Document:

<PAGE>   1
                                                                     Exhibit 4.1

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE
SECURITIES LAWS OF ANY STATE. THIS NOTE MAY NOT BE SOLD OR TRANSFERRED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE NOTE UNDER SAID ACT AND
ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY TO THE EFFECT THAT NO SUCH REGISTRATION IS REQUIRED.

THIS NOTE IS SUBORDINATED TO CERTAIN SENIOR INDEBTEDNESS OF THE COMPANY. THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT AMOUNTS
OWING WITH RESPECT TO THIS NOTE SHALL BE SUBORDINATED IN ACCORDANCE WITH THE
PROVISIONS OF THE AMENDED AND RESTATED SUBORDINATION AND STANDBY AGREEMENT DATED
AS OF FEBRUARY 23, 2000 AMONG THE ORIGINAL HOLDERS OF THE NOTES, BANK ONE,
TEXAS, N.A. AND THE COMPANY, AND THE HOLDER ACCEPTS AND AGREES TO BE BOUND BY
SUCH PROVISIONS.

                             TBM ACQUISITION I, INC.
                          SUBORDINATED PROMISSORY NOTE

$____________                                                  February 23, 2000
                                                           Westport, Connecticut

                  TBM ACQUISITION I, INC., a Delaware corporation (the
"Company"), for value received, hereby promises to pay to
_______________________ (the "Holder"), or registered assigns, in lawful money
of the United States of America, the principal sum of
______________________________________ DOLLARS ($__________) or such lesser
principal amount as shall then be unpaid, or, if not sooner paid on February 23,
2005, together with interest (computed on the basis of the actual number of days
elapsed over a year of 360 days), which shall accrue from January 1, 2001 at a
rate of six percent (6.0%) per annum, compounded monthly, subject to adjustment
as provided herein. Interest accruing on this Note until February 1, 2002 shall
be added to principal.

<PAGE>   2
                  Commencing on March 1, 2002 and thereafter on the first day of
each month occurring during the remainder of the term of this Note, the Company
shall make payments of interest as follows: (i) from March 1, 2002 through and
including February 1, 2004, at a rate of six percent (6.0%) per annum, and (ii)
from March 1, 2004 through maturity, at a rate per annum equal to the Senior
Debt Rate (as defined in the Merger Agreement) plus two percent (2.0%).

                  If any principal of or interest on this Note is not paid when
due, or there exists a material Event of Default, this Note shall bear interest
thereafter, until such overdue principal or interest is paid in full or such
material Event of Default is cured, at a rate per annum equal to the Senior Debt
Rate plus two percent (2.0%).

                  Payments of principal and interest shall be made in lawful
currency of the United States of America by check mailed and addressed to the
registered holder hereof at the address shown in the register maintained by the
Company for such purpose, or, at the option of the Holder, at such other place
in the United States of America as the Holder shall have designated to the
Company in writing.

                  This Note is one of the Subordinated Notes (collectively, the
"Notes") referred to in, and is entitled to the benefits and obligations of (i)
the Amended and Restated Agreement and Plan of Merger dated as of February 4,
2000 among the Company, TBM Holdings, Inc. (the "Parent"), Long Reach Holdings
Inc. ("LRH") and certain shareholders of LRH (the "Merger Agreement"), pursuant
to which LRH was merged with and into the Company on the date hereof, (ii) the
Guaranty dated as of February 23, 2000 (the "Guaranty") by the Parent in favor
of the Holder and the holders of the other Notes (collectively, the "Holders"),
and (iii) the Security Documents referred to below (the Notes, the Merger
Agreement, the Guaranty and the Security Documents being collectively referred
to as the "Note Documents").

                  Capitalized terms used herein without definition have the
meanings given thereto in the Merger Agreement.

                  The Notes may be prepaid, in whole at any time or in part from
time to time, without premium or penalty, provided that any such prepayment
shall be made pro rata among all the Notes.

                  This Note is a registered Note and is transferable only by
surrender hereof at the principal office of the Company in Westport,
Connecticut, duly endorsed or accompanied by a written instrument of transfer
duly executed by the registered holder of this Note or his attorney duly
authorized in writing. The Company may treat the registered holder hereof (or,
when presented duly endorsed, the holder hereof) as the absolute owner of this
Note for the purpose of

<PAGE>   3
receiving any payments hereon and for all other purposes; and each holder from
time to time of this Note, by accepting or holding the same, consents to and
agrees with the provisions hereof.

