Document:

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                                                                Exhibit 4(h)(ii)

                      NEW YORK COMMUNITY CAPITAL TRUST (.)

                   AMENDED AND RESTATED DECLARATION OF TRUST

                              Dated as of (.), (.)

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                               TABLE OF CONTENTS

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ARTICLE I INTERPRETATION AND DEFINITIONS..........................................1
   Section 1.1. Interpretation....................................................1
   Section 1.2. Definitions.......................................................2

ARTICLE II TRUST INDENTURE ACT...................................................13
   Section 2.1. Trust Indenture Act; Application.................................13
   Section 2.2. Lists of Holders.................................................14
   Section 2.3. Reports by the Property Trustee..................................14
   Section 2.4. Periodic Reports to the Property Trustee.........................15
   Section 2.5. Evidence of Compliance with Conditions Precedent.................15
   Section 2.6. Trust Enforcement Events; Waiver.................................15
   Section 2.7. Trust Enforcement Events; Notice.................................16

ARTICLE III ORGANIZATION.........................................................17
   Section 3.1. Name.............................................................17
   Section 3.2. Office...........................................................17
   Section 3.3. Purpose..........................................................17
   Section 3.4. Authority........................................................17
   Section 3.5. Title to Property of the Trust...................................18
   Section 3.6. Prohibition of Actions by the Trust and the Trustees.............18
   Section 3.7. Powers and Duties of the Administrative Trustees.................19
   Section 3.8. Powers and Duties of the Property Trustee........................22
   Section 3.9. Certain Duties and Responsibilities of the Property Trustee......24
   Section 3.10. Certain Rights of the Property Trustee..........................26
   Section 3.11. Powers and Duties of the Delaware Trustee.......................28
   Section 3.12. Not Responsible for Recitals or Issuance of Securities..........29
   Section 3.13. Duration of the Trust...........................................29
   Section 3.14. Mergers, Consolidations, Conversions, Amalgamations
                    or Replacements of the Trust ................................29
   Section 3.15. Property Trustee May File Proofs of Claim.......................31

ARTICLE IV SPONSOR...............................................................32
   Section 4.1. Responsibilities of the Company..................................32
   Section 4.2. Indemnification and Expenses of the Trustees.....................32
   Section 4.3. Right to Proceed.................................................33
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                                      (i)

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                               TABLE OF CONTENTS
                                  (continued)

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ARTICLE V TRUSTEES...............................................................33
   Section 5.1. Number of Trustees...............................................33
   Section 5.2. Delaware Trustee; Eligibility....................................33
   Section 5.3. Property Trustee; Eligibility....................................34
   Section 5.4. Qualifications of Administrative Trustees Generally..............35
   Section 5.5. Initial Administrative Trustees..................................35
   Section 5.6. Appointment, Removal and Resignation of Trustees.................35
   Section 5.7. Vacancies among Trustees.........................................37
   Section 5.8. Effect of Vacancies..............................................37
   Section 5.9. Meetings.........................................................37
   Section 5.10. Delegation of Power by the Administrative Trustees..............37
   Section 5.11. Merger, Conversion, Consolidation or Succession to Business.....38

ARTICLE VI THE SECURITIES........................................................38
   Section 6.1. General Provisions Regarding the Securities......................38
   Section 6.2. Execution and Authentication.....................................39
   Section 6.3. Form and Dating..................................................40
   Section 6.4. The Company's Purchase of the Common Securities..................41
   Section 6.5. Distributions....................................................42
   Section 6.6. Remarketing......................................................43
   Section 6.7. Limited Right to Require Exchange of Preferred Securities
                   and Repurchase of Debentures..................................50
   Section 6.8. Reserved.........................................................51
   Section 6.9. Redemption.......................................................51
   Section 6.10. Distribution of Debentures in Exchange for Securities Upon
                    the Occurrence of a Special Event............................53
   Section 6.11. Voting Rights of the Preferred Securities.......................55
   Section 6.12. Voting Rights of the Common Securities..........................57
   Section 6.13. Ranking.........................................................59
   Section 6.14. Registrar, Paying Agent and Transfer Agent......................59
   Section 6.15. Paying Agent to Hold Money in Trust.............................59
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                                      (ii)

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                                TABLE OF CONTENTS
                                   (continued)

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   Section 6.16. Replacement Securities..........................................60
   Section 6.17. Outstanding Preferred Securities................................60
   Section 6.18. Preferred Securities in Treasury................................60
   Section 6.19. Deemed Security Holders.........................................60
   Section 6.20. Cancellation....................................................61
   Section 6.21. CUSIP Numbers...................................................61
   Section 6.22. Global Preferred Securities; Legends............................61

ARTICLE VII TRANSFER OF SECURITIES...............................................63
   Section 7.1. Transfer of Securities...........................................63
   Section 7.2. Separation and Rejoining of Units................................64
   Section 7.3. Book-Entry Interests.............................................65
   Section 7.4. Notices to Clearing Agency.......................................66
   Section 7.5. Appointment of Successor Clearing Agency.........................66

ARTICLE VIII DISSOLUTION AND TERMINATION OF THE TRUST............................66
   Section 8.1. Dissolution and Termination of the Trust.........................66
   Section 8.2. Liquidation Distribution Upon Dissolution or Termination
                   of the Trust..................................................67

ARTICLE IX LIMITATION OF LIABILITY OF THE HOLDERS, THE TRUSTEES OR OTHERS........69
   Section 9.1. Liability........................................................69
   Section 9.2. Exculpation......................................................69
   Section 9.3. Fiduciary Duty...................................................69
   Section 9.4. Indemnification of Company Indemnified Persons...................70
   Section 9.5. Indemnification of Trustees......................................73
   Section 9.6. Outside Businesses...............................................74

ARTICLE X ACCOUNTING.............................................................74
   Section 10.1. Fiscal Year.....................................................74
   Section 10.2. Certain Accounting Matters......................................74
   Section 10.3. Banking.........................................................75
   Section 10.4. Withholding.....................................................75

ARTICLE XI AMENDMENTS AND MEETINGS...............................................76
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                                      (iii)

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                                TABLE OF CONTENTS
                                   (continued)

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   Section 11.1. Amendments......................................................76
   Section 11.2. Meetings of the Holders; Action by Written Consent..............78

ARTICLE XII REPRESENTATIONS OF THE PROPERTY TRUSTEE AND THE DELAWARE TRUSTEE.....80
   Section 12.1. Representations and Warranties of the Property Trustee..........80
   Section 12.2. Representations and Warranties of the Delaware Trustee..........81

ARTICLE XIII MISCELLANEOUS.......................................................81
   Section 13.1. Notices.........................................................81
   Section 13.2. Governing Law...................................................83
   Section 13.3. Intention of the Parties........................................83
   Section 13.4. Headings........................................................83
   Section 13.5. Successors and Assigns..........................................83
   Section 13.6. Partial Enforceability..........................................83
   Section 13.7. Counterparts....................................................83
   Section 13.8. The Exchange Agent..............................................83

EXHIBITS
Exhibit A - Form of Preferred Securities Certificate
Exhibit B - Form of Common Security Certificate
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                                      (iv)

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                            CROSS-REFERENCE TABLE/(1)/

Section of Trust Indenture
Act of 1939, as amended                                                  Section
-----------------------                                                  -------
310(a)                                                                       5.3
310(b)                                                            5.3(c); 5.3(d)
310(c)                                                            Not Applicable
311(a)                                                                    2.2(b)
311(b)                                                                    2.2(b)
311(c)                                                            Not Applicable
312(a)                                                                    2.2(a)
312(b)                                                                    2.2(b)
312(c)                                                            Not Applicable
313(a)                                                                       2.3
313(b)                                                                       2.3
313(c)                                                                       2.3
313(d)                                                                       2.3
314(a)                                                               2.4; 3.7(i)
314(b)                                                            Not Applicable
314(c)                                                                       2.5
314(d)                                                            Not Applicable
314(e)                                                                       2.5
314(f)                                                            Not Applicable
315(a)                                                           3.9(a); 3.10(a)
315(b)                                                                    2.7(a)
315(c)                                                                    3.9(a)
315(d)                                                                    3.9(b)
316(a)                                                     2.6; 6.10(b); 6.11(c)
316(b)                                                            Not Applicable
316(c)                                                            Not Applicable
317(a)                                                              3.8(h); 3.15
317(b)                                                            Not Applicable

----------
/(1)/ This Cross-Reference Table does not constitute part of the Declaration and
shall not affect the interpretation of any of its terms or provisions.

                                      (v)

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          AMENDED AND RESTATED DECLARATION OF TRUST (the "Declaration") dated
and effective as of (.), (.), by and among the Trustees (as defined herein), the
Company (as defined herein) and the Holders (as defined herein), from time to
time, of undivided beneficial interests in the assets of the Trust to be issued
pursuant to this Declaration;

          WHEREAS, the Delaware Trustee (as defined herein), the Administrative
Trustees (as defined herein) and the Company established New York Community
Capital Trust (.) (the "Trust"), a trust created under the Statutory Trust Act
(as defined herein) pursuant to a Declaration of Trust dated as of (.), (.) (the
"Original Declaration"), and a Certificate of Trust filed with the Secretary of
State of the State of Delaware on (.), (.) for the sole purpose of issuing and
selling certain securities representing undivided beneficial interests in the
assets of the Trust, investing the proceeds thereof in certain Debentures of the
Company (each as hereinafter defined), and engaging in only those activities
necessary, advisable or incidental thereto; and

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

          WHEREAS, all of the Trustees and the Company, by this Declaration,
ratify the actions of each Trustee and the Company taken on behalf of the Trust
prior to the date hereof;

          NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a statutory trust under the Statutory Trust Act and that
this Declaration constitute the governing instrument of such statutory trust,
the Trustees declare that all assets contributed to the Trust will be held in
trust for the benefit of the Holders, from time to time, of the Securities (as
defined herein) representing undivided beneficial interests in the assets of the
Trust issued hereunder, subject to the provisions of this Declaration.

                                   ARTICLE I

                         INTERPRETATION AND DEFINITIONS

Section 1.1. Interpretation.

          Unless the context otherwise requires:

          (a) capitalized terms used in this Declaration but not defined in the
preamble above have the respective meanings assigned to them in Section 1.2;

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

          (c) all references to "this Declaration" are to this Declaration as
modified, supplemented or amended from time to time in accordance with the
provisions hereof;

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

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

<PAGE>

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

Section 1.2. Definitions.

     The following terms have the following meanings:

     "Accreted Value" means, on the date of determination:

          (1)  with respect to any Security, the Accreted Value of a Debenture
               having an aggregate principal amount equal to the aggregate
               stated liquidation amount of such Security; and

          (2)  with respect to any Debenture, the sum of:

                    (i)  $(.), which is the portion of the initial purchase
                         price of a Unit that is allocated to a Preferred
                         Security (as provided under Section 3.1 of the Unit
                         Agreement); plus

                    (ii) accretion of the Discount, calculated using a per annum
                         coupon of (.)%, payable quarterly, and an all-in-yield
                         of (.)% per annum on a quarterly bond equivalent yield
                         basis using a 360-day year of twelve 30-days months
                         until such sum equals $(.) on the Expiration Date.

     "Administrative Trustee" has the meaning set forth in Section 5.4.

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

     "Agent" means any Paying Agent, Registrar or Transfer Agent.

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

     "Authorized Officer" of a Person means any other Person that is authorized
to legally bind such former Person.

     "Book-Entry Interest" means a beneficial interest in the Global Preferred
Securities registered in the name of a Clearing Agency or its nominee, ownership
and transfers of which shall be maintained and made through book-entries by a
Clearing Agency.

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

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

                                       2

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     "Calculation Agent" means the Property Trustee, as initial Calculation
Agent under the Calculation Agency Agreement, and any successor thereto.

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

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

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

     "Closing Date" means the "Closing Date" under the Underwriting Agreement.

     "Closing Price" of any security on any date of determination means:

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

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

          (3)  if such security is not so listed on a U.S. national or regional
               securities exchange, the closing sale price as reported by the
               Nasdaq National Market;

          (4)  if such security is not so reported, the last quoted bid price
               for such security in the over-the-counter market as reported by
               the National Quotation Bureau or similar organization; or

          (5)  if such bid price is not available, the average of the mid-point
               of the last bid and ask prices of such security on such date from
               at least three nationally recognized independent investment
               banking firms retained for this purpose by the Company.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor legislation. A reference to a specific section of the
Code refers not only to such specific section but also to any corresponding
provision of any federal tax statute enacted after the date of this Declaration,
as such specific section or corresponding provision is in effect on the date of
application of the provisions of this Declaration containing such reference.

     "Commission" means the United States Securities and Exchange Commission as
from time to time constituted, or if at any time after the execution of this
Declaration such Commission is not existing and performing the duties now
assigned to it under applicable federal securities laws, then the body
performing such duties at such time.

     "Common Securities" has the meaning set forth in Section 6.1(a).

                                       3

<PAGE>

     "Common Securities Certificate" means a certificate in fully registered
form representing Common Securities, substantially in the form of Exhibit B.

     "Common Securities Subscription Agreement" means the subscription
agreement, dated as of (.), (.), between the Trust and the Company relating to
the purchase by the Company of (.) Common Securities of the Trust.

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

     "Company" means New York Community Bancorp, Inc., a Delaware corporation,
in its capacity as sponsor, or any success or entity resulting from any merger,
consolidation, amalgamation or replacement by or conveyance, transfer or lease
of its properties as an entirety or substantially as an entirety, in its
capacity as sponsor of the Trust.

     "Company Indemnified Person" means:

          (1)  any Administrative Trustee;

          (2)  any Affiliate of any Administrative Trustee;

          (3)  any officers, directors, shareholders, members, partners,
               employees, representatives or agents of any Administrative
               Trustee; or

          (4)  any officer, employee or agent of the Trust or its Affiliates.

     "Compounded Distributions" has the meaning set forth in Section 6.5(b).

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

     "Corporate Trust Office" means the office of the Property Trustee at which
the corporate trust business of the Property Trustee shall, at any particular
time, be principally administered, which office at the date of execution of this
Declaration is located at 1100 North Market Street, Rodney Square North,
Wilmington, Delaware 19890.

     "Coupon Rate" has the meaning set forth in Section 6.5(a).

     "Covered Person" means:

          (1)  any officer, director, shareholder, partner, member,
               representative, employee or agent of (a) the Trust or (b) the
               Trust's Affiliates; and

          (2)  any Holder.

     "Debenture Distribution Notice" has the meaning set forth in Section
6.10(c).

     "Debentures" means the (.)% Junior Subordinated Deferrable Interest
Debentures due (.), (.) to be issued by the Company pursuant to the Indenture
and to be purchased by the Trust.

                                       4

<PAGE>

     "Debentures Subscription Agreement" means the subscription agreement, dated
as of (.), (.), between the Trust and the Company relating to the purchase by
the Trust of $(.) in aggregate principal amount of the Debentures.

     "Definitive Preferred Securities" has the meaning set forth in Section 6.3.

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

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

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

     "Discount" means the difference between the principal amount of $(.)
payable in respect of a Debenture on (.), (.) and the initial purchase price of
$(.).

     "Distribution" has the meaning set forth in Section 6.5(b).

     "Distribution Date" has the meaning set forth in Section 6.5(b).

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

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

     "Exchange Agent" means, initially, the Property Trustee solely in its
capacity as Exchange Agent, and any successor thereto.

     "Exchange Notice" has the meaning set forth in Section 8.2(c).

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

     "Extension Period" has the meaning set forth in Section 6.5(c).

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

     "Failed Remarketing" has the meaning set forth in Section 6.6(n).

     "Failed Remarketing Date" means a Remarketing Date on which a Failed
Remarketing occurs.

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

     "Fiduciary Indemnified Person" has the meaning set forth in Section 9.5.

     "First Supplemental Indenture" means the First Supplemental Indenture,
dated as of (.), (.), between the Company and the Indenture Trustee.

     "Fiscal Year" has the meaning set forth in Section 10.1.

                                       5

<PAGE>

     "Global Preferred Security" has the meaning set forth in Section 6.3.

     "Global Unit Certificate" has the meaning set forth in Section 6.3.

     "Guarantee" means the Guarantee Agreement, dated as of (.), (.), between
the Company, as Guarantor in respect of the Securities, and Wilmington Trust
Company, as Guarantee Trustee, as amended or supplemented from time to time in
accordance with its terms.

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

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

     "Indenture" means the Indenture, dated as of (.), (.), between the Company
and the Indenture Trustee, as amended or supplemented from time to time in
accordance with the terms thereof, including the First Supplemental Indenture.

     "Indenture Event of Default" means an Event of Default (as such term is
defined in the Indenture) under the Indenture.

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

     "Interest Payment Date" has the meaning set forth in the First Supplemental
Indenture.

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

     "Investment Company Act" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation, and the rules and
regulations promulgated thereunder.

     "Investment Company Event" means the receipt by the Trust of an Opinion of
Counsel, rendered by an independent law firm having a recognized national
securities practice, 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, court, governmental agency or regulatory
authority (a "Change in Investment Company Act Law"), there is more than an
insubstantial risk that the Trust is or will be considered an Investment Company
that is required to be registered under the Investment Company Act, which Change
in Investment Company Act Law becomes effective on or after the date on which
the Preferred Securities were initially issued and sold.

     "Issuers" means the Company and the Trust, collectively.

     "Legal Action" has the meaning set forth in Section 3.7(f).

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

                                       6

<PAGE>

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

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

     "Legal Requirements" means compliance with all applicable laws and
regulations, if any, including, without limitation, the Securities Act,
necessary to permit (i) the Remarketing of the Preferred Securities (and the
subsequent exchange of Preferred Securities for Debentures if a purchaser in the
Remarketing so elects to exchange its purchased Preferred Securities for
Debentures pursuant to Section 6.6(c)), (ii) the contemporaneous modifications
to the terms of the Debentures pursuant to the Indenture and (iii) the
contemporaneous redemption of the Warrants.

     "Like Amount" means, with respect to a redemption of the Securities,
Securities having an Accreted Value equal to the Accreted Value of Debentures to
be repaid in accordance with their terms.

     "Liquidation" has the meaning set forth in Section 8.2(a).

     "Liquidation Distribution" has the meaning set forth in Section 8.2(b).

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

     "Majority in Liquidation Amount" means, Holders of outstanding Securities
voting together as a single class, or, as the context may require, Holders of
outstanding Preferred Securities or Holders of outstanding Common Securities,
voting separately as a class, who are the record owners of more than 50% of the
aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accumulated and unpaid Distributions
to the date upon which the voting percentages are determined) of all outstanding
Securities or all outstanding Securities of the relevant class, as the case may
be.

     "Maturity Remarketing Date" means two Business Days prior to the Expiration
Date.

     "90-Day Period" has the meaning set forth in Section 6.10(a).

     "No Recognition Opinion" has the meaning set forth in Section 6.10(b)(i).

     "Officers' Certificate" means, when delivered by the Trust, a certificate
signed by a majority of the Administrative Trustees and, when delivered by the
Company, a certificate signed by any two of the Chairman, a Vice Chairman, the
Chief Executive Officer, the President, a Vice President, the Chief Financial
Officer, the Treasurer, the Chief Accounting Officer, the Secretary or an
Assistant Secretary of the Company. Any Officers' Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Declaration shall include, where applicable:

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

                                       7

<PAGE>

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

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

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

     "Opinion of Counsel" means a written opinion of counsel, rendered by an
independent law firm which shall be reasonably acceptable to the Property
Trustee.

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

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

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

     "Original Declaration" has the meaning set forth in the Recitals hereto.

     "Paying Agent" has the meaning set forth in Section 6.14.

     "Payment Amount" has the meaning set forth in Section 6.5(f).

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

     "Preferred Securities" has the meaning set forth in Section 6.1(a).

     "Preferred Securities Certificate" means a certificate in fully registered
form representing Preferred Securities, substantially in the form of Exhibit A.

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

     "Property Account" means a segregated non-interest bearing trust account
maintained with a banking institution, the rating on whose long-term unsecured
indebtedness is at least equal

                                       8

<PAGE>

to the rating assigned to the Preferred Securities by a "nationally recognized
statistical rating organization" within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act or any successor rule.

     "Property Trustee" has the meaning set forth in Section 5.3(a).

     "Pro Rata" means pro rata to each Holder according to the aggregate stated
liquidation amount of the Securities held by such Holder in relation to the
aggregate stated liquidation amount of all Securities outstanding unless, in
relation to a payment, a Trust Enforcement Event has occurred and is continuing,
in which case any funds available to make such payment shall be paid first to
each Holder of the Preferred Securities pro rata according to the aggregate
stated liquidation amount of Preferred Securities held by the relevant Holder
relative to the aggregate stated liquidation amount of all Preferred Securities
outstanding, and only after satisfaction of all amounts owed to the Holders of
the Preferred Securities, to each Holder of Common Securities pro rata according
to the aggregate stated liquidation amount of Common Securities held by the
relevant Holder relative to the aggregate stated liquidation amount of all
Common Securities outstanding.

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

     "Redemption Date" has the meaning set forth in Section 6.9(a).

     "Redemption Notice" has the meaning set forth in Section 6.9(c).

     "Redemption Price" has the meaning set forth in Section 6.9(a).

     "Registrar" has the meaning set forth in Section 6.14.

     "Regular Record Date" means the date on which determination is made as to
which Holders' Distributions are payable.

     "Regulatory Capital Event" means that the Companyis, or pursuant to law or
regulation will become within 180 days, subject to capital requirements under
which, in the written Opinion of Counsel, rendered by an independent bank
regulatory law firm experienced in such matters, the Preferred Securities would
not constitute Tier 1 Capital applied as if the Company (or its successor) were
a bank holding company (as that concept is used in the guidelines or regulations
issued by the Board of Governors of the Federal Reserve System as of the date
hereof (or its then equivalent)).

     "Remarketing" means the operation of the procedures for remarketing set
forth in Section 6.6.

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

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

                                       9

<PAGE>

     "Remarketing Date" means:

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

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

     "Remarketing Event" means the occurrence of an Optional Redemption
Remarketing Event, a Legal Cause Remarketing Event or the Maturity Remarketing
Date.

     "Remarketing Settlement Date" means (i) with respect to a Remarketing upon
expiration of the Warrants, the Expiration Date and (ii) with respect to a
Remarketing upon an Optional Redemption Remarketing Event or a Legal Cause
Remarketing Event, the Warrant Redemption Date.

     "Repurchase Price" means the principal amount at maturity of the Debentures
that are received in exchange for Preferred Securities upon the exercise of the
Repurchase Right plus accrued and unpaid interest (including deferred interest)
on such Debentures to, but excluding, the applicable Special Distribution Date.

     "Repurchase Right" has the meaning set forth in Section 6.7(a).

     "Reset Rate" means the interest rate per annum on the Debentures (and, as a
result, the Distribution rate per annum on the Securities), that is determined
pursuant to the Remarketing of the Preferred Securities; provided, however, that
if a Failed Remarketing occurs, the Reset Rate shall equal (.)% per annum.

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

     "Rule 3a-5" means Rule 3a-5 under the Investment Company Act, or any
successor rule or regulation thereunder, and the rules and regulations
promulgated thereunder.

     "Security" or "Securities" mean the Common Securities and the Preferred
Securities.

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

     "66 2/3% in Liquidation Amount" means, except as provided in the Preferred
Securities or by the Trust Indenture Act, Holders of outstanding Securities
voting together as a single class or, as the context may require, Holders of
outstanding Preferred Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of 66 2/3% or more of
the aggregate liquidation amount (including the stated amount that would be paid
on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to the

                                       10

<PAGE>

date upon which the voting percentages are determined) of all outstanding
Securities or all outstanding Securities of the relevant class, as the case may
be.

     "Special Distribution Date" means the fifteenth day of each calendar month
on which the Repurchase Price shall be payable if a Holder of a Preferred
Security elects to exercise its Repurchase Right.

     "Special Event" has the meaning set forth in Section 6.10(a).

     "Special Record Date" means the Remarketing Date.

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

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

     "Successor Entity" has the meaning set forth in Section 3.14(b)(i).

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

     "Successor Securities" has the meaning set forth in Section 3.14(b)(i)(B).

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

     "Tax Event" means the receipt by the Trust of an Opinion of Counsel,
rendered by an independent law firm having a recognized national tax practice,
to the effect that, as a result of:

          (1)  any amendment to, change in or announced proposed change in, the
               laws (or any regulations thereunder) of the United States or any
               political subdivision or taxing authority thereof or therein; or

          (2)  any official administrative pronouncement or judicial decision
               interpreting or applying such laws or regulations,

which amendment or change is effective or proposed change, administrative
pronouncement or judicial decision is announced on or after the Closing Date,
there is more than an insubstantial risk that:

          (a) 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 interest
received or accrued on the Debentures; or

          (b) the interest payable by the Company on the Debentures is not, or
within 90 days of the date of such opinion will not be, deductible by the
Company, in whole or in part, for United States federal income tax purposes; or

          (c) 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.

                                       11

<PAGE>

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

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

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

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

     "Transfer Agent" has the meaning set forth in Section 6.14.

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

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

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

     "Trust Enforcement Event" means, with respect to the Securities, an event
of default under this Declaration, which occurs upon the happening of an
Indenture Event of Default.

     "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended
from time to time, or any successor legislation and the rules and regulations
promulgated thereunder.

     "Underwriting Agreement" means the underwriting agreement, dated (.), (.),
between the Company, the Trust and the Underwriters with respect to the initial
offering and sale of the Units, Preferred Securities and Warrants.

     "Underwriter" means (.).

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

                                       12

<PAGE>

     "Unit Agent" means Wilmington Trust Company, solely as initial Unit Agent
under the Unit Agreement, and any successor thereto.

     "Unit Agreement" means the Unit Agreement, dated (.), (.), among the
Company, the Trust, the Unit Agent, the Property Trustee and the Warrant Agent,
as amended or supplemented from time to time in accordance with its terms.

     "Warrant" or "Warrants" has the meaning set forth in the Warrant Agreement.

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

     "Warrant Agreement" means the Warrant Agreement, dated (.), (.),between the
Company and the Warrant Agent, as amended or supplemented from time to time in
accordance with its terms.

     "Warrant Redemption Date" means the date on which the Warrants are redeemed
pursuant to the Warrant Agreement.

     "Warrant Requirements" mean:

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

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

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

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

                                   ARTICLE II

                               TRUST INDENTURE ACT

Section 2.1. Trust Indenture Act; Application.

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

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

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<PAGE>

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

          (d) The application of the Trust Indenture Act to this Declaration
shall not affect the Trust's classification as a grantor trust for United States
federal income tax purposes and shall not affect the nature of the Securities as
equity securities representing undivided beneficial interests in the assets of
the Trust.

Section 2.2. Lists of Holders.

          (a) Except when the Property Trustee is the Registrar, each of the
Company and the Administrative Trustees on behalf of the Trust shall provide the
Property Trustee a list, in such form as the Property Trustee may reasonably
require, of the names and addresses of the Holders ("List of Holders"):

               (i)  as of the Regular Record Date or other record date relating
                    to the payment of any Distribution, at least one Business
                    Day prior to the date for payment of such Distribution,
                    except while the Preferred Securities are represented by one
                    or more Global Preferred Securities, and

               (ii) at any other time, within 30 days of receipt by the Trust of
                    a written request from the Property Trustee for a List of
                    Holders as of a date no more than fifteen days before such
                    List of Holders is given to the Property Trustee.

If at any time the List of Holders does not differ from the most recent List of
Holders provided to the Property Trustee by the Company and the Administrative
Trustees on behalf of the Trust, then neither the Company nor the Administrative
Trustees shall be obligated to deliver such List of Holders. The Property
Trustee shall preserve, in as current a form as is reasonably practicable, all
information contained in Lists of Holders given to it or which it receives in
the capacity as Paying Agent (if acting in such capacity); provided that the
Property Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

          (b) The Property Trustee shall comply with its obligations under, and
shall be entitled to the benefits of, Sections 311(a), 311(b) and 312(b) of the
Trust Indenture Act.

Section 2.3. Reports by the Property Trustee.

          Within 60 days after May 15 of each year (commencing with the year of
the first anniversary of the issuance of the Preferred Securities), the Property
Trustee shall provide to the Holders of the Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Property
Trustee also shall comply with the requirements of Section 313(d) of the Trust
Indenture Act.

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<PAGE>

Section 2.4. Periodic Reports to the Property Trustee.

          Each of the Company and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such documents, reports and
information as are required by Section 314 of the Trust Indenture Act, if any,
and the compliance certificate required by Section 314 of the Trust Indenture
Act in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act.

Section 2.5. Evidence of Compliance with Conditions Precedent.

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

Section 2.6. Trust Enforcement Events; Waiver.

          (a) The Holders of a Majority in Liquidation Amount of the Preferred
Securities may waive, by vote or written consent, on behalf of the Holders of
all of the Preferred Securities, any past Trust Enforcement Events in respect of
the Preferred Securities and its consequences; provided, however, that if the
underlying Indenture Event of Default:

               (i)  is not waivable under the Indenture, the related Trust
                    Enforcement Event under this Declaration also shall not be
                    waivable; or

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

          The foregoing provisions of this Section 2.6(a) shall be in lieu of
Section 316(a)(1)(B) of the Trust Indenture Act and Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act.

          Upon such waiver, any such Trust Enforcement Event in respect of the
Preferred Securities arising therefrom shall be deemed to have been cured for
every purpose of this Declaration, but no such waiver shall extend to any
subsequent or other Trust Enforcement Event with respect to the Preferred
Securities or impair any right consequent thereon. Any waiver by the Holders of
the Preferred Securities of a Trust Enforcement Event with respect to the
Preferred Securities also shall be deemed to constitute a waiver by the Holders
of the Common Securities of any such Trust Enforcement Event with respect to the
Common Securities for all purposes of this Declaration without any further act,
vote or consent of the Holders of the Common Securities.

                                       15

<PAGE>

          (b) The Holders of a Majority in Liquidation Amount of the Common
Securities may waive, by vote or written consent, on behalf of the Holders of
all of the Common Securities, any past Trust Enforcement Event in respect of the
Common Securities and its consequences; provided that if the underlying
Indenture Event of Default is not waivable under the Indenture, except where the
Holders of the Common Securities are deemed to have waived such Trust
Enforcement Event as provided below in this Section 2.6(b), the related Trust
Enforcement Event under this Declaration also shall not be waivable. The Holders
of Common Securities shall be deemed to have waived any and all Trust
Enforcement Events with respect to the Common Securities and the consequences
thereof until all Trust Enforcement Events with respect to the Preferred
Securities have been cured, waived or otherwise eliminated. Until all Trust
Enforcement Events in respect of the Preferred Securities shall have been so
cured, waived or otherwise eliminated, the Property Trustee shall be deemed to
be acting solely on behalf of the Holders of the Preferred Securities and only
the Holders of the Preferred Securities shall have the right to direct the
Property Trustee in accordance with the terms of the Securities.

          The foregoing provisions of this Section 2.6(b) shall be in lieu of
Section 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act, and Sections
316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly
excluded from this Declaration and the Securities, as permitted by the Trust
Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon
such cure, waiver or other elimination, any such default shall cease to exist
and any Trust Enforcement Event with respect to the Common Securities arising
therefrom shall be deemed to have been cured for every purpose of this
Declaration, but no such waiver shall extend to any subsequent or other default
or Trust Enforcement Event with respect to the Common Securities or impair any
right consequent thereon.

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

Section 2.7. Trust Enforcement Events; Notice.

          (a) The Property Trustee shall, within 90 days after the occurrence of
a Trust Enforcement Event actually known to a Responsible Officer, transmit by
mail, first class postage prepaid, to the Holders, notice of such Trust
Enforcement Event unless such Trust Enforcement Event has been cured before the
giving of such notice; provided, however, that except for a default in the
payment of principal of (or premium, if any) or interest on any of the
Debentures, the Property Trustee shall be protected in withholding such notice
if and so long as a Responsible Officer in good faith determines that the
withholding of such notice is in the interests of the Holders.

          (b) The Property Trustee shall not be deemed to have knowledge of any
Trust Enforcement Event except for:

               (i)  a default under Sections 2.4(a) and 2.4(b) of the First
                    Supplemental Indenture; or

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<PAGE>

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

                                   ARTICLE III

                                  ORGANIZATION

Section 3.1. Name.

          The Trust is named "New York Community Capital (.)" as such name may
be modified from time to time by the Administrative Trustees following written
notice to the Holders. The Trust's activities may be conducted under the name of
the Trust.

Section 3.2. Office.

          The address of the principal office of the Trust is c/o New York
Community Bancorp, Inc., 615 Merrick Avenue, Westbury, New York 11590. On ten
Business Days' written notice to the Holders, the Administrative Trustees may
designate another principal office.

