Document:

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                                                                 Exhibit 4(m)(v)

                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                        NEW YORK COMMUNITY BANCORP, INC.

                              Dated as of (.), (.)

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                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1   Definitions and Interpretation ..................................2

                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1   Trust Indenture Act; Application ................................5
SECTION 2.2   Lists of Holders of Securities ..................................5
SECTION 2.3   Reports by the Preferred Securities Guarantee Trustee ...........6
SECTION 2.4    Periodic Reports ...............................................6
SECTION 2.5   Evidence of Compliance with Conditions Precedent ................6
SECTION 2.6   Waiver of Events of Default .....................................6
SECTION 2.7   Notice of Events of Default .....................................7
SECTION 2.8   Conflicting Interests ...........................................7

                                   ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1   Powers and Duties of the Preferred Securities Guarantee
                 Trustee ......................................................7
SECTION 3.2   Certain Rights of Preferred Securities Guarantee Trustee ........9
SECTION 3.3   Not Responsible for Recitals or Issuance of Preferred Securities
                 Guarantee ...................................................11

                                   ARTICLE IV
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1   Preferred Securities Guarantee Trustee; Eligibility ............11
SECTION 4.2   Appointment, Removal and Resignation of Preferred Securities
                 Guarantee Trustee ...........................................12

                                    ARTICLE V
                                    GUARANTEE

SECTION 5.1   Guarantee ......................................................13
SECTION 5.2   Waiver of Notice and Demand ....................................13
SECTION 5.3   Obligations Not Affected .......................................13
SECTION 5.4   Rights of Holders ..............................................14
SECTION 5.5   Guarantee of Payment ...........................................15
SECTION 5.6   Subrogation ....................................................15
SECTION 5.7   Independent Obligations ........................................15

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                                   ARTICLE VI
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1   Limitation of Transactions .....................................15
SECTION 6.2   Ranking ........................................................16

                                   ARTICLE VII
                                   TERMINATION

SECTION 7.1   Termination ....................................................16

                                  ARTICLE VIII
                                 INDEMNIFICATION

SECTION 8.1   Exculpation ....................................................17
SECTION 8.2   Compensation and Indemnification ...............................17

                                   ARTICLE IX
                                  MISCELLANEOUS

SECTION 9.1   Successors and Assigns .........................................18
SECTION 9.2   Amendments .....................................................18
SECTION 9.3   Notices ........................................................18
SECTION 9.4   Benefit ........................................................19
SECTION 9.5   Governing Law ..................................................19

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                              CROSS REFERENCE TABLE

Section of Trust
Indenture Act of                                              Section Guarantee
1939, as amended                                                  Agreement
----------------                                             -------------------
     310(a)                                                         4.1(a)
     310(b)                                                      2.8, 4.1(c)
     310(c)                                                          N/A
     311(a)                                                         2.2(b)
     311(b)                                                         2.2(b)
     311(c)                                                          N/A
     312(a)                                                         2.2(a)
     312(b)                                                         2.2(b)
     312(c)                                                          N/A
     313                                                             2.3
     314(a)                                                          2.4
     314(b)                                                          N/A
     314(c)                                                          2.5
     314(d)                                                          N/A
     314(e)                                                     1.1, 2.5, 3.2
     314(f)                                                        2.1, 3.2
     315(a)                                                     3.1(d), 3.2(a)
     315(b)                                                          2.7
     315(c)                                                         3.1(c)
     315(d)                                                  3.1(d), 3.2(a), 8.1
     315(e)                                                          N/A
     316(a)                                                     1.1, 2.6, 5.4
     316(b)                                                        5.3, 5.4
     316(c)                                                          9.2
     317(a)                                                          N/A
     317(b)                                                          N/A
     318(a)                                                         2.1(a)
     318(b)                                                         2.1(b)
     318(c)                                                         2.1(b)

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*    This Cross-Reference Table does not constitute part of this Guarantee
     Agreement and shall not affect the interpretation of any of its terms or
     provisions.

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                    PREFERRED SECURITIES GUARANTEE AGREEMENT

     This PREFERRED SECURITIES GUARANTEE AGREEMENT (the "Preferred Securities
Guarantee"), dated as of (.), (.) is executed and delivered by New York
Community Bancorp, Inc., a Delaware corporation (the "Guarantor"), and
Wilmington Trust Company, a Delaware banking corporation, as trustee (the
"Preferred Securities Guarantee Trustee" or "Trustee"), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Securities (as
defined herein) of New York Community Capital Trust VI, a Delaware statutory
trust (the "Issuer").

     WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of (.), (.), by and among the trustees of the Issuer
named therein, the Guarantor, as sponsor, and the Holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof (.) preferred securities, having an aggregate
liquidation amount of $(.), such preferred securities being designated the o%
Preferred Securities (the "Preferred Securities").

     WHEREAS, as incentive for the Holders to purchase the Preferred Securities,
the Guarantor desires irrevocably and unconditionally to agree, to the extent
set forth in this Preferred Securities Guarantee, to pay the Guarantee Payments
(as defined herein) to the Holders of the Preferred Securities, and the
Guarantor agrees to make certain other payments on the terms and conditions set
forth herein.

     WHEREAS, the Guarantor is also executing and delivering the Common
Securities Guarantee Agreement, dated as of (.), (.), (the "Common Securities
Guarantee"), for the benefit of the holders of the Common Securities (as defined
herein), the terms of which provide that if an Event of Default (as defined in
the Declaration) has occurred and is continuing, the rights of holders of the
Common Securities to receive Guarantee Payments under the Common Securities
Guarantee are subordinated, to the extent and in the manner set forth in the
Common Securities Guarantee, to the rights of Holders of Preferred Securities to
receive Guarantee Payments under this Preferred Securities Guarantee.

     NOW, THEREFORE, in consideration of the purchase by each Holder of the
Preferred Securities, which purchase the Guarantor hereby acknowledges shall
benefit the Guarantor, the Guarantor executes and delivers this Preferred
Securities Guarantee for the benefit of such Holders.

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                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

     SECTION 1.1 Definitions and Interpretation

     In this Preferred Securities Guarantee, unless the context otherwise
requires:

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

     (b) terms defined in the Declaration as in effect at the date of execution
of this Preferred Securities Guarantee have the same meaning when used in this
Preferred Securities Guarantee unless otherwise defined in this Preferred
Securities Guarantee;

     (c) a term defined anywhere in this Preferred Securities Guarantee has the
same meaning throughout;

     (d) all references to "the Preferred Securities Guarantee" or "this
Preferred Securities Guarantee" are references to this Preferred Securities
Guarantee as modified, supplemented or amended from time to time;

     (e) all references in this Preferred Securities Guarantee to Articles and
Sections are references to Articles and Sections of this Preferred Securities
Guarantee, unless otherwise specified;

     (f) a term defined in the Trust Indenture Act has the same meaning when
used in this Preferred Securities Guarantee, unless otherwise defined in this
Preferred Securities Guarantee or unless the context otherwise requires; and

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

     "Affiliate" has the same meaning as given to that term in Rule 405 under
the Securities Act of 1933, as amended, or any successor rule thereunder.

     "Business Day" shall mean any day other than a Saturday, a Sunday, or a day
on which banking institutions in Westbury, New York or Wilmington, Delaware are
authorized or required by law or executive order to remain closed.

     "Common Securities" shall mean the securities representing common undivided
beneficial interests in the assets of the Issuer.

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

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     "Covered Person" shall mean any Holder or beneficial owner of Preferred
Securities.

     "Debentures" shall mean the series of subordinated debt securities of the
Guarantor designated the Junior Subordinated Deferrable Interest Debentures due
(.) held by the Property Trustee (as defined in the Declaration) of the Issuer.

     "Event of Default" shall mean a default by the Guarantor on any of its
payment or other obligations under this Preferred Securities Guarantee;
provided, however, that, except with respect to default in respect of any
Guarantee Payment, no default by the Guarantor hereunder shall constitute an
Event of Default unless the Guarantor shall have received written notice of the
default and shall not have cured such default within 60 days after receipt
thereof.

