Document:

Exhibit 4(j)

                                   INDENTURE

                                    Between

                             ROSLYN BANCORP, INC.
                                      and
                           THE CHASE MANHATTAN BANK
                                  AS TRUSTEE

                                Dated as of [o]

                        JUNIOR SUBORDINATED DEBENTURES

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                             ROSLYN BANCORP, INC.

          RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939
                AND INDENTURE, DATED AS OF ______________, 2001

     ACT SECTION                                INDENTURE SECTION
     310(a)(1)                                  6.09
     310(a)(2)                                  6.09
     310(a)(3)                                  N/A
     310(a)(4)                                  N/A
     310(b)                                     6.08; 6.10(a), (b) and (d)
     310(c)                                     N/A
     311(a) and (b)                             6.13
     311(c)                                     N/A
     312(a)                                     4.01; 4.02(a)
     312(b) and (c)                             4.02(b) and (c)
     313(a)                                     4.04(a), N/A
     313(b)                                     4.04(a) 4.04(b)
     313(d)                                     4.04(b)
     314(a)                                     4.03
     314(b)                                     N/A
     314(c)(1) and (2)                          13.06
     314(c)(3)                                  N/A
     314(d)                                     N/A
     314(e)                                     13.06
     314(f)                                     N/A
     315(a), (c) and (d)                        6.01
     315(b)                                     5.08
     315(e)                                     5.09
     316(a)(1)                                  5.07
     316(a)(2)                                  Omitted
     316(a) last sentence                       7.04
     316(b)                                     5.04
     317(a)                                     5.02
     317(b)                                     3.04(a)
     318(a)                                     13.08

THIS RECONCILIATION AND TIE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE PART
OF THE INDENTURE.

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                               Table of Contents
                                                                           Page
                                                                           ----

                                   ARTICLE I
                                  DEFINITIONS

SECTION 1.01.  Definitions...................................................1

                                  ARTICLE II
                                  SECURITIES

SECTION 2.01.  Forms Generally...............................................7
SECTION 2.02.  Form of Trustee's Certificate of Authentication...............8
SECTION 2.03.  Amount Unlimited; Issuable in Series..........................8
SECTION 2.04.  Authentication and Dating....................................10
SECTION 2.05.  Date and Denomination of Securities..........................11
SECTION 2.06.  Execution of Securities......................................13
SECTION 2.07.  Exchange and Registration of Transfer of Securities..........13
SECTION 2.08.  Mutilated, Destroyed, Lost or Stolen Securities..............14
SECTION 2.09.  Temporary Securities.........................................15
SECTION 2.10.  Cancellation of Securities Paid, etc.........................15
SECTION 2.11.  Global Securities............................................15
SECTION 2.12.  CUSIP Numbers................................................16

                                  ARTICLE III
                     PARTICULAR COVENANTS OF THE COMPANY

SECTION 3.01.  Payment of Principal, Premium and Interest...................17
SECTION 3.02.  Offices for Notices and Payments, etc........................17
SECTION 3.03.  Appointments to Fill Vacancies in Trustee's Office...........18
SECTION 3.04.  Provision as to Paying Agent.................................18
SECTION 3.05.  Certificate to Trustee.......................................18
SECTION 3.06.  Compliance with Consolidation Provisions.....................19
SECTION 3.07.  Limitation on Dividends; Transactions with Affiliates........19
SECTION 3.08.  Covenants as to Roslyn Capital Trusts........................19
SECTION 3.09.  Notice of Default............................................20

                                  ARTICLE IV
      SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

SECTION 4.01.  Securityholders' Lists.......................................20
SECTION 4.02.  Preservation and Disclosure of Lists.........................20
SECTION 4.03.  Reports by Company...........................................21
SECTION 4.04.  Reports by the Trustee.......................................22

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                                   ARTICLE V
        REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

SECTION 5.01.  Events of Default............................................23
SECTION 5.02.  Payment of Securities on Default; Suit Therefor..............25
SECTION 5.03.  Application of Moneys Collected by Trustee...................26
SECTION 5.04.  Proceedings by Securityholders...............................27
SECTION 5.05.  Proceedings by Trustee.......................................28
SECTION 5.06.  Remedies Cumulative and Continuing...........................28
SECTION 5.07.  Direction of Proceedings and Waiver of Defaults
               by Majority of Securityholders...............................28
SECTION 5.08.  Notice of Defaults...........................................29
SECTION 5.09.  Undertaking to Pay Costs.....................................30

                                  ARTICLE VI
                            CONCERNING THE TRUSTEE

SECTION 6.01.  Duties and Responsibilities of Trustee.......................30
SECTION 6.02.  Reliance on Documents, Opinions, etc.........................32
SECTION 6.03.  No Responsibility for Recitals, etc..........................33
SECTION 6.04.  Trustee, Authenticating Agent, Paying Agents,
               Transfer Agents or Registrar May Own Securities..............33
SECTION 6.05.  Moneys to be Held in Trust...................................33
SECTION 6.06.  Compensation and Expenses of Trustee.........................34
SECTION 6.07.  Officers' Certificate as Evidence............................34
SECTION 6.08.  Conflicting Interest of Trustee..............................35
SECTION 6.09.  Eligibility of Trustee.......................................35
SECTION 6.10.  Resignation or Removal of Trustee............................35
SECTION 6.11.  Acceptance by Successor Trustee..............................36
SECTION 6.12.  Succession by Merger, etc....................................37
SECTION 6.13.  Limitation on Rights of Trustee as a Creditor................38
SECTION 6.14.  Authenticating Agents........................................38

                                  ARTICLE VII
                        CONCERNING THE SECURITYHOLDERS

SECTION 7.01.  Action by Securityholders....................................39
SECTION 7.02.  Proof of Execution by Securityholders........................40
SECTION 7.03.  Who Are Deemed Absolute Owners...............................40
SECTION 7.04.  Securities Owned by Company Deemed Not Outstanding...........40
SECTION 7.05.  Revocation of Consents; Future Holders Bound.................40

                                 ARTICLE VIII
                          SECURITYHOLDERS' MEETINGS

SECTION 8.01.  Purposes of Meetings.........................................41
SECTION 8.02.  Call of Meetings by Trustee..................................41

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SECTION 8.03.  Call of Meetings by Company or Securityholders...............42
SECTION 8.04.  Qualifications for Voting....................................42
SECTION 8.05.  Regulations..................................................42
SECTION 8.06.  Voting.......................................................43

                                  ARTICLE IX
                           SUPPLEMENTAL INDENTURES

SECTION 9.01.  Supplemental Indentures without Consent of
               Securityholders..............................................43
SECTION 9.02.  Supplemental Indentures with Consent of Securityholders......45
SECTION 9.03.  Compliance with Trust Indenture Act; Effect of
               Supplemental Indentures......................................46
SECTION 9.04.  Notation on Securities.......................................46
SECTION 9.05.  Evidence of Compliance of Supplemental Indenture to
               be Furnished Trustee.........................................46

                                   ARTICLE X
              CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

SECTION 10.01. Company May Consolidate, Etc., Only on Certain Terms.........47
SECTION 10.02. Successor Corporation Substituted............................47

                                  ARTICLE XI
                   SATISFACTION AND DISCHARGE OF INDENTURE

SECTION 11.01. Discharge of Indenture.......................................48
SECTION 11.02. Deposited Moneys and U.S. Government Obligations to
               be Held in Trust by Trustee..................................49
SECTION 11.03. Paying Agent to Repay Moneys Held............................49
SECTION 11.04. Return of Unclaimed Moneys...................................49
SECTION 11.05. Defeasance Upon Deposit of Moneys or U.S.
               Government Obligations.......................................49

                                  ARTICLE XII
       IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

SECTION 12.01. Indenture and Securities Solely Corporate Obligations........51

                                 ARTICLE XIII
                           MISCELLANEOUS PROVISIONS

SECTION 13.01. Successors...................................................51
SECTION 13.02. Official Acts by Successor Corporation.......................51
SECTION 13.03. Surrender of Company Powers..................................51
SECTION 13.04. Addresses for Notices, etc...................................52
SECTION 13.05. Governing Law................................................52
SECTION 13.06. Evidence of Compliance with Conditions Precedent.............52
SECTION 13.07. Legal Holidays...............................................52

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SECTION 13.08. Trust Indenture Act to Control...............................53
SECTION 13.09. Table of Contents, Headings, etc.............................53
SECTION 13.10. Execution in Counterparts....................................53
SECTION 13.11. Separability.................................................53
SECTION 13.12. Assignment...................................................53
SECTION 13.13. Acknowledgment of Rights.....................................53

                                  ARTICLE XIV
       REDEMPTION OF SECURITIES -- MANDATORY AND OPTIONAL SINKING FUND

SECTION 14.01. Applicability of Article.....................................54
SECTION 14.02. Notice of Redemption; Selection of Securities................54
SECTION 14.03. Payment of Securities Called for Redemption..................55
SECTION 14.04. Mandatory and Optional Sinking Fund..........................55

                                  ARTICLE XV
                                SUBORDINATION

SECTION 15.01. Agreement to Subordinate.....................................57
SECTION 15.02. Default on Senior Indebtedness...............................58
SECTION 15.03. Liquidation; Dissolution; Bankruptcy.........................58
SECTION 15.04. Subrogation..................................................59
SECTION 15.05. Trustee to Effectuate Subordination..........................60
SECTION 15.06. Notice by the Company........................................60
SECTION 15.07. Rights of the Trustee; Holders of Senior Indebtedness .......61
SECTION 15.08. Subordination May Not Be Impaired............................61

                                      v

<PAGE>

     THIS INDENTURE, dated as of [o], between Roslyn Bancorp, Inc. a Delaware
corporation (hereinafter sometimes called the "Company"), and The Chase
Manhattan Bank, a New York banking corporation, as trustee (hereinafter
sometimes called the "Trustee"),

                            RECITALS OF THE COMPANY

     The Company deems it necessary from time to time to issue its unsecured
subordinated debentures, notes or other evidence of indebtedness to be issued
in one or more series (hereinafter called the "Securities") as hereinafter set
forth, and to provide therefor the Company has duly authorized the execution
and delivery of this Indenture;

     All things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done;

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     In consideration of the premises, and the purchase of the Securities by
the holders thereof, the Company covenants and agrees with the Trustee for the
equal and proportionate benefit of the respective holders from time to time of
the Securities or of a series thereof, as follows:

                                   ARTICLE I

                                  DEFINITIONS

     SECTION 1.01. Definitions.

     The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes
of this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section 1.01. All other terms used in
this Indenture which are defined in the Trust Indenture Act of 1939, as
amended (the "Trust Indenture Act"), or which are by reference therein defined
in the Securities Act of 1933, as amended (the "Securities Act"), shall
(except as herein otherwise expressly provided or unless the context otherwise
requires) have the meanings assigned to such terms in said Trust Indenture Act
and in said Securities Act as in force at the date of this Indenture as
originally executed. All accounting terms used herein and not expressly
defined shall have the meanings assigned to such terms in accordance with
generally accepted accounting principles and the term "generally accepted
accounting principles" means such accounting principles as are generally
accepted at the time of any computation. The words "herein", "hereof" and
"hereunder" and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision. Any
reference to the singular includes the plural and vice versa (unless the
context otherwise requires).

     "Additional Provisions" shall have the meaning given to such term in
Section 15.01.

     "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote, 10%
or more of the outstanding voting securities or other ownership interests of
the specified Person, (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,

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controlled or held with power to vote by the specified Person, (c) any Person
directly or indirectly controlling, controlled by, or under common control
with the specified Person, (d) a partnership in which the specified Person is
a general partner, (e) any officer or director of the specified Person, and
(f) if the specified Person is an individual, any entity of which the
specified Person is an officer, director or general partner.

     "Authorized Officer" means the Chairman of the Board, any Vice Chairman
of the Board, the Chief Executive Officer, the President, the Chief Financial
Officer, any Vice President, the Treasurer, the Secretary, the Comptroller,
any Assistant Comptroller, any Assistant Treasurer or any Assistant Secretary
of the Company.

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

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

     "Board of Directors" means either the board of directors of the Company,
any duly authorized committee of that board, the Chairman, any Vice Chairman,
the Chief Executive Officer, the President or any Vice President of the
Company duly authorized by the Board of Directors of the Company to take a
specified action or make a specified determination.

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

     "Business Day" shall mean, 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
or (i) with respect to Securities denominated in a Foreign Currency, in the
city specified in the Board Resolution pursuant to Section 3.01 or (ii) 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).

     "Certificate" shall mean a certificate signed by the principal executive
officer, the principal financial officer or the principal accounting officer
of the Company.

     "Certificate of Authentication" shall mean the certificate issued by the
Trustee or the Authenticating Agent as to the form of Security issued under
the Indenture.

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

     "Common Securities" shall mean undivided beneficial interests in the
assets of a Roslyn Capital Trust which rank pari passu with Preferred
Securities issued by such Roslyn Capital

                                      2
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Trust; provided, however, that upon the occurrence of an Event of Default, the
rights of holders of Common Securities to payment in respect of distributions
and payments upon liquidation, redemption and otherwise are subordinated to
the rights of holders of Preferred Securities.

     "Common Securities Guarantee" shall mean any guarantee that the Company
may enter into with any Person or Persons that operate directly or indirectly
for the benefit of holders of Common Securities of such Roslyn Capital Trust.

     "Company" shall mean Roslyn Bancorp, Inc., and, subject to the provisions
of Article X hereof, shall include its successors and assigns.

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

     "Declaration", with respect to a Roslyn Capital Trust, shall mean the
governing instrument of such Roslyn Capital Trust.

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

     "Defaulted Interest" shall have the meaning given to such term in Section
2.05.

     "Defeasance Agent" shall have the meaning given to such term in Section
11.05(c).

     "Depository Institution" shall mean, with respect to Securities of any
series, for which the Company shall determine that such Securities will be
issued as a Global Security, The Depository Trust Company, New York, New York,
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 Company pursuant to either Section 2.03
or 2.11.

     "Discharged" shall have the meaning given to such term in Section
11.05(b).

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

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

     "Global Security" means, with respect to any series of Securities, a
Security executed by the Company and delivered by the Trustee to the
Depository Institution or pursuant to the Depository Institution's
instruction, all in accordance with the Indenture, which shall be registered
in the name of the Depository Institution or its nominee.

     "Indenture" means with respect to each series of Securities for which a
Person is acting as Trustee, this instrument as originally executed or as it
may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of particular series of Securities for which such
Person is Trustee established as contemplated by Section 2.03, exclusive,
however, of

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any provisions or terms which relate solely to other series of Securities for
which such Person is not Trustee, regardless of when such terms or provisions
were adopted, and exclusive of any provisions or terms adopted by means of one
or more indentures supplemental hereto executed and delivered after such
Person had become such Trustee but to which such Person, as such Trustee, was
not a party.

     "Institutional Trustee" has the meaning set forth in the Declaration of
the applicable Roslyn Capital Trust.

     "interest" shall mean, when used with respect to non-interest bearing
Securities, interest payable at maturity.

     "Interest Payment Date", when used with respect to any installment of
interest on a Security of a particular series, shall mean the date specified
in such Security or in a Board Resolution or in an indenture supplemental
hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.

     "mortgage" shall mean and include any mortgage, pledge, lien, security
interest, conditional sale or other title retention agreement or other similar
encumbrance.

     "Officers' Certificate" means a certificate signed by two Authorized
Officers, one of whom must be the principal financial officer, and delivered
to the Trustee. Each such certificate shall include the statements provided
for in Section 13.06 if and to the extent provided by the provisions of such
Section.

     "Opinion of Counsel" shall mean an opinion in writing signed by legal
counsel experienced in the matters as to which such opinion is being
delivered, who may be an employee of or counsel to the Company, or may be
other counsel satisfactory to the Trustee. Each such opinion shall include the
statements provided for in Section 13.06 if and to the extent required by the
provisions of such Section.

     "outstanding" (except as otherwise provided in Section 7.01), when used
with reference to Securities, shall, subject to the provisions of Section
7.04, mean, as of any particular time, all Securities authenticated and
delivered by the Trustee or the Authenticating Agent under this Indenture,
except

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

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

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     (c)  Securities paid pursuant to Section 2.08 or Securities in lieu of or
          in substitution for which other Securities shall have been
          authenticated and delivered pursuant to the terms of Section 2.08 ,
          other than any such Securities in respect of which there shall have
          been presented to the Trustee proof satisfactory to it that such
          Securities are held by a protected purchaser (within the meaning of
          Article 8 of the Uniform Commercial Code) in whose hands such
          Securities are valid obligations of the Company.

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

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

     "Preferred Securities" shall mean undivided beneficial interests in the
assets of a Roslyn Capital Trust which rank pari passu with Common Securities
issued by such Roslyn Capital Trust whether or not designated for the purposes
of identification as preferred securities or capital securities; provided,
however, that upon the occurrence of an Event of Default, the rights of
holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of Preferred Securities.

     "Preferred Securities Guarantee" shall mean any guarantee that the
Company may enter into with The Chase Manhattan Bank or other Persons that
operate directly or indirectly for the benefit of holders of Preferred
Securities of such Roslyn Capital Trust.

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

     "Responsible Officer" means, when used with respect to the Trustee, an
officer within the corporate trust department of the Trustee, who shall have
direct responsibility for the administration of this Declaration and any other
officer to whom such matter is referred because of that officer's knowledge of
and familiarity with the particular subject.

