "Institutional Trustee") meeting
the requirements of an eligible trustee of the Trust Indenture Act of 1939, as
amended, by the execution of an amendment to this Declaration executed by the
Regular Trustees, the Sponsor, the Institutional Trustee and the Delaware
Trustee.

SECTION 3.5. Not Responsible for Recitals or Sufficiency of Declaration.

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

                                       7
<PAGE>

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

SECTION 4.1. Exculpation.

          (a)  No Indemnified Person shall be liable, responsible or
               accountable in damages or otherwise to the Trust or any Covered
               Person for any loss, damage or claim incurred by reason of any
               act or omission performed or omitted by such Indemnified Person
               in good faith on behalf of the Trust and in a manner such
               Indemnified Person reasonably believed to be within the scope of
               the authority conferred on such Indemnified Person by this
               Declaration or by law, except that an Indemnified Person shall
               be liable for any such loss, damage or claim incurred by reason
               of such Indemnified Person's negligence or wilful misconduct
               with respect to such acts or omissions; and

          (b)  An Indemnified Person shall be fully protected in relying in
               good faith upon the records of the Trust and upon such
               information, opinions, reports or statements presented to the
               Trust by any Person as to matters the Indemnified Person
               reasonably believes are within such other Person's professional
               or expert competence and who has been selected with reasonable
               care by or on behalf of the Trust, including information,
               opinions, reports or statements as to the value and amount of
               the assets, liabilities, profits, losses, or any other facts
               pertinent to the existence and amount of assets from which
               distributions to holders of Securities might properly be paid.

SECTION 4.2. Fiduciary Duty.

          (a)  To the extent that, at law or in equity, an Indemnified Person
               has duties (including fiduciary duties) and liabilities relating
               thereto to the Trust or to any other Covered Person, an
               Indemnified Person acting under this Declaration shall not be
               liable to the Trust or to any other Covered Person for its good
               faith reliance on the provisions of this Declaration. The
               provisions of this Declaration, to the extent that they restrict
               the duties and liabilities of an Indemnified Person otherwise
               existing at law or in equity, are agreed by the parties hereto
               to replace such other duties and liabilities of such Indemnified
               Person;

          (b)  Unless otherwise expressly provided herein:

               (i)     whenever a conflict of interest exists or arises between
                       Covered Persons; or

                                       8
<PAGE>

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

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

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

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

SECTION 4.3. Indemnification.

          (a)  (i)     The Sponsor shall indemnify, to the full extent
                       permitted by law, any Company Indemnified Person who was
                       or is a party or is threatened to be made a party to any
                       threatened, pending or completed action, suit or
                       proceeding, whether civil, criminal, administrative or
                       investigative (other than an action by or in the right
                       of the Trust) by reason of the fact that he is or was a
                       Company Indemnified Person against expenses (including
                       attorneys' fees), judgments, fines and amounts paid in
                       settlement actually and reasonably incurred by him in
                       connection with such action, suit or proceeding except
                       that no Company Indemnified

                                       9
<PAGE>

                       Person will be indemnified for such Company Indemnified
                       Person's own gross negligence or wilful misconduct. The
                       termination of any action, suit or proceeding by
                       judgment, order, settlement, conviction, or upon a plea
                       of nolo contendere or its equivalent, shall not, of
                       itself, create a presumption that the Company
                       Indemnified Person did not act in good faith and in a
                       manner which he reasonably believed to be in or not
                       opposed to the best interests of the Trust, and, with
                       respect to any criminal action or proceeding, had
                       reasonable cause to believe that his conduct was
                       unlawful.

               (ii)    The Sponsor shall indemnify, to the full extent
                       permitted by law, any Company Indemnified Person who was
                       or is a party or is threatened to be made a party to any
                       threatened, pending or completed action or suit by or in
                       the right of the Trust to procure a judgment in its
                       favor by reason of the fact that he is or was a Company
                       Indemnified Person against expenses (including
                       attorneys' fees) actually and reasonably incurred by him
                       in connection with the defense or settlement of such
                       action or suit except that no Company Indemnified Person
                       will be indemnified for such Company Indemnified
                       Person's own gross negligence or wilful misconduct and
                       except that no such indemnification shall be made in
                       respect of any claim, issue or matter as to which such
                       Company Indemnified Person shall have been adjudged to
                       be liable to the Trust unless and only to the extent
                       that the Court of Chancery of Delaware or the court in
                       which such action or suit was brought shall determine
                       upon application that, despite the adjudication of
                       liability but in view of all the circumstances of the
                       case, such person is fairly and reasonably entitled to
                       indemnity for such expenses which such Court of Chancery
                       or such other court shall deem proper.

               (iii)   To the extent that a Company Indemnified Person shall be
                       successful on the merits or otherwise (including
                       dismissal of an action without prejudice or the
                       settlement of an action without admission of liability)
                       in defense of any action, suit or proceeding referred to
                       in paragraphs (i) and (ii) of this Section 4.3(a), or in
                       defense of any claim, issue of matter therein, he shall
                       be indemnified, to the full extent permitted by law,
                       against expenses (including attorneys' fees) actually
                       and reasonably incurred by him in connection therewith.

