Document:

<PAGE>

                                                                 Exhibit 10.27.3

                              EIGHTH AMENDMENT TO
                              AMENDED AND RESTATED
                      MORTGAGE LOAN WAREHOUSING AGREEMENT
                      -----------------------------------

  EIGHTH AMENDMENT TO AMENDED AND RESTATED MORTGAGE LOAN WAREHOUSING AGREEMENT
(the "Amendment"), dated as of May 31, 2001 by and among AMERICAN HOME
MORTGAGE CORP. ("American Home"), MARINA MORTGAGE COMPANY, INC. ("Marina" and,
together with American Home, the "Companies" and each a "Company"), AMERICAN
HOME MORTGAGE HOLDINGS, INC. ("Guarantor"), FIRST UNION NATIONAL BANK, COMERICA
BANK, BANKERS TRUST COMPANY and THE CHASE MANHATTAN BANK ("Chase")
(collectively, the "Lenders") and FIRST UNION NATIONAL BANK, as administrative
agent for the Lenders (in such capacity, the "Administrative Agent").

                             STATEMENT OF PURPOSE
                             --------------------

  WHEREAS, the Companies, the Lenders (other than Chase), and the Administrative
Agent are parties to an Amended and Restated Mortgage Loan Warehousing Agreement
dated as of May 25, 2000, as amended by a First Amendment to Amended and
Restated Mortgage Loan Warehousing Agreement dated as of August 15, 2000, by a
Second Amendment to Amended and Restated Mortgage Loan Warehousing Agreement
dated as of August 30, 2000, by a Third Amendment to Amended and Restated
Mortgage Loan Warehousing Agreement dated as of September 28, 2000, by a Fourth
Amendment to Amended and Restated Mortgage Loan Warehousing Agreement dated as
of November 10, 2000, by a Fifth Amendment to Amended and Restated Mortgage Loan
Warehousing Agreement dated as of December 6, 2000, by a Sixth Amendment to
Amended and Restated Mortgage Loan Warehousing Agreement dated as of May 1,
2001, and by a Seventh Amendment to Amended and Restated Mortgage Loan
Warehousing Agreement dated as of May 15, 2001 (as so amended, the "Credit
Agreement"); and

  WHEREAS, Chase desires to become a party to and a Lender under the Credit
Agreement and all other instruments, agreements and documents entered into in
connection therewith pursuant to the terms of Paragraph 10(j) of the Credit
Agreement; and

  WHEREAS, the parties hereto wish to amend the Credit Agreement to provide for
the inclusion of Chase as a party thereto and a Lender thereunder and as more
specifically set forth below; and

  WHEREAS, subject to and upon the terms and conditions herein set forth, the
Lenders and the Administrative Agent are willing to continue to make available
to the Companies the credit facilities provided for in the Credit Agreement; and

  WHEREAS, a specific condition to the willingness of the Lenders and the
Administrative Agent to continue to make available to the Companies the credit
facilities provided for in the Credit Agreement is the reaffirmation by  the
Guarantor of the Guaranty to which the Guarantor is a party; and
<PAGE>

  WHEREAS, the Guarantor will derive a material benefit from the continued
availability to the Companies of the credit facilities provided for in the
Credit Agreement and therefore the Guarantor is willing to reaffirm the Guaranty
to which the Guarantor is a party;

  NOW, THEREFORE, in consideration of the premises and agreements contained
herein, and for good and valuable consideration, the receipt and sufficiency of
which are acknowledged by the parties hereto, the parties hereto hereby agree as
follows:

  1.  All capitalized terms used herein and not otherwise defined shall have the
respective meanings provided to such terms in the Credit Agreement, as amended
hereby.

  2.  Amendments to the Credit Agreement.
      ----------------------------------

      a.   The Credit Agreement is hereby amended to include, as a party
thereto, Chase, and the team "Lenders" as defined in the introductory paragraph
to, and Paragraph 11 of, the Credit Agreement is hereby amended to include
Chase, and as of the date hereof, Chase shall be deemed to be a "Lender" under
the Credit Agreement and under each instrument, agreement and document entered
into in connection therewith.

      b.   Schedule I and Schedule III to the Credit Agreement are hereby
           ----------     ------------
deleted in their entireties and the forms of Schedule I and Schedule III
                                             ----------     ------------
attached to this Amendment as Annex I and Annex II, respectively, are hereby
substituted in lieu thereof.

