Document:

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                                                                    EXHIBIT 4.16

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                                     FORM OF

                       AFFILIATED COMPUTER SERVICES, INC.

                               GUARANTEE AGREEMENT

                               ACS TRUST [I] [II]

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                          Dated as of            ,
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                                TABLE OF CONTENTS

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ARTICLE I DEFINITIONS.............................................................................................1

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

ARTICLE II TRUST INDENTURE ACT....................................................................................5

   SECTION 2.01      Trust Indenture Act; Application.............................................................5

   SECTION 2.02      Lists of Holders of Preferred Securities.....................................................5

   SECTION 2.03      Reports by the Guarantee Trustee.............................................................5

   SECTION 2.04      Periodic Reports to the Guarantee Trustee....................................................6

   SECTION 2.05      Evidence of Compliance with Conditions Precedent.............................................6

   SECTION 2.06      Events of Default; Waiver....................................................................6

   SECTION 2.07      Disclosure of Information....................................................................7

   SECTION 2.08      Conflicting Interest.........................................................................7

ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE....................................................7

   SECTION 3.01      Powers and Duties of the Guarantee Trustee...................................................7

   SECTION 3.02      Certain Rights and Duties of the Guarantee Trustee...........................................8

   SECTION 3.03      Not Responsible for Recitals or Issuance of Guarantee.......................................10

   SECTION 3.04      The Guarantee Trustee May Own Preferred Securities..........................................10

   SECTION 3.05      Moneys Received by the Guarantee Trustee to Be Held in Trust Without Interest...............11

   SECTION 3.06      Compensation and Expenses of Guarantee Trustee..............................................11

ARTICLE IV GUARANTEE TRUSTEE.....................................................................................11

   SECTION 4.01      Qualifications..............................................................................11

   SECTION 4.02      Appointment, Removal and Resignation of the Guarantee Trustee...............................12

ARTICLE V GUARANTEE..............................................................................................13

   SECTION 5.01      Guarantee...................................................................................13

   SECTION 5.02      Waiver of Notice............................................................................13

   SECTION 5.03      Obligations Not Affected....................................................................13
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   SECTION 5.04      Enforcement of Guarantee....................................................................14

   SECTION 5.05      Guarantee of Payment........................................................................15

   SECTION 5.06      Subrogation.................................................................................15

   SECTION 5.07      Independent Obligations.....................................................................15

ARTICLE VI LIMITATION OF TRANSACTIONS; SUBORDINATION.............................................................16

   SECTION 6.01      Limitation of Transactions..................................................................16

   SECTION 6.02      Subordination...............................................................................17

ARTICLE VII TERMINATION..........................................................................................17

   SECTION 7.01      Termination.................................................................................17

ARTICLE VIII LIMITATION OF LIABILITY; INDEMNIFICATION............................................................17

   SECTION 8.01      Exculpation.................................................................................17

   SECTION 8.02      Indemnification.............................................................................18

   SECTION 8.03      Survive Termination.........................................................................18

ARTICLE IX MISCELLANEOUS.........................................................................................18

   SECTION 9.01      Successors and Assigns......................................................................18

   SECTION 9.02      Amendments..................................................................................19

   SECTION 9.03      Notices.....................................................................................19

   SECTION 9.04      Genders.....................................................................................20

   SECTION 9.05      Benefit.....................................................................................20

   SECTION 9.06      Governing Law...............................................................................20

   SECTION 9.07      Counterparts................................................................................20

   SECTION 9.08      [Exercise of Overallotment Option...........................................................20

   SECTION 9.09      Limited Liability...........................................................................20

   SECTION 9.10      Payment Currency............................................................................21

   SECTION 9.11      Agent for Service of Process................................................................21
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                               GUARANTEE AGREEMENT

                  This GUARANTEE AGREEMENT, dated as of __________, ____, is
executed and delivered by Affiliated Computer Services, Inc., a Delaware
corporation (the "Guarantor"), and [o], a [o] corporation, as the initial
Guarantee Trustee (as defined herein) for the benefit of the Holders (as defined
herein) from time to time of the Preferred Securities (as defined herein) of ACS
Trust [I] [II], a Delaware statutory business trust (the "Issuer").

                  WHEREAS, pursuant to an [AMENDED AND RESTATED TRUST AGREEMENT]
(the "Declaration"), dated as of ______________, ____ among the trustees of the
Issuer named therein, Affiliated Computer Services, Inc., as Sponsor, and the
Holders from time to time of preferred undivided beneficial interests in the
assets of the Issuer, the Issuer may issue up to $_____________ aggregate
liquidation amount of its _____% [[CONVERTIBLE] Trust Preferred Securities] (the
"Preferred Securities") representing preferred undivided beneficial interests in
the assets of the Issuer and having the terms set forth in Exhibit B to the
Declaration [, of which $_____________ liquidation amount of Preferred
Securities is being issued as of the date hereof. Up to the remaining
$______________ liquidation amount of Preferred Securities may be issued by the
Issuer if and to the extent that the over-allotment option granted by the
Guarantor and the Issuer pursuant to the Underwriting Agreement (as defined in
the Declaration) is exercised by the Underwriters named in the Underwriting
Agreement]; and

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

                  NOW, THEREFORE, in consideration of the purchase by the
initial purchasers thereof of Preferred Securities, which purchase the Guarantor
hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers
this Guarantee Agreement for the benefit of the Holders from time to time.

                                   ARTICLE I
                                  DEFINITIONS

         SECTION 1.01 Definitions.

                  (a) Capitalized terms used in this Guarantee Agreement but not
defined in the preamble or recitals above have the respective meanings assigned
to them in this Section 1.01.

                  (b) A term defined anywhere in this Guarantee Agreement has
the same meaning throughout.

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                  (c) All references to "the Guarantee Agreement" or "this
Guarantee Agreement" are to this Guarantee Agreement as modified, supplemented
or amended from time to time.

                  (d) All references in this Guarantee Agreement to Articles and
Sections are to Articles and Sections of this Guarantee Agreement unless
otherwise specified.

                  (e) A term defined in the Trust Indenture Act has the same
meaning when used in this Guarantee Agreement unless otherwise defined in this
Guarantee Agreement or unless the context otherwise requires.

                  (f) A reference to the singular includes the plural and vice
versa.

                  "Additional Amounts" has the meaning set forth in the
Indenture.

                  "Affiliate" of any specified Person means any other Person
directly or indirectly controlling or controlled by, or under direct or indirect
common control with, such specified Person. For purposes of this definition,
"control" of a Person shall mean the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and
"controlled" shall have meanings correlative to the foregoing.

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

                  "Commission" means the Securities and Exchange Commission.

                  "Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Issuer and having the terms
set forth in Exhibit C to the Declaration.

                  "Debentures" means the series of [convertible] unsecured
subordinated debentures issued to the Property Trustee by the Guarantor under
the Indenture and entitled the "___% [Convertible] Subordinated Debentures due
_____."

                  "Declaration" has the meaning set forth in the recitals above.

                  "Distributions" means the periodic distributions and other
payments payable to Holders in accordance with the terms of the Preferred
Securities set forth in Exhibit B to the Declaration.

                  "Dollar" has the meaning set forth in the Indenture.

                  "Event of Default" means a default by the Guarantor on any of
its payment or other obligations under this Guarantee Agreement; provided,
however, that, except with respect to a default in payment of any Guarantee
Payment, any such default shall constitute an Event of Default only if the
Guarantor shall have received notice of such default and shall not have cured
such default within 60 days after receipt of such notice.

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                  "Guarantee Payments" means 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, any Additional Amounts payable with respect to the
Preferred Securities in accordance with the terms thereof and the Redemption
Price, including all accumulated and unpaid Distributions and Additional Amounts
to the date of redemption, with respect to the Preferred Securities called for
redemption by the Issuer but only if and to the extent that in each case the
Guarantor has made a payment to the Property Trustee of principal of, any
premium or interest on or any Additional Amounts with respect to the Debentures
and (ii) upon a voluntary or involuntary dissolution, winding-up or termination
of the Issuer (other than in connection with the distribution of Debentures to
Holders in exchange for Preferred Securities or the redemption of the Preferred
Securities in full upon the maturity or redemption of the Debentures as provided
in the Declaration), the lesser of (a) the aggregate of the liquidation amount
and all accumulated and unpaid Distributions and Additional Amounts on the
Preferred Securities to the date of payment, to the extent the Issuer has funds
on hand legally available therefor, and (b) the amount of assets of the Issuer
remaining available for distribution to Holders in liquidation of the Issuer as
required by applicable law.

                  "Guarantee Trustee" means [o], a [o] corporation, until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
pursuant to the terms of this Guarantee Agreement, and thereafter means each
such Successor Guarantee Trustee.

                  "Holder" means 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 Affiliate of the Guarantor.

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

                  "Indenture" means the Indenture dated as of _______ __, ____
between the Guarantor and ______________, as trustee, as supplemented by the
________ Supplemental Indenture thereto dated as of _______ __, ____ (the
"Supplemental Indenture"), pursuant to which the Debentures are to be issued to
the Property Trustee.

                  "Majority of Outstanding Preferred Securities" means Holder(s)
of outstanding Preferred Securities, voting together as a single class, who are
the record owners of Preferred Securities representing more than 50% of the
outstanding Preferred Securities.

                  "Officers' Certificate" means, with respect to any Person, a
certificate signed by the Chairman of the Board, the President, any Vice
Chairman of the Board, any Vice President, the chief financial officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary or any
Assistant Secretary of such Person, and delivered to the Guarantee Trustee. One
of the officers signing an Officers' Certificate given pursuant to Section 2.04
shall be the Chairman of the Board, President, any Vice Chairman of the Board or
any Vice President of the Guarantor. Any Officers' Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Guarantee Agreement shall include:

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                  (i) a statement that the individual making such certificate
         has read such covenant or condition;

                  (ii) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate are based;

                  (iii) a statement that, in the opinion of such individual, he
         has made such examination or investigation as is necessary to enable
         him to express an informed opinion as to whether or not such covenant
         or condition has been complied with; and

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

                  "Person" means any individual, corporation, partnership,
limited liability company, joint venture, incorporated or unincorporated
association, joint stock company, trust, unincorporated organization or
government or other agency or political subdivision thereof or other entity of
any kind.

                  "Preferred Securities" has the meaning set forth in the
recitals above.

                  "Property Trustee" means the Person acting as Property Trustee
under the Declaration.

                  "Redemption Price" means the amount payable on redemption of
the Preferred Securities in accordance with the terms of the Preferred
Securities.

                  "Responsible Officer" means, when used with respect to the
Guarantee Trustee, any officer within the corporate trust department of the
Guarantee Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of
the Guarantee Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such Person's
knowledge of and familiarity with the particular subject and, in either case,
who shall have direct responsibility for the administration of this Guarantee
Agreement.

                  "Successor Guarantee Trustee" means a successor Guarantee
Trustee possessing the qualifications to act as a Guarantee Trustee under
Section 4.01.

                  "Supplemental Indenture" has the meaning specified in the
definition of Indenture.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended.

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                                   ARTICLE II
                              TRUST INDENTURE ACT

         SECTION 2.01 Trust Indenture Act; Application.

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

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

                  (c) The application of the Trust Indenture Act to this
Guarantee Agreement shall not affect the nature of the Preferred Securities as
equity securities representing preferred undivided beneficial interests in the
assets of the Issuer.

         SECTION 2.02 Lists of Holders of Preferred Securities.

