Document:

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                                                                    EXHIBIT 10.3

                          FORM OF EMPLOYMENT AGREEMENT

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                              EMPLOYMENT AGREEMENT

     This Agreement is made and entered into as of October 19, 2000, by and
between ___________ ____________ (hereinafter referred to as Employee) and
International Monetary Systems, Ltd. a Wisconsin corporation (hereinafter
referred to as IMS or Company).

     WHEREAS, the Board of Directors of Company believes it to be in the best
interests of Company and its shareholders that the services of Employee be
retained under the terms provided in this Agreement; and

     WHEREAS, Employee is willing to be employed by Company under the terms
provided in this Agreement; and

     NOW THEREFORE, in consideration of the mutual promises and covenants
hereinafter contained, it is agreed as follows:

AGREEMENT

     I. PURPOSE OF AGREEMENT & EXCLUSIVITY: Commencing with the date of this
Agreement, Company agrees to employ Employee, and Employee agrees to work for
Company under the terms and conditions contained herein. The Employee agrees to
devote his full time and best efforts to the business of Company and the
performance of his duties hereunder and to perform such duties as are assigned
to him in a competent and workmanlike manner and will do nothing by either word
or deed to harm the reputation of IMS in the marketplace. The Employee shall be
subject to the supervision and direction of the officers and Board of Directors
of Company as to assignment and performance of his duties and agrees to perform
such duties as may be assigned to him from time to time by the officers and/or
Board of Directors of Company. Employee's primary work shall be to serve as
Executive Vice President of International Monetary Systems, Ltd. (IMS) and
Continental Trade Exchange, Ltd. In this capacity, he will perform all duties
required in the areas of general management, will attend all board of directors
meetings, and will offer advice on all other matters that may come before
company management.

     II. TERM OF AGREEMENT & RENEWALS: The term of Employee's employment under
this agreement with IMS shall be for a period of three year(s) from and after
November 1, 2000 unless terminated in accordance with paragraph III hereof. The
period of the employment shall be deemed to be renewed automatically for
successive yearly renewal terms thereafter unless and until terminated by either
party by written notice to the other party given at least thirty (30) days prior
to the expiration of the original term or any renewal term of this Agreement or
by termination in accordance with paragraph III hereof.

     III. TERMINATION: Employee's employment with IMS shall terminate in
accordance with the following provisions:

          A. The employment may be terminated at any time by mutual written
     agreement between Employee and IMS.

          B. In the event Employee is discharged for cause, Company shall have
     the right to terminate this Agreement upon 30 days written notice.
     "Termination for cause" would occur if Employee willfully breaches or
     habitually neglects the duties which he is required to perform under the
     terms of this agreement; or commits such acts of dishonesty, fraud,
     misrepresentation, or other acts of moral turpitude as would prevent the
     effective performance of his duties.

          C. This agreement shall be terminated upon the death of Employee. In
     addition, Company reserves the right to terminate this agreement not less
     than six months after Employee suffers any physical or mental disability
     that would prevent the performance of his duties under this agreement. Such
     a termination shall be effected by giving ten (10) days' written notice of
     termination to Employee. In the event of total disability, Employee will
     receive his then-current salary for a period of one year after the stoppage
     of work.

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     IV. COMPENSATION & BENEFITS: As compensation for his services hereunder,
Employee shall be paid according to the following schedule:

          A. Employee will receive an initial base salary of $__________.00 per
     year plus a commission based upon Company's gross income as determined by
     President and C.E.O.

          B. Employee will receive bonuses and raises in salary based upon the
     company's financial performance. Such bonuses and raises shall be
     determined by the President and C.E.O.

          C. Employee will be included in the coverage of Company's medical,
     major medical, and hospital insurance program. All premiums under this plan
     shall be paid by Company.

          D. Employee will receive the use of a leased company automobile of his
     choice. Monthly lease payments are not to exceed $700.00.

          E. Employee will be eligible to receive stock options in Company's
     non-qualified stock option plan. At management's discretion, stock options
     will be offered to those employees whose performance warrants such rewards.

