Document:

Exhibit 4(h)(iv)

                              DECLARATION OF TRUST
                                       OF
                            ROSLYN CAPITAL TRUST IV

                                 Dated as of August 8, 2001

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                               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

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                              DECLARATION OF TRUST

                                       OF

                            ROSLYN CAPITAL TRUST IV

                                 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

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          (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.

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     "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 IV."
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.

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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;

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               (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

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               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.

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          (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.

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                                  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

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               (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

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                       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.

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               (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

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                       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

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               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 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.

                                            ___________________________________
                                            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

                                      17Exhibit 4(i)

                              AMENDED AND RESTATED

                              DECLARATION OF TRUST

                                       OF

                            ROSLYN CAPITAL TRUST [o]

                                Dated as of [o]

<PAGE>

<TABLE>
<CAPTION>
                                                  TABLE OF CONTENTS
                                                                                                                Page
                                                                                                                ----

<S>                                                                                                              <C>
 ARTICLE I INTERPRETATION AND DEFINITIONS..........................................................................1

    SECTION 1.1 DEFINITIONS........................................................................................1

 ARTICLE II TRUST INDENTURE ACT....................................................................................8

    SECTION 2.1 TRUST INDENTURE ACT; APPLICATION...................................................................8
    SECTION 2.2 LISTS OF HOLDERS OF SECURITIES.....................................................................8
    SECTION 2.3 REPORTS BY THE INSTITUTIONAL TRUSTEE...............................................................9
    SECTION 2.4 PERIODIC REPORTS TO INSTITUTIONAL TRUSTEE..........................................................9
    SECTION 2.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT..................................................10
    SECTION 2.6 EVENTS OF DEFAULT; WAIVER.........................................................................10
    SECTION 2.7 EVENT OF DEFAULT; NOTICE..........................................................................12

 ARTICLE III ORGANIZATION.........................................................................................13

    SECTION 3.1 NAME..............................................................................................13
    SECTION 3.2 OFFICE............................................................................................13
    SECTION 3.3 PURPOSES..........................................................................................13
    SECTION 3.4 AUTHORITY.........................................................................................13
    SECTION 3.5 TITLE TO PROPERTY OF THE TRUST....................................................................14
    SECTION 3.6 POWERS AND DUTIES OF THE REGULAR TRUSTEES.........................................................14
    SECTION 3.7 PROHIBITION OF ACTIONS BY THE TRUST AND THE TRUSTEES..............................................16
    SECTION 3.8 POWERS AND DUTIES OF THE INSTITUTIONAL TRUSTEE....................................................17
    SECTION 3.9 CERTAIN DUTIES AND RESPONSIBILITIES OF THE INSTITUTIONAL TRUSTEE..................................19
    SECTION 3.10 CERTAIN RIGHTS OF THE INSTITUTIONAL TRUSTEE......................................................21
    SECTION 3.11 DELAWARE TRUSTEE.................................................................................23
    SECTION 3.12 EXECUTION OF DOCUMENTS...........................................................................24
    SECTION 3.13 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES...........................................24
    SECTION 3.14 DURATION OF TRUST................................................................................24
    SECTION 3.15 MERGERS..........................................................................................24

 ARTICLE IV SPONSOR...............................................................................................26

    SECTION 4.1 SPONSOR'S PURCHASE OF COMMON SECURITIES...........................................................26
    SECTION 4.2 RESPONSIBILITIES OF THE SPONSOR...................................................................26
    SECTION 4.3 RIGHT TO PROCEED..................................................................................26
    SECTION 4.4 EXPENSES..........................................................................................27

 ARTICLE V TRUSTEES...............................................................................................27

    SECTION 5.1 NUMBER OF TRUSTEES................................................................................27
    SECTION 5.2 DELAWARE TRUSTEE..................................................................................28
    SECTION 5.3 INSTITUTIONAL TRUSTEE; ELIGIBILITY................................................................28
    SECTION 5.4 CERTAIN QUALIFICATIONS OF THE REGULAR TRUSTEES AND THE DELAWARE TRUSTEE GENERALLY.................29
    SECTION 5.5 REGULAR TRUSTEES..................................................................................29
    SECTION 5.6 APPOINTMENT, REMOVAL AND RESIGNATION OF TRUSTEES..................................................30
    SECTION 5.7 VACANCIES AMONG TRUSTEES..........................................................................31
    SECTION 5.8 EFFECT OF VACANCIES...............................................................................32
    SECTION 5.9 MEETINGS..........................................................................................32
    SECTION 5.10 DELEGATION OF POWER..............................................................................32
    SECTION 5.11 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS......................................32

 ARTICLE VI DISTRIBUTIONS.........................................................................................33

    SECTION 6.1 DISTRIBUTIONS.....................................................................................33

                                                          i
<PAGE>

 ARTICLE VII ISSUANCE OF SECURITIES...............................................................................33

    SECTION 7.1 GENERAL PROVISIONS REGARDING SECURITIES...........................................................33
    SECTION 7.2 PAYING AGENT......................................................................................35

 ARTICLE VIII DISSOLUTION OF TRUST................................................................................35

    SECTION 8.1 DISSOLUTION OF TRUST..............................................................................35

 ARTICLE IX TRANSFER OF INTERESTS.................................................................................36

    SECTION 9.1 TRANSFER OF SECURITIES............................................................................36
    SECTION 9.2 TRANSFER OF CERTIFICATES..........................................................................36
    SECTION 9.3 DEEMED SECURITY HOLDERS...........................................................................38
    SECTION 9.4 BOOK-ENTRY INTERESTS..............................................................................38
    SECTION 9.5 NOTICES TO DEPOSITORY INSTITUTION.................................................................39
    SECTION 9.6 APPOINTMENT OF SUCCESSOR DEPOSITORY INSTITUTION...................................................39
    SECTION 9.7 DEFINITIVE PREFERRED SECURITY CERTIFICATES........................................................39
    SECTION 9.8 MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES.................................................40

 ARTICLE X LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS...................................41

    SECTION 10.1 LIABILITY........................................................................................41
    SECTION 10.2 EXCULPATION......................................................................................41
    SECTION 10.3 FIDUCIARY DUTY...................................................................................42
    SECTION 10.4 INDEMNIFICATION..................................................................................42
    SECTION 10.5 OUTSIDE BUSINESSES...............................................................................45
    SECTION 10.6 COMPENSATION; FEES...............................................................................45

 ARTICLE XI ACCOUNTING............................................................................................46

    SECTION 11.1 FISCAL YEAR......................................................................................46
    SECTION 11.2 CERTAIN ACCOUNTING MATTERS.......................................................................46
    SECTION 11.3 BANKING..........................................................................................47
    SECTION 11.4 WITHHOLDING......................................................................................47

 ARTICLE XII AMENDMENTS AND MEETINGS..............................................................................47

    SECTION 12.1 AMENDMENTS.......................................................................................47
    SECTION 12.2 MEETINGS OF THE HOLDERS OF SECURITIES; ACTION BY WRITTEN CONSENT.................................49

 ARTICLE XIII REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE.......................................51

    SECTION 13.1 REPRESENTATIONS AND WARRANTIES OF INSTITUTIONAL TRUSTEE..........................................51
    SECTION 13.2 REPRESENTATIONS AND WARRANTIES OF DELAWARE TRUSTEE...............................................51

 ARTICLE XIV MISCELLANEOUS........................................................................................52

    SECTION 14.1 NOTICES..........................................................................................52
    SECTION 14.2 GOVERNING LAW....................................................................................53
    SECTION 14.3 INTENTION OF THE PARTIES.........................................................................53
    SECTION 14.4 HEADINGS.........................................................................................53
    SECTION 14.5 SUCCESSORS AND ASSIGNS...........................................................................54
    SECTION 14.6 PARTIAL ENFORCEABILITY...........................................................................54
    SECTION 14.7 COUNTERPARTS.....................................................................................54
</TABLE>

                                                         ii
<PAGE>

                            CROSS-REFERENCE TABLE*

      Section of
      Trust Indenture Act                   Section of
      of 1939, as amended                   Declaration
      -------------------                   -----------
      310(a)                                5.3(a)
      310(b)                                5.3(c)
      310(c)                                Inapplicable
      311(a) and (b)                        5.3(c)
      311(c)                                Inapplicable
      312(a)                                2.2(a)
      312(b)                                2.2(b)
      313                                   2.3
      314(a)                                2.4
      314(b)                                Inapplicable
      314(c)                                2.5
      314(d)                                Inapplicable
      314(e)                                2.5
      314(f)                                Inapplicable
      315(a)                                3.9(b)
      315(b)                                2.7(a)
      315(c)                                3.9(a)
      315(d)                                3.9(b)
      316(a) and (b)                        2.6 and Annex I (Sections 5 and 6)
      316(c)                                3.6(e)
      317(a)                                3.8(c)
      317(b)                                3.8(h)
*     This Cross-Reference Table does not constitute part of the Declaration
      and shall not affect the interpretation of any of its terms or
      provisions.

                                     iii
<PAGE>

                             AMENDED AND RESTATED
                             DECLARATION OF TRUST
                                      OF
                            ROSLYN CAPITAL TRUST o

                                      [o]

     THIS AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") is dated
and effective as of [o] 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 (or their predecessors) and the Sponsor established
Roslyn Capital Trust o (the "Trust"), a statutory business trust under the
Business Trust Act (as defined herein), pursuant to a Declaration of Trust,
dated as of [o], (the "Original Declaration"), and a Certificate of Trust
filed with the Secretary of State of the State of Delaware (the "Secretary of
State") on [o], as amended to date (the "Certificate of Trust") for the sole
purpose of issuing and selling certain Securities (as defined herein)
representing undivided beneficial interests in the assets of the Trust and
investing the proceeds thereof in certain Debentures of the Debenture Issuer
(both as defined herein); and

     WHEREAS, as of the date hereof, no Securities have been issued; and

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

     NOW, THEREFORE, it being the intention of the parties hereto to continue
the Trust as a business trust under the Business Trust Act and that this
Declaration constitutes the governing instrument of such business trust, the
Trustees declare that all assets contributed to the Trust will be held in
trust for the benefit of the Holders (as defined herein), subject to the
provisions of this Declaration.

                                  ARTICLE I
                        INTERPRETATION AND DEFINITIONS

     SECTION 1.1 Definitions.

     Unless the context otherwise requires:

     (a) capitalized terms used in this Declaration but not defined in the
preamble above 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 as modified, supplemented or amended from time to time;

                                       1
<PAGE>

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

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

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

     "Additional Interest" has the meaning set forth in Section 2(d) of Annex
I.

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

     "Agent" means any Paying Agent.

     "Authorized Officer" of a Person means any executive officer, president,
vice-president, assistant vice-president, treasurer, assistant treasurer,
secretary, assistant secretary or other officer of such Person generally
authorized to bind such Person.

     "Book-Entry Interest" means a beneficial interest in a Global
Certificate, ownership and transfers of which shall be maintained and made
through book entries by a Depository Institution as described in Section 9.4.

     "Business Day" means any day other than a Saturday or Sunday that is
neither a legal holiday nor a day on which banking institutions are authorized
or obligated by law or regulation to close in The City of New York and with
respect to Securities which will bear interest based on a specified percentage
of London interbank offered quotations, a day which is also a day on which
banks in London, England are open for business (including dealings in foreign
exchange and foreign currency deposits).

     "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.

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

     "Certificate of Trust" has the meaning set forth in the first recital
hereto.

     "Closing Date" has the meaning set forth in the Underwriting Agreement.

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

     "Commission" means the Securities and Exchange Commission.

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

                                      2
<PAGE>

     "Common Securities Guarantee" means the guarantee agreement dated as of
[o] of the Sponsor in respect of the Common Securities.

     "Common Security Certificate" means a definitive certificate in fully
registered form representing a Common Security substantially in the form of
Exhibit A-2.

     "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 officer, employee or agent of the Trust or its Affiliates.

     "Compound Interest" has the meaning set forth in Section 2(a) of Annex I.

     "Corporate Trust Office" means the office of the Institutional Trustee at
which the corporate trust business of the Institutional Trustee shall, at any
particular time, be principally administered, which office at the date of
execution of this Agreement is located at 450 West 33rd Street, New York, New
York 10001.

     "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.

     "Coupon Rate" has the meaning set forth in Section 2(a) of Annex I.

     "Creditor" has the meaning set forth in Section 4.4.

     "Debenture Issuer" means Roslyn Bancorp, Inc., a Delaware corporation, in
its capacity as issuer of the Debentures under the Indenture.

     "Debentures" means the [o] Junior Subordinated Deferrable Interest
Debentures due [o] issued by the Debenture Issuer to the Trust.

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

     "Declaration" has the meaning set forth in the preamble hereto.

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

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

     "Depository Institution" shall mean DTC, another clearing agency, or any
successor registered as a clearing agency under the Exchange Act, or other
applicable statute or regulation, which, in each case, shall be designated by
the Debenture Issuer pursuant to either Section 2.03 or 2.11 of the Indenture.

                                      3
<PAGE>

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

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

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

     "Distribution Payment Date" has the meaning set forth in Section 2(b) of
Annex I.

     "DTC" means The Depository Trust Company, the initial Depository
Institution.

     "Event of Default" in respect of the Securities means an Event of Default
under the Indenture which has occurred and is continuing in respect of the
Debentures.

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

     "Extension Period" has the meaning set forth in Section 2(b) of Annex I.

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

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

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

     "Global Certificate" has the meaning set forth in Section 9.4.

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

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

     "Indenture" means the Indenture dated as of [o], among the Debenture
Issuer and the Debt Trustee, and any indenture supplemental thereto pursuant
to which the Debentures are to be issued.

     "Institutional Trustee" means the Trustee meeting the eligibility
requirements set forth in Section 5.3.

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

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

                                      4
<PAGE>

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

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

     "Liquidation" has the meaning set forth in Section 3 of Annex I.

     "Liquidation Distribution" has the meaning set forth in Section 3 of
Annex I.