Section 3.3. Purpose.

          The exclusive purposes and functions of the Trust are:

          (a) to issue and sell the Securities;

          (b) to use the proceeds from the sale of the Securities to acquire the
Debentures; and

          (c) except as otherwise limited herein, to engage in only those other
activities necessary, advisable or incidental thereto and to the issuance of the
Units.

          By acceptance of this Trust, none of the Trustees, the Company, the
Holders or the Preferred Security Beneficial Owners will take any position that
is contrary to the classification of the Trust as a grantor trust for United
States federal income tax purposes.

Section 3.4. Authority.

          (a) Subject to the limitations provided in this Declaration and to the
specific duties of the Property Trustee, the Administrative Trustees shall have
exclusive authority to carry out the purposes of the Trust. Any action taken by
the Administrative Trustees in accordance with their powers shall constitute the
act of and shall serve to bind the Trust, and any action taken by the Property
Trustee on behalf of the Trust in accordance with its powers shall constitute
the act of and shall serve to bind the Trust. In dealing with the Trustees
acting on behalf of the Trust, no Person shall be required to inquire into the
authority of the Trustees to bind the Trust. Persons dealing with the Trust are
entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Declaration.

                                       17

<PAGE>

          (b) Except as expressly set forth in this Declaration and except if a
meeting of the Administrative Trustees is called with respect to any matter over
which the Administrative Trustees have power to act, any power of the
Administrative Trustees may be exercised by, or with the consent of, any one
such Administrative Trustee.

          (c) Unless otherwise determined by the Administrative Trustees and
except as otherwise required by the Statutory Trust Act or applicable law, any
Administrative Trustee is authorized to execute on behalf of the Trust any
documents which the Administrative Trustees have the power and authority to
cause the Trust to execute pursuant to Section 3.7.

          (d) Notwithstanding anything contained herein or elsewhere to the
contrary, the Trust has power and authority and is hereby authorized and
empowered, without the need for any further action on its part (i) to execute,
deliver and perform its obligations under the Unit Agreement, the Underwriting
Agreement, the Common Securities Subscription Agreement, the Debenture
Subscription Agreement, the Units and the Securities and (ii) to perform its
obligations under this Declaration.

Section 3.5. Title to Property of the Trust.

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

Section 3.6. Prohibition of Actions by the Trust and the Trustees.

          The Trust shall not, the Trustees shall not, and the Administrative
Trustees shall cause the Trust not to, engage in any activity other than as
required or authorized by this Declaration. In particular, the Trust shall not,
the Trustees shall not, and the Administrative Trustees shall cause the Trust
not to:

             (i)    invest any proceeds received by the Trust in connection with
                    its ownership of Debentures, but the Trust shall distribute
                    all such proceeds to Holders pursuant to the terms of this
                    Declaration and of the Securities;

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

             (iii)  possess any power or otherwise act in such a way as to vary
                    the Trust assets;

             (iv)   possess property for any purpose other than a Trust purpose;

             (v)    make any loans or incur any indebtedness other than loans
                    represented by the Debentures;

             (vi)   mortgage or pledge any of the Trust's assets;

             (vii)  possess any power or otherwise act in such a way as to vary
                    the terms of the Securities in any way whatsoever (except to
                    the

                                       18

<PAGE>

                    extent expressly authorized in this Declaration or by the
                    terms of the Securities);

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

             (ix)   other than as provided in this Declaration or by the terms
                    of the Securities:

                    (A)  direct the time, method and place of conducting any
                         proceeding with respect to any remedy available to the
                         Indenture Trustee, or exercising any trust or power
                         conferred upon the Indenture Trustee with respect to
                         the Debentures;

                    (B)  waive any past Indenture Event of Default that is
                         waivable under the Indenture;

                    (C)  exercise any right to rescind or annul any declaration
                         that the principal of all the Debentures shall be due
                         and payable; or

                    (D)  consent to any amendment, modification or termination
                         of the Indenture or the Debentures where such consent
                         shall be required, unless the Trust shall have received
                         an opinion of a nationally recognized independent tax
                         counsel experienced in such matters to the effect that
                         such amendment, modification or termination will not
                         cause more than an insubstantial risk that the Trust
                         will not be classified as a grantor trust for United
                         States federal income tax purposes;

             (x)    take any action inconsistent (in the case of the Property
                    Trustee or the Delaware Trustee, to the actual knowledge of
                    a Responsible Officer thereof) with the status of the Trust
                    as a grantor trust for United States federal income tax
                    purposes; or

             (xi)   revoke any action previously authorized or approved by vote
                    of the Holders of the Preferred Securities.

Section 3.7. Powers and Duties of the Administrative Trustees.

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

          (a) establish the terms and forms of the Securities in the manner
specified in Section 6.1 and to issue and sell the Securities in accordance with
this Declaration; provided, however, that:

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<PAGE>

             (i)    the Trust may issue no more than one series of Preferred
                    Securities and no more than one series of Common Securities;

             (ii)   there shall be no interests in the Trust other than the
                    Securities; and

             (iii)  the issuance of Securities shall be limited to a
                    simultaneous issuance of both Preferred Securities and
                    Common Securities on the Closing Date;

          (b) acquire the Debentures with the proceeds of the sale of the
Securities; provided, however, that the Administrative Trustees shall cause
legal title to the Debentures to be beneficially held in the name of the
Property Trustee for the benefit of the Holders;

          (c) give the Company and the Property Trustee prompt written notice of
the occurrence of a Special Event;

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

          (e) take all actions and perform such duties as may be required of the
Administrative Trustees or the Trust pursuant to the terms of this Declaration,
the Unit Agreement, the Underwriting Agreement, the Common Securities
Subscription Agreement, the Debenture Subscription Agreement, the Units and the
Securities;

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

          (g) employ or otherwise engage employees and agents (who may be
designated as officers with titles) and managers, contractors, advisors and
consultants to conduct only those services that the Administrative Trustees have
authority to conduct directly, and to pay reasonable compensation for such
services;

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

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

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

          (k) act as, or appoint another Person to act as, Registrar and
Transfer Agent for the Securities or to appoint a Paying Agent for the
Securities as provided in Section 6.14;

                                       20

<PAGE>

          (l) give prompt written notice to the Property Trustee and to Holders
of any notice received from the Company of its election to defer payments of
interest on the Debentures by extending the interest payment period under the
Indenture;

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

          (n) take any action not inconsistent with this Declaration or with
applicable law that the Administrative Trustees determine in their discretion to
be necessary or desirable in carrying out the purposes and functions of the
Trust as set forth in Section 3.3 or the activities of the Trust as set out in
this Section 3.7, as long as such action does not materially adversely affect
the interests of the Holders, including but not limited to:

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

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

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

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

          (p) execute and deliver all documents or instruments, including the
Unit Agreement, the Underwriting Agreement, the Common Securities Subscription
Agreement, the Debenture Subscription Agreement, the Units and the Securities,
perform all duties and powers, and do all things for and on behalf of the Trust
in all matters necessary or incidental to the foregoing; and

          (q) to prepare any registration statements or reports required to be
filed or submitted with the Commission with respect to the Securities pursuant
to the Exchange Act unless performed by the Company, as sponsor.

          The Administrative Trustees shall exercise the powers set forth in
this Section 3.7 in a manner that is consistent with the purposes and functions
of the Trust set out in Section 3.3, and the Administrative Trustees shall have
no power to, and shall not, take any action that is inconsistent with the
purposes and functions of the Trust set forth in Section 3.3.

          Subject to this Section 3.7, the Administrative Trustees shall have
none of the powers or the authority of the Property Trustee set forth in Section
3.8.

                                       21

<PAGE>

          Any expenses incurred by the Administrative Trustees pursuant to this
Section 3.7 shall be reimbursed by the Company.

          Unless otherwise required by the Statutory Trust Act or other
applicable law, such Administrative Trustee, acting alone, is authorized to
execute and deliver on behalf of the Trust, any documents, instruments or
certificates that the Administrative Trustees have the power and authority to
execute pursuant to this Section 3.7.

Section 3.8. Powers and Duties of the Property Trustee.

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

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

          (c) The Property Trustee shall:

             (i)    establish and maintain the Property Account in the name of
                    and under the exclusive control of the Property Trustee on
                    behalf of the Holders and, upon the receipt of payments of
                    funds made in respect of the Debentures, deposit such funds
                    into the Property Account and make payments or (cause the
                    Paying Agent to make payments) to the Holders from the
                    Property Account in accordance with Section 6.5. Funds in
                    the Property Account shall be held uninvested until
                    disbursed in accordance with this Declaration;

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

             (iii)  upon written direction by the Company to dissolve the
                    Trust, engage in such ministerial activities as shall be
                    necessary or appropriate to effect the distribution of the
                    Debentures to the Holders in exchange for the Securities.

          (d) The Property Trustee is hereby authorized to take all actions and
perform such duties as may be specifically required of the Property Trustee
pursuant to the terms of this Declaration, the Unit Agreement and the
Securities.

          (e) Subject to Section 3.9(a), the Property Trustee is hereby
authorized to take any Legal Action which arises out of or in connection with:

                                       22

<PAGE>

               (i)  a Trust Enforcement Event of which a Responsible Officer has
                    actual knowledge; or

               (ii) the Property Trustee's duties and obligations under this
                    Declaration or the Trust Indenture Act;

provided, however, that if a Trust Enforcement Event has occurred and is
continuing and such Trust Enforcement Event is attributable to the failure of
the Company to pay the principal of or premium, if any, or interest on the
Debentures on the date such principal, premium, if any, or interest is otherwise
payable (or in connection with a distribution of Debentures in exchange for
Preferred Securities and repurchase of Debentures under Sections 6.7 and 6.8), a
Holder of Preferred Securities may institute, to the fullest extent permitted by
law, a proceeding directly against the Company to enforce payment to such Holder
of the principal of or premium, if any, or interest on the Debentures having an
aggregate principal amount equal to the aggregate liquidation amount of the
Preferred Securities of such Holder (a "Direct Action") on or after the
respective due date specified in the Debentures. In connection with such Direct
Action, the rights of the Holders of the Common Securities will be subrogated to
the rights of such Holder of Preferred Securities to the extent of any payment
made by the Company to such Holder of Preferred Securities in such Direct
Action. Except as provided in the preceding sentences, the Holders of Preferred
Securities will not be able to exercise directly any other remedy available to
the holders of the Debentures.

          (f) The Property Trustee shall continue to serve as a Trustee until
either:

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

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

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

          (h) The Property Trustee shall be authorized to undertake any actions
set forth in Section 317(a) of the Trust Indenture Act.

          (i) The Property Trustee may authorize one or more Persons to act as
additional Paying Agents and to pay Distributions, redemption payments or
liquidation payments on behalf of the Trust with respect to all Securities, and
any such Paying Agent shall comply with Section 317(b) of the Trust Indenture
Act. Any such additional Paying Agent may be removed by the Property Trustee at
any time, and a successor Paying Agent or additional Paying Agents may be
appointed at any time by the Property Trustee.

          (j) Subject to this Section 3.8, the Property Trustee shall have none
of the duties, liabilities, powers or the authority of the Administrative
Trustees set forth in Section 3.7.

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<PAGE>

          The Property Trustee shall exercise the powers set forth in this
Section 3.8 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Property Trustee shall have no power
to, and shall not, take any action that is inconsistent with the purposes and
functions of the Trust set out in Section 3.3.

Section 3.9. Certain Duties and Responsibilities of the Property Trustee.

          (a) If a Trust Enforcement Event has occurred (that has not been cured
or waived pursuant to Section 2.6) of which a Responsible Officer has actual
knowledge, the Property Trustee shall exercise such of the rights and powers
vested in it by this Declaration, and shall use the same degree of care and
skill in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs.

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

               (i)  prior to the occurrence of a Trust Enforcement Event and
                    after the cure or waiver of all such Trust Enforcement
                    Events that may have occurred:

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

                    (B)  in the absence of bad faith on the part of the Property
                         Trustee, the Property Trustee may conclusively rely, as
                         to the truth of the statements and the correctness of
                         the opinions expressed therein, upon any certificates
                         or opinions furnished to the Property Trustee and
                         conforming on their face to the requirements of this
                         Declaration; provided, however, that in the case of any
                         such certificates or opinions that by any provision
                         hereof are specifically required to be furnished to the
                         Property Trustee, the Property Trustee shall be under a
                         duty to examine such certificates or opinions to
                         determine whether or not on their face they conform to
                         the requirements of this Declaration (but need not
                         confirm or investigate the accuracy of mathematical
                         calculations or other facts stated therein);

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

                                       24

<PAGE>

                    ascertaining the pertinent facts upon which such judgment
                    was made;

           (iii)    the Property Trustee shall not be personally liable with
                    respect to any action taken or omitted to be taken by it
                    without negligence, in good faith in accordance with the
                    direction of the Holders of not less than a Majority in
                    Liquidation Amount of the Securities relating to the time,
                    method and place of conducting any proceeding for any remedy
                    available to the Property Trustee, or exercising any trust
                    or power conferred upon the Property Trustee under this
                    Declaration;

           (iv)     no provision of this Declaration shall require the Property
                    Trustee to expend or risk its own funds or otherwise incur
                    personal financial liability in the performance of any of
                    its duties or in the exercise of any of its rights or
                    powers;

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

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

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

           (viii)   the Property Trustee shall not be personally responsible
                    for monitoring the compliance by the Administrative Trustees
                    or the Company with their respective duties under this
                    Declaration, nor shall the Property Trustee be liable for
                    any default or misconduct of the Administrative Trustees or
                    the Company; and

           (ix)     in the event that the Property Trustee is unable to decide
                    between alternative courses of action permitted or required
                    under this Declaration or any other document, or is unsure
                    as to the application of any provision of this Declaration
                    or any other document, or any such provision may be
                    ambiguous as to its application or in conflict with any
                    other applicable provision,

                                       25

<PAGE>

                    permits any determination by the Property Trustee, or is
                    silent or incomplete as to the course of action that the
                    Property Trustee is required to take with respect to a
                    particular set of facts, the Property Trustee may give
                    notice (in such form as shall be appropriate under the
                    circumstances) to the Company and/or to the Holders
                    requesting instruction from any of them, and to the extent
                    that the Property Trustee acts or refrains from acting in
                    good faith in accordance with any such instruction received,
                    the Property Trustee shall not be personally liable, on
                    account of such action or inaction, to any Person, and if
                    the Property Trustee shall not have received appropriate
                    instruction within 10 days of such notice (or within such
                    shorter period of time as reasonably may be specified in
                    such notice or may be necessary under the circumstances) it
                    may, but shall be under no duty to, take or refrain from
                    taking action, and shall have no personal liability to any
                    Person for such action or inaction.

Section 3.10. Certain Rights of the Property Trustee.

          (a) Subject to the provisions of Section 3.9:

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

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

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

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

               (v)  the Property Trustee may consult with counsel or other
                    experts of its selection and the advice or opinion of such
                    counsel and experts with respect to legal matters or advice
                    within the scope

                                       26

<PAGE>

                    of such experts' area of expertise shall be full and
                    complete authorization and protection in respect of any
                    action taken, suffered or omitted by it hereunder in good
                    faith and in accordance with such advice or opinion. Such
                    counsel may be counsel to the Company or any of its
                    Affiliates and may include any of its employees. The
                    Property Trustee shall have the right at any time to seek
                    instructions concerning the administration of this
                    Declaration from any court of competent jurisdiction;

             (vi)   the Property Trustee shall be under no obligation to
                    exercise any of the rights or powers vested in it by this
                    Declaration at the request or direction of any Holder,
                    unless such Holder shall have provided to the Property
                    Trustee security and indemnity, reasonably satisfactory to
                    the Property Trustee, against the costs, expenses (including
                    reasonable attorneys' fees and expenses and the expenses of
                    the Property Trustee's agents, nominees or custodians) and
                    liabilities that might be incurred by it in complying with
                    such request or direction, including such reasonable
                    advances as may be requested by the Property Trustee;
                    provided that nothing contained in this Section 3.10(a)(vi)
                    shall be taken to relieve the Property Trustee, upon the
                    occurrence of an Indenture Event of Default (of which the
                    Property Trustee is deemed to have knowledge as provided in
                    Section 2.7(b) hereof), of its obligation to exercise the
                    rights and powers vested in it by this Declaration;

             (vii)  the Property Trustee shall not be bound to make any
                    investigation into the facts or matters stated in any
                    resolution, certificate, statement, instrument, opinion,
                    report, notice, request, direction, consent, order, bond,
                    debenture, note, other evidence of indebtedness or other
                    paper or document, but the Property Trustee, in its sole
                    discretion, may make such further inquiry or investigation
                    into such facts or matters as it sees fit;

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

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

                                       27

<PAGE>

             (x)    whenever in the administration of this Declaration the
                    Property Trustee shall deem it desirable to receive
                    instructions with respect to enforcing any remedy or right
                    or taking any other action hereunder, the Property Trustee:

                    (A)  may request instructions from the Holders which
                         instructions may only be given by the Holders of the
                         same proportion in liquidation amount of the Securities
                         as would be entitled to direct the Property Trustee
                         under the terms of the Securities in respect of such
                         remedy, right or action;

                    (B)  may refrain from enforcing such remedy or right or
                         taking such other action until such instructions are
                         received; and

                    (C)  shall be fully protected in conclusively relying on or
                         acting in accordance with such instructions;

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

             (xii)  with respect to the calculation of the Accreted Value, the
                    Property Trustee may conclusively rely upon the calculation
                    thereof determined by the Calculation Agent; and

             (xiii) the Property Trustee shall not be personally liable for
                    any action taken, suffered, or omitted to be taken by it
                    without negligence, in good faith and reasonably believed by
                    it to be authorized or within the discretion, rights or
                    powers conferred upon it by this Declaration.

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

Section 3.11. Powers and Duties of the Delaware Trustee.

               Notwithstanding any other provision of this Declaration other
than Section 5.2, the Delaware Trustee shall not be entitled to exercise any
powers of, nor shall the Delaware Trustee have any of the duties and
responsibilities of, the Administrative Trustees or the Property Trustee
described in this Declaration (except as required under the Statutory Trust
Act). Except as set forth in Section 5.2, the Delaware Trustee shall be a
Trustee for the sole and limited purpose of fulfilling the requirements of
Section 3807 of the Statutory Trust Act. In the event the Delaware Trustee is
required to take any action or perform any duty hereunder, the Delaware

                                       28

<PAGE>

Trustee shall be entitled to the benefits of Sections 3.9(b)(ii) to (ix),
inclusive, and Section 3.10. No implied covenants or obligations shall be read
into this Declaration against the Delaware Trustee.

Section 3.12. Not Responsible for Recitals or Issuance of Securities.

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

Section 3.13. Duration of the Trust.

          The Trust, unless earlier dissolved or terminated pursuant to the
provisions of Article VIII, shall have existence up to (.), (.).

Section 3.14. Mergers, Consolidations, Conversions, Amalgamations or
Replacements of the Trust.

          (a) The Trust may not merge with or into, consolidate with, convert
into, amalgamate with, or be replaced by, or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to, any
Person, except as described in Section 3.14(b) and 3.14(c) and except with
respect to the distribution of Debentures to Holders pursuant to Article 6 or
Article 8 of this Declaration.

          (b) At the request of the Company and with the consent of the
Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders, the Delaware
Trustee or the Property Trustee, the Trust may merge with or into, consolidate
with, convert into, amalgamate with, be replaced by or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to, a
trust organized as such under the laws of any state; provided that:

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

                    (A)  expressly assumes all of the obligations of the Trust
                         with respect to the Securities; or

                    (B)  substitutes for the Securities other securities having
                         substantially the same terms as the Securities (the
                         "Successor Securities"), so long as the Successor
                         Securities rank the same as the Securities rank in
                         priority with respect to Distributions and payments
                         upon liquidation, redemption and otherwise;

               (ii) if the Trust is not the successor entity, the Company
                    expressly appoints a trustee of the Successor Entity that
                    possesses the same powers and duties as the Property Trustee
                    as the holder of the Debentures;

                                       29

<PAGE>

             (iii)  the Successor Securities are, or upon notification of
                    issuance will be, listed (or eligible for trading) on any
                    national securities exchange or with any other organization
                    on which the Preferred Securities were listed or quoted (or
                    otherwise eligible for trading) prior to such merger,
                    consolidation, conversion, amalgamation, replacement,
                    conveyance, transfer or lease;

             (iv)   if the Preferred Securities (including any Successor
                    Securities) are rated by any nationally recognized
                    statistical rating organization prior to such transaction,
                    such merger, consolidation, conversion, amalgamation,
                    replacement, conveyance, transfer or lease does not cause
                    the Preferred Securities (including any Successor
                    Securities) to be downgraded by any nationally recognized
                    statistical rating organization;

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

             (vi)   such Successor Entity, if not the Trust, has a purpose
                    identical in all material respects to that of the Trust;

             (vii)  prior to such merger, consolidation, conversion,
                    amalgamation, replacement, conveyance, transfer or lease,
                    the Company has received an Opinion of Counsel to the Trust,
                    rendered by an independent law firm experienced in such
                    matters, to the effect that:

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

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

                    (C)  following such merger, consolidation, conversion,
                         amalgamation, replacement, conveyance, transfer or
                         lease, the Trust (or the Successor Entity) will
                         continue to be classified as a grantor trust for United
                         States federal income tax purposes;

                                       30

<PAGE>

           (viii)   if the Trust is not the successor entity, the Company or
                    any permitted successor or assignee owns all of the common
                    securities of such Successor Entity and guarantees the
                    obligations of such Successor Entity under the Successor
                    Securities at least to the extent provided by the Guarantee;

           (ix)     the Successor Entity expressly assumes all of the
                    obligations of the Trust; and

           (x)      there shall have been furnished to the Property Trustee an
                    Officers' Certificate and an Opinion of Counsel to the
                    effect that all conditions precedent in this Declaration to
                    such transaction have been satisfied.

          (c) Notwithstanding Section 3.14(b), the Trust shall not, except with
the consent of Holders of 100% in aggregate liquidation amount of the
Securities, merge with or into, consolidate with, convert into, amalgamate with,
be replaced by, or convey, transfer or acquire by conveyance, transfer or lease
its properties and assets as an entirety or substantially as an entirety to, any
other Person or permit any other Person to merge with or into, consolidate with,
convert into, amalgamate with, replace it, acquire by conveyance, transfer or
lease its properties and assets as an entirety or substantially as an entirety,
if such merger, consolidation, conversion, amalgamation, replacement,
conveyance, transfer or lease would cause the Trust or the Successor Entity to
be classified as other than a grantor trust for United States federal income tax
purposes or would cause each Holder of Securities not to be treated as owning an
undivided beneficial interest in the Debentures.

Section 3.15. Property Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon the
Securities or the property of the Trust or of such other obligor or their
creditors, the Property Trustee (irrespective of whether any Distributions on
the Securities are then due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Property Trustee has made any
demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise to:

          (a) file and prove a claim for the whole amount of any Distributions
owing and unpaid in respect of the Securities (or, if the Securities are
original issue discount securities, such portion of the liquidation amount as
may be specified in the terms of such securities) and to file such other papers
or documents as may be necessary or advisable in order to have the claims of the
Property Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding; and

          (b) collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Property Trustee and, in the event the Property Trustee consents
to the making of such payments directly to the Holders, to pay to the

                                       31

<PAGE>

Property Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and
any other amounts due the Property Trustee.

          Nothing contained herein shall be deemed to authorize the Property
Trustee to authorize or consent to or accept or adopt, on behalf of any Holder,
any plan of reorganization, arrangement, adjustment or compensation affecting
the Securities or the rights of any Holder or to authorize the Property Trustee
to vote in respect of the claim of any Holder in any such proceeding.

                                   ARTICLE IV

                                     SPONSOR

Section 4.1. Responsibilities of the Company.

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

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

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

          (c) if the Preferred Securities are separately traded from the Units
and the applicable exchange listing requirements are met, to prepare for
execution and filing by the Trust an application to permit the Preferred
Securities to trade or be quoted or listed in or on the New York Stock Exchange
or any other national securities exchange, quotation system or the Nasdaq
National Market for listing or quotation upon notice of issuance of the
Preferred Securities; and

          (d) to prepare any registration statements or reports required to be
filed or submitted with the Commission with respect to the Securities pursuant
to the Exchange Act, unless performed by the Administrative Trustees.

Section 4.2. Indemnification and Expenses of the Trustees.

          The Company, in its capacity as issuer of the Debentures, agrees to
indemnify the Property Trustee and the Delaware Trustee (including in their
respective individual capacities) for, and to hold each of them harmless
against, any loss, liability or expense incurred without negligence or bad faith
on the part of the Property Trustee or the Delaware Trustee, as the case may be,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of defending either
of them against any claim or liability in connection with the exercise or
performance of any of their respective powers or duties hereunder. The
provisions of this Section 4.2 shall survive the resignation or removal of the
Delaware Trustee or the Property Trustee and the termination of this
Declaration.

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<PAGE>

Section 4.3. Right to Proceed.

          The Company acknowledges the rights of the Holders of Preferred
Securities, in the event that a failure of the Trust to pay Distributions on the
Preferred Securities is attributable to the failure of the Company to pay
interest or principal on the Debentures, to institute a Direct Action against
the Company for enforcement of its payment obligations on the Debentures.

                                   ARTICLE V

                                    TRUSTEES

Section 5.1. Number of Trustees.

          The number of Trustees initially shall be five, and:

          (a) at any time before the issuance of any Securities, the Company
may, by written instrument, increase or decrease the number of Trustees; and

          (b) after the issuance of any Securities, the number of Trustees may
be increased or decreased by vote of the Holders of a Majority in Liquidation
Amount of the Common Securities at a meeting of the Holders of the Common
Securities or by written consent in lieu of such meeting; provided, however,
that the number of Trustees shall in no event be less than three; and provided,
further, that:

             (i)    one Trustee shall be the Delaware Trustee;

             (ii)   one Trustee shall be the Property Trustee, which, for so
                    long as this Declaration is required to qualify as an
                    indenture under the Trust Indenture Act, shall meet the
                    requirements of applicable law; provided that the Property
                    Trustee also may serve as Delaware Trustee if it meets the
                    applicable requirements; and

             (iii)  at least one Trustee shall be an Administrative Trustee who
                    shall be an employee or officer of, or shall be affiliated
                    with, the Company.

Section 5.2. Delaware Trustee; Eligibility.

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

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

             (ii)   if not a natural person, an entity which has its principal
                    place of business in the State of Delaware and otherwise
                    meets the requirements of applicable law;

provided that if the Property Trustee has its principal place of business in the
State of Delaware and otherwise meets the requirements of applicable law, the
Property Trustee also shall be the Delaware Trustee and Section 3.11 shall have
no application.

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<PAGE>

          (b) The initial Delaware Trustee shall be:

              Wilmington Trust Company
              Rodney Square North
              1100 North Market Street
              Wilmington, DE 19890

Section 5.3. Property Trustee; Eligibility.

          (a) There shall at all times be one Trustee which shall act as
Property Trustee (the "Property Trustee"). The Property Trustee shall:

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

               (ii) be a corporation organized and doing business under the laws
                    of the United States of America or any state or territory
                    thereof or of the District of Columbia, or a corporation or
                    Person permitted by the Commission to act as an
                    institutional trustee under the Trust Indenture Act,
                    authorized under such laws to exercise corporate trust
                    powers, having a combined capital and surplus of at least
                    $50,000,000, and subject to supervision or examination by
                    federal, state, territorial or District of Columbia
                    authority. If such corporation publishes reports of
                    condition at least annually, pursuant to law or to the
                    requirements of the supervising or examining authority
                    referred to above, then for the purposes of this Section
                    5.3(a)(ii), the combined capital and surplus of such
                    corporation shall be deemed to be its combined capital and
                    surplus as set forth in its most recent report of condition
                    so published.

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

          (c) If the Property Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Property Trustee and the Holders of the Common Securities (as if it were the
obligor referred to in Section 310(b) of the Trust Indenture Act) shall comply
in all respects with the provisions of Section 310(b) of the Trust Indenture
Act.

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

          (e) The initial Property Trustee shall be:

              Wilmington Trust Company
              Rodney Square North
              1100 North Market Street
              Wilmington, DE 19890

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<PAGE>

              Attention: Corporate Trust Administration

Section 5.4. Qualifications of Administrative Trustees Generally.

          Each Administrative Trustee (each, an "Administrative Trustee") shall
be either a natural person who is at least 21 years of age or a legal entity
that shall act through one or more Authorized Officers.

Section 5.5. Initial Administrative Trustees.

          The initial Administrative Trustees shall be Messrs. Joseph R.
Ficalora, Robert Wann and Thomas R. Cangemi, the business address of each of
whom is c/o New York Community Bancorp, Inc., 615 Merrick Avenue, Westbury, New
York 11590.

Section 5.6. Appointment, Removal and Resignation of Trustees.

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

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

             (ii)   unless a Trust Enforcement Event shall have occurred and be
                    continuing after the issuance of any Securities, by vote of
                    the Holders of a Majority in Liquidation Amount of the
                    Common Securities at a meeting of the Holders of the Common
                    Securities or by written consent in lieu of such meeting;
                    and

             (iii)  if a Trust Enforcement Event shall have occurred and be
                    continuing after the issuance of the Securities, with
                    respect to the Property Trustee or the Delaware Trustee, by
                    vote of Holders of a Majority in Liquidation Amount of the
                    Preferred Securities at a meeting of Holders of the
                    Preferred Securities or by written consent in lieu of such
                    meeting.

          (b) The Property Trustee shall not be removed in accordance with
Section 5.6(a) until a successor Trustee possessing the qualifications to act as
Property Trustee under Section 5.3(a) (a "Successor Property Trustee") has been
appointed and has accepted such appointment by written instrument executed by
such Successor Property Trustee and delivered to the Administrative Trustees and
the Company.

          (c) The Delaware Trustee shall not be removed in accordance with
Section 5.6(a) until a successor Trustee possessing the qualifications to act as
Delaware Trustee under Section 5.2(a) (a "Successor Delaware Trustee") has been
appointed and has accepted such appointment by written instrument executed by
such Successor Delaware Trustee and delivered to the Administrative Trustees and
the Company.

          (d) A Trustee appointed to office shall hold office until a successor
shall have been appointed or until death, dissolution, removal or resignation.
Any Trustee may resign from office (without need for prior or subsequent
accounting) by a written instrument signed by

                                       35

<PAGE>

such Trustee and delivered to the Company, the Trust and the other Trustees,
which resignation shall take effect upon such delivery or upon such later date
as is specified therein; provided, however, that:

               (i)  no such resignation of the Property Trustee shall be
                    effective:

                    (A)  until a Successor Property Trustee has been appointed
                         and has accepted such appointment by written instrument
                         executed by such Successor Property Trustee and
                         delivered to the Trust, the Administrative Trustees,
                         the Company and the resigning Property Trustee; or

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

               (ii) no such resignation of the Delaware Trustee shall be
                    effective until a Successor Delaware Trustee has been
                    appointed and has accepted such appointment by written
                    instrument executed by such Successor Delaware Trustee and
                    delivered to the Trust, the Administrative Trustees, the
                    Company and the resigning Delaware Trustee.

          (e) The Holders of the Common Securities or, if a Trust Enforcement
Event shall have occurred and be continuing after the issuance of the
Securities, the Holders of the Preferred Securities, shall use their best
efforts to promptly appoint a Successor Property Trustee or Successor Delaware
Trustee, as the case may be, if the Property Trustee or the Delaware Trustee
delivers an instrument of resignation in accordance with this Section 5.6.

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

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

          (h) At the time of resignation or removal of the Property Trustee or
the Delaware Trustee, the Company shall pay to such Trustee any amounts that may
be owed to such Trustee pursuant to Section 9.4.

          (i) Any successor Delaware Trustee is authorized to file an amendment
to the Certificate of Trust with the Secretary of State of the State of Delaware
identifying the name and principal place of business of such successor Delaware
Trustee in the State of Delaware.

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<PAGE>

Section 5.7. Vacancies Among Trustees.

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

Section 5.8. Effect of Vacancies.

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

Section 5.9. Meetings.

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

Section 5.10. Delegation of Power by the Administrative Trustees.

          (a) Any Administrative Trustee may, by power of attorney consistent
with applicable law, delegate to any other natural person over the age of 21 his
power for the purpose of executing any documents which the Administrative
Trustees have power and authority to cause the Trust to execute pursuant to
Section 3.7.

          (b) The Administrative Trustees shall have power to delegate from time
to time to such of their number or to officers of the Trust the doing of such
things and the execution of such instruments either in the name of the Trust or
the names of the Administrative Trustees or

                                       37

<PAGE>

otherwise as the Administrative Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of
the Trust, as set forth herein.