     "Guarantee Payments" shall mean the following payments or distributions,
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by or on behalf of the Issuer: (i) any accumulated and unpaid
Distributions (as defined in the Declaration) that are required to be paid on
such Preferred Securities, to the extent the Issuer has funds legally available
therefor at such time, (ii) the redemption price, including all accumulated and
unpaid Distributions to the date of redemption (the "Redemption Price"), to the
extent the Issuer has funds legally available therefor at such time, with
respect to any Preferred Securities called for redemption, and (iii) upon a
voluntary or involuntary dissolution, winding up or liquidation of the Issuer
(other than in connection with the distribution of Debentures to the Holders in
exchange for Preferred Securities or in connection with the redemption of the
Preferred Securities, in each case as provided in the Declaration), the
aggregate of the liquidation amount and all accumulated and unpaid Distributions
on the Preferred Securities to the date of payment, to the extent the Issuer has
funds legally available therefor at such time (the "Liquidation Distribution").
If an Event of Default has occurred and is continuing, no Guarantee Payments
under the Common Securities Guarantee with respect to the Common Securities or
any guarantee payment under the Common Securities Guarantee or any Other Common
Securities Guarantee shall be made until the Holders of the Preferred Securities
shall be paid in full the Guarantee Payments to which they are entitled under
this Preferred Securities Guarantee.

     "Holder" shall mean any holder, as registered on the books and records of
the Issuer, of any Preferred Securities; provided, however, that, in determining
whether the holders of the requisite percentage of Preferred Securities have
given any request, notice, consent or waiver hereunder, "Holder" shall not
include the Guarantor or any Person actually known to a Responsible Officer of
the Preferred Securities Guarantee Trustee to be an Affiliate of the Guarantor.

     "Indemnified Person" shall mean the Preferred Securities Guarantee Trustee
(including in its individual capacity), any Affiliate of the Preferred
Securities Guarantee Trustee, or any officers, directors, shareholders, members,
partners, employees, representatives, nominees, custodians or agents of the
Preferred Securities Guarantee Trustee.

     "Indenture" shall mean the Indenture, dated as of (.), (.), between New
York Community Bancorp, Inc., as issuer of Debentures (the "Debenture Issuer"),
and Wilmington Trust

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Company, as trustee, pursuant to which the Debentures are to be issued to the
Property Trustee of the Issuer.

     "Majority in Liquidation Amount of the Preferred Securities" shall mean,
except as provided by the Trust Indenture Act, a vote by Holder(s) of the
Preferred Securities, voting separately as a class, of more than 50% of the
aggregate liquidation amount (including the amount that would be paid on
redemption, liquidation or otherwise, plus accumulated and unpaid Distributions
to but excluding the date upon which the voting percentages are determined) of
all outstanding Preferred Securities, excluding Preferred Securities held by the
Guarantor, the Issuer or any Affiliate thereof.

     "Officers' Certificate" shall mean, with respect to any Person, a
certificate signed by the Chairman, the Chief Executive Officer, the President,
an Executive or Senior Vice President, a Vice President, the Chief Financial
Officer or the Secretary or an Assistant Secretary. Any Officers' Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Preferred Securities Guarantee shall include:

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

     (b) 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

     (c) a statement as to whether or not, in the opinion of each such officer,
such condition or covenant has been complied with.

     "Other Common Securities Guarantees" shall have the same meaning as "Other
Guarantees" in the Common Securities Guarantee.

     "Other Debentures" shall mean all junior subordinated debentures, other
than the Debentures (as defined in the Indenture), issued by the Guarantor, from
time to time and sold to trusts other than the Issuer to be established by the
Guarantor (if any), in each case similar to the Issuer.

     "Other Guarantees" shall mean all guarantees, other than this Preferred
Securities Guarantee, to be issued by the Guarantor with respect to preferred
securities (if any) similar to the Preferred Securities, issued by trusts other
than the Issuer to be established by the Guarantor (if any), in each case
similar to the Issuer.

     "Person" shall mean 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.

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     "Preferred Securities Guarantee Trustee" shall mean Wilmington Trust
Company, as Trustee, under the Preferred Securities Guarantee, until a Successor
Preferred Securities Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Securities Guarantee Trustee.

     "Responsible Officer" shall mean, with respect to a Person, any officer
with direct responsibility for the administration of any matters relating to
this Preferred Securities Guarantee.

     "Successor Preferred Securities Guarantee Trustee" shall mean a successor
Preferred Securities Guarantee Trustee possessing the qualifications to act as
Preferred Securities Guarantee Trustee under Section 4.1.

     "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as
amended.

     "Trust Securities" shall mean the Common Securities and the Preferred
Securities collectively.

                                   ARTICLE II
                               TRUST INDENTURE ACT

     SECTION 2.1 Trust Indenture Act; Application

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

     (b) If and to the extent that any provision of this Preferred Securities
Guarantee limits, qualifies or conflicts with the duties imposed by Section 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control. If any provision of this Preferred Securities Guarantee modifies or
excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the modified or excluded provision of the Trust Indenture Act shall be
deemed to apply to this Preferred Securities Guarantee as so modified or
excluded, as the case may be.

     SECTION 2.2 Lists of Holders of Securities

     (a) The Guarantor shall provide the Preferred Securities Guarantee Trustee
(unless the Preferred Securities Guarantee Trustee is otherwise the registrar of
the Preferred Securities) with a list, in such form as the Preferred Securities
Guarantee Trustee may reasonably require, of the names and addresses of the
Holders of the Preferred Securities ("List of Holders") as of such date, (i)
within fourteen (14) days after each record date for payment of Distributions
(as defined in the Declaration), and (ii) at any other time within 30 days of
receipt by the Guarantor of a written request for a List of Holders as of a date
no more than 14 days before such List of

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Holders is given to the Preferred Securities Guarantee Trustee; provided,
however, that the Guarantor shall not be obligated to provide such List of
Holders at any time the List of Holders does not differ from the most recent
List of Holders given to the Preferred Securities Guarantee Trustee by the
Guarantor. The Preferred Securities Guarantee Trustee may destroy any List of
Holders previously given to it upon receipt of a new List of Holders.

     (b) The Preferred Securities Guarantee Trustee shall comply with its
obligations under Sections 31l(a), 31l(b) and Section 312(b) of the Trust
Indenture Act.

     SECTION 2.3 Reports by the Preferred Securities Guarantee Trustee

     Within 60 days after the date hereof, and no later than the anniversary
date hereof in each succeeding year, the Preferred Securities Guarantee 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 Preferred
Securities Guarantee Trustee shall also comply with the requirements of Section
313(d) of the Trust Indenture Act.

     SECTION 2.4 Periodic Reports

     The Guarantor shall provide to the Preferred Securities Guarantee Trustee
such documents, reports and information as are required by Section 314 (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. Delivery of such reports, information and documents to the
Preferred Securities Guarantee Trustee is for informational purposes only and
the Preferred Securities Guarantee Trustee's receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Guarantor's
compliance with any of its covenants hereunder (as to which the Preferred
Securities Guarantee Trustee is entitled to rely exclusively on Officers'
Certificates).

     SECTION 2.5 Evidence of Compliance with Conditions Precedent

     The Guarantor shall provide to the Preferred Securities Guarantee Trustee
such evidence of compliance with the conditions precedent, if any, provided for
in this Preferred Securities Guarantee that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) may be given in
the form of an Officers' Certificate.

     SECTION 2.6 Waiver of Events of Default

     The Holders of a Majority in Liquidation Amount of the Preferred Securities
may, by vote, on behalf of the Holders of all of the Preferred Securities, waive
any past Event of Default and its consequences. Upon such waiver, any such Event
of Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this

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Preferred Securities Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

     SECTION 2.7 Notice of Events of Default

     (a) The Preferred Securities Guarantee Trustee shall, within 10 Business
Days after the occurrence of an Event of Default with respect to this Preferred
Securities Guarantee actually known to a Responsible Officer of the Preferred
Securities Guarantee Trustee, transmit by mail, first class postage prepaid, to
all Holders of the Preferred Securities, notices of all such Events of Default,
unless such Events of Default have been cured before the giving of such notice;
provided, however, that, except in the case of an Event of Default arising from
the non-payment of any Guarantee Payment, the Preferred Securities Guarantee
Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the Preferred Securities Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders of the Preferred Securities.

     (b) The Preferred Securities Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless the Preferred Securities Guarantee
Trustee shall have received written notice, or a Responsible Officer of the
Preferred Securities Guarantee Trustee charged with the administration of the
Declaration shall have obtained actual knowledge, of such Event of Default.

     SECTION 2.8 Conflicting Interests

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

                                   ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

     SECTION 3.1 Powers and Duties of the Preferred Securities Guarantee Trustee

     (a) This Preferred Securities Guarantee shall be held by the Preferred
Securities Guarantee Trustee for the benefit of the Holders of the Preferred
Securities, and the Preferred Securities Guarantee Trustee shall not transfer
this Preferred Securities Guarantee to any Person except a Holder of the
Preferred Securities exercising his or her rights pursuant to Section 5.4(b) or
to a Successor Preferred Securities Guarantee Trustee on acceptance by such
Successor Preferred Securities Guarantee Trustee of its appointment to act as
Successor Preferred Securities Guarantee Trustee. The right, title and interest
of the Preferred Securities Guarantee Trustee shall automatically vest in any
Successor Preferred Securities Guarantee Trustee, and such vesting and
succession of title shall be effective whether or not conveyancing documents
have been executed and delivered pursuant to the appointment of such Successor
Preferred Securities Guarantee Trustee.