     "Roslyn Capital Trust" shall mean a Delaware business trust, or any other
similar trust created for the purpose of issuing securities in connection with
the issuance of Securities under this Indenture, the common securities of
which are owned, directly or indirectly, by the Company.

     "Roslyn Common Stock" shall mean the Common Stock, par value [o] per
share, of the Company or any other class of stock resulting from changes or
reclassifications of such Common Stock consisting solely of changes in par

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value, or from par value to no par value, or from no par value to par value.
Subject to the anti-dilution provisions of any convertible Security, however,
shares of Roslyn Common Stock issuable on conversion of a Security shall
include only shares of the class designated as Common Stock of the Company at
the date of the supplemental indenture, Board Resolution or other instrument
authorizing such Security or shares of any class or classes resulting from any
reclassification or reclassifications thereof and which have no preference in
respect of the payment of dividends or the distribution of assets upon any
voluntary or involuntary liquidation, dissolution or winding-up of the Company
and which are not subject to redemption by the Company, provided that if at
any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion which the
total number of shares of such class resulting from all such reclassifications
bears to the total number of shares of such classes resulting from all such
reclassifications.

     "Security" or "Securities" shall have the meaning stated in the first
recital of this Indenture and more particularly means any security or
securities, as the case may be, authenticated and delivered under this
Indenture.

     "Security Register" shall have the meaning given to such term in Section
2.07.

     "Securityholder", "holder of Securities", or other similar terms, shall
mean any person in whose name at the time a particular Security is registered
on the register kept by the Company or the Trustee for that purpose in
accordance with the terms hereof.

     "Senior Indebtedness" means, with respect to the Company, (i) the
principal, premium, if any, and interest in respect of (A) indebtedness of the
Company for borrowed money and (B) indebtedness evidenced by securities,
debentures, bonds or other similar instruments issued by the Company, (ii) all
capital lease obligations of the Company, (iii) all obligations of the Company
issued or assumed as the deferred purchase price of property, all conditional
sale obligations of the Company and all obligations of the Company under any
title retention agreement (but excluding trade accounts payable arising in the
ordinary course of business), (iv) all obligations of the Company for the
reimbursement of any letter of credit, banker's acceptance, security purchase
facility or similar credit transaction, (v) all obligations of the Company to
make payment or delivery pursuant to the terms of financial instruments such
as (a) securities contracts and foreign currency exchange contracts, (b)
derivative instruments, such as swap agreements (including interest rate and
foreign exchange rate swap agreements), cap agreements, floor agreements,
collar agreements, interest rate agreements, foreign exchange rate agreements,
options, commodity futures contracts, commodity option contracts and (c) in
the case of both (a) and (b) above, similar financial instruments, (vi) all
obligations of the type referred to in clauses (i) through (v) above of other
persons for the payment of which the Company is responsible or liable as
obligor, guarantor or otherwise and (vii) all obligations of the type referred
to in clauses (i) through (vi) above of other persons secured by any lien on
any property or asset of the Company (whether or not such obligation is
assumed by the Company), except that Senior Indebtedness shall not include (i)
any such indebtedness that is by its terms subordinated to or ranks pari passu
with the Securities and (ii) any indebtedness between and among the Company or
its Affiliates, including all other debt securities and guarantees in respect
to those debt securities, issued to any other trust, or a trustee of such
trust, partnership or other entity affiliated with the Company that is a
financing vehicle of the Company (a "financing

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<PAGE>

entity") in connection with the issuance by such financing entity of Preferred
Securities or other securities that rank pari passu with, or junior to, the
Preferred Securities.

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

     "Trustee" shall mean the Person identified as "Trustee" in the first
paragraph hereof, and, subject to the provisions of Article VI hereof, shall
also include its successors and assigns as Trustee hereunder. The term
"Trustee" as used with respect to a particular series of the Securities shall
mean the trustee with respect to that series.

     "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as in
force at the date of execution of this Indenture, except as provided in
Section 9.03.

     "Trust Securities" shall mean Common Securities and Preferred Securities
of a Roslyn Capital Trust.

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

                                  ARTICLE II

                                  SECURITIES

     SECTION 2.01. Forms Generally.

                                      7
<PAGE>

     The Securities of each series shall be in substantially the form as shall
be established by or pursuant to a Board Resolution and as set forth in an
Officers' Certificate of the Company or in one or more indentures supplemental
hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with any law or with any rules made pursuant thereto or with any rules of any
securities exchange or all as may, consistently herewith, be determined by the
officers of the Company executing such Securities, as evidenced by their
execution of the Securities.

     The definitive Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as
determined by the officers of the Company executing such Securities, as
evidenced by their execution of such Securities.

     SECTION 2.02. Form of Trustee's Certificate of Authentication.

     The Trustee's Certificate of Authentication on all Securities shall be in
substantially the following form:

     This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

     The Chase Manhattan Bank, as Trustee

     By:______________________________
          Authorized Officer

     SECTION 2.03. Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued
in one or more series up to the aggregate principal amount of securities of
that series from time to time authorized by or pursuant to a Board Resolution
of the Company or pursuant to one or more indentures supplemental hereto.
Prior to the initial issuance of Securities of any series, there shall be
established in or pursuant to a Board Resolution of the Company and set forth
in an Officers' Certificate of the Company or established in one or more
indentures supplemental:

          (a) the title of the Securities of the series (which shall
     distinguish the Securities of the series from all other Securities);

          (b) any limit upon the aggregate principal amount of the Securities
     of the series which may be authenticated and delivered under this
     Indenture (except for Securities authenticated and delivered upon
     registration of transfer of, or in exchange for, or in lieu of, other
     Securities of the series pursuant to Sections 2.07, 2.08, 2.09, 9.04 or
     14.03);

          (c) the date or dates on which the principal of and premium, if any,
     on the Securities of the series is payable;

                                      8
<PAGE>

          (d) the rate or rates at which the Securities of the series shall
     bear interest, if any, or the method by which such interest may be
     determined, the date or dates from which such interest shall accrue, the
     Interest Payment Dates on which such interest shall be payable or the
     manner of determination of such Interest Payment Dates and the record
     dates for the determination of holders to whom interest is payable on any
     such Interest Payment Dates;

          (e) the place or places where the principal of, and premium, if any,
     and any interest on Securities of the series shall be payable;

          (f) the right, if any, to extend the interest payment periods and
     the duration of such extension;

          (g) the price or prices at which, the period or periods within which
     and the terms and conditions upon which Securities of the series may be
     redeemed, in whole or in part, at the option of the Company, pursuant to
     any sinking fund or otherwise;

          (h) the obligation, if any, of the Company to redeem, purchase or
     repay Securities of the series pursuant to any sinking fund or analogous
     provisions or at the option of a Securityholder thereof and the price or
     prices at which, and the period or periods within which, and the terms
     and conditions upon which, Securities of the series shall be redeemed,
     purchased or repaid, in whole or in part, pursuant to such obligation;

          (i) if other than denominations of $1,000 and any integral multiple
     thereof, the denominations in which Securities of the series shall be
     issuable;

          (j) any Events of Default with respect to the Securities of a
     particular series, if not set forth herein;

          (k) the form of the Securities of the series including the form of
     the Certificate of Authentication of such series;

          (l) any trustee, authenticating or paying agents, warrant agents,
     transfer agents or registrars with respect to the Securities of such
     series;

          (m) whether the Securities of the series shall be issued in whole or
     in part in the form of one or more Global Securities and, in such case,
     the Depository Institution for such Global Security or Securities, and
     whether beneficial owners of interests in any such Global Securities may
     exchange such interests for other Securities of such series in the manner
     provided in Section 2.07, and the manner and the circumstances under
     which and the place or places where any such exchanges may occur if other
     than in the manner provided in Section 2.07, and any other terms of the
     series relating to the global nature of the Global Securities of such
     series and the exchange, registration or transfer thereof and the payment
     of any principal thereof, or interest or premium, if any, thereon; and

          (n) any other terms of the series (which terms shall not be
     inconsistent with the provisions of this Indenture).

                                      9
<PAGE>

     All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to
such resolution of the Board of Directors or in any such indenture
supplemental hereto.

     If any of the terms of the series are established by action taken
pursuant to a Board Resolution of the Company, a copy of an appropriate record
of such action shall be certified by the Secretary or an Assistant Secretary
of the Company and delivered to the Trustee at or prior to the delivery of the
Officers' Certificate of the Company setting forth the terms of the series.

     SECTION 2.04. Authentication and Dating.

     At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series executed by
the Company to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver said Securities to or upon the written order of the
Company, signed by its Chairman of the Board of Directors, President or one of
its Vice Presidents and by its Treasurer, any Assistant Treasurer, Secretary
or any Assistant Secretary, without any further action by the Company
hereunder. In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon:

     (a) a copy of any Board Resolution or Resolutions relating thereto and,
if applicable, an appropriate record of any action taken pursuant to such
resolution, in each case certified by the Secretary or an Assistant Secretary
of the Company;

     (b) an executed supplemental indenture, if any;

     (c) an Officers' Certificate setting forth the form and terms of the
Securities as required pursuant to Sections 2.01 and 2.03, respectively; and

     (d) an Opinion of Counsel prepared in accordance with Section 13.06 which
shall also state:

          (i)    that the form of such Securities has been established by or
                 pursuant to a resolution of the Board of Directors or by a
                 supplemental indenture as permitted by Section 2.01 in
                 conformity with the provisions of this Indenture;

          (ii)   that the terms of such Securities have been established by or
                 pursuant to a resolution of the Board of Directors or by a
                 supplemental indenture as permitted by Section 2.03 in
                 conformity with the provisions of this Indenture;

          (iii)  that such Securities, when authenticated and delivered by the
                 Trustee and issued by the Company in the manner and subject
                 to any conditions specified in such Opinion of Counsel, will
                 constitute valid and legally binding obligations of the
                 Company;

                                      10
<PAGE>

          (iv)   that all laws and requirements in respect of the execution
                 and delivery by the Company of the Securities have been
                 complied with and that authentication and delivery of the
                 Securities by the Trustee will not violate the terms of the
                 Indenture; and

          (v)    such other matters as the Trustee may reasonably request.

     The Trustee shall have the right to decline to authenticate and deliver
any Securities under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or if the Trustee in
good faith by its board of directors or trustees, executive committee, or a
trust committee of directors or trustees and/or vice presidents shall
determine that such action would expose the Trustee to personal liability to
existing holders.

     No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence that such
Security has been duly authenticated and delivered hereunder and is entitled
to the benefits under this Indenture.

     SECTION 2.05. Date and Denomination of Securities.

     The Securities shall be issuable in such form and in such denominations
as shall be specified as contemplated by Section 2.03. In the absence of any
such specification with respect to the Securities of any series, the
Securities of such Series shall be issuable as registered Securities without
coupons and in the denominations of $1,000 and any multiple thereof. The
Securities shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plans as the officers of the Company
executing the same may determine with the approval of the Trustee as evidenced
by the execution and authentication thereof.

     Every Security shall be dated the date of its authentication, shall bear
interest, if any, from such date and shall be payable on such dates, in each
case, as contemplated by Section 2.03. The interest installment on any
Security that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date for Securities of that series shall be paid to the
Person in whose name said Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for such
interest installment. In the event that any Security of a particular series or
portion thereof is called for redemption and the redemption date is subsequent
to a regular record date with respect to any Interest Payment Date and prior
to such Interest Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section 3.01.

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

                                      11
<PAGE>

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

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

     Unless otherwise set forth in a Board Resolution of the Company or one or
more indentures supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.01 hereof, the term "regular record date" as
used in this Section with respect to a series of Securities with respect to
any Interest Payment Date for such series shall mean either the fifteenth day
of the month in which an Interest Payment Date established for such series
pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is
the last day of a month, or the last day of the month immediately preceding
the month in which an Interest Payment Date established for such series
pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is
the fifteenth day of a month, whether or not such date is a Business Day.

     Subject to the foregoing provisions of this Section, each Security of a
series delivered under this Indenture upon transfer of or in exchange for or
in lieu of any other Security of such series shall carry the rights to
interest accrued and unpaid, and to accrue, that were carried by such other
Security.

                                      12
<PAGE>

     SECTION 2.06. Execution of Securities.

     The Securities shall be signed in the name and on behalf of the Company
by the facsimile signature of its Chairman of the Board of Directors, any Vice
Chairman of the Board, its Chief Executive Officer, its President or one of
its Vice Presidents and by the facsimile signature of its Treasurer, one of
its Assistant Treasurers, Secretary or one of its Assistant Secretaries, under
its corporate seal which may be affixed thereto or printed, engraved or
otherwise reproduced thereon, by facsimile or otherwise, and which need not be
attested. Only such Securities as shall bear thereon a Certificate of
Authentication substantially in the form hereinbefore recited, executed by the
Trustee or the Authenticating Agent, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. Such certificate by the
Trustee or the Authenticating Agent upon any Security executed by the Company
shall be conclusive evidence that the Security so authenticated has been duly
authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture.

     In case any officer of the Company who shall have signed any of the
Securities shall cease to be such officer before the Securities so signed
shall have been authenticated and delivered by the Trustee or the
Authenticating Agent, or disposed of by the Company, such Securities
nevertheless may be authenticated and delivered or disposed of as though the
person who signed such Securities had not ceased to be such officer of the
Company; and any Security may be signed on behalf of the Company by such
persons as, at the actual date of the execution of such Security, shall be the
proper officers of the Company, although at the date of the execution of this
Indenture any such person was not such an officer.

     SECTION 2.07. Exchange and Registration of Transfer of Securities.

     Subject to Section 2.03(i), Securities of any series may be exchanged for
a like aggregate principal amount of Securities of the same series of other
authorized denominations. Securities to be exchanged may be surrendered at the
principal office of the Trustee or at any office or agency to be maintained by
the Company for such purpose as provided in Section 3.02, and the Company or
the Trustee shall execute and register and the Trustee or the Authenticating
Agent shall authenticate and deliver in exchange therefor the Security or
Securities which the Securityholder making the exchange shall be entitled to
receive. Upon due presentment for registration of transfer of any Security of
any series at the principal office of the Trustee or at any office or agency
of the Company maintained for such purpose as provided in Section 3.02, the
Company or the Trustee shall execute and register and the Trustee or the
Authenticating Agent shall authenticate and deliver in the name of the
transferee or transferees a new Security or Securities of the same series for
a like aggregate principal amount. Registration or registration of transfer of
any Security by the Trustee or by any agent of the Company appointed pursuant
to Section 3.02, and delivery of such Security, shall be deemed to complete
the registration or registration of transfer of such Security.

     The Company or the Trustee shall keep, at the principal office of the
Trustee, a register for each series of Securities issued hereunder (the
"Security Register") in which, subject to such reasonable regulations as it
may prescribe, the Company or the Trustee shall register all Securities and
shall register the transfer of all Securities as in this Article II provided.
Such

                                      13
<PAGE>

register shall be in written form or in any other form capable of being
converted into written form within a reasonable time.

     All Securities presented for registration of transfer or for exchange or
payment shall (if so required by the Company, the Trustee or the
Authenticating Agent) be duly endorsed by, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and
the Trustee or the Authenticating Agent duly executed by, the holder of such
Security or his attorney duly authorized in writing.

     No service charge shall be made for any exchange or registration of
transfer of Securities, but the Company or the Trustee may require payment of
a sum sufficient to cover any tax, fee or other governmental charge that may
be imposed in connection therewith.

     The Company or the Trustee shall not be required to exchange or register
a transfer of (a) any Security for a period of 15 days next preceding the date
of mailing of a notice of redemption of Securities of such series, or (b) any
Securities of any series selected, called or being called for redemption in
whole or in part, except in the case of any Securities of any series to be
redeemed in part, the portion thereof not so to be redeemed.

     SECTION 2.08. Mutilated, Destroyed, Lost or Stolen Securities.

     In case any temporary or definitive Security shall become mutilated or be
destroyed, lost or stolen, the Company shall execute, and upon its request the
Trustee shall authenticate and deliver, a new Security of the same series
bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for
the Security so destroyed, lost or stolen. In every case the applicant for a
substituted Security shall furnish to the Company and the Trustee such
security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Company and the Trustee evidence to their
satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof.

     The Trustee may authenticate any such substituted Security and deliver
the same upon the written request or authorization of any officer of the
Company. Upon the issuance of any substituted Security, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses
connected therewith. In case any Security which has matured or is about to
mature or has been called for redemption in full shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substitute
Security, pay or authorize the payment of the same (without surrender thereof
except in the case of a mutilated Security) if the applicant for such payment
shall furnish to the Company and the Trustee such security or indemnity as may
be required by them to save each of them harmless and, in case of destruction,
loss or theft, evidence satisfactory to the Company and to the Trustee of the
destruction, loss or theft of such Security and of the ownership thereof.

     Every substituted Security of any series issued pursuant to the
provisions of this Section 2.08 by virtue of the fact that any such Security
is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen

                                      14
<PAGE>

Security shall be found at any time, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other
Securities of the same series duly issued hereunder. All Securities shall be
held and owned upon the express condition that, to the extent permitted by
applicable law, the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities and
shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without
their surrender.

     SECTION 2.09. Temporary Securities.