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

          Any Person into which the Property Trustee, the Delaware Trustee or
any Administrative Trustee that is not a natural person, as the case may be, may
be merged or converted or with which such Trustee may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which such
Trustee shall be a party, or any Person succeeding to all or substantially all
the corporate trust business of such Trustee, shall be the successor of such
Trustee under this Declaration without the execution or filing of any paper or
any further act on the part of any of the parties hereto; provided that such
Person shall be otherwise qualified and eligible under this Article V; provided,
further, that such Person shall file an amendment to the Certificate of Trust
with the Delaware Secretary of State as contemplated in Section 5.6(i).

                                   ARTICLE VI

                                 THE SECURITIES

Section 6.1. General Provisions Regarding the Securities.

          (a) The Administrative Trustees shall issue on behalf of the Trust one
class of preferred securities representing undivided preferred beneficial
interests in the assets of the Trust (the "Preferred Securities") and one class
of common securities representing undivided common beneficial interests in the
assets of the Trust (the "Common Securities").

               (i)  The Preferred Securities of the Trust shall number o and
                    shall have an aggregate stated liquidation amount with
                    respect to the assets of the Trust of $o, a stated
                    liquidation amount with respect to the assets of the Trust
                    of $o per Preferred Security and an accreted value at any
                    time equal to the Accreted Value. The Preferred Securities
                    are hereby designated for the purposes of identification
                    only as the Preferred Securities. The Preferred Securities
                    Certificates evidencing the Preferred Securities shall be
                    substantially in the form of Exhibit A, with such changes
                    and additions thereto or deletions therefrom as may be
                    required by ordinary usage, custom or practice.

               (ii) The Common Securities of the Trust shall number o and shall
                    have an aggregate liquidation amount with respect to the
                    assets of the Trust of $o, a stated liquidation amount with
                    respect to the assets of the Trust of $o per Common Security
                    and an accreted value at any time equal to the Accreted
                    Value. The Common Securities are hereby designated for the
                    purposes of identification only as the Common Securities.
                    The Common Securities Certificates evidencing the Common
                    Securities shall be substantially in the form of Exhibit B,
                    with such changes and additions thereto or deletions
                    therefrom as may be required by ordinary usage, custom or
                    practice.

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<PAGE>

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

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

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

          (e) Payment of Distributions on, and any payment of the Redemption
Price upon a redemption of, the Securities shall be made on a Pro Rata basis
based on the liquidation amount of such Securities; provided that if, on any
date on which payment of a Distribution or the Redemption Price is to be made,
an Indenture Event of Default has occurred and is continuing, then such payment
shall not be made on any of the Common Securities, and no other payment on
account of the redemption, liquidation or other acquisition of such Common
Securities shall be made, until all accumulated and unpaid Distributions or
payments of the Redemption Price, as the case may be, on all of the outstanding
Preferred Securities for which Distributions are to be paid or that have been
called for redemption, as the case may be, are fully paid. All funds available
to the Property Trustee shall first be applied to the payment in full in cash of
all Distributions on, or the Redemption Price of, the Preferred Securities then
due and payable.

          (f) Neither the issuance of Preferred Securities nor the issuance of
Common Securities is subject to preemptive or other similar rights to subscribe
for any additional securities. The Holders of the Securities shall not have any
preemptive or similar rights to subscribe for any additional securities.

Section 6.2. Execution and Authentication.

          (a) Each Certificate shall be signed on behalf of the Trust by an
Administrative Trustee by manual or facsimile signature. If any Administrative
Trustee of the Trust who shall have signed any of the Securities shall cease to
be such Administrative Trustee before the Securities so signed shall be
delivered by the Trust, such Securities nevertheless may be delivered as though
the person who signed such Securities had not ceased to be such Administrative
Trustee; and any Securities may be signed on behalf of the Trust by such persons
who, at the actual date of execution of such Security, shall be the
Administrative Trustees of the Trust, although at the date of the execution and
delivery of this Declaration any such person was not such an Administrative
Trustee.

          (b) A Preferred Securities Certificate shall not be valid until
authenticated by the manual signature of an authorized signatory of the Property
Trustee. The signature shall be conclusive evidence that such Preferred
Securities Certificate has been authenticated under this Declaration.

          (c) Upon receipt of a written order of the Trust signed by one
Administrative Trustee, the Property Trustee is authorized to authenticate the
Preferred Securities for original

                                       39

<PAGE>

issue. The aggregate number of Preferred Securities outstanding at any time
shall not exceed the aggregate stated liquidation amount set forth in Section
6.1(a)(i).

          (d) The Property Trustee shall have the right to decline to
authenticate and deliver any Securities under this Section if the Property
Trustee, being advised by counsel, determines that such action may not lawfully
be taken or if the Property Trustee in good faith shall determine that such
action would expose the Property Trustee to personal liability to existing
Holders.

          (e) The Property Trustee may appoint an authenticating agent
acceptable to the Trust to authenticate Preferred Securities. An authenticating
agent may authenticate Preferred Securities whenever the Property Trustee may do
so. Each reference in this Declaration to authentication by the Property Trustee
includes authentication by such agent. An authenticating agent has the same
rights as the Property Trustee to deal with the Company or an Affiliate.

Section 6.3. Form and Dating.

          The Preferred Securities shall be evidenced by one or more
certificates substantially in the form of Exhibit A and the Common Securities
shall be evidenced by one or more certificates substantially in the form of
Exhibit B. The Property Trustee's certificate of authentication shall be
substantially in the form set forth in Exhibit A.

          The terms and provisions of the Securities set forth in Exhibits A and
B are part of the terms of this Declaration and to the extent applicable, the
Property Trustee and the Company, by their execution and delivery of this
Declaration, expressly agree to such terms and provisions and to be bound
thereby.

          The Certificates shall be printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Administrative
Trustees, as evidenced by their execution thereof. The Certificates may have
letters, CUSIP or other numbers, notations or other marks of identification or
designation and such legends or endorsements as the Administrative Trustees may
deem appropriate, or as may be required by law, stock exchange rule, agreements
to which the Trust is subject, if any, or usage; provided that any such
notation, legend or endorsement is in a form acceptable to the Trust.

          Each Preferred Security shall be dated the date of its authentication.

          Upon the execution and delivery of this Declaration, the Preferred
Securities shall be issued as a component of a Unit, in fully registered form
without Distribution coupons (the "Global Unit Certificate"), substantially in
the form set forth in Exhibit A of the Unit Agreement. The Preferred Securities
also initially shall be issued in the form of one or more global Certificates in
fully registered form without Distribution coupons and with the global legends
specified in Exhibit A (each, a "Global Preferred Security"), substantially in
the form of Exhibit A. The Global Preferred Securities shall be registered in
the name of the Clearing Agency or a nominee of the Clearing Agency, duly
executed by the Trust and authenticated by the Property Trustee, and deposited
on behalf of the purchasers of the Preferred Securities represented thereby with
the Property Trustee, at the Corporate Trust Office, as custodian for the
Clearing Agency. The Global Preferred Securities shall represent such of the
outstanding Preferred Securities as shall be specified in the "Schedule of
Increases or Decreases in Global Preferred Security" attached thereto (or on the
books and records of the Property Trustee and the

                                       40

<PAGE>

Clearing Agency or its nominee). Initially the number of Preferred Securities
evidenced by a Global Preferred Security shall be zero. Thereafter, the number
of Preferred Securities represented by the Global Preferred Securities may from
time to time be increased or decreased by adjustments made on the "Schedule of
Increases or Decreases in Global Preferred Security" attached thereto (or books
and records of the Property Trustee and the Clearing Agency or its nominee) as
hereinafter provided.

          Except as provided in Sections 6.22(f) and 6.22(g), Preferred Security
Beneficial Owners shall not be entitled to receive physical delivery of
definitive, fully registered Preferred Securities Certificates ("Definitive
Preferred Securities").

Section 6.4. The Company's Purchase of the Common Securities.

          (a) On the Closing Date, the Company shall purchase all of the Common
Securities then issued by the Trust, in an aggregate liquidation amount equal to
at least 3% of the total capital of the Trust, at such time as the Preferred
Securities are sold and issued. The aggregate stated liquidation amount of the
Common Securities outstanding at any time shall not be less than 3% of the total
capital of the Trust.

          (b) For so long as the Preferred Securities remain outstanding, the
Company shall covenant:

               (i)  to maintain, directly or indirectly, 100% ownership of the
                    Common Securities; provided, however, that any permitted
                    successor of the Company (in its capacity as issuer of the
                    Debentures) under the Indenture may succeed to the Company's
                    ownership of such Common Securities;

               (ii) to use its reasonable best efforts to cause the Trust to (a)
                    remain a statutory trust, except in connection with the
                    distribution of the Debentures to the Holders in liquidation
                    of the Trust, the redemption of all of the Securities, or
                    certain mergers, consolidations, conversions or
                    amalgamations, each as permitted by this Declaration, (b)
                    not to voluntarily dissolve, wind up, liquidate or be
                    terminated, except as permitted by this Declaration and (c)
                    otherwise continue to be classified as a grantor trust for
                    United States federal income tax purposes;

               (iii) to use its commercially reasonable efforts to ensure that
                    the Trust will not be an Investment Company required to be
                    registered under the Investment Company Act;

               (iv) not to take any action that would be reasonably likely to
                    cause the Trust to be classified as an association or a
                    publicly traded partnership taxable as a corporation for
                    United States federal income tax purposes; and

               (v)  to use its reasonable best efforts to cause each Holder to
                    be treated as owning an undivided beneficial interest in the
                    assets of the Trust.

                                       41

<PAGE>

Section 6.5. Distributions.

          (a) Holders shall be entitled to receive Distributions that shall be
payable at a rate per annum of (.)% (the "Coupon Rate") of the liquidation
preference of $(.) per Security from and including (.), (.) to, but excluding,
the Remarketing Date, and at the Reset Rate of the Accreted Value of the
Security on the Remarketing Date to, but excluding, the date of redemption. At
all times, the Distribution rate shall correspond to the interest rate on the
Debentures. The amount of a Distribution payable shall be computed:

             (i)    for any full 90-day quarterly Distribution period, on the
                    basis of a 360-day year consisting of twelve 30-day months;

             (ii)   for any period shorter than a full 90-day quarterly
                    Distribution period, on the basis of a 30-day month; and

             (iii)  for any period shorter than a 30-day month, on the basis of
                    the actual number of days elapsed in the 30-day month.

Subject to Section 6.1(e), Distributions shall be made on the Securities on a
Pro Rata basis. Distributions shall be payable on the Distribution Dates only to
the extent that payments are made to the Trust in respect of the Debentures held
by the Property Trustee and to the extent the Trust has funds available for the
payment of such Distributions in the Property Account.

          (b) Distributions on the Securities shall accumulate from the date of
original issue, shall be cumulative and shall be payable quarterly in arrears on
o, o, o, and o of each year (each, a "Distribution Date"), commencing on o, o,
when, as and if available for payment, except as otherwise provided in this
Declaration. Interest not paid on the Debentures on the scheduled Interest
Payment Dates shall accrue and compound quarterly at the Coupon Rate of the
aggregate principal amount or the Reset Rate of the Accreted Value of the
Debentures on the Remarketing Date, as applicable, and, as a result,
Distributions not paid on the scheduled Distribution Dates shall accumulate and
compound quarterly at the Coupon Rate of the aggregate stated liquidation amount
or the Reset Rate of the Accreted Value of the Preferred Securities on the
Remarketing Date, as applicable ("Compounded Distributions"). The term
"Distribution" means ordinary quarterly distributions together with any
Compounded Distributions.

          (c) As long as no Indenture Event of Default has occurred and is
continuing and as long as a Failed Remarketing has not occurred, the Company has
the right under the Indenture to defer payments of interest on the Debentures by
extending the interest payment period, at any time and from time to time, on the
Debentures for a period not exceeding 20 consecutive quarters (each, an
"Extension Period"), during which Extension Period no interest shall be due and
payable on the Debentures; provided that no Extension Period shall end on a date
other than an Interest Payment Date or extend beyond the stated maturity of the
Debentures. Upon the occurrence of a Failed Remarketing, any such Extension
Period shall terminate and interest shall be payable in cash on the next
Interest Payment Date. As a consequence of such deferral, Distributions also
shall be deferred. Despite such deferral, interest on the Debentures shall
continue to accrue with additional interest thereon (to the extent permitted by
applicable law) and, as a result, Distributions shall continue to accumulate
with additional Distributions thereon (to the extent permitted by applicable
law) at the Coupon Rate of the aggregate principal amount or at the Reset Rate
of the Accreted Value on the Remarketing Date, as the case may be, compounded
quarterly during any such Extension Period. Prior to the termination of any such

                                       42

<PAGE>

Extension Period, the Company may further defer payments of interest by further
extending such Extension Period; provided that such Extension Period, together
with all such previous and further extensions of such Extension Period, may not
exceed 20 consecutive quarters or extend beyond the stated maturity date of the
Debentures. Upon the termination of any Extension Period and the payment of all
amounts then due, the Company may commence a new Extension Period, subject to
the above requirements.

          (d) Distributions on the Securities shall be payable to the Holders
thereof as their names appear in the books and records of the Trust at the close
of business on the relevant Regular Record Dates; provided that Distributions
payable on the Remarketing Settlement Date shall be payable to the Holders
thereof as their names appear in the books and records of the Trust at the close
of business on the Special Record Date. If the Preferred Securities are
represented by one or more Global Preferred Securities, the relevant Regular
Record Dates shall be the close of business on the Business Day preceding the
corresponding Distribution Date, unless a different Regular Record Date is
established or provided for the corresponding Interest Payment Date on the
Debentures. If the Preferred Securities are not represented by one or more
Global Preferred Securities, the relevant Regular Record Dates for the Preferred
Securities shall be at least one Business Day prior to the corresponding
Distribution Dates, or such other dates as may be selected by the Administrative
Trustees. The record dates for the Common Securities shall be the same as the
record dates for the Preferred Securities. At all times, the Distribution Dates
shall correspond to the Interest Payment Dates on the Debentures.

          Distributions payable on any Securities that are not punctually paid
on any Distribution Date, as a result of the Company having failed to make a
payment under the Debentures, shall cease to be payable to the Person in whose
name such Securities are registered on the relevant record date, and such
defaulted Distribution instead shall be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
determined in accordance with the Indenture for payment of the corresponding
defaulted interest on the Debentures.

          (e) If any date on which a Distribution is payable on the Securities
is not a Business Day, payment of the Distribution payable on such date will be
made on the next day that is a Business Day (and without any additional
Distribution or other payment in respect of any such delay), except that if such
Business Day is in the next calendar year, such payment shall be made on the
immediately preceding Business Day with the same force and effect as if made on
the date such payment was originally payable.

          (f) If and to the extent that the Company makes a payment of principal
of and premium, if any, and interest on the Debentures held by the Property
Trustee (the amount of any such payment being a "Payment Amount"), the Property
Trustee shall and is directed, to the extent funds are available for that
purpose, to make a distribution of the Payment Amount to the Holders on a Pro
Rata basis, subject to Section 6.1(e).

          (g) In the event that there is any money or other property held by or
for the Trust that is not accounted for hereunder, such property shall be
distributed on a Pro Rata basis among the Holders subject to 6.1(e).

Section 6.6. Remarketing.

          (a) In connection with a Remarketing of the Preferred Securities:

                                       43

<PAGE>

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

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

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

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

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

          (b) The proceeds from the Remarketing of the Preferred Securities
shall be paid to the selling Holders; provided that upon an Optional Redemption
Remarketing Event or a Legal Cause Remarketing Event, the proceeds from the
Remarketing of the Preferred Securities that are held pursuant to the Unit
Agreement for which the holders of such Units have elected to exercise their
Warrants shall be paid directly to the Warrant Agent to satisfy in full the
Exercise Price of the Warrants held by such holders with any excess proceeds
being paid to the selling holders.

          (c) In connection with a Remarketing of the Preferred Securities and
at any time thereafter, a purchaser may exchange its Preferred Securities for
its Pro Rata share of Debentures. In such event, the Administrative Trustees
shall cause Debentures held by the Property Trustee, having an aggregate
Accreted Value equal to the aggregate Accreted Value of

                                       44

<PAGE>

the Preferred Securities purchased by such purchaser and with accrued and unpaid
interest equal to the accumulated and unpaid Distributions on the Preferred
Securities purchased by such purchaser and having the same record date for
payment as the Preferred Securities, to be distributed to such purchaser in
exchange for such Holders' pro rata interest in the Trust. In such event, the
Debentures held by the Trust shall decrease by the amount of Debentures
delivered to the purchaser of Preferred Securities.

          (d) Upon the occurrence of an Optional Redemption Remarketing Event,
the Company shall cause a Remarketing of the Preferred Securities and select a
Remarketing Date; provided, however, that the following conditions precedent are
satisfied:

             (i)    as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, no Trust Enforcement Event or deferral of
                    Distributions to Holders of the Preferred Securities shall
                    have occurred and be continuing;

             (ii)   as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, the Warrant Requirements shall have been
                    satisfied; and

             (iii)  on the Remarketing Date, the Legal Requirements shall have
                    been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date; provided, however, that the following conditions precedent are satisfied
on the Remarketing Settlement Date:

                    (A)  the Warrant Requirements shall be satisfied; and

                    (B)  pursuant to the Warrant Agreement, a redemption of the
                         Warrants of those holders who have not elected to
                         exercise their Warrants prior to or on such date shall
                         have been consummated.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
of the Preferred Securities cannot occur and the contemporaneous redemption of
Warrants shall be canceled; provided, however, that if:

          (x)       the Remarketing cannot occur because of a failure to satisfy
                    either the Warrant Requirements or the Legal Requirements as
                    of or on the relevant date or dates; and

          (y)       the Company is using its best efforts to satisfy such
                    Requirements;

the Company shall have the right to cause a Remarketing of the Preferred
Securities on a subsequent date which is no later than the Expiration Date;
provided, however, that all applicable requirements and conditions precedents
(including the timely occurrence of an Optional Redemption Remarketing Event)
are satisfied.

                                       45

<PAGE>

          (e) Upon the occurrence of a Legal Cause Remarketing Event, the
Company shall cause a Remarketing of the Preferred Securities and select a
Remarketing Date; provided, however, that the following conditions precedent are
satisfied:

             (i)    as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, no Trust Enforcement Event shall have
                    occurred and be continuing;

             (ii)   as of the date on which the Company elects to cause a
                    Remarketing of the Preferred Securities and on the
                    Remarketing Date, the Warrant Requirements shall have been
                    satisfied; and

             (iii)  on the Remarketing Date, the Legal Requirements shall have
                    been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date; provided, however, that the following conditions precedent are satisfied
on the Remarketing Settlement Date:

                    (A)  the Warrant Requirements shall be satisfied; and

                    (B)  a redemption of the Warrants of those holders who have
                         not elected to exercise their Warrants prior to or on
                         such date shall have been consummated pursuant to the
                         Warrant Agreement.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

          (x)  the Remarketing cannot occur because of a failure to satisfy
               either the Warrant Requirements or the Legal Requirements as of
               or on the relevant date or dates; and

          (y)  the Company is using its best efforts to satisfy such
               Requirements;

the Company shall have the right to cause a Remarketing of the Preferred
Securities on a subsequent date which is no later than the Expiration Date;
provided, however, that all applicable requirements and conditions precedents
(including the timely occurrence of a Legal Cause Remarketing Event) are
satisfied.

          (f) On the Maturity Remarketing Date, a Remarketing of the Preferred
Securities shall occur; provided, however, that on such date, the Legal
Requirements (to the extent applicable) shall have been satisfied.

          (g) If, for any reason, a Remarketing of the Preferred Securities does
not occur on the Maturity Remarketing Date, the Administrative Trustees shall
give notice thereof to all Holders of Preferred Securities (whether or not held
pursuant to the Unit Agreement) prior to the close of business on the Business
Day following the Maturity Remarketing Date. In such event:

                                       46

<PAGE>

             (i)    the rate of interest per annum on the Accreted Value of the
                    Debentures (which, on the Maturity Remarketing Date, shall
                    be equal to the principal amount of the Debentures) shall
                    become (.)%, and, as a result, the rate of Distribution per
                    annum on the Accreted Value of the Securities (which, on the
                    Maturity Remarketing Date, shall be equal to the liquidation
                    preference of the Securities) shall become (.)%;

             (ii)   the Accreted Value of the Debentures (and, as a result, the
                    Accreted Value of the Securities) shall be due and payable
                    on the day which is 180 days after the Maturity Remarketing
                    Date; and

             (iii)  pursuant to the Indenture, the Company no longer shall have
                    the option to defer payments of interest on the Debentures.

          (h) Upon the occurrence of an Optional Redemption Remarketing Event or
a Legal Cause Remarketing Event, or upon the Maturity Remarketing Date, as long
as the Preferred Securities are evidenced by Global Preferred Securities
deposited with the Clearing Agency, the Company shall request, no fewer than
three nor more than 18 Business Days prior to the Remarketing Date, that the
Clearing Agency notify the Holders of the Preferred Securities of the
Remarketing of the Preferred Securities and of the procedures that must be
followed if such Holder of Preferred Securities wishes to elect not to
participate in the Remarketing of the Preferred Securities.

          (i) Upon the occurrence of a Remarketing Event, all of the Preferred
Securities (excluding the Preferred Securities as to which the Holders thereof
have elected not to participate in the Remarketing) shall be remarketed by the
Remarketing Agent. Not later than 5:00 p.m. (New York City time) on the Business
Day preceding the Remarketing Date, each Holder of Preferred Securities may
elect not to have the Preferred Securities held by such Holder remarketed in the
Remarketing. Holders of Preferred Securities that are not held pursuant to the
Unit Agreement shall give such notice to the Property Trustee, and Holders of
Preferred Securities that are held pursuant to the Unit Agreement shall give
such notice to the Unit Agent. Holders of Preferred Securities that do not give
notice of their intention not to participate in the Remarketing shall be deemed
to have consented to the disposition of their Preferred Securities in the
Remarketing. Any such notice shall be irrevocable and may not be conditioned
upon the level at which the Reset Rate is established in the Remarketing.

     Not later than 5:00 p.m. (New York City time) on the Business Day preceding
the Remarketing Date, the Property Trustee and the Unit Agent, as applicable,
based on the notices received by it prior to such time, shall notify the Trust,
the Company and the Remarketing Agent of the number of Preferred Securities to
be tendered for purchase in the Remarketing.

          (j) The right of each Holder to have Preferred Securities tendered for
purchase shall be limited to the extent that:

               (i)  the Remarketing Agent conducts a Remarketing pursuant to the
                    terms of the Remarketing Agreement;

               (ii) the Remarketing Agent is able to find a purchaser or
                    purchasers for the Preferred Securities deemed tendered; and

                                       47

<PAGE>

             (iii)  such purchaser or purchasers deliver the purchase price
                    therefor to the Remarketing Agent.

          (k) On the Remarketing Date, the Remarketing Agent shall use
commercially reasonable efforts to remarket the Preferred Securities deemed
tendered for purchase at a price no less than 100% of the aggregate Accreted
Value as of the end of the day on the day next preceding the Remarketing Date.

          (l) If, as a result of the efforts described in 6.6(k), the
Remarketing Agent determines that it will be able to remarket all of the
Preferred Securities deemed tendered for purchase at the purchase price set
forth in Section 6.6(k) prior to 4:00 p.m. (New York City time) on the
Remarketing Date, the Remarketing Agent shall determine the Reset Rate, which
shall be the rate per annum (rounded to the nearest one-thousandth (0.001) of 1%
per annum) that the Remarketing Agent determines, in its sole judgment, to be
the lowest rate per annum that will enable it to remarket all of the Preferred
Securities deemed tendered for Remarketing.

          (m) If none of the Holders of the Preferred Securities or the holders
of the Units elects to have their Preferred Securities remarketed in the
Remarketing, the Reset Rate shall equal the rate determined by the Remarketing
Agent, in its sole discretion, as the rate that would have been established had
a Remarketing been held on the Remarketing Date, and the related modifications
to the other terms of the Preferred Securities and to the terms of the
Debentures and the Warrants shall be effective as of the Remarketing Date.

          (n) If, by 4:00 p.m. (New York City time) on the Remarketing Date, the
Remarketing Agent is unable to remarket all of the Preferred Securities deemed
tendered for purchase, a "Failed Remarketing" shall be deemed to have occurred
and the Remarketing Agent shall so advise by telephone (promptly confirmed in
writing) the Clearing Agency, the Property Trustee, the Indenture Trustee and
the Administrative Trustees on behalf of the Trust and the Company. The
Administrative Trustees shall then give notice of the Failed Remarketing to the
Company and the Holders of the Preferred Securities prior to the close of
business on the Business Day following the Failed Remarketing Date. In the event
of a Failed Remarketing:

             (i)    the Accreted Value of the Debentures as of the end of the
                    day on the day next preceding the Failed Remarketing Date
                    shall become due on the date which is 180 days following the
                    Failed Remarketing Date, and, as a result, the Accreted
                    Value of the Securities as of the end of the day on the day
                    next preceding the Failed Remarketing Date shall be redeemed
                    on the date which is 180 days following the Failed
                    Remarketing Date;

             (ii)   beginning on the Failed Remarketing Date, the rate of
                    interest per annum on the Accreted Value of the Debentures
                    shall become (.)%, and, as a result, the rate of
                    Distribution per annum on the Accreted Value of the
                    Securities shall become (.)%; and

             (iii)  pursuant to the Indenture, the Company no longer shall have
                    the option to defer payments of interest on the Debentures.

     Notwithstanding a Failed Remarketing, subject to the satisfaction of the
Legal Requirements, the Warrants shall be redeemed at the Warrant Value and a
holder of Warrants

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<PAGE>

shall have the option to exercise its Warrants in lieu of such redemption, as
provided in the Unit Agreement and the Warrant Agreement.

          (o) By approximately 4:30 p.m. (New York City time) on the Remarketing
Date, so long as there has not been a Failed Remarketing, the Remarketing Agent
shall advise, by telephone (promptly confirmed in writing):

             (i)    the Clearing Agency, the Property Trustee, the Indenture
                    Trustee, the Trust and the Company of the Reset Rate
                    determined in the Remarketing and the number of Preferred
                    Securities sold in the Remarketing;

             (ii)   each purchaser (or the Clearing Agency Participant thereof)
                    of the Reset Rate and the number of Preferred Securities
                    such purchaser is to purchase; and

             (iii)  each purchaser to give instructions to its Clearing Agency
                    Participant to pay the purchase price on the Remarketing
                    Settlement Date in same day funds against delivery of the
                    Preferred Securities purchased through the facilities of the
                    Clearing Agency.

          (p) In accordance with the Clearing Agency's normal procedures, on the
Remarketing Settlement Date, the transactions described above with respect to
each Preferred Security deemed tendered for purchase and sold in the Remarketing
shall be executed through the Clearing Agency, and the accounts of the
respective Clearing Agency Participants shall be debited and credited and such
Preferred Securities delivered by book entry as necessary to effect purchases
and sales of such Preferred Securities. The Clearing Agency shall make payment
in accordance with its normal procedures.

          (q) If any Holder of the Preferred Securities selling such Preferred
Securities (or any holder of Units selling the Preferred Securities that are
held pursuant to the Unit Agreement) in the Remarketing fails to deliver such
Preferred Securities, the Clearing Agency Participant of such selling holder and
of any other Person that was to have purchased Preferred Securities in the
Remarketing may deliver to any such other Person a number of Preferred
Securities that is less than the number of Preferred Securities that otherwise
was to be purchased by such Person. In such event, the number of Preferred
Securities to be so delivered shall be determined by such Clearing Agency
Participant, and delivery of such lesser number of Preferred Securities shall
constitute good delivery.

          (r) The Remarketing Agent is not obligated to purchase any Preferred
Securities that otherwise would remain unsold in the Remarketing. Neither the
Trust, any Trustee, the Company nor the Remarketing Agent shall be obligated in
any case to provide funds to make payment upon tender of the Preferred
Securities for Remarketing.

          (s) Under the Remarketing Agreement, the Company, in its capacity as
Company, shall be liable for, and shall pay, any and all costs and expenses
incurred in connection with the Remarketing, and the Trust shall not have any
liabilities for such costs and expenses.

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<PAGE>

          (t) The tender and settlement procedures set in this Section 6.6,
including provisions for payment by purchasers of the Preferred Securities in
the Remarketing, shall be subject to modification to the extent required by the
Clearing Agency or if the book-entry system is no longer available for the
Preferred Securities at the time of the Remarketing, to facilitate the tendering
and remarketing of the Preferred Securities in definitive form. In addition, the
Remarketing Agent may modify the settlement procedures set forth herein in order
to facilitate the settlement process.

Section 6.7 Limited Right to Require Exchange of Preferred Securities and
Repurchase of Debentures.

          (a) Upon the exercise of Warrants by a holder of Units on a date other
than a Remarketing Settlement Date, such Holder shall have the right (the
"Repurchase Right"), on the next Special Distribution Date that is no less than
180 days following the exercise date of such Warrants, to require the Trust to
exchange the Preferred Securities related to such exercised Warrants for
Debentures having a principal amount at maturity equal to the liquidation
preference of such Preferred Securities on such exchange date plus accumulated
and unpaid Distributions (including deferred Distributions) to such date, and to
require the Company to repurchase such Debentures on the applicable Special
Distribution Date.

          (b) To exercise its Repurchase Right, a Unit holder shall:

             (i)    provide the Administrative Trustees, the Exchange Agent and
                    the Company with notice of its election to exercise its
                    Repurchase Right no less than 30 days prior to the Special
                    Distribution Date on which such repurchase is to be
                    effected;

             (ii)   specify in such notice the number of Preferred Securities to
                    be exchanged for Debentures by the Trust; and

             (iii)  certify to the Trust, the Administrative Trustees and the
                    Company that such holder (A) has exercised the Warrants that
                    are held pursuant to the Unit Agreement having an Exercise
                    Price no less than the liquidation preference of the
                    Preferred Security sought to be exchanged, and (B) is the
                    beneficial owner of the Preferred Securities to be
                    exchanged.

          (c) No less than three Business Days prior to the applicable Special
Distribution Date:

               (i)  if the Preferred Securities to be exchanged are represented
                    by a Global Preferred Security, the Property Trustee shall
                    make, in accordance with the instructions of the Exchange
                    Agent, the necessary endorsement to the "Schedule of
                    Increases or Decreases in Global Preferred Security"
                    attached to the Global Preferred Security to reduce the
                    amount of Preferred Securities represented thereby and shall
                    instruct the Indenture Trustee to transfer to the Exchange
                    Agent a corresponding principal amount of Debentures; and

                                       50

<PAGE>

               (ii) if the Preferred Securities to be exchanged are represented
                    by Definitive Preferred Securities, (x) the Holder of such
                    Preferred Securities shall present such Definitive Preferred
                    Securities to the Property Trustee for cancellation and the
                    Property Trustee shall so notify the Registrar and (y) the
                    Property Trustee shall instruct the Indenture Trustee to
                    deliver to such Holder, definitive Debentures having a
                    principal amount at maturity equal to the liquidation
                    preference of the cancelled Preferred Securities of such
                    Holder.

          (d) On the applicable Special Distribution Date, the Company shall
repurchase, pursuant to the Indenture, the Debentures which were the subject of
an exchange notice received by the Company pursuant to Section 6.7(b) at the
Repurchase Price.

Section 6.8 Reserved.

Section 6.9. Redemption.

          (a) Except as provided in Sections 6.7 and 6.8, if applicable, upon
the repayment of the Debentures held by the Trust, in whole or in part, whether
at stated maturity (as adjusted in connection with a Remarketing, if applicable)
or otherwise, the proceeds from such repayment shall be simultaneously applied
by the Property Trustee to redeem a Like Amount of the Securities at a
redemption price (i) in the absence of a Remarketing, equal to $(.), plus
accumulated and unpaid Distributions on the Securities through the date of
redemption or (ii) in the event of a successful Remarketing prior to maturity,
the Securities' Accreted Value (the "Redemption Price"). The Redemption Price
shall be payable on the date of redemption (the "Redemption Date") only to the
extent that the Trust has sufficient funds available for the payment of such
Redemption Price.

          (b) If the Debentures are repaid in part, the Securities shall be
redeemed in part. Except as provided in Section 6.13, the proceeds from such
repayment of Debentures shall be allocated on a Pro Rata basis to the redemption
of the Securities.