  3.  This Amendment shall become effective as of the date hereof, provided that
the Administrative Agent shall have received by such date the following items:

      a.   A copy of this Amendment executed by the Companies, the Guarantor,
     each of the Lenders and the Administrative Agent (whether such parties
     shall have signed the same or different copies);

      b.  A Promissory Note of even date herewith, as duly executed by each of
     the Companies, such note to be payable by the Companies to the order of
     Chase and to be in the form attached as Annex III hereto (such note to be
     considered a Note for all purposes);

      c.  A Reaffirmation of Guaranty of even date herewith in form and
     substance satisfactory to the Administrative Agent, executed by the
     Guarantor;

      d.  Certificates of even date herewith signed by the President or any Vice
     President of each of the Companies and of the Guarantor and attested to by
     the Secretary or any Assistant Secretary of each of the Companies and of
     the Guarantor certifying that (i) the Articles, Bylaws and resolutions of
     such Company or of the Guarantor, as applicable, previously delivered to
     the Administrative Agent remain in full force and effect except as provided
     therein, (ii) such Company or the Guarantor, as applicable, remains in good
     standing, (iii) all representations and warranties of such Company or the
     Guarantor, as

                                       2
<PAGE>

     applicable, previously made to the Administrative Agent and the Lenders
     remain true, complete and accurate, and (iv) no Event of Default or
     Potential Default has occurred and is continuing;

              e.   Resolutions of each of the Companies and of the Guarantor
     authorizing the execution of this Amendment and, with respect to the
     Guarantor, the Reaffirmation of Guaranty, and, with respect to the
     Companies, the note listed in subsection (b) above; and

              f.   A facility fee, payable to the Administrative Agent for the
     benefit of Chase, in the amount and as further provided in Paragraph
     2(l)(7) of the Credit Agreement.

     4.  This Amendment is limited and, except as set forth herein, shall not
constitute a modification, acceptance or waiver of any other provision of the
Credit Agreement, or any other document or instrument entered into in connection
therewith.

     5.  This Amendment may be executed in any number of counterparts by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which together
shall constitute one and the same instrument.  A complete set of counterparts
shall be lodged with the Companies and the Administrative Agent.

     6.  This Amendment and the rights and obligations of the parties hereunder
shall be construed in accordance with and governed by the laws of the State of
North Carolina.

     7.  From and after the date hereof, all references in the Credit Agreement,
and any other document or instrument entered into in connection therewith, to
the Credit Agreement shall be deemed to be references to the Credit Agreement as
amended hereby.  Chase hereby assumes, and agrees to be bound from and after the
date hereof under and by, the terms of the Credit Agreement and all instruments,
agreements and documents entered into in connection therewith.  Chase shall be
considered to be a "Lender" for all purposes under the Security Agreement, the
Uniform Commercial Code financing statements filed pursuant thereto, the
Guaranty and the other Credit Documents.

     8.  The Guarantor joins in the execution and delivery of this Amendment to
acknowledge and consent to the terms hereof and hereby reaffirms its obligations
under the Guaranty (as reaffirmed by the Reaffirmation of Guaranty) and agrees
that the Guaranty (as reaffirmed by the Reaffirmation of Guaranty) shall remain
in full force and effect with respect to the Obligations.

     9.  EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE GUARANTOR AND EACH
OF THE COMPANIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AMENDMENT AND ANY AGREEMENT

                                       3
<PAGE>

CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PARTY RELATING HERETO OR THERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR
THE LENDERS AND THE ADMINISTRATIVE AGENT TO ENTER INTO THIS AMENDMENT.

                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       4
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
             and sealed as of the day and year first above written.