                  (a) The Guarantor shall provide the Guarantee Trustee (unless
the Guarantee Trustee is the registrar of the Preferred Securities) (i) within
14 days after each record date for payment of Distributions, a list, in such
form as the Guarantee Trustee may reasonably require, of the names and addresses
of the Holders ("List of Holders") as of such date, 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 15 days before such List of Holders is given
to the Guarantee Trustee; provided that in each case the Guarantor shall not be
obligated to provide such List of Holders at any time that the List of Holders
does not differ from the most recent List of Holders given to the Guarantee
Trustee by the Guarantor. The Guarantee Trustee shall preserve, in as current a
form as is reasonably practicable, all information contained in the 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 Section 312(b) of the Trust Indenture Act.

         SECTION 2.03 Reports by the Guarantee Trustee.

                  Within 60 days after May 15 of each year, commencing May 15,
____, the Guarantee Trustee shall deliver to the Holders such reports as are
required by Section 313 of the Trust Indenture Act, if any, in the form, in the
manner and at the times provided by Section 313

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of the Trust Indenture Act. The Guarantee Trustee shall also comply with the
other requirements of Section 313 of the Trust Indenture Act. A copy of each
such report shall, at the time of such transmission to the Holders, be filed by
the Guarantee Trustee with the Guarantor, with each stock exchange or quotation
system upon which any Preferred Securities are listed or traded (if so listed or
traded) and also with the Commission. The Guarantor agrees to notify the
Guarantee Trustee when any Preferred Securities become listed on any stock
exchange or quotation system and of any delisting thereof.

         SECTION 2.04 Periodic Reports to the Guarantee Trustee.

                  The Guarantor shall provide to the Guarantee Trustee, the
Commission and the Holders, as applicable, such documents, reports and
information (if any) as required by Section 314(a)(1)-(3) of the Trust Indenture
Act and the compliance certificates required by Section 314(a)(4) and (c) of the
Trust Indenture Act, any such certificates to be provided in the form, in the
manner and at the times required by Section 314(a)(4) and (c) of the Trust
Indenture Act (provided that any certificate to be provided pursuant to Section
314(a)(4) of the Trust Indenture Act shall be provided within 120 days of the
end of each fiscal year of the Issuer). Delivery of such reports, information
and documents to the Guarantee Trustee is for informational purposes only and
the Guarantee Trustee's receipt of such shall not constitute constructive notice
of any information contained therein, including the Guarantor's compliance with
any of its covenants hereunder (as to which the Guarantee Trustee is entitled to
rely exclusively on Officers' Certificates or on certificates provided pursuant
to this Section 2.04).

         SECTION 2.05 Evidence of Compliance with Conditions Precedent.

                  The Guarantor shall provide to the Guarantee Trustee such
evidence of compliance with any conditions precedent, if any, provided for in
this Guarantee Agreement which 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) may be given in the form of an
Officers' Certificate.

         SECTION 2.06 Events of Default; Waiver.

                  (a) The Holders of a Majority of Outstanding Preferred
Securities may, by vote, on behalf of the Holders, 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 Guarantee Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default, or
impair any right consequent thereon.

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                  (b) The right of any Holder to receive payment of the
Guarantee Payments in accordance with this Guarantee Agreement, or to institute
suit for the enforcement of any such payment, shall not be impaired without the
consent of each such Holder.

         SECTION 2.07 Disclosure of Information.

                  The disclosure of information as to the names and addresses of
the Holders 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 2.08 Conflicting Interest.

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

                  (b) The Guarantee Trustee shall comply with its obligations
under Sections 310(b) and 311 of the Trust Indenture Act.

                                  ARTICLE III
               POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

         SECTION 3.01 Powers and Duties of the Guarantee Trustee.

                  (a) This Guarantee Agreement shall be held by the Guarantee
Trustee in trust for the benefit of the Holders. The Guarantee Trustee shall not
transfer its right, title and interest in this Guarantee Agreement to any Person
except a Successor Guarantee Trustee on acceptance by such Successor Guarantee
Trustee of its appointment to act as Guarantee Trustee or to a Holder exercising
his or her rights pursuant to Section 5.04(iv). The right, title and interest of
the Guarantee Trustee to this Guarantee Agreement shall vest automatically in
each Person who may hereafter be appointed as Guarantee Trustee in accordance
with Article IV. Such vesting and cessation of title shall be effective whether
or not conveyancing documents have been executed and delivered.

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                  (b) If an Event of Default has occurred and is continuing, the
Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the
Holders.

                  (c) This Guarantee Agreement and all moneys received by the
Guarantee Trustee in respect of the Guarantee Payments will not be subject to
any right, charge, security interest, lien or claim of any kind in favor of, or
for the benefit of, the Guarantee Trustee or its agents or their creditors.

                  (d) The Guarantee Trustee shall, within 90 days after the
occurrence of an Event of Default actually known to a Responsible Officer of the
Guarantee Trustee, transmit by mail, first class postage prepaid, to the
Holders, as their names and addresses appear upon the List of Holders, notice of
all such Events of Default, unless such defaults shall have been cured before
the giving of such notice; provided that the Guarantee Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Guarantee Trustee in good faith determine that the withholding
of such notice is in the interests of the Holders. The Guarantee Trustee shall
not be deemed to have knowledge of any Event of Default except any Event of
Default as to which the Guarantee Trustee shall have received written notice or
a Responsible Officer charged with the administration of this Guarantee
Agreement shall have obtained written notice of such Event of Default.

                  (e) The Guarantee Trustee shall continue to serve as a trustee
until a Successor Guarantee Trustee has been appointed and accepted that
appointment in accordance with Article IV.

         SECTION 3.02 Certain Rights and Duties of the Guarantee Trustee.

                  (a) The Guarantee Trustee, before the occurrence of an Event
of Default and after the curing or waiving of all Events of Default that may
have occurred, shall undertake to perform only such duties as are specifically
set forth in this Guarantee Agreement, and no implied covenants shall be read
into this Guarantee Agreement against the Guarantee Trustee. In case an Event of
Default has occurred (that has not been cured or waived pursuant to Section
2.06), the Guarantee Trustee shall exercise such of the rights and powers vested
in it by this Guarantee Agreement, 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 own affairs.

                  (b) No provision of this Guarantee Agreement 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 an 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 Agreement, and the Guarantee Trustee shall
                  not be liable except for the performance of such duties

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                  and obligations as are specifically set forth in this
                  Guarantee Agreement, and no implied covenants or obligations
                  shall be read into this Guarantee Agreement 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 to
                  the requirements of this Guarantee Agreement; provided,
                  however, that in the case of any such certificates or opinions
                  that by any provision hereof or the Trust Indenture Act are
                  specifically required to be furnished to the Guarantee
                  Trustee, the Guarantee Trustee shall be under a duty to
                  examine the same to determine whether or not they conform to
                  the requirements of this Guarantee Agreement or the Trust
                  Indenture Act, as the case may be;

                  (ii) the Guarantee Trustee shall not be liable for any error
         of judgment made in good faith by a Responsible Officer of the
         Guarantee Trustee, 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 in good faith in
         accordance with the direction of the Holders of a Majority of
         Outstanding Preferred Securities relating to the time, method and place
         of conducting any proceeding for any remedy available to the Guarantee
         Trustee, or exercising any trust or power conferred upon the Guarantee
         Trustee under this Guarantee Agreement; and

                  (iv) no provision of this Guarantee Agreement 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, if it 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
         Guarantee Agreement or adequate indemnity against such risk or
         liability is not furnished to it.

                  (c) Subject to the provisions of Section 3.02(a) and (b):

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

                  (ii) the Guarantee Trustee (A) may consult with counsel (which
         may be counsel to the Guarantor or any of its Affiliates and may
         include any of its employees) selected by it in good faith and with due
         care and the written advice or opinion of such counsel with respect to
         legal matters shall be full and complete authorization and

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         protection in respect of any action taken, suffered or omitted by it
         hereunder in good faith and in reliance thereon and in accordance with
         such advice and opinion and (B) shall have the right at any time to
         seek instructions concerning the administration of this Guarantee
         Agreement from any court of competent jurisdiction;

                  (iii) the Guarantee Trustee may execute any of the trusts or
         powers hereunder or perform any duties hereunder either directly or by
         or through agents or attorneys, and the Guarantee Trustee shall not be
         responsible for any misconduct or negligence on the part of any agent
         or attorney appointed by it in good faith and with due care;

                  (iv) the Guarantee Trustee shall be under no obligation to
         exercise any of the rights or powers vested in it by this Guarantee
         Agreement at the request or direction of any Holder, unless such Holder
         shall have furnished to the Guarantee Trustee security and indemnity
         satisfactory to the Guarantee Trustee against the costs, expenses
         (including attorneys' fees and expenses) and liabilities that might be
         incurred by it in complying with such request or direction; provided
         that nothing contained in this clause (iv) shall relieve the Guarantee
         Trustee of the obligation, upon the occurrence of an Event of Default
         (which has not been cured or waived) to exercise such of the rights and
         powers vested in it by this Guarantee Agreement, and to use the same
         degree of care and skill in this exercise as a prudent person would
         exercise or use under the circumstances in the conduct of his own
         affairs; and

                  (v) 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 Agreement, both of which shall be conclusively evidenced by
         the Guarantee Trustee's or its agent's taking such action.

         SECTION 3.03 Not Responsible for Recitals or Issuance of Guarantee.

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

         SECTION 3.04 The Guarantee Trustee May Own Preferred Securities.

                  The Guarantee Trustee, in its individual or any other
capacity, may become the owner or pledgee of Preferred Securities and may
otherwise deal with the Guarantor with the same rights it would have if it were
not the Guarantee Trustee.

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         SECTION 3.05 Moneys Received by the Guarantee Trustee to Be Held in
                      Trust Without Interest.

                  All moneys received by the Guarantee Trustee in respect of
Guarantee Payments shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated
from other funds except to the extent required by law. The Guarantee Trustee
shall be under no liability for interest on any moneys received by it hereunder
except such as it may agree in writing to pay thereon.

         SECTION 3.06 Compensation and Expenses of Guarantee Trustee.

                  The Guarantor covenants and agrees to pay to the Guarantee
Trustee from time to time, and the Guarantee Trustee shall be entitled to, such
compensation as the Guarantor and the Guarantee Trustee shall from time to time
agree in writing (which shall not be limited by any provision of law in regard
to the compensation of a Guarantee Trustee of an express trust) for all services
rendered by it in the exercise and performance of any of the powers and duties
hereunder of the Guarantee Trustee, and the Guarantor will pay or reimburse the
Guarantee Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Guarantee Trustee in accordance with any of
the provisions of this Guarantee Agreement (including the reasonable
compensation and the reasonable expenses and disbursements of its counsel and of
all Persons not regularly in its employ) except any such expense, disbursement
or advance as may arise from its negligence or bad faith. The Guarantor also
covenants to indemnify each of the Guarantee Trustee or any predecessor
Guarantee Trustee and their officers, agents, directors and employees for, and
to hold them harmless against, any and all loss, liability, damage, claim or
expense including taxes (other than taxes based upon, measured by or determined
by the income, profit, franchise or doing business of the Guarantee Trustee)
incurred without negligence or bad faith on the part of the Guarantee Trustee
and arising out of or in connection with the acceptance or administration of
this trust, including the reasonable costs and expenses of defending itself
against any claim (whether asserted by the Guarantor, any Holder or any other
Person) of liability in the premises. The provisions of this Section 3.06 shall
survive the termination of this Guarantee Agreement and resignation or removal
of the Guarantee Trustee.