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

     "Majority in liquidation amount of Preferred Securities" means, except as
provided in the terms of the Preferred Securities set forth in Annex I hereto
or by the Trust Indenture Act, Holder(s) of outstanding Securities voting
together as a single class or, as the context may require, Holders of
outstanding Preferred Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of more than 50% of
the aggregate liquidation amount (including the stated amount that would be
paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities of the relevant class.

     "NYSE" means the New York Stock Exchange, Inc.

     "Officers' Certificate" means, with respect to any Person, a certificate
signed by two Authorized Officers of such Person. Any Officers' Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Declaration shall include:

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

          (b)  a brief statement of the nature and scope of the examination or
               investigation undertaken by each Authorized Officer in
               rendering the Officers' Certificate;

          (c)  a statement that each such Authorized Officer has made such
               examination or investigation as, in such Authorized Officer's
               opinion, is necessary to enable such Authorized Officer to
               express an informed opinion as to whether or not such covenant
               or condition has been complied with; and

          (d)  a statement as to whether, in the opinion of each such
               Authorized Officer, such condition or covenant has been
               complied with.

     "Original Declaration" has the meaning set forth in the first recital
hereto.

     "Paying Agent" has the meaning set forth in Section 7.2.

     "Payment Amount" has the meaning set forth in Section 6.1.

                                      5
<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 Guarantee Trustee" means The Chase Manhattan Bank, as trustee
under the Preferred Securities Guarantee until a successor is appointed
thereunder, and thereafter means such successor trustee.

     "Preferred Securities" has the meaning set forth in Section 7.1(a).

     "Preferred Securities Guarantee" means the guarantee agreement dated as
of [o] of the Sponsor in respect of the Preferred Securities.

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

     "Preferred Security Certificate" means a certificate representing a
Preferred Security substantially in the form of Exhibit A-1.

     "Prepayment Price" has the meaning set forth in Section 4(b) of Annex I.

     "Pro Rata" has the meaning set forth in Section 8 of Annex I.

     "Prospectus" means the prospectus included in the Shelf Registration
Statement at the time the Shelf Registration Statement was declared effective,
as amended or supplemented by any prospectus supplement and by all other
amendments, including post-effective amendments, and supplements thereto, and
all other material incorporated by reference therein.

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

     "Redemption/Distribution Notice" has the meaning set forth in Section
4(f)(i) of Annex I.

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

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

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

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

     "Resignation Request" has the meaning set forth in Section 5.6(c).

                                      6
<PAGE>

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

     "Rule 3a-5" means Rule 3a-5 under the Investment Company Act.

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

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

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

     "Shelf Registration Statement" means the registration statement (File No.
333-[o]) relating to the registration for sale of the Securities that has been
filed with the Commission, and all amendments (including post-effective
amendments) thereto, and all exhibits and material incorporated by reference
therein.

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

     "Sponsor" means Roslyn Bancorp, Inc., a Delaware corporation, or any
successor entity in a merger, consolidation or amalgamation, in its capacity
as sponsor of the Trust.

     "Stated Maturity" has the meaning set forth in Section 4(a) of Annex I.

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

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

     "Successor Institutional Trustee" has the meaning set forth in Section
5.6(b)(i).

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

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

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

     "10% in liquidation amount" means, except as provided in the terms of the
Preferred Securities set forth in Annex I hereto or by the Trust Indenture
Act, Holder(s) of outstanding Securities voting together as a single class or,
as the context may require, Holders of outstanding Preferred Securities or
Holders of outstanding Common Securities voting separately as a class, who are
the record owners of 10% or more of the aggregate in liquidation amount
(including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accrued and unpaid Distributions to the date upon which the
voting percentages are determined) of all outstanding Securities of the
relevant class.

                                      7
<PAGE>

     "Transfer Agent" has the meaning set forth in Section 9.2(e).

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

     "Trust" has the meaning set forth in the first recital hereto.

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

     "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.

     "Underwriting Agreement" means the Underwriting Agreement for the
offering and sale of Preferred Securities substantially in the form of Exhibit
C.

                                  ARTICLE II
                              TRUST INDENTURE ACT

     SECTION 2.1 Trust Indenture Act; Application.

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

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

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

     (d) The application of the Trust Indenture Act to this Declaration shall
not affect the nature of the Securities as equity securities representing
undivided beneficial interests in the assets of the Trust.

     SECTION 2.2 Lists of Holders of Securities.

     (a) Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide the Institutional Trustee (i) within 14 days after each record
date for payment of Distributions, a list, in such form as the Institutional
Trustee may reasonably require, of the names and addresses of the Holders
("List of Holders") as of such record date, provided that neither the Sponsor
nor the

                                      8
<PAGE>

Regular Trustees on behalf of the Trust shall be obligated to provide such
List of Holders at any time the List of Holders does not differ from the most
recent List of Holders given to the Institutional Trustee by the Sponsor and
the Regular Trustees on behalf of the Trust and (ii) at any other time, within
30 days of receipt by the Trust of a written request for a List of Holders as
of a date no more than 15 days before such List of Holders is given to the
Institutional Trustee. The Institutional Trustee shall preserve, in as current
a form as is reasonably practicable, all information contained in the Lists of
Holders given to it or which it receives in its capacity as Paying Agent (if
acting in such capacity), provided that the Institutional Trustee may destroy
any List of Holders previously given to it on receipt of a new List of
Holders.

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

     SECTION 2.3 Reports by the Institutional Trustee.

     (a) The Institutional Trustee shall transmit to Holders such reports
concerning the Institutional Trustee and its actions under this Indenture as
may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto. If required by Section 313(a) of the Trust
Indenture Act, the Institutional Trustee shall, within sixty days after each
May 15 following the date of this Declaration deliver to Holders a brief
report which complies with the provisions of such Section 313(a).

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

     SECTION 2.4 Periodic Reports to Institutional Trustee.

     (a) Each of the Sponsor and the Regular Trustees on behalf of the Trust
covenants and agrees to file with the Institutional Trustee, within 15 days
after the Trust is required to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Trust may be
required to file with the Commission pursuant to Section 13 or Section 15(d)
of the Exchange Act; or, if the Trust is not required to file information,
documents or reports pursuant to either of such sections, then to file with
the Institutional Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be
required pursuant to Section 13 of the Exchange Act in respect of a security
listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations.

     (b) Each of the Sponsor and the Regular Trustees on behalf of the Trust
covenants and agrees to file with the Institutional Trustee and the
Commission, in accordance with the rules and regulations prescribed from time
to time by the Commission, such additional information, documents and reports
with respect to compliance by the Trust with the conditions and covenants

                                      9
<PAGE>

provided for in this Declaration as may be required from time to time by such
rules and regulations.

     (c) Each of the Sponsor and the Regular Trustees on behalf of the Trust
covenants and agrees to transmit by mail to all Holders, as the names and
addresses of such Holders appear upon the security register, within 30 days
after the filing thereof with the Institutional Trustee, such summaries of any
information, documents and reports required to be filed by the Trust pursuant
to subsections (a) and (b) of this Section 2.4 as may be required by rules and
regulations prescribed from time to time by the Commission.

     (d) Each of the Sponsor and the Regular Trustees on behalf of the Trust
covenants and agrees to furnish to the Institutional Trustee within 120 days
of the end of each fiscal year, the compliance certificate required by Section
314(a)(4) of the Trust Indenture Act.  The compliance certificate shall be
executed by two Authorized Officers of the Sponsor, at least one of whom shall
be the chief financial or accounting officer of the sponsor.

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

     SECTION 2.5 Evidence of Compliance with Conditions Precedent.

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

     SECTION 2.6 Events of Default; Waiver.

     (a) Subject to Section 2.6(c), the Holders of a Majority in liquidation
amount of Preferred Securities may, by vote, on behalf of the Holders of all
of the Preferred Securities, waive any past Event of Default in respect of the
Preferred Securities and its consequences, provided that, if the underlying
Event of Default under the Indenture:

          (i) is not waivable under the Indenture, the Event of Default under
     the Declaration shall also not be waivable; or

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

                                      10
<PAGE>

          (iii) requires the consent or vote of each holder of Debentures to
     be waived under the Indenture, then the Event of Default under the
     Declaration may be waived only by each Holder of Preferred Securities.

     The foregoing provisions of this Section 2.6(a) shall be in lieu of
Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B)
of the Trust Indenture Act is hereby expressly excluded from this Declaration
and the Securities, as permitted by the Trust Indenture Act. Upon such waiver,
any such default shall cease to exist, and any Event of Default with respect
to the Preferred Securities arising therefrom shall be deemed to have been
cured, for every purpose of this Declaration, but no such waiver shall extend
to any subsequent or other default or an Event of Default with respect to the
Preferred Securities or impair any right consequent thereon. Any waiver by the
Holders of the Preferred Securities of an Event of Default with respect to the
Preferred Securities shall also be deemed to constitute a waiver by the
Holders of the Common Securities of any such Event of Default with respect to
the Common Securities for all purposes of this Declaration without any further
act, vote or consent of the Holders of the Common Securities.

     (b) Subject to Section 2.6(c), the Holders of a Majority in liquidation
amount of the Common Securities may, by vote, on behalf of the Holders of all
of the Common Securities, waive any past Event of Default with respect to the
Common Securities and its consequences, provided that, if the underlying Event
of Default under the Indenture:

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

          (ii) requires the consent or vote of (A) a Super Majority to be
     waived, then the Event of Default under the Declaration may be waived
     only by the vote of the Holders of at least the proportion in liquidation
     amount of the Common Securities that the relevant Super Majority
     represents of the aggregate principal amount of the Debentures
     outstanding or (B) each holder of Debentures to be waived, then the Event
     of Default under the Declaration may only be waived by each Holder of
     Preferred Securities, except where the Holders of the Common Securities
     are deemed to have waived such Event of Default under the Declaration as
     provided below in this Section 2.6(b); provided further, each Holder of
     Common Securities will be deemed to have waived any such Event of Default
     and all Events of Default with respect to the Common Securities and its
     consequences until all Events of Default with respect to the Preferred
     Securities have been cured, waived or otherwise eliminated, and until
     such Events of Default have been so cured, waived or otherwise
     eliminated, the Institutional Trustee will be deemed to be acting solely
     on behalf of the Holders of the Preferred Securities and only the Holders
     of the Preferred Securities will have the right to direct the
     Institutional Trustee in accordance with the terms of the Securities set
     forth in Annex I hereto. If any Event of Default with respect to the
     Preferred Securities is waived by the Holders of Preferred Securities as
     provided in this Declaration, the Holders of Common Securities agree that
     such waiver shall also constitute the waiver of such Event of Default
     with respect to the Common

                                      11
<PAGE>

     Securities for all purposes under this Declaration without any further
     act, vote or consent of the Holders of the Common Securities. Subject to
     the foregoing provisions of this Section 2.6(b), upon such waiver, any
     such default shall cease to exist and any Event of Default with respect
     to the Common Securities arising therefrom shall be deemed to have been
     cured for every purpose of this Declaration, but no such waiver shall
     extend to any subsequent or other default or Event of Default with
     respect to the Common Securities or impair any right consequent thereon.
     The foregoing provisions of this Section 2.6(b) shall be in lieu of
     Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and
     such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act
     are hereby expressly excluded from this Declaration and the Securities,
     as permitted by the Trust Indenture Act. Subject to the foregoing
     provisions of this Section 2.6(b), upon such waiver, any such default
     shall cease to exist and any Event of Default with respect to the Common
     Securities arising therefrom shall be deemed to have been cured for every
     purpose of this Declaration, but no such waiver shall extend to any
     subsequent or other default or Event of Default with respect to the
     Common Securities or impair any right consequent thereon.

     (c) The right of any Holder to receive payment of Distributions in
accordance with this Declaration and the terms of the Securities set forth in
Annex I on or after the respective payment dates therefor, or to institute
suit for the enforcement of any such payment on or after such payment dates,
shall not be impaired without the consent of each such Holder.

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

     SECTION 2.7 Event of Default; Notice.

     (a) The Institutional Trustee shall, within 90 days after the occurrence
of an Event of Default, transmit by mail, first class postage prepaid, to the
Holders, notice of all defaults with respect to the Securities actually known
to a Responsible Officer, unless such defaults have been cured before the
giving of such notice (the term "defaults" for the purposes of this Section
2.7(a) being hereby defined to be an Event of Default as defined in the
Indenture, not including any periods of grace provided for therein and
irrespective of the giving of any notice provided therein); provided that,
except for a default in the payment of principal of, premium, if any, or
interest on any of the Debentures or in the payment of any sinking fund
installment established for the Debentures, the Institutional Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer
in good faith determines that the withholding of such notice is in the
interests of the Holders; and provided further, that in the case of any
default of the character specified in Section 5.01(c) of the Indenture, no
such notice to Holders shall be given until at least 60 days after the
occurrence thereof but shall be given within 90 days after such occurrence.

                                      12
<PAGE>

     (b) The Institutional Trustee shall not be deemed to have knowledge of
any default except:

          (i) a default under Sections 5.01(a) or (b) of the Indenture; or

          (ii) any default as to which the Institutional Trustee shall have
     received written notice or of which a Responsible Officer charged with
     the administration of the Declaration shall have actual knowledge.

                                 ARTICLE III
                                 ORGANIZATION

     SECTION 3.1 Name.

     The Trust continued by this Declaration is named "Roslyn Capital Trust
[o]," as such name may be modified from time to time by the Regular Trustees
following written notice to the Holders. The Trust's activities may be
conducted under the name of the Trust or any other name deemed advisable by
the Regular Trustees.

     SECTION 3.2 Office.

     The address of the principal office of the Trust is c/o Roslyn Bancorp,
Inc., One Jericho Plaza, Jericho, New York 11753-8905. Upon ten (10) Business
Days' written notice to the Holders of Securities, the Regular Trustees may
designate another principal office.

     SECTION 3.3 Purposes.

     The exclusive purposes and functions of the Trust are (i) to issue (a)
its Preferred Securities pursuant to the Underwriting Agreement in exchange
for cash and (b) its Common Securities to the Sponsor in exchange for cash,
and to use the aggregate proceeds of the sale of the Securities to purchase
the Debentures, (ii) to enter into such agreements and arrangements as may be
necessary in connection with the issuance and sale of the Securities and to
take all actions, and exercise such discretion, as may be necessary or
desirable in connection with the issuance and sale of the Securities and to
file such registration statements or make such other filings under the
Securities Act, the Exchange Act or State securities or "Blue Sky" laws as may
be necessary or desirable in connection with the offer and the issuance and
sale of the Securities, and (iii) except as otherwise limited herein, to
engage in only those other activities necessary or incidental thereto. As more
specifically provided in Section 3.7, 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.