     V. PRIVACY OF CLIENT ACCOUNT RECORDS AND LISTS: Employee agrees that any
and all knowledge or information that may be obtained by him in the course of
his employment with respect to the conduct and details of the business of
International Monetary Systems, Ltd. will be held by him inviolate and be by him
concealed from any competitor and from all other persons. It is understood that
IMS is a third-party recordkeeper-a status granted to it by the United States
Internal Revenue Service-and, therefore, all financial information about client
accounts, etc. must be kept private and may not be disclosed to any other party.
Also, no client lists, account balances, or any other records may be removed
from the premises.

     VI. NON-COMPETE AGREEMENT: Employee agrees that for a period of eighteen
(18) months from and after termination of his employment with IMS, he will not
engage in or otherwise affiliate with any barter or trade exchange located
within a fifty (50) mile radius of any IMS office, nor with any other business
operation directly or indirectly related to, or in competition with, the
business operation of International Monetary Systems, Ltd., nor shall he use any
knowledge, trade secrets, client lists or other information developed during the
term of this Agreement.

     VII. EFFECT OF MERGER, TRANSFER OF ASSETS, OR DISSOLUTION:

          A. This Agreement shall not be terminated by any voluntary or
     involuntary dissolution of Company resulting from either a merger or
     consolidation in which Company is not the consolidated or surviving
     corporation, or a transfer of all or substantially all of the assets of
     Company.

          B. In the event of any such merger or consolidation or transfer of
     assets, Company's rights, benefits and obligations hereunder shall be
     assigned to the surviving or resulting corporation or the transferee of
     Company's assets.

     VIII. PAYMENT ON MERGER, TRANSFER OF ASSETS OR DISSOLUTION: If a merger or
consolidation of Company, as described in Section VII-A above, occurs, Employee
shall receive compensation of one year's salary at his then-current rate plus a
payment of $            .
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     IX. CONTRACT INTERPRETATION AND ENFORCEMENT: This agreement shall be
binding upon and inure to the benefit of the parties hereto, their personal
representatives, heirs, executors, administrators, successors and assigns. As
used in this agreement, the term "successor" shall include any person, firm,
corporation, or other business entity which at any time, whether by merger,
purchase, or other means, acquires all, or substantially all, of the assets of
Company.

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     This contract may not be modified except in a written agreement signed by
all parties. The terms and conditions of this contract shall be governed by the
laws of the state of Wisconsin and shall take precedence over and supersede the
language of any previous agreements, whether oral or written.

     Each and every term and provision contained in this Agreement is severable
from every other term or provision therein. If any provision or term shall be
invalid, illegal or unenforceable, it shall not affect the validity, legality,
or enforceability of the remainder of the terms and/or provisions of the
Agreement.

     X. ENTIRE AGREEMENT: This Contract constitutes the entire agreement between
the parties with respect to the subject matter thereof. This Contract supersedes
any and all other agreements, whether oral or written, between the parties
hereto with respect to the subject matter thereof.

     IN WITNESS WHEREOF, Employee and International Monetary Systems, Ltd. have
caused this Agreement to be executed in their names as of the date and the year
first above written.

(NAME OF EMPLOYEE)                     INTERNATIONAL MONETARY SYSTEMS, LTD.

------------------------------         ------------------------------------
                                       Donald F. Mardak, President

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                                                                  EXHIBIT 10.5.1

LINE OF CREDIT AGREEMENT

Bank One, Michigan (the "Bank"), whose address is 611 Woodward Avenue, Detroit,
Michigan 48226-3947, has approved the credit facilities listed below
(collectively, the "Credit Facilities," and, individually, as designated below)
to Syntel, Inc. (the "Borrower"), whose address is 2800 Livernois, Suite 400,
Troy, MI 48083 subject to the terms and conditions set forth in this agreement.

1.0  CREDIT FACILITIES.

     1.1  FACILITY A (INCLUDING LETTERS OF CREDIT). The Bank has approved a
          credit facility to the Borrower in the principal sum not to exceed
          $40,000,000.00 in the aggregate at any one time outstanding
          ("Facility A"). Facility A shall include the issuance of standby
          letters of credit not exceeding $5,000,000.00 in the aggregate at any
          one time outstanding, expiring not later than February 28, 2002 (the
          "Letters of Credit"). Each Letter of Credit shall be in form
          acceptable to the Bank and shall bear a fee of 1% per year of the face
          amount payable annually in advance. Credit under Facility A shall be
          in the form of disbursements evidenced by credits to the Borrower's
          account and shall be repayable as set forth in a Revolving Business
          Credit Note executed concurrently (referred to in this agreement both
          singularly and together with any other promissory notes referenced in
          this Section 1 as the "Notes") or by issuance of a Letter of Credit
          upon completion of an application acceptable to the Bank. The
          proceeds of Facility A shall be used for the following purpose:
          working capital. Facility A shall expire on August 31, 2001 unless
          earlier withdrawn.