     Pending the preparation of definitive Securities of any series, the
Company may execute and the Trustee shall authenticate and deliver temporary
Securities (printed or lithographed). Temporary Securities shall be issuable
in any authorized denomination, and substantially in the form of the
definitive Securities but with such omissions, insertions and variations as
may be appropriate for temporary Securities, all as may be determined by the
Company. Every such temporary Security shall be executed by the Company and be
authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with the same effect, as the definitive Securities. Without
unreasonable delay the Company will execute and deliver to the Trustee or the
Authenticating Agent definitive Securities and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor, at the
principal office of the Trustee or at any office or agency maintained by the
Company for such purpose as provided in Section 3.02, and the Trustee or the
Authenticating Agent shall authenticate and deliver in exchange for such
temporary Securities a like aggregate principal amount of such definitive
Securities. Such exchange shall be made by the Company at its own expense and
without any charge therefor except that in case of any such exchange involving
a registration of transfer the Company may require payment of a sum sufficient
to cover any tax, fee or other governmental charge that may be imposed in
relation thereto. Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of the same series authenticated and delivered
hereunder.

     SECTION 2.10. Cancellation of Securities Paid, etc.

     All Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer, shall, if surrendered to the Company or
any paying agent, be surrendered to the Trustee and promptly cancelled by it,
or, if surrendered to the Trustee or any Authenticating Agent, shall be
promptly cancelled by it, and no Securities shall be issued in lieu thereof
except as expressly permitted by any of the provisions of this Indenture. All
Securities cancelled by any Authenticating Agent shall be delivered to the
Trustee. The Trustee shall dispose of cancelled Securities in accordance with
its customary procedures. If the Company shall acquire any of the Securities,
however, such acquisition shall not operate as a redemption or satisfaction of
the indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation.

     SECTION 2.11. Global Securities.

                                      15
<PAGE>

     (a) If the Company shall establish pursuant to Section 2.03 that the
Securities of a particular series are to be issued as a Global Security, then
the Company shall execute and the Trustee shall, in accordance with Section
2.04, authenticate and deliver, a Global Security that (i) shall represent,
and shall be denominated in an amount equal to the aggregate principal amount
of, all of the outstanding Securities of such series, (ii) shall be registered
in the name of the Depository Institution or its nominee, (iii) shall be
delivered by the Trustee to the Depository Institution or pursuant to the
Depository Institution's instruction and (iv) shall bear a legend
substantially to the following effect: "Except as otherwise provided in
Section 2.11 of the Indenture, this Security may be transferred, in whole but
not in part, only to another nominee of the Depository Institution or to a
successor Depository Institution or to a nominee of such successor Depository
Institution."

     (b) Notwithstanding the provisions of Section 2.07, the Global Security
of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.07, only to another nominee of the Depository
Institution for such series or to a successor Depository Institution for such
series selected or approved by the Company or to a nominee of such successor
Depository Institution.

     (c) If at any time the Depository Institution for a series of the
Securities notifies the Company that it is unwilling or unable to continue as
Depository Institution for such series or if at any time the Depository
Institution for such series shall no longer be registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and a
successor Depository Institution for such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such condition, as the case may be, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will execute, and
subject to Section 2.07, the Trustee will authenticate and deliver, the
Securities of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange for such
Global Security. In addition, the Company may at any time determine that the
Securities of any series shall no longer be represented by a Global Security
and that the provisions of this Section 2.11 shall no longer apply to the
Securities of such series. In such event the Company will execute and, subject
to Section 2.07, the Trustee, upon receipt of an Officers' Certificate
evidencing such determination by the Company, will authenticate and deliver
the Securities of such series in definitive registered form without coupons,
in authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange for such
Global Security. Upon the exchange of the Global Security for such Securities
in definitive registered form without coupons, in authorized denominations,
the Global Security shall be cancelled by the Trustee. Such Securities in
definitive registered form issued in exchange for the Global Security pursuant
to this Section 2.11(c) shall be registered in such names and in such
authorized denominations as the Depository Institution, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the
Depository Institution for delivery to the Persons in whose names such
Securities are so registered.

     SECTION 2.12. CUSIP Numbers.

                                      16
<PAGE>

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

                                  ARTICLE III

                     PARTICULAR COVENANTS OF THE COMPANY.

     SECTION 3.01. Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay or cause to be paid the
principal of, and premium, if any, and interest on, each of the Securities of
that series at the place, at the respective times and in the manner provided
in such Securities. Each installment of interest on the Securities of any
series may be paid by mailing checks for such interest payable to the order of
the holders of Securities entitled thereto as they appear on the Security
Register or by wire transfer to an account appropriately designated by the
holders of Securities entitled thereto.

     SECTION 3.02. Offices for Notices and Payments, etc.

     So long as any of the Securities remains outstanding, the Company will
maintain in the Borough of Manhattan, The City of New York, an office or
agency where the Securities of each series may be presented for payment, an
office or agency where the Securities of that Series may be presented for
registration of transfer and for exchange as in this Indenture provided, and
an office or agency where notices and demands to or upon the Company in
respect of the Securities of that Series or of this Indenture may be served.
The Company will give to the Trustee written notice of the location of any
such office or agency and of any change of location thereof. Until otherwise
designated from time to time by the Company in a notice to the Trustee, or
specified as contemplated by Section 2.03, any such office or agency for all
of the above purposes shall be the office or agency of the Trustee. In case
the Company shall fail to maintain any such office or agency in the Borough of
Manhattan, The City of New York, or shall fail to give such notice of the
location or of any change in the location thereof, presentations and demands
may be made and notices may be served at the principal office of the Trustee.

     In addition to any such office or agency, the Company may from time to
time designate one or more offices or agencies outside the Borough of
Manhattan, The City of New York, where the Securities may be presented for
registration of transfer and for exchange in the manner provided in this
Indenture, and the Company may from time to time rescind such designation, as
the Company may deem desirable or expedient; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in the Borough of Manhattan,
The City of New York, for the purposes above

                                      17
<PAGE>

mentioned. The Company will give to the Trustee prompt written notice of any
such designation or rescission thereof.

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

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

     SECTION 3.04. Provision as to Paying Agent.

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

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

          (2) that it will give the Trustee notice of any failure by the
          Company (or by any other obligor on the Securities of such series)
          to make any payment of the principal of, and premium, if any, or
          interest, if any, on, the Securities of such series when the same
          shall be due and payable.

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

     (c) Anything in this Section 3.04 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and
discharge with respect to one or more or all series of Securities hereunder,
or for any other reason, pay or cause to be paid to the Trustee all sums held
in trust for any such series by the Trustee or any paying agent hereunder, as
required by this Section 3.04, such sums to be held by the Trustee upon the
trusts herein contained.

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

     SECTION 3.05. Certificate to Trustee.

                                      18
<PAGE>

     The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year, commencing with the first calendar year of the issuance of
Securities of any series under this Indenture, so long as Securities of any
series are outstanding hereunder, a Certificate stating that in the course of
the performance by the signers of their duties as officers of the Company they
would normally have knowledge of any default by the Company in the performance
of any covenants contained herein, stating whether or not they have knowledge
of any such default and, if so, specifying each such default of which the
signers have knowledge and the nature thereof, all without regard to periods
of grace or notice requirements.

     SECTION 3.06. Compliance with Consolidation Provisions.

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

     SECTION 3.07. Limitation on Dividends; Transactions with Affiliates.

     If Securities are issued to a Roslyn Capital Trust or a trustee of such
trust in connection with the issuance of Trust Securities by such Roslyn
Capital Trust and (i) there shall have occurred an Event of Default, or (ii)
the Company shall be in default with respect to its payment of any obligations
under the Preferred Securities Guarantee or Common Securities Guarantee
relating to such Roslyn Capital Trust, then (a) the Company shall not declare
or pay any dividend on, make any distribution with respect to, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of its
capital stock (other than (i) purchases or acquisitions of shares of Roslyn
Common Stock in connection with the satisfaction by the Company of its
obligations under any employee benefit or dividend reinvestment plans or any
other contractual obligation of the Company (other than a contractual
obligation ranking pari passu with or junior to the Securities), (ii) as a
result of a reclassification of the Company's capital stock or the exchange or
conversion of one class or series of the Company's capital stock for another
class or series of the Company's capital stock or (iii) the purchase of
fractional interests in shares of the Company's capital stock pursuant to the
conversion or exchange provisions of such Company capital stock or the
security being converted or exchanged), (b) the Company shall not make any
payment of interest, principal or premium, if any, on or repay, repurchase or
redeem any debt securities issued by the Company that rank pari passu with or
junior to the Securities; and (c) the Company shall not make any guarantee
payments with respect to the foregoing (other than pursuant to the Preferred
Securities Guarantee).

     SECTION 3.08. Covenants as to Roslyn Capital Trusts.

     In the event Securities are issued to a Roslyn Capital Trust or a trustee
of such trust in connection with the issuance of Trust Securities by such
Roslyn Capital Trust, for so long as such Trust Securities remain outstanding,
the Company will (i) maintain 100% direct or indirect ownership of the Common
Securities of such Roslyn Capital Trust; provided, however, that any permitted
successor of the Company under the Indenture may succeed to the Company's
ownership of the Common Securities, (ii) use its reasonable efforts to cause
such Roslyn Capital Trust (a) to remain a statutory business trust, except in
connection with a distribution of Securities to the holders of Trust Securities
in liquidation of such Roslyn Capital Trust, the

                                      19
<PAGE>

redemption of all of the Trust Securities of such Roslyn Capital Trust or
certain mergers, consolidations or amalgamations, each as permitted by the
Declaration of such Roslyn Capital Trust, and (b) to otherwise continue not to
be treated as an association taxable as a corporation or partnership for
United States Federal income tax purposes and (iii) use its reasonable efforts
to cause each holder of Trust Securities to be treated as owning an individual
beneficial interest in the Securities.

     SECTION 3.09. Notice of Default.

     The Company shall file with the Trustee written notice of the occurrence
of any Event of Default within 5 Business Days of its becoming aware of any
such Event of Default.

                                  ARTICLE IV

                   SECURITYHOLDERS' LISTS AND REPORTS BY THE
                           COMPANY AND THE TRUSTEE.

     SECTION 4.01. Securityholders' Lists.

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

          (a) on a semi-annual basis on each regular record date for each
     series of Securities, a list, in such form as the Trustee may reasonably
     require, of the names and addresses of the Securityholders of such series
     of Securities as of such record date (and on dates to be determined
     pursuant to Section 2.03 for non-interest bearing securities in each
     year); and

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

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

     SECTION 4.02. Preservation and Disclosure of Lists.

     (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of
each series of Securities (1) contained in the most recent list furnished to
it as provided in Section 4.01 or (2) received by it in the capacity of
Securities registrar (if so acting) hereunder. The Trustee may destroy any
list furnished to it as provided in Section 4.01 upon receipt of a new list so
furnished.

     (b) In case three or more holders of Securities of any series
(hereinafter referred to as "applicants") apply in writing to the Trustee and
furnish to the Trustee reasonable proof that each such applicant has owned a
Security of such series for a period of at least 6 months preceding the date
of such application, and such application states that the applicants desire to
communicate with other holders of Securities of such series or with holders of
all Securities with respect to

                                      20
<PAGE>

their rights under this Indenture or under such Securities and is accompanied
by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Trustee shall within 5 Business Days after the
receipt of such application, at its election, either:

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

          (2) inform such applicants as to the approximate number of holders
          of such series or all Securities, as the case may be, whose names
          and addresses appear in the information preserved at the time by the
          Trustee in accordance with the provisions of subsection (a) of this
          Section 4.02, and as to the approximate cost of mailing to such
          Securityholders the form of proxy or other communication, if any,
          specified in such application.

          If the Trustee shall elect not to afford such applicants access to
          such information, the Trustee shall, upon the written request of
          such applicants, mail to each Securityholder of such series or all
          Securities, as the case may be, whose name and address appear in the
          information preserved at the time by the Trustee in accordance with
          the provisions of subsection (a) of this Section 4.02 a copy of the
          form of proxy or other communication which is specified in such
          request with reasonable promptness after a tender to the Trustee of
          the material to be mailed and of payment, or provision for the
          payment, of the reasonable expenses of mailing, unless within 5 days
          after such tender, the Trustee shall mail to such applicants and
          file with the Commission, together with a copy of the material to be
          mailed, a written statement to the effect that, in the opinion of
          the Trustee, such mailing would be contrary to the best interests of
          the holders of Securities of such series or all Securities, as the
          case may be, or would be in violation of applicable law. Such
          written statement shall specify the basis of such opinion. If the
          Commission, after opportunity for a hearing upon the objections
          specified in the written statement so filed, shall enter an order
          refusing to sustain any of such objections or if, after the entry of
          an order sustaining one or more of such objections, the Commission
          shall find, after notice and opportunity for hearing, that all the
          objections so sustained have been met and shall enter an order so
          declaring, the Trustee shall mail copies of such material to all
          such Securityholders with reasonable promptness after the entry of
          such order and the renewal of such tender; otherwise the Trustee
          shall be relieved of any obligation or duty to such applicants
          respecting their application.

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

     SECTION 4.03. Reports by Company.

                                      21
<PAGE>

     (a) The Company covenants and agrees to file with the Trustee, within 15
days after the Company 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 Company
may be required to file with the Commission pursuant to Section 13 or Section
15(d) of the Exchange Act; or, if the Company is not required to file
information, documents or reports pursuant to either of such sections, then to
file with the 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) The Company covenants and agrees to file with the 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 Company with the conditions and covenants
provided for in this Indenture as may be required from time to time by such
rules and regulations.

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

     (d) The Company covenants and agrees to furnish to the 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.

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

     SECTION 4.04. Reports by the Trustee.

     (a) The Trustee shall transmit to Securityholders such reports concerning
the 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 Trustee
shall, within sixty days after each April 15 following the date of this
Indenture deliver to Holders a brief report, dated as of such April 15, which
complies with the provisions of such Section 313(a).

     (b) A copy of each such report shall, at the time of such transmission to
Securityholders, be filed by the Trustee with each stock exchange, if any,
upon which the Securities are listed,

                                      22
<PAGE>

with the Commission and with the Company. The Company will promptly notify the
Trustee when the Securities are listed on any stock exchange and of any
delisting thereof.

                                   ARTICLE V

                  REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
                             ON EVENT OF DEFAULT.

     SECTION 5.01. Events of Default.

     "Event of Default", with respect to any series of Securities, wherever
used herein, means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body), unless it is either inapplicable to a particular series or
it is specifically deleted or modified in the supplemental indenture under
which such series of Securities is issued or in the form of Security for such
series:

          (a) default in the payment of any interest upon any Securities of
     that series when it becomes due and payable, and continuance of such
     default for a period of 30 days; provided, however, that a valid
     extension of an interest payment period by the Company in accordance with
     the terms of any particular series of Securities established as
     contemplated in this Indenture, shall not constitute a default in the
     payment of interest for this purpose; or

          (b) default in the payment of all or any part of the principal of,
     or premium, if any, on, any Securities of that series as and when the
     same shall become due and payable either at maturity, upon redemption
     (including redemption for a sinking fund, if any), by declaration or
     otherwise; provided, however, that a valid extension of the maturity of
     such Securities in accordance with the terms of any particular series of
     Securities established as contemplated in this Indenture, shall not
     constitute a default in the payment of principal or premium, if any, for
     this purpose; or

          (c) default in the performance, or breach, of any covenant or
     warranty of the Company in this Indenture (other than a covenant or
     warranty a default in whose performance or whose breach is elsewhere in
     this Section specifically dealt with and other than those set forth
     exclusively in terms of any particular series of Securities established
     as contemplated in this Indenture), and continuance of such default or
     breach for a period of 60 days after there has been given, by registered
     or certified mail, to the Company by the Trustee or to the Company and
     the Trustee by the holders of at least 25% in principal amount of the
     outstanding Securities, a written notice specifying such default or
     breach and requiring it to be remedied and stating that such notice is a
     "Notice of Default" hereunder; or

          (d) a court having jurisdiction in the premises shall enter a decree
     or order for relief in respect of the Company in an involuntary case
     under any applicable bankruptcy, insolvency or other similar law now or
     hereafter in effect, or appointing a receiver, liquidator, assignee,
     custodian, trustee, sequestrator (or similar official) of the Company

                                      23
<PAGE>

     or for any substantial part of its property, or ordering the winding-up or
     liquidation of its affairs and such decree or order shall remain unstayed
     and in effect for a period of 60 consecutive days; or

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

          (f) in the event Securities are issued to a Roslyn Capital Trust or
     a trustee of such trust in connection with the issuance of Trust
     Securities by such Roslyn Capital Trust, such Roslyn Capital Trust shall
     have voluntarily or involuntarily dissolved, wound-up its business or
     otherwise terminated its existence except in connection with (i) the
     distribution of Securities to holders of Trust Securities in liquidation
     of their interests in such Roslyn Capital Trust, (ii) the redemption of
     all of the outstanding Trust Securities of such Roslyn Capital Trust or
     (iii) certain mergers, consolidations or amalgamations, each as permitted
     by the Declaration of such Roslyn Capital Trust.

     If an Event of Default occurs and is continuing, then, and in each and
every such case, unless the principal of all of the Securities of such series
shall have already become due and payable, either the Trustee or the holders
of not less than 25% in aggregate principal amount of the Securities of that
series then outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by Securityholders), may declare the entire principal of
all Securities of that series and the interest accrued thereon, if any, to be
due and payable immediately, and upon any such declaration the same shall
become immediately due and payable.