     SECTION 3.4 Authority.

     Subject to the limitations provided in this Declaration and to the
specific duties of the Institutional Trustee, the Regular Trustees shall have
exclusive and complete authority to carry out the purposes of the Trust. Any
action taken by the Regular Trustees in accordance with their

                                      13
<PAGE>

powers shall constitute the act of and serve to bind the Trust and any action
taken by the Institutional Trustee on behalf of the Trust in accordance with
its powers shall constitute the act of and serve to bind the Trust. In dealing
with the Trustees acting on behalf of the Trust, no person shall be required to
inquire into the authority of the Trustees to bind the Trust. Persons dealing
with the Trust are entitled to rely conclusively on the power and authority of
the Trustees as set forth in this Declaration.

     SECTION 3.5 Title to Property of the Trust.

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

     SECTION 3.6 Powers and Duties of the Regular Trustees.

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

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

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

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

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

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

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

                                      14
<PAGE>

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

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

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

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

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

     (f) to take all actions and perform such duties as may be required of the
Regular Trustees pursuant to the terms of the Securities set forth in Annex I
hereto;

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

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

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

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

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

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

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

                                      15
<PAGE>

     (n) 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;

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

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

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

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

          (iii) cooperating with the Debenture Issuer to ensure that the
     Debentures will be treated as indebtedness of the Debenture Issuer for
     United States federal income tax purposes,

provided that such actions do not adversely affect the interests of Holders; and

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

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

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

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

     The Regular Trustees shall take all actions on behalf of the Trust that
are not specifically required by this Declaration to be taken by any other
Trustee.

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

     (a) The Trust shall not, and the Trustees (including the Institutional
Trustee) shall cause the Trust not to, engage in any activity other than in
connection with the purposes of the Trust or

                                      16
<PAGE>

other than as required or authorized by this Declaration. In particular, the
Trust shall not, and the Trustees (including the Institutional Trustee) shall
cause the Trust not to:

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

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

          (iii) possess Trust property for other than a Trust purpose;

          (iv) make any investments, other than investments represented by the
     Debentures;

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

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

          (vii) incur any indebtedness for borrowed money; or

          (viii) other than as provided in this Declaration or Annex I hereto,
     (A) direct the time, method and place of exercising any trust or power
     conferred upon the Debt Trustee with respect to the Debentures, (B) waive
     any past default that is waivable under the Indenture, (C) exercise any
     right to rescind or annul any declaration that the principal of all the
     Debentures held in the Trust shall be due and payable, or (D) consent to
     any amendment, modification or termination of the Indenture or the
     Debentures if such action would cause the Trust to be classified for
     United States federal income tax purposes as other than a grantor trust
     or would cause the Trust to be deemed an Investment Company required to
     be registered under the Investment Company Act.

     SECTION 3.8 Powers and Duties of the Institutional Trustee.

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

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

     (c) The Institutional Trustee shall:

                                      17
<PAGE>

          (i) establish and maintain a segregated non-interest bearing trust
     account (the "Institutional Trustee Account") in the name of and under
     the exclusive control of the Institutional Trustee on behalf of the
     Holders and, upon the receipt of payments of funds made in respect of the
     Debentures held by the Institutional Trustee, deposit such funds into the
     Institutional Trustee Account and make payments to the Holders from the
     Institutional Trustee Account in accordance with Section 6.1. Funds in
     the Institutional Trustee Account shall be held uninvested until
     disbursed in accordance with this Declaration;

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

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

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

     (e) The Institutional Trustee shall take any Legal Action which arises
out of or in connection with (i) an Event of Default of which a Responsible
Officer has actual knowledge or (ii) the Institutional Trustee's duties and
obligations under this Declaration or the Trust Indenture Act. If the
Institutional Trustee fails to enforce its rights under the Debentures after a
Holder of Preferred Securities has made a written request, such Holder may
institute a legal proceeding against the Debenture Issuer to enforce the
Institutional Trustee's rights under the Debentures without first instituting
any legal proceeding against the Institutional Trustee or any other Person.
Notwithstanding the foregoing, if an Event of Default has occurred and is
continuing and such event is attributable to the failure of the Debenture
Issuer to pay interest or principal on the Debentures on the date such
interest or principal is otherwise payable (or in the case of redemption, on
the redemption date), then a Holder of Preferred Securities may directly
institute a proceeding for enforcement of payment to such Holder of the
principal of, or interest on, the Debentures having a principal amount equal
to the aggregate liquidation amount of the Preferred Securities of such Holder
(a "Direct Action") on or after the respective due date specified in the
Debentures. Notwithstanding any payments made to such Holder of Preferred
Securities by the Debenture Issuer in connection with a Direct Action, the
Debenture Issuer shall remain obligated to pay the principal of or interest on
the Debentures held by the Trust or the Institutional Trustee of the Trust,
and the Debenture Issuer shall be subrogated to the rights of the Holder of
such Preferred Securities with respect to payments on the Preferred
Securities. Except as provided in the preceding sentences and in the Preferred
Securities Guarantee, the Holders of Preferred Securities will not be able to
exercise directly any other remedy available to the holders of the Debentures.

     (f) The Institutional Trustee shall not resign as a Trustee unless either:

                                      18
<PAGE>

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

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

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

     (h) The Institutional Trustee may authorize one or more Persons (each, a
"Paying Agent") to pay Distributions, redemption payments or liquidation
payments on behalf of the Trust with respect to all securities and any such
Paying Agent shall comply with Section 317(b) of the Trust Indenture Act. Any
Paying Agent may be removed by the Institutional Trustee at any time and a
successor Paying Agent or additional Paying Agents may be appointed at any
time by the Institutional Trustee, in each case without prior notice to the
Holders. The Paying Agent may perform such functions whenever the
Institutional Trustee may do so. Each reference in this Declaration to payment
to the Holders by the Institutional Trustee includes such payment by a Paying
Agent. A Paying Agent has the same rights as the Institutional Trustee to deal
with the Sponsor or an Affiliate, and itself may be the Trust, an Affiliate of
the Trust or a Related Party of the Sponsor. The Institutional Trustee is
hereby appointed to initially act as Paying Agent for the Securities.

     (i) The Institutional Trustee shall give prompt written notice to the
Holders of the Securities of any notice received by it from the Debenture
Issuer of the Debenture Issuer's election to defer payments of interest on the
Debentures by extending the interest payment period with respect thereto.

     (j) The Institutional Trustee shall notify all Holders of the Preferred
Securities of any notice of default received from the Debt Trustee with
respect to the Debentures. Such notice shall state that such event of default
under the Indenture also constitutes an Event of Default hereunder.

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

     The Institutional Trustee shall exercise the powers set forth in this
Section 3.8 and in Sections 3.9 and 3.10 in a manner that is consistent with
the purposes and functions of the Trust set out in Section 3.3, and the
Institutional Trustee shall not take any action that is inconsistent with the
purposes and functions of the Trust set out in Section 3.3.

     SECTION 3.9 Certain Duties and Responsibilities of the Institutional
Trustee.

     (a) The Institutional Trustee, before the occurrence of any Event of
Default and after the curing of all Events of Default that may have occurred,
shall undertake to perform only such

                                      19
<PAGE>

duties as are specifically set forth in this Declaration and no implied
covenants shall be read into this Declaration against the Institutional
Trustee. In case an Event of Default has occurred (that has not been cured or
waived pursuant to Section 2.6) of which a Responsible Officer has actual
knowledge, the Institutional Trustee shall exercise such of the rights and
powers vested in it by this Declaration, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

     (b) No provision of this Declaration shall be construed to relieve the
Institutional Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that:

          (i) prior to the occurrence of an Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

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

               (B) in the absence of bad faith on the part of the
          Institutional Trustee, the Institutional Trustee may conclusively
          rely, as to the truth of the statements and the correctness of the
          opinions expressed therein, upon any certificates or opinions
          furnished to the Institutional Trustee and conforming to the
          requirements of this Declaration; but in the case of any such
          certificates or opinions that by any provision hereof are
          specifically required to be furnished to the Institutional Trustee,
          the Institutional Trustee shall be under a duty to examine the same
          to determine whether or not they conform to the requirements of this
          Declaration;

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

          (iii) the Institutional Trustee shall not be liable with respect to
     any action taken or omitted to be taken by it in good faith in accordance
     with the direction of the Holders of not less than a Majority in
     liquidation amount of the Securities relating to the time, method and
     place of conducting any proceeding for any remedy available to the
     Institutional Trustee, or exercising any trust or power conferred upon
     the Institutional Trustee under this Declaration;

          (iv) no provision of this Declaration shall require the
     Institutional Trustee to expend or risk its own funds or otherwise incur
     personal financial liability in the performance of any of its duties or
     in the exercise of any of its rights or powers, if it shall have
     reasonable grounds for believing that the repayment of such funds or
     liability is not

                                      20
<PAGE>

     reasonably assured to it under the terms of this Declaration or adequate
     indemnity against such risk is not reasonably assured to it;

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

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

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

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

          (ix) without prejudice to any other rights available to the
     Institutional Trustee under applicable law, when the Institutional
     Trustee incurs expenses or renders services in connection with a
     bankruptcy event involving any obligor on the Securities or the
     Debentures, such expenses (including the fees and expenses of its
     counsel) and the compensation for such services are intended to
     constitute expenses of administration under any bankruptcy law or law
     relating to creditors rights generally; and

          (x) any action taken hereunder by the Institutional Trustee or its
     agents shall bind the Trust and the Holders of the Securities, and the
     signature of the Institutional Trustee or its agents alone shall be
     sufficient and effective to perform any such action and no third party
     shall be required to inquire as to the authority of the Institutional
     Trustee to act or as its compliance with any of the terms and provisions
     of this Declaration, both of which shall be conclusively evidenced by the
     Institutional Trustee's or its agent's taking such action.

     SECTION 3.10 Certain Rights of the Institutional Trustee.

     (a) Subject to the provisions of Section 3.9:

          (i) the Institutional Trustee may conclusively rely and shall be
     protected in acting or refraining from acting upon any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     consent, order, bond, debenture or other paper or

                                      21
<PAGE>

     document believed by it to be genuine and to have been signed, sent or
     presented by the proper party or parties;

          (ii) any direction or act of the Sponsor or the Regular Trustees
     contemplated by this Declaration shall be sufficiently evidenced by an
     Officers' Certificate;

          (iii) whenever in the administration of this Declaration, the
     Institutional Trustee shall deem it desirable that a matter be proved or
     established before taking, suffering or omitting any action hereunder,
     the Institutional Trustee (unless other evidence is herein specifically
     prescribed) may, in the absence of bad faith on its part, request and
     conclusively rely upon an Officers' Certificate which, upon receipt of
     such request, shall be promptly delivered by the Sponsor or the Regular
     Trustees;

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

          (v) the Institutional Trustee may consult with counsel or other
     experts of its selection and the advice or opinion of such counsel and
     experts with respect to legal matters or advice within the scope of such
     experts' area of expertise shall be full and complete authorization and
     protection in respect of any action taken, suffered or omitted by it
     hereunder in good faith and in accordance with such advice or opinion,
     which counsel may be counsel to the Sponsor or any of its Affiliates, and
     may include any of its employees. The Institutional Trustee shall have
     the right at any time to seek instructions concerning the administration
     of this Declaration from any court of competent jurisdiction;

          (vi) the Institutional Trustee shall be under no obligation to
     exercise any of the rights or powers vested in it by this Declaration at
     the request, order or direction of any Holder, unless such Holder shall
     have provided to the Institutional Trustee security and indemnity
     satisfactory to the Institutional Trustee against the costs, expenses
     (including attorneys' fees and expenses and the expenses of the
     Institutional Trustee's agents, nominees or custodians) and liabilities
     that might be incurred by it in complying with such request or direction,
     including such reasonable advances as may be requested by the
     Institutional Trustee; provided that, nothing contained in this Section
     3.10(a)(vi) shall be taken to relieve the Institutional Trustee, upon the
     occurrence of an Event of Default, of its obligation to exercise the
     rights and powers vested in it by this Declaration;

          (vii) the Institutional Trustee shall not be bound to make any
     investigation into the facts or matters stated in any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     consent, order, approval, bond, debenture, coupon or other paper or
     document, but the Institutional Trustee, in its discretion, may make such
     further inquiry or investigation into such facts or matters as it may see
     fit;

          (viii) the Institutional Trustee may execute any of the trusts or
     powers hereunder or perform any duties hereunder either directly or by or
     through agents, custodians,

                                      22
<PAGE>

     nominees or attorneys and the Institutional Trustee shall not be
     responsible for any misconduct or negligence on the part of any agent or
     attorney appointed with due care by it hereunder;

          (ix) any action taken by the Institutional Trustee or its agents
     hereunder shall bind the Trust and the Holders; and the signature of the
     Institutional Trustee or its agents alone shall be sufficient and
     effective to perform any such action and no third party shall be required
     to inquire as to the authority of the Institutional Trustee to so act or
     as to its compliance with any of the terms and provisions of this
     Declaration, both of which shall be conclusively evidenced by the
     Institutional Trustee's or its agent's taking such action;

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

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

          (xii) the Institutional Trustee may request that the Trust deliver
     an Officers' Certificate setting forth the names of individuals and/or
     titles of officers authorized at such time to take specified actions
     pursuant to this Declaration, which Officers' Certificate may be signed
     by any person authorized to sign an Officers' Certificate, including any
     person specified as so authorized in any such certificate previously
     delivered and not superseded.

     (b) No provision of this Declaration shall be deemed to impose any duty
or obligation on the Institutional Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it, in
any jurisdiction in which it shall be illegal, or in which the Institutional
Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Institutional
Trustee shall be construed to be a duty.

     SECTION 3.11 Delaware Trustee.