Collateral Security for the Notes

                  The Notes are secured pursuant to the following security
documents (the "Security Documents"): (i) the Security Agreement dated as of
April 20, 1999, as amended as of the date hereof, by the Company (as successor
by merger to LRH) in favor of Golub Associates Incorporated, as agent (the
"Agent") for the Holders, and (ii) the Subordinated Deed of Trust, Security
Agreement and Assignment of Rents and Leases dated as of April 20, 1999, as
amended as of the date hereof, by the Company (as successor by merger to LRH) in
favor of the Agent, in respect of the Company's property located at 12300 Amelia
Drive, Houston, Texas 77045.

Covenants of the Company

         1. The Company agrees that, without the prior written consent of the
Majority Stakeholders, so long as any amounts are due and owing under the Notes,
the Company will not:

         (a) incur any indebtedness or guaranty obligation which ranks pari
passu with or senior to the Notes, except for the Senior Debt and other
indebtedness which ranks pari passu (both as to payment and collateral security)
with the existing Senior Debt;

         (b) sell, lease, transfer or otherwise dispose of any of its
properties, assets and rights to any person except (i) sales of inventory in the
ordinary course of business, (ii) sales or other dispositions in the ordinary
course of business of equipment which is obsolete, uneconomical or no longer
useful in its business or which is being replaced with other equipment of
substantially equal or greater utility, (iii) dispositions of obsolete
inventory, and (iv) other sales or other dispositions of property, the aggregate
fair market value of which, together with all such other property so sold or
disposed of in any 12-month period, shall not exceed 20% of the Company's
consolidated tangible assets as at the beginning of such 12-month period;
provided, that if the holder(s) of the Senior Debt (the "Senior Lender")
consents to actions of the Company set forth above in this paragraph (b), the
Holder shall be deemed to have consented to such action;

         (c) (i) declare or pay, or set apart any funds for the payment of, any
dividends in any fiscal year on any shares of its capital stock ("Shares") of
the Company, (ii) apply any of its funds, property or assets to, or set apart
any funds, property or assets for, the purchase, redemption or retirement of, or
make any distribution, by reduction of capital or otherwise, in respect of any
of its Shares or other securities, whether now or hereafter outstanding, except
that any Subsidiary may from time to time declare and pay dividends to the
Company and the Company may make distributions to the Parent in order to satisfy
any tax liability of the Parent resulting solely from the operations of the
Company;

<PAGE>   4

         (d) except as provided in the next sentence of this paragraph (d),
transfer any cash or property to any Affiliate of the Company, enter into any
contract or transaction with any such Affiliate, or modify any outstanding
contract or transaction with any such Affiliate, including without limitation
the purchase, lease, sale or exchange of property or the rendering of any
service to any such Affiliate. Notwithstanding anything to the contrary
contained in this paragraph (d), without the consent of the Majority Holders the
Company may (i) pay compensation to its full-time employees (whether or not
Affiliates) in the ordinary course of business in amounts that are customary for
businesses similar to that of the Company to pay to employees with similar
responsibilities, (ii) pay compensation to any employee hired pursuant to the
Consulting Agreement with TBM Consulting, Inc., and (iii) so long as no Default
or Event of Default is in existence or would be caused thereby, pay compensation
to TBM Consulting, Inc. or to a stockholder or Affiliate of the Company who is
not an employee of the Company for services rendered in accordance with the
provisions of an agreement which is approved by a majority of the disinterested
members of the Company's Board of Directors and is on terms comparable in all
material respects to the terms which would prevail in an arm's-length
transaction between unaffiliated third parties; or

         (e) make any principal payment of or interest payment on, or purchase
or acquire, or prepay, any indebtedness which is subordinate or junior to , or
pari passu with, the Notes other than trade debt, or permit any notes or
agreements evidencing indebtedness which is subordinate or junior to, or pari
passu with, the Notes, or any subordination agreement executed in connection
therewith, to be modified or amended or any agreement or consent to be given
thereunder, whereby (i) any provisions thereof relating to the subordination
thereof to the Notes are waived, modified or discharged, or (ii) there is any
acceleration of the maturities therein provided.