     The foregoing provisions, however, are subject to the condition that if,
at any time after the principal of the Securities of any series (or of all the
Securities, as the case may be) shall have been so declared due and payable,
and before any judgment or decree for the payment of the moneys due shall have
been obtained or entered as hereinafter provided, the Company shall pay or
shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of such series (or of all the
Securities, as the case may be) and the principal of and premium, if any, on
any and all Securities of such series (or of all the Securities, as the case
may be) which shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and, to the extent that
payment of such interest is enforceable under applicable law, on overdue
installments of interest, at the same rate as the rate of interest specified
in the Securities of such series (or at the respective rates of interest of
all the Securities, as the case may be), to the date of such payment or
deposit) and such amount as shall be sufficient to cover reasonable
compensation to the Trustee and each predecessor Trustee, their respective
agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Trustee and each predecessor Trustee
except as a result of negligence or bad faith, and if any and all Events of
Default under the Indenture, other than the non-payment of the principal of or
premium, if any, on Securities which shall have become due by acceleration,
shall have been cured, waived or otherwise remedied as provided in this
Indenture, then and in

                                      24
<PAGE>

every such case the holders of a majority in aggregate principal amount of the
Securities of such series (or of all the Securities, as the case may be) then
outstanding, by written notice to the Company and to the Trustee, may waive
all defaults with respect to that series (or with respect to all Securities,
as the case may be, in such case, treated as a single class) and rescind and
annul such declaration and its consequences, but no such waiver or rescission
and annulment shall extend to or shall affect any subsequent default or shall
impair any right consequent thereon.

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

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

     The Company covenants that (a) in case an Event of Default under Section
5.01(a), (b), (c), (d) or (f) shall have occurred and be continuing, then,
upon demand of the Trustee, the Company will pay to the Trustee, for the
benefit of the holders of the Securities of that series, the whole amount that
then shall have become due and payable on all such Securities of that series
for principal and premium, if any, or interest, or both, as the case may be,
with interest upon the overdue principal and premium, if any, and (to the
extent that payment of such interest is enforceable under applicable law and,
if the Securities are held by Roslyn Capital Trust or a trustee of such trust,
without duplication of any other amounts paid by Roslyn Capital Trust or a
trustee in respect thereof) upon the overdue installments of interest at the
rate borne by the Securities of that series; and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents,
attorneys and counsel, and any expenses or liabilities incurred by the Trustee
hereunder other than through its negligence or bad faith.

     In case the Company shall fail forthwith to pay such amounts upon such
demand, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any actions or proceedings at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any
such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or any other obligor on such
Securities and collect in the manner provided by law out of the property of
the Company or any other obligor on such Securities wherever situated the
moneys adjudged or decreed to be payable.

     In case an Event of Default under Section 5.01(d) or (e) shall have
occurred, the Trustee, irrespective of whether the principal of the Securities
of any series shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have
made any demand pursuant to the provisions of this Section 5.02, shall be
entitled and empowered, by intervention in such proceedings or otherwise, to
file and prove a claim or claims for the whole amount of principal and
interest owing and unpaid in respect of the Securities of such series and, in
case of any judicial proceedings, to file such proofs of claim and other
papers

                                      25
<PAGE>

or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for reasonable compensation to the Trustee
and each predecessor Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and
all advances made, by the Trustee and each predecessor Trustee, except as a
result of negligence or bad faith) and of the Securityholders allowed in such
judicial proceedings relative to the Company or any other obligor on the
Securities of any series, or to the creditors or property of the Company or
such other obligor, unless prohibited by applicable law and regulations, to
vote on behalf of the holders of the Securities or any series in any election
of a trustee or a standby trustee in arrangement, reorganization, liquidation
or other bankruptcy or insolvency proceedings or person performing similar
functions in comparable proceedings, and to collect and receive any moneys or
other property payable or deliverable on any such claims, and to distribute
the same after the deduction of its charges and expenses; and any receiver,
assignee or trustee in bankruptcy or reorganization is hereby authorized by
each of the Securityholders to make such payments to the Trustee, and, in the
event that the Trustee shall consent to the making of such payments directly
to the Securityholders, to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad faith.

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

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

     In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee shall be held to represent all the
holders of the Securities, and it shall not be necessary to make any holders
of the Securities parties to any such proceedings.

     SECTION 5.03. Application of Moneys Collected by Trustee.

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

     First: To the payment of costs and expenses of collection applicable to
such series and reasonable compensation to the Trustee, its agents, attorneys
and counsel, and of all other

                                      26
<PAGE>

expenses and liabilities incurred, and all advances made, by the Trustee
except as a result of its negligence or bad faith;

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

     Third: In case the principal of the outstanding Securities in respect of
which moneys have been collected shall not have become due and be unpaid, to
the payment of the amounts then due and unpaid upon Securities of such series
for principal (and premium, if any), and interest on the Securities of such
series, in respect of which or for the benefit of which money has been
collected, ratably, without preference or priority of any kind, according to
the amounts due on such Securities for principal (and premium, if any) and
interest, respectively.

     SECTION 5.04. Proceedings by Securityholders.

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

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

                                      27
<PAGE>

this Section, each and every Securityholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

     The Company and the Trustee acknowledge that pursuant to each Amended and
Restated Declaration, the holders of Preferred Securities are entitled, in the
circumstances and subject to the limitations set forth therein, to commence a
Direct Action (as defined therein) with respect to any Event of Default under
this Indenture.

     SECTION 5.05. Proceedings by Trustee.

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

     SECTION 5.06. Remedies Cumulative and Continuing.

     Except as otherwise provided in the last paragraph of Section 2.08 with
respect to the replacement or payment of mutilated, lost or stolen Securities,
all powers and remedies given by this Article V to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed cumulative
and not exclusive of any other powers and remedies available to the Trustee or
the holders of the Securities, by judicial proceedings or otherwise, to
enforce the performance or observance of the covenants and agreements
contained in this Indenture or otherwise established with respect to such
series, and no delay or omission of the Trustee or of any holder of any of the
Securities to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or
shall be construed to be a waiver of any such default or an acquiescence
therein; and, subject to the provisions of Section 5.04, every power and
remedy given by this Article V or by law to the Trustee or to the
Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.

     SECTION 5.07. Direction of Proceedings and Waiver of Defaults by Majority
of Securityholders.

     The holders of a majority in aggregate principal amount of the Securities
of any or all series affected (voting as one class) at the time outstanding
shall have the right to direct the time, method, and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee; provided, however, that (subject to the
provisions of Section 6.01) the Trustee shall have the right to decline to
follow any such direction if the Trustee shall determine that the action so
directed would be unjustly prejudicial to the holders not taking part in such
direction or if the Trustee being advised by counsel determines that the
action or proceeding so directed may not lawfully be taken or if the Trustee
in good faith by its board of directors or trustees, executive committee, or a
trust committee of directors or trustees and/or Responsible Officers shall
determine that the action or proceedings so

                                      28
<PAGE>

directed would involve the Trustee in personal liability. Prior to any
declaration accelerating the maturity of any series of the Securities, or of
all the Securities, as the case may be, the holders of a majority in aggregate
principal amount of the Securities of that series at the time outstanding may
on behalf of the holders of all of the Securities of such series waive any
past default or Event of Default including any default established pursuant to
Section 2.03 and its consequences except a default (a) in the payment of
principal of, premium, if any, or interest on any of the Securities, (b) in
respect of covenants or provisions hereof which cannot be modified or amended
without the consent of the holder of each Security affected, or (c) a default
of the covenants contained in Section 3.06; provided, however, that if the
Securities of such series are held by a Roslyn Capital Trust or a trustee of
such trust, such waiver or modification to such waiver shall not be effective
until the holders of a majority in liquidation preference of Trust Securities
of the applicable Roslyn Capital Trust shall have consented to such waiver or
modification to such waiver; provided further, that if the consent of the
Holder of each outstanding Security is required, such waiver shall not be
effective until each holder of the Trust Securities of the applicable Roslyn
Capital Trust shall have consented to such waiver. Upon any such waiver, the
default covered thereby shall be deemed to be cured for all purposes of this
Indenture and the Company, the Trustee and the holders of the Securities of
such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
default or impair any right consequent thereon. Upon any such waiver the
Company, the Trustee and the holders of the Securities of that series (or of
all Securities, as the case may be) shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any right
consequent thereon. Whenever any default or Event of Default hereunder shall
have been waived as permitted by this Section 5.07, said default or Event of
Default shall for all purposes of the Securities of that series (or of all
Securities, as the case may be) and this Indenture be deemed to have been
cured and to be not continuing.

     The foregoing provisions shall be in lieu of Sections 316(a)(1)(A) and
316(a)(1)(B) of the Trust Indenture Act and such sections are hereby expressly
excluded from this Indenture and the Securities, as permitted by the Trust
Indenture Act.

     SECTION 5.08. Notice of Defaults.

     The Trustee shall, within 60 days after the occurrence of a default with
respect to the Securities of any series, mail to all Securityholders of that
series, as the names and addresses of such holders appear upon the Security
Register, notice of all defaults with respect to that series known to the
Trustee, unless such defaults shall have been cured before the giving of such
notice (the term "defaults" for the purpose of this Section 5.08 being hereby
defined to be the events specified in clauses (a), (b), (c), (d), (e) and (f)
of Section 5.01, not including periods of grace, if any, provided for therein,
and irrespective of the giving of written notice specified in clause (c) of
Section 5.01); and provided that, except in the case of default in the payment
of the principal of, premium, if any, or interest on any of the Securities of
such series, the Trustee shall be protected in withholding such notice if and
so long as the board of directors, the executive committee, or a trust
committee of directors and/or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interests of
the Securityholders of such series; and provided further, that in the case of
any default of the character specified in

                                      29
<PAGE>

Section 5.01(c), no such notice to Securityholders of such series shall be
given until 90 days after the Trustee has notified the Company of such
occurrence.

     SECTION 5.09. Undertaking to Pay Costs.

     All parties to this Indenture agree, and each holder of any Security by
his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken
or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.09 shall not apply to any suit instituted
by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, of any series, holding in the aggregate more than 10% in
principal amount of the Securities of that series outstanding, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security against the
Company on or after the same shall have become due and payable.

                                  ARTICLE VI

                            CONCERNING THE TRUSTEE

     SECTION 6.01. Duties and Responsibilities of Trustee.

     With respect to the holders of any series of Securities issued hereunder,
the Trustee, prior to the occurrence of an Event of Default with respect to
securities of that series and after the curing or waiving of all Events of
Default which may have occurred, with respect to securities of that series,
undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture. In case an Event of Default with respect to the
Securities of a series has occurred (which has not been cured or waived) the
Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

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

     (a) prior to the occurrence of an Event of Default with respect to
Securities of a series and after the curing or waiving of all Events of
Default with respect to that series which may have occurred

          (1) the duties and obligations of the Trustee with respect to
          Securities of a series shall be determined solely by the express
          provisions of this Indenture, and the Trustee shall not be liable
          except for the performance of such duties and obligations with
          respect to such series as are specifically set forth in this

                                      30
<PAGE>

          Indenture, and no implied covenants or obligations shall be read
          into this Indenture against the Trustee; and

          (2) in the absence of bad faith on the part of the Trustee, the
          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 Trustee and conforming to
          the requirements of this Indenture; but, in the case of any such
          certificates or opinions which by any provision hereof are
          specifically required to be furnished to the Trustee, the Trustee
          shall be under a duty to examine the same to determine whether or
          not they conform to the requirements of this Indenture;

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

     (c) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith, in accordance with the direction of
the Securityholders pursuant to Section 5.07, relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Indenture.

     None of the provisions contained in this Indenture shall require the
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 there is reasonable ground for believing that the
repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not
reasonably assured to it.

                                      31
<PAGE>

     SECTION 6.02. Reliance on Documents, Opinions, etc.

     Except as otherwise provided in Section 6.01:

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

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

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

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

     (e) the Trustee shall not be liable for any action taken or omitted by it
in good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture; nothing contained herein
shall, however, relieve the Trustee of the obligation, upon the occurrence of
an Event of Default with respect to a series of the Securities (that has not
been cured or waived) to exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and to 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;

         (f) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, debenture,
coupon or other paper or document, unless requested in writing to do so by the
holders of not less than a majority in principal amount of the outstanding
Securities of the series affected thereby; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by
the security afforded to it by the terms of this Indenture, the Trustee may
require indemnity satisfactory to the Trustee against such expense or
liability as a condition to so proceeding;

                                      32
<PAGE>

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

     (h) the Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such
a default is received by the Trustee at the principal office of the Trustee,
and such notice references the Securities and this Indenture;

     (i) the rights, privileges, protections, immunities and benefits given to
the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its
capacities hereunder, and to each agent, custodian and other Person employed
to act hereunder; and

     (k) the Trustee may request that the Company 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 Indenture,
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.

     SECTION 6.03. No Responsibility for Recitals, etc.

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

     SECTION 6.04. Trustee, Authenticating Agent, Paying Agents, Transfer
Agents or Registrar May Own Securities.

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

     SECTION 6.05. Moneys to be Held in Trust.

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

                                      33
<PAGE>

such moneys shall be paid from time to time upon the written order of the
Company, signed by the Chairman of the Board of Directors, the President, any
Vice President, the Treasurer or any Assistant Treasurer of the Company.

     SECTION 6.06. Compensation and Expenses of Trustee.

     The Company covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to, such compensation as shall be agreed in
writing between the Company and the Trustee (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust), and the Company will pay or reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any of the provisions of this Indenture (including
the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ and any amounts paid by the
Trustee to any Authenticating Agent pursuant to Section 6.14) except any such
expense, disbursement or advance as may arise from its negligence or bad
faith. The Company also covenants to indemnify each of the Trustee and any
predecessor Trustee (and its officers, agents, directors and employees) for,
and to hold it harmless against, any and all loss, liability, damages, claim
or expense, including taxes (other than taxes based on the income of the
Trustee) incurred without negligence or bad faith on the part of the Trustee
and arising out of or in connection with the acceptance or administration of
this trust, including the costs and expenses of defending itself against any
claim (whether asserted by the Company, a holder of Securities or any other
Person) of liability in the premises. The obligations of the Company under
this Section 6.06 to compensate and indemnify the Trustee and to pay or
reimburse the Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder, and shall survive the
resignation or removal of the Trustee and the termination of this Indenture.
Such additional indebtedness shall be secured by a lien prior to that of the
Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the holders of particular
Securities.

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

     The provisions of this Section shall survive the resignation or removal
of the Trustee and satisfaction and discharge of this Indenture.

     SECTION 6.07. Officers' Certificate as Evidence.

     Except as otherwise provided in Sections 6.01 and 6.02, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking
or omitting any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officers' Certificate delivered to
the Trustee, and such certificate, in the

                                      34
<PAGE>

absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken or omitted by it under the
provisions of this Indenture upon the faith thereof.

     SECTION 6.08. Conflicting Interest of Trustee.

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

     SECTION 6.09. Eligibility of Trustee.

     The Trustee hereunder shall at all times 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 other
Person permitted to act as trustee by the Commission authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000 (US) and subject to supervision or examination by
federal, State, territorial, or District of Columbia authority. If such
corporation publishes reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section 6.09 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.

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

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

     SECTION 6.10. Resignation or Removal of Trustee.

     (a) The Trustee, or any trustee or trustees hereafter appointed, may at
any time resign with respect to one or more or all series of Securities by
giving written notice of such resignation to the Company and by mailing notice
thereof to the holders of the applicable series of Securities at their
addresses as they shall appear on the Security Register. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee
or trustees with respect to the applicable series by written instrument, in
duplicate, executed by order of its Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed with
respect to any series of Securities and have accepted appointment within 30
days after the mailing of such notice of resignation to the affected
Securityholders, the resigning Trustee may petition, at the expense of the
Company, any court of competent jurisdiction for the appointment of a
successor trustee, or any Securityholder who has been a bona fide holder of a
Security or Securities of the applicable series for at least six months may,
subject to the provisions of Section 5.09, on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

                                      35
<PAGE>

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

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

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

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

then, in any such case, the Company may remove the Trustee and appoint a
successor trustee by written instrument, in duplicate, executed by order of
the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the
provisions of Section 5.09, any Securityholder who has been a bona fide holder
of a Security or Securities of the applicable series for at least six months
may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee.

     (c) The holders of a majority in aggregate principal amount of the
Securities of any series at the time outstanding may at any time remove the
Trustee with respect to such series and nominate a successor trustee with
respect to the applicable series of Securities or all series, as the case may
be, which shall be deemed appointed as successor trustee with respect to the
applicable series unless within 10 days after such nomination the Company
objects thereto, in which case the Trustee so removed or any Securityholder of
the applicable series, upon the terms and conditions and otherwise as provided
in subsection (a) of this Section 6.10, may petition, at the expense of the
Company, any court of competent jurisdiction for an appointment of a successor
trustee with respect to such series.

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

     SECTION 6.11. Acceptance by Successor Trustee.

     Any successor trustee appointed as provided in Section 6.10 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the retiring trustee with respect to all or any
applicable series shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights,
powers, duties and obligations with respect to such series of its predecessor
hereunder, with like effect as if originally named as trustee herein; but,
nevertheless, on the written request of the Company or of

                                      36
<PAGE>

the successor trustee, the trustee ceasing to act shall, upon payment of any
amounts then due it pursuant to the provisions of Section 6.06, execute and
deliver an instrument transferring to such successor trustee all the rights
and powers of the trustee so ceasing to act and shall duly assign, transfer
and deliver to such successor trustee all property and money held by such
retiring trustee thereunder. Upon request of any such successor trustee, the
Company shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor trustee all such rights
and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon
all property or funds held or collected by such trustee to secure any amounts
then due it pursuant to the provisions of Section 6.06.