     1.2  FACILITY B (PURCHASE MONEY TERM LOANS). The Bank has approved an
          uncommitted credit authorization to the Borrower in the principal sum
          not to exceed $15,000,000.00 in the aggregate at any one time
          outstanding ("Facility B"). Facility B shall be in the form of loans
          evidenced by the Borrower's notes on the Bank's form (referred to in
          this agreement both singularly and together with any other promissory
          notes referenced in this Section 1 as the "Notes") the proceeds of
          which shall be used to acquire the following acquisition of companies.
          Interest on each loan shall accrue at a rate to be agreed upon by the
          Bank and the Borrower at the time the loan is made. The maturity of
          each note shall not exceed 18 months from the note date. Facility B
          shall expire on August 31, 2001 unless earlier withdrawn.

2.0  CONDITIONS PRECEDENT.

     2.1  CONDITIONS PRECEDENT TO INITIAL EXTENSION OF CREDIT. Before the first
          extension of credit under this agreement, whether by disbursement of a
          loan, issuance of a letter of credit, the funding of a Lease or
          otherwise, the Borrower shall deliver to the Bank, in form and
          substance satisfactory to the Bank:

          A.   LESS DOCUMENTS. The Notes, and if applicable, the Leases, the
               letter of credit applications, the security agreement, financing
               statements, mortgage, guaranties, subordination agreements and
               any other loan documents which the Bank may reasonably require to
               give effect to the transactions described by this agreement;

          B.   EVIDENCE OF DUE ORGANIZATION AND GOOD STANDING. Evidence
               satisfactory to the Bank of the due organization and good
               standing of the Borrower and every other business equity that is
               a party to this agreement or any other loan document required by
               this agreement;

          C.   EVIDENCE OF AUTHORITY TO ENTER INTO LOAN DOCUMENTS. Evidence
               satisfactory to the Bank that (i) each party to this agreement
               and any other loan document required by this agreement is
               authorized to enter into the transactions described by this
               agreement and the other loan documents, and (ii) the person
               signing on behalf of each party is authorized to do so; and

     2.2  CONDITIONS PRECEDENT TO EACH EXTENSION OF CREDIT. Before any
          extension of credit under this agreement, whether by disbursement of
          a loan, issuance of a letter of credit, the funding of a Lease or
          otherwise, the following conditions shall have been satisfied;

          A.   REPRESENTATIONS. The Representations contained in this agreement
               shall be true on and as of the date of the extension of credit;

          B.   NO EVENT OF DEFAULT. No event of default shall have occurred and
               be continuing or would result from the extension of credit;
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          C.   ADDITIONAL APPROVALS, OPINIONS, AND DOCUMENTS. The Bank shall
               have received such other approvals, opinions and documents as it
               may reasonably request.

          D.   OTHER CONDITIONS. Facility B Satisfactory receipt and review of
               acquisition candidate financial statements and borrower's pro
               forma.

3.0  FEES AND EXPENSES.

     3.1  OUT-OF-POCKET EXPENSES. The Borrower shall reimburse the Bank for its
          out-of-pocket expenses, and reasonable attorney's fees (including the
          fees of in-house counsel) allocated to the Credit Facilities.

4.0  SECURITY.

     4.1  Payments of the borrowings and all other obligations under the Credit
          Facilities shall be secured by a first security interest and/or real
          estate mortgage, as the case may be, covering the following property
          and all its additions, substitutions, increments, proceeds and
          products, whether now owned or later acquired ("Collateral"):

     4.2  No forbearance or extension of time granted any subsequent owner of
          the Collateral shall release the Borrower from liability.

     4.3  ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the
          borrowings and all other obligations under the Credit Facilities and
          all of the Borrower's other liabilities to the Bank, the Borrower
          grants to the Bank a continuing security interest in: (i) all
          securities and other property of the Borrower in the custody,
          possession or control of the Bank (other than property held by the
          Bank solely in a fiduciary capacity) and (ii) all balances of deposit
          accounts of the Borrower with the Bank. The Bank shall have the right
          at any time to apply its own debt or liability to the Borrower, or to
          any other party liable for payment of the obligations under the Credit
          Facilities, in whole or partial payment of such obligations or other
          present or future liabilities, without any requirement of mutual
          maturity.