         2. The Company agrees that it will:

                  (a) (i) permit one non-voting representative designated by the
Majority Stakeholders to attend all meetings of the Board of Directors (or any
comparable governing body), and of all committees thereof, of each of the Parent
and the Company, (ii) pay the reasonable expenses of such representative in
connection with meetings and other activities of such Boards of Directors,
committees thereof or other such governing bodies of the Parent and the Company,
(iii) provide to such representative all notices, documents and information
furnished to the directors of each of the Parent and the Company, at the same
time as furnished to such directors, and (iv) use best efforts to notify such
representative of, and permit such representative to participate by telephone
in, emergency meetings of the Boards of Directors, committees thereof or other
such governing bodies of each of the Parent and the Company, and to provide such
representative copies of the minutes of all such meetings promptly after they
are held;

<PAGE>   5

         (b) maintain in full force and effect (i) insurance of the types
referred to in Section 3.14 of the Merger Agreement which covers at least the
same risks as the insurance maintained by LRH immediately prior to its merger
into the Company, and which is in amounts equal to or greater than the insurance
maintained by LRH at such time, and (ii) directors' and officers' liability
insurance for the benefit of LRH's pre-Merger directors, officers and Majority
Stakeholders (at the expense of the Majority Stakeholders);

         (c) keep proper books of record and account in which full and true
entries will be made of all dealings or transactions relating to the business
and affairs of the Company, and the Company shall cause to be furnished to the
Holder:

                  (i) as soon as practicable and in any event within thirty (30)
         days after the end of each month, but only if the same are prepared for
         internal use by the Company or for creditors, equity holders or others:
         (x) unaudited consolidated statements of income, retained earnings and
         cash flows of the Company and its consolidated Subsidiaries for such
         month, and unaudited consolidated balance sheets of the Company and its
         consolidated Subsidiaries as of the end of such month, in the forms
         prepared by the Company and its consolidated Subsidiaries for their
         internal use consistent with past practice, and (y) in comparative
         form, figures for the actual results for the corresponding month in the
         immediately preceding fiscal year) and amounts projected for such
         month, together with explanations of any material variances;

                  (ii) at the same time furnished to the Senior Lender, a copy
         of all financial and other information furnished to the Senior Lender;
         and

                  (iii) as soon as practicable (but in any event not more than
         five (5) business days after any officer of the Company obtains
         knowledge of the occurrence of an event or the existence of a
         circumstance giving rise to a Default or an Event of Default), notice
         of any and all Defaults and Events of Default hereunder;

         (d) Golub Associates Incorporated, as agent (the "Agent") for the
Holders, or any person designated by such agent, shall have the right, from time
to time hereafter, upon prior notice to the Company to call at the place or
places of business of the Company during ordinary business hours (i) to inspect,
audit and check any of their books, records, journals, orders, receipts and any
correspondence and other data relating to the business of the Company or to any
transactions among the parties to the Note Documents, and (ii) to discuss the
affairs, finances and business of the Company with any of its officers or
directors;

         (e) the Company shall, and shall cause each Subsidiary to (i) maintain
its corporate existence, (ii) maintain in full force and effect all bonds,
franchises, patents and trademarks, and all governmental licenses, permits and
authorizations, in each case which are material to the conduct of its business,
(iii) maintain in full force and effect all leases, contracts and other rights,
<PAGE>   6
and all non-governmental licenses, permits and authorizations, in each case the
loss of which would have a Material Adverse Effect, unless the Company is able
to replace the same to the reasonable satisfaction of the Holders within 30
days, and (iv) comply with all applicable laws, orders, regulations and
ordinances of all Governmental Authorities, except for such laws, orders,
regulations and ordinances the violation of which would not be reasonably likely
to have a Material Adverse Effect;

         (f) the Company shall pay or cause to be paid all of the Company's
license fees, bonding premiums and related taxes and charges and shall pay or
cause to be paid all of the Company's real and personal property taxes,
assessments and charges and all of the Company's franchise, income,
unemployment, use, excise, old age benefit, withholding, sales and other taxes
and other governmental charges assessed against the Company, or payable by the
Company, at such times and in such manner as to prevent any penalty from
accruing or any lien or charge from attaching to its property (except for liens
or charges relating to such taxes that are not yet payable), provided that the
Company shall have the right to contest in good faith, by an appropriate
proceeding promptly initiated and diligently conducted, the validity, amount or
imposition of any such tax, assessment or charge, and upon such good faith
contest to delay or refuse payment thereof, if the Company establishes adequate
reserves to cover such contested taxes, assessments or charges;

         (g) the Company shall, as soon as possible, and in any event within
five (5) days after the Company learns of any of the following, give written
notice to the Holder of:

                  (i) any proceeding(s) being instituted or threatened to be
         instituted by or against the Company in any federal, state, local or
         foreign court or before any Governmental Authority in which injunctive
         relief is requested or in which the amount in controversy exceeds
         $50,000, and any litigation, proceeding, investigation or claim that
         relates in any material way to (i) any of the Note Documents, or (ii)
         the Certificate of Incorporation or By-laws of the Company;

                  (ii) any change in the business, assets or condition,
         financial or otherwise, of the Company which can reasonably be expected
         to have a Material Adverse Effect; and

                  (iii) the occurrence of any Event of Default as defined in the
         documents governing any Senior Debt; and

         (h) the Company shall promptly provide the Holder with copies of all
amendments, consent letters, waivers or modifications to, and any material
notices or reports provided by any Person to the Company pursuant to the terms
of or in connection with, any Note Document or any document governing the Senior
Debt, or the Certificate of Incorporation or Bylaws of the Company, or by the
Company to any such Person.

<PAGE>   7
         Events of Default

         If any of the following conditions or events shall occur and be
         continuing:

                  (1) the Company fails to pay all or any portion of the
         principal of the Notes when due; or the Company fails to pay any
         interest on the Notes and such failure continues for more than ten (10)
         days after such interest becomes due in accordance with the terms
         hereof; or

                  (2) the Company or the Parent, as the case may be, shall
         default in the performance of or compliance with any other term of the
         Note Documents, and such default shall continue for thirty (30) days
         (or, if such default is susceptible of cure, an additional period of up
         to thirty (30) days so long as the Company or the Parent, as the case
         may be, is diligently working to cure or remedy the same); or a default
         shall occur under any other indebtedness or guaranty of the Company or
         Parent or under any agreement relating thereto; or

                  (3) any warranty or representation heretofore, now or
         hereafter made by the Company or the Parent in or pursuant to the
         Merger Agreement or the Guaranty is untrue or incorrect in any material
         respect, or any schedule, certificate, statement, report, financial
         data, notice or other writing furnished at any time to the Majority
         Stakeholders by the Company or the Parent under or pursuant to the
         Merger Agreement or the Guaranty, is untrue or incorrect in any
         material respect on the date as of which made; or

                  (4) the Company or the Parent shall make an assignment for the
         benefit of creditors, or shall admit in writing its inability to pay
         its debts generally as they become due, or shall file a voluntary
         petition in bankruptcy, or shall file any petition or answer seeking
         for itself any reorganization, arrangement, composition, adjustment,
         liquidation, dissolution or similar relief under any present or future
         statute, law or regulation, or shall file any answer admitting or not
         contesting the material allegations of a petition filed against it in
         any such proceeding, or shall seek or consent to or acquiesce in the
         appointment of any trustee, receiver or liquidator of it or of all or
         any substantial part of its properties, or it or its directors shall
         take any action looking to its dissolution or liquidation; or the
         Company or the Parent voluntarily or involuntarily dissolves or is
         dissolved, or its existence terminates or is terminated; or the Company
         or the Parent becomes insolvent or fails generally to pay its debts as
         they become due; or

                  (5) within 90 days after the commencement of any action
         against the Company or the Parent seeking any reorganization,
         arrangement, composition, readjustment, liquidation, dissolution or
         similar relief under any present or future statute, law or regulation,
         such action shall not have been dismissed or all orders or proceedings
         thereunder affecting its operations or the business stayed, or if the
         stay of any such order
<PAGE>   8
         or proceeding shall thereafter be set aside, or within 90 days after
         the appointment without the consent or acquiescence of the Company or
         the Parent or of any trustee, receiver or liquidator of it or of all or
         any substantial part of properties, such appointment shall not have
         been vacated; or

                  (6) any material portion of the assets of the Company or the
         Parent is attached, seized, subjected to a writ or distress warrant, or
         is levied upon, or comes within the possession of any receiver,
         trustee, custodian or assignee for the benefit of creditors; or

                  (7) the Agent, for the benefit of the Holders, shall cease to
         have a valid and perfected security interest in or mortgage of any of
         the collateral or property securing the Notes, subject only to the
         prior security interest therein or mortgage thereof in favor of the
         Senior Lender; or

                  (8) the Guaranty or any Security Document shall cease to be in
         full force and effect or shall be declared by a court or other
         Governmental Authority of competent jurisdiction to be void, voidable
         or unenforceable against any obligor party thereto; the validity or
         enforceability of any thereof against any Obligor party thereto shall
         be contested by any Obligor or any Affiliate; or any Obligor or
         Affiliate shall deny that any Obligor has any further liability or
         obligation thereunder; or

                  (9) there shall occur a Change of Control (as defined below)
         of the Parent; or the Parent shall no longer own all of the outstanding
         capital stock of the Company; then, and in any such event, (x) if such
         event is of the type described in paragraph (4) or (5) above, the Notes
         shall automatically become due and payable, or (y) in any other such
         event, and at any time thereafter, the Majority Holders by notice to
         the Company may declare the entire outstanding principal amount of the
         Notes to be, and the same shall thereupon become, immediately due and
         payable.