          (c) The procedure with respect to redemptions of Securities shall be
as follows:

               (i)  Notice of any redemption of Securities (a "Redemption
                    Notice"), which notice shall be irrevocable, shall be given
                    by the Trust by mail to each Holder of Securities within 5
                    Business Days of the Redemption Date, which shall be the
                    date fixed for repayment of the Debentures. A Redemption
                    Notice shall be deemed to be given on the day such notice is
                    first mailed by first-class mail, postage prepaid, to
                    Holders. No defect in the Redemption Notice or in the
                    mailing of the redemption Notice with respect to any Holder
                    shall affect the validity of the redemption proceedings with
                    respect to any other Holder.

               (ii) Each Redemption Notice shall be prepared by the
                    Administrative Trustees and delivered to the Property
                    Trustee, which will then send such Redemption Notice on
                    behalf of the Trust to:

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<PAGE>

                    (A)  in respect of the Preferred Securities, the Clearing
                         Agency or its nominee (or any successor Clearing Agency
                         or its nominee) if the Global Preferred Securities have
                         been issued or, the Holders thereof if Definitive
                         Preferred Securities have been issued, and

                    (B)  in respect of the Common Securities, the Holder (or
                         Holders) thereof.

               (iii) Once the Trust gives a Redemption Notice:

                    (A)  with respect to Preferred Securities issued in
                         book-entry form, by 12:00 noon (New York City time) on
                         the Redemption Date of such Preferred Securities;
                         provided that the Company has paid the Property Trustee
                         a sufficient amount of cash in connection with the
                         related repayment of the Debentures by 10:00 a.m. (New
                         York City time) on such Redemption Date, the Property
                         Trustee shall deposit irrevocably with the Clearing
                         Agency or its nominee (or successor Clearing Agency or
                         its nominee) funds sufficient to pay the applicable
                         Redemption Price with respect to such Global Preferred
                         Securities and shall give the Clearing Agency
                         irrevocable instructions and authority to pay the
                         Redemption Price to the relevant Clearing Agency
                         Participants, and

                    (B)  with respect to Preferred Securities issued in
                         definitive form and Common Securities, by 12:00 noon
                         (New York City time) on the Redemption Date of such
                         Securities, provided that the Company has paid the
                         Property Trustee a sufficient amount of cash in
                         connection with the related repayment of the Debentures
                         by 10:00 a.m. (New York City time) on such Redemption
                         Date, the Property Trustee shall deposit irrevocably
                         with the Paying Agent such funds sufficient to pay the
                         applicable Redemption Price with respect to such
                         Definitive Preferred Securities and Common Securities
                         and shall give the Paying Agent irrevocable
                         instructions and authority to pay the Redemption Price
                         to the relevant Holders upon surrender of their
                         Certificates evidencing their Securities.

               (iv) If a Redemption Notice shall have been given and funds
                    deposited as required, then, immediately prior to the close
                    of business on the Redemption Date, Distributions shall
                    cease to accumulate on the Securities called for redemption
                    and all rights of Holders of Securities called for
                    redemption, except the right of such Holders to receive the
                    Redemption Price (but without interest on such Redemption
                    Price), shall cease, and such Securities shall cease to be
                    outstanding.

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<PAGE>

             (v)    Payment of accumulated and unpaid Distributions on the
                    Redemption Date of the Securities shall be subject to the
                    rights of Holders on the close of business on a Regular
                    Record Date in respect of a Distribution Date occurring
                    prior to or on such Redemption Date.

             (vi)   If any Redemption Date is not a Business Day, payment of the
                    Redemption Price payable on such Redemption Date shall be
                    made on the next day that is a Business Day (and without any
                    interest or other payment in respect of any such delay)
                    except that, if such next Business Day falls in the next
                    calendar year, such payment shall be made on the immediately
                    preceding Business Day, in each case with the same force and
                    effect as if made on the date such payment was originally
                    payable.

             (vii)  If payment of the Redemption Price in respect of any
                    Securities called for redemption is improperly withheld or
                    refused and not paid either by the Property Trustee or by
                    the Company pursuant to the Guarantee, Distributions on such
                    Securities shall continue to accumulate from the redemption
                    date originally established by the Trust to the date such
                    Redemption Price is actually paid, in which case the actual
                    payment date shall be the Redemption Date for purposes of
                    calculating the Redemption Price.

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

Section 6.10 Distribution of Debentures in Exchange for Securities Upon the
Occurrence of a Special Event

          (a) If at any time either a Tax Event or an Investment Company Event
occurs (each, a "Special Event") and certain conditions set forth in Section
6.10(b) are satisfied, the Administrative Trustees may dissolve the Trust and,
after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, cause the Debentures held by the Property Trustee to be
distributed to the Holders in liquidation of such Holders' interests in the
Trust on a Pro Rata basis, upon not less than 30 nor more than 60 days notice,
within the 90 days following the occurrence of such Special Event (the "90-Day
Period"), and, simultaneous with such distribution, to cause a Like Amount of
the Securities to be exchanged by the Trust on a Pro Rata basis.

          (b) The dissolution of the Trust and distribution of the Debentures
pursuant to Section 6.10(a) shall be permitted only upon satisfaction of the
following three conditions:

               (i)  the receipt by the Administrative Trustees of an Opinion of
                    Counsel, rendered by an independent law firm having a
                    recognized national tax practice, to the effect that the
                    Holder shall not recognize any gain or loss for United
                    States federal

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<PAGE>

                    income tax purposes as a result of the dissolution of the
                    Trust and the distribution of the Debentures (a "No
                    Recognition Opinion"); provided that if a Special Event
                    occurs and the Administrative Trustees are informed by an
                    independent counsel that such counsel cannot deliver a No
                    Recognition Opinion to the Trust, and thus a dissolution of
                    the Trust and distribution of the Debentures shall not be
                    permitted, the Company shall have the right to cause a
                    Remarketing of the Preferred Securities as set forth in
                    Section 6.6 within the 90-Day Period;

             (ii)   neither the Trust nor the Company being able to eliminate,
                    which elimination shall be complete within the 90-Day
                    Period, such Special Event by taking some ministerial action
                    (such as filing a form, making an election or pursuing some
                    other reasonable measure) that:

                    (A)  has no material adverse effect on the Trust, the
                         Company or the Holders; or

                    (B)  does not subject any of them to more than de minimis
                         regulatory requirements; and

             (iii)  the receipt by the Administrative Trustees of the prior
                    written consent of the Company.

          (c) Notice of any distribution of Debentures in exchange for the
Securities (a "Debenture Distribution Notice"), which notice shall be
irrevocable, shall be given by the Trust by mail to each Holder of Securities
not fewer than 30 nor more than 60 days before the date of distribution of the
Debentures. A Debenture Distribution Notice shall be deemed to be given on the
day such notice is first mailed by first-class mail, postage prepaid, to
Holders. No defect in the Debenture Distribution Notice or in the mailing of the
Debenture Distribution Notice with respect to any Holder shall affect the
validity of the exchange proceedings with respect to any other Holder.

          Each Debenture Distribution Notice shall be prepared by the
Administrative Trustees and delivered to the Property Trustee, which will then
send such Debenture Distribution Notice on behalf of the Trust to:

               (i)  in respect of the Preferred Securities, the Clearing Agency
                    or its nominee (or any successor Clearing Agency or its
                    nominee) if the Global Preferred Securities have been issued
                    or, the Holders thereof if Definitive Preferred Securities
                    have been issued, and

               (ii) in respect of the Common Securities, the Holder (or Holders)
                    thereof.

          (d) On and from the date fixed by the Administrative Trustees for any
distribution of Debentures and liquidation of the Trust:

               (i)  the Securities no longer shall be deemed to be outstanding;

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<PAGE>

             (ii)   the Clearing Agency or its nominee (or any successor
                    Clearing Agency or its nominee), as the Holder of the
                    Preferred Securities, will receive a registered global
                    certificate or certificates representing the Debentures to
                    be delivered upon such distribution; and

             (iii)  any certificates representing Securities not held by the
                    Clearing Agency or its nominee (or any successor Clearing
                    Agency or its nominee) shall be deemed to represent
                    Debentures having an aggregate principal amount equal to the
                    aggregate liquidation amount of such Securities and bearing
                    accrued and unpaid interest in an amount equal to the
                    accumulated and unpaid Distributions on such Securities,
                    until such certificates are presented for cancellation, at
                    which time the Company shall issue, and the Indenture
                    Trustee shall authenticate, a certificate representing such
                    Debentures.

          (e) In the event of a dissolution of the Trust and a distribution of
the Debentures, pursuant to the Indenture, the Company shall have the same
rights, and shall be subject to the same terms and conditions, to cause a
Remarketing of the Debentures as the Company has and is subject to under Section
6.6 to cause a Remarketing of the Preferred Securities.

Section 6.11 Voting Rights of the Preferred Securities.

          (a) Except as provided under this Section 6.11 and 11.1 and as
otherwise required by the Statutory Trust Act, this Declaration and other
applicable law, the Holders of the Preferred Securities shall have no voting
rights.

          (b) Subject to the requirement of the Property Trustee obtaining a tax
opinion in certain circumstances set forth in Section 6.11(d), the Holders of a
Majority in Liquidation Amount of the Preferred Securities, voting separately as
a class, shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Property Trustee, or to direct
the exercise of any trust or power conferred upon the Property Trustee under
this Declaration, including the right to direct the Property Trustee, as holder
of the Debentures, to:

             (i)    exercise the remedies available to it under the Indenture;

             (ii)   consent to any amendment or modification of the Indenture or
                    the Debentures where such consent is required; or

             (iii)  waive any past default and its consequences that are
                    waivable under Section 2.11 of the First Supplemental
                    Indenture;

provided, however, that if an Indenture Event of Default has occurred and is
continuing, the Holders of at least 25% of the aggregate liquidation amount of
the Preferred Securities may direct the Property Trustee to declare the
principal of and premium, if any, and interest on the Debentures due and
payable; provided, further, that where a consent or action under the Indenture
would require the consent or act of the Holders of a Super Majority of the
aggregate principal

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<PAGE>

amount of Debentures affected thereby, the Property Trustee may give such
consent or take such action only at the written direction of the Holders of the
percentage of the aggregate liquidation amount of the Preferred Securities which
is at least equal to the percentage required under the Indenture.

          (c) If the Property Trustee fails to enforce its rights under the
Debentures after a Holder of Preferred Securities has made a written request,
such Holder of Preferred Securities may institute, to the fullest extent
permitted by law, a legal proceeding directly against the Company to enforce the
Property Trustee's rights under the Indenture without first instituting any
legal proceeding against the Property Trustee or any other Person. In addition,
if a Trust Enforcement Event has occurred and is continuing and such event is
attributable to the failure of the Company to make any interest, principal or
other required payments when due under the Indenture, then a Holder of Preferred
Securities may institute a Direct Action against the Company on or after the
respective due date specified in the Debentures.

          (d) The Property Trustee shall notify all Holders of the Preferred
Securities of any notice of any Indenture Event of Default received from the
Company with respect to the Debentures. Such notice shall state that such
Indenture Event of Default also constitutes a Trust Enforcement Event. Except
with respect to directing the time, method and place of conducting a proceeding
for a remedy, the Property Trustee shall be under no obligation to take any of
the actions described in Section 6.10(b), unless the Property Trustee has
received an Opinion of Counsel, rendered by a nationally recognized independent
tax counsel, to the effect that the Trust will not fail to be classified as a
grantor trust for United States federal income tax purposes as a result of such
action, and that each Holder of Preferred Securities shall be treated as owning
an undivided beneficial interest in the Debentures.

          (e) If the consent of the Property Trustee, as the holder of the
Debentures, is required under the Indenture with respect to any amendment,
modification or termination of the Indenture, the Property Trustee shall request
the written direction of the Holders with respect to such amendment,
modification or termination and shall vote with respect to such amendment,
modification or termination as directed by a Majority in Liquidation Amount of
the Securities voting together as a single class; provided that where a consent
under the Indenture would require the consent of the Holders of a Super Majority
of the aggregate principal amount of the Debentures, the Property Trustee may
give such consent only at the direction of the Holders of the percentage of the
aggregate liquidation amount of the Securities which is at least equal to the
percentage required under the Indenture. The Property Trustee shall not take any
such action in accordance with the directions of the Holders of the Securities
unless the Property Trustee has received an Opinion of Counsel, rendered by a
nationally recognized independent tax counsel, to the effect that the Trust will
not fail to be classified as a grantor trust for United States federal income
tax purposes as a result of such action, and that each Holder of Securities will
be treated as owning an undivided beneficial interest in the Debentures.

          (f) A waiver of an Indenture Event of Default with respect to the
Debentures shall constitute a waiver of the corresponding Trust Enforcement
Event.

          (g) Any required approval or direction of the Holders of the Preferred
Securities may be given at a separate meeting of the Holders of the Preferred
Securities convened for such purpose, at a meeting of all of the Holders of the
Securities or pursuant to written consent. The Administrative Trustees shall
cause a notice of any meeting at which Holders of the

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Preferred Securities are entitled to vote to be mailed to each Holder of record
of Preferred Securities. Each such notice shall include a statement setting
forth:

               (i)   the date of such meeting or the date by which action is to
                     be taken;

               (ii)  a description of any resolution proposed for adoption at
                     such meeting on which such Holders are entitled to vote or
                     of the matter upon which written consent is sought; and

               (iii) instructions for the delivery of proxies or consents.

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

          (i) Notwithstanding that the Holders of the Preferred Securities are
entitled to vote or consent under any of the circumstances described above, any
of the Preferred Securities that are owned at such time by the Company, the
Trustees or any Affiliate of the Company or any Trustee shall not be entitled to
vote or consent and shall be treated, solely for purposes of such vote or
consent, as if such Preferred Securities were not outstanding.

          (j) Except as provided under Section 6.11(k), the Holders of the
Preferred Securities shall have no rights to appoint or remove the Trustees, who
may be appointed, removed or replaced solely by the Holders of the Common
Securities.

          (k) If an Indenture Event of Default has occurred and is continuing,
the Property Trustee and the Delaware Trustee may be removed and replaced by a
Majority in Liquidation Amount of the Preferred Securities.

Section 6.12 Voting Rights of the Common Securities.

          (a) Except as provided in Section 5.1(b), this Section 6.12 and
Section 11.1 and as otherwise required by the Statutory Trust Act, the Trust
Indenture Act or other applicable law, the Holders of the Common Securities
shall have no voting rights.

          (b) Subject to Section 6.11(k), the Holders of the Common Securities
shall be entitled to vote to appoint, remove or replace any Trustee or to
increase or decrease the number of Trustees in accordance with Article V.

          (c) Subject to Section 2.6 and only after all Trust Enforcement Events
with respect to the Preferred Securities have been cured, waived or otherwise
eliminated and subject to the requirement of the Property Trustee receiving an
Opinion of Counsel, rendered by an independent law firm experienced in such
matters, in certain circumstances set forth in this Section 6.12(c), the Holders
of the Common Securities shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Property
Trustee, or to direct the exercise of any trust or power conferred upon the
Property Trustee under this Declaration, including the right to direct the
Property Trustee, as the holder of the Debentures, to:

               (i)  exercise the remedies available to it under the Indenture;

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               (ii)  consent to any amendment or modification of the Indenture
                     or the Debentures where such consent is required; or

               (iii) waive any past default and its consequences that are
                     waivable under Section 2.11 of the First Supplemental
                     Indenture;

provided that where a consent or action under the Indenture would require the
consent or act of the Holders of a Super Majority of the aggregate principal
amount of Debentures affected thereby, only the Holders of the percentage of the
aggregate liquidation amount of the Common Securities which is at least equal to
the percentage required under the Indenture may direct the Property Trustee to
give such consent or take such action.

Except with respect to directing the time, method and place of conducting a
proceeding for a remedy, the Property Trustee shall be under no obligation to
take any of the actions described in clauses (i) and (ii) of this Section
6.12(c) unless the Property Trustee has received an Opinion of Counsel, rendered
by a nationally recognized independent tax counsel, to the effect that the Trust
will not fail to be classified as a grantor trust for United States federal
income tax purposes as a result of such action, and each Holder will be treated
as owning an undivided beneficial interest in the Debentures.

          (d) If the Property Trustee fails to enforce its rights under the
Debentures after the Holders of the Common Securities have made a written
request pursuant to Section 6.11(c), the Holders of the Common Securities may
institute, to the fullest extent permitted by law, a legal proceeding directly
against the Company to enforce the Property Trustee's rights under the
Debentures without first instituting any legal proceeding against the Property
Trustee or any other Person.

          (e) A waiver of an Indenture Event of Default with respect to the
Debentures shall constitute a waiver of the corresponding Trust Enforcement
Event.

          (f) Any required approval or direction of the Holders of the Common
Securities may be given at a separate meeting of the Holders of the Common
Securities convened for such purpose, at a meeting of all of the Holders of the
Securities or pursuant to written consent. The Administrative Trustees shall
cause a notice of any meeting at which the Holders of the Common Securities are
entitled to vote to be mailed to the Holders of the Common Securities. Such
notice shall include a statement setting forth:

               (i)   the date of such meeting or the date by which the action is
                     to be taken;

               (ii)  a description of any resolution proposed for adoption at
                     such meeting on which the Holders of the Common Securities
                     are entitled to vote or of the matter upon which written
                     consent is sought; and

               (iii) instructions for the delivery of proxies or consents.

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

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Section 6.13 Ranking.

          The Preferred Securities rank pari passu with the Common Securities
and payment thereon shall be made on a Pro Rata basis with the Common
Securities, except that, if a Trust Enforcement Event occurs and is continuing,
no payments in respect of Distributions on, or payments upon liquidation,
redemption or otherwise with respect to, the Common Securities shall be made
until the Holders of the Preferred Securities shall be paid in full the
Distributions, Redemption Price, Liquidation Distribution and other payments to
which they are entitled at such time.

Section 6.14 Registrar, Paying Agent and Transfer Agent.

          The Trust shall maintain in the Borough of Manhattan, The City of New
York or in the City of Wilmington, Delaware:

               (i)   an office or agency where Preferred Securities may be
                     presented for registration of transfer ("Registrar"),

               (ii)  an office or agency where Definitive Preferred Securities
                     may be presented for payment, if any Preferred Securities
                     are not represented by one or more Global Preferred
                     Securities ("Paying Agent"); and

               (iii) an office or agency where Securities may be presented for
                     transfer and exchange ("Transfer Agent").

          The Registrar shall keep a register of the Preferred Securities and of
their transfer. The term "Registrar" includes any additional registrar, "Paying
Agent" includes any additional paying agent and the term "Transfer Agent"
includes any additional transfer agent. The Administrative Trustees on behalf of
the Trust may appoint the Registrar, the Paying Agent and the Transfer Agent. If
the Administrative Trustees fail to appoint or maintain another entity as
Registrar, Paying Agent or Transfer Agent, the Property Trustee shall act as
such. The Trust or any of its Affiliates may act as Paying Agent, Registrar, or
Transfer Agent. The Administrative Trustees on behalf of the Trust may change
any Registrar, Paying Agent or Transfer Agent without prior notice to any
Holder. The Paying Agent shall be permitted to resign as Paying Agent upon 30
days' written notice to the Administrative Trustees. The Administrative Trustees
on behalf of the Trust shall notify the Property Trustee and the Holders of any
change in the location of the office or agency of any Agent.

          The Trust shall act as Paying Agent, Registrar and Transfer Agent for
the Common Securities.

          The Trust initially appoints the Property Trustee as Registrar, Paying
Agent, and Transfer Agent for the Preferred Securities.

Section 6.15 Paying Agent to Hold Money in Trust.

          The Trust shall require each Paying Agent other than the Property
Trustee to agree in writing that the Paying Agent will hold in trust for the
benefit of Holders or the Property Trustee all money held by the Paying Agent
for the payment of Distributions, Redemption Price

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or Liquidation Amounts, and will notify the Property Trustee if there are
insufficient funds for such purpose. While any such insufficiency continues, the
Property Trustee may require a Paying Agent to pay all money held by it to the
Property Trustee. The Trust at any time may require a Paying Agent to pay all
money held by it to the Property Trustee and to account for any money disbursed
by it. Upon payment over to the Property Trustee, the Paying Agent (if other
than the Trust or an Affiliate of the Trust) shall have no further liability for
the money. If the Trust or the Company or any Affiliate of the Trust or the
Company acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of the Holders all money held by it as Paying Agent.

Section 6.16 Replacement Securities.

          If a Holder claims that a Security owned by it has been lost,
destroyed or wrongfully taken or if such Security is mutilated and is
surrendered to the Trust or in the case of the Preferred Securities to the
Property Trustee, the Trust shall issue and the Property Trustee shall, upon
written order of the Trust signed by one Administrative Trustee, authenticate a
replacement Security if the Property Trustee's and the Trust's requirements, as
the case may be, are met. An indemnity bond must be provided by the Holder
which, in the judgment of the Property Trustee, is sufficient to protect the
Trustees, the Company, the Trust or any authenticating agent from any loss which
any of them may suffer if a Security is replaced. The Trust may charge such
Holder for its expenses in replacing a Security.

Section 6.17 Outstanding Preferred Securities.

          The Preferred Securities outstanding at any time are all the Preferred
Securities authenticated by the Property Trustee and, in the case of the Global
Preferred Securities, specified in the "Schedule of Increases or Decreases in
Global Preferred Security" attached thereto (or on the books and records of the
Property Trustee and the Clearing Agency or its nominee), except for those
canceled by it, those delivered to it for cancellation, and those described in
this Section as not outstanding.

          A Preferred Security does not cease to be outstanding because the
Company, one of the Trustees or any Affiliate of the Company or any of the
Trustees owns the Security.

Section 6.18 Preferred Securities in Treasury.

          In determining whether the Holders of the required amount of
Securities have concurred in any direction, waiver or consent, Preferred
Securities owned by the Company, the Trustees or any Affiliate of the Company or
any Trustees, as the case may be, shall be disregarded and deemed not to be
outstanding, except that for the purposes of determining whether the Property
Trustee shall be fully protected in relying on any such direction, waiver or
consent, only Securities which a Responsible Officer of the Property Trustee
actually knows are so owned shall be so disregarded.

Section 6.19 Deemed Security Holders.

          The Trustees may treat the Person in whose name any Security shall be
registered on the books and records of the Trust as the sole owner of such
Security for purposes of receiving Distributions and for all other purposes
whatsoever. Accordingly, the Trustees shall not be bound

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to recognize any equitable or other claim to or interest in such Security on the
part of any Person, whether or not the Trust shall have actual or other notice
thereof.

Section 6.20 Cancellation.

          The Trust at any time may deliver Preferred Securities to the Property
Trustee for cancellation. The Registrar, Paying Agent and Transfer Agent shall
forward to the Property Trustee any Preferred Securities surrendered to them for
registration of transfer, redemption, exchange or payment. The Property Trustee
shall promptly cancel all Preferred Securities surrendered for registration of
transfer, redemption, exchange, payment, replacement or cancellation and shall
dispose of cancelled Preferred Securities as the Trust directs in writing,
provided that the Property Trustee shall not be obligated to destroy Preferred
Securities. The Trust may not issue new Preferred Securities to replace
Preferred Securities that it has paid or that have been delivered to the
Property Trustee for cancellation or that any Holder has exchanged.

Section 6.21 CUSIP Numbers.

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

Section 6.22 Global Preferred Securities; Legends

          (a) Every Global Preferred Security authenticated, executed on behalf
of the Trust and delivered hereunder shall bear a legend in the form set forth
in Exhibit A.

          (b) An Administrative Trustee shall execute, and, upon its receipt of
a written order of the Trust signed by one Administrative Trustee, the Property
Trustee is authorized to authenticate and deliver, one or more Global Preferred
Securities that:

               (i)  shall be registered in the name of the Clearing Agency or
                    the nominee of such Clearing Agency; and

               (ii) shall be delivered by the Property Trustee to such Clearing
                    Agency or pursuant to such Clearing Agency's instructions
                    or, if no such instructions are received by the Property
                    Trustee, shall be held by the Property Trustee as custodian
                    for such Clearing Agency.

          (c) The Global Preferred Securities shall represent such of the
outstanding Preferred Securities as shall be specified in the "Schedule of
Increases or Decreases in Global Preferred Security" attached thereto (or on the
books and records of the Property Trustee and the Clearing Agency or its
nominee). Initially the number of Preferred Securities evidenced by the

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Global Preferred Securities shall be zero and shall not, at any time, represent
more than (.) Preferred Securities with a maximum liquidation value of $(.).

          (d) Preferred Securities not represented by a Global Preferred
Security issued in exchange for all or a part of a Global Preferred Security
pursuant to this Section 6.22 shall be registered in such names and in such
authorized denominations as the Clearing Agency, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Property
Trustee. Upon execution and authentication, the Property Trustee shall deliver
any Preferred Securities not represented by a Global Preferred Security to the
Persons in whose names such Definitive Preferred Securities are so registered.

          (e) At such time as all interests in Global Preferred Securities have
been redeemed, repurchased or canceled, such Global Preferred Securities shall
be canceled, upon receipt thereof, by the Property Trustee in accordance with
standing procedures of the Clearing Agency. At any time prior to such
cancellation, if any interest in a Global Preferred Security is exchanged for
Preferred Securities not represented by a Global Preferred Security, redeemed,
canceled or transferred to a transferee who receives Preferred Securities not
represented by a Global Preferred Security, or if any Preferred Security not
represented by a Global Preferred Security is exchanged or transferred for part
of a Global Preferred Security, then, in accordance with the standing procedures
of the Clearing Agency, the aggregate stated liquidation amount of such Global
Preferred Security shall be reduced or increased, as the case may be, and an
endorsement shall be made on such Global Preferred Security by the Property
Trustee to reflect such reduction or increase in the "Schedule of Increases or
Decreases in Global Preferred Security" attached thereto.

          (f) The Trust and the Property Trustee, as the authorized
representative of the Holders of the Preferred Securities, may deal with the
Clearing Agency for all purposes of this Declaration, including the making of
payments due on the Preferred Securities and exercising the rights of Holders of
the Preferred Securities hereunder. The rights of any Preferred Security
Beneficial Owners shall be limited to those established by law and agreements
between such owners and Clearing Agency Participants; provided that no such
agreement shall give to any Person any rights against the Trust or the Property
Trustee. Multiple requests and directions from and votes of the Clearing Agency
as the Holder of the Preferred Securities represented by Global Preferred
Securities with respect to any particular matter shall not be deemed
inconsistent to the extent they do not represent an amount of Preferred
Securities in excess of those held in the name of the Clearing Agency or its
nominee.

          (g) If at any time the Clearing Agency notifies the Trust that it is
unwilling or unable to continue as Clearing Agency for the Preferred Securities
or if at any time the Clearing Agency no longer is eligible to serve as Clearing
Agency, the Administrative Trustees shall appoint a successor Clearing Agency
with respect to the Preferred Securities. If a successor Clearing Agency is not
appointed by the Trust within 90 days after the Trust receives such notice or
becomes aware of such ineligibility, the Trust's election that the Preferred
Securities be represented by one or more Global Preferred Securities shall no
longer be effective, and an Administrative Trustee shall execute, and upon its
receipt of a written order of the Trust signed by one Administrative Trustee,
the Property Trustee is authorized to authenticate and deliver, Definitive
Preferred Securities, in any authorized denominations, in an aggregate stated
liquidation amount equal to the aggregate stated liquidation amount of the
Global Preferred Securities representing the Preferred Securities, in exchange
for such Global Preferred Securities.

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An Administrative Trustee also shall execute, and upon its receipt of a written
order of the Trust signed by one Administrative Trustee, the Property Trustee
also is authorized to authenticate and deliver, Definitive Preferred Securities,
in any authorized denominations, in an aggregate stated liquidation amount equal
to the aggregate stated liquidation amount of the Global Preferred Securities
representing the Preferred Securities, in exchange for such Global Preferred
Securities, if (1) the Company in its sole discretion elects to cause the
issuance of the Preferred Securities in definitive form or (2) there shall have
occurred and be continuing any event which after notice or lapse of time or both
would be a Trust Enforcement Event.

          (h) The Administrative Trustees at any time and in their sole
discretion may determine that the Preferred Securities issued in the form of one
or more Global Preferred Securities shall no longer be represented by Global
Preferred Securities. In such event an Administrative Trustee on behalf of the
Trust shall execute, and, upon its receipt of a written order of the Trust
signed by one Administrative Trustee, the Property Trustee is authorized to
authenticate and deliver, Definitive Preferred Securities, in any authorized
denominations, in an aggregate stated liquidation amount equal to the aggregate
stated liquidation amount of the Global Preferred Securities representing the
Preferred Securities, in exchange for such Global Preferred Securities.

          (i) Notwithstanding any other provisions of this Declaration (other
than the provisions set forth in Section 7.1), Global Preferred Securities may
not be transferred as a whole except by the Clearing Agency to a nominee of the
Clearing Agency or by a nominee of the Clearing Agency to the Clearing Agency or
another nominee of the Clearing Agency or by the Clearing Agency or any such
nominee to a successor Clearing Agency or a nominee of such successor Clearing
Agency.

          (j) Interests of Preferred Security Beneficial Owners in a Global
Preferred Security may be transferred or exchanged for Preferred Securities not
represented by a Global Preferred Security, and Preferred Securities not
represented by a Global Preferred Security may be transferred or exchanged for a
Global Preferred Security or Securities, in accordance with rules of the
Clearing Agency and the provisions of Section 7.1.

                                   ARTICLE VII

                             TRANSFER OF SECURITIES

Section 7.1. Transfer of Securities.

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

          (b) Subject to this Section 7.1 and Section 6.22, the Preferred
Securities shall be freely transferrable.

          (c) The Common Securities shall not be transferrable except as
provided in the Indenture.

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          (d) The Trust shall cause to be kept at the Corporate Trust Office the
books and records in which, subject to such reasonable regulations as it may
prescribe, the Trust shall provide for the registration of Preferred Securities
and of transfers of Preferred Securities.

          (e) Upon surrender for registration of transfer of any Preferred
Securities at an office or agency of the Trust designated for such purpose, an
Administrative Trustee shall execute, and upon its receipt of a written order of
the Trust signed by one Administrative Trustee, the Property Trustee is
authorized to authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Preferred Securities of any authorized
denominations and of a like aggregate principal amount.

          (f) At the option of the Holder, Preferred Securities may be exchanged
for other Preferred Securities of any authorized denominations and of a like
aggregate stated liquidation amount, upon surrender of the Preferred Securities
to be exchanged at such office or agency. Whenever any Preferred Securities are
so surrendered for exchange, an Administrative Trustee shall execute, and upon
its receipt of a written order of the Trust signed by one Administrative
Trustee, the Property Trustee is authorized to authenticate and deliver, the
Preferred Securities that the Holder making the exchange is entitled to receive.

          (g) If so required by the Property Trustee, every Preferred Security
presented or surrendered for registration of transfer or for exchange shall be
duly endorsed, or accompanied by a duly executed written instrument of transfer
in form satisfactory to the Property Trustee and the Registrar, by the Holder
thereof or his attorney duly authorized in writing.

          (h) No service charge shall be made for any registration of transfer
or exchange of Preferred Securities, but the Trust may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Preferred
Securities.

          (i) If the Preferred Securities are to be redeemed in part, neither
the Administrative Trustees nor the Trust shall be required to register the
transfer of or exchange any Preferred Securities:

               (i)  during a period beginning on the opening of business 15 days
                    before the day of the mailing of a Redemption Notice or any
                    notice of selection of Securities for redemption; or

               (ii) so selected for redemption, except the unredeemed portion of
                    any such Preferred Securities being redeemed in part.

Section 7.2 Separation and Rejoining of Units.

          At any time after issuance, the Preferred Security and Warrant
components of any Unit may be separated by the holder and thereafter transferred
separately. In the event of any separation of the components of a Unit:

          (a) if such Unit is represented by a definitive certificate, the
holder shall present such definitive certificate to the Unit Agent for
cancellation and the Unit Agent shall so notify the Unit registrar and shall
return the Preferred Security component of such Unit to the

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Property Trustee with an instruction to authenticate and deliver to, or upon
the instruction of, such holder a separated Preferred Security bearing the
separate CUSIP number assigned to the Preferred Security; and

          (b) if such Unit is represented by a global certificate, the Unit
Agent shall make the necessary adjustment to the "Schedule of Exchanges of
Increases or Decreases in Global Certificate" attached to the global unit
certificate or otherwise comply with the Depositary's procedures to reduce the
amount of Units represented thereby and shall instruct the Property Trustee to
effect a corresponding increase in the Preferred Securities represented by the
Global Preferred Securities bearing a separate CUSIP number.