     4.4  CROSS LIEN. Any of the Borrower's other property in which the Bank
          has a security interest to secure payment of any other debt, whether
          absolute, contingent, direct or indirect, including the Borrower's
          guaranties of the debts of others, shall also secure payment of and be
          part of the Collateral for the Credit Facilities.

5.0  AFFIRMATIVE COVENANTS. So long as any debt or obligations remains
     outstanding under the Credit Facilities, the Borrower, and each of its
     subsidiaries, if any, shall:

     5.1  INSURANCE. Maintain insurance with financially sound and reputable
          insurers covering its properties and business against those casualties
          and contingencies and in the types and amounts as shall be in
          accordance with sound business and industry practices.

     5.2  EXISTENCE. Maintain its existence and business operations as presently
          in effect in accordance with all applicable laws and regulations, pay
          its debts and obligations when due under normal terms, and pay on or
          before their due date, all taxes, assessments, fees and other
          governmental monetary obligations, except as they may be contested in
          good faith if they have been properly reflected on its book and, at
          the Bank's request, adequate funds or security has been pledged to
          insure payment.

     5.3  FINANCIAL RECORDS. Maintain proper books and records of account, in
          accordance with generally accepted accounting principles where
          applicable, and consistent with financial statements previously
          submitted to the Bank. The Bank retains the right to inspect the
          Collateral and business records related to it at such times and at
          such intervals as the Bank may reasonably require.

     5.4  NOTICE. Give prompt notice to the Bank of the occurrence of (i) any
          Event of Default, and (ii) any other development, financial or
          otherwise, which would affect the Borrower's business, properties or
          affairs in a materially adverse manner.

     5.5  COLLATERAL AUDITS. Permit the Bank or its agents to perform audits of
          the Collateral. The Borrower shall compensate the Bank for such audits
          in accordance with the Bank's schedule of fees as amended from time
          to time.

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5.5 FINANCIAL REPORTS. Furnish to the Bank whatever information, books, and
        records the Bank may reasonably request, including at a minimum: If the
        Borrower has subsidiaries, all financial statements required will be
        provided on a consolidated and on a separate basis.

        A.  Within 45 days after each quarterly period, a balance sheet as of
            the end of that period and statements of income, cash flows, and
            retained earnings from the beginning of that fiscal year to the end
            of that period, certified as correct by one of its authorized
            agents.

        B.  Within 180 days after, and as of the end of, each of its fiscal
            years, a detailed audit including a balance sheet and statements of
            income, retained earnings, and cash flows certified by an
            independent certified public accountant of recognized standing.

6.0 NEGATIVE COVENANTS.

    6.1 DEFINITIONS. As used in this agreement, the following terms shall
            have the following respective meanings:

        A.  "Debt Service" means for any period, principal and interest payments
            either paid or due during that period on all debt of the Borrower.

        B.  "EBITDA" means for any period, net income plus to the extent
            deducted in determining net income, interest expense (including but
            not limited to imputed interest on capital leases), tax expense,
            depreciation, and amortization.

        C.  "Subordinated Debt" means debt subordinated to the Bank in manner
            and by agreement satisfactory to the Bank.

        D.  "Tangible Net Worth" means total assets less intangible asses, total
            liabilities, and all sums owing from stockholders, members, or
            partners, as the case may be, and from officers, managers, and
            directors. Intangible assets include goodwill, patents, copyrights,
            mailing lists, catalogs, trademarks, bond discount and underwriting
            expenses, organization expenses, and all other intangibles.

    6.2 Unless otherwise noted, the financial requirements set forth in this
        section shall be computed in accordance with generally accepted
        accounting principles applied on a basis consistent with financial
        statements previously submitted by the Borrower to the Bank.

    6.3 Without the written consent of the Bank, so long as any debt or
        obligation remains outstanding under the Credit Facilities, the Borrower
        shall not: (where appropriate, covenants apply on a consolidated basis).