                  As used herein, "Default" shall mean any of the events
specified in paragraphs (1) through (9) above, whether or not any requirement
for the giving of notice, the lapse of time, or both, or the happening of any
other condition, has been satisfied; and "Event of Default" shall mean any of
the events specified in paragraphs (1) through (9) above, provided that any
requirement for the giving of notice, the lapse of time, or both, or any other
condition, has been satisfied.

                  As used herein, "Change of Control" shall mean the occurrence
of any of the following events: (i) any person or any persons acting together
which would constitute a "group" for purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended (other than TBM Consulting Group, Inc., Colt
Services, Inc., J.H. Whitney & Co. and each of their respective Affiliates),
together with any Affiliates thereof, shall beneficially own, directly or
<PAGE>   9
indirectly, at least 50% of the total voting stock of the Parent; or (ii) all or
substantially all of the Parent's assets are sold as an entirety to any person
or related group of persons or there shall be consummated any consolidation or
merger of the Parent (A) in which the Parent is not the continuing or surviving
corporation (other than a consolidation or merger with a wholly-owned Subsidiary
of the Parent in which all shares of Common Stock of the Parent outstanding
immediately prior to the effectiveness thereof are changed into or exchanged for
the same consideration) or (B) pursuant to which the Common Stock of the Parent
would be converted into cash, securities or other property, other than (in the
case of each of (A) and (B) above) a sale of assets or consolidation or merger
of the Parent in which the holders of the Common Stock of the Parent immediately
prior to the sale of assets or consolidation or merger have, directly or
indirectly, at least a majority of the common stock of the transferee or
continuing or surviving corporation immediately after such sale of assets or
consolidation or merger.

                  No remedy granted under the Note Documents or otherwise
available to the Holder is intended to be exclusive of any other available
remedy, but each and every remedy shall be cumulative and in addition to every
other remedy granted to the Holder under the Note Documents. The Holder may
exercise any all remedies concurrently or in any order which the Holder, in its
sole discretion, elects.

                  This Note shall be governed by and construed in accordance
with the laws of the State of Connecticut.

                                               TBM ACQUISITION I, INC.

                                               By:
                                               Name:  William A. Schwartz
                                               Title: President
<PAGE>   10
                                    SCHEDULE
                            LONG REACH HOLDINGS, INC.
                       (FORMERLY TBM ACQUISITION I, INC.)
                          SUBORDINATED PROMISSORY NOTES

<TABLE>
<CAPTION>
Holder                                                                  Amount
------                                                                  ------
<S>                                                                   <C>
LEG PARTNERS, L.P.                                                    $   13,410

LEG PARTNERS SBIC, L.P.                                               $1,401,150

LEG PARTNERS II, L.P.                                                 $1,302,930

MARWIT CAPITAL COMPANY, L.P.                                          $  282,510
</TABLE><PAGE>   1
                                                                    Exhibit 10.1

                                                                  EXECUTION COPY

                               GUARANTY AGREEMENT

                  GUARANTY, dated as of February 23, 2000, by TBM Holdings, Inc.
(the "Parent"), in favor of Golub Associates Incorporated, as agent (the
"Agent") for the benefit of the holders from time to time of the Subordinated
Notes hereinafter referred to (the "Noteholders").