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     (b) If an Event of Default actually known to a Responsible Officer of the
Preferred Securities Guarantee Trustee has occurred and is continuing, the
Preferred Securities Guarantee Trustee shall enforce this Preferred Securities
Guarantee for the benefit of the Holders of the Preferred Securities.

     (c) The Preferred Securities Guarantee Trustee, before the occurrence of
any Event of Default (of which, other than a default in respect of any Guarantee
Payment, a Responsible Officer of the Property Trustee has actual knowledge) and
after the curing of all such Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this
Preferred Securities Guarantee, and no implied covenants or obligations shall be
read into this Preferred Securities Guarantee against the Preferred Securities
Guarantee Trustee. In case an Event of Default has occurred (that has not been
cured or waived pursuant to Section 2.6) and is actually known to a Responsible
Officer of the Preferred Securities Guarantee Trustee, the Preferred Securities
Guarantee Trustee shall exercise such of the rights and powers vested in it by
this Preferred Securities Guarantee, and use the same degree of care and skill
in its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

     (d) No provision of this Preferred Securities Guarantee shall be construed
to relieve the Preferred Securities Guarantee 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 any Event of Default (of which, other
     than a default in respect of any Guarantee Payment, a Responsible Officer
     of the Property Trustee has actual knowledge) and after the curing or
     waiving of all such Events of Default that may have occurred:

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

          (B) in the absence of bad faith on the part of the Preferred
     Securities Guarantee Trustee, the Preferred Securities Guarantee 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 Preferred Securities Guarantee Trustee and
     conforming to the requirements of this Preferred Securities Guarantee;
     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 Preferred Securities Guarantee Trustee, the Preferred Securities
     Guarantee Trustee shall be under a duty to examine the same to determine
     whether or not on their face they conform to the requirements of this
     Preferred Securities Guarantee;

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          (ii) the Preferred Securities Guarantee Trustee shall not be liable
     for any errors of judgment made in good faith by a Responsible Officer of
     the Preferred Securities Guarantee Trustee, unless it shall be proved that
     the Preferred Securities Guarantee Trustee or such Responsible Officer was
     negligent in ascertaining the pertinent facts upon which such judgment was
     made;

          (iii) The Preferred Securities Guarantee Trustee shall not be liable
     with respect to any actions taken or omitted to be taken by it in good
     faith in accordance with the direction of the Holders of a Majority in
     Liquidation Amount of the Preferred Securities relating to the time, method
     and place of conducting any proceeding for any remedy available to the
     Preferred Securities Guarantee Trustee, or exercising any trust or power
     conferred upon the Preferred Securities Guarantee Trustee under this
     Preferred Securities Guarantee; and

          (iv) no provision of this Preferred Securities Guarantee shall require
     the Preferred Securities Guarantee 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 the
     Preferred Securities Guarantee Trustee shall have reasonable grounds for
     believing that the repayment of such funds or liability is not reasonably
     assured to it under the terms of this Preferred Securities Guarantee or
     indemnity, reasonably satisfactory to the Preferred Securities Guarantee
     Trustee, against such risk or liability is not reasonably assured to it.

     SECTION 3.2 Certain Rights of Preferred Securities Guarantee Trustee

     (a) Subject to the provisions of Section 3.1:

          (i) the Preferred Securities Guarantee Trustee may 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 proper party or parties;

          (ii) any direction or act of the Guarantor contemplated by this
     Preferred Securities Guarantee may be sufficiently evidenced by an
     Officers' Certificate;

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

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          (iv) the Preferred Securities Guarantee Trustee shall have no duty to
     see to any recording, filing or registration of any instrument or other
     document (or any rerecording, refiling or registration thereof);

          (v) the Preferred Securities Guarantee Trustee may consult with
     counsel of its selection, and the advice or opinion of such counsel with
     respect to legal matters 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; and
     such counsel may be counsel to the Guarantor or any of its Affiliates and
     may include any of its employees; and the Preferred Securities Guarantee
     Trustee shall have the right at any time to seek instructions concerning
     the administration of this Preferred Securities Guarantee from any court of
     competent jurisdiction;

          (vi) the Preferred Securities Guarantee Trustee shall be under no
     obligation to exercise any of the rights or powers vested in it by this
     Preferred Securities Guarantee at the request or direction of any Holder,
     unless such Holder shall have provided to the Preferred Securities
     Guarantee Trustee such security and indemnity, reasonably satisfactory to
     the Preferred Securities Guarantee Trustee, against the costs, expenses
     (including attorneys' fees and expenses and the expenses of the Preferred
     Securities Guarantee 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
     Preferred Securities Guarantee Trustee, provided, however, that nothing
     contained in this Section 3.2(a)(vi) shall be taken to relieve the
     Preferred Securities Guarantee Trustee, upon the occurrence of an Event of
     Default, of its obligation to exercise the rights and powers vested in it
     by this Preferred Securities Guarantee;

          (vii) the Preferred Securities Guarantee Trustee shall have no
     obligation 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 Preferred
     Securities Guarantee Trustee, in its discretion, may make such further
     inquiry or investigation into such facts or matters as it may see fit;

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

          (ix) any action taken by the Preferred Securities Guarantee Trustee or
     its agents hereunder shall bind the Holders of the Preferred Securities,
     and the signature of the Preferred Securities Guarantee 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
     Preferred Securities Guarantee Trustee to so act or as to its compliance
     with any of the terms and provisions of this Preferred Securities
     Guarantee,

                                       10

<PAGE>

     both of which shall be conclusively evidenced by the Preferred Securities
     Guarantee Trustee's or its agent's taking such action;

          (x) whenever in the administration of this Preferred Securities
     Guarantee the Preferred Securities Guarantee Trustee shall deem it
     desirable to receive instructions with respect to enforcing any remedy or
     right or taking any other action hereunder, the Preferred Securities
     Guarantee Trustee (i) may request instructions from the Holders of a
     Majority in Liquidation Amount of the Preferred Securities, (ii) may
     refrain from enforcing such remedy or right or taking such other action
     until such instructions are received, and (iii) shall be protected in
     conclusively relying on or acting in accordance with such instructions; and

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

     (b) No provision of this Preferred Securities Guarantee shall be deemed to
impose any duty or obligation on the Preferred Securities Guarantee 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 Preferred Securities Guarantee 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 Preferred Securities Guarantee Trustee shall be
construed to be a duty.

     SECTION 3.3 Not Responsible for Recitals or Issuance of Preferred
                 Securities Guarantee

     The recitals contained in this Preferred Securities Guarantee shall be
taken as the statements of the Guarantor, and the Preferred Securities Guarantee
Trustee does not assume any responsibility for their correctness. The Preferred
Securities Guarantee Trustee makes no representation as to the validity or
sufficiency of this Preferred Securities Guarantee.

                                   ARTICLE IV
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

     SECTION 4.1 Preferred Securities Guarantee Trustee; Eligibility

     (a) There shall at all times be a Preferred Securities Guarantee Trustee
that shall

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

          (ii) be a corporation or other 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 corporation or other Person
     permitted by the Securities and Exchange Commission to act as an indenture
     trustee under the Trust Indenture Act, authorized

                                       11

<PAGE>

     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; it being understood that if such
     corporation or other Person 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 4.1(a)(ii) and to the extent permitted by the Trust Indenture Act,
     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 Preferred Securities Guarantee Trustee shall cease
to be eligible to so act under Section 4.1(a), the Preferred Securities
Guarantee Trustee shall immediately resign in the manner and with the effect set
out in Section 4.2(c).

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

     SECTION 4.2 Appointment, Removal and Resignation of Preferred Securities
                 Guarantee Trustee

     (a) Subject to Section 4.2(b), the Preferred Securities Guarantee Trustee
may be appointed or removed without cause at any time by the Guarantor except
during an Event of Default.

     (b) The Preferred Securities Guarantee Trustee shall not be removed in
accordance with Section 4.2(a) until a Successor Preferred Securities Guarantee
Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Preferred Securities Guarantee Trustee and
delivered to the Guarantor.

     (c) The Preferred Securities Guarantee Trustee shall hold office until a
Successor Preferred Securities Guarantee Trustee shall have been appointed,
subject to Section 4.1, or until its removal or resignation. The Preferred
Securities Guarantee Trustee may resign from office (without need for prior or
subsequent accounting) by an instrument in writing executed by the Preferred
Securities Guarantee Trustee and delivered to the Guarantor, which resignation
shall not take effect until a Successor Preferred Securities Guarantee Trustee
has been appointed, subject to Section 4.1, and has accepted such appointment by
instrument in writing executed by such Successor Preferred Securities Guarantee
Trustee and delivered to the Guarantor and the resigning Preferred Securities
Guarantee Trustee.