     Notwithstanding any other provision of this Declaration other than
Section 5.2, the Delaware Trustee shall not be entitled to exercise any
powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Regular Trustees or the Institutional Trustee
described in this Declaration. Except as set forth in Section 5.2, the
Delaware Trustee shall be a

                                      23
<PAGE>

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 for 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
willful misconduct of the Delaware Trustee.

     SECTION 3.12 Execution of Documents.

     Except as otherwise required by the Business Trust Act or applicable law,
any one of the Regular Trustees is authorized to execute on behalf of the
Trust any documents which the Regular Trustees have the power and authority to
execute pursuant to Section 3.6.

     SECTION 3.13 Not Responsible for Recitals or Issuance of Securities.

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

     SECTION 3.14 Duration of Trust.

     The Trust, unless dissolved pursuant to the provisions of Article VIII
hereof, shall dissolve on o, 2056.

     SECTION 3.15 Mergers.

     (a) The Trust may not consolidate, amalgamate, merge with or into, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other body, except as
described in Section 3.15(b) and (c) and Section 8.1 hereof or Section 4
of Annex I hereto.

     (b) The Trust may, with the consent of the Regular Trustees or, if there
are more than two, a majority of the Regular Trustees, and without the consent
of the Holders, the Institutional Trustee or the Delaware Trustee,
consolidate, amalgamate, merge with or into, or be replaced by a trust
organized as such under the laws of any State of the United States; provided
that:

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

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

               (B) substitutes for the Preferred Securities other securities
          having substantially the same terms as the Preferred Securities (the
          "Successor Securities") so long as the Successor Securities rank the
          same as the Preferred

                                      24
<PAGE>

          Securities rank with respect to Distributions and payments upon
          liquidation, redemption and otherwise;

          (ii) the Debenture Issuer expressly acknowledges a trustee of the
     Successor Entity that possesses the same powers and duties as the
     Institutional Trustee as the holder of the Debentures;

          (iii) the Preferred Securities or any Successor Securities are
     listed, or any Successor Securities will be listed upon notification of
     issuance, on any national securities exchange or with another
     organization on which the Preferred Securities are then listed or quoted;

          (iv) such merger, consolidation, amalgamation or replacement does
     not cause the Preferred Securities (including any Successor Securities)
     to be downgraded by any nationally recognized statistical rating
     organization;

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

          (vi) such Successor Entity has a purpose substantially identical to
     that of the Trust;

          (vii) prior to such merger, consolidation, amalgamation or
     replacement, the Debenture Issuer has received an opinion of a nationally
     recognized independent counsel to the Trust experienced in such matters
     to the effect that:

               (A) such merger, consolidation, amalgamation or replacement
          does not adversely affect the rights, preferences and privileges of
          the Holders (including any Successor Securities) in any material
          respect (other than with respect to any dilution of the Holders'
          interest in the Successor Entity);

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

               (C) following such merger, consolidation, amalgamation or
          replacement, the Trust (or the Successor Entity) will be treated as
          a grantor trust for United States federal income tax purposes; and

          (viii) the Sponsor guarantees the obligations of such Successor
     Entity under the Successor Securities at least to the extent provided by
     the Preferred Securities Guarantee and the Common Securities Guarantee.

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

                                      25
<PAGE>

into, or be replaced by any other entity or permit any other entity to
consolidate, amalgamate, merge with or into, or replace it, if such
consolidation, amalgamation, merger or replacement would cause the Trust or
Successor Entity to be classified as other than a grantor trust for United
States federal income tax purposes.

                                  ARTICLE IV
                                    SPONSOR

     SECTION 4.1 Sponsor's Purchase of Common Securities.

     On the Closing Date the Sponsor will purchase all of the Common
Securities issued by the Trust, in an amount at least equal to $o of the total
capital of the Trust, at the same time as the Preferred Securities are issued
pursuant to the Underwriting Agreement.

     SECTION 4.2 Responsibilities of the Sponsor.

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

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

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

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

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

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

     SECTION 4.3 Right to Proceed.

     The Sponsor acknowledges the rights of the Holders to institute a Direct
Action as set forth in Section 3.8(e) hereto.

                                      26
<PAGE>

     SECTION 4.4 Expenses.

     In connection with the offering, sale and issuance of the Debentures to
the Institutional Trustee and in connection with the sale of the Securities by
the Trust, the Debenture Issuer, in its capacity as borrower with respect to
the Debentures, shall:

     (a) pay all costs and expenses relating to the offering, sale and
issuance of the Debentures, including commissions to the underwriters payable
pursuant to the Underwriting Agreement and compensation, reimbursement and
indemnification of the Trustee under the Indenture in accordance with the
provisions of Section 6.06 of the Indenture;

     (b) be responsible for and shall pay all debts and obligations (other
than with respect to the Securities) and all costs and expenses of the Trust
(including, but not limited to, costs and expenses relating to the
organization, maintenance and dissolution of the Trust, the offering, sale and
issuance of the Securities (including commissions to the underwriters in
connection therewith), the fees and expenses (including reasonable counsel
fees and expenses) of the Institutional Trustee, the Delaware Trustee and the
Regular Trustees (including any amounts payable under Article X of this
Declaration), the costs and expenses relating to the operation of the Trust,
including without limitation, costs and expenses of accountants, attorneys,
statistical or bookkeeping services, expenses for printing and engraving and
computing or accounting equipment, paying agent(s), registrar(s), transfer
agent(s), duplicating, travel and telephone and other telecommunications
expenses and costs and expenses incurred in connection with the acquisition,
financing and disposition of Trust assets and the enforcement by the
Institutional Trustee of the rights of the Holders of the Preferred
Securities);

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

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

     The Debenture Issuer's obligations under this Section 4.4 shall be for
the benefit of, and shall be enforceable by, any Person to whom such debts,
obligations, costs, expenses and taxes are owed (a "Creditor") whether or not
such Creditor has received notice hereof. Any such Creditor may enforce the
Debenture Issuer's obligations under this Section 4.4 directly against the
Debenture Issuer and the Debenture Issuer irrevocably waives any right of
remedy to require that any such Creditor take any action against the Trust or
any other Person before proceeding against the Debenture Issuer. The Debenture
Issuer agrees to execute such additional agreements as may be necessary or
desirable in order to give full effect to the provisions of this Section 4.4.

                                  ARTICLE V
                                   TRUSTEES

     SECTION 5.1 Number of Trustees.

     (a) The number of Trustees initially shall be five. At any time before
the issuance of any Securities, the Sponsor may, by written instrument,
increase or decrease the number of Trustees.

                                      27
<PAGE>

After the issuance of any Securities, the number of Trustees may be increased
or decreased by vote of the Holders of a majority in liquidation amount of the
Common Securities voting as a class at a meeting of the Holders of the Common
Securities; provided, however, that, the number of Trustees shall in no event
be less than two; and provided further that (i) 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"); (ii) there
shall be at least one Trustee who is an employee or officer of, or is
affiliated with the Sponsor (a "Regular Trustee"); and (iii) one Trustee shall
be the Institutional Trustee for so long as this Declaration is required to
qualify as an indenture under the Trust Indenture Act, and such Trustee may
also serve as Delaware Trustee if it meets the applicable requirements.

     (b) Any action taken by Holders of Common Securities pursuant to this
Article V shall be taken at a meeting of Holders of Common Securities convened
for such purpose or by written consent of such Holders.

     (c) Except as otherwise provided herein, no amendment may be made to this
Section 5.1 which would change any rights with respect to the number,
existence or appointment and removal of Trustees, except with the consent of
each Holder of Common Securities.

     SECTION 5.2 Delaware Trustee.

     If required by the Business Trust Act, one Trustee (the "Delaware
Trustee") shall be:

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

     (b) if not a natural person, an entity which has its principal place of
business in the State of Delaware, and otherwise meets the requirements of
applicable law, provided that, if the Institutional Trustee has its principal
place of business in the State of Delaware and otherwise meets the
requirements of applicable law, then the Institutional Trustee shall also be
the Delaware Trustee and Section 3.11 shall have no application.

     The initial Delaware Trustee shall be Chase Manhattan Bank USA, National
Association, an affiliate of the Institutional Trustee, until removed or
replaced in accordance with Section 5.6.

     SECTION 5.3 Institutional Trustee; Eligibility.

     (a) There shall at all times be one Trustee which shall act as
Institutional Trustee which shall:

          (i) not be an Affiliate of the Sponsor; and

          (ii) be a corporation organized and doing business under the laws of
     the United States of America or any State or Territory thereof or of the
     District of Columbia, or a corporation or Person permitted by the
     Commission to act as an institutional trustee under the Trust Indenture
     Act, authorized under such laws to exercise corporate trust powers,
     having a combined capital and surplus of at least $50,000,000 (US), and
     subject

                                      28
<PAGE>

     to supervision or examination by federal, State, Territorial or District
     of Columbia authority. If such corporation publishes reports of
     condition at least annually, pursuant to law or to the requirements of
     the supervising or examining authority referred to above, then for the
     purposes of this Section 5.3(a)(ii), the combined capital and surplus of
     such corporation shall be deemed to be its combined capital and surplus
     as set forth in its most recent report of condition so published.

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

     (c) If the Institutional Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act or
becomes a creditor of the Sponsor during the time periods specified in Section
311 of the Trust Indenture Act, the Institutional Trustee and the Holder of
the Common Securities (as if it were the obligor referred to in Section 310(b)
of the Trust Indenture Act) shall in all respects comply with the provisions
of Section 310(b) and 311 of the Trust Indenture Act, as applicable.

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

     (e) The initial Institutional Trustee shall be The Chase Manhattan Bank
until removed or replaced in accordance with Section 5.6.

     SECTION 5.4 Certain Qualifications of the Regular Trustees and the
Delaware Trustee Generally.

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

     SECTION 5.5 Regular Trustees.

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

     (a) Except as expressly set forth in this Declaration and except if a
meeting of the Regular Trustees is called with respect to any matter over
which the Regular Trustees have power to act, 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 or applicable law, any one of the
Regular Trustees is authorized to execute on behalf of the Trust any documents
which the Regular Trustees have the power and authority to execute pursuant to
Section 3.6.

                                      29
<PAGE>

     (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
3.6.

     SECTION 5.6 Appointment, Removal and Resignation of Trustees.

     (a) Subject to Section 5.6(b), Trustees may be appointed or removed
without cause at any time:

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

          (ii) unless an Event of Default shall have occurred and be
     continuing after the issuance of any Securities, by vote of the Holders
     of a Majority in liquidation amount of the Common Securities voting as a
     class at a meeting of the Holders of the Common Securities; and

          (iii) if an Event of Default shall have occurred and be continuing,
     with respect to:

               (A) the Regular Trustees, by the vote of the Holders of a
          Majority in liquidation amount of the Common Securities voting as a
          class at a meeting of the Holders of the Common Securities; and

               (B) the Institutional Trustee and the Delaware Trustee, by the
          vote of the Holders of a Majority in liquidation amount of the
          Preferred Securities voting as a class at a meeting of the Holders
          of the Preferred Securities.

     (b) The Trustee that acts as

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

          (ii) Delaware Trustee shall not be removed in accordance with
     Section 5.6(a) until a successor Trustee possessing the qualifications to
     act as Delaware Trustee under Sections 5.2 and 5.4 (a "Successor Delaware
     Trustee") has been appointed and has accepted such appointment by written
     instrument executed by such Successor Delaware Trustee and delivered to
     the Regular Trustees, the Sponsor and the Delaware Trustee being removed.

     (c) A Trustee appointed to office shall hold office until its successor
shall have been appointed or until its death, dissolution, termination, removal
or resignation. Any Trustee may

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resign from office (without need for prior or subsequent accounting) by an
instrument (a "Resignation Request") in writing signed by the Trustee and
delivered to the Sponsor and the Trust, which resignation shall take effect
upon such delivery or upon such later date as is specified therein; provided,
however, that:

          (i) no such resignation of the Trustee that acts as the
     Institutional Trustee shall be effective:

               (A) until a Successor Institutional Trustee has been appointed
          and has accepted such appointment by instrument executed by such
          Successor Institutional Trustee and delivered to the Trust, the
          Sponsor and the resigning Institutional Trustee; or

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

          (ii) no such resignation of the Trustee that acts as the Delaware
     Trustee shall be effective until a Successor Delaware Trustee has been
     appointed and has accepted such appointment by instrument executed by
     such Successor Delaware Trustee and delivered to the Trust, the Sponsor
     and the resigning Delaware Trustee.

     (d) The Holders of the Common Securities shall use their best efforts to
promptly appoint a Successor Institutional Trustee or Successor Delaware
Trustee as the case may be if the Institutional Trustee or the Delaware
Trustee delivers a Resignation Request in accordance with this Section 5.6.

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

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

     SECTION 5.7 Vacancies among Trustees.

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

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<PAGE>

     SECTION 5.8 Effect of Vacancies.

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

     SECTION 5.9 Meetings.

     If there is more than one Regular Trustee, meetings of the Regular
Trustees shall be held from time to time upon the call of any Regular Trustee.
Regular meetings of the Regular Trustees may be held at a time and place fixed
by resolution of the Regular Trustees. Notice of any in-person meetings of the
Regular Trustees shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than
48 hours before such meeting. Notice of any telephonic meetings of the Regular
Trustees or any committee thereof shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight
courier) not less than 24 hours before a meeting. Notices shall contain a
brief statement of the time, place and anticipated purposes of the meeting.
The presence (whether in person or by telephone) of a Regular Trustee at a
meeting shall constitute a waiver of notice of such meeting except where a
Regular Trustee attends a meeting for the express purpose of objecting to the
transaction of any activity on the ground that the meeting has not been
lawfully called or convened. Unless provided otherwise in this Declaration,
any action of the Regular Trustees may be taken at a meeting by vote of a
majority of the Regular Trustees present (whether in person or by telephone)
and eligible to vote with respect to such matter, provided that a Quorum is
present, or without a meeting by the unanimous written consent of the Regular
Trustees. In the event there is only one Regular Trustee, any and all action
of such Regular Trustee shall be evidenced by a written consent of such
Regular Trustee.

     SECTION 5.10 Delegation of Power.