                              W I T N E S S E T H:

                  WHEREAS, capitalized terms used in this Guaranty have the
meanings given thereto in the Amended and Restated Agreement and Plan of Merger,
dated as of February 4, 2000, among the Parent, TBM Acquisition I, Inc. (the
"Company"), Long Reach Holdings, Inc. ("LRH") and certain shareholders of LRH
(the "Merger Agreement");

                  WHEREAS, the Parent is sole holder of all of the capital stock
of the Company; and

                  WHEREAS, the Noteholders are unwilling to consummate the
transactions contemplated by the Merger Agreement unless the Parent issues this
Guaranty;

                  NOW, THEREFORE, in consideration of the premises, the Parent
hereby agrees with and for the benefit of the Agent and the Noteholders as
follows:

                  1. Guaranty. The Parent hereby unconditionally guarantees to
the Agent for the benefit of the Noteholders and their respective successors,
endorsees, transferees and assigns, (a) the prompt payment when due of (whether
at stated maturity, upon demand, by acceleration or otherwise, including amounts
which would become due but for the operation of the automatic stay under Section
362(a) of the Bankruptcy Code, 11 U.S.C. Section 362(a) or any successor
provision thereto or any comparable provision under the laws of any foreign
jurisdiction), and the faithful performance of and compliance with, all
obligations of the Company now or hereafter existing under the Subordinated
Notes (as defined in the Merger Agreement) whether for principal, interest,
fees, expenses or otherwise (the "Obligations"), and (b) the prompt and complete
payment on demand of any and all out-of-pocket expenses incurred by or on behalf
of the Agent or the Noteholders in enforcing any rights under this Guaranty
("Expenses"). The Parent will take all lawful and reasonable steps to assist the
Agent and the Noteholders in their efforts to collect the Obligations.

                  2. No Subrogation, Contribution, Reimbursement or Indemnity.
Notwithstanding anything to the contrary in this Guaranty, the Parent hereby
irrevocably waives all rights which may have arisen in connection with this
Guaranty to be subrogated to any of the

                                       1
<PAGE>   2
rights of the Agent or the Noteholders against any other party or against any
collateral security or guaranty held by the Agent or the Noteholders for the
payment of the Obligations hereunder as long as this Guaranty remains in effect.
The Parent hereby further irrevocably waives all contractual, common law,
statutory or other rights of reimbursement, contribution or exoneration (or any
similar right) from or against any other person which may have arisen in
connection with this Guaranty.

                  3. Guaranty Absolute. (a) The liabilities of the Parent under
this Guaranty shall be absolute and continuing guaranties of payment and
performance (and not merely of collection) and shall in no way be released,
limited or affected by: (i) the validity, regularity, or enforceability of the
Subordinated Notes, the Security Documents referred to therein or any other
agreement or instrument relating to the Obligations; (ii) any change in the
time, manner, or place of payment of, or in any other term of, all or any of the
Obligations, or any other amendment or waiver of or any consent to or departure
from the Subordinated Notes; (iii) any exchange, release, or non-perfection of
any collateral, or any release or amendment or waiver of, or consent to or
departure from any other guaranty, securing all or any of the Obligations; or
(iv) any other circumstance which might otherwise constitute a defense available
to, or a discharge of, the Company or the Parent in respect of the Obligations.

         (b) This Guaranty shall continue to be effective, or be reinstated, as
the case may be, if at any time any payment, or any part thereof, of any of the
Obligations is rescinded or must otherwise be restored or returned by the Agent
or the Noteholders upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Company, the Parent or any other person, or upon or as a
result of the appointment of a receiver, intervenor or conservator of, or
trustee or similar officer for, the Company or any other person, or any
substantial part of any of their respective property, or otherwise, all as
though such payments had not been made. This provision shall survive any
termination of this Guaranty. Neither the Agent nor the Noteholders shall be
required (i) to proceed against the Company, or any other person, corporation,
or other business entity, or any collateral securing all or any of the
Obligations before resorting to the Parent for payment, or (ii) to protect,
secure, perfect or insure any collateral security document or property subject
thereto at any time held as security for the Obligations or this Guaranty.

         (c) The Parent shall remain obligated hereunder notwithstanding that,
without any reservation of rights against the Parent and without notice to or
further assent by the Parent (i) any demand for payment of any of the
Obligations hereunder made by or on behalf of the Agent or the Noteholders may
be rescinded by or on behalf of the Agent or the Noteholders and any of the
Obligations continued, (ii) the obligations, or the liability of the Company or
any other party upon or for any part thereof, or any collateral security or
guaranty therefor or right of offset with respect thereto, may, from time to
time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by or on behalf of the Agent or the
Noteholders, as the Agent or the Noteholders may deem advisable from time to
time, (iii) the Subordinated Notes and the Security Documents referred to
therein, and any agreement, instrument, schedule, annexure, supplement,
collateral security document or

                                       2
<PAGE>   3
guaranty, or other document delivered in connection therewith, may be amended,
modified, increased, renewed, extended, supplemented or terminated, in whole or
in part, as the Agent or the Noteholders may deem advisable from time to time,
and (iv) any collateral security, guaranty or right of offset at any time held
by the Agent or the Noteholders for the payment of the obligations may be sold,
exchanged, waived, surrendered or released.