                                      10
<PAGE>

               (iv)    Any indemnification under paragraphs (i) and (ii) of
                       this Section 4.3(a) (unless ordered by a court) shall be
                       made by the Sponsor only as authorized in the specific
                       case upon a determination that indemnification of the
                       Company Indemnified Person is proper in the
                       circumstances because he has met the applicable standard
                       of conduct set forth in paragraphs (i) and (ii). Such
                       determination shall be made (1) by the Regular Trustees
                       by a majority vote of a quorum consisting of such
                       Regular Trustees who were not parties to such action,
                       suit or proceeding, (2) if such a quorum is not
                       obtainable, or, even if obtainable, if a quorum of
                       disinterested Regular Trustees so directs, by
                       independent legal counsel in a written opinion, or (3)
                       by the Common Security Holder of the Trust.

               (v)     Expenses (including attorneys' fees) incurred by a
                       Company Indemnified Person in defending a civil,
                       criminal, administrative or investigative action, suit
                       or proceeding referred to in paragraphs (i) and (ii) of
                       this Section 4.3(a) shall be paid by the Sponsor in
                       advance of the final disposition of such action, suit or
                       proceeding upon receipt of an undertaking by or on
                       behalf of such Company Indemnified Person to repay such
                       amount if it shall ultimately be determined that he is
                       not entitled to be indemnified by the Sponsor as
                       authorized in this Section 4.3(a). Notwithstanding the
                       foregoing, no advance shall be made by the Debenture
                       Issuer if a determination is reasonably and promptly
                       made (i) by the Regular Trustees by a majority vote of a
                       quorum of disinterested Regular Trustees, (ii) if such a
                       quorum is not obtainable, or, even if obtainable, if a
                       quorum of disinterested Regular Trustees so directs, by
                       independent legal counsel in a written opinion or (iii)
                       the Common Security Holder of the Trust, that, based
                       upon the facts known to the Regular Trustees, counsel or
                       the Common Security Holder at the time such
                       determination is made, such Company Indemnified Person's
                       actions constituted gross negligence or wilful
                       misconduct. In no event shall any advance be made in
                       instances where the Regular Trustees, independent legal
                       counsel or Common Security Holder reasonably determine
                       that such person deliberately breached his duty to the
                       Trust or its Common or Preferred Security Holders.

               (vi)    The indemnification and advancement of expenses provided
                       by, or granted pursuant to, the other paragraphs of this
                       Section 4.3(a) shall not be deemed exclusive of any
                       other rights to which those seeking indemnification and

                                      11
<PAGE>

                       advancement of expenses may be entitled under any
                       agreement, vote of stockholders or disinterested
                       directors of the Sponsor or Preferred Security Holders
                       of the Trust or otherwise, both as to action in his
                       official capacity and as to action in another capacity
                       while holding such office. All rights to indemnification
                       under this Section 4.3(a) shall be deemed to be provided
                       by a contract between the Sponsor and each Company
                       Indemnified Person who serves in such capacity at any
                       time while this Section 4.3(a) is in effect. Any repeal
                       or modification of this Section 4.3(a) shall not affect
                       any rights or obligations then existing.

               (vii)   The Sponsor or the Trust may purchase and maintain
                       insurance on behalf of any Person who is or was a
                       Company Indemnified Person against any liability
                       asserted against him and incurred by him in any such
                       capacity, or arising out of his status as such, whether
                       or not the Debenture Issuer would have the power to
                       indemnify him against such liability under the
                       provisions of this Section 4.3(a).

               (viii)  For purposes of this Section 4.3(a), references to "the
                       Trust" shall include, in addition to the resulting or
                       surviving entity, any constituent entity (including any
                       constituent of a constituent) absorbed in a
                       consolidation or merger, so that any Person who is or
                       was a director, trustee, officer or employee of such
                       constituent entity, or is or was serving at the request
                       of such constituent entity as a director, trustee,
                       officer, employee or agent of another entity, shall
                       stand in the same position under the provisions of this
                       Section 4.3(a) with respect to the resulting or
                       surviving entity as he would have with respect to such
                       constituent entity if its separate existence had
                       continued.

               (ix)    The indemnification and advancement of expenses provided
                       by, or granted pursuant to, this Section 4.3(a) shall,
                       unless otherwise provided when authorized or ratified,
                       continue as to a person who has ceased to be a Company
                       Indemnified Person and shall inure to the benefit of the
                       heirs, executors and administrators of such a Person.