     If a successor trustee is appointed with respect to the Securities of one
or more (but not all) series, the Company, the retiring trustee and each
successor trustee with respect to the Securities of any applicable series
shall execute and deliver an indenture supplemental hereto which shall contain
such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring trustee with respect to
the Securities of any series as to which the predecessor trustee is not
retiring shall continue to be vested in the predecessor trustee, and shall add
to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trustee hereunder by more
than one trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such trustees co-trustees of the same
trust and that each such trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered
by any other such trustee.

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

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

     SECTION 6.12. Succession by Merger, etc.

     Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.

     In case at the time such successor to the Trustee shall succeed to the
trusts created by this Indenture any of the Securities of any series shall
have been authenticated but not delivered, any such successor to the Trustee
may adopt the certificate of authentication of any predecessor trustee, and
deliver such Securities so authenticated; and in case at that time any of the
Securities

                                      37
<PAGE>

of any series shall not have been authenticated, any successor to the Trustee
may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Securities
of such series or in this Indenture provided that the certificate of the
Trustee shall have; provided, however, that the right to adopt the certificate
of authentication of any predecessor Trustee or authenticate Securities of any
series in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.

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

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

     SECTION 6.14. Authenticating Agents.

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

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

         Any Authenticating Agent may at any time resign with respect to one
or more or all series of Securities by giving written notice of resignation to
the Trustee and to the Company. The Trustee may at any time terminate the
agency of any Authenticating Agent with respect to

                                      38
<PAGE>

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

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

                                  ARTICLE VII

                        CONCERNING THE SECURITYHOLDERS

     SECTION 7.01. Action by Securityholders.

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

     If the Company shall solicit from the Securityholders of any series any
request, demand, authorization, direction, notice, consent, waiver or other
action, the Company may, at its option, as evidenced by an Officers'
Certificate, fix in advance a record date for such series for the
determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action, but the
Company shall have no obligation to do so. If such a record date is fixed,
such request, demand, authorization, direction, notice, consent, waiver or
other action may be given before or after the record date, but only the
Securityholders of record at the close of business on the record date shall be
deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of outstanding Securities of that
series have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for
that purpose the outstanding Securities of that series shall be computed as of
the record date; provided, however, that no such authorization, agreement or
consent by such Securityholders on the record date shall

                                      39
<PAGE>

be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the record date.

     SECTION 7.02. Proof of Execution by Securityholders.

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

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

     SECTION 7.03. Who Are Deemed Absolute Owners.

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

     SECTION 7.04. Securities Owned by Company Deemed Not Outstanding.

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

     SECTION 7.05. Revocation of Consents; Future Holders Bound.

                                      40
<PAGE>

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

                                 ARTICLE VIII

                           SECURITYHOLDERS' MEETINGS

     SECTION 8.01. Purposes of Meetings.

     A meeting of Securityholders of any or all series may be called at any
time and from time to time pursuant to the provisions of this Article VIII for
any of the following purposes:

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

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

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

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

     SECTION 8.02. Call of Meetings by Trustee.

     The Trustee may at any time call a meeting of Securityholders of any or
all series to take any action specified in Section 8.01, to be held at such
time and at such place in the Borough of Manhattan, The City of New York, as
the Trustee shall determine. Notice of every meeting of the Securityholders of
any or all series, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be mailed
to holders of Securities of each series affected at their addresses as they
shall appear on the Securities register of such series. Such notice shall be
mailed not less than 20 nor more than 180 days prior to the date fixed for the
meeting.

                                      41
<PAGE>

     SECTION 8.03. Call of Meetings by Company or Securityholders.

     In case at any time the Company pursuant to a resolution of the Board of
Directors, or the holders of at least 10% in aggregate principal amount of the
Securities of any or all series, as the case may be, then outstanding, shall
have requested the Trustee to call a meeting of Securityholders of any or all
series, as the case may be, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the Trustee shall
not have mailed the notice of such meeting within 20 days after receipt of
such request, then the Company or such Securityholders may determine the time
and the place in said Borough of Manhattan for such meeting and may call such
meeting to take any action authorized in Section 8.01, by mailing notice
thereof as provided in Section 8.02.

     SECTION 8.04. Qualifications for Voting.

     To be entitled to vote at any meeting of Securityholders a person shall
(a) be a holder of one or more Securities with respect to which the meeting is
being held or (b) a person appointed by an instrument in writing as proxy by a
holder of one or more such Securities. The only persons who shall be entitled
to be present or to speak at any meeting of Securityholders shall be the
persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

     SECTION 8.05. Regulations.

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

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

     Subject to the provisions of Section 7.04, at any meeting each holder of
Securities with respect to which such meeting is being held or proxy therefor
shall be entitled to one vote for each [$1,000] principal amount of Securities
held or represented by him; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Security challenged as not
outstanding and ruled by the chairman of the meeting to be not outstanding.
The chairman of the meeting shall have no right to vote other than by virtue
of Securities held by him or instruments in writing as aforesaid duly
designating him as the person to vote on behalf of other Securityholders. Any
meeting of Securityholders duly called pursuant to the provisions of Section
8.02 or 8.03 may be adjourned from time to time by a majority of those
present, whether or not constituting a quorum, and the meeting may be held as
so adjourned without further notice.

                                      42
<PAGE>

     SECTION 8.06. Voting.

     The vote upon any resolution submitted to any meeting of holders of
Securities with respect to which such meeting is being held shall be by
written ballots on which shall be subscribed the signatures of such holders or
of their representatives by proxy and the serial number or numbers of the
Securities held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in triplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Securityholders shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was mailed as provided in
Section 8.02. The record shall show the serial numbers of the Securities
voting in favor of or against any resolution. The record shall be signed and
verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the
other to the Trustee to be preserved by the Trustee, the latter to have
attached thereto the ballots voted at the meeting.

     Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

                                  ARTICLE IX

                            SUPPLEMENTAL INDENTURES

     SECTION 9.01. Supplemental Indentures without Consent of Securityholders.

     The Company and the Trustee may from time to time and at any time enter
into an indenture or indentures supplemental hereto (which shall conform to
the provisions of the Trust Indenture Act as then in effect), without the
consent of the Securityholders, for one or more of the following purposes:

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

          (b) to add to the covenants of the Company such further covenants,
     restrictions or conditions for the protection of the holders of all or
     any series of Securities (and if such covenants are to be for the benefit
     of less than all series of Securities stating that such covenants are
     expressly being included for the benefit of such series) as the Board of
     Directors and the Trustee shall consider to be for the protection of the
     holders of such Securities, and to make the occurrence, or the occurrence
     and continuance, of a default in any of such additional covenants,
     restrictions or conditions a default or an Event of Default permitting
     the enforcement of all or any of the several remedies provided in this
     Indenture as herein set forth; provided, however, that in respect of any
     such additional covenant, restriction or condition such supplemental
     indenture may provide for a particular period of grace after default
     (which period may be shorter or

                                      43
<PAGE>

     longer than that allowed in the case of other defaults) or may provide
     for an immediate enforcement upon such default or may limit the remedies
     available to the Trustee upon such default;

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

          (d) to cure any ambiguity or to correct or supplement any provision
     contained herein or in any supplemental indenture which may be defective
     or inconsistent with any other provision contained herein or in any
     supplemental indenture, or to make such other provisions in regard to
     matters or questions arising under this Indenture; provided that any such
     action shall not adversely affect the interests of the holders of the
     Securities;

          (e) to add to, delete from, or revise the terms of Securities of any
     series as permitted by Section 2.01 and 2.03, including, without
     limitation, any terms relating to the issuance, exchange, registration or
     transfer of Securities issued in whole or in part in the form of one or
     more Global Securities and the payment of any principal thereof, or
     interest or premium, if any, thereon;

          (f) to evidence and provide for the acceptance of appointment
     hereunder by a successor trustee with respect to the Securities of one or
     more series and to add to or change any of the provisions of this
     Indenture as shall be necessary to provide for or facilitate the
     administration of the trusts hereunder by more than one trustee, pursuant
     to the requirements of Section 6.11;

          (g) to make any change that does not adversely affect the rights of
     any Securityholder in any material respect as evidenced by an Opinion of
     Counsel delivered to the Trustee; or

          (h) to comply with the requirements of the Commission in order or
     effect or maintain the qualification of this Indenture under the Trust
     Indenture Act; or

          (i) to provide for the issuance of and establish the form and terms
     and conditions of the Securities of any series, to establish the form of
     any certifications required to be furnished pursuant to the terms of this
     Indenture or any series of Securities, or to add to the rights of the
     holders of any series of Securities.

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

                                      44
<PAGE>

     Any supplemental indenture authorized by the provisions of this Section
9.01 may be executed by the Company and the Trustee without the consent of the
holders of any of the Securities at the time outstanding, notwithstanding any
of the provisions of Section 9.02.

     SECTION 9.02. Supplemental Indentures with Consent of Securityholders.

     With the consent (evidenced as provided in Section 7.01) of the holders
of not less than 66 2/3% in aggregate principal amount of the Securities at
the time outstanding of all series affected by such supplemental indenture
(voting as a class), and in the case of Securities issued to a Roslyn Capital
Trust, the holders of 66 2/3% in aggregate liquidation amount of the related
Preferred Securities, the Company, when authorized by a Board Resolution, and
the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act then in effect) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any manner the
rights of the holders of the Securities of each series so affected; provided,
however, that no such supplemental indenture shall, without the consent of the
holders of each Security affected thereby (and each Preferred Security, if
applicable), (i) extend the fixed maturity of any Security of any series, or
reduce the rate or extend the time of payment of interest thereon, or reduce
the principal amount thereof or any premium thereon, or reduce any amount
payable on redemption thereof or make the principal thereof or any interest or
premium thereon payable in any coin or currency other than that provided in
the Securities, or impair or affect the right of any Securityholder to
institute suit for payment thereof or the right of repayment, if any, at the
option of the holder, without the consent of the holder of each Security so
affected or (ii) reduce the aforesaid percentage of Securities the holders of
which are required to consent to any such supplemental indenture; provided,
further, that if the Securities of such series are held by a Roslyn Capital
Trust or a trustee of such trust, such supplemental indenture shall not be
effective until the holders of a majority in liquidation preference of Trust
Securities of the applicable Trust shall have consented to such supplemental
indenture; provided further, that if the consent of the holder of each
outstanding Security is required, such supplemental indenture shall not be
effective until each holder of the Trust Securities of the applicable Roslyn
Capital Trust shall have consented to such supplemental indenture.

     A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for
the benefit of one or more particular series of Securities, or which modifies
the rights of Securityholders of such series with respect to such covenant or
provision, shall be deemed not to affect the rights under this Indenture or
the Securityholders of any other series.

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

                                      45
<PAGE>

receive an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant to this Article is authorized or permitted by, and
conforms to, the terms of this Article and that it is proper for the Trustee
under the provisions of this Article to join in the execution thereof.

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

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

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

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

     SECTION 9.04. Notation on Securities.

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

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

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

                                      46
<PAGE>

                                   ARTICLE X

              CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE.

     SECTION 10.01. Company May Consolidate, Etc., Only on Certain Terms.

     The Company shall not consolidate with or merge into any other
corporation or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, unless:

          (1) The corporation formed by such consolidation or into which the
     Company is merged or the Person which acquires by conveyance or transfer,
     or which leases, the properties and assets of the Company substantially
     as an entirety shall be a corporation organized and existing under the
     laws of the United States of America, any State thereof or the District
     of Columbia and shall expressly assume, by an indenture supplemental
     hereto, executed and delivered to the Trustee, in form satisfactory to
     the Trustee, the due and punctual payment or delivery of the principal of
     (and premium, if any) and interest on all the Securities and the
     performance of every covenant of this Indenture on the part of the
     Company to be performed or observed;

          (2) immediately after giving effect to such transaction, no Event of
     Default, and no event which, after notice or lapse of time or both, would
     become an Event of Default, shall have happened and be continuing; and

          (3) the Company has delivered to the Trustee an Officers'
     Certificate and an Opinion of Counsel, each stating that such
     consolidation, merger, conveyance, transfer or lease and supplemental
     indenture comply with this Article and that all conditions precedent
     herein provided for relating to such transaction have been complied with.

     SECTION 10.02. Successor Corporation Substituted.

     Upon any consolidation by the Company with or merger by the Company into
any other corporation or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
Section 10.01, the successor corporation formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such
successor corporation had been named as the Company herein, and thereafter,
except in the case of a lease, the predecessor corporation shall be relieved
of all obligations and covenants under this Indenture and the Securities.

     Such successor corporation may cause to be signed, and may issue either
in its own name or in the name of the Company, any or all of the Securities of
any series issuable hereunder which theretofore shall not have been signed by
the Company and delivered to the Trustee of Securities; and, upon the order of
such successor corporation instead of the Company and subject to all the
terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver such Securities which previously shall
have been signed and

                                      47
<PAGE>

delivered by the officers of the Company to the Trustee for authentication
pursuant to such provisions and any Securities of a series which such
successor corporation thereafter shall cause to be signed and delivered to the
Trustee on its behalf for the purpose pursuant to such provisions. All the
Securities so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Securities theretofore or thereafter
issued in accordance with the terms of this Indenture as though all of such
Securities had been issued at the date of the execution hereof.

     In case of any such consolidation, merger, sale, conveyance or lease,
such changes in phraseology and form may be made in the Securities thereafter
to be issued as may be appropriate.

                                  ARTICLE XI

                   SATISFACTION AND DISCHARGE OF INDENTURE.

     SECTION 11.01. Discharge of Indenture.

     When (a) the Company shall deliver to the Trustee for cancellation all
Securities theretofore authenticated (other than any Securities which shall
have been destroyed, lost or stolen and which shall have been replaced or paid
as provided in Section 2.08) and not theretofore cancelled, or (b) all the
Securities not theretofore cancelled or delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to
become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption, and the Company shall deposit with the Trustee, in
trust, funds sufficient to pay at maturity or upon redemption all of the
Securities (other than any Securities which shall have been destroyed, lost or
stolen and which shall have been replaced or paid as provided in Section 2.08)
not theretofore cancelled or delivered to the Trustee for cancellation,
including principal and premium, if any, and interest due or to become due to
such date of maturity or redemption date, as the case may be, but excluding,
however, the amount of any moneys for the payment of principal of, and
premium, if any, or interest on the Securities (1) theretofore repaid to the
Company in accordance with the provisions of Section 11.04, or (2) paid to any
State or to the District of Columbia pursuant to its unclaimed property or
similar laws, and if in either case the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company, then this Indenture
shall cease to be of further effect, except that the provisions of Sections
2.05, 2.07, 2.08, 3.01, 3.02, 3.04, 6.06, 6.10 and 11.04 hereof shall survive
until such Securities shall mature and be paid. Thereafter, Sections 6.06 and
11.04 shall survive, and the Trustee, on demand of the Company accompanied by
any Officers' Certificate and an Opinion of Counsel and at the cost and
expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture, the Company, however, hereby
agreeing to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred by the Trustee in connection with this
Indenture or the Securities.

                                      48
<PAGE>

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

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

     SECTION 11.03. Paying Agent to Repay Moneys Held.

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

     SECTION 11.04. Return of Unclaimed Moneys.

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

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

     (a) The Company shall be deemed to have been Discharged (as defined
below) from its respective obligations with respect to any series of
Securities upon satisfaction of the applicable conditions set forth below with
respect to any series of Securities:

          (i) The Company shall have deposited or caused to be deposited
          irrevocably with the Trustee or the Defeasance Agent (as defined
          below) as trust funds in trust, specifically pledged as security
          for, and dedicated solely to, the benefit of the holders of the
          Securities of such series (A) money in an amount, or (B) U.S.
          Government Obligations which through the payment of interest and
          principal in respect thereof in accordance with their terms will
          provide, not later than one day before the due date of any payment,
          money in an amount, or (C) a combination of (A) and (B), sufficient,
          in the opinion (with respect to (B) and (C)) of a nationally
          recognized firm of independent public accountants expressed in a
          written certification thereof delivered to the Trustee and the
          Defeasance Agent, if any, to pay and discharge each installment of
          principal (including any mandatory sinking fund payments) of,

                                      49
<PAGE>

          and interest and premium, if any, on, the outstanding Securities of
          such series on the dates such installments of principal, interest or
          premium are due;

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

          (iii) no Event of Default or event which with notice or lapse of
          time would become an Event of Default with respect to the Securities
          of such series shall have occurred and be continuing on the date of
          such deposit; and

          (iv) the Company shall have delivered to the Trustee and the
          Defeasance Agent, if any, an Opinion of Counsel to the effect that
          holders of the Securities of such series will not recognize income,
          gain or loss for United States Federal income tax purposes as a
          result of the exercise of the option under this Section 11.05 and
          will be subject to United States Federal income tax on the same
          amount and in the same manner and at the same times as would have
          been the case if such option had not been exercised, and, in the
          case of the Securities of such series being Discharged, such opinion
          shall be accompanied by a private letter ruling to that effect
          received from the United States Internal Revenue Service or a
          revenue ruling pertaining to a comparable form of transaction to
          that effect published by the United States Internal Revenue Service.

     (b) "Discharged" means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by, and obligations under, the
Securities of such series and to have satisfied all the obligations under this
Indenture relating to the Securities of such series (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the
same), except (A) the rights of holders of Securities of such series to
receive, from the trust fund described in clause (1) above, payment of the
principal of and the interest and premium, if any, on such Securities when
such payments are due; (B) the Company's obligations with respect to such
Securities under Sections 2.07, 2.08, 5.03 and 11.04; and (C) the rights,
powers, trusts, duties and immunities of the Trustee hereunder.