        A.  DIVIDENDS. Acquire or retire any of its shares of capital stock, or
            declare or pay dividends or make  any other distributions upon any
            of its share of capital stock or percentage ownership interests,
            except dividends payable in its capital stock and dividends payable
            to "Subchapter S" corporation shareholders and distributions payable
            to LLC members in amounts sufficient to pay the shareholders' or
            members' income tax obligations related to the Borrower's taxable
            income.

        B.  SALE OF SHARES. Issue, sell or otherwise dispose of any shares of
            its capital stock or other securities, or rights, warrants or
            options to purchase or acquire any such shares or securities.

        C.  DEBT. Incur, or permit to remain outstanding, debt for borrowed
            money or installment obligations, except debt reflected in the
            latest financial statement of the Borrower furnished to the Bank
            prior to execution of this agreement and not to be paid with
            proceeds of borrowings or leases under the Credit Facilities. For
            purposes of this covenant, the sale of any accounts receivable
            shall be deemed the incurring of debt for borrowed money.

        D.  GUARANTIES. Guarantee or otherwise become or remain secondarily
            liable on the undertaking of another, except for endorsement of
            drafts for deposit and collection in the ordinary course of
            business.

        E.  LIENS. Create or permit to exist any lien on any of its property,
            real or personal, except: existing liens known to the Bank; liens to
            the Bank; liens incurred in the ordinary course of business
            securing current nondelinquent liabilities

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                for taxes, worker's compensation, unemployment insurance, social
                security and pension liabilities; and liens for taxes being
                contested in good faith.

            F.  ADVANCES AND INVESTMENTS. Purchase or acquire any securities of,
                or make any loans or advances to, or investments in, any person,
                firm or corporation, except obligations of the United States
                Government, open market commercial paper rated one of the top
                two ratings by a rating agency of recognized standing, or
                certificates of deposit in insured financial institutions.

            G.  USE OF PROCEEDS. Use, or permit any proceeds of the Credit
                Facilities to be used, directly or indirectly, for the purpose
                of "purchasing or carrying any margin stock" within the meaning
                of Federal Reserve Board Regulation U. At the Bank's request,
                the Borrower shall furnish to the Bank a completed Federal
                Reserve Board Form U-I.

            H.  TANGIBLE NET WORTH. Permit its Tangible Net Worth to be less
                than $75,000,000,000.

            I.  LEVERAGE RATIO. Permit the ratio of its total liabilities to
                its Tangible Net Worth to exceed 1.00 to 1.00*.

                *TANGIBLE NET WORTH DEFINED AS TOTAL ASSETS LESS INTANGIBLE
                ASSETS, LESS ALL SUMS OWING FROM STOCKHOLDERS, OFFICERS,
                DIRECTORS, EMPLOYEES, AND INVESTMENTS IN RELATED ENTITIES, LESS
                TOTAL LIABILITIES.

7.0    REPRESENTATIONS BY BORROWER. Each Borrower represents that: (a)
       the execution and delivery of this agreement, the Notes, and the Leases
       and the performance of the obligations they impose do not violate any
       law, conflict with any agreement by which the Borrower is bound, or
       require the consent or approval of any governmental authority or other
       third party; (b) this agreement, the Notes, and the Leases are valid and
       binding agreements, enforceable in accordance with their terms; and (c)
       all balance sheets, profit and loss statements, and other financial
       statements furnished to the Bank are accurate and fairly reflect the
       financial condition of the organizations and persons to which they apply
       on their effective dates, including contingent liabilities of every type,
       which financial condition has not changed materially and adversely since
       those dates. Each Borrower, if other than a natural person, further
       represents that: (a) it is duly organized, existing and in good standing
       under the laws of the jurisdiction under which it was organized; and (b)
       the execution and delivery of this agreement, the Notes, and the Leases
       and the performance of the obligations they impose (i) are within its
       powers; (ii) have been duly authorized by all necessary action of its
       governing body; and (iii) do not contravene the terms of its articles of
       incorporation or organization, its bylaws, or any partnership, operating
       or other agreement governing its affairs.

8.0    DEFAULT/ACCELERATION.

       8.1  EVENTS OF DEFAULT/ACCELERATION. If any of the following events
            occurs, the Credit Facilities shall terminate and all borrowings and
            other obligations under them shall be due immediately, without
            notice, at the Bank's option whether or not the Bank has made
            demand.