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

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

     Any Person into which the Institutional Trustee or the Delaware Trustee,
as the case may be, may be merged or converted or with which either may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Institutional Trustee or the Delaware Trustee, as
the case may be, shall be a party, or any Person succeeding to all or

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<PAGE>

substantially all the corporate trust business of the Institutional Trustee or
the Delaware Trustee, as the case may be, shall be the successor of the
Institutional Trustee or the Delaware Trustee, as the case may be, 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.

                                  ARTICLE VI
                                 DISTRIBUTIONS

     SECTION 6.1 Distributions.

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

                                 ARTICLE VII
                            ISSUANCE OF SECURITIES

     SECTION 7.1 General Provisions Regarding Securities.

     (a) The Regular Trustees shall on behalf of the Trust issue one class of
preferred securities (the "Preferred Securities"), representing undivided
beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I (which terms are incorporated by reference in, and made a
part of, this Declaration as if specifically set forth herein) and one class
of common securities (the "Common Securities"), representing undivided
beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I (which terms are incorporated by reference in, and made a
part of, this Declaration as if specifically set forth herein). The Trust
shall issue no securities or other interests in the assets of the Trust other
than the Preferred Securities and the Common Securities.

     (b) The Certificates shall be signed on behalf of the Trust by any
Regular Trustee. Such signature shall be the manual or facsimile signature of
any present or any future Regular Trustees. Typographical and other minor
errors or defects in any such reproduction of any such signature shall not
affect the validity of any Security. In case any Regular Trustee of the Trust
who shall have signed any of the Securities shall cease to be such Regular
Trustee before the Certificates so signed shall be delivered by the Trust,
such Certificates nevertheless may be delivered as though the person who
signed such Certificates had not ceased to be such Regular Trustee; and any
Certificate may be signed on behalf of the Trust by such persons who, at the
actual date of execution of such Security, shall be the Regular Trustees of
the Trust, although at the date of the execution and delivery of the
Declaration any such person was not such a Regular Trustee. Certificates shall
be printed, lithographed or engraved or may be produced in any other manner as
is reasonably acceptable to the Regular Trustees, as evidenced by their
execution

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<PAGE>

thereof, and may have such letters, numbers or other marks of identification
or designation and such legends or endorsements as the Regular Trustees may
deem appropriate, or as may be required to comply with any law or with any
rule or regulation of any stock exchange on which Securities may be listed, or
to conform to usage. Pending the preparation of definitive Preferred
Securities, the Regular Trustees on behalf of the Trust may execute and, upon
written order of any Regular Trustee, the Institutional Trustee shall
authenticate, temporary Preferred Securities (printed, lithographed or
typewritten), substantially in the form of the definitive Preferred Securities
in lieu of which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Preferred Securities all as may
be determined by the Regular Trustees on behalf of the Trust upon the same
conditions and in substantially the same manner, and with like effect, as
definitive Preferred Securities. Without unnecessary delay, the Regular
Trustees on behalf of the Trust will execute and furnish and, upon written
order of any Regular Trustee, the Institutional Trustee shall authenticate,
definitive Preferred Securities and thereupon any or all temporary Preferred
Securities may be surrendered to the transfer agent and registrar in exchange
therefor (without charge to the Holders).

     (c) At the time of the delivery of the Preferred Securities, the Regular
Trustees shall cause Certificates to be authenticated by the Institutional
Trustee on behalf of the Trust and delivered to or upon the written order of
the Trust, signed by any Regular Trustee without further corporate action by
the Sponsor, in authorized denominations as directed by the Regular Trustees.
A Preferred Security shall not be valid until authenticated by the manual
signature of an authorized officer of the Institutional Trustee. The signature
shall be conclusive evidence that the Preferred Security has been
authenticated under this Declaration.

     The Institutional Trustee may appoint an authenticating agent acceptable
to the Trust to authenticate Preferred Securities. An authenticating agent may
authenticate Preferred Securities whenever the Institutional Trustee may do
so. Each reference in this Declaration to authentication by the Institutional
Trustee includes authentication by such agent. An authenticating agent has the
same rights as the Institutional Trustee to deal with the Sponsor or an
Affiliate, and may itself be an Affiliate of the Trust or a Related Party of
the Sponsor.

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

     (e) Upon issuance of the Securities as provided in this Declaration, the
Securities so issued shall be deemed to be validly issued, fully paid and
nonassessable.

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

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<PAGE>

     SECTION 7.2 Paying Agent.

     In the event that the Preferred Securities are not in book-entry only
form, the Trust shall maintain in the Borough of Manhattan, The City of New
York, State of New York, an office or agency where the Preferred Securities
may be presented for payment ("Paying Agent"). The Trust may appoint the
Paying Agent and may appoint one or more additional paying agents in such
other locations as it shall determine. The term "Paying Agent" includes any
additional paying agent. The Trust may change any Paying Agent without prior
notice to any Holder. The Trust shall notify the Institutional Trustee of the
name and address of any Agent not a party to this Declaration. If the Trust
fails to appoint or maintain another entity as Paying Agent, the Institutional
Trustee shall act as such. The Trust or any of its Affiliates may act as
Paying Agent. The Institutional Trustee shall initially act as Paying Agent
for the Preferred Securities and the Common Securities. Any successor Paying
Agent or any additional Paying Agent shall execute and deliver to the Trustees
an instrument in which such successor Paying Agent or additional Paying Agent
shall agree with the Trustees that as Paying Agent, such successor Paying
Agent or additional Paying Agent will hold all sums, if any, held by it for
payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders, will give the
Institutional Trustee notice of any default by the Trust (or any other obligor
on the Securities) in the making of any payment on the Securities and will, at
any time during the continuance of any such default, upon the written request
of the Institutional Trustee, forthwith pay to the Institutional Trustee all
sums so held in trust by such Paying Agent. The Paying Agent shall return all
unclaimed funds to the Institutional Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the
Institutional Trustee. Any reference in this Declaration to the Paying Agent
shall include any co-paying agent unless the context requires otherwise.

                                 ARTICLE VIII
                             DISSOLUTION OF TRUST

     SECTION 8.1 Dissolution of Trust.

     (a) The Trust shall dissolve:

          (i) on the expiration of the term of the Trust set forth in Section
     3.14;

          (ii) upon the bankruptcy of the Sponsor or the Trust;

          (iii) upon the filing of a certificate of dissolution or its
     equivalent with respect to the Sponsor after having obtained the consent
     of the Holders of at least a Majority in liquidation amount of the
     Securities voting together as a single class to dissolve the Trust, or
     the revocation of the Sponsor's charter and the expiration of 90 days
     after the date of revocation without a reinstatement thereof;

          (iv) upon the entry of a decree of judicial dissolution of the
     Holder of the Common Securities, the Sponsor or the Trust;

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<PAGE>

          (v) when all of the Securities shall have been called for redemption
     and the amounts necessary for redemption thereof, including any
     Additional Interest or Compound Interest, shall have been paid to the
     Holders in accordance with the terms of the Securities;

          (vi) upon the distribution of all of the Debentures to the Holders
     in exchange for all of the Securities in accordance with the terms of the
     Securities; or

          (vii) before the issuance of any Securities, with the consent of all
     of the Regular Trustees and the Sponsor.

     (b) As soon as is practicable after the occurrence of an event referred
to in Section 8.1(a), after satisfaction of liabilities to creditors of the
Trust, if any, the Regular Trustees shall file a certificate of cancellation
with the Secretary of State of the State of Delaware.

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

                                  ARTICLE IX
                             TRANSFER OF INTERESTS

     SECTION 9.1 Transfer of Securities.

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

     (b) Subject to this Article IX, Preferred Securities shall be freely
transferable.

     (c) The Sponsor may not transfer the Common Securities, provided,
however, the Sponsor may transfer Common Securities (i) in connection with a
consolidation or merger of the Sponsor into another Person or any conveyance,
transfer or lease by the Sponsor of its properties and assets substantially as
an entirety to any Person, pursuant to Article X of the Indenture or (ii) to
an Affiliate of the Sponsor in compliance with applicable law. The Regular
Trustee shall cause each Common Security Certificate to contain a legend
stating "THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH
SECTION 9.1 OF THE DECLARATION OF TRUST".

     SECTION 9.2 Transfer of Certificates.

     (a) The Regular Trustees shall provide (or direct the Industrial Trustee
to provide) for the registration of Certificates and of transfers of
Certificates, which will be effected without charge but only upon payment
(with such indemnity as the Regular Trustees may require) in respect of any
tax or other government charges that may be imposed in relation to it. Upon
surrender for registration of transfer of any Certificate, the Regular
Trustees shall cause (or direct the Institutional Trustee to cause) one or
more new Certificates to be issued and authenticated by the

                                      36
<PAGE>

Institutional Trustee or authentication agent in the name of the designated
transferee or transferees. Every Certificate surrendered for registration of
transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Regular Trustees duly executed by the Holder or such
Holder's attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer shall be canceled by the Regular Trustees (or, at the
direction of the Regular Trustees, the Institutional Trustee). A transferee of
a Certificate shall be entitled to the rights and subject to the obligations
of a Holder hereunder upon the receipt by such transferee of a Certificate. By
acceptance of a Certificate, each transferee shall be deemed to have agreed to
be bound by this Declaration.

     (b) Upon receipt by the Regular Trustees of a Definitive Preferred
Security Certificate, duly endorsed or accompanied by appropriate instruments
of transfer, in form satisfactory to the Regular Trustees, requesting transfer
of such Definitive Preferred Security Certificate for a beneficial interest in
a Global Certificate, the Regular Trustees shall cancel such Definitive
Preferred Security Certificate and cause, or direct the Depository Institution
to cause, the aggregate number of Preferred Securities represented by the
appropriate Global Certificate to be increased accordingly. If no Global
Certificates are then outstanding, the Trust shall issue and the Institutional
Trustee shall authenticate and deliver, upon written order of any Regular
Trustee, an appropriate number of Preferred Securities in global form.

     (c) Upon receipt by the Regular Trustees from the Depository Institution
or its nominee on behalf of any Person having a beneficial interest in a
Global Certificate of written instructions or such other form of instructions
as is customary for the Depository Institution or the Person designated by the
Depository Institution, requesting transfer of a beneficial interest in a
Global Certificate for a Definitive Preferred Security Certificate, then the
Regular Trustees (or, at the direction of the Regular Trustees, the
Institutional Trustee) or the securities custodian, at the direction of the
Institutional Trustee, will cause, in accordance with the standing
instructions and procedures existing between the Depository Institution and
the securities custodian, the aggregate principal amount of the Global
Certificate to be reduced on its books and records and, following such
reduction, the Trust will execute and the Institutional Trustee will
authenticate and deliver to the transferee a Definitive Preferred Security
Certificate.

     Definitive Preferred Security Certificates issued in exchange for a
beneficial interest in a Global Certificate shall be registered in such names
and in such authorized denominations as the Depository Institution, pursuant
to instructions from its Depository Institution Participants or indirect
participants or otherwise, shall instruct the Institutional Trustee. The Trust
shall issue and the Institutional Trustee shall authenticate and deliver such
Preferred Securities to the persons in whose names such Preferred Securities
are so registered in accordance with the instructions of the Depository
Institution.

     (d) Notwithstanding any other provisions of this Declaration, a Global
Certificate may not be transferred as a whole except by the Depository
Institution to a nominee of the Depository Institution or another nominee of
the Depository Institution or by the Depository Institution or any such
nominee to a successor Depository Institution or a nominee of such successor
Depository Institution.

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<PAGE>

     (e) The Regular Trustees may appoint a transfer agent and registrar
("Transfer Agent") acceptable to the Trust to perform the functions set forth
in this Section 9.2. The Transfer Agent may perform such functions whenever
the Regular Trustees may do so. Each reference in this Declaration to
registration and transfer of Preferred Securities by the Regular Trustees
includes such activities by the Transfer Agent. The Transfer Agent has the
same rights as the Regular Trustees to deal with the Sponsor or an Affiliate.
The Regular Trustees hereby appoint the Institutional Trustee to initially act
as Transfer Agent for the Preferred Securities.

     SECTION 9.3 Deemed Security Holders.

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

     SECTION 9.4 Book-Entry Interests.

     Unless otherwise specified in the terms of the Preferred Securities set
forth in Annex I, the Preferred Securities Certificates, on original issuance,
will be executed and issued by the Trust and authenticated by the
Institutional Trustee in the form of one or more, fully-registered, global
Preferred Security Certificates (each a "Global Certificate"), to be delivered
to DTC, the initial Depository Institution, by, or on behalf of, the Trust.
Such Global Certificates shall initially be registered on the books and
records of the Trust in the name of DTC or its nominee, and no Preferred
Security Beneficial Owner will receive a Definitive Preferred Security
Certificate representing such Preferred Security Beneficial Owner's interests
in such Global Certificates, except as provided in Section 9.7. Unless and
until definitive, fully registered Preferred Security Certificates (the
"Definitive Preferred Security Certificates") have been issued to the
Preferred Security Beneficial Owners pursuant to Section 9.7:

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

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

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

     (d) the rights of such Preferred Security Beneficial Owners shall be
exercised only through the Depository Institution and shall be limited to
those established by law and agreements between such Preferred Security
Beneficial Owners and the Depository Institution and/or the Depository
Institution Participants. The Depository Institution will make book-entry

                                      38
<PAGE>

transfers among the Depository Institution Participants and receive and
transmit payments of Distributions on the Global Certificates to such
Depository Institution Participants.

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

     At such time as all beneficial interests in a Global Certificate have
either been exchanged for Definitive Preferred Security Certificates to the
extent permitted by this Declaration or redeemed, repurchased or canceled in
accordance with the terms of this Declaration, such Global Certificate shall
be returned to the Depository Institution for cancellation or retained and
canceled by the Institutional Trustee. At any time prior to such cancellation,
if any beneficial interest in a Global Certificate is exchanged for Definitive
Preferred Security Certificates, or if Definitive Preferred Security
Certificates are exchanged for a beneficial interest in a Global Certificate,
Preferred Securities represented by such Global Certificate shall be reduced
or increased and an adjustment shall be made on the books and records of the
Institutional Trustee (if it is then the securities custodian for such Global
Certificate) with respect to such Global Certificate, by the Regular Trustees
or the Institutional Trustee as securities custodian, to reflect such
reduction or increase.