                                   ARTICLE IV
                               GUARANTEE TRUSTEE

         SECTION 4.01 Qualifications.

                  There shall at all times be a Guarantee Trustee that shall:

                                       11
<PAGE>   15

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

                  (ii) be a national banking association or corporation
         organized and doing business under the laws of the United States of
         America or any State or Territory thereof or of the District of
         Columbia, or a corporation or Person permitted by the Commission to act
         as an institutional trustee under the Trust Indenture Act, authorized
         under such laws to exercise corporate trust powers, having a combined
         capital and surplus of at least $50,000,000, and subject to supervision
         or examination by Federal, State, Territorial or District of Columbia
         authority. If such corporation publishes reports of condition at least
         annually, pursuant to law or to the requirements of the supervising or
         examining authority referred to above, then for the purposes of this
         clause (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.

                  If at any time the Guarantee Trustee shall cease to satisfy
the requirements of clauses (i) and (ii) above, the Guarantee Trustee shall
immediately resign in the manner and with the effect set out in Section 4.02. 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
the Guarantor shall in all respects comply with the provisions of Section 310(b)
of the Trust Indenture Act.

         SECTION 4.02 Appointment, Removal and Resignation of the Guarantee
                      Trustee.

                  (a) Subject to Section 4.02(b), the Guarantee Trustee may be
appointed or removed without cause at any time by the Guarantor.

                  (b) The Guarantee Trustee shall not be removed in accordance
with Section 4.02(a) until a Successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 4.01 has been appointed
and has accepted such appointment by written instrument executed by such
Successor Guarantee Trustee and delivered to the Guarantor and the Guarantee
Trustee being removed.

                  (c) The Guarantee Trustee appointed to office shall hold
office until its successor shall have been appointed or until its removal or
resignation.

                  (d) The Guarantee Trustee may resign from office (without need
for prior or subsequent accounting) by an instrument (a "Resignation Request")
in writing signed by the Guarantee Trustee and delivered to the Guarantor, which
resignation shall take effect upon such delivery or upon such later date as is
specified therein; provided, however, that no such resignation of the Guarantee
Trustee shall be effective until a Successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 4.01 has been appointed
and has accepted such appointment by instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

                                       12
<PAGE>   16

                  (e) If no Successor Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.02 within 60
days after delivery to the Guarantor of a Resignation Request, the resigning
Guarantee Trustee may petition any court of competent jurisdiction for
appointment of a Successor Guarantee Trustee. Such court may thereupon after
such notice, if any, as it may deem proper, appoint a Successor Guarantee
Trustee.

                                   ARTICLE V
                                   GUARANTEE

         SECTION 5.01 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 which 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 to the
Guarantee Trustee for remittance to the Holders or by causing the Issuer to pay
such amounts to the Holders.

         SECTION 5.02 Waiver of Notice.

                  The Guarantor hereby waives notice of acceptance of this
Guarantee Agreement 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. Notwithstanding anything to the contrary herein, the
Guarantor retains all of its rights under the Indenture to extend the interest
payment period on the Debentures and the Guarantor shall not be obligated
hereunder to make any Guarantee Payment during any Extended Interest Payment
Period (as defined in the Supplemental Indenture) with respect to the
Distributions on the Preferred Securities.

         SECTION 5.03 Obligations Not Affected.

                  The obligations, covenants, agreements and duties of the
Guarantor under this Guarantee Agreement 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;

                                       13
<PAGE>   17

                  (b) the extension of time for the payment by the Issuer of all
or any portion of the Distributions (other than an extension of time for payment
of Distributions that result from any Extended Interest Payment Period),
Redemption Price, Liquidation Distribution (as defined in the Declaration) 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 (other than an extension of
time for payment of Distributions that result from any Extended Interest Payment
Period);

                  (c) any failure, omission, delay or lack of diligence on the
part of the Guarantee Trustee or the Holders to enforce, assert or exercise any
right, privilege, power or remedy conferred on the Guarantee Trustee or the
Holders pursuant to the terms hereof or of the Preferred Securities,
respectively, 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 5.03 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 Guarantee Trustee or the
Holders to give notice to, or obtain consent of, the Guarantor with respect to
the happening of any of the foregoing.

         SECTION 5.04 Enforcement of Guarantee.

                  The Guarantor and the Guarantee Trustee expressly acknowledge
and agree that (i) this Guarantee Agreement will be deposited with the Guarantee
Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee
has the right to enforce this Guarantee Agreement on behalf of the Holders;
(iii) Holders representing not less than a Majority of Outstanding Preferred
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 Agreement or exercising any trust or other power conferred upon the
Guarantee Trustee under this Guarantee Agreement; and (iv) if the Guarantee
Trustee fails to enforce this Guarantee Agreement as provided in clauses (ii)
and (iii) above, any Holder may institute a legal proceeding directly against
the Guarantor to enforce its rights under this Guarantee Agreement, without
first instituting a legal proceeding against the Issuer, the Guarantee Trustee
or any other

                                       14
<PAGE>   18

Person. Notwithstanding the foregoing, if the Guarantor has failed to make a
Guarantee Payment, a Holder may directly institute a proceeding against the
Guarantor for enforcement of this Guarantee Agreement for such payment without
first instituting a legal proceeding against the Issuer, the Guarantee Trustee
or any other Person.

         SECTION 5.05 Guarantee of Payment.

                  This Guarantee Agreement creates a guarantee of payment and
not merely of collection. This Guarantee Agreement will not be discharged except
by payment of the Guarantee Payments in full (without duplication of amounts
theretofore paid by the Issuer) or upon the distribution of the Debentures to
the Holders as provided in the Declaration.

         SECTION 5.06 Subrogation.

                  The Guarantor shall be subrogated to all (if any) rights of
the Holders against the Issuer in respect of any amounts paid to the Holders by
the Guarantor under this Guarantee Agreement; provided, however, that the
Guarantor shall not (except to the extent required by mandatory provisions of
law) be entitled to enforce or exercise any rights which 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 Agreement, if, at the time of any
such payment, any amounts are due and unpaid under this Guarantee Agreement. 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 or to the Guarantee Trustee for
remittance to the Holders.

         SECTION 5.07 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 Guarantee
Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.03 hereof.

                                       15
<PAGE>   19

                                   ARTICLE VI
                   LIMITATION OF TRANSACTIONS; SUBORDINATION

         SECTION 6.01 Limitation of Transactions.

                  So long as any Preferred Securities remain outstanding, the
Guarantor shall not (1) declare or pay dividends on, or redeem, purchase,
acquire or make a distribution or liquidation payment with respect to, any of
its share capital (other than (a) dividends or distributions in, or options,
warrants or rights to subscribe for or purchase shares of, share capital, (b)
any declaration of a dividend in connection with the implementation of a
shareholders' rights plan, or the issuance of share capital under any such plan
in the future, or the redemption or repurchase of any such rights pursuant
thereto, (c) as a result of a reclassification of share capital or the exchange
or the conversion of one class or series of share capital for another class or
series of share capital, (d) the payment of accrued dividends and the purchase
of fractional share interests upon conversion or exchange of share capital, or
(e) purchases of share capital related to the issuance of such share capital or
rights under any of the Guarantor's benefit plans for its directors, officers or
employees, any of the Guarantor's dividend reinvestment plans or stock purchase
plans, or any of the benefit plans of any of the Guarantor's Affiliates for such
Affiliate's directors, officers or employees), (2) make any payment on, or
repay, repurchase or redeem, any debt security of the Guarantor that ranks pari
passu with or junior in interest to the Debentures or (3) make any guarantee
payments with respect to any guarantee by the Guarantor of the debt securities
of any Subsidiary (as defined in the Indenture) of the Guarantor (other than
pursuant to this Guarantee Agreement) if such guarantee ranks pari passu with or
junior in interest to the Debentures, if at such time (i) the Guarantor shall be
in default with respect to its Guarantee Payments or other payment obligations
hereunder, (ii) there shall have occurred and be continuing any event of default
under the Declaration or (iii) the Guarantor shall have given notice of its
election of an Extended Interest Payment Period and such period, or any
extension thereof, is continuing. In addition, so long as any Preferred
Securities remain outstanding, the Guarantor (i) will remain the sole direct or
indirect owner of all of the outstanding Common Securities and shall not cause
or permit the Common Securities to be transferred except to the extent such
transfer is permitted under Section 9.01 of the Declaration; provided that any
permitted successor of the Guarantor under the Indenture may succeed to the
Guarantor's direct or indirect ownership of the Common Securities, (ii) will
cause the holder of the Common Securities to satisfy the requirements of Section
4.03 of the Declaration and (iii) will use reasonable efforts to cause the
Issuer to continue to be treated as a grantor trust that is not a foreign trust
for United States federal income tax purposes, except in connection with a
distribution of Debentures as provided in the Declaration.

                                       16
<PAGE>   20

         SECTION 6.02 Subordination.

                  This Guarantee Agreement will constitute an unsecured
obligation of the Guarantor and will rank (i) subordinate and junior in right of
payment to all other senior liabilities of the Guarantor and any guarantees of
the Guarantor relating to such liabilities, except in each case those made pari
passu or subordinate by their terms, and (ii) senior to all share capital now or
hereafter issued by the Guarantor. The Guarantor's obligations under this
Guarantee Agreement will rank pari passu with respect to obligations under other
securities (other than share capital) the Guarantor may issue from time to time
and other guarantee agreements which it may enter into from time to time to the
extent that (i) such agreements shall provide for comparable guarantees by the
Guarantor of payment on preferred securities issued by other trusts,
partnerships or other entities affiliated with the Guarantor that are financing
vehicles of the Guarantor and (ii) the debentures or other evidences of
indebtedness of the Guarantor relating to such preferred securities are junior
subordinated, unsecured indebtedness of the Guarantor. [The obligations of the
Guarantor under this Guarantee Agreement shall rank pari passu with the
Guarantee Agreement, dated as of ____________, ______, between the Guarantor and
the Guarantee Trustee.]

                                  ARTICLE VII
                                  TERMINATION

         SECTION 7.01 Termination.

                  This Guarantee Agreement shall terminate and be of no further
force and effect (i) upon full payment of the Redemption Price of all Preferred
Securities, (ii) upon the distribution of Debentures, or any securities in to
which such Debentures are convertible (if applicable), to Holders and holders of
Common Securities in exchange for all of the Preferred Securities and Common
Securities or (iii) upon full payment of the amounts payable in accordance with
the Declaration upon liquidation of the Issuer. Notwithstanding the foregoing,
this Guarantee Agreement 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
with respect to the Preferred Securities or under this Guarantee Agreement.

                                  ARTICLE VIII
                    LIMITATION OF LIABILITY; INDEMNIFICATION

         SECTION 8.01 Exculpation.

                  (a) No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor or any Holder 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
Agreement and in a manner such Indemnified Person reasonably

                                       17
<PAGE>   21

believed to be within the scope of the authority conferred on such Indemnified
Person by this Guarantee Agreement 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 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 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 might properly be paid.

         SECTION 8.02 Indemnification.

                  To the fullest extent permitted by applicable law, the
Guarantor shall indemnify and hold harmless each Indemnified Person from and
against any loss, damage or claim incurred by such Indemnified Person by reason
of any act or omission performed or omitted by such Indemnified Person in good
faith in accordance with this Guarantee Agreement and in a manner such
Indemnified Person reasonably believed to be within the scope of authority
conferred on such Indemnified Person by this Guarantee Agreement, except that no
Indemnified Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Indemnified Person by reason of negligence or
willful misconduct with respect to such acts or omissions.