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

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

                                      50
<PAGE>

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

                                  ARTICLE XII

                   IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                            OFFICERS AND DIRECTORS.

     SECTION 12.01. Indenture and Securities Solely Corporate Obligations.

     No recourse under or upon any obligation, covenant or agreement of this
Indenture, or of any Security or coupon, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the
Company, whether by virtue of any constitution, statute or rule of law, or by
the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely
corporate obligations of the Company, and that no such personal liability
whatever shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors, as such, of the Company or of any
successor corporation, or any of them, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the
Securities or coupons or implied therefrom; and that any and all such personal
liability, either at common law or in equity or by constitution or statute,
of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director, as such, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the
Securities or coupons or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issuance of the Securities.

                                 ARTICLE XIII

                           MISCELLANEOUS PROVISIONS.

     SECTION 13.01. Successors.

     All the covenants, stipulations, promises and agreements in this
Indenture contained by the Company shall bind its successors and assigns
whether so expressed or not.

     SECTION 13.02. Official Acts by Successor Corporation.

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

     SECTION 13.03. Surrender of Company Powers.

                                      51
<PAGE>

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

     SECTION 13.04. Addresses for Notices, etc.

     Any notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the holders of
Securities on the Company may be given or served by being deposited postage
prepaid by first class mail in a post office letter box addressed (until
another address is filed by the Company with the Trustee for the purpose) to
the Company, [o] Any notice, direction, request or demand by any
Securityholder to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if given or made in writing at
the office of the Trustee, addressed to the Trustee, 450 West 33rd Street,
15th Floor, New York, New York 10001, Attention: Institutional Trust Services.

     SECTION 13.05. Governing Law.

     This Indenture and each Security shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be
governed by and construed in accordance with the laws of said State.

     SECTION 13.06. Evidence of Compliance with Conditions Precedent.

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

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

     SECTION 13.07. Legal Holidays.

     In any case where the date of payment of interest on or principal of the
Securities will fall on a legal holiday or a day on which banking institutions
are authorized by law to close, the payment of such interest on or principal
of the Securities need not be made on such date but may be made on the next
succeeding day not a legal holiday or a day on which banking institutions

                                      52
<PAGE>

are authorized by law to close, with the same force and effect as if made on
the date of payment and no interest shall accrue for the period from and after
such date.

     SECTION 13.08. Trust Indenture Act to Control.

     (a) If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with another provision included in this Indenture which
is required to be included in this Indenture by any of Sections 310 to 317,
inclusive, of the Trust Indenture Act, such required provision shall control.

     (b) Notwithstanding the foregoing, any provisions contained in this
Indenture as to directions and waivers by Securityholders or impairment of
Securityholders' rights to payment shall be in lieu of Sections 316(a)(1)(A)
and 316(a)(1)(B) of the Trust Indenture Act and such sections are hereby
expressly excluded from this Indenture and the Securities, as permitted by the
Trust Indenture Act.

     SECTION 13.09. Table of Contents, Headings, etc.

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

     SECTION 13.10. Execution in Counterparts.

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

     SECTION 13.11. Separability.

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

     SECTION 13.12. Assignment.

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

     SECTION 13.13. Acknowledgment of Rights.

     The Company acknowledges that, with respect to any Securities held by a
Roslyn Capital Trust or a trustee of such trust, if the Institutional Trustee
of such Trust fails to enforce its rights

                                      53
<PAGE>

under this Indenture as the holder of the series of Securities held as the
assets of such Roslyn Capital Trust, any holder of Preferred Securities may
institute legal proceedings directly against the Company to enforce such
Institutional Trustee's rights under this Indenture without first instituting
any legal proceedings against such Institutional Trustee or any other person
or entity. Notwithstanding the foregoing, if an Event of Default has occurred
and is continuing and such event is attributable to the failure of the Company
to pay interest or principal on the applicable series of Securities on the
date such interest or principal is otherwise payable (or in the case of
redemption, on the redemption date), the Company acknowledges that 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 applicable
series of Securities 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 applicable series of Securities.

                                  ARTICLE XIV

                   REDEMPTION OF SECURITIES -- MANDATORY AND
                             OPTIONAL SINKING FUND

     SECTION 14.01. Applicability of Article.

     The provisions of this Article shall be applicable to the Securities of
any series which are redeemable before their maturity or to any sinking fund
for the retirement of Securities of a series except as otherwise specified as
contemplated by Section 2.03 for Securities of such series.

     SECTION 14.02. Notice of Redemption; Selection of Securities.

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

     Each such notice of redemption shall identify the Securities to be
redeemed (including CUSIP numbers), specify the date fixed for redemption, the
redemption price at which Securities of such series are to be redeemed, the
place or places of payment, that payment will be made upon presentation and
surrender of such Securities, that interest accrued to the date fixed for
redemption will be paid as specified in said notice and that on and after said
date interest thereon or on the portions thereof to be redeemed will cease to
accrue. If less than all the Securities of such series are to be redeemed the
notice of redemption shall specify the numbers of the Securities of that
series to be redeemed. In case any Security of a series is to be redeemed in
part only, the notice of redemption shall state the portion of the principal
amount thereof to be redeemed and shall state that on and after the date fixed
for redemption, upon surrender of such

                                      54
<PAGE>

Security, a new Security or Securities of that series in principal amount
equal to the unredeemed portion thereof will be issued.

     Prior to 10:00 a.m. New York City time on the redemption date specified
in the notice of redemption given as provided in this Section, the Company
will deposit with the Trustee or with one or more paying agents an amount of
money sufficient to redeem on the redemption date all the Securities so called
for redemption at the appropriate redemption price, together with accrued
interest to the date fixed for redemption.

     If the Securities of a series are to be redeemed, the Company will give
the Trustee notice not less than 60 days prior to the redemption date as to
the aggregate principal amount of Securities of that series to be redeemed
and, in the case of a partial redemption, the Trustee shall select, in such
manner as in its sole discretion it shall deem appropriate and fair, the
Securities of that series or portions thereof (in integral multiples of
$1,000, except as otherwise set forth in the applicable form of Security) to
be redeemed.

     SECTION 14.03. Payment of Securities Called for Redemption.

     If notice of redemption has been given as provided in Section 14.02 or
Section 14.04, the Securities or portions of Securities of the series with
respect to which such notice has been given shall become due and payable on
the date and at the place or places stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for
redemption, and on and after said date (unless the Company shall default in
the payment of such Securities at the redemption price, together with interest
accrued to said date) interest on the Securities or portions of Securities of
any series so called for redemption shall cease to accrue. On presentation and
surrender of such Securities at a place of payment specified in said notice,
the said Securities or the specified portions thereof shall be paid and
redeemed by the Company at the applicable redemption price, together with
interest accrued thereon to the date fixed for redemption.

     Upon presentation of any Security of any series redeemed in part only,
the Company shall execute and the Trustee shall authenticate and deliver to
the holder thereof, at the expense of the Company, a new Security or
Securities of such series of authorized denominations, in principal amount
equal to the unredeemed portion of the Security so presented.

     SECTION 14.04. Mandatory and Optional Sinking Fund.

     The minimum amount of any sinking fund payment provided for by the terms
of Securities of any series is herein referred to as a "mandatory sinking fund
payment", and any payment in excess of such minimum amount provided for by the
terms of Securities of any series is herein referred to as an "optional
sinking fund payment". The last date on which any such payment may be made is
herein referred to as a "sinking fund payment date".

     In lieu of making all or any part of any mandatory sinking fund payment
with respect to any Securities of a series in cash, the Company may at its
option (a) deliver to the Trustee Securities of that series theretofore
purchased by the Company and (b) may apply as a credit Securities of that
series which have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of optional sinking
fund

                                      55
<PAGE>

payments pursuant to the next succeeding paragraph, in each case in
satisfaction of all or any part of any mandatory sinking fund payment,
provided that such Securities have not been previously so credited. Each such
Security so delivered or applied as a credit shall be credited at the sinking
fund redemption price for such Securities and the amount of any mandatory
sinking fund shall be reduced accordingly. If the Company intends so to
deliver or credit such Securities with respect to any mandatory sinking fund
payment it shall deliver to the Trustee at least 60 days prior to the next
succeeding sinking fund payment date for such series (a) a certificate signed
by any Vice President, the Treasurer or any Assistant Treasurer of the Company
specifying the portion of such sinking fund payment, if any, to be satisfied
by payment of cash and the portion of such sinking fund payment, if any, which
is to be satisfied by delivering and crediting such Securities and (b) any
Securities to be so delivered. All Securities so delivered to the Trustee
shall be cancelled by the Trustee and no Securities shall be authenticated in
lieu thereof. If the Company fails to deliver such certificate and Securities
at or before the time provided above, the Company shall not be permitted to
satisfy any portion of such mandatory sinking fund payment by delivery or
credit of Securities.

     At its option the Company may pay into the sinking fund for the
retirement of Securities of any particular series, on or before each sinking
fund payment date for such series, any additional sum in cash as specified by
the terms of such series of Securities. If the Company intends to exercise its
right to make any such optional sinking fund payment, it shall deliver to the
Trustee at least 60 days prior to the next succeeding sinking fund payment
date for such Series a certificate signed by any Vice President, the Treasurer
or any Assistant Treasurer of the Company stating that the Company intends to
exercise such optional right and specifying the amount which the Company
intends to pay on such sinking fund payment date. If the Company fails to
deliver such certificate at or before the time provided above, the Company
shall not be permitted to make any optional sinking fund payment with respect
to such sinking fund payment date. To the extent that such right is not
exercised in any year it shall not be cumulative or carried forward to any
subsequent year.

     If the sinking fund payment or payments (mandatory or optional) made in
cash plus any unused balance of any preceding sinking fund payments made in
cash shall exceed $50,000 (or a lesser sum if the Company shall so request)
with respect to the Securities of any particular series, it shall be applied
by the Trustee or one or more paying agents on the next succeeding sinking
fund payment date to the redemption of Securities of such series at the
sinking fund redemption price together with accrued interest to the date fixed
for redemption. The Trustee shall select, in the manner provided in Section
14.02, for redemption on such sinking fund payment date a sufficient principal
amount of Securities of such series to absorb said cash, as nearly as may be,
and the Trustee shall, at the expense and in the name of the Company,
thereupon cause notice of redemption of Securities of such series to be given
in substantially the manner and with the effect provided in Sections 14.02 and
14.03 for the redemption of Securities of that series in part at the option of
the Company, except that the notice of redemption shall also state that the
Securities of such series are being redeemed for the sinking fund. Any sinking
fund moneys not so applied or allocated by the Trustee or any paying agent to
the redemption of Securities of that series shall be added to the next cash
sinking fund payment received by the Trustee or such paying agent and,
together with such payment, shall be applied in accordance with the provisions
of this Section 14.04. Any and all sinking fund moneys held by the Trustee or
any paying agent on the maturity date of the Securities of any particular
series, and not held for the payment or

                                      56
<PAGE>

redemption of particular Securities of such series, shall be applied by the
Trustee or such paying agent, together with other moneys, if necessary, to be
deposited sufficient for the purpose, to the payment of the principal of the
Securities of that series at maturity.

     On or before each sinking fund payment date, the Company shall pay to the
Trustee or to one or more paying agents in cash a sum equal to all interest
accrued to the date fixed for redemption on Securities to be redeemed on the
next following sinking fund payment date pursuant to this Section.

     Neither the Trustee nor any paying agent shall redeem any Securities of a
series with sinking fund moneys, and the Trustee shall not mail any notice of
redemption of Securities for such series by operation of the sinking fund,
during the continuance of a default in payment of interest on such Securities
or of any Event of Default (other than an Event of Default occurring as a
consequence of this paragraph), except that if the notice of redemption of any
Securities shall theretofore have been mailed in accordance with the
provisions hereof, the Trustee or any paying agent shall redeem such
Securities if cash sufficient for that purpose shall be deposited with the
Trustee or such paying agent for that purpose in accordance with the terms of
this Article XIV. Except as aforesaid, any moneys in the sinking fund for such
series at the time when any such default or Event of Default shall occur and
any moneys thereafter paid into the sinking fund shall, during the continuance
of such default or Event of Default, be held as security for the payment of
all such Securities; provided, however, that in case such Event of Default or
default shall have been cured or waived as provided herein, such moneys shall
thereafter be applied on the next succeeding sinking fund payment date on
which such moneys may be applied pursuant to the provisions of this Section
14.04.

                                  ARTICLE XV

                                 SUBORDINATION

     SECTION 15.01. Agreement to Subordinate.

     The Company covenants and agrees, and each holder of Securities issued
hereunder and under any supplemental indenture or by any resolutions by the
Board of Directors ("Additional Provisions") by such Securityholder's
acceptance thereof likewise covenants and agrees, that all Securities shall be
issued subject to the provisions of this Article XV; and each holder of a
Security, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions.

     The payment by the Company of the principal of, premium, if any, and
interest on all Securities issued hereunder and under any Additional
Provisions shall, to the extent and in the manner hereinafter set forth, be
subordinated and junior in right of payment to the prior payment in full of
all Senior Indebtedness of the Company and rank pari passu and equivalent to
creditor obligations of those holding general unsecured claims not entitled to
statutory priority under the United States Bankruptcy Code or otherwise, in
each case whether outstanding at the date of this Indenture or thereafter
incurred.

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

                                      57
<PAGE>

     SECTION 15.02. Default on Senior Indebtedness.

     No payment may be made of the principal of, premium, if any, or interest
on the Securities, or in respect of any redemption, retirement, purchase or
other acquisition of any of the Securities, at any time when (i) there is a
default in the payment of the principal of, premium, if any, interest on or
otherwise in respect of any Senior Indebtedness, whether at maturity or at a
date fixed for prepayment or by declaration or otherwise, or (ii) any event of
default with respect to any Senior Indebtedness has occurred and is
continuing, or would occur as a result of such payment on the Securities or
any redemption, retirement, purchase or other acquisition of any of the
Securities, permitting the holders of such Senior Indebtedness (or a trustee
on behalf of the holders thereof) to accelerate the maturity thereof.

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

     SECTION 15.03. Liquidation; Dissolution; Bankruptcy.

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

                                      58
<PAGE>

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

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

     SECTION 15.04. Subrogation.

     Subject to the payment in full of all Senior Indebtedness of the Company,
the rights of the Securityholders shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company, as the case may be, applicable to
such Senior Indebtedness until all amounts owing on the Securities shall be
paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Senior Indebtedness of any cash, property
or securities to which the Securityholders or the Trustee would be entitled
except under the provisions of this Article XV, and no payment over pursuant
to the provisions of this Article XV to or for the benefit of the holders of
such Senior Indebtedness by Securityholders or the Trustee, shall, as between
the Company, its creditors other than holders of Senior Indebtedness of the
Company, and the holders of the Securities, be deemed to be a payment by the
Company to or on account of such Senior Indebtedness. It is understood that
the provisions of this Article XV are and are intended solely for the purposes
of defining the relative rights of the holders of the Securities, on the one
hand, and the holders of such Senior Indebtedness, on the other hand.

                                      59
<PAGE>

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

     Upon any payment or distribution of assets of the Company referred to in
this Article XV, the Trustee, subject to the provisions of Article VI of this
Indenture, and the Securityholders shall be entitled to conclusively rely upon
any order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are
pending, or a certificate of the receiver, trustee in bankruptcy, liquidation
trustee, agent or other Person making such payment or distribution, delivered
to the Trustee or to the Securityholders, for the purposes of ascertaining the
Persons entitled to participate in such distribution, the holders of Senior
Indebtedness and other indebtedness of the Company, as the case may be, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article XV.

     SECTION 15.05. Trustee to Effectuate Subordination.

     Each Securityholder by such Securityholder's acceptance thereof
authorizes and directs the Trustee on such Securityholder's behalf to take
such action as may be necessary or appropriate to effectuate the subordination
provided in this Article XV and appoints the Trustee such Securityholder's
attorney-in-fact for any and all such purposes.

     SECTION 15.06. Notice by the Company.

     The Company shall give prompt written notice to a Responsible Officer of
any fact known to the Company that would prohibit the making of any payment of
monies to or by the Trustee in respect of the Securities pursuant to the
provisions of this Article XV. Notwithstanding the provisions of this Article
XV or any other provision of this Indenture or any Additional Provisions, the
Trustee shall not be charged with knowledge of the existence of any facts that
would prohibit the making of any payment of monies to or by the Trustee in
respect of the Securities pursuant to the provisions of this Article XV,
unless and until a Responsible Officer shall have received written notice
thereof from the Company or a holder or holders of Senior Indebtedness or from
any trustee therefor; and before the receipt of any such written notice, the
Trustee, subject to the provisions of Article VI of this Indenture, shall be
entitled in all respects to assume that no such facts exist; provided,
however, that if the Trustee shall not have received the notice provided for
in this Section 15.06 at least two Business Days prior to the date upon which
by the terms hereof any money may become payable for any purpose

                                      60
<PAGE>

(including, without limitation, the payment of the principal of (or premium,
if any) or interest on any Security), then, anything herein contained to the
contrary notwithstanding, the Trustee shall have full power and authority to
receive such money and to apply the same to the purposes for which they were
received, and shall not be affected by any notice to the contrary that may be
received by it within two Business Days prior to such date.

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

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

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

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

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

     SECTION 15.08. Subordination May Not Be Impaired.