     SECTION 9.5 Notices to Depository Institution.

     Whenever a notice or other communication to the Preferred Security
Holders is required under this Declaration, unless and until Definitive
Preferred Security Certificates shall have been issued to the Preferred
Security Beneficial Owners pursuant to Section 9.7, the Regular Trustees shall
give all such notices and communications specified herein to be given to the
Preferred Security Holders to the Depository Institution, and shall have no
notice obligations to the Preferred Security Beneficial Owners.

     SECTION 9.6 Appointment of Successor Depository Institution.

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

     SECTION 9.7 Definitive Preferred Security Certificates.

     If:

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<PAGE>

     (a) a Depository Institution elects to discontinue its services as
securities depositary with respect to the Preferred Securities and a successor
Depository Institution is not appointed within 90 days after such
discontinuance pursuant to Section 9.6;

     (b) a Depository Institution ceases to be a clearing agency under the
Exchange Act; or

     (c) the Sponsor elects in its sole discretion to terminate the book-entry
system through the Depository Institution with respect to some or all of the
Preferred Securities,

     then:

     (d) Definitive Preferred Security Certificates shall be prepared by the
Regular Trustees on behalf of the Trust with respect to such Preferred
Securities; and

     (e) upon surrender of the Global Certificates by the Depository
Institution, accompanied by registration instructions, the Regular Trustees
shall cause Definitive Preferred Security Certificates to be delivered to
Preferred Security Beneficial Owners in accordance with the instructions of
the Depository Institution. Neither the Trustees nor the Trust shall be liable
for any delay in delivery of such instructions and each of them may
conclusively rely on and shall be protected in relying on, said instructions
of the Depository Institution. The Definitive Preferred Security Certificates
shall be printed, lithographed or engraved or may be produced in any other
manner as is reasonably acceptable to the Regular Trustees, as evidenced by
their execution thereof, and may have such letters, numbers or other marks of
identification or designation and such legends or endorsements as the Regular
Trustees may deem appropriate, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which Preferred Securities may be listed,
or to conform to usage.

     SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates.

     If:

     (a) any mutilated Certificates should be surrendered to the Regular
Trustees, or if the Regular Trustees shall receive evidence to their
satisfaction of the destruction, loss or theft of any Certificate; and

     (b) there shall be delivered to the Regular Trustees, the Institutional
Trustee or any authenticating agent such security or indemnity as may be
required by them to keep each of them harmless, then, in the absence of actual
notice that such Certificate shall have been acquired by a protected purchaser
(within the meaning of Article 8 of the Uniform Commercial Code), any Regular
Trustee on behalf of the Trust shall execute and deliver and upon written
order of any Regular Trustee, the Institutional Trustee, shall authenticate,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like denomination. In connection with the
issuance of any new Certificate under this Section 9.8, the Regular Trustees
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate

                                      40
<PAGE>

issued pursuant to this Section shall constitute conclusive evidence of an
ownership interest in the relevant Securities, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

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

     SECTION 10.1 Liability.

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

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

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

     (b) The Sponsor shall be liable for all of the debts and obligations of
the Trust (other than with respect to the Securities) to the extent not
satisfied out of the Trust's assets.

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

     SECTION 10.2 Exculpation.

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

     (b) An Indemnified Person shall be fully protected in conclusively
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 might properly be paid.

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<PAGE>

     SECTION 10.3 Fiduciary Duty.

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

     (b) Unless otherwise expressly provided herein:

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

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

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

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

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

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

     SECTION 10.4 Indemnification.

     (a) (i) The Sponsor shall indemnify, to the full extent permitted by law,
     any Company Indemnified Person who was or is a party or is threatened to
     be made a party to any threatened, pending or completed action, suit or
     proceeding, whether civil, criminal, administrative or investigative
     (other than an action by or in the right of the Trust) by

                                      42
<PAGE>

     reason of the fact that he is or was a Company Indemnified Person against
     expenses (including reasonable 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 Person will be indemnified for such Company Indemnified
     Person's own gross negligence or willful 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 reasonable 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 willful 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 10.4(a), or in defense of any
     claim, issue or matter therein, such Company Indemnified Person shall be
     indemnified, to the full extent permitted by law, against expenses
     (including reasonable attorneys' fees) actually and reasonably incurred
     by such Company Indemnified Person in connection therewith.

          (iv) Any indemnification under paragraphs (i) and (ii) of this
     Section 10.4(a) (unless ordered by a court) shall be made by the Sponsor
     only as authorized in the specific case upon a determination that
     indemnification of the Company Indemnified Person is proper in the
     circumstances because he 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

                                      43
<PAGE>

     independent legal counsel in a written opinion or (3) by the Common
     Security Holder of the Trust.

          (v) Expenses (including reasonable 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 10.4(a) shall be paid by the Sponsor in advance
     of the final disposition of such action, suit or proceeding upon receipt
     of an undertaking by or on behalf of such Company Indemnified Person to
     repay such amount if it shall ultimately be determined that he is not
     entitled to be indemnified by the Sponsor as authorized in this Section
     10.4(a). Notwithstanding the foregoing, no advance shall be made by the
     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) by the Sponsor,
     that, based upon the facts known to the Regular Trustees, counsel or the
     Sponsor, as the case may be, at the time such determination is made, such
     Company Indemnified Person's actions constituted gross negligence
     or willful misconduct. In no event shall any advance be made in instances
     where the Regular Trustees, independent legal counsel or the Sponsor
     reasonably determine that such person deliberately breached his duty to
     the Trust or its Holders.

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

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

          (viii) For purposes of this Section 10.4(a), references to "the
     Trust" shall include, in addition to the resulting or surviving entity,
     any constituent entity (including any constituent of a constituent)
     absorbed in a consolidation or merger, so that any Person who is or was a
     director, trustee, officer or employee of such constituent entity, or is
     or was serving at the request of such constituent entity as a director,
     trustee, officer, employee or agent of another entity, shall stand in the
     same position under the provisions

                                      44
<PAGE>

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

     (b) The Sponsor agrees to indemnify the (i) Institutional Trustee, (ii)
the Delaware Trustee, (iii) any Affiliate of the Institutional Trustee and the
Delaware Trustee and (iv) any officers, directors, shareholders, members,
partners, employees, representatives, custodians, nominees or agents of the
Institutional Trustee and the Delaware Trustee (each of the Persons in (i)
through (iv) being referred to as a "Fiduciary Indemnified Person") for, and
to hold each Fiduciary Indemnified Person harmless against, any and all loss,
liability, damage, claim or expense (including taxes) incurred without gross
negligence (or, in the case of the Institutional Trustee, negligence) or
willful 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 (regardless of who has asserted such
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 10.4(b) shall survive the resignation or removal of the
Institutional Trustee or the Delaware Trustee, as the case may be, and the
satisfaction and discharge of this Declaration.

     SECTION 10.5 Outside Businesses

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

     SECTION 10.6 Compensation; Fees

     The Sponsor agrees:

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<PAGE>

     (a) to pay to the Trustees from time to time such compensation as the
Sponsor and the Trustees shall agree to in writing for all services rendered
by them hereunder (which compensation shall not be limited by any provision of
law in regard to compensation of a trustee of an express trust);

     (b) except as otherwise expressly provided herein, to reimburse the
Trustees upon request for all reasonable expenses, disbursements and advances
incurred or made by the Trustees in accordance with any provision of this
Declaration (including the reasonable compensation and the expenses and
disbursements of their respective agents and counsel), except any such
expense, disbursement or advance as may be attributable to their respective
negligence or bad faith; and

     (c) the provisions of this Section 10.6 shall survive the termination of
this Declaration and the resignation or removal of the Trustees.

                                  ARTICLE XI
                                  ACCOUNTING

     SECTION 11.1 Fiscal Year.

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

     SECTION 11.2 Certain Accounting Matters.

     (a) At all times during the existence of the Trust, the Regular Trustees
shall keep, or cause to be kept, full books of account, records and supporting
documents, which shall reflect in reasonable detail, each transaction of the
Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with generally accepted accounting principles,
consistently applied. The Trust shall use the accrual method of accounting for
United States federal income tax purposes. The books of account and the
records of the Trust shall be examined by and reported upon as of the end of
each Fiscal Year of the Trust by a firm of independent certified public
accountants selected by the Regular Trustees. The books and records of the
Trust, together with a copy of the Declaration and a certified copy of the
Certificate of Trust, and any amendment thereto shall at all times be
maintained at the principal office of the Trust and shall be open for
inspection for any examination by any Holder or its duly authorized
representative for any purpose reasonably related to its interest in the Trust
during normal business hours.

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

     (c) The Regular Trustees shall cause to be duly prepared and delivered to
each of the Holders, any annual United States federal income tax information
statement, required by the Code, containing such information with regard to
the Securities held by each Holder as is required by the Code and the Treasury
Regulations. Notwithstanding any right under the Code to

                                      46
<PAGE>

deliver any such statement at a later date, the Regular Trustees shall
endeavor to deliver all such statements within 30 days after the end of each
Fiscal Year of the Trust.

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

     SECTION 11.3 Banking.

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

     SECTION 11.4 Withholding.

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

                                 ARTICLE XII
                            AMENDMENTS AND MEETINGS

     SECTION 12.1 Amendments.

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

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

                                      47
<PAGE>

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

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

     Neither the Institutional Trustee nor the Delaware Trustee shall be
required to enter into any amendment to this Declaration that affects its own
rights, duties or immunities under this Declaration.

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

          (i) unless, in the case of any proposed amendment, the Institutional
     Trustee shall have first received an Officers' Certificate from each of
     the Trust and the Sponsor that such amendment is permitted by, and
     conforms to, the terms of this Declaration (including the terms of the
     Securities) and that all conditions precedent to the execution and
     delivery of such amendment have been satisfied;

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

               (A) an Officers' Certificate from each of the Trust and the
          Sponsor that such amendment is permitted by, and conforms to, the
          terms of this Declaration (including the terms of the Securities)
          and that all conditions precedent to the execution and delivery of
          such amendment have been satisfied; and

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

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

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

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

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

     (c) At such time after the Trust has issued any Securities that remain
outstanding, any amendment that would adversely affect the rights, privileges
or preferences of any Holder may be requirements as may be

                                      48
<PAGE>

effected only with such additional set forth in the terms of such Securities;

     (d) Sections 4.4, 9.1(c) and this Section 12.1 shall not be amended
without the consent of all of the Holders of the Securities;

     (e) Article IV shall not be amended without the consent of the Holders of
a Majority in liquidation amount of the Common Securities;

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

     (g) Notwithstanding Section 12.1(c), this Declaration may be amended by
the Sponsor and the Trustees without the consent of the Holders to:

          (i) cure any ambiguity;

          (ii) correct or supplement any provision in this Declaration that
     may be defective or inconsistent with any other provision of this
     Declaration;

          (iii) add to the covenants, restrictions or obligations of the
     Sponsor;

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

          (v) preserve the status of the Trust as a grantor trust for federal
     income tax purposes.

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

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

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<PAGE>

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

          (i) notice of any such meeting shall be given to all the Holders
     having a right to vote thereat at least 7 days and not more than 60 days
     before the date of such meeting. Whenever a vote, consent or approval of
     the Holders is permitted or required under this Declaration or the rules
     of any stock exchange on which the Preferred Securities are listed or
     admitted for trading, such vote, consent or approval may be given at a
     meeting of the Holders. Any action that may be taken at a meeting of the
     Holders may be taken without a meeting and without prior notice if a
     consent in writing setting forth the action so taken is signed by the
     Holders owning not less than the minimum amount of Securities in
     liquidation amount that would be necessary to authorize or take such
     action at a meeting at which all Holders having a right to vote thereon
     were present and voting. Prompt notice of the taking of action without a
     meeting shall be given to the Holders entitled to vote who have not
     consented in writing. The Regular Trustees may specify that any written
     ballot submitted to the Holders for the purpose of taking any action
     without a meeting shall be returned to the Trust within the time
     specified by the Regular Trustees;

          (ii) each Holder may authorize any Person to act for it by proxy on
     all matters in which a Holder is entitled to participate, including
     waiving notice of any meeting, or voting or participating at a meeting.
     No proxy shall be valid after the expiration of 11 months from the date
     thereof unless otherwise provided in the proxy. Every proxy shall be
     revocable at the pleasure of the Holder executing it. Except as otherwise
     provided herein, all matters relating to the giving, voting or validity
     of proxies shall be governed by the General Corporation Law of the State
     of Delaware relating to proxies, and judicial interpretations thereunder,
     as if the Trust were a Delaware corporation and the Holders were
     stockholders of a Delaware corporation;

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

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

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<PAGE>

                                 ARTICLE XIII
                   REPRESENTATIONS OF INSTITUTIONAL TRUSTEE
                             AND DELAWARE TRUSTEE

     SECTION 13.1 Representations and Warranties of Institutional Trustee.

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

     (a) the Institutional Trustee is a New York banking corporation with
trust powers, duly organized, validly existing and in good standing under the
laws of the State of New York, with trust power and authority to execute and
deliver, and to carry out and perform its obligations under the terms of, this
Declaration;

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

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

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

     (e) the Institutional Trustee satisfies the qualifications set forth in
Section 5.3(a).

     SECTION 13.2 Representations and Warranties of Delaware Trustee.

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

                                      51
<PAGE>

     (a) the Delaware Trustee is a national banking association, duly
organized, validly existing and in good standing under the federal laws of the
United States, with authority to execute and deliver, and to carry out and
perform its obligations under the terms of, this Declaration;

     (b) the Delaware Trustee has been authorized to perform its obligations
under the Certificate of Trust and this Declaration. The Declaration under
Delaware law constitutes a legal, valid and binding obligation of the Delaware
Trustee, enforceable against it in accordance with its terms, subject to
applicable bankruptcy, reorganization, moratorium, insolvency and other
similar laws affecting creditors' rights generally and to general principles
of equity and the discretion of the court (regardless of whether the
enforcement of such remedies is considered in a proceeding in equity or at
law);

     (c) no consent, approval or authorization of, or registration with or
notice to, any State or Federal banking authority having jurisdiction over the
trust powers of the Delaware Trustee is required for the execution, delivery
or performance by the Delaware Trustee, of this Declaration; and

     (d) the Delaware Trustee is a natural person who is a resident of the
State of Delaware or, if not a natural person, an entity which has its
principal place of business in the State of Delaware.