          (b)  The Sponsor agrees to indemnify (i) the Delaware Trustee, (ii)
               any Affiliate of the Delaware Trustee, and (iii) any officers,
               directors, shareholders, members, partners, employees,
               representatives, nominees, custodians or agents of the Delaware
               Trustee (each of the Persons in (i) through (iii) being referred
               to as a "Fiduciary Indemnified Person") for, and to hold each
               Fiduciary Indemnified

                                      12
<PAGE>

               Person harmless against, any loss, liability or expense incurred
               without gross negligence or wilful misconduct on its part,
               arising out of or in connection with the acceptance or
               administration of the trust or trusts hereunder, including the
               costs and expenses (including reasonable legal fees and
               expenses) of defending itself against, or investigating, any
               claim or liability in connection with the exercise or
               performance of any of its powers or duties hereunder. The
               obligation to indemnify as set forth in this Section 4.3(b)
               shall survive the termination of this Declaration.

SECTION 4.4. Outside Businesses.

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

                                   ARTICLE V
                     AMENDMENTS, TERMINATION, MISCELLANEOUS

SECTION 5.1. Amendments.

     At any time before the issue of any Securities, this Declaration may be
amended by, and only by, a written instrument executed by all of the Regular
Trustees and the Sponsor.

SECTION 5.2. Termination of Trust.

          (a)  The Trust shall terminate and be of no further force or effect:

               (i)     upon the bankruptcy of the Sponsor;

               (ii)    upon the filing of a certificate of dissolution or its
                       equivalent with respect to the Sponsor or the revocation
                       of the Sponsor's charter or of the Trust's certificate
                       of trust;

               (iii)   upon the entry of a decree of judicial dissolution of
                       the Sponsor, or the Trust; and

                                      13
<PAGE>

               (iv)    before the issue of any Securities, with the consent of
                       all of the Regular Trustees and the Sponsor; and

          (b)  As soon as is practicable after the occurrence of an event
               referred to in Section 5.2(a), the Trustees shall file a
               certificate of cancellation with the Secretary of State of the
               State of Delaware.

SECTION 5.3. Governing Law.

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

SECTION 5.4. Headings.

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

SECTION 5.5. Successors and Assigns.

     Whenever in this Declaration any of the parties hereto is named or
referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Declaration by the Sponsor
and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

SECTION 5.6. Partial Enforceability.

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

SECTION 5.7. Counterparts.

     This Declaration may contain more than one counterpart of the signature
page and this Declaration may be executed by the affixing of the signature of
each of the Trustees to one of such counterpart signature pages. All of such
counterpart signature pages shall be read as though one, and they shall have
the same force and effect as though all of the signers had signed a single
signature page.

                                      14
<PAGE>

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

                                            /s/ Joseph L. Mancino
                                            ___________________________________
                                            Name:   Joseph L. Mancino
                                            Title:  Trustee

                                            /s/ Michael P. Puorro
                                            ___________________________________
                                            Name:   Michael P. Puorro
                                            Title:  Trustee

                                            /s/ R. Patrick Quinn
                                            ___________________________________
                                            Name:   R. Patrick Quinn
                                            Title:  Trustee

                                            CHASE MANHATTAN BANK USA, NATIONAL
                                            ASSOCIATION,
                                            as Trustee

                                            By: /s/ Denis Kelly
                                                _______________________________
                                                Name:   Denis Kelly
                                                Title:  Assistant Vice President

                                            ROSLYN BANCORP, INC.,
                                            as Sponsor

                                            By: /s/ Joseph L. Mancino
                                                _______________________________
                                                Name:   Joseph L. Mancino
                                                Title:  President and Chief
                                                         Executive Officer

                                      15
<PAGE>

                                   EXHIBIT A

                              CERTIFICATE OF TRUST

                                       OF

                             ROSLYN CAPITAL TRUST I

     This Certificate of Trust of Roslyn Capital Trust I dated August 8, 2001,
is hereby duly executed and filed by the undersigned, as trustees of Roslyn
Capital Trust I, for the purpose of forming a business trust under the Delaware
Business Trust Act, 12 Del. C. Section 3801 et. seq. The undersigned hereby
certify as follows:

     1. Name. The name of the business trust formed hereby (the "Trust") is
"Roslyn Capital Trust I."

     2. Delaware Trustee. The name and business address of the trustee of the
Trust which has its principal place of business in the State of Delaware, as
required by 12 Del. C. Sec. 3807 (a), is Chase Manhattan Bank USA, National
Association, c/o JP Morgan Chase, Attention: Institutional Trust Services, 500
Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713.

     3. Effective Date. This Certificate of Trust shall be effective as of the
date of its filing.

     IN WITNESS WHEREOF, the undersigned, being the trustees of the Trust at
the time of filing of this Certificate of Trust, have executed this Certificate
of Trust as of the date first above written.

                                            ___________________________________
                                            Name:   Joseph L. Mancino
                                            Title:  Trustee

                                            ___________________________________
                                            Name:   Michael P. Puorro
                                            Title:  Trustee

                                            ___________________________________
                                            Name:   R. Patrick Quinn
                                            Title:  Trustee

                      [SIGNATURES CONTINUED ON NEXT PAGE]

                                      16
<PAGE>

                                            CHASE MANHATTAN BANK USA, NATIONAL
                                            ASSOCIATION,
                                            as Trustee

                                            By: _______________________________
                                                Name:   Denis Kelly
                                                Title:  Assistant Vice President

                                      17

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