     (d) If no Successor Preferred Securities Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.2 within 60
days after delivery of an instrument of removal or resignation, the Preferred
Securities Guarantee Trustee resigning or being removed may petition any court
of competent jurisdiction for appointment of a Successor

                                       12

<PAGE>

Preferred Securities Guarantee Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a Successor
Preferred Securities Guarantee Trustee.

     (e) No Preferred Securities Guarantee Trustee shall be liable for the acts
or omissions to act of any Successor Preferred Securities Guarantee Trustee.

     (f) Upon termination of this Preferred Securities Guarantee or removal or
resignation of the Preferred Securities Guarantee Trustee pursuant to this
Section 4.2, the Guarantor shall pay to the Preferred Securities Guarantee
Trustee all amounts due to the Preferred Securities Guarantee Trustee accrued to
the date of such termination, removal or resignation.

                                    ARTICLE V
                                    GUARANTEE

     SECTION 5.1 Guarantee

     The Guarantor irrevocably and unconditionally agrees to pay in full to the
Holders the Guarantee Payments (without duplication of amounts theretofore paid
by the Issuer), as and when due, regardless of any defense, right of set-off or
counterclaim that the Issuer may have or assert. The Guarantor's obligation to
make a Guarantee Payment may be satisfied by direct payment of the required
amounts by the Guarantor to the Holders or by causing the Issuer to pay such
amounts to the Holders.

     SECTION 5.2 Waiver of Notice and Demand

     The Guarantor hereby waives notice of acceptance of this Preferred
Securities Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against
the Issuer or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

     SECTION 5.3 Obligations Not Affected

     The obligations, covenants, agreements and duties of the Guarantor under
this Preferred Securities Guarantee shall in no way be affected or impaired by
reason of the happening from time to time of any of the following:

     (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Issuer;

     (b) the extension of time for the payment by the Issuer of all or any
portion of the Distributions, Redemption Price, Liquidation Distribution or any
other sums payable under the terms of the Preferred Securities or the extension
of time for the performance of any other obligation under, arising out of, or in
connection with, the Preferred Securities;

                                       13

<PAGE>

     (c) any failure, omission, delay or lack of diligence on the part of the
Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Preferred Securities, or
any action on the part of the Issuer granting indulgence or extension of any
kind;

     (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Issuer or any of the assets of the
Issuer;

     (e) any invalidity of, or defect or deficiency in, the Preferred
Securities;

     (f) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or

     (g) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor;

it being the intent of this Section 5.3 that the obligations of the Guarantor
with respect to the Guarantee Payments shall be absolute and unconditional under
any and all circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain
consent of, the Guarantor with respect to the happening of any of the foregoing.

     SECTION 5.4 Rights of Holders

     (a) The Holders of a Majority in Liquidation Amount of the Preferred
Securities have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Preferred Securities Guarantee
Trustee in respect of this Preferred Securities Guarantee or exercising any
trust or power conferred upon the Preferred Securities Guarantee Trustee under
this Preferred Securities Guarantee.

     (b) If the Preferred Securities Guarantee Trustee fails to enforce this
Preferred Securities Guarantee, any Holder of the Preferred Securities may
institute a legal proceeding directly against the Guarantor to enforce the
Preferred Securities Guarantee Trustee's rights under this Preferred Securities
Guarantee, without first instituting a legal proceeding against the Issuer, the
Preferred Securities Guarantee Trustee or any other person or entity.
Notwithstanding the rights of the Preferred Securities Guarantee Trustee to
enforce this Guarantee Agreement, if the Guarantor has failed to make a
Guarantee Payment, any Holder of the Preferred Securities may directly institute
a proceeding against the Guarantor for enforcement of this Preferred Securities
Guarantee for such payment, without first instituting a legal proceeding against
the Issuer, the Preferred Series Guarantee Trustee or any other person or
entity. The Guarantor waives any right or remedy to require that any action be
brought first against the Issuer or any other person or entity before proceeding
directly against the Guarantor.

                                       14

<PAGE>

     SECTION 5.5 Guarantee of Payment

     This Preferred Securities Guarantee creates a guarantee of payment and not
of collection.

     SECTION 5.6 Subrogation

     The Guarantor shall be subrogated to all (if any) rights of the Holders of
Preferred Securities against the Issuer in respect of any amounts paid to such
Holders by the Guarantor under this Preferred Securities Guarantee; provided,
however, that the Guarantor shall not (except to the extent required by
mandatory provisions of law) be entitled to enforce or exercise any right that
it may acquire by way of subrogation or any indemnity, reimbursement or other
agreement, in all cases as a result of payment under this Preferred Securities
Guarantee, if, at the time of any such payment, any amounts are due and unpaid
under this Preferred Securities Guarantee. If any amount shall be paid to the
Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
such amount in trust for the Holders and to pay over such amount to the Holders.

     SECTION 5.7 Independent Obligations

     The Guarantor acknowledges that its obligations hereunder are independent
of the obligations of the Issuer with respect to the Preferred Securities, and
that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Preferred Securities Guarantee
notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

     SECTION 6.1 Limitation of Transactions

     So long as any Preferred Securities remain outstanding, the Guarantor shall
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 Guarantor's
capital stock, (ii) make any payment of principal of, or interest or premium, if
any, on or repay, repurchase or redeem any debt securities of the Guarantor
(including Other Debentures) 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 Guarantor of the debt securities of any subsidiary of the
Guarantor (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, rights to subscribe for or
purchase shares of, common stock of the Guarantor, (b) any declaration of a
dividend in connection with the implementation of a shareholders' 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 this
Preferred Securities Guarantee, (d) as a result of a reclassification of the
Guarantor's capital stock or the exchange or the conversion of one class or
series of the Guarantor's capital stock for another class or series of the
Guarantor's capital stock, (e) the

                                       15

<PAGE>

purchase of fractional interests in shares of the Guarantor'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 Guarantor's benefit
or compensation plans for its directors, officers or employees or any of the
Guarantor's dividend reinvestment plans) if at such time (l) there shall have
occurred any event of which the Guarantor has actual knowledge that (A) is a
Default or Event of Default (each as defined in the Indenture) and (B) in
respect of which the Guarantor shall not have taken reasonable steps to cure,
(2) if the Debentures are held by the Property Trustee, the Guarantor shall be
in default with respect to its payment of any obligations under this Preferred
Securities Guarantee or (3) the Guarantor shall have given notice of its
election of the exercise of its right to commence an Extended Interest Payment
Period as provided in the Indenture and shall not have rescinded such notice,
and such Extended Interest Payment Period, or an extension thereof, shall have
commenced and be continuing.

     SECTION 6.2 Ranking

     This Preferred Securities Guarantee will constitute an unsecured obligation
of the Guarantor and will rank (i) subordinate and junior in right of payment to
all Allocable Amounts (as defined in the Indenture) in respect of Senior
Indebtedness (as defined in the Indenture), to the same extent and in the same
manner that the Debentures are subordinated to Senior Indebtedness pursuant to
the Indenture, it being understood that the terms of Article XV of the Indenture
shall apply to the obligations of the Guarantor under this Preferred Securities
Guarantee as if such Article XV were set forth herein in full, (ii) pari passu
with the most senior preferred or preference stock now or hereafter issued by
the Guarantor, any Other Guarantee and, except to the extent set forth therein,
the Common Securities Guarantee, any Other Common Securities Guarantee, and any
guarantee now or hereafter entered into by the Guarantor in respect of any
preferred or preference stock of any Affiliate of the Guarantor, and (iii)
senior to the Guarantor's common stock.

                                   ARTICLE VII
                                   TERMINATION

     SECTION 7.1 Termination

     This Preferred Securities Guarantee shall terminate and be of no further
force and effect upon (i) full payment of the Redemption Price of all Preferred
Securities, (ii) dissolution, winding up or liquidation of the Issuer,
immediately following the full payment of the amounts payable in accordance with
the Declaration, or (iv) the distribution of all of the Debentures to the
Holders of the Trust Securities. Notwithstanding the foregoing, this Preferred
Securities Guarantee will continue to be effective or will be reinstated, as the
case may be, if at any time any Holder of the Preferred Securities must restore
payment of any sums paid under the Preferred Securities or under this Preferred
Securities Guarantee.

                                       16

<PAGE>

                                  ARTICLE VIII
                                 INDEMNIFICATION

     SECTION 8.1 Exculpation

     (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Guarantor 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 in accordance with this Preferred Securities
Guarantee and in a manner that such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this
Preferred Securities Guarantee 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, bad faith 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 Guarantor and upon such information, opinions, reports
or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which Distributions to Holders of Preferred Securities might properly be paid.