            A. The Borrower or any guarantor of any of the Credit Facilities,
               the Notes or the Leases ("Guarantor") fails to pay when due any
               amount payable under the Credit Facilities or under any agreement
               or instrument evidencing debt to any creditor;
            B. The Borrower or any Guarantor (a) fails to observe or perform
               any other term of this agreement, the Notes, or the Leases; (b)
               makes any materially incorrect or misleading representation,
               warranty, or certificate to the Bank; (c) makes any materially
               incorrect or misleading representation in any financial statement
               or other information delivered to the Bank; or (d) defaults under
               the terms of any agreement or instrument relating to any debt for
               borrowed money (other than borrowings under the Credit
               Facilities) such that the creditor declares the debt due before
               its maturity;
            C. There is a default under the terms of any loan agreement,
               mortgage, security agreement or any other document executed as
               part of the Credit Facilities, or any guaranty of the obligations
               under the Credit Facilities becomes unenforceable in whole or in
               part, or any Guarantor fails to promptly perform under its
               guaranty;
            D. A "reportable event" (as defined in the Employee Retirement
               Income Security Act of 1974 as amended) occurs that would permit
               the Pension Benefit Guaranty Corporation to terminate any
               employee benefit plan of the Borrower or any affiliate of the
               Borrower;
            E. The Borrower or any Guarantor becomes insolvent or unable to pay
               its debts as they become due;
            F. The Borrower or any Guarantor (a) makes an assignment for the
               benefit of creditors; (b) consents to the appointment of a
               custodian, receiver or trustee for it or for a substantial part
               of its assets; or (c) commences any proceeding under any
               bankruptcy, reorganization, liquidation or similar laws of any
               jurisdiction;

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          G.   A custodian, receiver or trustee is appointed for the Borrower or
               any Guarantor or for a substantial part of its assets without its
               consent and is not removed within 60 days after such appointment;

          H.   Proceedings are commenced against the Borrower or any Guarantor
               under any bankruptcy, reorganization, liquidation, or similar
               laws of any jurisdiction, and such proceedings remain undismissed
               for 60 days after commencement; or the Borrower or Guarantor
               consents to the commencement of such proceedings;

          I.   Any judgment is entered against the Borrower or any Guarantor, or
               any attachment, levy or garnishment is issued against any
               property of the Borrower or any Guarantor;

          J.   The Borrower or any Guarantor dies;

          K.   The Borrower or any Guarantor, without the Bank's written
               consent, (a) is dissolved, (b) merges or consolidates with any
               third party, (c) leases, sells or otherwise conveys a material
               part of its assets or business outside the ordinary course of
               business, (d) leases, purchases, or otherwise acquires a material
               part of the assets of any other corporation or business entity,
               except in the ordinary course of business, or (e) agrees to do
               any of the foregoing, (notwithstanding the foregoing, any
               subsidiary may merge or consolidate with any other subsidiary, or
               with the Borrower, so long as the Borrower is the survivor);

          L.   The loan-to-value ratio of any pledged securities at any time
               exceeds N/A%, and such excess continues for five (5) days after
               notice from the Bank to the Borrower;

          M.   There is a substantial change in the existing or prospective
               financial condition of the Borrower or any Guarantor which the
               Bank in good faith determines to be materially adverse; or

          N.   The Bank in good faith shall deem itself insecure.

     8.2  REMEDIES. If the borrowings and all other obligations under the Credit
          Facilities are not paid at maturity, whether by acceleration or
          otherwise, the Bank shall have all of the rights and remedies provided
          by any law or agreement. Any requirement of reasonable notice shall be
          met if the Bank sends the notice to the Borrower at least seven (7)
          days prior to the date of sale, disposition or other event giving rise
          to the required notice. The Bank is authorized to cause all or any
          part of the Collateral to be transferred to or registered in its name
          or in the name of any other person, firm or corporation, with or
          without designation of the capacity of such nominee. The Borrower
          shall be liable for any deficiency remaining after disposition of any
          Collateral. The Borrower is liable to the Bank for all reasonable
          costs and expenses of every kind incurred in the making or collection
          of the Credit Facilities, including, without limitation, reasonable
          attorney's fees and court costs (whether attributable to the Bank's
          in-house or outside counsel). These costs and expenses shall include,
          without limitation, any costs or expenses incurred by the Bank in any
          bankruptcy, reorganization, insolvency or other similar proceeding.