                              AMERICAN HOME MORTGAGE CORP., a
                              New York corporation

                              By /s/ Richard Silver
                                 --------------------------
                              Name Richard Silver
                                   ------------------------
                              Title Controller
                                    -----------------------

                              MARINA MORTGAGE COMPANY, INC., a
                              California corporation

                              By /s/ Richard Silver
                                 --------------------------
                              Name Richard Silver
                                   ------------------------
                              Title Controller
                                    -----------------------

ACKNOWLEGED AND AGREED TO:

                              AMERICAN HOME MORTGAGE HOLDINGS, INC., a Delaware
                              corporation, as Guarantor

                              By /s/ Richard Silver
                                 --------------------------
                              Name Richard Silver
                                   ------------------------
                              Title Controller
                                    -----------------------

                                       5
<PAGE>

                              FIRST UNION NATIONAL BANK, a national banking
                              association, as Administrative Agent and a Lender

                              By /s/ Anthony J. Alfieri
                                 ------------------------------
                              Name Anthony J. Alfieri
                                   ----------------------------
                              Title Vice President
                                    ---------------------------

                              COMERICA BANK, a
                              Michigan banking corporation, as a Lender

                              By /s/ Heather Hogle
                                 ------------------------------
                              Name Heather Hogle
                                   ----------------------------
                              Title Account Officer
                                    ---------------------------

                              BANKERS TRUST COMPANY, a New York banking
                              corporation, as a Lender

                              By /s/ Glenn Minkoff
                                 ------------------------------
                              Name Glenn Minkoff
                                   ----------------------------
                              Title Director
                                    ---------------------------

                              THE CHASE MANHATTAN BANK, a New York banking
                              corporation, as a Lender

                              By /s/ Robert A. Salcetti
                                 ------------------------------
                              Name Robert A. Salcetti
                                   ----------------------------
                              Title Managing Director
                                    ---------------------------

                                       6
<PAGE>

                                                                         ANNEX I

                                  SCHEDULE I
                                      TO
           AMENDED AND RESTATED AMENDED AND RESTATED MORTGAGE LOAN
                             WAREHOUSING AGREEMENT
                           DATED AS OF May 25, 2000
                  BY AND AMONG AMERICAN HOME MORTGAGE CORP.,
                        MARINA MORTGAGE COMPANY, INC.,
                  FIRST UNION NATIONAL BANK AS ADMINISTRATIVE
                      AGENT AND THE LENDERS PARTY THERETO

                             Schedule of Addresses
                             ---------------------

COMPANIES:

American Home Mortgage Corp.
520 Broadhollow Road
Melville, New York  11747
Attention:__________________________

Marina Mortgage Company, Inc.,
520 Broadhollow Road
Melville, New York  11747
Attention:__________________________

GUARANTOR:

American Home Mortgage Holdings, Inc.
520 Broadhollow Road
Melville, New York  11747
Attention:__________________________

ADMINISTRATIVE AGENT:

First Union National Bank
One First Union Center, TW-09
301 South College Street, 9th Floor
Charlotte, North Carolina  28288-0610
Attention:  Anthony J. Alfieri

                                       7
<PAGE>

LENDERS:

First Union National Bank
One First Union Center, TW-09
301  South College Street, 9th Floor
Charlotte, North Carolina 28288-0610
Attention:  Anthony J. Alfieri

Comerica Bank
One Detroit Center
500 Woodward Avenue, 7th Floor
Detroit, Michigan  48226
Attention:  Heather D. Hogle

Bankers Trust Company
Financial Institutions Group
25th floor
New York, New York  10006
Attention:  Glenn Minkoff

The Chase Manhattan Bank
707 Travis Street
Corporate Mortgage Finance, 6th Floor North
Houston, Texas  77002
Attention:  Cynthia Crites

                                       8
<PAGE>

                                                                        ANNEX II

                                 SCHEDULE III
                                      TO
           AMENDED AND RESTATED AMENDED AND RESTATED MORTGAGE LOAN
                             WAREHOUSING AGREEMENT
                           DATED AS OF May 25, 2000
                   BY AND AMONG AMERICAN HOME MORTGAGE CORP.,
                        MARINA MORTGAGE COMPANY, INC.,
                  FIRST UNION NATIONAL BANK AS ADMINISTRATIVE
                      AGENT AND THE LENDERS PARTY THERETO