     No right of any present or future holder of any Senior Indebtedness of
the Company to enforce subordination as herein provided shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of
the Company, as the case may be, or by any act or failure to act, in good
faith, by any such holder, or by any noncompliance by the Company, as

                                      61
<PAGE>

the case may be, with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof that any such holder may have or otherwise
be charged with.

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

                                      62
<PAGE>

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

[Seal]                                     ROSLYN BANCORP, INC.
Attest:

________________________________             By:_______________________________
Name:                                             Name:
Title:                                            Title:

                                             THE CHASE MANHATTAN BANK,
                                             as Trustee

                                             By:______________________________
                                                  Name:
                                                  Title:

                                      63
<PAGE>

STATE OF [o]               )
COUNTY OF [o]              )   ss.:

On the [o] day of [o], 2001 before me personally came [o], to me known, who,
being by me duly sworn, did depose and say that he resides at ; that he is
[TITLE] of Roslyn Bancorp, Inc., one of the corporations described in and
which executed the above instrument; that he knows the corporate seal of said
corporation; that the seal affixed to the said instrument is such corporate
seal; that it was so affixed by authority of the Board of Directors of said
corporation; and that he signed his name thereto by like authority.

_____________________________
Notary Public

[seal] Commission expires:

                                      64Exhibit 4(k)

                         FIRST SUPPLEMENTAL INDENTURE

                                    between

                             ROSLYN BANCORP, INC.

                                      and

                           THE CHASE MANHATTAN BANK

                              Dated as of o, 2001

<PAGE>

                              Table of Contents*
                                                                           Page
                                                                           ----

                                   ARTICLE I
                                  DEFINITIONS

SECTION 1.1   Definition of Terms............................................2

                                  ARTICLE II
                GENERAL TERMS AND CONDITIONS OF THE DEBENTURES

SECTION 2.1   Designation and Principal Amount...............................4
SECTION 2.2   Maturity.......................................................4
SECTION 2.3   Form and Payment...............................................4
SECTION 2.4   Global Debenture...............................................4
SECTION 2.5   Interest.......................................................6
SECTION 2.6   Denomination...................................................7

                                  ARTICLE III
                         REDEMPTION OF THE DEBENTURES

SECTION 3.1   Optional Redemption............................................7
SECTION 3.2   Redemption Procedures..........................................7
SECTION 3.3   No Sinking Fund................................................7

                                  ARTICLE IV
                     EXTENSION OF INTEREST PAYMENT PERIOD

SECTION 4.1   Extension of Interest Payment Period...........................7
SECTION 4.2   Notice of Extension............................................8
SECTION 4.3   Limitation of Transactions.....................................8

                                   ARTICLE V
                                   EXPENSES

SECTION 5.1   Payment of Expenses............................................9
SECTION 5.2   Payment Upon Resignation or Removal...........................10

                                  ARTICLE VI
                         COVENANT TO LIST ON EXCHANGE

SECTION 6.1   Listing on an Exchange........................................10

                                       i
<PAGE>

                                  ARTICLE VII
                               FORM OF DEBENTURE

SECTION 7.1   Form of Debenture.............................................10

                                 ARTICLE VIII
                         ORIGINAL ISSUE OF DEBENTURES

SECTION 8.1   Original Issue of Debentures..................................17

                                  ARTICLE IX
                                 MISCELLANEOUS

SECTION 9.1   Ratification of Indenture.....................................18
SECTION 9.2   Trustee Not Responsible for Recitals..........................18
SECTION 9.3   Governing Law.................................................18
SECTION 9.4   Separability..................................................18
SECTION 9.5   Counterparts..................................................18

*  THIS TABLE OF CONTENTS SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE A PART OF
   THIS FIRST SUPPLEMENTAL INDENTURE.

                                      ii
<PAGE>

     FIRST SUPPLEMENTAL INDENTURE, dated as of o, 2001 (the "First
Supplemental Indenture"), between Roslyn Bancorp, Inc., a Delaware corporation
(the "Company"), and The Chase Manhattan Bank, a New York banking corporation,
as trustee (the "Trustee") under the Indenture dated as of o, 2001 between the
Company and the Trustee (the "Indenture").

     WHEREAS, the Company executed and delivered the Indenture to the Trustee
to provide for the future issuance of the Company's unsecured junior
subordinated debt securities to be issued from time to time in one or more
series as might be determined by the Company under the Indenture, in an
unlimited aggregate principal amount which may be authenticated and delivered
as provided in the Indenture;

     WHEREAS, pursuant to the terms of the Indenture, the Company desires to
provide for the establishment of a new series of such securities to be known
as its o% Junior Subordinated Deferrable Interest Debentures due o (the
"Debentures"), the form and substance of such Debentures and the terms,
provisions and conditions thereof to be set forth as provided in the Indenture
and this First Supplemental Indenture;

     WHEREAS, the Company and Roslyn Capital Trust I, a Delaware statutory
business trust (the "Trust"), propose to offer to the public up to $o aggregate
liquidation amount of its o% [o ] ("o") (the "Preferred Securities"),
representing preferred undivided beneficial interests in the assets of the
Trust, and proposes to invest the proceeds from such offering, together with
the proceeds of the issuance and sale by the Trust to the Company of up to $o
aggregate liquidation amount of its o% Common Securities (the "Common
Securities"), in up to $o aggregate principal amount of the Debentures; and

     WHEREAS, the Company has requested that the Trustee execute and deliver
this First Supplemental Indenture and all requirements necessary to make this
First Supplemental Indenture a valid instrument in accordance with its terms,
and to make the Debentures, when executed by the Company and authenticated and
delivered by the Trustee, the valid obligations of the Company, have been
performed, and the execution and delivery of this First Supplemental Indenture
has been duly authorized in all respects.

     NOW THEREFORE, in consideration of the purchase and acceptance of the
Debentures by the Holders thereof, and for the purpose of setting forth, as
provided in the Indenture, the form and substance of the Debentures and the
terms, provisions and conditions thereof, the Company covenants and agrees
with the Trustee as follows:

                                       1
<PAGE>

                                   ARTICLE I
                                  DEFINITIONS

     SECTION 1.1 Definition of Terms.

     Unless the context otherwise requires:

     (a) a term defined in the Indenture has the same meaning when used in
this First Supplemental Indenture;

     (b) a term defined anywhere in this First Supplemental Indenture has the
same meaning throughout;

     (c) the singular includes the plural and vice versa;

     (d) a reference to a Section or Article is to a Section or Article of
this First Supplemental Indenture;

     (e) headings are for convenience of reference only and do not affect
interpretation;

     (f) the following terms have the meanings given to them in the
Declaration: (i) Delaware Trustee; (ii) Distributions; (iii) Institutional
Trustee; (iv) Preferred Securities Guarantee; (v) Preferred Security
Certificate; (vi) Regular Trustee; and (vii) Underwriting Agreement;

     (g) the following terms have the meanings given to them in this Section
1.1(g):

     "Additional Interest" shall have the meaning set forth in Section 2.5(c).

     "Compound Interest" shall have the meaning set forth in Section 4.1.

     "Coupon Rate" shall have the meaning set forth in Section 2.5(a).

     "Creditor" shall have the meaning set forth in Section 5.1.

     "Declaration" means the Amended and Restated Declaration of Trust of
Roslyn Capital Trust o, a Delaware statutory business trust, dated as of o,
2001.

     "Deferred Interest" shall have the meaning set forth in Section 4.1.

     "Dissolution Event" means the dissolution of the Trust and distribution
of the Debentures held by the Institutional Trustee pro rata to the holders of
the Trust Securities in accordance with the Declaration, such event to occur
at the option of the Company at any time.

     "Extended Interest Payment Period" shall have the meaning set forth in
Section 4.1.

     "Global Debenture" shall have the meaning set forth in Section 2.4(a).

                                       2
<PAGE>

     "Holder" means any person in whose name at the time a Debenture is
registered on the Security Register.

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

     "Investment Company Event" means that the Company 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 of 1940, as amended.

     "Non Book-Entry Preferred Securities" shall have the meaning set forth in
Section 2.4(a).

     "Prepayment Price" shall have the meaning set forth in Section 3.1.

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

     "Stated Maturity" means the date on which the Debentures mature and on
which the principal shall be due and payable, together with all accrued and
unpaid interest thereon including Compound Interest and Additional Interest,
if any, which date shall be o, o.

                                       3
<PAGE>

     "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 Debentures,
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 by the Company 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 of such opinion, subject to more than a de
minimis amount of other taxes, duties or other governmental charges.

                                  ARTICLE II
                GENERAL TERMS AND CONDITIONS OF THE DEBENTURES

     SECTION 2.1 Designation and Principal Amount.

     There is hereby authorized a series of Securities designated as the "o%
Junior Subordinated Deferrable Interest Debentures due o", in aggregate
principal amount of up to $o which amount shall be as set forth in any written
order of the Company for the authentication and delivery of Debentures
pursuant to Section 2.04 of the Indenture.

     SECTION 2.2 Maturity.

     The Debentures shall mature on o, o (the "Stated Maturity").

     SECTION 2.3 Form and Payment.

     Except as provided in Section 2.4, the Debentures shall be issued in
fully registered certificated form without interest coupons. Principal and
interest on the Debentures issued in certificated form will be payable, the
transfer of such Debentures will be registrable and such Debentures will be
exchangeable for Debentures bearing identical terms and provisions at the
office or agency of the Trustee in New York, New York; provided, however, that
payment of interest may be made at the option of the Company by check mailed
to the Holder entitled thereto at such address as shall appear in the Security
Register or by wire transfer to an account appropriately designated by the
Holder, entitled thereto. Notwithstanding the foregoing, so long as the Holder
of any Debentures is the Institutional Trustee, the payment of the principal
of and interest (including Compound Interest and Additional Interest, if any)
on such Debentures held by the Institutional Trustee will be made at such
place and to such account as may be designated by the Institutional Trustee.

     SECTION 2.4 Global Debenture.

     (a) In connection with a Dissolution Event,

                                       4
<PAGE>

          (i) the Debentures in certificated form may be presented to the
     Trustee by the Institutional Trustee in exchange for a global Debenture
     in an aggregate principal amount equal to the aggregate principal amount
     of all outstanding Debentures (a "Global Debenture"), to be registered in
     the name of the Depository Institution, or its nominee, and delivered by
     the Trustee to the Depository Institution for crediting to the accounts
     of its participants pursuant to the instructions of the Regular Trustees.
     The Company upon any such presentation shall execute a Global Debenture
     in such aggregate principal amount and deliver the same to the Trustee
     for authentication and delivery in accordance with the Indenture and this
     First Supplemental Indenture. Payments on the Debentures issued as a
     Global Debenture will be made to the Depository Institution; and

          (ii) if any Preferred Securities are held in non book-entry
     certificated form, the Debentures in certificated form may be presented
     to the Trustee by the Institutional Trustee and any Preferred Security
     Certificate which represents Preferred Securities other than Preferred
     Securities held by the Depository Institution or its nominee ("Non
     Book-Entry Preferred Securities") will be deemed to represent beneficial
     interests in Debentures presented to the Trustee by the Institutional
     Trustee having an aggregate principal amount equal to the aggregate
     liquidation amount of the Non Book-Entry Preferred Securities until such
     Preferred Security Certificates are presented to the Security registrar
     for transfer or reissuance, at which time such Preferred Security
     Certificates will be canceled and a Debenture, registered in the name of
     the holder of the Preferred Security Certificate or the transferee of the
     holder of such Preferred Security Certificate, as the case may be, with
     an aggregate principal amount equal to the aggregate liquidation amount
     of the Preferred Security Certificate canceled, will be executed by the
     Company and delivered to the Trustee for authentication and delivery in
     accordance with the Indenture and this First Supplemental Indenture. On
     issue of such Debentures, Debentures with an equivalent aggregate
     principal amount that were presented by the Institutional Trustee to the
     Trustee will be deemed to have been canceled.

     (b) A Global Debenture may be transferred, in whole but not in part, only
to another nominee of the Depository Institution, or to a successor Depository
Institution selected or approved by the Company or to a nominee of such
successor Depository Institution.

     (c) If (i) at any time the Depository Institution notifies the Company
that it is unwilling or unable to continue as Depository Institution or if at
any time the Depository Institution for such series shall no longer be
registered or in good standing under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation, and a successor Depository
Institution for such series is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such condition, as
the case may be, (ii) the Company at any time determines that the Debentures
shall no longer be solely represented by a Global Debenture or (iii) there
shall have occurred an Event of Default, then the Company shall execute, and,
subject to Article II of the Indenture, the Trustee, upon written notice from
the Company, shall authenticate and deliver the Debentures in definitive
registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global
Debenture in exchange for such Global Debenture. In such event the Company
shall execute, and, subject to Section 2.07 of the Indenture, the Trustee,
upon receipt of an Officers' Certificate evidencing such determination by the
Company, shall

                                       5
<PAGE>

authenticate and deliver the Debentures in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Debenture in exchange for such
Global Debenture. Upon the exchange of the Global Debenture for such
Debentures in definitive registered form without coupons, in authorized
denominations, the Global Debenture shall be canceled by the Trustee. Such
Debentures in definitive registered form issued in exchange for the Global
Debenture shall be registered in such names and in such authorized
denominations as the Depository Institution, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Securities to the Depository Institution for
delivery to the Persons in whose names such Securities are so registered.

     SECTION 2.5 Interest.

     (a) Each Debenture will bear interest at the rate of o% per annum (the
"Coupon Rate") from o, 2001 until the principal thereof becomes due and
payable, and on any overdue principal and, to the extent that payment of such
interest is enforceable under applicable law, on any overdue installment of
interest at the Coupon Rate, compounded quarterly, payable quarterly in
arrears on o ,o ,o , and o of each year (each, an "Interest Payment Date"),
commencing on o, 2001, to the Person in whose name such Debenture or any
predecessor Debenture is registered at the close of business on the relevant
record date, which will be, as long as the Preferred Securities remain in
book-entry form (or if no Preferred Securities remain outstanding, as long as
the Debentures remain in book entry form), one Business Day prior to the
relevant Interest Payment Date and, in the event the Preferred Securities are
not in book-entry form (or if no Preferred Securities remain outstanding, in
the event the Debentures are not in book entry form), the 15th day of the
month in which the relevant Interest Payment Date occurs, except as otherwise
provided pursuant to the provisions of Article IV hereof.

     (b) The amount of interest payable for any period will be computed on the
basis of a 360-day year of twelve 30-day months. Except as provided in the
following sentence, the amount of interest payable for any period shorter than
a full quarterly period for which interest is computed, will be computed on
the basis of the actual number of days elapsed per calendar month (but not to
exceed 30 days in any month). In the event that any date on which interest is
payable on the Debentures is not a Business Day, then payment of interest
payable on such date will be made on the next succeeding day which is a
Business Day (and without any interest or other payment in respect of any such
delay), except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on the date that such
interest otherwise would have been payable.

     (c) 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 Company will pay as additional interest
("Additional Interest") on the Debentures held by the Institutional Trustee,
such additional amounts as shall be required so that the net amounts received
and retained by the Trust and by the Institutional Trustee after paying such
taxes, duties, assessments or other governmental charges will be equal to the
amounts the Trust and the Institutional

                                       6
<PAGE>

Trustee would have received had no such taxes, duties, assessments or other
governmental charges been imposed.

     SECTION 2.6 Denomination.

     The Debentures shall be issued in denominations of $1,000 and integral
multiples thereof.

                                  ARTICLE III
                         REDEMPTION OF THE DEBENTURES

     SECTION 3.1 Optional Redemption.

     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, o or
(ii) at any time prior to o, 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.

     SECTION 3.2 Redemption Procedures.

     Notice of any redemption will be mailed at least 30 days but not more
than 60 days before the redemption date to each Holder of Debentures to be
prepaid at its registered address. Unless the Company defaults in payment of
the prepayment price, on and after the redemption date interest shall cease to
accrue on such Debentures called for redemption. If the Debentures are only
partially redeemed pursuant to Section 3.1, the Debentures will be redeemed
pro rata or by lot or by any other method utilized by the Trustee; provided,
that if at the time of redemption the Debentures are registered as a Global
Debenture, the Depository Institution shall determine, in accordance with its
procedures, the principal amount of such Debentures held by each Depository
Institution participant to be redeemed. The Prepayment Price shall be paid
prior to 12:00 noon, New York time, on the date of such prepayment or at such
earlier time as the Company determines; provided that the Company shall
deposit with the Trustee an amount sufficient to pay the Prepayment Price by
10:00 a.m., New York time, on the date such prepayment price is to be paid.

     SECTION 3.3 No Sinking Fund.

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

                                  ARTICLE IV
                     EXTENSION OF INTEREST PAYMENT PERIOD

     SECTION 4.1 Extension of Interest Payment Period.

     So long as the Company shall not be in default in the payment of interest
on the Debentures, the Company shall have the right, at any time and from time
to time during the term of the Debentures, to defer payments of interest by
extending the interest payment period of such Debentures for a period not
exceeding 20 consecutive quarters (the "Extended Interest Payment

                                       7
<PAGE>

Period"), during which Extended Interest Payment Period no interest shall be
due and payable; provided that no Extended Interest Payment Period may extend
beyond the Stated Maturity. To the extent permitted by applicable law,
interest, the payment of which has been deferred because of the extension of
the interest payment period pursuant to this Section 4.1, will bear interest
thereon at the Coupon Rate compounded quarterly for each quarter of the
Extended Interest Payment Period ("Compound Interest"). At the end of the
Extended Interest Payment Period, the Company shall pay all interest accrued
and unpaid on the Debentures, including any Additional Interest and Compound
Interest (together, "Deferred Interest") that shall be payable to the Holders
in whose names the Debentures are registered in the Security Register on the
record date for the first Interest Payment Date after the end of the Extended
Interest Payment Period. Before the termination of any Extended Interest
Payment Period, the Company may further extend such period, provided that such
period together with all such further extensions thereof shall not exceed 20
consecutive quarters, or extend beyond the Stated Maturity of the Debentures.
Upon the termination of any Extended Interest Payment Period and upon the
payment of all Deferred Interest then due, the Company may commence a new
Extended Interest Payment Period, subject to the foregoing requirements. No
interest shall be due and payable during an Extended Interest Payment Period,
except at the end thereof, but the Company may prepay at any time all or any
portion of the interest accrued during an Extended Interest Payment Period.