         SECTION 8.03 Survive Termination.

                  The provisions of Sections 8.01 and 8.02 shall survive the
termination of this Guarantee Agreement or the resignation or removal of the
Guarantee Trustee.

                                   ARTICLE IX
                                 MISCELLANEOUS

         SECTION 9.01 Successors and Assigns.

                  All guarantees and agreements contained in this Guarantee
Agreement shall bind the successors, assignees, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Guarantee
Trustee and the Holders then outstanding. Except in connection

                                       18
<PAGE>   22

with a consolidation, merger or sale involving the Guarantor that is permitted
under Article X of the Indenture, the Guarantor shall not assign its obligations
hereunder.

         SECTION 9.02 Amendments.

                  Except with respect to any changes which do not adversely
affect the rights of Holders in any material respect (in which case no consent
of Holders will be required), this Guarantee Agreement may only be amended with
the prior approval of the Guarantor, the Guarantee Trustee and the Holders of
not less than a Majority of Outstanding Preferred Securities. The provisions of
Section 12.02 of the Declaration concerning meetings of Holders shall apply to
the giving of such approval.

         SECTION 9.03 Notices.

                  Any notice, request or other communication required or
permitted to be given hereunder shall be in writing, in English, duly signed by
the party giving such notice, and delivered, telecopied or mailed by first class
mail as follows:

                  (a) if given to the Guarantor, to the address set forth below
or such other address as the Guarantor may give notice of to the Holders:

                  Affiliated Computer Services, Inc.
                  2828 North Haskell Avenue
                  Dallas, Texas 75204
                  Attention: General Counsel

                  (b) if given to the Guarantee Trustee, to the address set
forth below or such other address as the Guarantee Trustee may give notice of to
the Holders:

                  [o]

                  (c) if given to any Holder, at the address set forth on the
books and records of the Issuer.

                  All notices hereunder shall be deemed to have been given when
(i) received in person, (ii) telecopied with receipt confirmed, or (iii) mailed
by first class mail, postage prepaid, when received, 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.

                                       19
<PAGE>   23

         SECTION 9.04 Genders.

                  The masculine, feminine and neuter genders used herein shall
include the masculine, feminine and neuter genders.

         SECTION 9.05 Benefit.

                  This Guarantee Agreement is solely for the benefit of the
Guarantee Trustee and the Holders and, subject to Section 3.01(a), is not
separately transferable from the Preferred Securities.

         SECTION 9.06 Governing Law.

                  THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS).

         SECTION 9.07 Counterparts.

                  This Guarantee Agreement may be executed in counterparts, each
of which shall be an original; but such counterparts shall together constitute
one and the same instrument.

         SECTION 9.08 [Exercise of Overallotment Option.

                  If and to the extent that Preferred Securities are issued by
the Issuer upon exercise of the overallotment option referred to in the first
WHEREAS clause, the Guarantor agrees to give prompt notice thereof to the
Guarantee Trustee but the failure to give such notice shall not relieve the
Guarantor of any of its obligations hereunder.]

         SECTION 9.09 Limited Liability.

                  Neither the Guarantee Trustee nor the Holders, in their
capacities as such, shall be personally liable for any liabilities or
obligations of the Guarantor arising out of this Guarantee Agreement. The
parties further hereby agree that the Holders, in their capacities as such,
shall be entitled to the same limitation of personal liability extended to the
stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware.

                                       20
<PAGE>   24

         SECTION 9.10 Payment Currency.

                  To the fullest extent permitted by applicable law, the
obligation of the Guarantor in respect of any amount due hereunder shall,
notwithstanding any payment in any other currency (whether pursuant to a
judgment or otherwise), be discharged only to the extent of the amount in
Dollars that the party entitled to receive such payment may, in accordance with
normal banking procedures, purchase with the sum paid in such other currency
(after any premium and costs of exchange) in the city of receipt on the Business
Day immediately following the day on which such party receives such payment. If
the amount in Dollars that may be so purchased for any reason falls short of the
amount originally due, the Guarantor shall pay such additional amounts, in
Dollars, as may be necessary to compensate for the shortfall. Any obligation of
the Guarantor not discharged by such additional payment shall, to the fullest
extent permitted by applicable law, be due as a separate and independent
obligation and, until discharged as provided herein, shall continue in full
force and effect.

         SECTION 9.11 Agent for Service of Process.

                  [THE GUARANTOR HEREBY DESIGNATES CORPORATION SERVICE COMPANY,
HAVING AN ADDRESS AT TWO WORLD TRADE CENTER, SUITE 8746, NEW YORK, NEW YORK
10048,] as its authorized agent upon whom process may be served in any action,
suit or proceeding that may be instituted in any State or Federal court sitting
in the County of New York of the State of New York pertaining to this Guarantee
Agreement or any matter arising out of or related to this Guarantee Agreement,
and the Guarantor will accept the jurisdiction of such court in such action, and
waive, to the fullest extent permitted by applicable law, any defense based upon
lack of personal jurisdiction or venue or forum non conveniens. A copy of any
such process shall be sent or given to the Guarantor at the address for notices
specified in Section 9.03 hereof. The Guarantor shall maintain the designation
of such authorized agent until two years after termination of the Guarantor's
obligation under this Guarantee Agreement pursuant to Section 7.01.

                                       21
<PAGE>   25

                  THIS GUARANTEE AGREEMENT is executed as of the day and year
first above written.

                                       AFFILIATED COMPUTER SERVICES ,INC.

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

                                       [o],
                                            as Guarantee Trustee

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

                                       22<PAGE>

                                      ISDA

              International Swaps and Derivatives Association, Inc.

                                    SCHEDULE

                                     to the

                                Master Agreement

                                   Dated as of

                                     Between

          CREDIT SUISSE FIRST BOSTON INTERNATIONAL (ABN 40 062 787 106)
                             ("CSFBI" AND "PARTY A")

                                       AND

  PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) IN ITS CAPACITY
        AS TRUSTEE OF THE CRUSADE GLOBAL TRUST NO. 2 OF 2001 ("PARTY B")

                                       AND

           CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) ("MANAGER")

                                       AND

          DLJ INTERNATIONAL CAPITAL ("DLJ" AND "STANDBY SWAP PROVIDER")

                                     PART 1

                             TERMINATION PROVISIONS

(a)      "SPECIFIED ENTITY" is not applicable in relation to Party A and Party
         B.

(b)      "SPECIFIED TRANSACTION" will have the meaning set forth in Section 14.

(c)      (i)      Sections 5(a)(ii), (iii), (iv), (v), (vi), 5(b)(iii) and (iv)
                  will not apply to Party A or Party B.

         (ii)     Replace Section 5(a)(i) with:

                           "(i) FAILURE TO PAY OR DELIVER. Failure by the party
                  to make when due any payment under this Agreement or delivery
                  under Section 2(a)(i) or 2(e) required to be made by it if
                  such failure is not remedied at or before 10.00am on the tenth
                  Local Business Day after the due date;"

         (iii)    Section 5(b)(ii) will not apply to Party A as the Affected
                  Party (subject to Part 5(m)(iii) of this Schedule).

(d)      The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
         Insolvency Event under the Security Trust Deed has occurred in respect
         of Party A, Party B or DLJ (the party the subject of the Insolvency
         Event will be the Defaulting Party); or ". In relation to Party A

<PAGE>

         or DLJ, the events described in the definition of Insolvency Event
         (under the Security Trust Deed) shall apply to it as if Party A or DLJ
         (as the case may be) were a relevant corporation referred to in that
         definition. The occurrence of an Insolvency Event under the Security
         Trust Deed in respect of Party B in its personal capacity will not
         constitute an Event of Default provided that within thirty Local
         Business Days of that occurrence, Party A, Party B, the Manager and DLJ
         are able to procure the novation of this Agreement and all Transactions
         to a third party in respect of which the Designated Rating Agencies
         confirm that the novation will not cause a reduction or withdrawal of
         the rating of the Notes, and Party A, Party B and DLJ agree to execute
         such a novation agreement in standard ISDA form.

(e)      The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a):
         will not apply to Party A.
         will not apply to Party B.

(f)      PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
         Agreement:

         (i)      Market Quotation (as amended by Part 5(q)(ii)) will apply; and

         (ii)     the Second Method will apply.

(g)      "TERMINATION CURRENCY" means the currency selected by the party which
         is not the Defaulting Party or the Affected Party, as the case may be,
         or where there is more than one Affected Party the currency agreed by
         Party A and Party B. However, the Termination Currency shall be one of
         the currencies in which payments are required to be made in respect of
         Transactions. If the currency selected is not freely available, or
         where there are two Affected Parties and they cannot agree on a
         Termination Currency, the Termination Currency shall be United States
         Dollars.

(g)      "ADDITIONAL TERMINATION EVENT" means:

         (i)      An Event of Default (as defined in the Security Trust Deed)
                  occurs and the Security Trustee has declared, in accordance
                  with the Security Trust Deed, the Notes immediately due and
                  payable (and Party B is the Affected Party);

         (ii)     Party B becomes obliged to make a withholding or deduction in
                  respect of any Notes and the Notes are redeemed as a result
                  (and Party B is the Affected Party). Notwithstanding Section
                  6(b)(iv) of the Agreement, as a result thereof, Party B must,
                  at the direction of the Manager, give a notice designating an
                  Early Termination Date in respect of this Agreement and all
                  Transactions.

                                     PART 2

                               TAX REPRESENTATIONS

(a)      PAYER TAX REPRESENTATIONS

         For the purpose of Section 3(e) of the Agreement, Party A and Party B
         will make the following representations:

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
         under this Agreement. In making this representation, it may rely on:

         (i)      the accuracy of any representations made by the other party
                  pursuant to Section 3(f) of this Agreement;

                                       2
<PAGE>

         (ii)     the satisfaction of the agreement contained in Section 4(a)(i)
                  or 4(a)(iii) of this Agreement and the accuracy and
                  effectiveness of any document provided by the other party
                  pursuant to Section 4(a)(i) or 4(a)(iii); and

         (iii)    the satisfaction of the agreement of the other party contained
                  in Section 4(d) of this Agreement.

         provided that it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) of the Agreement by reason
         of material prejudice to its legal or commercial position.

(b)      PAYEE TAX REPRESENTATIONS

         For the purpose of Section 3(f) of this Agreement:

         Party A makes the following representation:

         None

         Party B makes the following representation:

         It is an Australian resident and does not derive the payments under
         this Agreement in part or in whole in carrying on business in a country
         outside Australia at or through a permanent establishment of itself in
         that country.