                                 ARTICLE XIV
                                 MISCELLANEOUS

     SECTION 14.1 Notices.

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

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

          Roslyn Capital Trust o
          c/o Roslyn Bancorp, Inc.
          One Jericho Plaza
          Jericho, New York  11753-8905
          Attention:  General Counsel

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

          Chase Manhattan Bank USA, National Association
          c/o JP Morgan Chase
          Attention:  Institutional Trust Services
          500 Stanton Christiana Road

                                      52
<PAGE>

          OPS4/3rd Floor
          Newark, Delaware 19713

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

          The Chase Manhattan Bank
          450 West 33rd Street, 15th Floor
          New York, NY  10001
          Attention:  Institutional Trust Services

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

          Roslyn Bancorp, Inc.
          One Jericho Plaza
          Jericho, New York  11753-8905
          Attention:  General Counsel

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

     All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver.

     SECTION 14.2 Governing Law.

     THIS DECLARATION AND THE RIGHTS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY AND 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 14.3 Intention of the Parties.

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

     SECTION 14.4 Headings.

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

                                      53
<PAGE>

     SECTION 14.5 Successors and Assigns.

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

     SECTION 14.6 Partial Enforceability.

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

     SECTION 14.7 Counterparts.

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

                                      54
<PAGE>

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

                                          _____________________________________
                                          Joseph L. Mancino, as Regular Trustee

                                          _____________________________________
                                          Michael P. Puorro, as Regular Trustee

                                          _____________________________________
                                          R. Patrick Quinn, as Regular Trustee

                                          CHASE MANHATTAN BANK USA,
                                          NATIONAL ASSOCIATION,
                                          as Delaware Trustee

                                          ___________________________________
                                          Name:
                                          Title:  Authorized Signatory

                                          THE CHASE MANHATTAN BANK,
                                          as Institutional Trustee

                                          ___________________________________
                                          Name:
                                          Title:

                                          ROSLYN BANCORP, INC.
                                          as Sponsor

                                          ___________________________________
                                          Name:    Joseph L. Mancino
                                          Title:   President and
                                                   Chief Executive Officer

                                      55
<PAGE>

                                                                  Exhibit 4(i)

                                    ANNEX I
                       TERMS OF [o] PREFERRED SECURITIES
                         TERMS OF [o] COMMON SECURITIES

     Pursuant to Section 7.1 of the Amended and Restated Declaration of Trust,
dated as of [o] (as amended from time to time, the "Declaration"), the
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Securities are set out below (each capitalized term used but
not defined herein has the meaning set forth in the Declaration or, if not
defined in the Declaration, as defined in the Prospectus):

     1. Designation and Number.

     (a) Preferred Securities. Up to [o] Preferred Securities of the Trust
with an aggregate stated liquidation amount with respect to the assets of the
Trust of up to [o] and a stated liquidation amount with respect to the assets
of the Trust of [o] per preferred security, are hereby designated for the
purposes of identification only as [o] (the "Preferred Securities"). The
Preferred Security Certificates evidencing the Preferred Securities shall be
substantially in the form of Exhibit A-1 to the Declaration, with such changes
and additions thereto or deletions therefrom as may be required by ordinary
usage, custom or practice or to conform to the rules of any stock exchange on
which the Preferred Securities are listed.

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

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

     (d) In connection with the purchase of the Securities, the Sponsor will
deposit in the Trust, and the Trust will purchase, respectively, as trust
assets, Debentures of the Sponsor having an aggregate principal amount of up
to [o], and bearing interest at an annual rate equal to the annual
Distribution rate on the Preferred Securities and Common Securities and having
payment and redemption provisions which correspond to the payment and
redemption provisions of the Preferred Securities and Common Securities.

     2. Distributions.

     (a) Distributions payable on each Security will be fixed at a rate per
annum of [o] (the "Coupon Rate") of the stated liquidation amount of [o] per
Security, such rate being the rate of interest payable on the Debentures to be
held by the Institutional Trustee. Distributions in arrears for more than one
quarter will bear interest thereon compounded quarterly at the Coupon Rate
("Compound Interest") (to the extent permitted by applicable law). The term
"Distributions" as

<PAGE>

used herein includes such cash distributions and any such interest (including
Additional Interest and Compound Interest) payable unless otherwise stated. A
Distribution will be made by the Institutional Trustee only to the extent that
payments are made in respect of the Debentures held by the Institutional
Trustee and to the extent the Trust has funds available in the Institutional
Trustee Account. The amount of Distributions payable for any period will be
computed for any full quarterly Distribution period on the basis of a 360-day
year of twelve 30-day months, and for any period shorter than a full quarterly
Distribution period for which Distributions are computed, Distributions will
be computed on the basis of the actual number of days elapsed per calendar
month (but not to exceed 30 days in any month).

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

                                     A-2
<PAGE>

Debentures and (iii) the Debenture Issuer shall not make any guarantee
payments with respect to the foregoing (other than pursuant to the Preferred
Securities Guarantee).

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

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

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

     3. Liquidation Distribution Upon Dissolution.

     In the event of any voluntary or involuntary dissolution (except with)
respect to Sections 8.1(a)(v), 8.1(a)(vi) and 8.1(a)(vii) of the Declaration
of the Trust (each a "Liquidation"), the Holders on the date of the
Liquidation will be entitled to receive Pro Rata out of the assets of the

                                     A-3
<PAGE>

Trust available for distribution to Holders after satisfaction of liabilities
of creditors distributions in an amount equal to the aggregate of the stated
liquidation amount of [o] per Security plus accrued and unpaid Distributions
thereon to the date of payment (such amount being the "Liquidation
Distribution"), unless, in connection with such Liquidation, Debentures in an
aggregate stated principal amount equal to the aggregate stated liquidation
amount of such Securities, with an interest rate equal to the Coupon Rate of,
and bearing accrued and unpaid interest in an amount equal to the accrued and
unpaid Distributions on, such Securities, shall be distributed on a Pro Rata
basis to the Holders in exchange for such Securities.

     4. Redemption and Distribution.

     (a) Redemption of the Securities will occur simultaneously with any
repayment of the Debentures. The Debentures will mature on [o] (the "Stated
Maturity"), and are prepayable as set forth in this Section 4. Upon the
repayment of the Debentures in whole or in part, whether at maturity or upon
redemption, the proceeds from such repayment or payment shall be
simultaneously applied to redeem Securities having an aggregate liquidation
amount equal to the aggregate principal amount of the Debentures so repaid or
redeemed at the Redemption Price. Securities redeemed upon maturity of the
Debentures will be redeemed at a redemption price of [o] per Security plus an
amount equal to accrued and unpaid Distributions thereon at the date of
redemption, payable in cash (the "Redemption Price"). If fewer than all the
outstanding Securities are to be so redeemed, the Securities will be redeemed
Pro Rata and the Preferred Securities to be redeemed will be as described in
Section 4(f)(ii) below. Any prepayment of the Debentures and related
redemption of Preferred Securities under subsection (b) below may require the
prior approval of the Federal Reserve Board if such approval is then required
under applicable law, rules, guidelines or policies.

     (b) The Debentures are prepayable prior to the Stated Maturity at the
option of the Company (i) in whole or in part, from time to time, on or after
[o] or (ii) at any time prior to [o], in whole but not in part, upon the
occurrence and continuation of a Special Event, in either case at a prepayment
price (the "Prepayment Price") equal to 100% of the principal amount thereof,
plus accrued and unpaid interest thereon (including Additional Interest and
Compound Interest, if any) to the date of prepayment.

     (c) The following terms used herein shall be defined as follows:

     "Investment Company Event" means that the Debenture Issuer shall have
received an opinion of independent legal counsel experienced in such matters
to the effect that, as a result of the occurrence of a change in law or
regulation or a change in interpretation or application of law or regulation
by any legislative body, courts, governmental agency or regulatory authority
on or after the date of original issuance of the preferred securities by the
Trust, the Trust is or will be considered an "investment company" that is
required to be registered under the Investment Company Act.

     "Regulatory Capital Event" means that the Debenture Issuer shall have
received an opinion of independent bank regulatory counsel experienced in such
matters to the effect that, as a result of (a) any amendment to, or change
(including any announced prospective change) in, the

                                     A-4
<PAGE>

laws (or any regulations thereunder) of the United States or any rules,
guidelines or policies of the appropriate primary federal regulator of the
Debenture Issuer or (b) any official administrative pronouncement or judicial
decision interpreting or applying such laws or regulations, which amendment or
change is effective or such pronouncement or decision is announced on or after
the Issue Date, (1) the Debenture Issuer will not be able to treat the
Preferred Securities (or any substantial portion thereof) as Tier 1 capital
(or its equivalent) for purposes of the Debenture Issuer's primary federal
regulator's capital guidelines as then in effect and applicable to the
Debenture Issuer, in which case such opinion shall also state that the
Debenture Issuer is subject to such capital guidelines; or (2) The Roslyn
Savings Bank will not be entitled to treat the net proceeds from the sale of
the Debentures that are invested in The Roslyn Savings Bank (or any
substantial portion thereof) as Tier 1 capital (or its equivalent) for
purposes of The Roslyn Savings Bank's primary federal regulator's capital
guidelines as then in effect and applicable to The Roslyn Savings Bank,
assuming that for purposes of this clause (2), at least 60% of such net
proceeds are invested in The Roslyn Savings Bank by the Debenture Issuer in
the form of an equity capital contribution or through the purchase by the
Debenture Issuer of capital stock of The Roslyn Savings Bank; provided,
however, that, in each case, the distribution of the Debentures in connection
with the liquidation of the Trust by the Debenture Issuer and the treatment
thereafter of the Debentures as other than Tier 1 capital shall not in and of
itself constitute a Regulatory Capital Event unless such liquidation shall
have occurred in connection with a Tax Event.

     "Special Event" means a Tax Event, an Investment Company Event or a
Regulatory Capital Event, as the case may be.

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

     (d) The Trust may not redeem fewer than all the outstanding Securities
unless all accrued and unpaid Distributions have been paid on all Securities
for all quarterly Distribution periods terminating on or before the date of
redemption.

     (e) The Debenture Issuer will have the right at any time to dissolve the
Trust and, after satisfaction of liabilities to creditors of the Trust, if
any, cause the Debentures to be distributed to the Holders, subject to the
prior approval of the Federal Reserve Board if such

                                     A-5
<PAGE>

approval is then required under applicable law, rules, guidelines or policies.
If the Debentures are distributed to the Holders and the Preferred Securities
are then listed on an exchange, the Debenture Issuer will use its best efforts
to cause the Debentures to be listed on the NYSE or on such other exchange as
the Preferred Securities are then listed.

     On the date fixed for any distribution of Debentures upon dissolution of
the Trust, (i) the Preferred Securities will no longer be deemed to be
outstanding, (ii) the Depository Institution or its nominee, as the record
holder of the Preferred Securities, will receive a registered global
certificate or certificates representing the Debentures to be delivered upon
such distribution and (iii) any certificates representing Preferred Securities
not held by the Depository Institution or its nominee will be deemed to
represent Debentures having an aggregate principal amount equal to the
aggregate stated liquidation amount of, with an interest rate identical to the
distribution rate of, and accrued and unpaid interest equal to accrued and
unpaid distributions on, such Preferred Securities until such certificates are
presented to the Debenture Issuer or its agent for transfer or reissuance.

     (f) The following procedures apply to a Redemption or Distribution of the
Debentures.

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

     (ii) In the event that fewer than all the outstanding Securities are to
          be redeemed, the Securities to be redeemed shall be redeemed Pro
          Rata from each Holder, it being understood that, in respect of
          Preferred Securities registered in the name of and held of record by
          the Depository Institution or its nominee, the distribution of the
          proceeds of such redemption will be made to each Depository
          Institution Participant (or Person on whose behalf such nominee
          holds such securities) in accordance with the procedures applied by
          such agency or nominee.

     (iii) If Securities are to be redeemed and the Trust gives a
          Redemption/Distribution Notice, which notice may only be issued if
          the Debentures are redeemed as set out in this Section 4 (which
          notice will be irrevocable), then by 10:00 a.m., New York City time,
          on the redemption date, the Debenture Issuer will deposit with one
          or

                                     A-6
<PAGE>

          more paying agents an amount of money sufficient to redeem on the
          redemption date all the Securities so called for redemption at the
          Redemption Price. If a Redemption/Distribution Notice shall have
          been given and funds deposited as required, if applicable, then
          immediately prior to the close of business on the date of such
          deposit, or on the redemption date, as applicable, distributions
          will cease to accrue on the Securities so called for redemption and
          all rights of Holders of such Securities so called for redemption
          will cease, except the right of the Holders of such Securities to
          receive the Redemption Price, but without interest on such
          Redemption Price. On presentation and surrender of such Securities
          at a place of payment specified in said notice, the said Securities
          or the specified portions thereof shall be paid and redeemed by the
          Trust at the Redemption Price. Neither the Regular Trustees nor the
          Trust shall be required to register or cause to be registered the
          transfer of any Securities that have been so called for redemption.
          If any date fixed for redemption of Securities is not a Business
          Day, then payment of the Redemption Price payable on such date will
          be made on the next succeeding day that is a Business Day (and
          without any interest or other payment in respect of any such delay)
          except that, if such Business Day falls in the next calendar year,
          such payment will be made on the immediately preceding Business Day,
          in each case with the same force and effect as if made on such date
          fixed for redemption. If payment of the Redemption Price in respect
          of any Securities is improperly withheld or refused and not paid
          either by the Institutional Trustee or by the Sponsor as guarantor
          pursuant to the relevant Securities Guarantee, Distributions on such
          Securities will continue to accrue from the original redemption date
          to the actual date of payment, in which case the actual payment date
          will be considered the date fixed for redemption for purposes of
          calculating the Redemption Price.