          Once separated, a Preferred Security and Warrant may be rejoined to
form a Unit. In the event a holder of a Preferred Security and a Warrant desires
to rejoin a Unit:

               (i)  if the constituent components are represented by definitive
                    certificates, the holder shall present (A) the Preferred
                    Security to the Property Trustee and (B) the Warrant to the
                    Warrant Agent, in each case for cancellation and the
                    Property Trustee and the Warrant Agent shall so notify the
                    Unit Agent, who shall in turn so notify the registrar under
                    the Unit Agreement and shall, upon an Issuer Order (as
                    defined in the Unit Agreement) and subject to Section 1.2 of
                    the Unit Agreement, authenticate and deliver to, or upon the
                    written instruction of, such holder a Unit certificate
                    bearing the separate CUSIP number assigned to the Units; and

               (ii) if the constituent components are represented by global
                    certificates, each of the Property Trustee and the Warrant
                    Agent shall make the necessary adjustment to their
                    respective global certificates or otherwise comply with the
                    Depositary's procedures to reduce the amount of Preferred
                    Securities and Warrants, respectively, represented thereby
                    and shall instruct the Unit Agent in writing to effect a
                    corresponding increase in the Units represented by the
                    global unit certificate bearing a separate CUSIP number. The
                    Property Trustee shall make such other necessary adjustments
                    to the Global Preferred Securities, as directed in writing
                    by the Administrative Trustees, to reflect the appropriate
                    number of Units and Preferred Securities, as appropriate,
                    represented thereby.

Section 7.3. Book-Entry Interests.

          Global Preferred Securities shall initially be registered on the books
and records of the Trust in the name of Cede & Co., the nominee of the Clearing
Agency, and no Preferred Security Beneficial Owner will receive a Definitive
Preferred Security Certificate representing such Preferred Security Beneficial
Owner's interests in such Global Preferred Securities, except as provided in
Section 6.22. Unless Definitive Preferred Securities have been issued to the
Preferred Security Beneficial Owners pursuant to Sections 6.22(f) and 6.22(g):

          (a) the provisions of this Section 7.3 shall be in full force and
effect;

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          (b) to the extent that the provisions of this Section 7.3 conflict
with any other provisions of this Declaration, the provisions of this Section
7.3 shall control;

          (c) the Trust, the Company and the Trustees shall be entitled to deal
with the Clearing Agency for all purposes of this Declaration (including the
payment of Distributions on the Global Preferred Securities and receiving
approvals, votes or consents hereunder) as the Holder of the Preferred
Securities and the absolute owner of the Global Preferred Securities for all
purposes whatsoever and shall have no obligation to the Preferred Security
Beneficial Owners; and

          (d) the rights of the Preferred Security Beneficial Owners shall be
exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Preferred Security Beneficial
Owners and the Clearing Agency and/or the Clearing Agency Participants. The
Clearing Agency shall make book-entry transfers among the Clearing Agency
Participants and shall receive and transmit payments of Distributions on the
Global Preferred Securities to such Clearing Agency Participants; provided that
solely for the purposes of determining whether the Holders of the requisite
liquidation amount of Preferred Securities have voted on any matter provided for
in this Declaration, so long as Definitive Preferred Securities have not been
issued and the Preferred Securities remain in the form of one or more Global
Preferred Securities, the Trustees may rely conclusively on, and shall be
protected in relying on, any written instrument (including a proxy) delivered to
the Trustees by the Clearing Agency setting forth the votes of the Preferred
Security Beneficial Owners or assigning the right to vote on any matter to any
other Persons either in whole or in part.

Section 7.4. Notices to Clearing Agency.

          Whenever a notice or other communication to the Preferred Security
Holders is required under this Declaration, the Trustees shall give all such
notices and communications specified herein to be given to the Holders of Global
Preferred Securities to the Clearing Agency, and shall have no notice
obligations to the Preferred Security Beneficial Owners.

Section 7.5. Appointment of Successor Clearing Agency.

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

                                  ARTICLE VIII

                    DISSOLUTION AND TERMINATION OF THE TRUST

Section 8.1 Dissolution and Termination of the Trust.

          (a) The Trust shall automatically dissolve upon the earliest to occur
of:

               (i)  the bankruptcy of the Company;

               (ii) the filing of a certificate of dissolution or its equivalent
                    with respect to the Company, or the revocation of the
                    Company's

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                     charter and the expiration of 90 days after the date of
                     revocation without a reinstatement thereof;

               (iii) the entry of a decree of judicial dissolution of the
                     Company or the Trust by a court of competent jurisdiction;

               (iv)  the time when all of the Securities shall have been called
                     for redemption and the amounts necessary for redemption
                     thereof shall have been paid to the Holders in accordance
                     with the terms of the Securities;

               (v)   the written notice from the Company directing the Property
                     Trustee to distribute the Debentures to the Holders in
                     exchange for all of the Securities; provided that the
                     Company has provided to the Property Trustee an Opinion of
                     a Counsel experienced in such matters to the effect that
                     the Holders will not recognize any gain or loss for United
                     States federal income tax purposes as a result of the
                     distribution of Debentures and the dissolution of the
                     Trust;

               (vi)  the time when all of the Administrative Trustees and the
                     Company have consented to the dissolution of the Trust;
                     provided that such action is taken before the issuance of
                     any Securities; and

               (vii) the expiration of the term of the Trust provided in Section
                     3.14.

          (b) As soon as is practicable after the occurrence of an event
referred to in Section 8.1(a), and after satisfaction of liabilities to
creditors of the Trust, if any, as provided by applicable law, the
Administrative Trustees shall terminate the Trust by executing and filing in
accordance with the Statutory Trust Act a certificate of cancellation with the
Secretary of State of the State of Delaware.

          (c) The provisions of Section 4.2 and Article IX shall survive the
termination of the Trust.

Section 8.2. Liquidation Distribution Upon Dissolution or Termination of the
Trust.

          (a) In the event of any voluntary or involuntary dissolution,
liquidation, winding-up or termination of the Trust pursuant to Section 8.1
(each a "Liquidation"), the Trust shall be liquidated by the Administrative
Trustees as expeditiously as the Administrative Trustees determine to be
possible by distributing to the Holders, after satisfaction of liabilities to
creditors of the Trust, if any, as provided by applicable law, Debentures in an
aggregate principal amount equal to the aggregate stated liquidation amount of,
with an interest rate identical to the Distribution rate of, and accrued and
unpaid interest equal to accumulated and unpaid Distributions on, such
Securities in exchange for such Securities.

          (b) If, notwithstanding the other provisions of this Section 8.2,
distribution of the Debentures in the manner set forth in Section 8.2(a) is
determined by the Administrative

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Trustees not to be practical, the assets of the Trust shall be liquidated, and
the Trust shall be wound-up by the Administrative Trustees in such manner as the
Administrative Trustees determine. In such event, the Holders shall be entitled
to receive out of the assets of the Trust available for distribution to the
Holders, after satisfaction of liabilities to creditors of the Trust, if any, as
provided by applicable law, an amount equal to the Accreted Value of the
Securities plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the "Liquidation Distribution"). If, upon any such
Liquidation, the Liquidation Distribution can be paid only in part because the
Trust has insufficient assets available to pay the aggregate Liquidation
Distribution in full, then the amounts payable directly by the Trust on the
Securities shall be paid on a Pro Rata basis; provided that if an Indenture
Event of Default has occurred and is continuing, then the Preferred Securities
shall have a preference over the Common Securities with regard to the
Liquidation Distribution.

          (c) Notice of any distribution of Debentures in exchange for the
Securities pursuant to Section 8.2(a) (an "Exchange Notice"), which notice shall
be irrevocable, shall be given by the Administrative Trustees on behalf of the
Trust by mail to each Holder at least 30 but no more than 60 days before the
date fixed for such distribution. For purposes of the calculation of the date of
distribution and the dates on which notices are given pursuant to this Section
8.2(c), an Exchange Notice shall be deemed to be given on the day such notice is
first mailed by first-class mail, postage prepaid, to the Holders. Each Exchange
Notice shall be addressed to the Holders at the address of each such Holder
appearing on the books and records of the Trust. No defect in the Exchange
Notice or in the mailing of either thereof with respect to any Holder shall
affect the validity of the distribution proceedings with respect to any other
Holder.

          (d) On and from the date fixed for any distribution of Debentures upon
dissolution of the Trust:

               (i)   the Securities no longer shall be deemed to be outstanding;

               (ii)  the Clearing Agency or its nominee (or any successor
                     Clearing Agency or its nominee), as the Holder of the
                     Preferred Securities, will receive a registered global
                     certificate or certificates representing the Debentures to
                     be delivered upon such distribution; and

               (iii) any certificates representing Securities not held by the
                     Clearing Agency or its nominee (or any successor Clearing
                     Agency or its nominee) shall be deemed to represent
                     Debentures having an aggregate principal amount equal to
                     the aggregate liquidation amount of such Securities and
                     bearing accrued and unpaid interest in an amount equal to
                     the accumulated and unpaid Distributions on such
                     Securities, until such certificates are presented for
                     cancellation, at which time the Company shall issue, and
                     the Indenture Trustee shall authenticate, a certificate
                     representing such Debentures.

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                                   ARTICLE IX

         LIMITATION OF LIABILITY OF THE HOLDERS, THE TRUSTEES OR OTHERS

Section 9.1. Liability.

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

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

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

          (b) The Company, in its capacity as issuer of the Debentures, shall be
liable for all of the debts and obligations of the Trust (other than in respect
of the Securities) to the extent such debts and obligations are not satisfied
out of the Trust's assets.

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

Section 9.2. Exculpation.

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

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

Section 9.3. Fiduciary Duty.

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

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provisions of this Declaration, to the extent that they restrict the duties and
liabilities of an Indemnified Person otherwise existing at law or in equity
(other than the duties imposed on the Property Trustee under the Trust Indenture
Act), are agreed by the parties hereto to replace such other duties and
liabilities of such Indemnified Person.

          (b) Unless otherwise expressly provided herein:

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

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

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

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

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

Section 9.4 Indemnification of Company Indemnified Persons.

          (a) The Company shall indemnify, to the fullest extent permitted by
law, any Company Indemnified Person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Trust) by reason of the fact that he is or was a
Company Indemnified Person against expenses (including attorneys' fees and
expenses), judgments, fines and amounts paid in settlement actually and
reasonably

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incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Trust, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the Company Indemnified Person did not act in
good faith and in a manner which he reasonably believed to be in or not opposed
to the best interests of the Trust, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.

          (b) The Company shall indemnify, to the fullest extent permitted by
law, any Company Indemnified Person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action or suit by or in the
right of the Trust to procure a judgment in its favor by reason of the fact that
he is or was a Company Indemnified Person against expenses (including attorneys'
fees and expenses) actually and reasonably incurred by him in connection with
the defense or settlement of such action or suit if he acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests
of the Trust and except that no such indemnification shall be made in respect of
any claim, issue or matter as to which such Company Indemnified Person shall
have been adjudged to be liable to the Trust, unless and only to the extent that
the Court of Chancery of Delaware or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such Person is
fairly and reasonably entitled to indemnity for such expenses which such Court
of Chancery or such other court shall deem proper.

          (c) To the extent that a Company Indemnified Person shall be
successful on the merits or otherwise (including dismissal of an action without
prejudice or the settlement of an action without admission of liability) in
defense of any action, suit or proceeding referred to in paragraphs (a) and (b)
of this Section 9.4, or in defense of any claim, issue or matter therein, he
shall be indemnified, to the fullest extent permitted by law, against expenses
(including attorneys' fees and expenses) actually and reasonably incurred by him
in connection therewith.

          (d) Any indemnification under paragraphs (a) and (b) of this Section
9.4 (unless ordered by a court) shall be made by the Company only as authorized
in the specific case upon a determination that indemnification of the Company
Indemnified Person is proper in the circumstances because he has met the
applicable standard of conduct set forth in paragraphs (a) and (b). Such
determination shall be made:

               (i)   by the Administrative Trustees by a majority vote of a
                     Quorum consisting of such Administrative Trustees who were
                     not parties to such action, suit or proceeding;

               (ii)  if such a Quorum is not obtainable, or, even if obtainable,
                     if a Quorum of disinterested Administrative Trustees so
                     directs, by independent legal counsel in a written opinion;
                     or

               (iii) by the Holder of the Common Securities.

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<PAGE>

          (e) Expenses (including attorneys' fees and expenses) incurred by a
Company Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in paragraphs (a) and (b)
of this Section 9.4 shall be paid by the Company in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by
or on behalf of such Company Indemnified Person to repay such amount if it shall
ultimately be determined that he or she is not entitled to be indemnified by the
Company as authorized in this Section 9.4. Notwithstanding the foregoing, no
advance shall be made by the Company if a determination is reasonably and
promptly made:

               (i)   by the Administrative Trustees by a majority vote of a
                     Quorum consisting of such Administrative Trustees who were
                     not parties to such action, suit or proceeding;

               (ii)  if such a Quorum is not obtainable, or, even if obtainable,
                     if a Quorum of disinterested Administrative Trustees so
                     directs, by independent legal counsel in a written opinion;
                     or

               (iii) by the Holder of the Common Securities

that, based upon the facts known to the Administrative Trustees, independent
legal counsel or the Holder of the Common Securities at the time such
determination is made, such Company Indemnified Person acted in bad faith or in
a manner that the Holder of the Common Securities did not believe to be in or
believed was opposed to the best interests of the Trust, or, with respect to any
criminal proceeding, that such Company Indemnified Person believed or had
reasonable cause to believe his or her conduct was unlawful.

          In no event shall any advance be made in instances where the
Administrative Trustees, independent legal counsel or Holder of Common
Securities reasonably determine that a Company Indemnified Person deliberately
breached his or her duty to the Trust or Holders of Common Securities or
Preferred Securities.

          (f) The indemnification and advancement of expenses provided by, or
granted pursuant to, the other paragraphs of this Section 9.4 shall not be
deemed exclusive of any other rights to which those seeking indemnification and
advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the Company or of the Holders of
Preferred Securities of the Trust or otherwise, both as to action in his
official capacity and as to action in another capacity while holding such
office. All rights to indemnification under this Section 9.4 shall be deemed to
be provided by a contract between the Company and each Company Indemnified
Person who serves in such capacity at any time while this Section 9.4 is in
effect. Any repeal or modification of this Section 9.4 shall not affect any
rights or obligations then existing.

          (g) The Company or the Trust may purchase and maintain insurance on
behalf of any person who is or was a Company Indemnified Person against any
liability asserted against him and incurred by him in any such capacity, or
arising out of his or her status as such, whether or not the Company would have
the power to indemnify him or her against such liability under the provisions of
this Section 9.4.

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          (h) For purposes of this Section 9.4, references to "the Trust" shall
include, in addition to the resulting or surviving entity, any constituent
entity (including any constituent of a constituent) absorbed in a consolidation
or merger, so that any person who is or was a director, trustee, officer or
employee of such constituent entity, or is or was serving at the request of such
constituent entity as a director, trustee, officer, employee or agent of another
entity, shall stand in the same position under the provisions of this Section
9.4 with respect to the resulting or surviving entity as he would have with
respect to such constituent entity if its separate existence had continued.

          (i) The indemnification and advancement of expenses provided by, or
granted pursuant to, this Section 9.4 shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a Company
Indemnified Person and shall inure to the benefit of the heirs, executors and
administrators of such a person.

Section 9.5. Indemnification of Trustees.

          (a) The Company shall indemnify:

                    (i)   the Property Trustee acting in any capacity hereunder
                          (including, without limitation, as Exchange Agent,
                          Registrar, Paying Agent and Transfer Agent);

                    (ii)  the Delaware Trustee;

                    (iii) any Affiliate of the Property Trustee and the Delaware
                          Trustee; and

                    (iv)  any officers, directors, shareholders, members,
                          partners, employees, representatives, custodians,
                          nominees or agents of the Property Trustee or the
                          Delaware Trustee (each of the Persons in (i) through
                          (iv), including the Property Trustee and the Delaware
                          Trustee in their respective individual capacities,
                          being referred to as a "Fiduciary Indemnified Person")

for, and to hold each Fiduciary Indemnified Person harmless against, any and all
loss, liability, damage, claim or expense including taxes (other than taxes
based on the income of such Fiduciary Indemnified Person) of any kind and nature
whatsoever incurred without negligence or bad faith on the part of such
Fiduciary Indemnified Person, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the
costs and expenses (including reasonable legal fees and expenses) of defending
against or investigating any claim or liability in connection with the exercise
or performance of any of the powers or duties of such Fiduciary Indemnified
Person hereunder. The Company agrees to advance expenses (including legal fees)
incurred by a Fiduciary Indemnified Person in defending any claim, demand,
action, suit or proceeding, from time to time, prior to the final disposition of
such claim, demand, action, suit or proceeding, upon receipt by the Company of
an undertaking by or on behalf of such Fiduciary Indemnified Person to repay
such amount if it shall be determined that such Fiduciary Indemnified Person is
not entitled to be indemnified as authorized in this section. The obligations as
set forth in this Section 9.5 shall survive the resignation or removal of the
Property Trustee or

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the Delaware Trustee, the termination of the Trust and the satisfaction and
discharge of this Declaration.

          (b) The Company agrees to pay the Property Trustee and the Delaware
Trustee, from time to time, such compensation for all services rendered by the
Property Trustee and the Delaware Trustee hereunder as may be mutually agreed
upon in writing by the Company and the Property Trustee or the Delaware Trustee,
as the case may be, and, except as otherwise expressly provided herein, to
reimburse the Property Trustee and the Delaware Trustee upon its or their
request for all reasonable expenses (including legal fees and expenses),
disbursements and advances incurred or made by the Property Trustee or the
Delaware Trustee (including in their respective individual capacities) as the
case may be, in accordance with the provisions of this Declaration, except any
such expense, disbursement or advance as may be attributable to its or their
negligence or bad faith.

Section 9.6. Outside Businesses.

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

                                    ARTICLE X

                                   ACCOUNTING

Section 10.1 Fiscal Year.

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

Section 10.2. Certain Accounting Matters.

          (a) At all times during the existence of the Trust, the Administrative
Trustees shall keep, or cause to be kept, full books of account, records and
supporting documents, which shall reflect in reasonable detail each transaction
of the Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with generally accepted accounting principles,
consistently applied. The books of account and the records of the Trust

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<PAGE>

shall be examined by and reported upon as of the end of each Fiscal Year of the
Trust by a firm of independent certified public accountants selected by the
Administrative Trustees.

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

          (c) The Administrative Trustees shall cause to be duly prepared and
delivered to each Holder, an annual United States federal income tax information
statement, required by the Code, containing such information with regard to the
Securities held by each Holder as is required by the Code and the Treasury
Regulations. Notwithstanding any right under the Code to deliver any such
statement at a later date, the Administrative Trustees shall endeavor to deliver
all such information statements within 30 days after the end of each Fiscal Year
of the Trust.

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

Section 10.3. Banking.

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

Section 10.4. Withholding.

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

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                                   ARTICLE XI

                             AMENDMENTS AND MEETINGS

Section 11.1. Amendments.

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

               (i)   the Company;

               (ii)  the Administrative Trustees (or if there are more than two
                     Administrative Trustees a majority of the Administrative
                     Trustees);

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

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

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

               (i)  unless, in the case of any proposed amendment, the Property
                    Trustee shall have first received:

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

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

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

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

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

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

          (c) This Declaration may be amended without the consent of the Holders
to:

               (i)   cure any ambiguity;

               (ii)  correct or supplement any provision contained herein that
                     may be defective or inconsistent with any other provision
                     herein, or to make any other provisions with respect to
                     matters or questions arising under this Declaration that
                     shall not be inconsistent with the other provisions of this
                     Declaration;

               (iii) add to the covenants, restrictions or obligations of the
                     Company or grant any additional rights to the Holders of
                     Preferred Securities;

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

               (v)   modify, eliminate or add to any provisions of this
                     Declaration to such extent as shall be necessary to ensure
                     that the Trust will be classified for United States federal
                     income tax purposes as a grantor trust at all times that
                     any Securities are outstanding or to ensure that the Trust
                     will not be required to register as an Investment Company
                     under the Investment Company Act;

               (vi)  facilitate the tendering, remarketing and settlement of the
                     Preferred Securities as contemplated by Section 6.6(s); or

               (vii) make any other provision in regard to matters or questions
                     arising hereunder that the Company and the Trustees may
                     deem necessary or desirable and that should not adversely
                     affect in any material respect the interests of the
                     Holders.

          (d) This Declaration may be amended with the consent of the Company, a
majority of the Administrative Trustees and the Holders of at least a Majority
in Liquidation Amount of the Securities. Such an amendment may not, without the
consent of each Holder of any Security affected thereby:

               (i)   change the Distribution rate (or manner of calculation of
                     the Distribution rate), amount, timing or currency or
                     otherwise adversely affect the method of any required
                     payment,

               (ii)  change the purposes of the Trust,

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               (iii)  authorize the issuance of any additional beneficial
                      interests in the Trust,

               (vi)   change the redemption provisions,

               (v)    change the conditions precedent for the Sponsor to elect
                      to dissolve the Trust and distribute the Debentures to the
                      Holders of the Securities,

               (vi)   change the Liquidiation Distribution or other provisions
                      relating to the distribution of amounts payable upon the
                      dissolution and liquidation of the Trust,

               (vii)  affect the limited liability of any Holder of the
                      Securities,

               (viii) restrict the right of a Holder of the Securities to
                      institute suit for the enforcement of any required payment
                      on or after the due date therefore (or in the case of
                      redemption, on the Redemption Date), or

               (ix)    amend Section 11.1 hereof

provided that if any amendment referred to in clause (i) above would adversely
affect only the Preferred Securities or the Common Securities, then only the
Holders of the affected class will be entitled to vote on such amendment, and
such amendment shall not be effective except with the approval of a Majority in
Liquidation Amount of the Holders of the class of Securities affected thereby.
It shall not be necessary for the consent of the Holders of Preferred or Common
Securities under this Section to approve the particular form of any proposed
amendment. It shall be sufficient if such consent approves the substance
thereof.

          (e) Neither Article IV nor the rights of the holders of the Common
     Securities under Article V to increase or decrease the number of, and
     appoint and remove, Trustees shall be amended without the consent of the
     Holders of a Majority in Liquidation Amount of the Common Securities.

          (f) After an amendment or waiver under this Section becomes effective,
     the Company shall mail to each Holder a notice briefly describing the
     amendment or waiver. Any failure of the Company to mail any such notice, or
     any defect therein, shall not, however, in any way impair or affect the
     validity of such amendment or waiver.

Section 11.2. Meetings of the Holders; Action by Written Consent.

          (a) Meetings of the Holders of any class of Securities may be called
at any time by the Administrative Trustees (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this Declaration, the terms of
the Securities or the rules of any stock exchange on which the Preferred
Securities are listed or admitted for trading. The Administrative Trustees shall
call a meeting of the Holders of such class if directed to do so by the Holders
of at least 10% in Liquidation Amount of such class of Securities. Such
direction shall be given by delivering to the

                                       78

<PAGE>

Administrative Trustees one or more notices in writing stating that the signing
Holders wish to call a meeting and indicating the general or specific purpose
for which the meeting is to be called. Any Holder or Holders calling a meeting
shall specify in writing the Securities held by the Holder or Holders exercising
the right to call a meeting and only those Securities specified shall be counted
for purposes of determining whether the required percentage set forth in the
second sentence of this paragraph has been met.

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

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

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

               (iii) Each meeting of the Holders shall be conducted by the
                     Administrative Trustees or by such other Person that the
                     Administrative Trustees may designate.

                                       79

<PAGE>

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

                                   ARTICLE XII

        REPRESENTATIONS OF THE PROPERTY TRUSTEE AND THE DELAWARE TRUSTEE

Section 12.1. Representations and Warranties of the Property Trustee.

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

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

          (b) the Property Trustee satisfies the requirements set forth in
Section 5.3(a);

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

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

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

                                       80

<PAGE>

Section 12.2. Representations and Warranties of the Delaware Trustee.

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

          (a) the Delaware Trustee is, if not a natural person, a corporation
duly organized, validly existing and in good standing under the laws of the
State of Delaware, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Declaration;

          (b) the Delaware Trustee satisfies the requirements set forth in
Section 5.2(a);

          (c) the execution, delivery and performance by the Delaware Trustee of
this Declaration has been duly authorized, if the Delaware Trustee is not a
natural person, by all necessary corporate action on the part of the Delaware
Trustee; this Declaration has been duly executed and delivered by the Delaware
Trustee and under Delaware law (excluding securities laws) constitutes a legal,
valid and binding obligation of the Delaware Trustee enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency and other similar laws affecting creditors' rights
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law);

          (d) the execution, delivery and performance of this Declaration by the
Delaware Trustee, if not a natural person, does not conflict with, or constitute
a breach of, the charter or by-laws of the Delaware Trustee; and

          (e) no consent, approval or authorization of, or registration with or
notice to, any federal or state banking authority under any Delaware law or
United States federal law governing the banking and trust powers of the Delaware
Trustee is required for the execution, delivery or performance by the Delaware
Trustee of this Declaration.

                                  ARTICLE XIII

                                  MISCELLANEOUS

Section 13.1. Notices.

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

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

          New York Community Capital Trust VI
          c/o New York Community Bancorp, Inc.

                                       81

<PAGE>

          615 Merrick Avenue
          Westbury, New York 11590.
          Attention: Administrative Trustee, c/o Chief Financial Officer
          Facsimile No.: (516) 683-8385

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

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

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

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

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

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

          (e) if given to any Holder of Preferred Securities, to the Clearing
Agency, and if Definitive Preferred Securities have been issued, at such
Holder's address set forth on the books and records of the Trust.

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

                                       82

<PAGE>

Section 13.2. Governing Law.

          This Declaration and the rights of the parties hereunder shall be
governed by, and construed in accordance with, the laws of the State of Delaware
without regard to conflict of laws principles thereof.

Section 13.3. Intention of the Parties.

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

Section 13.4. Headings.

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

Section 13.5. Successors and Assigns.

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

Section 13.6. Partial Enforceability.

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

Section 13.7 Counterparts.

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

Section 13.8. The Exchange Agent.

          The Exchange Agent undertakes to perform, with respect to the
Preferred Securities, such duties and only such duties as are specifically set
forth in this Declaration, and no implied covenants or obligations shall be read
into this Declaration against the Exchange Agent. In the performance of such
duties, the Exchange Agent shall be entitled to the same rights and powers as
are granted to the Property Trustee, except that the Exchange Agent shall act as
agent solely for the Holders of the Preferred Securities who seek to exchange
such Preferred Securities pursuant to Sections 6.7 and 6.8.

                                       83

<PAGE>

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

                                           New York Community Bancorp, Inc., as
                                           Company

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

                                                             , as Administrative
                                           ------------------
                                           Trustee

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

                                                             , as Administrative
                                           ------------------
                                           Trustee

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

                                                             , as Administrative
                                           ------------------
                                           Trustee

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

                                           Wilmington Trust Company, as Property
                                           Trustee

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

                                           Wilmington Trust Company, as Delaware
                                           Trustee

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

<PAGE>

                                    EXHIBIT A

                   [FORM OF PREFERRED SECURITIES CERTIFICATE]

[To be inserted in Global Securities only:

THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE INITIALLY ISSUED
AS PART OF AN ISSUANCE OF UNITS, EACH OF WHICH CONSISTS OF A WARRANT TO PURCHASE
(.) SHARES (SUBJECT TO ANTI-DILUTION ADJUSTMENTS) OF COMMON STOCK OF NEW YORK
COMMUNITY BANCORP, INC. (THE "COMPANY") AT THE EXERCISE PRICE SET FORTH IN THE
WARRANT AGREEMENT, DATED AS OF (.), (.), BETWEEN THE COMPANY AND WILMINGTON
TRUST COMPANY, AS WARRANT AGENT, AND A PREFERRED SECURITY OF NEW YORK COMMUNITY
CAPITAL TRUST (.) (THE "TRUST"). THE WARRANTS AND THE PREFERRED SECURITIES MAY
BE SEPARATED AND TRANSFERRED SEPARATELY, AND RE-ATTACHED, IN ACCORDANCE WITH THE
PROVISIONS OF THE UNIT AGREEMENT, DATED AS OF (.), (.), AMONG THE COMPANY, THE
TRUST AND WILMINGTON TRUST COMPANY, AS UNIT AGENT, WARRANT AGENT AND PROPERTY
TRUSTEE (THE "UNIT AGREEMENT").

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

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
CLEARING AGENCY OR ITS NOMINEE TO NEW YORK COMMUNITY CAPITAL TRUST (.) OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY OR ITS NOMINEE (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY

                                      A-1

<PAGE>

OR ITS NOMINEE), AND EXCEPT AS OTHERWISE PROVIDED IN THE DECLARATION, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

                                      A-2

<PAGE>

Certificate No.:                                                  CUSIP No.: (.)
Number of Preferred Securities set forth on Schedule A hereto.

                       NEW YORK COMMUNITY CAPITAL TRUST VI

                        PREFERRED SECURITIES CERTIFICATE

                            (.)% Preferred Securities

             (stated liquidation amount $(.) per Preferred Security)

          New York Community Capital Trust(.), a statutory trust created under
the laws of the State of Delaware (the "Trust"), hereby certifies that Cede &
Co. (the "Holder") is the registered owner of preferred securities of the Trust
representing undivided beneficial interests in the assets of the Trust
designated the Preferred Securities (stated liquidation amount $(.) per
Preferred Security) (the "Preferred Securities"). The Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer as provided in the Declaration (as defined below). The
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Preferred Securities represented hereby are issued and shall
in all respects be subject to the provisions of the Amended and Restated
Declaration of Trust of the Trust, dated as of (.), (.) (as the same may be
amended from time to time in accordance with its terms) (the "Declaration"),
among New York Community Bancorp, Inc., as Company, Messrs. (.), (.) and (.), as
Administrative Trustees, Wilmington Trust Company, as Property Trustee, and
Wilmington Trust Company, as Delaware Trustee. Capitalized terms used but not
defined herein shall have the meaning given them in the Declaration. The Holder
is entitled to the benefits of the Guarantee Agreement, dated as of (.), (.)
(the "Guarantee Agreement"), between New York Community Bancorp, Inc., as
Guarantor, and Wilmington Trust Company, as Guarantee Trustee, in respect of the
Preferred Securities. The Company will provide a copy of the Declaration, the
Guarantee Agreement and the Indenture (including any supplemental indenture
thereto) to a Holder without charge upon written request to the Company at its
principal place of business.

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

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

                                      A-3

<PAGE>

          IN WITNESS WHEREOF, the Trust has executed this certificate this (.)
day of [____] (.).

                                 NEW YORK COMMUNITY CAPITAL TRUST (.)

                                 By:
                                     -------------------------------------------
                                     Name:
                                     Administrative Trustee

PROPERTY TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: [_____] (.), (.)

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

By:
    ------------------------------
       Authorized Signatory

                                      A-4

<PAGE>

                                   ASSIGNMENT

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

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

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

and irrevocably appoints           agent to transfer this Preferred Security
Certificate on the books and records of the Trust. The agent may substitute
another to act for him.

Date:
      --------------

Signature:
           ---------------------------------------------------------------------
       (Sign exactly as your name appears on the Preferred Security Certificate)

Date:
      --------------

Signature Guarantee*:

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

* Signature must be guaranteed by an "eligible guarantor institution" that is a
bank, stockbroker, savings and loan association or credit union meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

                                      A-5

<PAGE>

                                                                      Schedule A

                      SCHEDULE OF INCREASES OR DECREASES IN

                          GLOBAL PREFERRED SECURITY/(2)/

          This Global Preferred Security shall represent 0 (Zero) Preferred
Securities unless otherwise indicated below.

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

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
        Amount of decrease     Amount of increase     Number of Preferred
           in number of           in number of       Securities evidenced
       Preferred Securities   Preferred Securities       by this Global
            evidenced               evidenced          Preferred Security       Signature of
          by this Global         by this Global         following such       authorized officer
Date    Preferred Security     Preferred Security    decrease or increase        or Agent
-----------------------------------------------------------------------------------------------
<S>    <C>                    <C>                    <C>                     <C>

-----------------------------------------------------------------------------------------------
</TABLE>

----------
/(2)/  Insert in Global Preferred Securities only.

                                       A-6

<PAGE>

                                    EXHIBIT B

                      [FORM OF COMMON SECURITY CERTIFICATE]

This certificate is not transferable except as provided in the declaration (as
defined below).

Certificate No.: (.)

Number of Common Securities:

                      NEW YORK COMMUNITY CAPITAL TRUST (.)