                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

(a)      For the purposes of Section 4(a)(i) and (ii) of this Agreement each
         party agrees to deliver the following documents as applicable in
         accordance with the following:

<TABLE>
<CAPTION>
------------------------ ------------------------------- ------------------------ ------------------
PARTY REQUIRED TO        DOCUMENT                        DATE BY WHICH TO BE      COVERED BY
DELIVER                                                  DELIVERED                SECTION 3(D)
                                                                                  REPRESENTATIONS
------------------------ ------------------------------- ------------------------ ------------------
<S>                      <C>                             <C>                      <C>
Party B and the Manager  a list of authorised            On execution and         yes
                         signatories for the party and   delivery of this
                         evidence satisfactory in form   Agreement or any
                         and substance to the other      relevant Confirmation
                         party of the authority of the   and when the list is
                         authorised signatories of the   updated and at any
                         party to execute this           time on the request of
                         Agreement and each              the other party.
                         Confirmation on behalf of
                         Party B
------------------------ ------------------------------- ------------------------ ------------------

                                       3
<PAGE>

------------------------ ------------------------------- ------------------------ ------------------
Party B                  a United States Internal        Upon (A) the earlier     yes
                         Revenue Service Form W-8 BEN,   of: (1) the first
                         or any successor form           Payment Date; (2)
                                                         promptly upon
                                                         reasonable demand by
                                                         Party A; and
                                                         (3)learning that any
                                                         United States Internal
                                                         Revenue Service Form
                                                         W-8 BEN previously
                                                         provided by Party B has
                                                         become obsolete or
                                                         incorrect; and (B)prior
                                                         to the first Payment
                                                         Date every three
                                                         calendar years
                                                         thereafter.
------------------------ ------------------------------- ------------------------ ------------------
Party A                  Party A shall deliver           On execution and         yes
                         evidence satisfactory in form   delivery of this
                         and substance to the other      Agreement or any
                         party of the authority of the   relevant Confirmation.
                         signatories of the party to
                         create this Agreement and
                         each confirmation on behalf
                         of Party A (including, but
                         not limited to, at the
                         request of Party B, an
                         incumbency certificate or a
                         Power or Attorney)
------------------------ ------------------------------- ------------------------ ------------------
Party B                  Legal opinions as to the        Before the entering      yes
                         validity and enforceability     into of any
                         of the obligations of Party B   Transaction.
                         and the Manager under this
                         Agreement, the Trust Deed,
                         the Security Trust Deed and
                         the Notes in form and
                         substance and issued by legal
                         counsel reasonably acceptable
                         to Party A
------------------------ ------------------------------- ------------------------ ------------------
Manager                  Copies of the Trust Deed and    On execution and         Yes
                         Security Trust Deed certified   delivery of this
                         to be true copies by two        Agreement
                         authorised signatories of the
                         Manager
------------------------ ------------------------------- ------------------------ ------------------
Manager                  A copy of any document          Promptly upon any such   Yes
                         amending or varying the terms   document becoming
                         of the Master Trust Deed or     effective in
                         the Security Trust Deed         accordance with its
                         certified to be a true copy     terms
                         by  two authorised
                         signatories of the Manager
------------------------ ------------------------------- ------------------------ ------------------
</TABLE>

                                       4
<PAGE>

                                     PART 4

                                  MISCELLANEOUS

(a)      ADDRESS FOR NOTICES: For the purpose of  Section 12(a) of this
         Agreement:

         (i)      Address for Notices to CSFBi as Party A (other than by
                  facsimile):

         Address:          One Cabot Square, London E14 4QJ, England

                  Attention:        (1) Head of Credit Risk Management;
                                    (2) Managing Director - Operations
                                        Department;
                                    (3) Director - Legal and Compliance
                                        Department.

                  Telex No.:        264521
                  Answerback:       CSFBI G

                  (For all purposes.)

                  For the purpose of facsimile notices or communications under
                  this Agreement (other than a notice or communication under
                  Section 5 or 6):-

                  Facsimile No.:    020 7888 2686
                  Attention:        Managing Director - Legal and Compliance
                                                        Department

                  Telephone number for oral confirmation of receipt of facsimile
                  in legible form: 020 7888 2028. Designated responsible
                  employee for the purposes of Section 12(a)(iii): Senior Legal
                  Secretary

         (ii)     Address for Notices to Party B:

                  Level 3, 39 Hunter Street, Sydney  NSW  2000

                  Attention:        Manager, Securitisation

                  Telephone:        (02) 9229 9000

                  Facsimile:        (02) 9221 7870

                  Telex:            N/A

         (iii)    Address for Notices to the Manager:

                  Level 12, 55 Market Street, Sydney  NSW  2000

                  Attention:        Middle Office Compliance Manager

                  Telephone:        (03) 9320 5526

                  Facsimile:        (03) 9320 5589

                  Telex:            N/A

         (iv)     Address for Notices to DLJ as Standby Swap Provider and (on
                  and from the Novation Date) as Party A:

                  23rd Floor, 277 Park Avenue, New York, New York  10172

                                       5
<PAGE>

                  Attention:        Director - Legal and Compliance Department

                  Telephone:        +(212) 325 2000

                  Facsimile:        +(212) 325 4040

                  Telex:            N/A

(b)      PROCESS AGENT: For the purposes of Section 13(c) of this Agreement:

         CSFBi as Party A appoints as its Process Agent: Credit Suisse First
         Boston Corporation, Eleven Madison Avenue, New York, NY10010
         (Attention: General Counsel, Legal and Compliance Department)

         Party B appoints as its Process Agent: CT Corporation, 111 Eighth
         Avenue, 13th Floor, New York NY 10011. Phone: 212 590 9100. Fax: 212
         590 9190

         DLJ as Standby Swap Provider and (on and from the Novation Date) as
         Party A appoints as its Process Agent: Not Applicable

(c)      OFFICES: The provisions of Section 10(a) will apply to this Agreement.

(d)      MULTIBRANCH PARTY: For the purposes of Section 10(c) of this
         Agreement:

         Party A is not a multibranch Party.

         Party B is not a multibranch Party.

(e)      CALCULATION AGENT: The Calculation Agent is Party A, unless otherwise
         specified in a Confirmation in relation to the relevant Transaction.

(f)      CREDIT SUPPORT DOCUMENT: Details of any Credit Support Document:

         (i)      In relation to CSFBi as Party A:  Nil

         (ii)     In relation to Party B: Security Trust Deed.

         (iii)    In relation to DLJ as (on and from the Novation Date) Party A:
                  Guarantee

(g)      CREDIT SUPPORT PROVIDER:

         (i)      In relation to CSFBi as Party A:  DLJ

         (ii)     In relation to Party B:  Nil

         (iii)    In relation to DLJ as (on and from the Novation Date) Party
                  A: Credit Suisse First Boston (USA), Inc.

(h)      GOVERNING LAW: This Agreement and each Confirmation will be governed
         by, and construed and enforced in accordance with, the law of the State
         of New York (without reference to its choice of law doctrine) and each
         party herby submits to the jurisdiction of the courts of the State of
         New York.

(i)      NETTING OF PAYMENTS: Sub-paragraph (ii) of Section 2(c) of this
         Agreement will apply.

(j)      "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement. For the purposes of Section 3(c), each of Party A, Party B
         and DLJ is deemed not to have any Affiliates.

(k)      All payments to be made to Party B under this Agreement by Party A or
         DLJ must be made to the US$ Account. Any payment so made will, to the
         extent of that payment, satisfy the relevant party's obligation to
         Party B in respect of that payment.

                                       6
<PAGE>

                                     PART 5

                                OTHER PROVISIONS

(a)      In Section 2(a)(i) add the following sentence:

         "Each payment will be by way of exchange for the corresponding payment
         or payments payable by the other party."

(b)      In Section 2(a)(ii), after "freely transferable funds" add the words
         and "free of any set-off, counterclaim, deduction or withholding
         (except as expressly provided in this Agreement).

(c)      Insert new Sections 2(a)(iv) and 2(a)(v) as follows;

         (iv)     The condition precedent in Section 2(a)(iii)(1) does not apply
                  to a payment or delivery due to be made to a party if it has
                  satisfied all its payment and delivery obligations under
                  Section 2(a)(i) of this Agreement and has no future payment or
                  delivery obligations, whether absolute or contingent under
                  Section 2(a)(i).

         (v)      Where:

                  (1)     payments are due pursuant to Section 2(a)(i) by Party
                          A to Party B (the "PARTY A PAYMENT") and by Party B to
                          Party A (the "PARTY B PAYMENT") on the same day; and

                  (2)     the Security Trust Deed has become, and remains at
                          that time, enforceable.

                  then Party A's obligation to make the Party A Payment to Party
                  B shall be subject to the condition precedent (which shall be
                  an "applicable condition precedent" for the purpose of Section
                  2(a)(iii)(3)) that Party A first receives either:

                  (3)     the Party B Payment; or

                  (4)     confirmation from Party B's bank that it holds
                          irrevocable instructions to effect payment of the
                          Party B Payment and that cleared funds are available
                          to make that payment."

(d)      add the following new sentence to Section 2(b):

         "Each new account so designed must be in the same tax jurisdiction as
         the original account."

(e)      Delete the word "if" at the beginning of Section 2(d)(i)(4) and insert
         the following words instead:

         "if and only if X is Party A and";

(f)      In Section 2(d)(ii) insert the words "(if and only if Y is Party A)"
         after the word then at the beginning of the last paragraph. Party B
         will have no obligation to pay any amount to Party A under Section
         2(d)(ii), and may make any payment under or in connection with this
         Agreement net of any deduction or withholding referred to in Section
         2(d)(i).

(g)      ADDITIONAL REPRESENTATIONS: In Section 3 add the following immediately
         after paragraph (f):

         "(g)     NON ASSIGNMENT. It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over any of its
                  rights under any Transaction (other than, in respect of Party
                  B, the Trusts created pursuant to the Trust Deed) and has not
                  given any charge over the assets of the Trust (other than as
                  provided in the Security Trust Deed), in the case of Party B.

(h)      Party B also represents to Party A (which representations will be
         deemed to be repeated by Party B on each date on which a Transaction is
         entered into) that:

                                       7
<PAGE>

         (i)      TRUST VALIDLY CREATED. The Trust has been validly created and
                  is in existence at the date of this Agreement.

         (ii)     SOLE TRUSTEE. Party B has been validly appointed as trustee of
                  the Trust and is presently the sole trustee of the Trust.

         (iii)    NO PROCEEDINGS TO REMOVE. No notice has been given to Party B
                  and to Party B's knowledge no resolution has been passed, or
                  direction or notice has been given, removing Party B as
                  trustee of the Trust.

         (iv)     POWER. Party B has power under the Trust Deed to enter into
                  this Agreement and the Security Trust Deed in its capacity as
                  trustee of the Trust.

         (v)      GOOD TITLE. Party B is the equitable owner of the assets of
                  the Trust and has power under the Trust Deed to mortgage or
                  charge them in the manner provided in the Security Trust Deed
                  and, subject only to the Trust Deed, the Security Trust Deed
                  and any Security Interest permitted under the Trust Deed, as
                  far as Party B is aware, those assets are free from all other
                  Security Interests.

(i)      In Section 4 add a new paragraph as follows:

         (f)      CONTRACTING AS PRINCIPAL. Party A will enter into all
                  Transactions as principal and not otherwise and Party B will
                  enter into all Transactions in its capacity as trustee of the
                  Trust and not otherwise."

(j)      CONFIRMATIONS. For the purposes of Section 9(e)(ii) Party B (either
         itself or through the Manager) will, on or promptly after the relevant
         Trade Date, send Party A and DLJ a Confirmation confirming that
         Transaction and Party A and DLJ must promptly then confirm the accuracy
         of and sign and return or request the correction of such Confirmation.
         Notwithstanding the provisions of Section 9(e)(ii), each Confirmation
         in respect of a Transaction which is confirmed by electronic messaging
         system, an exchange of telexes or an exchange of facsimiles will be
         further evidenced by an original Confirmation signed by the parties,
         however any failure to sign an original Confirmation will not affect
         the validity or enforcement of any Swap Transaction.