     SECTION 8.2 Compensation and Indemnification

     The Guarantor agrees to pay to the Preferred Securities Guarantee Trustee
such compensation for its services as shall be mutually agreed upon by the
Guarantor and the Preferred Securities Guarantee Trustee. The Guarantor shall
reimburse the Preferred Securities Guarantee Trustee upon request for all
reasonable out-of-pocket expenses incurred by it, including the reasonable
compensation and expenses of the Preferred Securities Guarantee Trustee's agents
and counsel, except any expense as may be attributable to the negligence or bad
faith of the Preferred Securities Guarantee Trustee.

     The Guarantor agrees to indemnify each Indemnified Person for, and to hold
each Indemnified Person harmless against, any and all loss, liability, damage,
action, suit, claim or expense incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against, or
investigating, any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The Guarantor covenants
and agrees to advance expenses (including legal fees) incurred by an 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 Guarantor of an undertaking by or on behalf of
such Indemnified Person to repay such amount if it shall be determined that such
Indemnified Person is not entitled to be indemnified as authorized in this
Section. The provisions of this Section 8.2 shall survive the

                                       17

<PAGE>

termination of this Preferred Securities Guarantee and shall survive the
resignation or removal of the Preferred Securities Guarantee Trustee.

                                   ARTICLE IX
                                  MISCELLANEOUS

     SECTION 9.1 Successors and Assigns

     All guarantees and agreements contained in this Preferred Securities
Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Preferred Securities then outstanding.

     SECTION 9.2 Amendments

     Except with respect to any changes that do not materially adversely affect
the rights of Holders of the Preferred Securities (in which case no consent of
such Holders will be required), this Preferred Securities Guarantee may only be
amended with the prior approval of the Holders of a Majority in Liquidation
Amount of the Preferred Securities. The provisions of Section 12.2 of the
Declaration with respect to meetings of Holders of the Trust Securities apply to
the giving of such approval. This Preferred Securities Guarantee may not be
amended, and no amendment hereof that affects the Preferred Securities Guarantee
Trustee's rights, duties or immunities hereunder or otherwise, shall be
effective, unless such amendment is executed by the Preferred Securities
Guarantee Trustee (which shall have no obligation to execute any such amendment,
but may do so in its sole discretion).

     SECTION 9.3 Notices

     All notices provided for in this Preferred Securities Guarantee 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 Issuer, in care of the Administrative Trustee at the
Issuer's mailing address set forth below (or such other address as the Issuer
may give notice of to the Preferred Securities Guarantee Trustee and the Holders
of the Preferred Securities):

               New York Community Capital Trust VI
               c/o New York Community Bancorp, Inc.
               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 Preferred Securities Guarantee Trustee, at the
Preferred Securities Guarantee Trustee's mailing address set forth below (or
such other address as the Preferred Securities Guarantee Trustee may give notice
of to the Holders of the Preferred Securities):

                                       18

<PAGE>

               Wilmington Trust Company
               Rodney Square North
               1100 North Market Street
               Wilmington, Delaware 19890
               Attention: Corporate Trust Administration
               Facsimile No.: (302) 636-4145

     (c) If given to the Guarantor, at the Guarantor's mailing address set forth
below (or such other address as the Guarantor may give notice of to the
Preferred Securities Guarantee Trustee and the Holders of the Preferred
Securities):

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

     (d) If given to any Holder of the Preferred Securities, at the address set
forth on the books and records of the Issuer.

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

     SECTION 9.4 Benefit

     This Preferred Securities Guarantee is solely for the benefit of the
Holders of the Preferred Securities and, subject to Section 3.1(a), is not
separately transferable from the Preferred Securities.

     SECTION 9.5 Governing Law

     THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAW PRINCIPLES THEREOF.

                                       19

<PAGE>

     This Preferred Securities Guarantee is executed as of the day and year
first above written.

                                       NEW YORK COMMUNITY BANCORP, INC.
                                       as Guarantor

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

                                       WILMINGTON TRUST COMPANY,
                                       as Preferred Securities Guarantee Trustee

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

                                       20<PAGE>

                                                                Exhibit 4(m)(vi)

                               GUARANTEE AGREEMENT

                                     between

                        NEW YORK COMMUNITY BANCORP, INC.,
                                  as Guarantor

                                       and

                            WILMINGTON TRUST COMPANY,
                              as Guarantee Trustee

                              Dated as of (.), (.)

<PAGE>

                                TABLE OF CONTENTS
<TABLE>

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

   Section 1.1.    Interpretation...................................................1

   Section 1.2.    Definitions......................................................2

Article II    TRUST INDENTURE ACT...................................................4

   Section 2.1.    Trust Indenture Act, Application.................................4

   Section 2.2.    Lists of Holders of Securities...................................5

   Section 2.3.    Reports by the Guarantee Trustee.................................5

   Section 2.4.    Periodic Reports to the Guarantee Trustee........................5

   Section 2.5.    Evidence of Compliance with Conditions Precedent.................5

   Section 2.6.    Events of Default; Waiver........................................6

   Section 2.7.    Event of Default; Notice.........................................6

   Section 2.8.    Conflicting Interests............................................6

   Section 2.9.    Disclosure of Information........................................6

   Section 2.10.   Guarantee Trustee May File Proofs of Claim.......................6

Article III   POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE........................7

   Section 3.1.    Powers and Duties of the Guarantee Trustee.......................7

   Section 3.2.    Certain Rights of Guarantee Trustee..............................8

   Section 3.3.    Not Responsible for Recitals or Issuance of Guarantee...........10

Article IV    GUARANTEE TRUSTEE....................................................10

   Section 4.1.    Guarantee Trustee: Eligibility..................................10

   Section 4.2.    Appointment, Removal and Resignation of Guarantee Trustee.......11

Article V     GUARANTEE............................................................11

   Section 5.1.    Guarantee.......................................................11

   Section 5.2.    Waiver of Notice and Demand.....................................12

   Section 5.3.    Obligations Not Affected........................................12

   Section 5.4.    Rights of Holders...............................................13

   Section 5.5.    Guarantee of Payment............................................13

   Section 5.6.    Subrogation.....................................................13

   Section 5.7.    Independent Obligations.........................................14
</TABLE>

<PAGE>

                                TABLE OF CONTENTS

                                   (continued)

<TABLE>
<S>                                                                                <C>
Article VI    LIMITATION OF TRANSACTIONS; SUBORDINATION............................14

   Section 6.1.    Limitation of Transactions......................................14

   Section 6.2.    Ranking.........................................................15

Article VII   TERMINATION..........................................................15

   Section 7.1.    Termination.....................................................15

Article VIII  INDEMNIFICATION......................................................16

   Section 8.1.    Exculpation.....................................................16

   Section 8.2.    Indemnification.................................................16

Article IX    MISCELLANEOUS........................................................16

   Section 9.1.    Successors and Assigns..........................................16

   Section 9.2.    Amendments......................................................17

   Section 9.3.    Notices.........................................................17

   Section 9.4.    Benefit.........................................................18

   Section 9.5.    Governing Law...................................................18

   Section 9.6.    Counterparts....................................................18
</TABLE>

<PAGE>

          This GUARANTEE AGREEMENT (the "Guarantee"), dated as of (.), (.), is
executed and delivered by New York Community Bancorp, Inc., a Delaware
corporation, as guarantor (the "Company"), and Wilmington Trust Company, as
trustee (the "Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Securities (as defined herein) of New York
Community Capital Trust I, a Delaware statutory trust (the "Trust").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of (.),(.), among the Company, as sponsor, (.), (.) and
(.), as the initial Administrative Trustees, Wilmington Trust Company, as the
initial Property Trustee, and Wilmington Trust Company, as the initial Delaware
Trustee, the Trust is issuing on the date hereof (.) preferred securities,
stated liquidation amount of $(.) per preferred security, having an aggregate
stated liquidation amount of $(.), such preferred securities being designated
the Preferred Securities (the "Preferred Securities") and (.) common securities,
stated liquidation amount of $(.) per common security, having an aggregate
stated liquidation amount of $(.), such common securities being designated the
Common Securities (the "Common Securities" and, together with the Preferred
Securities, the "Securities"); and

          WHEREAS, as incentive for the Holders to purchase the Securities, the
Company desires irrevocably and unconditionally to agree, to the extent set
forth in this Guarantee, to pay in full to the Holders the Guarantee Payments
(as defined below) and to make certain other payments on the terms and
conditions set forth herein.

          NOW, THEREFORE, in consideration of the purchase by each Holder, which
purchase the Company hereby acknowledges shall benefit the Company, the Company
executes and delivers this Guarantee for the benefit of the Holders.