                          COMMON SECURITIES CERTIFICATE

                             (.)% Common Securities

                (stated liquidation amount $ per Common Security)

          New York Community Capital Trust (.), a statutory trust created under
the laws of the State of Delaware (the "Trust"), hereby certifies that New York
Community Bancorp, Inc. (the "Holder") is the registered owner of [__] common
securities of the Trust representing undivided beneficial interests in the
assets of the Trust designated the Common Securities (stated liquidation amount
$(.) per Common Security) (the "Common Securities"). Except as provided in the
Declaration (as defined below), the Common Securities are not transferable, and
any attempted transfer thereof shall be void. The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the
Common Securities represented hereby are issued and shall in all respects be
subject to the provisions of the Amended and Restated Declaration of Trust of
the Trust, dated as of (.), (.) (as the same may be amended from time to time in
accordance with its terms) (the "Declaration"), among New York Community
Bancorp, Inc., as Company, Messrs. (.), (.) and (.), as Administrative Trustees,
Wilmington Trust Company, as Property Trustee, and Wilmington Trust Company, as
Delaware Trustee. Capitalized terms used but not defined herein shall have the
meaning given them in the Declaration. The Holder is entitled to the benefits of
the Guarantee Agreement, dated as of (.), (.) (the "Guarantee Agreement"),
between New York Community Bancorp, Inc., as Guarantor, and Wilmington Trust
Company, as Guarantee Trustee, in respect of the Common Securities. The Company
will provide a copy of the Declaration, the Guarantee Agreement and the
Indenture (including any supplemental indenture) to a Holder without charge upon
written request to the Company at its principal place of business.

                                      B-1

<PAGE>

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

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

          IN WITNESS WHEREOF, the Trust has executed this certificate this (.)
day of [____], (.).

                                 NEW YORK COMMUNITY CAPITAL TRUST (.)

                                 By:
                                     -------------------------------------------
                                     Name:
                                     Administrative Trustee

                                      B-2<PAGE>

                                                                 Exhibit 4(i)(i)

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

                        NEW YORK COMMUNITY BANCORP, INC.

                                   ----------

                                   ----------

                                   INDENTURE

                              Dated as of (.), (.)

                                   ----------

                            WILMINGTON TRUST COMPANY,

                                   ----------

                                   as Trustee

                                   ----------

               JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

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

<PAGE>

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

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

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

<PAGE>

                               TABLE OF CONTENTS

                                   ARTICLE I
                                  DEFINITIONS

                                                                        Page
                                                                        ----
SECTION 1.01   Definitions                                                1
SECTION 1.02   Rules of Construction                                     11

                                   ARTICLE II
                                   DEBENTURES

SECTION 2.01   Forms Generally                                           11
SECTION 2.02   Execution and Authentication                              14
SECTION 2.03   Form and Payment                                          15
SECTION 2.04   Global Debenture                                          15
SECTION 2.05   Payment of Principal and Interest                         17
SECTION 2.06   Transfer                                                  17
SECTION 2.07   Replacement Debentures                                    18
SECTION 2.08   Temporary Debentures                                      18
SECTION 2.09   Cancellation                                              19
SECTION 2.10   Defaulted Interest                                        19
SECTION 2.11   CUSIP Numbers                                             20

                                  ARTICLE III
                      PARTICULAR COVENANTS OF THE COMPANY

SECTION 3.01   Payment of Principal and Interest                         20
SECTION 3.02   Offices for Notices and Payments, etc                     20
SECTION 3.03   Appointments to Fill Vacancies in Office of Trustee       21
SECTION 3.04   Provision as to Paying Agent                              21
SECTION 3.05   Certificate to Trustee                                    22
SECTION 3.06   Compliance with Consolidation Provisions                  22
SECTION 3.07   Limitation on Dividends                                   22
SECTION 3.08   Ownership of Common Securities                            23
SECTION 3.09   Payment of Expenses                                       23
SECTION 3.10   Payment Upon Resignation or Removal                       24

                                   ARTICLE IV
                      LIST OF DEBENTUREHOLDERS AND REPORTS
                         BY THE COMPANY AND THE TRUSTEE

SECTION 4.01   List of Debentureholders                                  24
SECTION 4.02   Preservation and Disclosure of Lists                      25
SECTION 4.03   Reports by the Company                                    26
SECTION 4.04   Reports by the Trustee                                    27

                                      -iii-

<PAGE>

                                    ARTICLE V
                           REMEDIES OF THE TRUSTEE AND
                     DEBENTUREHOLDERS UPON EVENT OF DEFAULT

SECTION 5.01   Events of Default                                         28
SECTION 5.02   Payment of Securities on Default; Suit Therefor           30
SECTION 5.03   Application of Moneys Collected by Trustee                32
SECTION 5.04   Proceedings by Debentureholders                           32
SECTION 5.05   Proceedings by Trustee                                    33
SECTION 5.06   Remedies Cumulative and Continuing                        34
SECTION 5.07   Restoration of Rights and Remedies                        34
SECTION 5.08   Direction of Proceedings and Waiver of Defaults by
                  Majority of Debentureholders                           34
SECTION 5.09   Notice of Defaults                                        35
SECTION 5.10   Undertaking to Pay Costs                                  36

                                   ARTICLE VI
                             CONCERNING THE TRUSTEE

SECTION 6.01   Duties and Responsibilities of Trustee                    36
SECTION 6.02   Reliance on Documents, Opinions, etc                      37
SECTION 6.03   No Responsibility for Recitals, etc                       39
SECTION 6.04   Trustee, Authenticating Agent, Paying Agents, Transfer
                  Agents and Registrar May Own Debentures                39
SECTION 6.05   Moneys to be Held in Trust                                39
SECTION 6.06   Compensation and Expenses of Trustee                      39
SECTION 6.07   Officers' Certificate as Evidence                         40
SECTION 6.08   Conflicting Interest of Trustee                           41
SECTION 6.09   Eligibility of Trustee                                    41
SECTION 6.10   Resignation or Removal of Trustee                         41
SECTION 6.11   Acceptance by Successor Trustee                           42
SECTION 6.12   Succession by Merger, etc                                 43
SECTION 6.13   Limitation on Rights of Trustee as a Creditor             43
SECTION 6.14   Authenticating Agents                                     44

                                   ARTICLE VII
                         CONCERNING THE DEBENTUREHOLDERS

SECTION 7.01   Action by Debentureholders                                45
SECTION 7.02   Proof of Execution by Debentureholders                    46
SECTION 7.03   Who Are Deemed Absolute Owners                            46
SECTION 7.04   Debentures Owned by Company Deemed Not Outstanding        46
SECTION 7.05   Revocation of Consents; Future Holders Bound              47

                                      -iv-

<PAGE>

                                  ARTICLE VIII
                          MEETINGS OF DEBENTUREHOLDERS

SECTION 8.01   Purposes of Meetings                                      47
SECTION 8.02   Call of Meetings by Trustee                               48
SECTION 8.03   Call of Meetings by Company or Debentureholders           48
SECTION 8.04   Qualifications for Voting                                 49
SECTION 8.05   Regulations                                               49
SECTION 8.06   Voting                                                    50

                                   ARTICLE IX
                                   AMENDMENTS

SECTION 9.01   Without Consent of Debentureholders                       50
SECTION 9.02   With Consent of Debentureholders                          52
SECTION 9.03   Compliance with Trust Indenture Act; Effect of
                  Supplemental Indentures                                53
SECTION 9.04   Notation on Debentures                                    54
SECTION 9.05   Evidence of Compliance of Supplemental Indenture to be
                  Furnished to Trustee                                   54

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

SECTION 10.01  Company May Consolidate, etc., on Certain Terms           54
SECTION 10.02  Successor Person to be Substituted for Company            55
SECTION 10.03  Opinion of Counsel to be Given Trustee                    55

                                   ARTICLE XI
                     SATISFACTION AND DISCHARGE OF INDENTURE

SECTION 11.01  Discharge of Indenture                                    55
SECTION 11.02  Deposited Moneys and U.S. Government Obligations
                  to be Held in Trust by Trustee                         56
SECTION 11.03  Paying Agent to Repay Moneys Held                         57
SECTION 11.04  Return of Unclaimed Moneys                                57
SECTION 11.05  Defeasance Upon Deposit of Moneys or U.S.
                  Government Obligations                                 57

                                   ARTICLE XII
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

SECTION 12.01  Indenture and Debentures Solely Corporate Obligations     59

                                       -v-

<PAGE>

                                  ARTICLE XIII
                            MISCELLANEOUS PROVISIONS

SECTION 13.01  Successors                                                59
SECTION 13.02  Official Acts by Successor Company                        59
SECTION 13.03  Surrender of Company Powers                               59
SECTION 13.04  Addresses for Notices, etc                                59
SECTION 13.05  Governing Law                                             60
SECTION 13.06  Evidence of Compliance with Conditions Precedent          60
SECTION 13.07  Business Days                                             60
SECTION 13.08  Trust Indenture Act to Control                            61
SECTION 13.09  Table of Contents, Headings, etc                          61
SECTION 13.10  Execution in Counterparts                                 61
SECTION 13.11  Separability                                              61
SECTION 13.12  Assignment                                                61
SECTION 13.13  Acknowledgment of Rights                                  61

                                   ARTICLE XIV
                            PREPAYMENT OF DEBENTURES

SECTION 14.01  Special Event Prepayment                                  62
SECTION 14.02  Optional Prepayment by Company                            62
SECTION 14.03  Notice of Prepayment; Selection of Debentures             63
SECTION 14.04  Payment of Debentures Called for Prepayment               63

                                   ARTICLE XV
                           SUBORDINATION OF DEBENTURES

SECTION 15.01  Agreement to Subordinate                                  64
SECTION 15.02  Default on Senior Indebtedness                            64
SECTION 15.03  Liquidation; Dissolution; Bankruptcy                      65
SECTION 15.04  Subrogation                                               67
SECTION 15.05  Trustee to Effectuate Subordination                       67
SECTION 15.06  Notice by the Company                                     67
SECTION 15.07  Rights of the Trustee; Holders of Senior Indebtedness     68
SECTION 15.08  Subordination May Not Be Impaired                         69
SECTION 15.09  Payment Blockage Notice                                   69

                                   ARTICLE XVI
                      EXTENSION OF INTEREST PAYMENT PERIOD

SECTION 16.01  Extension of Interest Payment Period                      70
SECTION 16.02  Notice of Extension                                       71

SIGNATURES

                                      -vi-

<PAGE>

          INDENTURE, dated as of (.), between New York Community Bancorp, Inc.,
a Delaware corporation (the "Company"), and Wilmington Trust Company, a Delaware
banking corporation, as trustee (the "Trustee").

          WHEREAS, the Company may from time to time create or establish one or
more statutory trusts for the purpose of issuing undivided beneficial interests
in the assets thereof (the "Trust Securities") and using the proceeds thereof to
acquire the Company's Debentures (as hereinafter defined).

          WHEREAS, all things necessary to make the Debentures, when duly issued
and executed by the Company and authenticated and delivered hereunder, the valid
obligations of the Company, and to make this Indenture a valid and binding
agreement of the Company, enforceable in accordance with its terms, have been
done.

          NOW THEREFORE:

          Each of the Company and the Trustee, intending to be legally bound
hereby, agrees as follows for the benefit of the other party and for the equal
and ratable benefit of the Holders (as hereinafter defined) of the securities
issued hereunder:

                                    ARTICLE I
                                   DEFINITIONS

     SECTION 1.01 Definitions. "Additional Sums" shall have the meaning set
forth in Section 2.05(d).

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

     "Allocable Amounts," when used with respect to any Senior Indebtedness,
means all amounts due or to become due on such Senior Indebtedness less, if
applicable, any amount which would have been paid to, and retained by, the
holders of such Senior Indebtedness (whether as a result of the receipt of
payments by the holders of such Senior Indebtedness from the Company or any
other obligor thereon or from any holders of, or trustee in respect of, other
indebtedness that is subordinate and junior in right of payment to such Senior
Indebtedness pursuant to any provision of such indebtedness for the payment over
of amounts received on account of such indebtedness to the holders of such
Senior Indebtedness or otherwise) but for the fact that such Senior Indebtedness
is subordinate or junior in right of payment to (or subject to a requirement
that amounts received on such Senior Indebtedness be paid over to obligees on)
trade accounts payable or accrued liabilities arising in the ordinary course of
business.

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

                                       -1-

<PAGE>

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

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

     "Board Resolution" shall mean a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee or (ii) a certificate signed by the
authorized officer or officers to whom the Board of Directors has delegated
authority to make such certifications, and in each case, delivered to the
Trustee.

     "Book-Entry Preferred Securities" shall have the meaning set forth in
Section 2.04(a)(i).

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

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

     "Common Securities" shall mean undivided beneficial interests in the assets
of a Trust which are designated as "Common Securities" and rank pari passu with
Preferred Securities issued by such Trust; provided, however, that if an Event
of Default has occurred and is continuing, no payments in respect of
distributions on, or payments upon liquidation, redemption or otherwise with
respect to, the Common Securities shall be made until the holders of the
Preferred Securities shall be paid in full the distributions and the
liquidation, redemption and other payments to which they are then entitled.

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

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

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

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

                                       -2-

<PAGE>

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

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

     "Coupon Rate" when used with respect to the Debentures of any series means
the stated rate of interest of that series.

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

     "Debentures" shall mean any of the junior subordinated deferrable interest
debentures of any series issued, authenticated and delivered under this
Indenture.

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

     "Debenture Register" shall mean (i) prior to a Dissolution Event, the list
of holders provided to the Trustee pursuant to Section 4.01, and (ii) following
a Dissolution Event, any Debenture register maintained by a Debenture registrar
for the Debentures appointed by the Company following the execution of a
supplemental indenture providing for transfer procedures as provided for in
Section 2.06(a).

     "Declaration" shall mean the Amended and Restated Declaration of Trust of a
Trust among the Company, as sponsor, Wilmington Trust Company, as Property
Trustee, the Delaware Trustee named therein and the Administrative Trustees
named therein, as the same may be amended from time to time.

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

     "Defaulted Interest" shall have the meaning set forth in Section 2.10.

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

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

     "Depositary" shall mean, with respect to the Debentures for which the
Company shall determine that such Debentures will be issued as a Global
Debenture, The Depository Trust Company, New York, New York, or another clearing
agency, or any successor registered as a clearing agency pursuant to Section 17A
of the Exchange Act or other applicable statute or regulation, which, in each
case, shall be designated by the Company pursuant to Section 2.04(d).

                                       -3-

<PAGE>

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

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

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

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

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

     "Global Debenture" shall mean, with respect to the Debentures of any
series, a Debenture of that series executed by the Company and delivered by the
Trustee to the Depositary or pursuant to the Depositary's instruction, or if no
instructions are received, then held by the Property Trustee as custodian on
behalf of the Depository, all in accordance with this Indenture, which Debenture
shall be registered in the name of the Depositary or its nominee, Cede & Co.

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

     "Indebtedness Ranking on a Parity with the Debentures" shall mean (i)
Indebtedness, whether outstanding on the date of execution of this Indenture or
thereafter created, assumed or incurred, to the extent such Indebtedness by its
terms ranks pari passu with and not prior or senior to or junior to the
Debentures (or Indebtedness on a parity with the Debentures) in the right of
payment upon the happening of the dissolution, winding-up, liquidation or
reorganization of the Company including, without limitation, all other debt
securities, and guarantees in respect of those debt securities, issued to any
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 entity")
in connection with the issuance by such financing entity of

                                       -4-

<PAGE>

equity securities or other securities guaranteed by the Company pursuant to an
instrument that ranks pari passu to the Preferred Securities Guarantee. The
securing of any Indebtedness otherwise constituting Indebtedness Ranking on a
Parity with the Debentures shall not be deemed to prevent such Indebtedness from
constituting Indebtedness Ranking on a Parity with the Debentures with respect
to any assets of the Company not securing such Indebtedness.

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

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

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

     "Interest Payment Date" when used with respect to the Debenture of any
series, means the stated maturity of any installment of interest on the
Debentures of that series.

     "Interest Payment Date" when used with respect to the Debentures of any
series, means the stated maturity of any installment of interest on the
Debentures of that series.

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

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

     "Investment Company Event" shall mean the receipt by the Company and the
Trust of an opinion of independent securities counsel experienced in such
matters to the effect that as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws or any regulations
thereunder of the United States or any rules, guidelines or policies of any
applicable regulatory authority for the Company or (b) any official
administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which
pronouncement or decision is announced on or after the date of original issuance
of the Debentures, the Trust is, or within 90 days of the date of such opinion
will be, considered an investment company that is required to be registered
under the Investment Company Act.

     "Issue Date," with respect to Debentures, of any series, means the date on
which the Debentures of such series are originally issued.

     "Like Amount" shall mean Debentures having a principal amount equal to the
liquidation amount of the Trust Securities of the holder to whom Debentures are
distributed pursuant to Section 2.04.

                                       -5-

<PAGE>

     "Non Book-Entry Preferred Securities" shall have the meaning set forth in
Section 2.04 (a)(ii).

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

     "Officers' Certificate" means a certificate signed by any two of the
Chairman, a Vice Chairman, the Chief Executive Officer, the Chief Financial
Officer, the President, the Treasurer, the Chief Accounting Officer, a Vice
President, the Secretary and an Assistant Secretary of the Company, that
complies with the requirements of Section 13.06 and is delivered to the Trustee.

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

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

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

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

          (b) Debentures, or portions thereof, for the payment or prepayment 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 Debentures, or portions thereof, are
to be prepaid prior to maturity thereof, notice of such prepayment shall have
been given as set forth in Article XIV or provision satisfactory to the Trustee
shall have been made for giving such notice;

          (c) Debentures in lieu of or in substitution for which other
Debentures shall have been authenticated and delivered pursuant to the terms of
Section 2.07 unless proof satisfactory to the Company and the Trustee is
presented that any such Debentures are held by bona fide holders in due course
and;

          (d) Debentures held by the Company, the Trust or any Affiliate
thereof.

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

                                       -6-

<PAGE>

     "Predecessor Debenture" of any particular Debenture shall mean every
previous Debenture evidencing all or a portion of the same debt as that
evidenced by such particular Debenture; and, for the purposes of this
definition, any Debenture authenticated and delivered under Section 2.07 in lieu
of a lost, destroyed or stolen Debenture shall be deemed to evidence the same
debt as the lost, destroyed or stolen Debenture.

     "Preferred Securities" shall mean undivided beneficial interests in the
assets of a Trust which are designated as "Preferred Securities" and rank pari
passu with the Common Securities issued by a Trust; provided, however, that if
an Event of Default has occurred and is continuing, no payments in respect of
distributions on, or payments upon liquidation, redemption or otherwise with
respect to, the Common Securities shall be made until the holders of the
Preferred Securities shall be paid in full the distributions and the
liquidation, redemption and other payments to which they are entitled.

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

     "Prepayment Date" with respect to the Debentures of any series to be
prepaid, means the date specified for prepayment thereof in accordance with the
terms thereof and pursuant to Article XIV.

     "Prepayment Price" with respect to the Debentures of any series to be
prepaid, means the price at which such Debentures are to be prepaid in
accordance with the terms thereof and pursuant to Article XIV of this Indenture.

     "Record Date," with respect to any series of the Debentures, means the
Regular Record Date, the Special Record Date or any date set to determine the
Holders of Debentures of such series entitled to vote, consent, make a request
or exercise any other right associated with such Debentures.

     "Regular Record Date," with respect to an Interest Payment Date for the
Debentures of a series, means the date specified for such Debentures for the
determination of Holders entitled to receive the payment of interest on such
Interest Payment Date.

     "Regulatory Capital Event" shall mean the receipt by the Company and the
applicable Trust of an opinion of independent bank regulatory counsel
experienced in such matters to the effect that as a result of (a) any amendment
to, or change (including any announced prospective change) in, the laws (or any
regulations thereunder) of the United States or any rules, guidelines or
policies of an applicable regulatory authority for the Company or (b) any
official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or
which pronouncement or decision is announced on or after the date of original
issuance of the Debentures, the Preferred Securities do not constitute, or
within 90 days of the date of such opinion will not constitute, Tier 1 Capital
(or

                                       -7-

<PAGE>

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

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

     "Securities Act" shall have the meaning set forth in Section 1.02.

     "Security Exchange," when used with respect to the Debentures of any series
which are held as assets of a Trust pursuant to the Declaration of such Trust,
means the distribution of the Debentures of such series by such Trust to the
holders of the Trust Securities of such Trust in exchange for such Trust
Securities upon certain events described in the applicable Declaration of such
Trust.

     "Senior Indebtedness" means:

(a)  except as otherwise provided in paragraph (b) below, the principal of,
     premium, if any, and interest (including all interest accruing subsequent
     to the commencement of any bankruptcy or similar proceeding, whether or not
     a claim for post-petition interest is allowable as a claim in any such
     proceeding) on:

          (1) all indebtedness, obligations and other liabilities (contingent or
     otherwise) of the Company for borrowed money (including obligations of the
     Company in respect of overdrafts, foreign exchange contracts, currency
     exchange agreements, interest rate protection agreements, and any loans or
     advances from banks, whether or not evidenced by notes or similar
     instruments) or evidenced by bonds, debentures, notes or other instruments
     for the payment of money, or indebtedness incurred in connection with the
     acquisition of any properties or assets (whether or not the recourse of the
     lender is to the whole of the assets of the Company or to only a portion
     thereof), other than any account payable or other accrued current liability
     or obligation to trade creditors incurred in the ordinary course of
     business;

          (2) all obligations and liabilities (contingent or otherwise) in
     respect of leases of the Company required or permitted, in conformity with
     generally accepted accounting principles, to be accounted for as
     capitalized lease obligations on the balance sheet of the Company;

          (3) all direct or indirect guaranties or similar agreements by the
     Company in respect of, and obligations or liabilities (contingent or
     otherwise) of the Company to

                                       -8-

<PAGE>

     purchase or otherwise acquire or otherwise assure a creditor against loss
     in respect of, indebtedness, obligations or liabilities of another Person
     of the kind described in clauses (1) and (2);

          (4) any and all amendments, renewals, extensions and refundings of any
     indebtedness, obligation or liability of the kind described in clauses (1)
     through (3).

(b)  Not withstanding paragraph (a) above, Senior Indebtedness does not include:

          (1) any indebtedness in which the instrument or instruments evidencing
     or securing the same or pursuant to which the same is outstanding, or in
     any amendment, renewal, extension or refunding of such instrument or
     instruments, it is expressly provided that such indebtedness shall not be
     senior in right of payment to the Debentures (or Indebtedness on a parity
     with the Debentures) or expressly provides that such Indebtedness is pari
     passu or junior to the Debentures;

          (2) trade accounts payable in the ordinary course of business; and

          (3) any series of subordinated debt securities, and guarantees in
     connection with those debt securities, whether currently outstanding or
     created, assumed or incurred at a later date, initially issued to any trust
     or a trustee of such trust, partnerships or other entities affiliated with
     the Company in connection with an issuance of securities similar to the
     Preferred Securities.

     A "series" of Debentures means all Debentures denoted as part of the same
series authorized by or pursuant to a particular Board Resolution or a
supplemental indenture.

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

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

     "Special Record Date" for the payment of any Defaulted Interest on the
Debentures of any series means the date determined pursuant to Section 2.10.

     "Stated Maturity Date," with respect to the Debentures of any series, means
the date specified for such Debentures as the date on which the principal of
such Debentures is due and payable.

     "Subsidiary" shall mean with respect to any Person: (i) any Company at
least a majority of the outstanding voting stock of which is owned, directly or
indirectly, by such Person or by one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries; (ii) any general partnership, joint
venture, limited liability company or similar entity, at least a majority

                                       -9-

<PAGE>

of whose outstanding partnership, membership or similar interests shall at the
time be owned by such Person or by one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries; and (iii) any limited partnership of
which such Person or any of its Subsidiaries is a general partner. For the
purposes of this definition, "voting stock" means shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of
the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

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

     "Trust" shall mean any statutory trust created to issue Trust Securities
and to use the proceeds from the sale thereof to purchase Debentures.

     "Trust Indenture Act" shall have the meaning set forth in Section 1.02.

     "Trust Securities" shall mean, collectively, the Preferred Securities and
the Common Securities of a Trust.

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

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

                                      -10-

<PAGE>

deduction with respect to the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of interest on or principal of the
U.S. Government Obligation evidenced by such depository receipt.

     The following terms have the meanings given to them in the Declaration: (i)
Clearing Agency; (ii) Delaware Trustee; (iii) Property Trustee; (iv)
Administrative Trustees; and (v) Distributions.

     SECTION 1.02 Rules of Construction.

     The terms defined in Section 1.01 (except as herein otherwise expressly
provided or unless the context otherwise requires) for all purposes of this
Indenture shall have the respective meanings specified in 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. Headings are
used for convenience of reference only and do not affect interpretation. The
singular includes the plural and vice versa.

     To the extent any provision in an indenture supplement hereto shall
conflict with a provision contained herein, the provision in such supplemental
indenture shall supercede such provision contained herein.

                                   ARTICLE II
                                   DEBENTURES

     SECTION 2.01 Forms Generally. The aggregate principal amount of Debentures
which may be authenticated and delivered under this Indenture is unlimited.

     The Debentures may be issued in one or more series in an amount not to
exceed the aggregate principal amount of Debentures of that series from time to
time authorized by or pursuant to a Board Resolution or pursuant to one or more
indentures supplemental hereto.

     With respect to any Debentures of each series to be authenticated and
delivered hereunder, there shall be established in or pursuant to a Board
Resolution and set forth in an Officers' Certificate, or established in one or
more indentures supplemental hereto:

                                      -11-

<PAGE>

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

     (b) the aggregate principal amount of the Debentures of that series which
may be authenticated and delivered under this Indenture (except for Debentures
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Debentures of that series) and any limit thereon;

     (c) Stated Maturity Date or Dates, which may be serial and the Company's
option, if any, to change the Stated Maturity Date or Dates;

     (d) the rate or rates (which may be fixed or variable) at which the
Debentures of the series shall bear interest or the manner of calculation of
such rate or rates, if any (including the adjustment that would occur upon any
remarketing of Trust Securities);

     (e) the percentage of principal amount at which the Debentures shall be
issued;

     (f) the basis upon which interest shall be computed if other than a 360-day
year composed of twelve 30-day months;

     (g) the date or dates from which such interest shall accrue, the Dates on
which such interest will be payable or the manner of determination and frequency
of such Dates and the Regular Record Dates therefor;

     (h) the right, if any, to extend the periods and the duration of any such
Extended Period, including the maximum consecutive period during which periods
may be extended;

     (i) Issue Date or Dates;

     (j) authorized denominations;

     (k) the place or places for the payment of principal and premium, if any,
and interest;

     (l) the date or dates on which or the period or periods within which, the
price or prices at which, and the terms and conditions upon which, Debentures of
the series may be redeemed, in whole or in part, at the option of the Company;

     (m) the obligation, if any, of the Company to redeem or purchase Debentures
of the series pursuant to any sinking fund or analogous provisions (including
payments made in cash in anticipation of future sinking fund obligations) or at
the option of a Holder and the date or dates on which or the period or periods
within which, the price or prices at which, and the terms and conditions upon
which, Debentures of the series shall be redeemed or purchased, in whole or in
part, pursuant to such obligation;

     (n) the form of the Debentures of the series, including the form of the
Certificate of Authentication for such series;

     (o) the right or obligation of any Holder or the Company or the applicable
Trust to convert or exchange any Debenture into other securities of the Company
or such Trust and the terms and conditions of any such conversion or exchange
and, if so provided, the terms and conditions upon which such conversion or
exchange will be effected, including, the conversion or exchange price, the
conversion or exchange date(s) or period(s), provisions as to whether

                                      -12-

<PAGE>

conversion or exchange will be at the option of the Holder or the Company or
such Trust, the events requiring adjustment of the conversion or exchange price
and provisions affecting conversion or exchange in the event of redemption of
the Debenture of any series and any deletions from or modifications or additions
to this Indenture to permit or to facilitate the issuance of such convertible or
exchangeable Debentures or the administration thereof;

     (p) whether the Debentures are issuable as a Global Debenture and, in such
case, the identity of the Depositary for such series;

     (q) if other than denominations of one thousand U.S. dollars ($1,000) or
any integral multiple thereof, the denominations in which the Debentures shall
be issuable;

     (r) the terms and conditions, if any, pursuant to which the Debentures of a
series are secured;

     (s) any and all other terms with respect to such series (which terms shall
not be inconsistent with the terms of this Indenture); and

     (t) the name of the applicable Trust (which shall distinguish such
statutory trust from all other Trusts) to which the Debentures of such series
are to be deposited as assets and the date of its Declaration of Trust.

          The Debentures of any series and the Trustee's Certificate of
Authentication to be borne by such Debentures shall be substantially as is set
forth in one or more indentures supplemental hereto, or as provided in a Board
Resolution and as set forth in an Officers' Certificate, and may have such
letters, numbers or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the Company
may deem appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which Debentures of that series may be listed, or to conform to
usage.

          All Debentures of any one series shall be substantially identical
except as may otherwise be provided by the Company in or pursuant to the Board
Resolution and set forth in the Officers' Certificate, or in any indenture or
indentures supplemental hereto, pertaining to such series of Debentures. The
terms of the Debentures of any series may provide, without limitation, that the
Debentures shall be authenticated and delivered by the Trustee on original issue
from time to time upon telephonic or written order of persons designated in the
Officers' Certificate or supplemental indenture (telephonic instructions to be
promptly confirmed in writing by such person) and that such persons are
authorized to determine, consistent with such Officers' Certificate or any
applicable supplemental indenture, such terms and conditions of the Debentures
of such series as are specified in such Officers' Certificate or supplemental
indenture. All Debentures of any one series need not be issued at the same time
and, unless otherwise so provided by the Company, a series may be reopened for
issuances of additional Debentures of such series or to establish additional
terms of such series of Debentures.

          If any of the terms of the Debentures of any series shall be
established by action taken by or pursuant to a Board Resolution, the Board
Resolution shall be delivered to the

                                      -13-

<PAGE>

Trustee at or prior to the delivery of the Officers' Certificate setting forth
the terms of such series.

     SECTION 2.02 Execution and Authentication.

     (a) The Debentures shall be executed on behalf of the Company by at least
one of the Chief Executive Officer, the Chief Financial Officer, the President
or a Vice President. The signature of any such Officer on the Debentures may be
manual or facsimile.

     (b) Debentures bearing the manual or facsimile signature of an individual
who was at any time a proper Officer of the Company shall bind the Company,
notwithstanding that any such individual shall have ceased to hold such office
prior to the authentication and delivery of such Debentures or did not hold such
office at the date of such Debentures.

     (c) No Debenture shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose unless there appears on such Debenture a
Certificate of Authentication duly executed by the Trustee by manual signature
of an authorized signatory of the Trustee, and such Certificate of
Authentication upon any Debenture shall be conclusive evidence, and the only
evidence, that such Debenture has been duly authenticated and made available for
delivery hereunder.

     (d) The Trustee shall be authorized to and shall authenticate and deliver
Debentures of a series, for original issue, at one time or from time to time in
accordance with the Company Order referred to below, upon receipt by the Trustee
of:

        (i)    a Board Resolution as required by Section 2.01;

        (ii)   a Company Order requesting the authentication and delivery of
               such Debentures and stating the identity of the applicable Trust
               and the aggregate liquidation amount of the Trust Securities to
               be issued by such Trust concurrently with such Debentures;

        (iii)  an Officers' Certificate or, unless previously delivered, a
               supplemental indenture hereto setting forth the form of such
               Debentures and, except as set forth in a Board Resolution,
               establishing the terms thereof;

        (iv)   such Debentures, executed on behalf of the Company in accordance
               with clause (a) of this Section; and

        (v)    an Opinion of Counsel that complies with the provisions of
               Section 13.06.

     (e) The Trustee shall act as the initial authenticating agent. Thereafter,
the Trustee may appoint an authenticating agent. Each authenticating agent shall
be acceptable to the Company and, except as provided in or pursuant to this
Indenture, shall at all times be a corporation that would be permitted by the
Trust Indenture Act to act as trustee under an indenture qualified under the
Trust Indenture Act, is authorized under applicable law and by its charter to
act as an authenticating agent and has a combined capital and surplus (computed
in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least
$50,000,000. 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 specified in this Section.

                                      -14-

<PAGE>

An authenticating agent may authenticate Debentures whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes
authentication by an authenticating agent. The Trustee shall pay any
authenticating agent appointed by the Trustee reasonable compensation for its
services and the Trustee shall be reimbursed for such payment by the Company
pursuant to Section 6.06. The provisions set forth in Sections 6.02, 6.03 and
6.06 shall be applicable to any authenticating agent.

     (f) If all the Debentures of any series are not to be issued at one time,
it shall not be necessary to deliver an Opinion of Counsel and an Officers'
Certificate at the time of issuance of each Debenture, but such opinion and
certificate, with appropriate modifications, shall be delivered at or before the
time of issuance of the first Debenture of such series. After any such first
delivery, any separate request by the Company that the Trustee authenticate
Debentures of such series for original issue will be deemed to be a
certification by the Company that all conditions precedent provided for in this
Indenture relating to authentication and delivery of such Debentures continue to
have been complied with.