                              Commitment Schedule
                              -------------------

<TABLE>
<CAPTION>
            Lender                    Maximum Commitment                 Percentage Share
            ------                    ------------------                 ----------------
<S>                                   <C>                                 <C>

First Union National Bank               $ 50,000,000                            43.48%

Bankers Trust Company                   $ 25,000,000                            21.74%

The Chase Manhattan Bank                $ 25,000,000                            21.74%

Comerica Bank                           $ 15,000,000                            13.04%

AGGREGATE FACILITY COMMITMENT           $115,000,000                           100.00%
</TABLE>

                                       9
<PAGE>

                                                                       ANNEX III

                           FORM OF PROMISSORY NOTE
                           -----------------------

                                                        _________________,2001

  FOR VALUE RECEIVED, AMERICAN HOME MORTGAGE CORP., a New York corporation
("American Home") and MARINA MORTGAGE COMPANY, INC., a California corporation
("Marina" and, together with American Home, the "Companies") hereby
unconditionally promise, jointly and severally, to pay to the order of THE CHASE
MANHATTAN BANK, a __________________________ (the "Lender"), at the office of
FIRST UNION NATIONAL BANK, a national banking association (the "Administrative
Agent"), at its office located at One First Union Center, TW-09, 301 South
College Street, Charlotte, North Carolina 28288-0610, in lawful money of the
United States and in immediately available funds, on the dates required under
that certain Amended and Restated Mortgage Loan Warehousing Agreement dated as
of May 25, 2000 by and among the Companies, the lenders from time to time
parties thereto, including the Lender, and the Administrative Agent (as the same
has been and may be further amended, extended, restated, modified, renewed or
replaced from time to time, the "Agreement" and with the capitalized terms not
otherwise defined herein used with the meanings given such terms in the
Agreement), the principal amount of Lender's Regular Repayment Share of each
Regular Loan made under the Agreement.

  The Companies further agree, jointly and severally, to pay interest in like
money and funds at the office of the Administrative Agent referred to above, on
the unpaid principal balance hereof from the date advanced until paid in full on
the dates and at the applicable rates set forth in the Agreement.  The holder of
this Note is hereby authorized to record the date and amount of Lender's
Percentage Share and Regular Repayment Share of each Regular Loan, the date and
amount of each payment of principal and interest, and applicable interest rates
and other information with respect thereto, on the schedules annexed to and
constituting a part of this Note (or by any analogous method the holder hereof
may elect consistent with its customary practices) and any such recordation
shall, absent manifest error, constitute prima facie evidence of the accuracy of
                                         ----- -----
the information so recorded; provided, however, that the failure to make a
notation or the inaccuracy of any notation shall not limit or otherwise affect
the obligations of the Companies under the Credit Documents.

  The Companies waive presentment, demand, protest, notice of dishonor, notice
of demand or intent to demand, notice of acceleration or intent to accelerate,
and all other notices, and agree that no extension or indulgence to the
Companies (or either of them) or release, substitution or nonenforcement of any
security, or release or substitution of any of the Companies, any guarantor or
any other party, whether with or without notice, shall affect the obligations of
any of the Companies.

  This Note is one of the Notes referred to in, and is entitled to all the
benefits of, the Agreement.  Reference is hereby made to the Agreement and to
the Security Agreement for rights and obligations of payment and prepayment,
collateral security, Events of Default and the rights of acceleration of the
maturity hereof upon the occurrence of an Event of Default.

                                       10
<PAGE>

  This Note shall be governed by, and construed in accordance with, the laws of
the State of North Carolina, and is being executed by the duly authorized
officers of each of the Companies as of the day and year first above written.