(k)      Section 5(b)(i) (ILLEGALITY) is amended by adding the following
         paragraph at the end:

         "this sub paragraph (i) does not apply to the imposition by the
         Australian government or any agency of the Australian government of any
         exchange control restrictions or prohibitions ("EXCHANGE CONTROLS").
         For the avoidance of doubt:

         (i)      exchange controls do not constitute an Illegality or Event of
                  Default or Termination Event under this Agreement, and do not
                  entitle a party to terminate a Transaction or otherwise refuse
                  to make any payments it is obliged to make under a
                  Transaction"; and

         (ii)     delivery by Party B of Australian dollar amounts required to
                  be paid by it under any relevant Confirmation to the bank
                  account specified in that confirmation will constitute proper
                  payment of those amounts by Party B and Party A's obligations
                  under this Agreement will be unaffected by any such exchange
                  controls.

(l)      Section 6 is amended by replacing "20 days" in line 3 with "10 Local
         Business Days", and deleting the words "all outstanding Transactions"
         where they appear and inserting instead of words "the Relevant Swap
         Transaction".

(m)      Add a new Section 6(aa):

         "(aa)    RESTRICTED TERMINATION RIGHTS

                  (i)      TERMINATION BY PARTY B: Party B must not designate an
                           Early Termination Date without the prior written
                           consent of the Note Trustee.

                  (ii)     CONSULTATION: Each party may only designate an Early
                           Termination Date following prior consultation with
                           the other party as to the timing of the Early
                           Termination Date. Subject to its duties under the
                           Trust Deed and the Supplementary Terms Notice, Party
                           B may exercise any rights in its capacity as holder
                           of the Purchased Receivables only on the instructions
                           of the Note Trustee and only after consultation
                           between Party A and the Note Trustee.

                                       8
<PAGE>

(iii)    PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:

         (a)      Notwithstanding Part 1(c)(iii) of this Schedule, Party A may
                  designate an Early Termination Date if it is an Affected Party
                  following a Tax Event but only if all Notes will be redeemed
                  at their Invested Amount (or, if the Noteholders by
                  Extraordinary Resolution have so agreed, at their Stated
                  Amount) together with accrued interest to (but excluding) the
                  date of redemption.

         (b)      If a Tax Event occurs where Party A is the Affected Party and
                  Party A is unable to transfer all its rights and obligations
                  under this Agreement and each Transaction to an Affiliate
                  pursuant to Section 6(b)(ii), Party A may, at its cost,
                  transfer all its rights, powers and privileges and all its
                  unperformed and future obligations under this Agreement and
                  each Transaction to any person provided that:

                  (A)      each Designated Rating Agency has confirmed in
                           writing that the transfer will not result in a
                           reduction, qualification or withdrawal of the credit
                           ratings then assigned by them to the relevant Notes;
                           and

                  (B)      that person has a long term credit rating assigned by
                           each of the Designated Rating Agencies of at least
                           the long term credit rating assigned by that
                           Designated Rating Agency to CSFBi as at the date of
                           this Agreement and the Standby Swap Provider provides
                           its written consent to the transfer.

         (iv)     TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any payment by
                  Party B to Party A under this Agreement is, or is likely to
                  be, made subject to any deduction or withholding on account of
                  Tax, Party B will endeavour to procure the substitution as
                  principal obligor under this Agreement in respect of each
                  affected Transaction of a Party B incorporated in another
                  jurisdiction approved by Party A, DLJ and the Note Trustee and
                  in respect of which the Designated Rating Agencies confirm
                  that the substitution will not cause a reduction or withdrawal
                  of the rating of Notes".

(n)      In Section 6(b)(ii), add the words "so long as the transfer in respect
         of that Transaction would not lead to a rating downgrade of any rated
         debt of Party B that is secured under the Security Trust Deed" after
         the words "ceases to exist" at the end of the first paragraph.

(o)      In Section 6(e), delete the sentence "The amount, if any, payable in
         respect of an Early Termination Date and determined pursuant to this
         Section will be subject to any Set-off." At the end of the first
         paragraph.

(p)      Section 12 is amended as follows:

         (i)      In Section 12(a), insert "and settlement instructions
                  requiring payment to an entity other than the original
                  counterparty" after "Section 5 or 6" in line 2.

(ii)     Section 12(a)(iii) is replaced with:

                  "(iii) if sent by facsimile transmission, on the date a
                  transmission report is produced by the machine from which the
                  facsimile was sent which indicates that the facsimile was sent
                  in its entirety to the facsimile number of the recipient
                  notified for the purpose of this Section, unless the recipient
                  notifies the sender within one Local Business Day of the
                  facsimile being sent that the facsimile was not received in
                  its entirety and in legible form."

(q)      Section 14 of the Agreement is modified as follows :

         (i)      New definitions are inserted as follows:

                  "FUTURE OBLIGATIONS" means all payment or delivery obligations
                  (whether the underlying obligation was absolute or contingent
                  and assuming the satisfaction of each applicable condition
                  precedent) of a party under Section 2(a)(i) in respect of a
                  Terminated Transaction or group of Terminated Transactions,
                  that would, but for the occurrence of the relevant Early
                  Termination Date, have been required after that date. (For
                  this purpose, Unpaid Amounts in respect of the Terminated
                  Transaction or group

                                       9
<PAGE>

                  of Terminated Transactions are to be excluded but, without
                  limitation, any payment or delivery that would, but for the
                  relevant Early Termination Date, have been required (assuming
                  satisfaction of each applicable condition precedent) after
                  that Early Termination Date is to be included).

                  "NOVATION DATE" means the date upon which the obligations of
                  CSFBi as Party A under this Agreement and each Transaction are
                  novated to DLJ as Standby Swap Provider pursuant to Section
                  19.

                  "RELEVANT SWAP TRANSACTION" means, in relation to Class A
                  Notes, each Transaction which is a Currency Swap for Class A
                  only.

                  "SECURITY TRUST DEED" means the Security Trust Deed dated on
                  or about the date of this Agreement between Party B as issuing
                  trustee, Crusade Management Limited as Manager, Perpetual
                  Trustee Company Limited as security trustee and Wilmington
                  Trust Company as note trustee.

                   "TRUST DEED" means the Master Trust Deed dated 14 March 1998
                  as amended by the Crusade Global Trust No. 2 of 2001
                  Supplementary Terms Notice dated on or about the date of this
                  Agreement between (amongst others) Party B, St George Bank
                  Limited and the Manager ("SUPPLEMENTARY TERMS NOTICE") and
                  each of the following expressions has the meanings given to
                  them in the Trust Deed and the Supplementary Terms Notice.

                  "AGENCY AGREEMENT"
                  "ASSET"
                  "CLASS A NOTES"
                   "BANK"
                  "CURRENCY SWAP"
                  "DESIGNATED RATING AGENCY"
                  "EXTRAORDINARY RESOLUTION"
                  "FINAL MATURITY DATE"
                  "HEDGE AGREEMENT"
                  "INSOLVENCY EVENT"
                  "INVESTED AMOUNT"
                  "MORTGAGED PROPERTY"
                  "NOTES"
                  "NOTEHOLDER"
                  "NOTE TRUSTEE"
                  "PRINCIPAL PAYING AGENT"
                  "PURCHASED RECEIVABLES"
                  "SECURITY TRUST DEED"
                  "SECURITY TRUSTEE"
                  "STATED AMOUNT"
                  "SUPPORT FACILITY PROVIDER"
                  "TRUST"
                  "TRUST EXPENSE"

         (ii)     The definition of "Market Quotation" is replaced with:

                  "MARKET QUOTATION" means with respect to one or more
                  Terminated Transactions and a party making the determination,
                  an amount determined on the basis of quotations from Reference
                  Market-makers. Each quotation will take into account any
                  existing Credit Support Documents with respect to the
                  obligations of such party.

                  Each quotation will, at the option of the party making the
                  determination, be determined as either:

                  (1)     the amount, if any, that would be paid to such party
                          (expressed as a negative number) or any such party
                          (expressed as a positive number) in consideration of
                          an agreement between such party and the quoting
                          Reference Market-maker to enter into a transaction
                          (the "Replacement Transaction") that would have the
                          effect of preserving for such party the economic
                          equivalent of the Future Obligations of both parties;
                          or

                                       10
<PAGE>

                  (2)     the present value (calculated using commercially
                          reasonable discount rates) of the difference or the
                          differences on each Scheduled Payment Date that would
                          have occurred after the Early Termination Date between
                          (a) the Future Obligations of the other party to the
                          Terminated Transaction or Termination Transactions and
                          (b) the obligations that a quoting Reference
                          Market-maker would have under a transaction
                          ("Replacement Transaction") that would preserve for
                          the party making the determination that party's Future
                          Obligations, with such present value being positive if
                          (a) is greater than (b) and negative if (a) is less
                          than (b).

                  The Replacement Transaction would be subject to such
                  documentation as such party and the Reference Market-maker
                  may, in good faith, agree. The party making the determination
                  (or its agent) will request each Reference Market-maker to
                  provide it's quotation to the extent reasonably practicable as
                  of the same day and time (without regard to different time
                  zones) on or as soon as reasonably practicable after the
                  relevant Early Termination Date. The day and time as of which
                  the quotation or quotations are to be obtained will be
                  selected in god faith by the party obliged to make a
                  determination under Section 6(e), and, if each party is so
                  obliged, after consultation with the other.

                  If more than three quotations are provided, the Market
                  Quotation will be the arithmetic mean of the quotations,
                  without regard to the quotations having the highest and lowest
                  values. If exactly three such quotations are provided, the
                  Market Quotation will be the quotation remaining after
                  disregarding the highest and lowest quotations. For this
                  purpose, if more than one quotation has the same highest value
                  or lowest value, then one of such quotations shall be
                  disregarded. If fewer than three quotations are provided, it
                  will be deemed that the Market Quotation in respect of such
                  Terminated Transaction or group of Terminated Transactions
                  cannot be determined."

(r)      TRUST DEED AND SECURITY TRUST DEED: The parties acknowledge and agree
         and for the purposes of the Trust Deed and Security Trust Deed

         (a)      all Transactions under this Agreement are "Hedge Agreements";

         (b)       Party A and DLJ are "Support Facility Providers",

(s)      ISDA DEFINITIONS: This Agreement, each Confirmation and each
         Transaction are subject to the 2000 ISDA Definitions (published by the
         International Swap & Derivatives Association, Inc.) (the "ISDA
         DEFINITIONS"), and will be governed in all respects by any provisions
         set forth in the ISDA Definitions, without regard to any amendments to
         the ISDA Definitions made after the date of this Agreement. The ISDA
         Definitions are incorporated by reference in, and shall be deemed to be
         part of, this Agreement and each Confirmation.

(t)      INCONSISTENCY: In the event of any inconsistency between any two or
         more of the following documents, they shall take precedence over each
         other in the following descending order:

         (i)      any Confirmation;
         (ii)     the Schedule to the Master Agreement;
         (iii)    the other provisions of the Master Agreement;
         (iv)     the ISDA Definitions.

(u)      Any reference to a:

         (i)      "SWAP TRANSACTION" in the ISDA Definitions is deemed to be a
                  reference to a "Transaction" for the purpose of interpreting
                  this Agreement or any Confirmation; and

         (ii)     "TRANSACTION" in this Agreement or any Confirmation is deemed
                  to be a reference to a "Swap Transaction" for the purposes of
                  interpreting the 2000 ISDA Definitions.