     SECTION 2.03 Form and Payment.

     Except as provided in Section 2.04, the Debentures shall be issued in fully
registered certificated form without interest coupons. Principal of and interest
on the Debentures issued in certificated form will be payable, the transfer of
such Debentures will be registerable and such Debentures will be exchangeable
for Debentures bearing identical terms and provisions, at the office or agency
of the Company maintained for such purpose under Section 3.02; provided,
however, that payments of interest may be made at the option of the Company: (i)
by check mailed to the holder at such address as shall appear in the Debenture
Register; or (ii) by transfer to an account maintained by the Person entitled
thereto, provided that proper transfer instructions have been received in
writing by the relevant record date. Notwithstanding the foregoing, so long as
the holder of any Debentures is the Property Trustee, the payment of the
principal of and interest (including Compounded Interest and Additional Sums, if
any) on such Debentures held by the Property Trustee will be made at such place
and to such account as may be designated by the Property Trustee.

     SECTION 2.04 Global Debenture.

     (a) In connection with a Dissolution Event:

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

                                      -15-

<PAGE>

authentication and delivery in accordance with this Indenture; and payments on
the Debentures issued as a Global Debenture will be made to the Depositary; and

          (ii) if any Preferred Securities are held in certificated form, the
related Definitive Debentures may be presented to the Trustee, by the Property
Trustee and any Preferred Security certificates which represent Preferred
Securities other than Book-Entry Preferred Securities ("Non Book-Entry Preferred
Securities") will be deemed to represent beneficial interests in Debentures
presented to the Trustee by the Property 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
Debenture registrar for the Debentures for transfer or reissuance, at which time
such Preferred Security certificates will be canceled, and a Debenture in a Like
Amount, 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, will be executed by the Company and delivered
to the Trustee for authentication and delivery in accordance with this
Indenture; and upon the issuance of such Debentures, Preferred Security
certificates with an equivalent aggregate principal amount that were presented
by the Property Trustee to the Trustee will be canceled.

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

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

     (d) If at any time the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary or the Depositary has ceased to be a
clearing agency registered under the Exchange Act, and, in each case, a
successor Depositary is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such condition, as the case may
be, the Company will execute, and the Trustee, upon receipt of a Company Order,
will authenticate and make available for delivery the Definitive Debentures, in
authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Debenture, in exchange for such Global Debenture.
If there is a Default or an Event of Default, the Depositary shall have the
right to exchange the Global Debentures for Definitive Debentures. In addition,
the Company may at any time determine that the Debentures of a series shall no
longer be represented by a Global Debenture. In the event of such an Event of
Default or such a determination, the Company shall execute, and subject to
Section 2.06, the Trustee, upon receipt of an Officers' Certificate evidencing
such determination by the Company and a Company Order, will authenticate and
make available for delivery the Definitive Debentures, in authorized

                                      -16-

<PAGE>

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 Definitive Debentures, in authorized
denominations, the Global Debenture shall be canceled by the Trustee. Such
Definitive Debentures issued in exchange for the Global Debenture shall be
registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee. The Trustee shall deliver such Definitive Debentures
to the Depositary for delivery to the Persons in whose names such Definitive
Debentures are so registered.

     SECTION 2.05 Payment of Principal and Interest.

     Unless otherwise provided with respect to a series of Debentures;

     (a) the principal and Prepayment Price or Special Event Prepayment Price of
and interest on each Debenture shall be payable in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts;

     (b) the principal and Prepayment Price or Special Event Prepayment Price of
any Debenture and interest payable on the Stated Maturity Date (if other than an
Interest Payment Date) or Prepayment Date shall be payable upon surrender of
such Debenture at the office or agency of any paying agent therefor; and

     (c) interest on any Debenture shall be paid on each Interest Payment Date
therefor to the Holder thereof at the close of business on the Record Date
therefor, such interest to be payable by check mailed to the address of the
Person entitled thereto as such address appears on the Debenture register;
provided, however, that payments made in respect of Global Debentures shall be
made in immediately available funds to the Depositary;

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

     (e) Subject to the foregoing provisions of this Section, each Debenture
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Debenture shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Debenture.

     SECTION 2.06 Transfer.

     (a) General Provisions Relating to Transfers. To permit registrations of
transfers, the Company shall execute and the Trustee shall authenticate
Definitive Debentures and Global Debentures at the request of the Debenture
registrar for the Debentures. All Definitive Debentures and Global Debentures
issued upon any registration of transfer or exchange of

                                      -17-

<PAGE>

Definitive Debentures or Global Debentures shall be the valid obligations of the
Company, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Definitive Debentures or Global Debentures surrendered upon
such registration of transfer or exchange.

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

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

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

     SECTION 2.07 Replacement Debentures.

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

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

     SECTION 2.08 Temporary Debentures.

     Pending the preparation of Definitive Debentures, the Company may execute,
and upon receipt of a Company Order the Trustee shall authenticate and make
available for delivery, temporary Debentures that are printed, lithographed,
typewritten, mimeographed or otherwise reproduced, in any authorized
denomination, substantially of the tenor of the Definitive Debentures in lieu of
which they are issued and with such appropriate insertions, omissions,

                                      -18-

<PAGE>

substitutions and other variations as the Officers executing such Debentures may
determine, as conclusively evidenced by their execution of such Debentures.

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

     SECTION 2.09 Cancellation.

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

     SECTION 2.10 Defaulted Interest.

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

     (a) The Company may make payment of any Defaulted Interest on Debentures to
the Persons in whose names such Debentures (or their respective Predecessor
Debentures) are registered at the close of business on the 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 Debenture 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 the 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

                                      -19-

<PAGE>

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 Debentureholder at
his or her address as it appears in the Debenture Register, not less than 10
days prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
such Debentures (or their respective Predecessor Debentures) 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
Debentures in any other lawful manner not inconsistent with the requirements of
any Debentures exchange on which such Debentures may be listed, and upon such
notice as may be required by such exchange, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Trustee.

     SECTION 2.11 CUSIP Numbers.

     The Company in issuing the Debentures may use "CUSIP" numbers (if then
generally in use), and, if so, the Trustee shall use "CUSIP" numbers in notices
of prepayment as a convenience to Debentureholders; provided, however, that any
such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Debentures or as contained in any notice
of a prepayment and that reliance may be placed only on the other identification
numbers printed on the Debentures, and any such prepayment 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 and Interest.

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

     SECTION 3.02 Offices for Notices and Payments, etc.

     So long as any of the Debentures remain outstanding, the Company will
maintain in Wilmington, Delaware an office or agency where the Debentures may be
presented for payment,

                                      -20-

<PAGE>

an office or agency where the Debentures may be presented for registration of
transfer as in this Indenture provided and an office or agency where notices and
demands to or upon the Company in respect of the Debentures or 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, any such office or agency for all of the above purposes shall be the
Corporate Trust Office of the Trustee. In case the Company shall fail to
maintain any such office or agency in Wilmington, Delaware or shall fail to give
such notice of the location or of any change in the location thereof,
presentations and demands may be made and notices may be served at the Corporate
Trust 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 Wilmington, Delaware
where the Debentures may be presented for payment, for registration of transfer
and where notices and demands to or upon the Company in respect of the
Debentures or this Indenture may be served 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 Wilmington, Delaware for the
purposes above 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 Office of Trustee.

     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 Debentures, 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 provisions of this Section 3.04,

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

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

                                      -21-

<PAGE>

     (b) If the Company shall act as its own paying agent, it will, on or before
each due date of the principal of or interest on the Debentures, set aside,
segregate and hold in trust for the benefit of the holders of the Debentures a
sum sufficient to pay such principal 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 Debentures) to make any payment of the
principal of or interest on the Debentures 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 the Debentures hereunder, or for any other reason, pay
or cause to be paid to the Trustee all sums payable with respect to the
Debentures, 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.

     The Company will deliver to the Trustee on or before 120 days after the end
of each fiscal year of the Company, commencing with the first fiscal year ending
after the date hereof, so long as Debentures are outstanding hereunder, an
Officers' Certificate, one of the signers of which shall be the principal
executive, principal financial or principal accounting officer of the Company,
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, the nature thereof and the action,
if any, the Company intends to undertake as a result of such Default.

     SECTION 3.06 Compliance with Consolidation Provisions.

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

     SECTION 3.07 Limitation on Dividends.

     The Company will not: (i) declare or pay any dividends or distributions on,
or redeem, purchase, acquire, or make a liquidation payment with respect to, any
of the Company's capital stock; (ii) make any payment of principal of or
interest on, or repay, repurchase or redeem any debt securities of the Company
that rank pari passu with or junior in right of payment to the Debentures; or
(iii) make any guarantee payments with respect to any guarantee by the Company
of the debt securities of any Subsidiary of the Company (including Other
Guarantees) if such guarantee ranks pari passu with or junior in right of
payment to the Debentures (other than (a) dividends or distributions in shares
of, or options, warrants or rights to subscribe for or purchase

                                      -22-

<PAGE>

shares of, Common Stock, (b) any declaration of a dividend in connection with
the implementation of a stockholders' rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (c) payments under a Preferred Securities Guarantee, as
defined in the Indenture, (d) 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, (e) 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 and (f) purchases of Common
Stock related to the issuance of Common Stock or rights under any of the
Company's benefit or compensation plans for its directors, officers or employees
or any of the Company's dividend reinvestment plans), if at such time (1) there
shall have occurred any event of which the Company has actual knowledge that (a)
is a Default or an Event of Default and (b) in respect of which the Company
shall not have taken reasonable steps to cure, (2) such Debentures are held by
the Property Trustee of a Trust and the Company shall be in default with respect
to its payment of any obligations under a Preferred Securities Guarantee or (3)
the Company shall have given notice of its election to exercise its right to
commence an Extended Period and shall not have rescinded such notice, and such
Extended Period or any extension thereof shall have commenced and be continuing.

     SECTION 3.08 Ownership of Common Securities.

     In the event Debentures are issued to a Trust or a trustee of such Trust in
connection with the issuance of Trust Securities by such Trust, for so long as
such Trust Securities remain outstanding, the Company: (i) will maintain 100%
direct or indirect ownership of the Common Securities of such Trust; provided,
however, that any successor of the Company, permitted pursuant to Article X, may
succeed to the Company's ownership of such Common Securities; (ii) will use
commercially reasonable efforts to cause such Trust (a) to remain a statutory
trust, except in connection with a distribution of Debentures to the holders of
Trust Securities in liquidation of such Trust, the redemption of all of the
Trust Securities of such Trust, or certain mergers, consolidations or
amalgamations, each as permitted by the Declaration, and (b) to otherwise
continue to be classified as a grantor trust and not an association taxable as a
Company for United States federal income tax purposes; (iii) will use
commercially reasonable efforts to cause each holder of such Trust's Trust
Securities to be treated as owning an undivided beneficial interest in the
Debentures; and (iv) will not cause, as sponsor of such Trust, or permit, as
holder of the Common Securities, the dissolution, winding-up or liquidation of
such Trust, except as provided in the Declaration.

     SECTION 3.09 Payment of Expenses.

     In connection with the offering, sale and issuance of any series of
Debentures to a Trust and in connection with the sale of the Trust Securities by
such Trust, the Company, in its capacity as borrower with respect to the
Debentures, shall:

                                      -23-

<PAGE>

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

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

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

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

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

     SECTION 3.10 Payment Upon Resignation or Removal.

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

                                   ARTICLE IV
                   LIST OF DEBENTUREHOLDERS AND REPORTS BY THE
                             COMPANY AND THE TRUSTEE

     SECTION 4.01 List of Debentureholders.

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

                                      -24-

<PAGE>

     (a) on a semi-annual basis on each regular record date for each series of
Debentures issued under this Indenture, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Debentureholders of each
such series as of such record date; 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 the Debentures.

     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 Debentures issued under this Indenture (i) contained in the most
recent list furnished to it as provided in Section 4.01; or (ii) received by it
in the capacity of security registrar (if so acting) hereunder. The 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 Debenture (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 Debenture for a period of
at least six months preceding the date of such application, and such application
states that the applicants desire to communicate with other holders of
Debentures or with holders of all Debentures with respect to their rights under
this Indenture and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit, then the Trustee shall,
within five Business Days after the receipt of such application, at its
election, either:

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

          (2) inform such applicants as to the approximate number of holders of
all Debentures 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
Debentureholders 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 Debentureholder 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
five Business Days after such tender, the Trustee shall mail to such applicants
and file with the Commission, together with a copy of the material

                                      -25-

<PAGE>

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
Debentures 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 Debentureholders 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) The Trustee, if it is acting in the capacity of security registrar
hereunder, shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Debentureholders.
If the Trustee is not acting in the capacity of security registrar hereunder,
the Company shall cause to be furnished to the Trustee on or before the Record
Date for each Interest Payment Date and at such other times as the Trustee may
request in writing, within five Business Days of such request, a list, in such
form as the Trustee may reasonably require of the names and addresses of
Debentureholders.

     (d) Each and every holder of Debentures, 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 Debentures
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 the Company.

     (a) The Company covenants and agrees to file with the Trustee, within 15
days after the date on which 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 said
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
provide to the Trustee, such of the supplementary and periodic information,
documents and reports which would have been required pursuant to Section 13 of
the Exchange Act in respect of a security listed and registered on a national
securities exchange as may be prescribed from time to time in such rules and
regulations. The Company also covenants and agrees to comply with the provisions
of Section 314(a) of the Trust Indenture Act.

     (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 said Commission,

                                      -26-

<PAGE>

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
Debentures, as the names and addresses of such holders appear upon the Debenture
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) 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 Debentureholders 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 60 days after the date hereof, and no later than the anniversary
date hereof in each succeeding year, deliver to Debentureholders a brief report,
dated as of each such date which complies with the provisions of such Section
313(a).

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

                                      -27-

<PAGE>

                                    ARTICLE V
                           REMEDIES OF THE TRUSTEE AND
                     DEBENTUREHOLDERS UPON EVENT OF DEFAULT

     SECTION 5.01 Events of Default.

     One or more of the following events of default with respect to Debentures
of any series shall constitute an Event of Default hereunder with respect to
such series (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, with respect to Debentures of
such series, such event is specifically deleted or modified by or pursuant to a
supplemental indenture, Board Resolution or Officer's Certificate establishing
the terms of such series pursuant to this Indenture:

     (a) default in the payment of any interest (including Compounded Interest
and Additional Sums, if any) on any Debentures of that series when due, and
continuance of such default for a period of 30 days; provided, however, that a
valid extension of an interest payment period by the Company in accordance with
the terms of any particular series of Debentures established as contemplated in
this Indenture shall not constitute a default in the payment of interest with
respect to Debentures of that series for this purpose; or

     (b) default in the payment of any principal of or premium, if any, on any
Debentures of that series when due, whether at maturity, upon prepayment, by
declaration of acceleration of maturity or otherwise; or

     (c) default in the performance, or breach, of any covenant or warranty of
the Company in this Indenture with respect to the Debentures of that series
(other than a covenant or warranty a default in whose performance or whose
breach is elsewhere in this Section specifically dealt with), and continuance of
such default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the holders of at least 25% in aggregate principal amount of
the outstanding Debentures of that series 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 or for any substantial part of
its property, or ordering the winding-up or liquidation of its affairs and such
decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

     (e) the 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

                                      -28-

<PAGE>

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.

     If an Event of Default with respect to Debentures of any series other than
an Event of Default under clauses (d) or (e) of Section 5.01 occurs and is
continuing, then in every such case the Trustee or the holders of not less than
25% in aggregate principal amount of the Debentures of such series then
outstanding may declare the principal amount of all Debentures of such series to
be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by the holders of the outstanding Debentures), and upon any
such declaration the same shall become immediately due and payable; provided
that in the case of a series of Debentures then held by a Trust, if upon an
Event of Default with respect to the Debentures of that series the Trustee has,
or the Holders of at least 25% in aggregate principal amount of the Debentures
of that series then outstanding have, failed to declare the principal of, and
any accrued interest on, the Debentures of that series to be immediately due and
payable, the holders of at least 25% in aggregate liquidation amount of the
outstanding Preferred Securities of that Trust shall have the right to declare
the principal of, and any accrued interest on, the Debentures of that series to
be immediately due and payable by delivering a notice in writing to the Company
and the Trustee. If an Event of Default specified in clause (d) or (e) of
Section 5.01 occurs, the principal of, and any accrued interest on, all the
Debentures shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Debentureholders.

     The foregoing provisions, however, are subject to the condition that if, at
any time after the principal of the Debentures of any series shall have been so
declared due and payable, and before any judgment or decree for the payment of
the moneys due shall have been obtained or entered as hereinafter provided, (i)
the Company shall pay or shall deposit with the Trustee a sum sufficient to pay
(A) all matured installments of interest (including Compounded Interest and
Additional Sums, if any) on all the Debentures of that series and the principal
of and premium, if any, on all Debentures of that series which shall have become
due otherwise than by acceleration (with interest upon such principal, 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 Debentures of that series to the date of such payment or
deposit) and (B) such amount as shall be sufficient to cover compensation due to
the Trustee and each predecessor Trustee, their respective agents, attorneys and
counsel, pursuant to Section 6.06, and (ii) any and all Events of Default under
the Indenture, other than the non-payment of the principal of the Debentures of
that series which shall have become due solely by such declaration of
acceleration, shall have been cured, waived or otherwise remedied as provided
herein, then, in every such case, the holders of a majority in aggregate
principal amount of the Debentures of that series then outstanding (subject to,
in the case of any series of Debentures held as assets of a Trust and with
respect to which a Security Exchange has not theretofore occurred, such consent
of the holders of the Preferred Securities and the Common Securities of such
Trust as may be required under the Declaration of such Trust), by written notice
to the Company and to the Trustee, may rescind and annul such declaration and
its consequences, but no such waiver or

                                      -29-

<PAGE>

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 Debentures of that series 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
Debentures of that series shall continue as though no such proceeding had been
taken.

     SECTION 5.02 Payment of Securities on Default; Suit Therefor.

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

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

     In case there shall be pending proceedings for the bankruptcy or for the
reorganization of the Company or any other obligor on the Debentures of a series
under Title 11, United States Code, or any other applicable law, or in case a
receiver or trustee shall have been appointed for the property of the Company or
such other obligor of a series or in the case of any other similar

                                      -30-

<PAGE>

judicial proceedings relative to the Company or other obligor of a series upon
the Debentures of that series, or to the creditors or property of the Company or
such other obligor, the Trustee, irrespective of whether the principal of the
Debentures of that 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 Debentures of that series and, in case of any
judicial proceedings, to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for amounts due to the Trustee pursuant to Section 6.06)
and of the Debentureholders of that series allowed in such judicial proceedings
relative to the Company or any other obligor on the Debentures of that 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 Debentures of that 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 Debentureholders of that
series 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 Debentureholders of
that series, to pay to the Trustee such amounts as shall be sufficient to cover
reasonable compensation to, and expenses of, the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other
amounts due to the Trustee pursuant to Section 6.06.

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

     All rights of action and of asserting claims under this Indenture, or under
any of the Debentures of a series, may be enforced by the Trustee without the
possession of any of the Debentures of that series, 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, subject to the terms of this
Indenture, be for the ratable benefit of the holders of the Debentures of that
series.

     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 Debentures, and it shall not be necessary to make any holders of
the Debentures parties to any such proceedings.

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<PAGE>

     SECTION 5.03 Application of Moneys Collected by Trustee.

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

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

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

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

     Fourth: To the Company.

     SECTION 5.04 Proceedings by Debentureholders.

     No holder of any Debenture of a 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
Debentures of that 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 Debentures of that series or (so long as the Debentures
of that series are held by a Trust) the holders of at least 25% in aggregate
liquidation amount of the Preferred Securities of the applicable Trust 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 such reasonable indemnity 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 Debenture of that series with every other taker and holder and
the Trustee, that no one or more holders of Debentures of that series shall have
any right in any manner whatever by virtue of or by availing itself of any
provision of this Indenture to affect, disturb or prejudice the rights of any
other holder of Debentures of that series, 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 Debentures of that series.

                                      -32-

<PAGE>

     Notwithstanding any other provisions in this Indenture, however, the right
of any holder of any Debenture of a series to receive payment of the principal
of and interest on (including Compounded Interest and Additional Sums, if any)
on such Debenture, 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 Debenture of
that series hereunder it is expressly understood, intended and covenanted by the
taker and holder of every Debenture of that series with every other such taker
and holder and the Trustee, that no one or more holders of Debentures of that
series shall have any right in any manner whatsoever by virtue or by availing
itself of any provision of this Indenture to affect, disturb or prejudice the
rights of the holders of any other Debentures of that series, 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 Debentures of that
series. For the protection and enforcement of the provisions of this Section,
each and every Debentureholder and the Trustee shall be entitled to such relief
as can be given either at law or in equity.

     If an Event of Default has occurred and is continuing and is attributable
to the failure of the Company to pay the principal of or premium, if any, or
interest on the Debentures of a series on the due date therefor and an event of
default has occurred and is continuing under the applicable Declaration, a
holder of the related Preferred Securities, in lieu of any action that may
otherwise be taken hereunder as a Holder of Debentures of a series, may
institute a legal proceeding directly against the Company for enforcement of
payment to such holder of the principal of or premium, if any, or interest on
such Debentures having a principal amount equal to the liquidation amount of the
Preferred Securities held by such holder or for enforcement of such conversion
or exchange rights, as the case may be (a "Direct Action"). Notwithstanding
anything contained herein to the contrary, the Company may not amend this
Indenture to remove the foregoing right to bring a Direct Action without the
prior written consent of the holders of all of the Preferred Securities of a
Trust outstanding. Notwithstanding any payments made to a holder of Preferred
Securities by the Company in connection with a Direct Action, the Company shall
remain obligated to pay the principal and premium, if any, or interest on the
related Debentures, and the Company shall be subrogated to the rights of the
holder of such Preferred Securities with respect to payments on the Preferred
Securities to the extent of any payments made by the Company to such holder in
any Direct Action.

     SECTION 5.05 Proceedings by Trustee.

     In case an Event of Default occurs with respect to Debentures of a series
and is continuing, 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.

                                      -33-

<PAGE>

     SECTION 5.06 Remedies Cumulative and Continuing.

     All powers and remedies given by this Article V to the Trustee or to the
Debentureholders 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 Debentureholders, as applicable, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to
the Debentures of a series, and no delay or omission of the Trustee or of any
holder of any of the Debentures of that series 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 Debentureholders may be exercised from time to time, and as often as
shall be deemed expedient, by the Trustee or by the Debentureholders, as
applicable.

     SECTION 5.07 Restoration of Rights and Remedies.

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

     SECTION 5.08 Direction of Proceedings and Waiver of Defaults by Majority of
Debentureholders.

     The holders of a majority in aggregate principal amount of the Debentures
of any and 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 one of its Responsible Officers shall determine that the action or
proceedings so directed would involve the Trustee in personal liability. Prior
to any declaration accelerating the maturity of a series of Debentures of a
series, the holders of a majority in aggregate principal amount of that series
of Debentures, at the time outstanding may on behalf of the holders of all of
that series of Debentures waive any past Default or Event of Default and its
consequences except a Default (a) in the payment of principal of or interest on
(including Compounded Interest and Additional Sums, if any) on any Debentures of
that series (unless such default has been

                                      -34-

<PAGE>

cured and a sum sufficient to pay all matured installments of interest
(including Compounded Interest and Additional Sums, if any) and principal, due
otherwise than by acceleration has been deposited with the Trustee) or (b) in
respect of covenants or provisions hereof which cannot be modified or amended
without the consent of the holder of each Debenture of that series affected;
provided, however, that if the Debentures of a series are held by a Trust, such
waiver or modification to such waiver shall not be effective until the holders
of a majority in aggregate liquidation amount of the Preferred Securities of
that Trust shall have consented to such waiver or modification to such waiver;
provided, further, that if the consent of the Holder of each outstanding
Debenture of that series is required, such waiver shall not be effective until
each holder of the Preferred Securities of that 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 Debentures of that 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. Whenever
any Default or Event of Default hereunder shall have been waived as permitted by
this Section 5.08, said Default or Event of Default shall for all purposes of
the Debentures of that series and this Indenture be deemed to have been cured
and to be not continuing.

     SECTION 5.09 Notice of Defaults

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

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

                                      -35-

<PAGE>

     SECTION 5.10 Undertaking to Pay Costs.

     All parties to this Indenture agree, and each holder of any Debenture by
its acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the 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 5.10 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Debentureholder, or group of
Debentureholders, holding in the aggregate more than 10% in aggregate principal
amount of the Debentures of a series outstanding with respect to that series, or
to any suit instituted by any Debentureholder for the enforcement of the payment
of the principal of or interest (including Compounded Interest and Additional
Sums, if any) on any Debenture 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 Debentures issued hereunder,
the Trustee, prior to the occurrence of an Event of Default with respect to
Debentures of that series (which, other than in the case of Sections 5.01(a) and
5.01(b) hereof, is known to the Trustee) and after the curing or waiving of all
such Events of Default which may have occurred with respect to Debentures 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 (which,
other than in the case of Sections 5.01(a) and 5.01(b) hereof, is known to the
Trustee) 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 (which, other than in
          the case of Sections 5.01(a) and 5.01(b) hereof, is known to the
          Trustee) and after the curing or waiving of all such Events of Default
          which may have occurred,

          (1) the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Indenture, and the Trustee shall not be
liable except for the

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<PAGE>

performance of such duties and obligations as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this
Indenture against the 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 certificate or opinion
furnished to the Trustee and conforming to the requirements of this Indenture;
but, in the case of any such certificate or opinion which by any provision
hereof is specifically required to be furnished to the Trustee, the Trustee
shall be under a duty to examine the same to determine whether or not it
conforms on its face to the requirements of this Indenture;

     (b) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Responsible Officers, unless it shall be
proved that the 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
Debentureholders pursuant to Section 5.08, 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 it reasonably believes 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.

     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
may be sufficiently evidenced by an Officers' Certificate (unless other evidence
in respect thereof be herein specifically prescribed); and any Board Resolution
may be evidenced to the 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 or suffered or omitted by it hereunder in good faith
and in accordance with such advice or Opinion of Counsel;

                                      -37-

<PAGE>

     (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 Debentureholders, pursuant to the provisions of this Indenture,
unless such Debentureholders shall have offered to the Trustee reasonable and
sufficient security or indemnity 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 (which, other than in the case of Sections 5.01(a) and 5.01(b)
hereof, is known to the Trustee) (that has not been cured or waived), to
exercise such of the rights and powers vested in it by this Indenture, and to
use the same degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs;

     (f) the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, debenture,
coupon or other paper or document, unless requested in writing to do so by the
holders of a majority in aggregate principal amount of the outstanding
Debentures; 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 reasonable indemnity against such
expense or liability as a condition to so proceeding;

     (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) 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 charged with knowledge of any Default or Event
of Default unless: (i) such Default or Event of Default falls within Section
5.01(a) (other than a default with respect to the payment or nonpayment of
Compounded Interest, or Additional Sums) or Section 5.01(b) of the Indenture,
(ii) a Responsible Officer shall have actual knowledge of such Default or Event
of Default; or (iii) written notice of such Default or Event of Default shall
have been given to the Trustee by the Company or any other obligor on the
Debentures or by any holder of the Debentures;

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

     (j) in the event that the Trustee is unable to decide between alternative
courses of action permitted or required under this Indenture or any other
document, or is unsure as to the application of any provision of this Indenture
or any other document, or any such provision may

                                      -38-

<PAGE>

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

     SECTION 6.03 No Responsibility for Recitals, etc.

     The recitals contained herein and in the Debentures (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 Debentures. The Trustee and
the Authenticating Agent shall not be accountable for the use or application by
the Company of any Debentures or the proceeds of any Debentures 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
and Registrar May Own Debentures.

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

     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 such moneys shall be paid from time to time upon the
written order of the Company, signed by an Officer thereof.

     SECTION 6.06 Compensation and Expenses of Trustee.

                                      -39-

<PAGE>

     The Company, as issuer of Debentures under this Indenture, 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 to 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), 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 (including in its individual capacity) and any
predecessor Trustee (and its officers, agents, directors and employees) for, and
to hold it harmless against, any and all loss, damage, claim, action, suit,
liability or expense including taxes (other than taxes based on the income of
the 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 of liability. 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. Such additional indebtedness shall be secured by a lien prior to that
of the Debentures 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
Debentures.

     The Company covenants and agrees to advance expenses (including legal fees)
incurred by the Trustee (including in its individual capacity) in defending any
claim, demand, action, suit or proceeding, from time to time, prior to the final
disposition of such claim, demand, action, suit or proceeding, upon receipt by
the Company of an undertaking by or on behalf of the Trustee to repay such
amount if it shall be determined that the Trustee is not entitled to be
indemnified as authorized in this Section.

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

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

     SECTION 6.07 Officers' Certificate as Evidence.

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

                                      -40-

<PAGE>

established by an Officers' Certificate delivered to the Trustee, and such
Officers' Certificate, in the 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 Person organized and doing
business under the laws of the United States of America or any state or
territory thereof or of the District of Columbia, or a Company or other Person
permitted to act as trustee by the Commission authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least fifty million U.S. dollars ($50,000,000) and subject to supervision or
examination by federal, state, territorial, or District of Columbia authority.
If such Person publishes reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section 6.09 the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published.

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

                                      -41-

<PAGE>

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

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

          (1) the Trustee shall fail to comply with the provisions of Section
6.08 after written request therefor by the Company or by any Debentureholder
entitled to give such request who has been a bona fide holder of a Debenture or
Debentures of the applicable series for at least six months, or

          (2) 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 Debentureholder, or

          (3) 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, in accordance with the provisions of Section 6.09,
by written instrument, in duplicate, 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 5.10, any Debentureholder who has been a
bona fide holder of a Debenture 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
Debentures of any series at the time outstanding may at any time remove the
Trustee with respect to that series and nominate a successor trustee, which
shall be deemed appointed as successor trustee unless within 10 days after
written notification of such nomination the Company objects thereto, or if no
successor trustee shall have been so appointed and shall have accepted
appointment within 30 days after such removal, in which case the Trustee so
removed or any such Debentureholder, upon the terms and conditions and otherwise
as in subsection (a) of this Section 6.10 provided, may petition any court of
competent jurisdiction for an appointment of a successor trustee.

     (d) Any resignation or removal of the 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 shall

                                      -42-

<PAGE>

become effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon
payment of all amounts then due it pursuant to the provisions of Section 6.06,
execute and deliver an instrument transferring to such successor trustee all the
rights and powers of the trustee so ceasing to act and shall duly assign,
transfer and deliver to such successor trustee all property and money held by
such retiring trustee thereunder. Upon request of any such successor trustee,
the 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.

     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 Debentures at their addresses as they shall appear
on the Debenture 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 Person into which the Trustee may be merged or converted or with which
it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Person 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 any Debentures shall have been authenticated but not delivered at
the time such successor to the Trustee shall succeed to the trusts created by
this Indenture, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Debentures so
authenticated; and in case at that time any of the Debentures shall not have
been authenticated, any successor to the Trustee may authenticate such
Debentures either in the name of any predecessor hereunder or in the name of the
successor trustee; and in all such cases such certificates shall have the full
force which the Debentures or this Indenture elsewhere provides 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 Debentures 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.

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<PAGE>

     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 the Trustee's behalf and
subject to the Trustee's direction in the authentication and delivery of
Debentures issued upon transfer thereof as fully to all intents and purposes as
though any such Authenticating Agent had been expressly authorized to
authenticate and deliver Debentures; provided, however, 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 Debentures. Any such
Authenticating Agent shall at all times be a Person organized and doing business
under the laws of the United States or of any state or territory thereof or of
the District of Columbia authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of at least $5,000,000 and being
subject to supervision or examination by federal, state, territorial or District
of Columbia authority. If such Person publishes reports of condition at least
annually pursuant to law or the requirements of such authority, then for the
purposes of this Section 6.14 the combined capital and surplus of such Person
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect herein specified in
this Section.

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

     Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the 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 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 Debentureholders as the names and addresses of such holders
appear on the Debenture Register. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all rights,
powers, duties and responsibilities of its predecessor hereunder, with like
effect as if originally named as Authenticating Agent herein.

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<PAGE>

     The Company, as issuer of the Debentures, 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 DEBENTUREHOLDERS

     SECTION 7.01 Action by Debentureholders.

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

     Without limiting the generality of this Section, unless otherwise provided
in or pursuant to this Indenture, a Holder, including a Depositary that is a
Holder of a Global Debenture, may make, give or take, by a proxy, or proxies,
duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other action provided in or pursuant to this
Indenture to be made, given or taken by Holders, and a Depositary that is a
Holder of a Global Debenture may provide its proxy or proxies to the beneficial
owners of interests in any such Global Debenture through such Depositary's
standing instructions and customary practices.