9.0  MISCELLANEOUS

     9.1  Notice from one party to another relating to this agreement shall be
          deemed effective if made in writing (including telecommunications) and
          delivered to the recipient's address, telex number or fax number set
          forth under its name below by any of the following means: (a) hand
          delivery, (b) registered or certified mail, postage prepaid, with
          return receipt requested, (c) first class or express mail, postage
          prepaid, (d) Federal Express or like overnight courier service or (e)
          fax, telex or other wire transmission with request for assurance of
          receipt in a manner typical with respect to communication of that
          type. Notice made in accordance with this section shall be deemed
          delivered upon receipt if delivered by hand or wire transmission, 3
          business days after mailing if mailed by first class, registered or
          certified mail, or one business day after mailing or deposit with an
          overnight courier service if delivered by express mail or overnight
          courier.

     9.2  No delay on the part of the Bank in the exercise of any right or
          remedy shall operate as a waiver. No single or partial exercise by the
          Bank of any right or remedy shall preclude any other future exercise
          of it or the exercise of any other right or remedy. No waiver or
          indulgence by the Bank of any default shall be effective unless in
          writing and signed be the Bank, nor shall a waiver on one occasion by
          construed as a bar to or waiver of that right on any future occasion.

     9.3  This agreement, the Notes, the Leases and any related loan documents
          embody the entire agreement and understanding between the Borrower and
          the Bank and supersede all prior agreements and understandings
          relating to their subject matter. If any one or more of the
          obligations of the Borrower under this agreement, the Notes or the
          Leases shall be invalid, illegal or unenforceable in any jurisdiction,
          the validity, legality and enforceability of the remaining obligations
          of the Borrower shall not in any way be affected or impaired, and such
          invalidity, illegality or unenforceability in one jurisdiction shall
          not affect the validity, legality or enforceability of the obligations
          of the Borrower under this agreement, the Notes or the Leases in any
          other jurisdiction.

                                       5
<PAGE>   6
9.4    The Borrower, if more than one, shall be jointly and severally liable.

9.5    This agreement is delivered in the State of Michigan and governed by
       Michigan law. This agreement is binding on the Borrower and its
       successors, and shall inure to the benefit of the Bank, its successors
       and assigns.

9.6    Section headings are for convenience of reference only and shall not
       affect the interpretation of this agreement.

10.0   INFORMATION SHARING. The Bank may provide, without any limitation
       whatsoever, any information or knowledge the Bank may have about the
       undersigned or any matter relating to this agreement and any related
       documents to BANK ONE CORPORATION, or any of its subsidiaries or
       affiliates or their successors, or to any one or more purchasers or
       potential purchasers of this agreement or any related documents, and the
       undersigned waives any right to privacy the undersigned may have with
       respect to such matters. The Borrower agrees that the Bank may at any
       time sell, assign or transfer one or more interests or participants in
       all or any part of its rights or obligations in this agreement to one or
       more purchasers whether or not related to the Bank.

11.0   CONTINUED VALIDITY. This agreement embodies the entire agreement and
       understanding between the Bank and the Borrower and supersedes, amends,
       replaces and restates all prior agreements and understandings relating to
       its subject matter, including but not limited to the terms and conditions
       of the CREDIT AUTHORIZATION Agreement dated SEPTEMBER 18, 1998, between
       the Bank and the Borrower.

12.0   WAIVER OF JURY TRIAL.  The Bank and the Borrower knowingly and
       voluntarily waive any right either of them have a trial by jury in any
       proceeding (whether sounding in contract or tort) which is in any way
       connected with this or any related agreement, or the relationship
       established under them.  This provision may only be modified in a written
       instrument executed by the Bank and the Borrower.

Executed by the parties on: AUGUST 31, 2000.

BANK ONE, MICHIGAN                                BORROWER: SYNTEL, INC.

BY:_______________________                        BY:_________________________
   BRYNDON C. SKELTON, LO                            BHARAT DESAI, PRESIDENT

ADDRESS FOR NOTICES:                              ADDRESS FOR NOTICES:

2155 W. BIG BEAVER                                2800 LIVERNOIS, SUITE 400
TROY, MI 48084                                    TROY, MI 48083

Fax No. (248) 816-0254                            Fax/Telex No.

                                       6

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