(v)      New Sections 15, 16, 17 and 18 are added as follows:

                                       11
<PAGE>

         "15.     TRUSTEE PROVISIONS

                  (a)      Each party acknowledges and agrees that Party B
                           enters into this Agreement in its capacity as trustee
                           of the Trust and in no other capacity. Clause 16 of
                           the Security Trust Deed applies to govern Party A's
                           priority to monies received from the sale of trust
                           Assets or other enforcement of the Charge under the
                           Security Trust Deed (as defined in the Security Trust
                           Deed). Clauses 1.2(p) and 30.13 of the Trust Deed
                           apply to this Agreement as if set out in full, with
                           references to Deed being construed as references to
                           Agreement.

                  (b)      Nothing in paragraph (a) limits Party A in:

                           (i)     obtaining an injunction or other order to
                                   restrain any breach of this Agreement by
                                   Party B;

                           (ii)    obtaining declaratory relief; or

                           (iii)   in relation to its rights under the Security
                                   Trust Deed.

                  (c)      Except as provided in paragraphs (a) and (b), Party A
                           shall not

                           (i)     (JUDGMENT) obtain a judgment for the payment
                                   of money or damages by Party B;

                           (ii)    (STATUTORY DEMAND) issue any demand under
                                   s459E(1) of the Corporations Law (or any
                                   analogous provision under any other law)
                                   against Party B;

                           (iii)   (WINDING UP) apply for the winding up or
                                   dissolution of Party B;

                           (iv)    (EXECUTION) levy or enforce any distress or
                                   other execution to, on, or against any assets
                                   of Party B;

                           (v)     (COURT APPOINTED RECEIVER) apply for the
                                   appointment by a court of a receiver to any
                                   of the assets of Party B;

                           (vi)    (SET-OFF OR COUNTERCLAIM) exercise or seek to
                                   exercise any set-off or counterclaim against
                                   Party B; or

                           (vii)   (ADMINISTRATOR) appoint, or agree to the
                                   appointment, of any administrator to Party B,

                           or take proceedings for any of the above and Party A
                           waives its rights to make those applications and take
                           those proceedings.

         16.      SEGREGATION:

                  The liability of Party B under this Agreement is several and
                  is separate in respect of each Relevant Swap Transaction. The
                  failure of Party B to perform its obligations in respect of
                  any Relevant Swap Transaction does not release Party B from
                  its obligations under this Agreement or under any other
                  Relevant Swap Transaction in respect of any other Notes issued
                  by Party B. Nothing in this Agreement affects the respective
                  priority rankings of claims against the Mortgaged Property
                  under the Security Trust Deed. Without limiting the generality
                  of the foregoing, the provisions of this Agreement have effect
                  separately and severally in respect of each Relevant Swap
                  Transaction and are enforceable by or against Party B as
                  though a separate agreement applied between Party A, Party B,
                  the Manager and the Standby Swap Provider for each Relevant
                  Swap Transaction, so that (among other things):

                  (i)      this Agreement together with each Confirmation
                           relating to a Relevant Swap Transaction will form a
                           single separate agreement between Party A, Party B,
                           the Manager and the Standby Swap Provider and
                           references to the respective obligations (including
                           references to payment obligations generally and in
                           the context of provisions for the netting of payments
                           and the calculation of amounts due on early
                           termination) of Party A, Party B, the Manager and the
                           Standby Swap Provider shall be construed accordingly
                           as a several reference to each mutual set of
                           obligations arising under each such

                                       12
<PAGE>

                           separate agreement between Party A, Party B, the
                           Manager and the Standby Swap Provider;

                  (ii)     representations made and agreements entered into by
                           the parties under this Agreement are made and entered
                           separately and severally in respect of each Relevant
                           Swap Transaction and may be enforced separately and
                           severally in respect of each Relevant Swap
                           Transaction;

                  (iii)    rights of termination, and obligations and
                           entitlements consequent upon termination, only accrue
                           to Party A against Party B separately and severally
                           in respect of each Relevant Swap Transaction, and
                           only accrue to Party B against Party A separately and
                           severally in respect of each Relevant Swap
                           Transaction; and

                  (iv)     the occurrence of an Event of Default or Termination
                           Event in respect of a Relevant Swap Transaction does
                           not in itself constitute an Event of Default or
                           Termination Event in respect of any other Relevant
                           Swap Transaction.

         17.      REPLACEMENT CURRENCY SWAP

                  (a)      If this Agreement or any Transaction under this
                           Agreement is terminated, Party B must, at the
                           direction of the Manager, enter into one or more
                           currency swaps which replace the Transactions under
                           this Agreement (collectively a "REPLACEMENT CURRENCY
                           SWAP") but only on the following conditions:

                           (i)     the Settlement Amount payable (if any) by
                                   Party B to Party A upon termination of this
                                   Agreement or any Transaction will be paid in
                                   full when due in accordance with the
                                   Supplementary Terms Notice and this
                                   Agreement;

                           (ii)    the Designated Ratings Agencies confirm that
                                   the Replacement Currency Swap will not cause
                                   a reduction or withdrawal of the ratings of
                                   the Notes; and

                           (iii)   the liability of Party B under the
                                   Replacement Currency Swap is limited to at
                                   least the same extent that its liability is
                                   limited under this Agreement.

                  (b)      If Party B enters into the Replacement Currency Swap
                           pursuant to paragraph (a) it must direct the
                           Replacement Currency Swap provider to pay any upfront
                           premium to enter into the Replacement Currency Swap
                           due to Party B directly to Party A in satisfaction of
                           and to the extent of Party B's obligation to pay the
                           Settlement Amount to Party A as referred to in
                           Section 17(a) and to the extent that such premium is
                           not greater than or equal to the Settlement Amount,
                           the balance must be satisfied by Party B as a Trust
                           Expense.

                  (c)      If Party B enters into a Replacement Currency Swap
                           pursuant to paragraph (a), Party B must direct Party
                           A to pay any Settlement Amount payable by Party A to
                           Party B on termination of this Agreement or any
                           Transaction directly to the Replacement Currency Swap
                           provider as payment and to the extent of any premium
                           payable by Party B to enter into the Replacement
                           Currency Swap, in satisfaction of and to the extent
                           of Party A's obligation to pay that part of the
                           Settlement Amount to Party B.

         18.      NOVATION

                  DLJ may at any time novate its rights, powers and privileges
                  and all its unperformed and future obligations as Standby Swap
                  Provider under this Agreement and each Transaction to any
                  Affiliate of Credit Suisse First Boston (the "New
                  Counterparty") provided that:

                  (a)      the New Counterparty is obligated to file periodic
                           reports with the Securities and Exchange Commission
                           pursuant to the Securities Exchange Act of 1934 or
                           has the benefit of a guarantee from CSFB (USA), Inc.;

                                       13
<PAGE>

                  (b)      the New Counterparty provides a legal opinion to
                           Party B that this Agreement, as novated, is valid,
                           binding and enforceable (subject to equitable
                           doctrines and creditors' rights generally); and

                  (c)      the Designated Ratings Agencies confirm that the
                           novation to the New Counterparty will not cause a
                           reduction or withdrawal of the ratings of the Notes.

                  Party B and the Manager will execute all such documents as are
                  reasonably necessary to give effect to that novation. After
                  such novation:

                  (i)      DLJ's rights (except those which have accrued prior
                           to any such novation), powers, privileges and
                           obligations under this Agreement and each Transaction
                           terminate;

                  (ii)     DLJ will be taken to have transferred its rights,
                           powers and privileges under this Agreement and each
                           Transaction to the New Counterparty and the New
                           Counterparty will be taken to have assumed
                           obligations equivalent to those DLJ had under this
                           Agreement and each Transaction;

                  (iii)    Party B will be taken to have released DLJ from all
                           its unperformed and future obligations under this
                           Agreement and each Transaction; and

                  (iv)     This Agreement and the Confirmation relating to each
                           transaction shall be construed as if the New
                           Counterparty was a party to it in place of DLJ".

(w)      TELEPHONE RECORDING:  Each party:

         (i)      consents to the recording of the telephone conversations of
                  trading and marketing personnel of that party and its
                  Affiliates in connection with this Agreement or any potential
                  Transaction; and

         (ii)     agrees to obtain any necessary consent of and give notice of
                  such recording to such personnel of it and its Affiliates.

(x)      RELATIONSHIP BETWEEN PARTIES: Each party will be deemed to represent to
         the other party on the date on which it enters into a Transaction that
         (absent a written agreement between the parties that expressly imposes
         affirmative obligations to the contrary for the Transaction):-

         (a)      NON-RELIANCE. It is acting for its own account (or, in the
                  case of Party B, as trustee of the Trust), and it has made its
                  own independent decisions to enter into that Transaction and
                  as to whether that Transaction is appropriate or proper for it
                  based upon its own judgement and upon advise from such
                  advisers as it has deemed necessary. It is not relying on any
                  communication (written or oral) of the other party as
                  investment advice or as a recommendation to enter into that
                  Transaction; it being understood that information and
                  explanations related to the terms and conditions of a
                  Transaction shall not be considered investment advice or a
                  recommendation to enter into that Transaction. No
                  communication (written or oral) received from the other party
                  shall be deemed to be an assurance or guarantee as to the
                  expected results of that Transaction.

         (b)      ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
                  merits of and understanding (on its own behalf or through
                  independent professional advice), and understands and accepts,
                  the terms, conditions and risks of that Transaction. It is
                  also capable of assuming, and assumes, the risks of that
                  Transaction.

(y)      APPOINTMENT OF MANAGER: Party A acknowledges that under the Trust Deed
         Party B has appointed the Manager as manager of the Trust with the
         powers set out in and upon and subject to the terms of, the Trust Deed.
         Accordingly, subject to the terms of the Trust Deed, the Manager:

         (i)      may arrange, enter into, and monitor Transactions, execute
                  Confirmations and exercise all other rights and powers of
                  Party B under this Agreement; and

         (ii)     without limiting the generality of the foregoing, the Manager
                  shall, issue and receive, on behalf of Party B all notices,
                  Confirmations, certificates and other communications to or by
                  Party A under this Agreement.

(z)      New Sections 19 and 20 are added as follows:

                                       14
<PAGE>

         "19.     RATINGS DOWNGRADE

         (i)      If, as a result of the withdrawal or downgrade of its credit
                  rating by a Designated Rating Agency, Party A has:-

                  (A)      a long term credit rating of less than AA- by S&P and
                           a short term credit rating of less than A-1+ by S&P;
                           or

                  (B)      a long term credit rating of less than A2 by Moody's
                           and a short term credit rating of less than P-1 by
                           Moody's; or

                  (C)      a long term rating of less than AA- by Fitch and a
                           short term credit rating of at least F1+ by Fitch,

                  (and, in the case of Moody's or Fitch, such a withdrawal or
                  downgrade would, except for this Section adversely affect the
                  rating of the Notes), Party A shall within:

                  (D)      30 Business Days of a downgrade of its long term
                           credit rating by S&P to not lower than A- together
                           with a downgrade of its short term credit rating by
                           S&P to not lower than A-1, or the downgrade of its
                           long term credit rating by Moody's to not lower than
                           A3, or a downgrade of its long term credit rating by
                           Fitch to not lower than A- together with a downgrade
                           of its short term credit rating by Fitch to not lower
                           than F1; or

                  (E)      5 Business Days of any other such withdrawal or
                           downgrade and for the avoidance of doubt, if Party
                           A's long term credit rating by S&P is not lower than
                           A- and Party A's short term credit rating by S&P is
                           not lower than A-1, and Party A's long term credit
                           rating by Moody's is not lower than A3, and Party A's
                           long term credit rating by Fitch is not lower than A-
                           and Party A's short term credit rating by Fitch is
                           not lower than F1, then paragraph (D) above shall
                           apply and not this paragraph (E),

                  (or, in either case, such greater period as is agreed to in
                  writing by the relevant Designated Rating Agency) at its cost
                  alone and at its election:

                  (F)      (in the case of paragraph (i)(D) only) lodge cash
                           collateral in US$ in the Swap Collateral Account (as
                           defined in paragraph (v)(C) below) in an amount
                           equivalent to the Cash Collateral Amount as defined
                           in Section (19)(v)(A) below. Any interest earned on
                           it is payable to Party A. Party A will pay any costs
                           associated with lodgment of the collateral; or

                  (G)      at the cost of Party A or in return for any monies
                           payable to Party A in accordance with Clause 5.21 of
                           the Supplementary Terms Notice (as the case may be),
                           enter into an agreement novating this Agreement to a
                           replacement counterparty proposed by any of Party A,
                           Party B, DLJ or the Manager (if any) and approved by
                           DLJ and in respect of which each Designated Rating
                           Agency has confirmed will result in there not being a
                           withdrawal or downgrade of any credit rating,
                           assigned by it, to the Notes; or

                  (H)      enter into such other arrangements which each
                           Designated Rating Agency has confirmed will result in
                           there not being a withdrawal or downgrade of any
                           credit rating assigned by it to the Notes.