                                          AMERICAN HOME MORTGAGE CORP.,
                                          a New York corporation
[CORPORATE SEAL]

Attest:

By:_______________________                By:________________________
Name:_____________________                Name:______________________
Title:____________________                Title:_____________________

                                          MARINA MORTGAGE COMPANY, INC.,
                                          a California corporation
[CORPORATE SEAL]

Attest:

By:_______________________                By:________________________
Name:_____________________                Name:______________________
Title:____________________                Title:_____________________

                                       11<PAGE>

                                                                 Exhibit 4(a)(2)

            INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE
            -----------------------------------------------------

     THIS INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, ("Instrument"),
dated and effective as of February 1, 2001 (the "Effective Date"), among XEROX
CORPORATION, a corporation organized under the laws of the State of New York
(the "Company"), CITIBANK, N.A., a national banking association organized under
the laws of the United States of America (the "Resigning Trustee"), and
WILMINGTON TRUST COMPANY, a banking corporation organized under the laws of the
State of Delaware (the "Successor Trustee"). Capitalized terms not otherwise
defined herein shall have the same meaning ascribed to such terms in the
Indenture as referred to below.

                                    RECITALS
                                    --------

     WHEREAS, pursuant to an Indenture, dated as of December 1, 1991 (the
"Indenture"), among the Company and the Resigning Trustee, the Company issued
its $200,000,000 8 1/8% Notes Due April 15, 2002 (Cusip 984121AT0), its
$200,000,000 7.15% Notes due August 1, 2004 (Cusip 984121AU7), its Medium Term
Notes, Series B (Base Cusip 98412J), and its Medium Term Notes, Series C (Base
Cusip 98412J) (collectively all such issued notes, the "Securities");

     WHEREAS, the Company appointed the Resigning Trustee as the trustee under
the Indenture of all Securities issued under the Indenture;

     WHEREAS, there is presently issued and outstanding $962,000,000 in
aggregate principal amount of the Securities;

     WHEREAS, the Indenture provides that the trustee may resign at any time
with respect to any series of Securities and be discharged from the trusts
created by the Indenture by notifying the Company in writing;

     WHEREAS, the Indenture further provides that if the trustee resigns with
respect to any series of Securities, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Trustee with respect to such
applicable series of Securities;

     WHEREAS, the Resigning Trustee desires to resign as the trustee with
respect to all Securities issued pursuant to the Indenture, and the Company
desires to appoint the Successor Trustee as trustee to succeed the Resigning
Trustee as the trustee with respect to the Securities; and

     WHEREAS, the Successor Trustee is willing to accept the appointment as
trustee under the Indenture.

     NOW, THEREFORE, in consideration of the covenants set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. Acceptance of Resignation of Resigning Trustee and Appointment of
Successor Trustee. The Company having received written notice of the Resigning
Trustee's request to resign as trustee pursuant to Section 8.07(b) of the

<PAGE>

Indenture, hereby accepts the resignation of the Resigning Trustee as trustee
under the Indenture. Pursuant to Section 8.07(e) of the Indenture, the Company
acting pursuant to Board Resolution hereby appoints the Successor Trustee as
trustee under the Indenture, and vests and confirms to the Successor Trustee all
rights, powers, trusts, privileges, duties and obligations of the trustee under
the Indenture.

     2. Company's Representations and Warranties. The Company hereby represents
and warrants to the Successor Trustee that:

     a. It is duly organized and validly existing and in good standing under all
applicable law, and, this Instrument has been duly authorized, executed and
delivered on its behalf and constitutes its legal, valid, binding and
enforceable obligation;

     b. It has not entered into any amendment or supplement to the Indenture,
and the Indenture is in full force and effect;

     c.   No Event of Default and no default exists under the Indenture;

     d. No covenant or condition contained in the Indenture has been waived by
the Holders of a percentage in aggregate principal amount of the Securities
required by the Indenture to effect any such waiver;

     e. The Indenture was validly executed and delivered by it, and the
Securities are validly issued securities of the Company; and

     f. The execution and delivery of this Instrument do not and will not
conflict with, or result in a breach of, any of the terms or provisions of, or
constitute a default under, any (i) contract, agreement, indenture or other
instrument (including, without limitation, its certificate of incorporation,
by-laws and/or any and all other applicable organizational documents) to which
it is a party or by which it or its property is bound, or (ii) any judgment,
decree or order of any court or governmental agency or regulatory body or law,
rule or regulation applicable to it or its property.