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

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

     (d) Any Act of the Holder of any Debenture shall bind every future Holder
of the same Debenture and the Holder of every Debenture issued upon the transfer
thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Debenture.

     (e) If the Company solicits from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, by or pursuant to a resolution of its Board of Directors,
fix in advance a Record Date for the determination of Holders entitled to give
such Act, 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 such Record Date, but only
Holders of record as proved

                                      -45-

<PAGE>

by the Debenture Register at the close of business on such Record Date shall be
deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of outstanding Debentures have authorized or agreed or
consented to such Act, and for that purpose the outstanding Debentures shall be
computed as of such Record Date.

     SECTION 7.02 Proof of Execution by Debentureholders.

     Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the
execution of any instrument by a Debentureholder 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 Debentures shall be proved by the Debenture
Register or by a certificate of the security registrar for the Debentures. The
Trustee may require such additional proof of any matter referred to in this
Section 7.02 as it shall deem necessary.

     The record of any Debentureholders' 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 Debenture, the
Company, the Trustee, any Authenticating Agent, any paying agent, any transfer
agent and any security registrar for the Debentures may deem the person in whose
name such Debenture shall be registered upon the Debenture Register to be, and
may treat him or her as, the absolute owner of such Debenture (whether or not
such Debenture shall be overdue) for the purpose of receiving payment of or on
account of the principal of and premium, if any, and (subject to Section 2.05)
interest on such Debenture 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 for the Debentures shall be affected
by any notice to the contrary. All such payments so made to any holder for the
time being or upon his or her order shall be valid and, to the extent of the sum
or sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon any such Debenture.

     SECTION 7.04 Debentures Owned by Company Deemed Not Outstanding.

     In determining whether the holders of the requisite aggregate principal
amount of Debentures have concurred in any direction, consent or waiver under
this Indenture, Debentures that are owned by the Company or any other obligor on
the Debentures 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 Debentures shall be disregarded and deemed not to be outstanding
for the purpose of any such determination; provided, however, that for the
purposes of determining whether the Trustee shall be protected in relying on any
such direction, consent or waiver, only Debentures which a Responsible Officer
of the Trustee actually knows are so owned shall be so disregarded. Debentures
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

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<PAGE>

to the satisfaction of the Trustee the pledgee's right to vote such Debentures
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.

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

                                  ARTICLE VIII
                          MEETINGS OF DEBENTUREHOLDERS

     SECTION 8.01 Purposes of Meetings.

     A meeting of Debentureholders of any or all series at the time outstanding
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
Debentureholders of such series pursuant to any of the provisions of Article V;

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

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

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<PAGE>

     (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 Debentures 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 Debentureholders or
Debentureholders of Debentures of any series, as applicable, to take any action
specified in Section 8.01, to be held at such time and at such place in
Wilmington, Delaware as the Trustee shall determine. Notice of every meeting of
such Debentureholders, 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 such holders of Debentures at their addresses as they shall appear on
the Debenture Register. Such notice shall be mailed not less than 21 nor more
than 180 days prior to the date fixed for the meeting.

     SECTION 8.03 Call of Meetings by Company or Debentureholders.

     In case at any time the Company, pursuant to a resolution of the Board of
Directors, or the holders of at least 20% in aggregate principal amount of the
Debentures or the Debentures of any series, as applicable, then outstanding,
shall have requested the Trustee to call a meeting of such Debentureholders, 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 21 days after receipt of such request, then the Company or such
Debentureholders may determine the time and the place in The City of New York
for such meeting and may call such meeting to take any action authorized in
Section 8.01, by mailing notice thereof as provided in Section 8.02.

     (a) Except as provided below, the Persons entitled to vote a majority in
principal amount of the Outstanding Debentures or Outstanding Debentures of a
series, as applicable, shall constitute a quorum. In the absence of a quorum
within 30 minutes of the time appointed for any such meeting, the meeting shall,
if convened at the request of Holders of Debentures, be dissolved. In any other
case, the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such
adjourned meeting. Notice of the reconvening of any adjourned meeting shall be
given as provided herein, except that such notice need be given only once and
not less than five days prior to the date on which the meeting is scheduled to
be reconvened. Notice of the reconvening of an adjourned meeting shall state
expressly the percentage of the principal amount of the Outstanding Debentures
of such series which shall constitute a quorum.

     (b) Subject to the foregoing, at the reconvening of any meeting adjourned
for a lack of a quorum, the Persons entitled to vote 25% in principal amount of
the Outstanding Debentures entitled to vote at such meeting at the time shall
constitute a quorum for the taking of any action set forth in the notice of the
original meeting.

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<PAGE>

     (c) At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters shall be
effectively passed and decided if passed or decided by the Persons entitled to
vote the lesser of:

          (i) a majority in principal amount of such Debentures of such series
          entitled to vote at such meeting then Outstanding; or

          (ii) 66 2/3% in principal amount of the Debentures of such series
          represented and voting at such meeting;

     provided, however, that if any consent, waiver or other action is required
by this Indenture to be given, made or taken by the Holders of a specified
percentage in principal amount of Outstanding Debentures entitled to vote, then
such consent, waiver or other action must be given, made or taken by the Holders
of such specified percentage of Debentures entitled to vote.

     (d) Any resolution passed or decisions taken at any meeting of Holders of
Debentures duly held in accordance with this Section shall be binding on all the
Holders of Debentures, or of the Debentures of such series, as applicable,
whether or not present or represented at the meeting.

     SECTION 8.04 Qualifications for Voting.

     To be entitled to vote at any meeting of Debentureholders, a Person shall
be: (i) a holder of one or more Debentures of the applicable series; or (ii) a
Person appointed by an instrument in writing as proxy by a holder of one or more
Debentures of that series. The only Persons who shall be entitled to be present
or to speak at any meeting of Debentureholders 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
Debentureholders, in regard to proof of the holding of Debentures 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 Debentureholders as provided in Section 8.03, in which case the
Company or the Debentureholders 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.

                                      -49-

<PAGE>

     Subject to the provisions of Section 8.04, at any meeting each holder of
Debentures of the applicable series or proxy therefor shall be entitled to one
vote for each $1,000 principal amount of Debentures of that series held or
represented by him or her; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Debenture 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 Debentures of
the applicable series held by him or instruments in writing as aforesaid duly
designating him as the person to vote on behalf of other Debentureholders. Any
meeting of Debentureholders duly called pursuant to the provisions of Section
8.02 or 8.03 may be adjourned from time to time by holders of a majority of
Debentures entitled to vote at such meeting and which are represented at such
meeting, and the meeting may be held as so adjourned without further notice.

     SECTION 8.06 Voting.

     The vote upon any resolution submitted to any meeting of holders of
Debentures 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 Debentures of the applicable series 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 Debentureholders 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 Debentures 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. The
holders of the Debentures entitled to vote at the meeting shall vote for all
purposes as a single class.

                                   ARTICLE IX
                                   AMENDMENTS

     SECTION 9.01 Without Consent of Debentureholders.

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

                                      -50-

<PAGE>

     (a) to evidence the succession of another Person to the Company, or
successive successions, and the assumption by the successor Person 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 Debentureholders of all or
any series of Debentures as the Board of Directors and the Trustee shall
consider to be for the protection of the Debentureholders of such series, and to
make the occurrence, or the occurrence and continuance, of a default in any of
such additional covenants, restrictions or conditions a Default or an Event of
Default permitting the enforcement of all or any of the remedies provided in
this Indenture as herein set forth; provided, however, that in respect of any
such additional covenant, restriction or condition such amendment may provide
for a particular period of grace after default (which period may be shorter or
longer than that allowed in the case of other defaults) or may provide for an
immediate enforcement upon such default or may limit the remedies available to
the Trustee upon such default;

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

     (d) to (i) cure any ambiguity; (ii) 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 (iii) to make such other provisions in regard to
matters or questions arising under this Indenture, provided that any such action
shall not materially adversely affect the interests of the holders of Debentures
of a series affected thereby;

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

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

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

     (h) to make any change that does not adversely affect the rights of any
Holder of an outstanding Debenture in any material respect;

                                      -51-

<PAGE>

     (i) surrender any right or power herein conferred upon the Company; or

     (j) to add any Events of Default with respect to all or any series of
Debenture (as shall be specified in such supplemental indenture);

     (k) to establish the form or terms of Debentures of any series as permitted
by Section 2.01 or, in lieu of any such supplemental indenture, the Company may
provide the Trustee with an Officers' Certificate with respect to the form or
terms of such Debentures; or

     (l) to supplement any of the provisions of this Indenture to such extent as
shall be necessary to permit or facilitate the defeasance and discharge of any
series of Debentures provided that any such action shall not adversely affect
the interests of any Holder of a Debenture of such series or any other Debenture
in any material respect.

     The Trustee is hereby authorized to join with the Company in the execution
of any supplemental indenture to effect such amendment, to make any further
appropriate agreements and stipulations which may be therein contained and to
accept the conveyance, transfer and assignment of any property thereunder, but
the 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.

     Any amendment to this 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 Debentures at the time outstanding, notwithstanding
any of the provisions of Section 9.02.

     SECTION 9.02 With Consent of Debentureholders.

     The Company and the Trustee may amend this Indenture with respect to any
series of Debentures in any manner not permitted by Section 9.01 or may waive
future compliance by the Company with any provisions of this Indenture with
respect to such series with the consent of the Holders of at least a majority in
aggregate principal amount of the Debentures of that series affected thereby
then outstanding (and, in the case of any series of Debentures held as assets of
a Trust and with respect to which a Security Exchange has not theretofore
occurred, the consent of at least a majority of the aggregate liquidation amount
of the outstanding holders of the Preferred Securities of such Trust). Such an
amendment or waiver may not, without the consent of each Holder of any Debenture
affected thereby:

          (a) reduce the principal amount of such Debentures;

          (b) reduce the percentage of the principal amount of such Debentures
of a series the Holders of which must consent to modify or amend of this
Indenture or waive compliance by the Company with any covenant hereunder or past
Default or Event of Default with respect to such series;

                                      -52-

<PAGE>

          (c) change (i) the Stated Maturity of the principal of or the interest
on such Debentures, except in connection with any Extended Period, (ii) the rate
of interest (or the manner of calculation thereof) on such Debentures, or (iii)
the duration of the maximum consecutive period that payments of interest on such
Debentures may be deferred;

          (d) change adversely to the Holders the redemption, conversion or
exchange provisions applicable to such Debentures, if any;

          (e) change the currency in respect of which the payments on such
Debentures are to be made;

          (f) make any change in Article XV that adversely affects the rights of
the Holders of the Debentures or any change to any other Section hereof that
adversely affects their rights under Article XV; or

          (g) change Section 5.04;

provided that, in the case of the outstanding Debentures of a series then held
by a Trust or the trustee of a Trust, (i) no such amendment or supplement shall
be made, without the prior consent of the holders of at least a majority of the
aggregate liquidation amount of the outstanding Preferred Securities of that
Trust, and (ii) if the consent of each Holder of each Debenture of a series is
required with respect to any such amendment, such amendment shall not be
effective without the prior consent of each Holder of Preferred Securities of
the applicable Trust.

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

     It shall not be necessary for the consent of the Holders of Debentures or
holders of Preferred Securities under this Section to approve the particular
form of any proposed amendment, but it shall be sufficient if such consent
approves the substance thereof.

     After an amendment or waiver under this Section becomes effective, the
Company shall mail to each Holder affected thereby a notice briefly describing
the amendment or waiver. Any failure of the Company to mail such notices, or any
defect therein, shall not, however, in any way impair or affect the validity of
such amendment or waiver.

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

     Any supplemental indenture executed pursuant to the provisions of this
Article IX shall comply with the Trust Indenture Act. Upon the execution of any
supplemental indenture pursuant to the provisions of this Article IX, this
Indenture shall be and be deemed to be

                                      -53-

<PAGE>

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 Debentures affected by such
supplemental indenture 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 with respect to any series of Debenture affected by such supplemental
indenture.

     SECTION 9.04 Notation on Debentures.

     Debentures authenticated and delivered after the execution of any
supplemental indenture pursuant to the provisions of this Article IX may bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company or the Trustee shall so determine, new
Debentures 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 Debentures then outstanding.

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

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

     SECTION 10.01 Company May Consolidate, etc., on Certain Terms.

     Nothing contained in this Indenture or in any of the Debentures shall
prevent any consolidation or merger of the Company with or into any other Person
(whether or not affiliated with the Company, as the case may be), or successive
consolidations or mergers in which the Company or its successor or successors,
as the case may be, shall be a party or parties, or shall prevent any sale,
conveyance, transfer or lease of the property of the Company, or its successor
or successors as the case may be, as an entirety, or substantially as an
entirety, to any other Person (whether or not affiliated with the Company, or
its successor or successors, as the case may be) authorized to acquire and
operate the same; provided, that (a) the Company is the surviving Person, or the
Person formed by or surviving any such consolidation or merger (if other than
the Company) or to which such sale, conveyance, transfer or lease of property is
made is a Person organized and existing under the laws of the United States or
any State thereof or the District of Columbia, and (b) if the Company is not the
surviving Person, upon any such consolidation, merger, sale, conveyance,
transfer or lease, the due and punctual payment of the principal of and interest
on the Debentures according to their tenor and the due and punctual

                                      -54-

<PAGE>

performance and observance of all the covenants and conditions of this Indenture
to be kept or performed by the Company shall be expressly assumed by the
surviving Person, by supplemental indenture (which shall conform to the
provisions of the Trust Indenture Act as then in effect) satisfactory in form to
the Trustee executed and delivered to the Trustee by the Person formed by such
consolidation, or into which the Company shall have been merged, or by the
Person which shall have acquired such property, as the case may be, and (c)
after giving effect to such consolidation, merger, sale, conveyance, transfer or
lease, no Default or Event of Default shall have occurred and be continuing.

     SECTION 10.02 Successor Person to be Substituted for Company.

     In case of any such consolidation, merger, sale, conveyance, transfer or
lease, and upon the assumption by the successor Company, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the obligation of due and punctual payment of the principal of and
interest on all of the Debentures and the due and punctual performance and
observance of all of the covenants and conditions of this Indenture to be
performed or observed by the Company, such successor Person shall succeed to and
be substituted for the Company, with the same effect as if it had been named
herein as a party hereto, and the Company thereupon shall be relieved of any
further liability or obligation hereunder or upon the Debentures. Such successor
Person thereupon may cause to be signed, and may issue either in its own name or
in the name of the Company, any or all of the Debentures issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the
Trustee or the Authenticating Agent; and, upon the order of such successor
Person instead of the Company and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee or the Authenticating
Agent shall authenticate and deliver any Debentures which previously shall have
been signed and delivered by any Officer of the Company to the Trustee or the
Authenticating Agent for authentication, and any Debentures which such successor
Person thereafter shall cause to be signed and delivered to the Trustee or the
Authenticating Agent for that purpose. All the Debentures so issued shall in all
respects have the same legal rank and benefit under this Indenture as the
Debentures theretofore or thereafter issued in accordance with the terms of this
Indenture as though all of such Debentures had been issued at the date of the
execution hereof.

     SECTION 10.03 Opinion of Counsel to be Given Trustee.

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

                                   ARTICLE XI
                     SATISFACTION AND DISCHARGE OF INDENTURE

     SECTION 11.01 Discharge of Indenture.

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<PAGE>

     When (a) the Company shall deliver to the Trustee for cancellation all
Debentures of any series theretofore authenticated (other than any Debentures
which shall have been destroyed, lost or stolen and which shall have been
replaced as provided in Section 2.07) and not theretofore canceled, or (b) all
the Debentures of such series not theretofore canceled 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
prepayment within one year under arrangements satisfactory to the Trustee for
the giving of notice of prepayment, and the Company shall deposit or cause to be
deposited with the Trustee, in trust, funds or U.S. Government Obligations
sufficient to pay on the Stated Maturity Date or upon prepayment all of the
Debentures of such series (other than any Debentures which shall have been
destroyed, lost or stolen and which shall have been replaced as provided in
Section 2.07) not theretofore canceled or delivered to the Trustee for
cancellation, including principal and interest (including Compounded Interest
and Additional Sums, if any) due or to become due to the Stated Maturity Date or
prepayment date, as the case may be, but excluding, however, the amount of any
moneys for the payment of principal of or interest (including Compounded
Interest and Additional Sums, if any) on the Debentures of such series (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 with respect to
Debentures of such series, except for the provisions of Sections 2.02, 2.06,
2.07, 3.01, 3.02, 3.04, 6.06, 6.10 and 11.04 hereof, which shall survive until
such Debentures of such series shall mature and be paid. Thereafter, Sections
6.06, 6.10 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 with respect to Debentures of
such series; the Company, however, hereby agrees to reimburse the Trustee for
any costs or expenses thereafter reasonably and properly incurred by the Trustee
in connection with this Indenture or the Debentures of such series.

     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 a particular series of Debentures 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 and interest.

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

                                      -56-

<PAGE>

     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 Debentures (other than the Trustee) shall, upon
written 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 or interest (including Compounded Interest and
Additional Sums, if any) on Debentures of any series and not applied but
remaining unclaimed by the holders of Debentures for two years after the date
upon which the principal of or interest (including Compounded Interest and
Additional Sums, if any) on such Debentures, as the case may be, shall have
become due and payable, shall be repaid to the Company by the Trustee or such
paying agent; and the holder of any of the Debentures 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.

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

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

     (b) if the Debentures of such series are then listed on any national
Debentures 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 Debentures to be
delisted from such exchange;

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

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<PAGE>

     (d) 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
Debentures 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;

     (e) the Company shall have delivered to the Trustee an Officers'
Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders over any other creditors of the Company or with the
intent of defeating, hindering, delaying or defrauding any other creditors of
the Company;

     (f) such deposit shall not result in an Investment Company Event, or such
trust shall be qualified under such Act or exempt from regulation thereunder;
and

     (g) the Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the defeasance contemplated by this Section 2.12 have been
complied with.

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

     "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:

     (1) 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; and

     (2) 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.

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<PAGE>

                                   ARTICLE XII
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

     SECTION 12.01 Indenture and Debentures Solely Corporate Obligations.

     No recourse for the payment of the principal of or interest (including
Compounded Interest and Additional Sums, if any) on any Debenture, or for any
claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in this Indenture, or
in any Debenture, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, officer
or director, as such, past, present or future, of the Company or of any
successor Person to the Company, either directly or through the Company or any
successor Person to 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 all such liability is hereby expressly waived
and released as a condition of, and as a consideration for, the execution of
this Indenture and the issuance of the Debentures.

                                  ARTICLE XIII
                            MISCELLANEOUS PROVISIONS

     SECTION 13.01 Successors.

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

     SECTION 13.02 Official Acts by Successor Company.

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

     SECTION 13.03 Surrender of Company Powers.

     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 hereunder, and thereupon
such power so surrendered shall terminate both as to the Company, as the case
may be, and as to any successor Person.

     SECTION 13.04 Addresses for Notices, etc.

     Any notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the holders of
Debentures on the Company may be

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<PAGE>

given or served by being deposited postage prepaid by first class mail,
registered or certified mail, overnight courier service or conformed telecopy
addressed (until another address is filed by the Company with the Trustee for
the purpose) to New York Community Bancorp, Inc. at 615 Merrick Avenue,
Westbury, New York 11590, Attention: Chief Executive Officer. Any notice,
direction, request or demand by any Debentureholder 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 Wilmington Trust Company at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Corporate Trust Administration (unless another address is provided by the
Trustee to the Company for such purpose). Any notice or communication to a
Debentureholder shall be mailed by first class mail to his or her address shown
on the Debenture Register kept by the security registrar for the Debentures.
Notices required to be given to the Trustee or the Authenticating Agent shall be
in writing, personally delivered or mailed first class postage prepaid to each
of the foregoing, or at such other address as shall be designated by written
notice to the other parties.

     SECTION 13.05 Governing Law.

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

     SECTION 13.06 Evidence of Compliance with Conditions Precedent.

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

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

     SECTION 13.07 Business Days.

     In any case where the date of payment of principal of or interest on the
Debentures is not a Business Day, the payment of such principal of or interest
on the Debentures will not be made

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<PAGE>

on such date but will be made on the next succeeding Business Day, except if
such Business Day is in the next succeeding calendar year, such payment will be
made on the immediately preceding Business Day, with the same force and effect
as if made on the original date of payment, and no interest shall accrue for the
period from and after such date.

     SECTION 13.08 Trust Indenture Act to Control.

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

     SECTION 13.09 Table of Contents, Headings, etc.

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

     SECTION 13.10 Execution in Counterparts.

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

     SECTION 13.11 Separability.

     In case any one or more of the provisions contained in this Indenture or in
the 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 Indenture or of the Debentures,
but this Indenture and the Debentures 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 will remain liable for all such obligations. Subject to
the foregoing, this Indenture is binding upon and inures to the benefit of the
parties thereto and their respective successors and assigns. This Indenture may
not otherwise be assigned by the parties thereto.

     SECTION 13.13 Acknowledgment of Rights.

     The Company acknowledges that, with respect to any Debentures of any series
held by a Trust or a trustee of such Trust, if the Property Trustee of such
Trust fails to enforce its rights under this Indenture as the holder of the
Debentures held as the assets of such Trust, any holder of Preferred Securities
may institute legal proceedings, subject to Section 5.08, directly against

                                      -61-

<PAGE>

the Company to enforce such Property Trustee's rights under this Indenture
without first instituting any legal proceedings against such Property Trustee or
any other person or entity. Notwithstanding the foregoing, if an Event of
Default has occurred and is continuing and such event is attributable to the
failure of the Company to pay principal of or interest on the Debentures when
due, 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 Debentures having an aggregate principal amount
equal to the aggregate liquidation amount of the Preferred Securities of such
holder on or after the respective due date specified in the Debentures.

                                   ARTICLE XIV
                            PREPAYMENT OF DEBENTURES

     SECTION 14.01 Special Event Prepayment.

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

     SECTION 14.02 Optional Prepayment by Company.

     (a) The Company may prepay the Debentures of any series issued hereunder on
and after the dates and in accordance with the terms established for such series
pursuant to Section 2.01.

     (b) If any or all of the Debentures are to be prepaid pursuant to this
Section, the Company shall deliver to the Trustee no more than 60 and no less
than 45 days prior to the Prepayment Date a Company Order specifying the series
and principal amount of Debentures to be prepaid and the Prepayment Date and
Prepayment Price for such Debentures. Such Company Order shall be accompanied by
a Board Resolution authorizing such prepayment. If the Debentures of a series
are held by a Trust, the Company shall also deliver a copy of such Company Order
to the Property Trustee for such Trust.

     If the Debentures of any series are only partially prepaid pursuant to this
Section 14.02, the Debentures to be prepaid shall be selected on a pro rata
basis not more than 60 days prior to the date fixed for prepayment from the
outstanding Debentures not previously called for prepayment; provided, further,
that any such proration may be made on the basis of the

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<PAGE>

aggregate principal amount of Debentures held by each Debentureholder and may be
made by making such adjustments as the Company deems fair and appropriate.

     (c) Any prepayment of Debentures pursuant to Section 14.01 or Section 14.02
shall be subject to the Company obtaining any required prior approval of the
Federal Reserve under regulatory capital regulations or policies.

     SECTION 14.03 Notice of Prepayment; Selection of Debentures.

     In case the Company shall desire to exercise the right to prepay all, or,
as the case may be, any part of the Debentures of any series in accordance with
their terms, it shall fix a date for prepayment and shall mail a notice of such
prepayment at least 30 and not more than 60 days' prior to the date fixed for
prepayment to the holders of Debentures of such series to be so prepaid as a
whole or in part at their last addresses as the same appear on the Debenture
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
Debenture of such series designated for prepayment as a whole or in part shall
not affect the validity of the proceedings for the prepayment of any other
Debenture of such series.

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

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

     SECTION 14.04 Payment of Debentures Called for Prepayment.

     If notice of prepayment has been given as provided in Section 14.03, the
Debentures of such series or portions of Debentures of such 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 Prepayment Price (subject to
the rights of holders of Debentures of such series at the close of

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<PAGE>

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

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

                                   ARTICLE XV
                           SUBORDINATION OF DEBENTURES

     SECTION 15.01 Agreement to Subordinate.

     The Company covenants and agrees, and each holder of Debentures issued
hereunder likewise covenants and agrees, that the Debentures shall be issued
subject to the provisions of this Article XV; and each holder of a Debenture,
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 and interest (including
Compounded Interest and Additional Sums, if any) on all Debentures issued
hereunder shall, to the extent and in the manner hereinafter set forth, be
subordinated and subject in right of payment to the prior payment in full of all
Allocable Amounts then due and payable in respect of Senior Indebtedness,
whether outstanding at the date of this Indenture or thereafter incurred.

     Unless otherwise specified in their terms, the Debentures will rank on a
parity with any series of junior subordinated debentures, whether currently
outstanding or created, assumed or incurred at a later date, initially issued to
a trust, partnership, or other entity affiliated with the Company in connection
with an issuance of securities similar to the Preferred Securities.

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

     SECTION 15.02 Default on Senior Indebtedness.

     In the event and during the continuation of any default by the Company in
the payment of principal, premium, interest or any other payment due on any
Senior Indebtedness, or in the

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<PAGE>

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

     In the event of the acceleration of the maturity of the Debentures, then no
payment shall be made by the Company with respect to the principal (including
prepayment payments) of or interest on the Debentures (including Compounded
Interest and Additional Sums, if any, or any other amounts which may be due on
the Debentures pursuant to the terms hereof or thereof) until the holders of all
Senior Indebtedness outstanding at the time of such acceleration shall receive
payment, in full, of all Allocable Amounts due on or in respect of such Senior
Indebtedness (including any amounts due upon acceleration).

     In the event that, notwithstanding the foregoing, any payment is received
by the Trustee, or any Debentureholder, when such payment is prohibited by the
preceding paragraphs of this Section 15.02, such payment shall be held in trust
for the benefit of, and shall be paid over or delivered by the Trustee (if the
notice requested by Section 15.06 has been received by the Trustee) or by any
Debentureholder, to the holders of Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to
which any of such Senior Indebtedness may have been issued, as their respective
interests may appear, but only to the extent of the Allocable Amounts in respect
of such Senior Indebtedness and to the extent that the holders of the Senior
Indebtedness (or their representative or representatives or a trustee) notify
the Trustee in writing within 90 days prior to the Trustee's receipt of such
payment of the Allocable Amounts then due and owing on such Senior Indebtedness,
and only the Allocable Amounts specified in such notice to the Trustee shall be
paid to the holders of such 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, the holders of all Senior Indebtedness of the Company will
first be entitled to receive payment in full of Allocable Amounts due on or in
respect of such Senior Indebtedness, before any payment is made by the Company
on account of the principal of or interest on the Debentures (including
Compounded Interest and Additional Sums (if any) or any other amounts which may
be due on the Debentures pursuant to the terms hereof or thereof); and upon any
such dissolution, winding-up, 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, which the Debentureholders or the
Trustee would be entitled to receive from the Company, except for 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 Debentureholders or by the Trustee under the Indenture
if received by them or it, directly to the holders of Senior Indebtedness of the

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<PAGE>

Company (pro rata to such holders on the basis of the respective Allocable
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 all such Allocable Amounts of Senior
Indebtedness in full, in money or moneys worth, after giving effect to any
concurrent payment or distribution to or for the holders of such Senior
Indebtedness, before any payment or distribution is made to the Debentureholders
or to the Trustee.

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

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

                                      -66-

<PAGE>

     SECTION 15.04 Subrogation.

     Subject to the payment in full of all Allocable Amounts of Senior
Indebtedness, the rights of the Debentureholders 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 the principal of and interest
on the Debentures 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 Debentures to which the Debentureholders
or the Trustee would be entitled except for the provisions of this Article XV,
and no payment over pursuant to the provisions of this Article XV to or for the
benefit of the holders of such Senior Indebtedness by Debentureholders or the
Trustee, shall, as between the Company, its creditors other than holders of
Senior Indebtedness of the Company, and the holders of the Debentures, 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
Debentures, on the one hand, and the holders of such Senior Indebtedness on the
other hand.

     Nothing contained in this Article XV or elsewhere in this Indenture or in
the Debentures 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 Debentures, the obligation of the Company, which is absolute and
unconditional, to pay to the holders of the Debentures the principal of and
interest (including Compounded Interest and Additional Sums, if any) on the
Debentures 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 Debentures 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 Debenture from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this
Article XV of the holders of such Senior Indebtedness in respect of cash,
property or securities of the Company, as the case may be, received upon the
exercise of any such remedy.

     SECTION 15.05 Trustee to Effectuate Subordination.

     Each Debentureholder, by such Debentureholder's acceptance thereof,
authorizes and directs the Trustee on such Debentureholder's behalf to take such
action (as the Trustee, in its discretion, deems necessary or appropriate, upon
instruction or otherwise) to effectuate the subordination provided in this
Article XV and appoints the Trustee such Debentureholder'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
the Trustee 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 Debentures pursuant
to the provisions of this Article XV. Notwithstanding the provisions of this
Article XV or any other provision of this Indenture, the

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<PAGE>

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 Debentures pursuant to the provisions of this Article XV, unless
and until a Responsible Officer of the Trustee 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 (including, without
limitation, the payment of the principal of or interest (including Compounded
Interest and Additional Sums, if any) on any Debenture), 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 a written notice delivered to it by a
Person representing himself to be a holder of Senior Indebtedness of the Company
(or a trustee on behalf of such holder), as the case may be, to establish that
such notice has been given by a holder of such Senior Indebtedness or a trustee
on behalf of any such holder or holders. In the event that the 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.

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

     SECTION 15.07 Rights of the 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

                                      -68-

<PAGE>

other holder of Senior Indebtedness, and nothing in this Indenture shall deprive
the Trustee of any of its rights as such holder.

     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 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 Debentureholders, 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.

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

     SECTION 15.08 Subordination May Not Be Impaired.

     No right of any present or future holder of any Senior Indebtedness of the
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 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 Debentureholders,
without incurring responsibility to the Debentureholders and without impairing
or releasing the subordination provided in this Article XV or the obligations
hereunder of the holders of the Debentures 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.

     SECION 15.09 Payment Blockage Notice

     During the continuance of any event of default with respect to any Senior
Indebtedness, as such event of default is defined under any such Senior
Indebtedness or in any agreement pursuant to which any Senior Indebtedness has
been issued (other than a default in payment of the principal of or interest on
any Senior Indebtedness), permitting the holder or holders of such

                                      -69-

<PAGE>

Senior Indebtedness to accelerate the maturity thereof, no payment shall be made
by the Company, directly or indirectly, with respect to principal of, premium,
if any, or interest on the Debentures for 179 days following notice in writing
(a "Payment Blockage Notice") to the Company, from any holder or holders of such
Senior Indebtedness or their representative or representatives or the trustee or
trustees under any indenture or under which any instrument evidencing any such
Senior Indebtedness may have been issued, that such an event of default has
occurred and is continuing, unless such event of default has been cured or
waived or such Senior Indebtedness has been paid in full; provided, however, if
the maturity of such Senior Indebtedness is accelerated, no payment may be made
on the Debentures until such Senior Indebtedness has been paid in full in cash
or other payment satisfactory to the holders of such Senior Indebtedness or such
acceleration (or termination, in the case of a lease) has been cured or waived.

     For purposes of this Section 15.09, such Payment Blockage Notice shall be
deemed to include notice of all other events of default under such indenture or
instrument which are continuing at the time of the event of default specified in
such Payment Blockage Notice. The provisions of this Section 15.09 shall apply
only to one such Payment Blockage Notice given in any period of 365 days with
respect to any issue of Senior Indebtedness, and no such continuing event of
default that existed or was continuing on the date of delivery of any Payment
Blockage Notice shall be, or shall be made, the basis for a subsequent Payment
Blockage Notice.

                                   ARTICLE XVI
                      EXTENSION OF INTEREST PAYMENT PERIOD

     SECTION 16.01 Extension of Interest Payment Period.

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

                                      -70-

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annual period during such Extended Period, (ii) end on a date other than an
Interest Payment Date or (iii) extend beyond the Stated Maturity Date of the
Debentures of such series. Upon the termination of any Extended Period and the
payment of all amounts then due, the Company may commence a new Extended Period,
subject to the foregoing requirements. No interest shall be due and payable
during an Extended 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
Period.

     SECTION 16.02 Notice of Extension.

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

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

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

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

                                      -71-

<PAGE>

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

                                              NEW YORK COMMUNITY BANCORP, INC.

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

                                              WILMINGTON TRUST COMPANY,
                                              as Trustee

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

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