                                   ARTICLE I

                         DEFINITIONS AND INTERPRETATION

          Section 1.1 Interpretation

          In this Guarantee, unless the context otherwise requires:

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

          (b) terms defined in the Declaration as at the date of execution of
     this Guarantee have the same meaning when used in this Guarantee unless
     otherwise defined in this Guarantee;

          (c) a term defined anywhere in this Guarantee has the same meaning
     throughout;

          (d) all references to "this Guarantee" are to this Guarantee as
     modified, supplemented or amended from time to time;

<PAGE>

          (e) all references in this Guarantee to Articles and Sections are to
     Articles and Sections of this Guarantee, unless otherwise specified;

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

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

          Section 1.2. Definitions

          The following terms have the following meanings:

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

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

          "Business Day" has the meaning set forth in the Declaration.

          "Common Securities" has the meaning set forth in the Recitals.

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

          "Covered Person" means any Holder or beneficial owner of Securities.

          "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.

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

          "Event of Default" means a failure by the Company to perform any of
its payment or other obligations under this Guarantee.

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

          "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Securities, to the extent not paid or
made by the Trust:

               (i) any accrued and unpaid Distributions (as defined in the
     Declaration) that are required to be paid on such Securities to the extent
     the Trust has funds legally available therefor;

               the Redemption Price (as defined in the Declaration) plus all
     accrued and unpaid Distributions, to the extent the Trust has funds legally
     available therefor, relating to any Securities called for redemption by the
     Trust; and

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<PAGE>

               (ii) upon a voluntary or involuntary dissolution, winding-up,
     termination and liquidation of the Trust (other than in connection with the
     distribution of Debentures to the Holders in exchange for Securities as
     provided in the Declaration or the redemption of all of the Securities),
     the lesser of:

          (a) the aggregate Accreted Value of the Securities plus all accrued
     and unpaid Distributions on the Securities to the date of payment; and

          (b) the amount of assets of the Trust remaining available for
     distribution to Holders in liquidation of the Trust.

          "Guarantee Trustee" means Wilmington Trust Company until a Successor
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee and thereafter means each such Successor
Guarantee Trustee.

          "Holder" has the meaning given such term in the Declaration.

          "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.

          "Indenture" means the Indenture, dated as of (.), (.), between the
Company, as debenture issuer, and Wilmington Trust Company, as trustee, as
amended or supplemented from time to time, including the First Supplemental
Indenture.

          "Indenture Event of Default" means any event specified in Section 2.10
of the First Supplemental Indenture.

          "Majority in Liquidation Amount" has the meaning set forth in the
Declaration.

          "Officers' Certificate" means, with respect to any person, 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. Any Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Guarantee, shall include, where
applicable:

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

          (b) a brief statement of the nature and scope of the examination or
     investigation undertaken by each 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.

                                       3

<PAGE>

          "Other Debentures" means all junior subordinated debentures issued by
the Company from time to time and sold to any other trust, partnership or other
entity affiliated with the Company that is a financing vehicle of the Company,
if any, in each case similar to the Trust.

          "Other Guarantees" means all guarantees to be issued by the Company
with respect to capital securities, if any, similar to the Securities issued by
any other trust, partnership or other entity affiliated with the Company that is
a financing vehicle of the Company, if any, in each case similar to the Trust.

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

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

          "Property Trustee" has the meaning set forth in the Declaration.

          "Pro Rata" has the meaning set forth in the Declaration.

          "Redemption Price" has the meaning set forth in the Declaration.

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

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

          "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.1.

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

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

          "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.

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

                                   ARTICLE II

                               TRUST INDENTURE ACT

          Section 2.1. Trust Indenture Act, Application

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

                                       4

<PAGE>

          (b) if and to the extent that any provision of this Guarantee limits,
qualifies or conflicts with the duties imposed by Section 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control.

          Section 2.2. Lists of Holders of Securities

          (a) The Company shall provide the Guarantee Trustee (unless the
Guarantee Trustee is otherwise the registrar of the Securities) with a list, in
such form as the Guarantee Trustee may reasonably require, of the names and
addresses of the Holders ("List of Holders"):

               (i) as of the record date relating to the payment of any
     Guarantee Payment, at least one Business Day prior to the date for payment
     of such Guarantee Payment, 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 Company
     of a written request from the Guarantee Trustee for a List of Holders as of
     a date no more than fifteen days before such List of Holders is given to
     the Guarantee Trustee.

If at any time the List of Holders does not differ from the most recent List of
Holders provided to the Guarantee Trustee by the Company, the Company shall not
be obligated to provide such List of Holders. The Guarantee Trustee shall
preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it; provided that the Guarantee Trustee
may destroy any List of Holders previously given to it on receipt of a new List
of Holders.

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

          Section 2.3. Reports by the Guarantee Trustee

          Within 60 days after May 15 of each year (commencing with the first
anniversary of the issuance of the Preferred Securities), the Guarantee 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 Guarantee
Trustee shall also comply with the other requirements of Section 313 of the
Trust Indenture Act.

          Section 2.4. Periodic Reports to the Guarantee Trustee

          The Company shall provide to the Guarantee 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

          The Company shall provide to the Guarantee Trustee annually such
evidence of compliance with any conditions precedent provided for in this
Guarantee that relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required

                                       5

<PAGE>

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. Events of Default; Waiver

          Except as set forth in the Declaration and the Indenture, the Holders
of a Majority in Liquidation Amount of the Securities may waive, by vote or
written consent, on behalf of all Holders, any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist,
and any Event of Default arising there from shall be deemed to have been cured,
for every purpose of this Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

          Section 2.7. Event of Default; Notice

          (a) The Guarantee Trustee shall, within 90 days after the occurrence
of an Event of Default actually known to a Responsible Officer, transmit by
mail, first class postage prepaid, to all Holders, notice of such Event of
Default, unless such Event of Default has been cured before the giving of such
notice; provided that except for a default in the payment of any Guarantee
Payment, the Guarantee 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 Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written notice
from the Company, or a Responsible Officer charged with the administration of
the Declaration shall have obtained actual knowledge, of such Event of Default.

          Section 2.8. Conflicting Interests

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

          Section 2.9. Disclosure of Information

          The disclosure of information as to the names and addresses of the
Holders of the Securities in accordance with Section 312 of the Trust Indenture
Act, regardless of the source from which such information was derived, shall not
be deemed to be a violation of any existing law, or any law hereafter enacted
which does not specifically refer to Section 312 of the Trust Indenture Act, nor
shall the Guarantee Trustee be held accountable by reason of mailing any
material pursuant to a request made under Section 312(b) of the Trust Indenture
Act.

          Section 2.10. Guarantee Trustee May File Proofs of Claim

          Upon the occurrence of an Event of Default, the Guarantee Trustee is
hereby authorized, but shall not be obligated, to:

          (a) recover judgment, in its own name and as trustee of an express
     trust, against the Company for the whole amount of any Guarantee Payments
     remaining unpaid; and

                                       6

<PAGE>

          (b) file such proofs of claim and other papers or documents as may be
     necessary or advisable in order to have its claims and those of the Holders
     allowed in any judicial proceedings relative to the Company, its creditors
     or its property.

                                  ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

          Section 3.1. Powers and Duties of the Guarantee Trustee

          (a) This Guarantee shall be held by the Guarantee Trustee for the
benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee to any Person except a Holder exercising his or her rights pursuant to
Section 5.4(b) or to a Successor Guarantee Trustee on acceptance by such
Successor Guarantee Trustee of its appointment to act as Successor Guarantee
Trustee pursuant to Section 4.2. The right, title and interest of the Guarantee
Trustee shall automatically vest in any Successor Guarantee Trustee, and such
vesting and succession of title shall be effective whether or not conveyancing
documents have been executed and delivered pursuant to the appointment of such
Successor Guarantee Trustee.

          (b) If an Event of Default actually known to a Responsible Officer has
occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee
for the benefit of the Holders.

          (c) The Guarantee Trustee, before the occurrence of any Event of
Default and after the cure or waiver of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Guarantee, and no implied covenants shall be read into this
Guarantee against the Guarantee Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6) and is
actually known to a Responsible Officer, the Guarantee Trustee shall exercise
such of the rights and powers vested in it by this Guarantee, and use the same
degree of care and skill in its exercise thereof, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

          (d) No provision of this Guarantee shall be construed to relieve the
Guarantee 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 any Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

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

                    (B) in the absence of bad faith on the part of the Guarantee
          Trustee, the Guarantee 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 Guarantee
          Trustee and conforming on

                                       7

<PAGE>

          their face to the requirements of this Guarantee; 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
          Guarantee Trustee, the Guarantee Trustee shall be under a duty to
          examine the same only to determine whether or not on their face they
          conform to the requirements of this Guarantee;

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

               (iii) the Guarantee Trustee shall not be 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 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 Guarantee
     Trustee in respect of this Guarantee, or exercising any trust or power
     conferred upon the Guarantee Trustee under this Guarantee; and

               (iv) no provision of this Guarantee shall require the Guarantee
     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.