     3. Resigning Trustee's Representations and Warranties. The Resigning
Trustee hereby represents and warrants to the Successor Trustee that:

     a. It has not entered into any amendment or supplement to the Indenture and
the Indenture is in full force and effect;

     b. No covenant or condition contained in the Indenture has been waived by
the Resigning Trustee or by the Holders of a percentage in aggregate principal
amount of the Securities required by the Indenture to effect any such waiver;

     c. There is no action, suit or proceeding pending or threatened against the
Resigning Trustee of which it has actual knowledge before any court or
governmental authority arising out of any action or omission by the Resigning
Trustee as trustee under the Indenture;

     d. It has made, or promptly will make, available to the Successor Trustee
originals, if available, or copies in its possession, of all documents relating
to the trusts created by the Indenture (the "Trusts") and all information in the
possession of its corporate trust administration department relating to the
administration and status of the Trusts and shall do such other things as the
Successor Trustee may reasonably request to more fully vest and confirm in the
Successor Trustee all the rights, powers, trusts, privileges, duties and
obligations assigned and transferred hereby to the Successor Trustee;

                                     Page 2

<PAGE>

     e. It has lawfully discharged its duties as trustee under the Indenture;

     f. Pursuant to Section 3.03 of the Indenture, it duly authenticated and
delivered the Securities in an aggregate principal face amount of $962,000,000
and there is currently issued and outstanding $962,000,000 in aggregate
principal amount of the Securities;

     g. As of the Effective Date, it holds no property or money in its capacity
as trustee under the Indenture; and

     h. This Instrument has been duly authorized, executed and delivered on
behalf of the Resigning Trustee and constitutes its legal, valid, binding and
enforceable obligation.

     4. Successor Trustee's Representations and Warranties. The Successor
Trustee represents and warrants to the Resigning Trustee and the Company that:

     a. It is qualified and eligible to serve as trustee under the Indenture and
the Trust Indenture Act of 1939, as amended (the "Act"); and

     b. This Instrument has been duly authorized, executed and delivered on
behalf of the Successor Trustee and constitutes its legal, valid, binding and
enforceable obligation.

     5. Acceptance by Successor Trustee. The Successor Trustee hereby accepts
its appointment, as of the Effective Date, as successor trustee under the
Indenture, and assumes, as of the Effective Date, all rights, powers, trusts,
privileges, duties and obligations of the trustee thereunder, subject to the
terms and conditions therein.

     6. Notice to Holders. Promptly after the Effective Date of this Instrument,
the Company shall give notice in accordance with Section 8.07(f) of the
Indenture of the resignation of the Resigning Trustee and the appointment of the
Successor Trustee.

     7. Assignment by Resigning Trustee. The Resigning Trustee hereby confirms,
assigns, transfers, delivers and conveys, as of the Effective Date, to the
Successor Trustee, as successor trustee under the Indenture, upon the Trusts
expressed in the Indenture, all rights, powers, trusts, privileges, duties and
obligations, which the Resigning Trustee, as trustee now holds under and by
virtue of the Indenture, and shall pay over to the Successor Trustee, any and
all property and moneys held by the Resigning Trustee under and by virtue of the
Indenture, subject to the lien provided by Section 8.05 of the Indenture, which
lien the Resigning Trustee expressly reserves to the fullest extent necessary to
secure the Company's obligations under said section to the Resigning Trustee,
which lien shall also secure the Company's obligations under said section to the
Successor Trustee. Not withstanding any other provision in this Instrument, the
Successor Trustee assumes none of the obligations or duties of the Paying Agent
or Registrar in the Indenture.