     (iv) The Trust shall not be required to (i) issue, or register the
          transfer or exchange of, any Securities during a period beginning at
          the opening of business 15 days before the mailing of a notice of
          redemption of Securities and ending at the close of business on the
          day of the mailing of the relevant notice of redemption and (ii)
          register the transfer or exchange of any Securities so selected for
          redemption, in whole or in part, except the unredeemed portion of
          any Securities being redeemed in part.

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

     5. Voting Rights - Preferred Securities.

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

                                     A-7
<PAGE>

     (b) Subject to the requirements set forth in the immediately following
paragraph, the Holders of a majority in aggregate liquidation amount of the
Preferred Securities, voting separately as a class, have the right to direct
the time, method, and place of conducting any proceeding for any remedy
available to the Institutional Trustee, or to direct the exercise of any trust
or power conferred upon the Institutional Trustee under the Declaration,
including the right to direct the Institutional Trustee, as holder of the
Debentures, to (i) exercise the remedies available to it under the Indenture
as holder of the Debentures, (ii) waive any past Event of Default and its
consequences that is waivable under Section 5.07 of the Indenture, (iii)
exercise any right to rescind or annul a declaration that the principal of all
the Debentures shall be due and payable or (iv) consent to any amendment,
modification or termination of the Indenture or the Debentures where such
consent shall be required; provided, however, that, where a consent or action
under the Indenture would require the consent or act of a Super Majority, only
the Holders of at least such Super Majority in aggregate liquidation amount of
the Preferred Securities may direct the Institutional Trustee to give such
consent or take such action; and provided further, that where a consent or
action under the Indenture is only effective against each holder of Debentures
who has consented thereto, such consent or action will only be effective
against a Holder of Preferred Securities who directs the Institutional Trustee
to give such consent or take such action. The Institutional Trustee shall not
revoke any action previously authorized or approved by a vote of the Holders
of the Preferred Securities. If the Institutional Trustee fails to enforce its
rights under the Debentures after a holder of record of Preferred Securities
has made a written request, to the fullest extent permitted by law, such
holder of record of Preferred Securities may institute a legal proceeding
directly against the Debenture Issuer to enforce the Institutional Trustee's
rights under the Debentures without first instituting any legal proceeding
against the Institutional Trustee or any other Person. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such
event is attributable to the failure of the Debenture Issuer to pay interest
or principal on the Debentures on the date such interest or principal is
otherwise payable (or in the case of redemption, on the redemption date), then
a Holder of Preferred Securities may institute a Direct Action for enforcement
of payment to such Holder of the principal of or interest on the Debentures
having a principal amount equal to the aggregate liquidation amount of the
Preferred Securities of such holder on or after the respective due date
specified in the Debentures. Notwithstanding any payments made to such Holder
of Preferred Securities by the Debenture Issuer in connection with a Direct
Action, the Debenture Issuer shall remain obligated to pay the principal of or
interest on the Debentures held by the Trust or the Institutional Trustee of
the Trust, and the Debenture Issuer shall be subrogated to the rights of the
Holder of such Preferred Securities with respect to payments on the Preferred
Securities to the extent of any payments made by the Debenture Issuer to such
Holder in any Direct Action. Except as provided in the preceding sentences,
the Holders of Preferred Securities will not be able to exercise directly any
other remedy available to the holders of the Debentures.

     Except with respect to directing the time, method and place of conducting
a proceeding for a remedy, the Institutional Trustee shall not take any of the
actions described in clauses (i) through (iv) above unless the Institutional
Trustee has obtained an opinion of a nationally-recognized tax counsel
experienced in such matters to the effect that, as a result of such action,
the Trust will not fail to be classified as a grantor trust for United States
federal income tax purposes.

                                     A-8
<PAGE>

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

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

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

     Holders of the Preferred Securities will have no rights to appoint or
remove the Trustees, who may be appointed, removed or replaced solely by the
Sponsor, as Holder of all of the Common Securities; provided, however, that if
an Event of Default shall have occurred and be continuing, the Institutional
Trustee and the Delaware Trustee may be removed by the vote of a Majority
in liquidation amount of the Preferred Securities voting as a class at a
meeting of the Holders of the Preferred Securities.

     6. Voting Rights - Common Securities.

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

     (b) The Holders of the Common Securities are entitled, in accordance with
Article V of the Declaration, to vote to appoint, remove or replace any
Trustee or to increase or decrease the number of Trustees.

     (c) Subject to Section 2.6 of the Declaration and only after the Event of
Default with respect to the Preferred Securities has been cured, waived, or
otherwise eliminated and subject to the requirements of the second to last
sentence of this paragraph, the Holders of a Majority in liquidation amount of
the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under the Declaration, including (i) directing the time,
method, place of conducting any proceeding for any remedy available to the
Debt Trustee, or exercising any trust or power conferred on the Debt Trustee
with respect to the Debentures, (ii) waive any past default and its
consequences that is waivable under Section 5.07 of the Indenture or (iii)
exercise any right to rescind or annul a declaration that the principal of all
the Debentures shall be due and payable; provided that, where a consent or
action under the Indenture would require the consent or act of a Super
Majority of holders of Debentures affected thereby the Institutional Trustee
may only give such consent or take such action at the written direction of the
Holders of at least the proportion in liquidation amount of the Common
Securities which the relevant Super Majority represents of the aggregate

                                     A-9
<PAGE>

principal amount of the Debentures outstanding; and provided further, that
where a consent or action under the Indenture would require the consent or
action of each holder of Debentures, each Holder of Preferred Securities must
direct the Institutional Trustee to give such consent or take such action.
Pursuant to this Section 6(c), the Institutional Trustee shall not revoke any
action previously authorized or approved by a vote of the Holders of the
Preferred Securities. Except with respect to directing the time, method and
place of conducting a proceeding for a remedy, the Institutional Trustee shall
not take any action in accordance with the directions of the Holders of the
Common Securities under this paragraph unless the Institutional Trustee has
received an opinion of a nationally recognized tax counsel experienced in such
matters to the effect that, as a result of such action, the Trust will not
fail to be classified as a grantor trust for United States federal income tax
purposes. If the Institutional Trustee fails to enforce its rights under the
Declaration, to the fullest extent permitted by law, any Holder of Common
Securities may institute a legal proceeding directly against any Person to
enforce the Institutional Trustee's rights under the Declaration, without
first instituting a legal proceeding against the Institutional Trustee or any
other Person.

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

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

     7. Amendments to Declaration and Indenture.

     (a) In addition to any requirements under Section 12.1 of the
Declaration, if any proposed amendment to the Declaration provides for, or the
Regular Trustees otherwise propose to effect, (i) any action that would
adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Declaration or otherwise, or (ii) the
dissolution, winding-up or termination of the Trust, other than as described
in Section 8.1 of the Declaration, then the Holders of outstanding Securities
voting together as a single class will be entitled to vote on such amendment
or proposal (but not on any other amendment or proposal) and such amendment or
proposal shall not be effective except with the approval of the Holders of at
least a Majority in liquidation amount of the Securities affected thereby,
provided that, if any amendment or proposal referred to in clause (i) above
would adversely affect only the Preferred Securities or only the Common
Securities, then only the affected class will be entitled to vote on such
amendment or proposal and such amendment or proposal shall not be effective
except with the approval of a Majority in liquidation amount of such class of
Securities.

     (b) In the event the consent of the Institutional Trustee, as the holder
of the Debentures, is required under the Indenture with respect to any
amendment, modification or

                                     A-10
<PAGE>

termination on the Indenture, the Institutional Trustee shall request the
written direction of the Holders of the Securities with respect to such
amendment, modification or termination and shall vote with respect to such
amendment, modification or termination as directed by a Majority in
liquidation amount of the Securities voting together as a single class;
provided, however, that where a consent under the Indenture would require the
consent of a Super Majority, the Institutional Trustee may only give such
consent at the direction of the Holders of at least the proportion in
liquidation amount of the Securities which the relevant Super Majority
represents of the aggregate principal amount of the Debentures outstanding;
and provided, further, that where a consent or action under the Indenture is
only effective against each holder of Debentures who has consented thereto,
such consent or action will only be effective against a holder of Preferred
Securities who directs the Institutional Trustee to give such consent or take
such action; and provided, further, that the Institutional Trustee shall not
take any action in accordance with the directions of the Holders of the
Securities under this Section 7(b) unless the Institutional Trustee has
obtained an opinion of a nationally recognized tax counsel experienced in such
matters to the effect that for the purposes of United States federal income
tax the Trust will not be classified as other than a grantor trust on account
of such action.

     (c) Notwithstanding the foregoing, no amendment or modification may be
made to the Declaration if such amendment or modification would (i) cause the
Trust to be classified for purposes of United States federal income taxation
as other than a grantor trust, (ii) reduce or otherwise adversely affect the
powers of the Institutional Trustee or (iii) cause the Trust to be deemed an
"investment company" which is required to be registered under the Investment
Company Act.

     8. Pro Rata.

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

     9. Ranking.

     The Preferred Securities rank pari passu, and payment thereon shall be
made Pro Rata, with the Common Securities except that, where an Event of
Default occurs and is continuing, the rights of Holders of the Common
Securities to receive payment of periodic Distributions and payments upon
liquidation, redemption and otherwise will be subordinated to the rights of
the Holders of the Preferred Securities.

                                     A-11
<PAGE>

     10. Listing.

     The Regular Trustees shall use their best efforts to cause the Preferred
Securities to be listed for quotation on the NYSE.

     11. Acceptance of Securities Guarantee and Indenture.

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

     12. No Preemptive Rights.

     The Holders shall have no preemptive or similar rights to subscribe for
any additional Securities.

     13. Miscellaneous.

     These terms constitute a part of the Declaration.

     The Sponsor will provide a copy of the Declaration, the Preferred
Securities Guarantee or the Common Securities Guarantee (as may be
appropriate) and the Indenture to a Holder without charge on written request
to the Sponsor at its principal place of business.

                                     A-12
<PAGE>

                                  EXHIBIT A-1

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

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

                     FORM OF PREFERRED SECURITY CERTIFICATE
  Certificate Number    [ ]                Number of Preferred Securities    [ ]
  CUSIP No.  [ ]
                  Certificate Evidencing Preferred Securities
                                      of
                           ROSLYN CAPITAL TRUST [o]
                       % [o] Trust Preferred Securities
                (liquidation amount [o] per Preferred Security)

     ROSLYN CAPITAL TRUST [o], a statutory business trust formed under the
laws of the State of Delaware (the "Trust"), hereby certifies that
______________ (the "Holder") is the registered owner of _______ preferred
securities of the Trust representing undivided beneficial interests in the
assets of the Trust designated the [o] Trust Preferred Securities (liquidation
amount [o] per Preferred Security) (the "Preferred Securities"). The Preferred
Securities are transferable on the books and records of the Trust, in person
or by a duly authorized attorney, upon surrender of this certificate duly
endorsed and in proper form for transfer. The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred
Securities represented hereby are issued and shall in all respects be subject
to the provisions of

                                     A1-1
<PAGE>

the Amended and Restated Declaration of Trust of the Trust dated as of [o], as
the same may be amended from time to time (the "Declaration"), including the
designation of the terms of the Preferred Securities as set forth in Annex I
to the Declaration. Capitalized terms used herein but not defined shall have
the meaning given them in the Declaration. The Holder is entitled to the
benefits of the Preferred Securities Guarantee to the extent provided therein.
The Sponsor will provide a copy of the Declaration, the Preferred Securities
Guarantee and the Indenture to a Holder without charge upon written request to
the Trust at its principal place of business.

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

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

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

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

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

                                     A1-2
<PAGE>

         IN WITNESS WHEREOF, the Trust has executed this certificate.

                                               ROSLYN CAPITAL TRUST [o]

                                               By:______________________________
                                               Name:
                                               Title: Regular Trustee

dated  _____________, ________

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                               THE CHASE MANHATTAN BANK,
                                               as Institutional Trustee

                                               By: _____________________________
                                                   Authorized Officer

                                     A1-3
<PAGE>

                         [FORM OF REVERSE OF SECURITY]

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

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

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

                                     A1-4
<PAGE>

                              [FORM OF ASSIGNMENT]
                                   ASSIGNMENT

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

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

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
                   (Insert address and zip code of assignee)

and irrevocably appoints

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

Date:  ____________________

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

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

                                     A1-5
<PAGE>

                                  EXHIBIT A-2
                      FORM OF COMMON SECURITY CERTIFICATE

        THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH
                   SECTION 9.1 OF THE DECLARATION OF TRUST

     Certificate Number    [ ]              Number of Common Securities      [ ]

                   Certificate Evidencing Common Securities
                                      of
                           ROSLYN CAPITAL TRUST [o]
                             [o] Common Securities
                 (liquidation amount [o] per Common Security)

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

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

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

                                     A2-1
<PAGE>

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

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

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

     IN WITNESS WHEREOF, the Trust has executed this certificate this ___ day
of __________.

                                                 ROSLYN CAPITAL TRUST [o]
                                                 By:____________________________

                                                 By:____________________________
                                                 Name:
                                                 Title:  Regular Trustee

                                     A2-2
<PAGE>

                         [FORM OF REVERSE OF SECURITY]

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

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

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

                                     A2-3
<PAGE>

                             [FORM OF ASSIGNMENT]
                                  ASSIGNMENT

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

       (Insert assignee's social security or tax identification number)
                   (Insert address and zip code of assignee)

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

                                             Date: _____________________________

                                             Signature:_________________________
                                             (Sign exactly as your name
                                             appears on the other side of this
                                             Common Security Certificate)
                                             (Signature(s) must be guaranteed
                                             by an "eligible guarantor
                                             institution" meeting the
                                             requirements of the Trustee,
                                             which requirements include
                                             membership or participation in
                                             STAMP or such other "signature
                                             guaranty program" as may be
                                             determined by the Trustee in
                                             addition to or in substitution
                                             for STAMP, all in accordance with
                                             the Securities Exchange Act of
                                             1934, as amended.)

                                     A2-4
<PAGE>

                                   EXHIBIT B
                             SPECIMEN OF DEBENTURE

                                     B-1

<PAGE>

                                   EXHIBIT C
                             UNDERWRITING AGREEMENT

                                     C-1

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