          Section 3.2. Certain Rights of Guarantee Trustee

          (a) Subject to the provisions of Section 3.1:

               (i) the Guarantee Trustee may 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 proper party or parties;

               (ii) any direction or act of the Company contemplated by this
     Guarantee may be sufficiently evidenced by an Officers' Certificate;

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

               (iv) the Guarantee Trustee shall have no duty to record, file or
     register any instrument (including any financing or continuation statement
     or any filing under tax or securities laws) or any duty to rerecord, refile
     or reregister such instrument;

               (v) the Guarantee Trustee may consult with counsel or other
     experts of its selection, and the advice or opinion of such counsel with
     respect to legal matters or advice within the scope of such experts' area
     of expertise shall be full and complete authorization and protection in
     respect of any action taken, suffered or omitted by it

                                       8

<PAGE>

     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 Guarantee Trustee shall have the right at
     any time to seek instructions concerning the administration of this
     Guarantee from any court of competent jurisdiction;

               (vi) the Guarantee Trustee shall be under no obligation to
     exercise any of the rights or powers vested in it by this Guarantee at the
     request or direction of any Holder, unless such Holder shall have provided
     to the Guarantee Trustee such security and indemnity, reasonably
     satisfactory to the Guarantee Trustee, against the costs, expenses
     (including reasonable attorneys' fees and expenses and the expenses of the
     Guarantee 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 Guarantee
     Trustee; provided that nothing contained in this Section 3.2(a)(vi) shall
     be taken to relieve the Guarantee Trustee, upon the occurrence of an Event
     of Default, of its obligation to exercise the rights and powers vested in
     it by this Guarantee;

               (vii) the Guarantee 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 Guarantee Trustee, in its
     discretion, may make such further inquiry or investigation into such facts
     or matters as it may see fit;

               (viii) the Guarantee 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 Guarantee
     Trustee shall not be responsible for any misconduct or negligence on the
     part of any agent or attorney appointed with due care by it hereunder;

               (ix) any action taken by the Guarantee Trustee or its agents
     hereunder shall bind the Holders, and the signature of the Guarantee
     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 Guarantee Trustee to so act or as to its compliance with
     any of the terms and provisions of this Guarantee, both of which shall be
     conclusively evidenced by the Guarantee Trustee's or its agent's taking
     such action;

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

                    (A) may request instructions from the Holders of a Majority
          in Liquidation Amount of the Preferred Securities;

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

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

                                       9

<PAGE>

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

          (b) No provision of this Guarantee shall be deemed to impose any duty
or obligation on the Guarantee 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 Guarantee 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 Guarantee Trustee
shall be construed to be a duty.

          Section 3.3. Not Responsible for Recitals or Issuance of Guarantee

          The recitals contained in this Guarantee shall be taken as the
statements of the Company, and the Guarantee Trustee does not assume any
responsibility for their correctness. The Guarantee Trustee makes no
representation as to the validity or sufficiency of this Guarantee.

                                   ARTICLE IV

                                GUARANTEE TRUSTEE

          Section 4.1. Guarantee Trustee: Eligibility

          (a) There shall at all times be a Guarantee Trustee which 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
     Securities and Exchange 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 4.1(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 Guarantee Trustee shall cease to be eligible to
so act under Section 4.1(a), the Guarantee Trustee shall immediately resign in
the manner and with the effect set out in Section 4.2(c).

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

                                       10

<PAGE>

          Section 4.2. Appointment, Removal and Resignation of Guarantee Trustee

          (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed
or removed without cause at any time by the Company except during an Event of
Default. Subject to the provisions of this Section 4.2, if an Event of Default
shall have occurred and be continuing, the Guarantee Trustee may be appointed or
removed by the Holders of a Majority in Liquidation Amount.

          (b) The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Company.

          (c) The Guarantee Trustee shall hold office until a Successor
Guarantee Trustee shall have been appointed or until its removal or resignation.
The Guarantee Trustee may resign from office (without need for prior or
subsequent accounting) by a written instrument executed by the Guarantee Trustee
and delivered to the Company, which resignation shall not take effect until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
by instrument in writing executed by such Successor Guarantee Trustee and
delivered to the Company and the resigning Guarantee Trustee.

          (d) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 30 days after
delivery of an instrument of removal or resignation, the Guarantee Trustee
resigning or being removed may at the expense of the Company petition any court
of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Guarantee Trustee.

          (e) No Guarantee Trustee shall be liable for the acts or omissions to
act of any Successor Guarantee Trustee.

          (f) Upon termination of this Guarantee or removal or resignation of
the Guarantee Trustee pursuant to this Section 4.2, the Company shall pay to the
Guarantee Trustee all amounts due to the Guarantee Trustee accrued to the date
of such termination, removal or resignation.

                                    ARTICLE V

                                    GUARANTEE

          Section 5.1. Guarantee

          To the extent set forth in this Guarantee, the Company irrevocably and
unconditionally agrees to pay in full to all Holders the Guarantee Payments
(without duplication of amounts theretofore paid by the Trust) on a Pro Rata
basis, as and when due, regardless of any defense, right of set-off or
counterclaim that the Trust may have or assert. The Company's obligation to make
a Guarantee Payment may be satisfied by direct payment of the required amounts
by the Company to the Holders or by causing the Trust to pay such amounts to the
Holders. If a Trust Enforcement Event has occurred and is continuing, the rights
of the Holders of the Common Securities to receive Guarantee Payments shall be
subordinated to the rights of

                                       11

<PAGE>

the Holders of Preferred Securities to receive Guarantee Payments.
Notwithstanding anything to the contrary herein, the Company, in its capacity as
issuer of the Debentures, retains all of its rights under the Indenture to:

               (i) extend the interest payment period on the Debentures and the
     Company shall not be obligated hereunder to make any Guarantee Payments
     during any Extension Period (as defined in the Indenture) with respect to
     the Distributions on the Securities; and

               (ii) change the maturity date of the Debentures to the extent
     permitted by the Indenture.

          Section 5.2. Waiver of Notice and Demand

          The Company hereby waives notice of acceptance of this Guarantee and
of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Trust or any other
Person before proceeding against the Company, protest, notice of nonpayment,
notice of dishonor, notice of redemption and all other notices and demands.

          Section 5.3. Obligations Not Affected

          The obligations, covenants, agreements and duties of the Company under
this Guarantee shall in no way be affected or impaired by reason of the
happening from time to time of any of the following:

          (a) the release or waiver, by operation of law or otherwise, of the
     performance or observance by the Trust of any express or implied agreement,
     covenant, term or condition relating to the Securities to be performed or
     observed by the Trust;

          (b) the extension of time for the payment by the Trust of all or a
     portion of the Distributions, Redemption Price or any other sums payable
     under the terms of the Securities or the extension of time for the
     performance of any other obligation under, arising out of, or in connection
     with, the Securities (other than an extension of time for payment of
     Distributions, Redemption Price or other sum payable that results from the
     extension of any interest payment period on the Debentures permitted by the
     Indenture);

          (c) any failure, omission, delay or lack of diligence on the part of
     the Holders to enforce, assert or exercise any right, privilege, power or
     remedy conferred on the Holders pursuant to the terms of the Securities, or
     any action on the part of the Trust granting indulgence or extension of any
     kind;

          (d) the voluntary or involuntary liquidation, dissolution, sale of any
     collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Trust
     or any of the assets of the Trust;

          (e) any invalidity of, or defect or deficiency in, the Securities;

                                       12

<PAGE>

          (f) the settlement or compromise of any obligation guaranteed or
     incurred in this Guarantee; or

          (g) any other circumstance whatsoever that might otherwise constitute
     a legal or equitable discharge or defense of the Company, it being the
     intent of this Section 5.3 that the obligations of the Company with respect
     to the Guarantee Payments shall be absolute and unconditional under any and
     all circumstances.

          There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Company with respect to the happening of any of the
foregoing.

          No setoff, counterclaim, reduction or diminution of any obligation, or
any defense of any kind or nature that the Company has or may have against any
Holder (except the defense of payment to such Holder) shall be available
hereunder to the Company against such Holder to reduce the payments to it under
this Guarantee.

          Section 5.4. Rights of Holders

          (a) The Holders of a Majority in Liquidation Amount of the Securities
have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Guarantee Trustee in respect of this Guarantee
or exercising any trust or power conferred upon the Guarantee Trustee under this
Guarantee.