         (ii)     Where Party A procures a replacement counterparty in
                  accordance with Section 19(i)(G) above, each party to this
                  Agreement shall do all things reasonably necessary to novate
                  the relevant rights and obligations to the replacement
                  counterparty.

                                       15
<PAGE>

                  (iii)   Where Party B has not established a Swap Collateral
                          Account and Party A is required to deposit monies into
                          a Swap Collateral Account, the Manager must direct
                          Party B to establish, as soon as is practicable, and
                          maintain, in the name of Party B a Swap Collateral
                          Account.

                  (iv)    Party B may only make withdrawals from the Swap
                          Collateral Account if directed to do so by the Manager
                          and then only for the purpose of:

                          (A)      novating obligations under this Agreement in
                                   accordance with Section 19(i)(G) above or
                                   entering into any other arrangement in
                                   accordance with Section 19(i)(H) above;

                          (B)      refunding to Party A the amount of any
                                   reduction in the Swap Collateral Amount, from
                                   time to time and providing the Designated
                                   Rating Agencies have confirmed, in writing,
                                   that such refund will not result in a
                                   withdrawal or downgrade of any credit rating
                                   assigned by it to the Notes;

                          (C)      withdrawing any amount which has been
                                   incorrectly deposited into the Swap
                                   Collateral Account;

                          (D)      paying financial institutions duty, bank
                                   accounts debit tax or other equivalent Taxes
                                   payable in respect of the Swap Collateral
                                   Account; or

                          (E)      funding the amount of any payment due to be
                                   made by Party A under this Agreement
                                   following the failure by Party A to make that
                                   payment.

                  (v)      For the purpose of this Part 5(z):

                          (A)      the CASH COLLATERAL AMOUNT shall be an amount
                                   equal to the greater of the following:

                                   (1)      zero;

                                   (2)      CCR; and

                                   (3)      an amount acceptable to Moody's and
                                            Fitch and sufficient to maintain the
                                            credit rating assigned to the Notes
                                            by Moody's and Fitch immediately
                                            prior to the review of Party A's
                                            credit rating; and

                          (B)      APPROVED BANK means a Bank which has a short-
                                   term rating of at least A-1+ (S&P), P-1
                                   (Moody's) and F1 (Fitch).

                          (C)      SWAP COLLATERAL ACCOUNT means an account
                                   established by Party B with an Approved Bank
                                   outside Australia.

                  (vi)     For the purpose of Section 19(v)(A), the formula for
                           calculating CCR is as follows.

                           CCR = CR x 1.030

                           where

                           CR means MTM + VB

                           MTM means the mark-to-market value of the
                           Transactions outstanding under the Agreement. Party A
                           will have to mark the Transactions to market and post
                           collateral on a weekly basis, with a cure period of 3
                           days. The mark-to-market value should reflect the
                           higher of 2 bids from counterparties that will be
                           eligible and willing to assume Party A's role in the
                           Transactions in place of Party A. The mark-to-market
                           value may be a positive or negative amount. A bid has
                           a negative value if the payment would be from the

                                       16
<PAGE>

                           counterparty to Party A and has a positive value if
                           the payment would be from Party A to the counterparty
                           (for the purposes of determining a higher bid, any
                           bid of positive value is higher than any bid of a
                           negative value).

                           VB means the value calculated by multiplying the
                           Invested Amount at the time of the calculation by the
                           relevant percentage calculated from the following
                           table (for the purposes of interpreting the table,
                           "Counterparty rating" is the credit rating assigned
                           to Party A by S&P and "Maturities" is the period from
                           and including the date of calculation to but
                           excluding the scheduled maturity of the last expiring
                           Transaction outstanding under this Agreement):

<TABLE>
<CAPTION>
                              VOLATILITY BUFFER (%)
<S>                    <C>                <C>                  <C>
COUNTERPARTY RATING    MATURITIES UP TO   MATURITIES UP TO     MATURITIES MORE THAN
                       5 YEARS            10 YEARS             10 YEARS
A+                     1.05               1.75                 3.0
A                      1.35               2.45                 4.5
A-1*                   1.5                3.15                 6.0
</TABLE>

                  * The A-1 rating will be taken to be the counterparty's short
term rating.

         20.      STANDBY CURRENCY SWAP PROVIDER

                  (a)      If CSFBi as Party A fails to make, when due, any
                           payment required to be made by it to Party B under a
                           Transaction (after giving effect to any applicable
                           grace period) then, as soon as Party B becomes
                           actually aware of that failure, Party B must notify
                           CSFBi as Party A and DLJ in writing of such failure,
                           the amount of the defaulted payment and the basis of
                           calculation of the defaulted payment.

                  (b)      If DLJ receives a notice from the Principal Paying
                           Agent under clause 3.7 of the Agency Agreement or
                           from Party B under Section 20(a) on or before 11.00
                           am (New York time) on the relevant Payment Date, it
                           must pay to Party B the amount then owing by CSFBi as
                           Party A to Party B under that Transaction no later
                           than 1.30pm (New York time) on the relevant Payment
                           Date. If DLJ receives such notice after 11.00 am (New
                           York time) on the relevant Payment Date, DLJ must
                           make the payment not later than 1.30 pm (New York
                           time) on the next Business Day.

                  (c)      DLJ shall make such payment in full, without any set
                           off, counterclaim or exercise of any similar right or
                           defence, other than any netting permitted under this
                           Agreement.

                  (d)      DLJ's obligations under this Section 20 with respect
                           to a Transaction commence on the Effective Date
                           (specified in the Confirmation) and terminate on the
                           earlier of the Final Maturity Date and the date on
                           which the Transaction is otherwise terminated in
                           accordance with its terms.

                  (e)      Where CSFBi as Party A is required to comply with
                           Section 19 and fails to do so within the relevant
                           time, Party B must, as soon as practicable and, in
                           any event no later than the Business Day following
                           such failure, notify CSFBi as Party A and DLJ in
                           writing of such failure.

                  (f)      If:

                          (i)      CSFBi as Party A defaults in its payment
                                   obligations and DLJ has complied with its
                                   obligations under Section 20(b); or

                          (ii)     CSFBi as Party A defaults in complying with
                                   its obligations under Section 19 and DLJ has
                                   received notice of such failure pursuant to
                                   Section 20(e),

                          then:

                                       17
<PAGE>

                  (A)      CSFBi's rights, powers, privileges and obligations as
                           Party A under this Agreement and each Transaction
                           terminate other than its rights, powers, privileges
                           and obligations pursuant to Section 20(g);

                  (B)      subject to Section 20(f)(C), CSFBi will be taken to
                           have transferred its rights powers and privileges as
                           Party A under this Agreement and each Transaction to
                           DLJ and DLJ will be taken to have assumed obligations
                           equivalent to those that CSFBi as Party A had under
                           this Agreement and each Transaction;

                  (C)      Party B and DLJ will be taken to have released CSFBi
                           as Party A from all its unperformed and future
                           obligations under this Agreement and each Transaction
                           other than its present and future obligations
                           pursuant to Section 20; and

                  (D)      this Agreement and the Confirmation relating to each
                           Transaction shall be construed as if DLJ was a party
                           to it in place of Party A except that:

                           (i)     references to "CSFBi as Party A" will not
                                   apply to DLJ as Party A;

                           (ii)    without limiting Section 20(f)(D)(i), this
                                   Section 20 will not apply to DLJ as Party A.

                (g)       Following a novation under this Section 20, CSFBi as
                          Party A must pay DLJ or DLJ must pay CSFBi as Party A
                          an amount (the "Novation Settlement Amount") being:

                           (i)     in the case of payment by CSFBi as Party A to
                                   DLJ, an amount equal to the amount (if any)
                                   that would be payable by Party A to Party B;
                                   and

                           (ii)    in the case of payment by DLJ to CSFBi as
                                   Party A, an amount equal to the amount (if
                                   any) that would be payable by Party B to
                                   Party A,

                          as if each Transaction had been terminated, calculated
                          and payable in accordance with Sections 6(d) and (e)
                          on the basis that:

                           (i)     the Novation Date is the Early Termination
                                   Date and the Novation Settlement Amount is
                                   due and payable on the day that notice of the
                                   amount payable is effective;

                           (ii)    the Early Termination Date has resulted from
                                   an Event of Default in respect of which Party
                                   A is the Defaulting Party; and

                           (iii)   the Termination Currency is U.S. Dollars.

                  (h)     In consideration of DLJ agreeing, at the request of
                          CSFBi as Party A, to act as Standby Swap Provider,
                          CSFBi agrees to indemnify DLJ on demand against any
                          loss, charge, liability or expense that DLJ may
                          sustain or incur as a direct or indirect consequence
                          of CSFBi as Party A failing to comply with its
                          obligations under this Agreement or any Transaction or
                          the Manager requiring DLJ to make a payment under this
                          Agreement or any Transaction".

                                       18
<PAGE>

IN WITNESS WHEREOF the parties have executed this schedule on the respective
dates specified below with effect from the date specified on the first page of
this document.

CREDIT SUISSE FIRST BOSTON INTERNATIONAL

By:
         -----------------------------------

Name:
         -----------------------------------

Date:
         -----------------------------------

PERPETUAL TRUSTEES CONSOLIDATED LIMITED
AS TRUSTEE OF CRUSADE GLOBAL TRUST NO. 2 OF 2001

<TABLE>
<CAPTION>
<S>                                                <C>
By:                                                By:
         -----------------------------------                 ------------------------------------

Name:                                              Name:
         -----------------------------------                 ------------------------------------

Title:                                             Title:
         -----------------------------------                 ------------------------------------

Date:                                              Date:
         -----------------------------------                 ------------------------------------

CRUSADE MANAGEMENT LIMITED

By:                                                By:
         -----------------------------------                 ------------------------------------

Name:                                              Name:
         -----------------------------------                 ------------------------------------

Title:                                             Title:
         -----------------------------------                 ------------------------------------

Date:                                              Date:
         -----------------------------------                 ------------------------------------
</TABLE>

DLJ INTERNATIONAL CAPITAL

By:
         -----------------------------------

Name:
         -----------------------------------

Title:
         -----------------------------------

Date:
         -----------------------------------

                                       19

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