     SECTION 4.2 Notice of Extension.

     (a) If the Institutional Trustee is the only registered Holder at the
time the Company selects an Extended Interest Payment Period, the Company
shall give written notice to the Regular Trustees, the Institutional Trustee
and the Trustee of its selection of such Extended Interest Payment Period one
Business Day before the earlier of (i) the next succeeding date on which
Distributions on the Trust Securities issued by the Trust are payable, or (ii)
the date the Trust is required to give notice of the record date, or the date
such Distributions are payable, to the New York Stock Exchange or other
applicable self-regulatory organization or to holders of the Preferred
Securities issued by the Trust, but in any event at least one Business Day
before such record date.

     (b) If the Institutional Trustee is not the only Holder at the time the
Company selects an Extended Interest Payment Period, the Company shall give
the Holders of the Debentures and the Trustee written notice of its selection
of such Extended Interest Payment Period at least ten Business Days before the
earlier of (i) the next succeeding Interest Payment Date, or (ii) the date the
Company is required to give notice of the record date or the Interest Payment
Date to the New York Stock Exchange or other applicable self-regulatory
organization or to Holders of the Debentures.

     (c) The quarter in which any notice is given pursuant to paragraphs (a)
or (b) of this Section 4.2 shall be counted as one of the 20 quarters
permitted in the maximum Extended Interest Payment Period permitted under
Section 4.1.

     SECTION 4.3 Limitation of Transactions.

     If (i) the Company shall exercise its right to defer payment of interest
as provided in Section 4.1 and the Extended Interest Payment Period is
continuing, or (ii) there shall have

                                       8
<PAGE>

occurred any Event of Default, as defined in the Indenture, or (iii) there
shall have occurred any Event of Default, as defined in the Preferred
Securities Guarantee, then (a) the Company shall not declare or pay any
dividend on, make any distribution with respect to, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of its capital
stock (other than (1) purchases or acquisitions of shares of its common stock
in connection with the satisfaction by the Company of its obligations under
any employee benefit plans or any other contractual obligation of the Company
(other than a contractual obligation ranking pari passu with or junior to the
Debentures), (2) as a result of a reclassification of the Company's capital
stock or the exchange or conversion of one class or series of the Company's
capital stock for another class or series of the Company's capital stock or
(3) the purchase of fractional interests in shares of the Company's capital
stock pursuant to the conversion or exchange provisions of such capital stock
or the security being converted or exchanged), (b) the Company shall not make
any payment of interest, principal or premium, if any, on or repay, repurchase
or redeem any debt securities issued by the Company that rank pari passu with
or junior to the Debentures and (c) the Company shall not make any guarantee
payments with respect to the foregoing (other than pursuant to the Preferred
Securities Guarantee).

                                   ARTICLE V
                                   EXPENSES

     SECTION 5.1 Payment of Expenses.

     In connection with the offering, sale and issuance of the Debentures to
the Institutional Trustee and in connection with the sale of the Trust
Securities by the Trust, the Company, 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 underwriter payable
pursuant to the Underwriting Agreement and compensation 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 Trust 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 Trust 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 10 of the
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 liable for any indemnification obligations arising with respect to
the Declaration; and

                                       9
<PAGE>

     (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 Company's obligations under this Section 5.1 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 Company's
obligations under this Section 5.1 directly against the Company and the
Company 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 Company. The Company agrees to execute such additional
agreements as may be necessary or desirable in order to give full effect to
the provisions of this Section 5.1.

     The provisions of this Section shall survive the resignation or removal
of the Trustee and the satisfaction and discharge of this Supplemental
Indenture.

     SECTION 5.2 Payment Upon Resignation or Removal.

     Upon termination of this First Supplemental Indenture or the Indenture or
the removal or resignation of the Trustee, unless otherwise stated, the
Company shall pay to the Trustee all amounts accrued to the date of such
termination, removal or resignation that are payable pursuant to Section 6.06
of the Indenture. Upon termination of the Declaration or the removal or
resignation of the Delaware Trustee or the Institutional Trustee, as the case
may be, pursuant to Section 5.6 of the Declaration, the Company shall pay to
the Delaware Trustee or the Institutional Trustee, as the case may be, all
amounts accrued to the date of such termination, removal or resignation.

                                  ARTICLE VI
                         COVENANT TO LIST ON EXCHANGE

     SECTION 6.1 Listing on an Exchange.

     If the Debentures are distributed to the holders of the Securities issued
by the Trust, and the Preferred Securities are then so listed, the Company
will use its best efforts to list such Debentures on the New York Stock
Exchange, Inc. or on such other exchange as the Preferred Securities are then
listed.

                                  ARTICLE VII
                               FORM OF DEBENTURE

     SECTION 7.1 Form of Debenture.

     The Debentures and the Trustee's Certificate of Authentication to be
endorsed thereon are to be substantially in the following forms:

                                      10
<PAGE>

                          (FORM OF FACE OF DEBENTURE)

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

     Unless this Debenture is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York) to the issuer
or its agent for registration of transfer, exchange or payment, and any
Debenture issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of The Depository Trust Company and
any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.]

Certificate No. o
                             ROSLYN BANCORP, INC.
             o% JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURE
                                     DUE o
$                                                             CUSIP#__________

     ROSLYN BANCORP, INC., a Delaware corporation (the "Company", which term
includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to o, as Institutional Trustee
of Roslyn Capital Trust I under that certain Amended and Restated Declaration
of Trust dated as of o, 2001, or registered assigns, the principal sum of [ ]
($__________) on o, o, (the "Stated Maturity"), and to pay interest on said
principal sum from o, 2001, or from the most recent interest payment date
(each such date, an "Interest Payment Date") to which interest has been paid
or duly provided for, quarterly (subject to deferral as set forth herein) in
arrears on o, o, o and o of each year commencing o, o, at the rate of o% per
annum (the "Coupon Rate") until the principal hereof shall have become due and
payable, and on any overdue principal and premium, and (without duplication
and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the same rate per
annum compounded quarterly. The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months and, except as provided in the following sentences, the amount of
interest payable for any period shorter than a full quarterly period for which
interest is computed, will be computed on the basis of the actual number of
days elapsed per calendar month (but not to exceed 30 days in any month). In
the event that any date on which interest is payable on this Debenture is not
a Business Day, then payment of interest payable on such date will be made on
the next succeeding day that is a Business Day (and without any interest or
other payment in respect of any such delay), except that, if such Business Day
is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business

                                      11
<PAGE>

Day, in each case with the same force and effect as if made on the date such
payment otherwise would have been payable. The interest installment so
payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the person in whose name
this Debenture (or one or more Predecessor Securities, as defined in said
Indenture) is registered at the close of business on the relevant record
dates, which will be, as long as this Debenture remains in book-entry form,
one Business Day prior to the relevant Interest Payment Date and, in the event
this Debenture is not in book-entry form, the 15th day of the month in which
the relevant Interest Payment Date occurs. Payments of interest may be
deferred by the Company pursuant to the provisions of Article IV of the First
Supplemental Indenture to the Indenture (as defined herein). Any such interest
installment not punctually paid or duly provided for shall forthwith cease to
be payable to the registered Holders on such regular record date and may be
paid to the Person in whose name this Debenture (or one or more Predecessor
Securities) is registered at the close of business on a special record date to
be fixed by the Trustee for the payment of such defaulted interest, notice
whereof shall be given to the registered Holders of this series of Debentures
not less than 10 days prior to such special record date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Debentures may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in the
Indenture. The principal of (and premium, if any) and the interest on this
Debenture shall be payable at the office or agency of the Trustee maintained
for that purpose in any coin or currency of the United States of America that
at the time of payment is legal tender for payment of public and private
debts; provided, however, that payment of interest may be made at the option
of the Company by check mailed to the registered Holder at such address as
shall appear in the Security Register. Notwithstanding the foregoing, so long
as the Holder of this Debenture is the Institutional Trustee, the payment of
the principal of (and premium, if any) and interest on this Debenture will be
made at such place and to such account as may be designated by the
Institutional Trustee.

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

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

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

                                      12
<PAGE>

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

     IN WITNESS WHEREOF, the Company has caused this instrument to be
executed.

                                    ROSLYN BANCORP, INC.

                                    By:____________________________________
                                    Name:
                                    Title:
Attest:

By:______________________________________
Name:
Title:

                    (FORM OF CERTIFICATE OF AUTHENTICATION)
                         CERTIFICATE OF AUTHENTICATION

Dated:  [   ]

         This is one of the Securities of the series designated herein
referred to in the within-mentioned Indenture.

THE CHASE MANHATTAN BANK,
as Trustee

By:_______________________________________
                Authorized Officer

                                      13
<PAGE>

                        (FORM OF REVERSE OF DEBENTURE)

     This Debenture is one of a duly authorized series of Debentures of the
Company (herein sometimes referred to as the "Debentures"), specified in the
Indenture, all issued or to be issued in one or more series under and pursuant
to an Indenture dated as of o, 2001, duly executed and delivered between the
Company and o, as trustee (the "Trustee"), as supplemented by the First
Supplemental Indenture dated as of o, 2001 between the Company and the Trustee
(the Indenture as so supplemented, the "Indenture"), to which Indenture and
all indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Debentures. By
the terms of the Indenture, the Debentures are issuable in series that may
vary as to amount, date of maturity, rate of interest and in other respects as
provided in the Indenture. This series of Debentures is limited in aggregate
principal amount as specified in said First Supplemental Indenture.

     The Debenture is redeemable by the Company (i) in whole but not in part
at any time prior to o, o upon the occurrence and continuation of a Special
Event (as defined in the Indenture) or (ii) in whole or in part on or after o,
o. Any redemption pursuant to this paragraph will be made upon not less than
30 days nor more than 60 days notice, at a redemption price equal to 100% of
the principal amount plus any accrued but unpaid interest thereon (including
Additional Interest and Compound Interest, if any) to the date of such
redemption (the "Prepayment Price"). The Prepayment Price shall be paid prior
to 12:00 noon, New York time, on the date of such redemption or at such
earlier time as the Company determines. If the Debentures are only partially
redeemed by the Company pursuant to an Optional Redemption, the Debentures
will be redeemed pro rata or by lot or by any other method utilized by the
Trustee (in integral multiples of $1,000); provided that if, at the time of
redemption, the Debentures are registered as a Global Debenture, the
Depositary shall determine the principal amount of such Debentures held by
each Debenture holder to be redeemed in accordance with its procedures.

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

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

     The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Debentures of each series affected at the time
outstanding, as defined in the Indenture, to execute supplemental indentures
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
indenture or of modifying in any manner the rights of the Holders of the
Debentures; provided, however, that no such supplemental indenture shall (i)
extend the fixed maturity of any Debentures of any series,

                                      14
<PAGE>

or reduce the principal amount thereof or any premium thereon, or reduce the
rate or extend the time of payment of interest thereon, or reduce any amount
payable on redemption thereof or make the principal thereon or any interest or
premium thereon payable in any coin or currency other than that provided in
this Debenture, or impair or affect the right of any Holder of a Debenture to
institute suit for payment thereof or the right of repayment, if any, at the
option of the Holder, without the consent of the Holder of each Debenture so
affected, or (ii) reduce the aforesaid percentage of Debentures, the Holders
of which are required to consent to any such supplemental indenture, without
the consent of the Holders of each Debenture then outstanding and affected
thereby. The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Debentures of any series at the
time outstanding affected thereby, on behalf of all of the Holders of the
Debentures of such series, to waive any past default in the performance of any
of the covenants contained in the Indenture, or established pursuant to the
Indenture with respect to such series, and its consequences, except a default
in the payment of the principal of or premium, if any, or interest on any of
the Debentures of such series. Any such consent or waiver by the registered
Holder of this Debenture (unless revoked as provided in the Indenture) shall
be conclusive and binding upon such Holder and upon all future Holders and
owners of this Debenture and of any Debenture issued in exchange hereof or in
place hereof (whether by registration of transfer or otherwise), irrespective
of whether or not any notation of such consent or waiver is made upon this
Debenture.

     No reference herein to the Indenture and no provision of this Debenture
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and premium, if any,
and interest on this Debenture at the time and place and at the rate and in
the money herein prescribed.

     The Company shall have the right at any time during the term of the
Debentures and from time to time to extend the interest payment period of such
Debentures for up to 20 consecutive quarters (an "Extended Interest Payment
Period"), at the end of which period the Company shall pay all interest then
accrued and unpaid (together with interest thereon at the rate specified for
the Debentures to the extent that payment of such interest is enforceable
under applicable law); provided that no Extended Interest Payment Period may
last beyond the Stated Maturity of the Debentures. Before the termination of
any such Extended Interest Payment Period, the Company may further extend such
Extended Interest Payment Period, provided that such Extended Interest Payment
Period together with all such further extensions thereof shall not exceed 20
consecutive quarters or last beyond the Stated Maturity date of the
Debentures. At the termination of any such Extended Interest Payment Period
and upon the payment of all accrued and unpaid interest, including any
Additional Interest and Compound Interest, the Company may commence a new
Extended Interest Payment Period.

     As provided in the Indenture and subject to certain limitations therein
set forth, this Debenture is transferable by the registered Holder hereof on
the Security Register, upon surrender of this Debenture for registration of
transfer at the office or agency of the Trustee in the City and State of New
York, accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Debentures of authorized denominations and for the same aggregate
principal amount and series will be issued to the designated transferee or
transferees. No service charge will be made for any such transfer,

                                      15
<PAGE>

but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in relation thereto.

     Prior to due presentment for registration of transfer of this Debenture,
the Company, the Trustee, any paying agent, any transfer agent and any
security registrar may deem and treat the registered holder hereof as the
absolute owner hereof (whether or not this Debenture shall be overdue and
notwithstanding any notice of ownership or writing hereon made by anyone other
than a security registrar) for the purpose of receiving payment of or on
account of the principal hereof and premium, if any, and interest due hereon
and for all other purposes, and none of the Company, the Trustee, any paying
agent, any transfer agent or any security registrar shall be affected by any
notice to the contrary.

     No recourse shall be had for the payment of the principal of or the
interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether
by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise, all such liability being, by the
acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released.

     The Debentures of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations herein and
therein set forth, Debentures of this series so issued are exchangeable for a
like aggregate principal amount of Debentures of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

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

     This Debenture shall be governed by the internal laws of the State of New
York, and for all purposes shall be construed in accordance with the laws of
said State.

                                      16
<PAGE>

                             (FORM OF ASSIGNMENT)

                                  ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Debenture
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 Debenture Certificate on the books of the Company. 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
                            Debenture Certificate)

                                 ARTICLE VIII
                         ORIGINAL ISSUE OF DEBENTURES

     SECTION 8.1 Original Issue of Debentures.

     Debentures in the aggregate principal amount of up to $o, may, upon
execution of this First Supplemental Indenture or upon any written order of
the Company setting forth the amount therefor, be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver said Debentures to or upon the written order of the
Company, signed by its Chairman, any Vice Chairman, its Chief Executive
Officer, its President, or any Vice President and its Treasurer, its
Secretary, any Assistant Treasurer, or any Assistant Secretary, without any
further action by the Company.

                                      17
<PAGE>

                                  ARTICLE IX
                                 MISCELLANEOUS

     SECTION 9.1 Ratification of Indenture.

     The Indenture, as supplemented by this First Supplemental Indenture, is
in all respects ratified and confirmed, and this First Supplemental Indenture
shall be deemed part of the Indenture in the manner and to the extent herein
and therein provided.

     SECTION 9.2 Trustee Not Responsible for Recitals.

     The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representation as to the validity or sufficiency
of this First Supplemental Indenture.

     SECTION 9.3 Governing Law.

     This First Supplemental Indenture and each Debenture shall be deemed to
be a contract made under the internal laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of such State.

     SECTION 9.4 Separability.

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

     SECTION 9.5 Counterparts.

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

                                      18
<PAGE>

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

[Seal]                                    ROSLYN BANCORP, INC.
Attest:

By:_____________________________          By:_________________________________
     Name:                                    Name:
     Title:                                   Title:

                                          THE CHASE MANHATTAN BANK,
                                          as Trustee

                                          By: ________________________________
                                              Name:
                                              Title:

                                      19
<PAGE>

STATE OF o          )
COUNTY OF o         )     ss.:

On the o day of o, o before me personally came o, to me known, who, being by me
duly sworn, did depose and say that he resides at _________________________;
that he is o and o of Roslyn Bancorp, Inc., one of the corporations described
in and which executed the above instrument; that he knows the corporate seal of
said corporation; that the seal affixed to the said instrument is such
corporate seal; that it was so affixed by authority of the Board of Directors
of said corporation; and that he signed his name thereto by like authority.

____________________________
Notary Public

[seal] Commission expires:

                                      20

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