          (b) If the Guarantee Trustee fails to enforce this Guarantee, subject
to the subordination provisions of Section 6.2, any Holder may institute a legal
proceeding directly against the Company to enforce the Guarantee Trustee's
rights under this Guarantee, without first instituting a legal proceeding
against the Trust, the Guarantee Trustee or any other person or entity. In
addition, if the Company has failed to make a Guarantee Payment, a Holder,
subject to the subordination provisions of Section 6.2, may institute a legal
proceeding directly against the Company for enforcement of the Guarantee for
payment to such Holder of the principal of or interest on the Debentures having
a principal amount equal to the aggregate liquidation amount of the Securities
of such Holder. The Company waives any right or remedy to require that any
action be brought first against the Trust or any other Person before proceeding
directly against the Company.

          Section 5.5. Guarantee of Payment

          This Guarantee creates a guarantee of payment and not of collection.

          Section 5.6. Subrogation

          The Company shall be subrogated to all, if any, rights of the Holders
against the Trust in respect of any amounts paid to such Holders by the Company
under this Guarantee; provided, however, that the Company shall not (except to
the extent required by mandatory provisions of law) be entitled to enforce or
exercise any right that it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this
Guarantee, if, at the time of any such payment, any amounts are due and unpaid
under this Guarantee. If any amount shall be paid to the Company in violation of
the preceding sentence, the Company agrees to hold such amount in trust for the
Holders and to pay over such amount to the Guarantee Trustee for the benefit of
the Holders.

                                       13

<PAGE>

          Section 5.7. Independent Obligations

          The Company acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the Securities, and
that the Company shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the
occurrence of any event referred to in subsections (a) through (g), inclusive,
of Section 5.3 hereof.

                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

          Section 6.1. Limitation of Transactions

          So long as any Securities remain outstanding, if an Event of Default
occurs under the Guarantee or a Trust Enforcement Event occurs under the
Declaration and written notice of such event has been given to the Company, or
if the Company has exercised its option under the Indenture to defer interest
payments and that period or extension of that period is continuing, the Company
shall not:

          (a) declare or pay any dividend on, make any distributions relating
     to, or redeem, purchase, acquire or make a liquidation payment relating to,
     any of the Company's capital stock or any warrants, options or other rights
     to acquire capital stock (but excluding any debt security that is
     convertible into or exchangeable for capital stock);

          (b) make any payment of interest, principal or premium, if any, on or
     repay, repurchase or redeem any debt securities of the Company (including
     any Other Debentures) that rank on a parity with or junior in interest to
     the Debentures or make any 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 on a parity with or junior in
     interest to the Debentures in each case, other than:

               (i) dividends or distributions in capital stock (or rights to
     acquire capital stock) of the Company;

               (ii) payments under this Guarantee;

               (iii) any declaration of a dividend in connection with the
     implementation of a shareholders' rights plan, or the issuance of stock
     under any such plan in the future, or the redemption or repurchase of any
     such rights pursuant to a rights agreement;

               (iv) repurchases or acquisitions of shares of capital stock of
     the Company in connection with the satisfaction by the Company of its
     obligations under any employee benefit plans or any other contractual
     obligation of the Company; or

               (v) as a result of an exchange or conversion of the Company's
     capital stock for another class or series of the Company's capital stock;

                                       14

<PAGE>

               (vi) 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

               (vii) repurchases of capital stock of the Company in connection
     with the satisfaction by the Company of its obligations pursuant to any
     acquisitions of businesses made by the Company (which repurchases are made
     in connection with the satisfaction of indemnification obligations of the
     sellers of such businesses).

          Section 6.2. Ranking

          This Guarantee will constitute an unsecured obligation of the Company
and will rank:

               (i) subordinate and junior in right of payment to Senior
     Indebtedness (as defined in the First Supplemental Indenture), to the same
     extent and in the same manner that the Debentures are subordinated to
     Senior Indebtedness pursuant to the Indenture, it being understood that the
     terms of Article 6 of the First Supplemental Indenture shall apply to the
     obligations of the Company under this Guarantee as if (x) such Article 6
     were set forth herein in full and (y) such obligations were substituted for
     the term "Debentures" appearing in such Article 6, except that with respect
     to Section 6 of the First Supplemental Indenture only, the term "Senior
     Indebtedness" shall mean all liabilities of the Company, whether or not for
     money borrowed (other than obligations in respect of Other Guarantees);

               (ii) pari passu with the most senior preferred or preference
     stock now or hereafter issued by the Company, any guarantee now or
     hereafter entered into by the Company in respect of any preferred or
     preference stock of any Affiliate of the Company, and any Other Guarantee;
     and

               (iii) senior to the Company's capital stock.

                                   ARTICLE VII

                                   TERMINATION

          Section 7.1. Termination

          This Guarantee shall terminate upon:

               (i) full payment of the Redemption Price of all Securities;

               (ii) distribution of the Debentures held by the Trust to the
     Holders; or

               (iii) liquidation of the Trust and the full payment of the
     amounts payable in accordance with the Declaration or the distribution of
     the Debentures to the Holders.

                                       15

<PAGE>

Notwithstanding the foregoing, this Guarantee will continue to be effective or
will be reinstated, as the case may be, if at any time any Holder must restore
payment of any sums paid under the Securities or under this Guarantee.

                                  ARTICLE VIII

                                 INDEMNIFICATION

          Section 8.1. Exculpation

          (a) No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Company 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 in accordance with this Guarantee and
in a manner that such Indemnified Person reasonably believed to be within the
scope of the authority conferred on such Indemnified Person by this Guarantee or
by law, except that an Indemnified Person shall be liable for any such loss,
damage or claim incurred by a Holder by reason of such Indemnified Person's
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 Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and, if selected by the 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 8.2. Indemnification

          To the fullest extent permitted by law, the Company agrees to
indemnify each Indemnified Person for, and to hold each Indemnified Person
harmless against, any and all loss, liability, damage, claim or expense incurred
without negligence or bad faith on its part, arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses (including reasonable legal fees and expenses)
of defending itself against, or investigating, any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder. The obligation to indemnify as set forth in this Section 8.2 shall
survive the termination of this Guarantee and shall survive the removal or
resignation of the Guarantee Trustee.

                                   ARTICLE IX

                                  MISCELLANEOUS

          Section 9.1. Successors and Assigns

          All guarantees and agreements contained in this Guarantee shall bind
the successors, assigns, receivers, trustees and representatives of the Company
and shall inure to the benefit of the Holders then outstanding.

                                       16

<PAGE>

          Section 9.2. Amendments

          Except with respect to any changes that do not materially adversely
affect the rights of Holders (in which case no consent of Holders will be
required), this Guarantee may only be amended with the prior approval of the
Holders of a Majority in Liquidation Amount of the Securities. The provisions of
the Declaration with respect to consents to amendments thereof, whether at a
meeting or otherwise, shall apply to the giving of such approval.

          Section 9.3. Notices

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

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

               New York Community Capital Trust I
               c/o New York Community Bancorp, Inc.
               615 Merrick Avenue
               Westbury, New York 11590
               Attention:  Joseph R. Ficalora, Administrative Trustee, c/o Chief
               Executive Officer, New York Community Bancorp, Inc.
               Telecopy:  (516) 683-8385

          (b) If given to the Guarantee Trustee, at the Guarantee Trustee's
     mailing address set forth below (or such other address as the Guarantee
     Trustee may give notice of to the Holders and the Trust):

               Wilmington Trust Company
               Rodney Square North
               1100 North Market Street
               Wilmington, Delaware  19890
               Attention:  Corporate Trust Administration
               Telecopy:  (302) 636-4145

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

               New York Community Bancorp, Inc.
               615 Merrick Avenue
               Westbury, New York  11590
               Attention: Chief Executive Officer
               Telecopy:  (516) 683-8385

          (d) If given to any Holder, at such Holder's address set forth on the
     books and records of the Trust.

                                       17

<PAGE>

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

          Section 9.4. Benefit

          This Guarantee is solely for the benefit of the Holders and, subject
to Section 3.1(a), is not separately transferable from the Securities.

          Section 9.5. Governing Law

          THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          Section 9.6. Counterparts

          This Guarantee may contain more than one counterpart of the signature
page, and this Guarantee may be executed by affixing of the signature of each of
the parties to one of such counterpart signature pages. All 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.

          IN WITNESS WHEREOF, this Guarantee Agreement has been entered into as
of the day and year first above written.

                                          New York Community Bancorp, Inc., as
                                          Company

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

                                          Wilmington Trust Company, as
                                          Guarantee Trustee

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

                                       18

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