     8. Indemnification

     a. The parties to this Instrument agree that this Instrument does not
constitute an assumption by the Successor Trustee of any liability of the
Resigning Trustee arising out of any breach by the Resigning Trustee in the
performance of its duties as trustee under the Indenture.

     b. The Company agrees to pay or indemnify, as applicable, the Successor
Trustee and save the Successor Trustee harmless from and against any and all

                                     Page 3

<PAGE>

costs, claims, liabilities, losses or damages whatsoever (including the
reasonable fees, expenses and disbursements of the Successor Trustee's legal
counsel and other advisors) arising out of the actual, alleged or adjudicated
actions or omissions of the Resigning Trustee that the Successor Trustee may
suffer or incur as a result of the Successor Trustee accepting this appointment
and acting as successor trustee under the Indenture. The Successor Trustee will
furnish to the Company, promptly upon receipt, all documents with respect to any
action the outcome of which would make the indemnity provided for in this
paragraph operative. The Successor Trustee shall notify the Company in writing
of any claim for which it may seek indemnity.

     c. As security for the performance of the obligations of the Company under
this Section 8 and under Section 8.05 of the Indenture, the Successor Trustee
shall have a lien prior to the Securities upon all property and funds held or
collected by the Trustee as such.

     9. Further Assurances. The Company and the Resigning Trustee, for the
purposes of more fully and certainly vesting in and confirming to the Successor
Trustee, as successor trustee under the Indenture, said rights, powers, trusts,
privileges, duties and obligations, agree upon reasonable request of the
Successor Trustee, to execute, acknowledge and deliver such further instruments
of conveyance and further assurance and to do such other things as may
reasonably be required for more fully and certainly vesting and confirming to
the Successor Trustee all rights, powers, trusts, privileges, duties and
obligations which the Resigning Trustee now holds under and by virtue of the
Indenture.

     10. Survival of Certain Obligations of the Company. Notwithstanding the
resignation of the Resigning Trustee, the Company shall remain obligated under
the Indenture to compensate, reimburse and indemnify the Resigning Trustee in
connection with its trusteeship under the Indenture, and nothing contained in
this Instrument shall in any way abrogate the obligations of the Company to the
Resigning Trustee under the Indenture or any lien created in favor of the
Resigning Trustee thereunder.

     11. Corporate Trust Office. Reference in the Indenture to the "Corporate
Trust Office" of the Resigning Trustee or other similar terms shall be deemed to
refer to the Corporate Trust Office of the Successor Trustee at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890 or any other office
of the Successor Trustee at which, at any particular time, its corporate trust
business shall be principally administered.

     12. Notices. All notices, whether faxed or mailed will be deemed received
when sent pursuant to the following instructions:

           TO THE SUCCESSOR TRUSTEE:
           WILMINGTON TRUST COMPANY
           Attn:  Corporate Trust Administration
           Rodney Square North
           1100 North Market Street
           Wilmington, Delaware 19890
           TELEPHONE:  (302) 651-1343
           TELECOPIER:  (302) 651-8882

           TO THE RESIGNING TRUSTEE:
           CITIBANK, N.A.
           111Wall Street, 14th Floor
           New York, New York 10005
           TELEPHONE:  (212) 657-7805
           TELECOPIER:  (212) 657-4009

                                     Page 4

<PAGE>

           TO THE COMPANY:
           XEROX CORPORATION
           800 Long Ridge Road
           Stamford, Connecticut 06904
           Attn:  Assistant Treasurer
           TELEPHONE:  (203) 968-4653
           TELECOPIER:  (203) 968-3972

     13. Effective Date. This Instrument and the resignation, appointment and
acceptance effected hereunder shall be effective as of the close of business on
the Effective Date.

     14. Governing Law. This Instrument shall be governed by and construed in
accordance with the laws of the State of New York.

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

                            [SIGNATURE PAGE FOLLOWS]

     IN WITNESS WHEREOF, the parties have executed this Instrument to be
effective as of the day and year first above written.

                                       WILMINGTON TRUST COMPANY,
                                       Successor Trustee

                                       By:   _____________________________
                                       Name:
                                       Title:

                                       CITIBANK, N.A.,
                                       Resigning Trustee

                                       By:   _____________________________
                                       Name:
                                       Title:

                                       XEROX CORPORATION,
                                       Company

                                       By:   _____________________________
                                       Name:
                                       Title:

                                     Page 5

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