         (d) Subject to paragraph 3(b) above, the Parent's obligations under
this Guaranty shall terminate one year and one day following the payment,
performance and satisfaction in full of all of the Obligations and Expenses.

                  4.       Covenants.

         I. The Parent agrees that, without the prior written consent of the
Agent, so long as any amounts are due and owing under the Notes, the Parent will
not:

         (a) (i) declare or pay, or set apart any funds for the payment of, any
dividends in any fiscal year on any shares of its capital stock ("Shares") of
the Parent, (ii) apply any of its funds, property or assets to, or set apart any
funds, property or assets for, the purchase, redemption or retirement of, or
make any distribution, by reduction of capital or otherwise, in respect of any
of its Shares or other securities, whether now or hereafter outstanding, except
that the Company may make distributions to the Parent in order to satisfy any
tax liability of the Parent resulting solely from the operations of the Company
any other Subsidiary may from time to time declare and pay dividends to the
Parent and; or

         (b) except as provided in the next sentence of this paragraph (b),
transfer any cash or property to any Affiliate of the Parent, enter into any
contract or transaction with any such Affiliate, or modify any outstanding
contract or transaction with any such Affiliate, including without limitation
the purchase, lease, sale or exchange of property or the rendering of any
service to any such Affiliate. Notwithstanding anything to the contrary
contained in this paragraph (b), without the consent of the Agent the Parent may
(i) pay compensation to its full-time employees (whether or not Affiliates) in
the ordinary course of business in amounts that are customary for businesses
similar to that of the Parent to pay to employees with similar responsibilities,
(ii) pay compensation to any employee hired pursuant to the Consulting Agreement
with TBM Consulting, Inc., (iii) pay compensation to TBM Consulting, Inc.
pursuant to the Consulting and Management Services Agreement between the Parent
and TBM Consulting, Inc., (iv) pay compensation to Colt Services, Inc. ("Colt")
pursuant to the Consulting agreement between Colt and the Parent, (v) pay
compensation to either Colt or TBM Consulting, Inc. pursuant to the Consulting
Agreement among Colt, TBM Consulting, Inc. and the Parent, and (vi) so long as
no Default or Event of Default is in existence or would be caused thereby, pay
compensation to TBM Consulting, Inc. or to a stockholder or Affiliate of the
Parent who is not an employee of the Parent for services rendered in accordance
with the provisions of an agreement which is approved by a majority of the
disinterested members of the Parent's Board of

                                       3
<PAGE>   4
Directors and is on terms comparable in all material respects to the terms which
would prevail in an arm's-length transaction between unaffiliated third parties.

         II. The Parent agrees that it will:

                  (a) (i) permit one non-voting representative designated by the
Majority Stakeholders to attend all meetings of the Board of Directors (or any
comparable governing body), and of all committees thereof, of each of the Parent
and the Company, (ii) pay the reasonable expenses of such representative in
connection with meetings and other activities of such Boards of Directors,
committees thereof or other such governing bodies of the Parent and the Company,
(iii) provide to such representative all notices, documents and information
furnished to the directors of each of the Parent and the Company, at the same
time as furnished to such directors, and (iv) use best efforts to notify such
representative of, and permit such representative to participate by telephone
in, emergency meetings of the Boards of Directors, committees thereof or other
such governing bodies of each of the Parent and the Company, and to provide such
representative copies of the minutes of all such meetings promptly after they
are held;

         (b) (i) maintain in full force and effect insurance of the types
referred to in Section 3.14 of the Merger Agreement which covers at least the
same risks as the insurance maintained by LRH immediately prior to its merger
into the Company, and which is in amounts equal to or greater than the insurance
maintained by LRH at such time, and (ii) cause the Company to maintain in full
force and effect directors' and officers' liability insurance for the benefit of
LRH's pre-Merger directors, officers and Majority Stakeholders (at the expense
of the Majority Stakeholders);

         (c) keep proper books of record and account in which full and true
entries will be made of all dealings or transactions relating to the business
and affairs of the Parent, and the Parent shall cause to be furnished to the
Agent:

                  (i) as soon as practicable and in any event within thirty (30)
         days after the end of each month, but only if the same are prepared for
         internal use by the Parent or for creditors, equity holders or others:
         (x) unaudited consolidated statements of income, retained earnings and
         cash flows of the Parent and its consolidated Subsidiaries for such
         month, and unaudited consolidated balance sheets of the Parent and its
         consolidated Subsidiaries as of the end of such month, in the forms
         prepared by the Parent and its consolidated Subsidiaries for their
         internal use consistent with past practice, and (y) in comparative
         form, figures for the actual results for the corresponding month in the
         immediately preceding fiscal year) and amounts projected for such
         month, together with explanations of any material variances;

                  (ii) at the same time furnished to the Senior Lender, a copy
         of all financial and other information furnished to the Senior Lender;
         and

                                       4
<PAGE>   5
                  (iii) as soon as practicable (but in any event not more than
         five (5) business days after any officer of the Parent obtains
         knowledge of the occurrence of an event or the existence of a
         circumstance giving rise to a Default or an Event of Default), notice
         of any and all Defaults and Events of Default hereunder;

         (d) the Agent, or any person designated by the Agent, shall have the
right, from time to time hereafter, to call at the place or places of business
of the Parent during ordinary business hours (i) to inspect, audit and check any
of their books, records, journals, orders, receipts and any correspondence and
other data relating to the business of the Parent or to any transactions among
the parties to the Note Documents, and (ii) to discuss the affairs, finances and
business of the Parent with any of its officers or directors;

         (e) the Parent shall, and shall cause each Subsidiary to (i) maintain
its corporate existence, (ii) maintain in full force and effect all bonds,
franchises, patents and trademarks, and all governmental licenses, permits and
authorizations, in each case which are material to the conduct of its business,
(iii) maintain in full force and effect all leases, contracts and other rights,
and all non-governmental licenses, permits and authorizations, in each case the
loss of which would have a Material Adverse Effect, unless the Parent is able to
replace the same to the reasonable satisfaction of the Agent within 30 days, and
(iv) comply with all applicable laws, orders, regulations and ordinances of all
Governmental Authorities, except for such laws, orders, regulations and
ordinances the violation of which would not be reasonably likely to have a
Material Adverse Effect;

         (f) the Parent shall pay or cause to be paid all of the Parent's
license fees, bonding premiums and related taxes and charges and shall pay or
cause to be paid all of the Parent's real and personal property taxes,
assessments and charges and all of the Parent's franchise, income, unemployment,
use, excise, old age benefit, withholding, sales and other taxes and other
governmental charges assessed against the Parent, or payable by the Parent, at
such times and in such manner as to prevent any penalty from accruing or any
lien or charge from attaching to its property (except for liens or charges
relating to such taxes that are not yet payable), provided that the Parent shall
have the right to contest in good faith, by an appropriate proceeding promptly
initiated and diligently conducted, the validity, amount or imposition of any
such tax, assessment or charge, and upon such good faith contest to delay or
refuse payment thereof, if the Parent establishes adequate reserves to cover
such contested taxes, assessments or charges;

         (g) the Parent shall, as soon as possible, and in any event within five
(5) days after the Parent learns of any of the following, give written notice to
the Agent of:

                  (i) any proceeding(s) being instituted or threatened to be
         instituted by or against the Parent in any federal, state, local or
         foreign court or before any Governmental Authority in which injunctive
         relief is requested or in which the amount in controversy exceeds
         $50,000, and any litigation, proceeding, investigation or claim that
         relates in any

                                       5
<PAGE>   6
         material way to (i) any of the Note Documents, or (ii) the Certificate
         of Incorporation or By-laws of the Parent;

                  (ii) any change in the business, assets or condition,
         financial or otherwise, of the Parent which can reasonably be expected
         to have a Material Adverse Effect; and

                  (iii) the occurrence of any Event of Default as defined in the
         documents governing any Senior Debt; and

         (h) the Parent shall promptly provide the Agent with copies of all
amendments, consent letters, waivers or modifications to, and any material
notices or reports provided by any Person to the Parent pursuant to the terms of
or in connection with, any Note Document or any document governing the Senior
Debt, or the Certificate of Incorporation or By-laws of the Parent, or by the
Parent to any such Person.

                  5. Default. If any Event of Default (as defined in the
Subordinated Notes) shall occur, then the Obligations shall at the election of
the Agent be deemed immediately due and payable and the Parent's liabilities
hereunder shall forthwith become and be immediately due and payable.

                  6. Demands and Notices. The Parent hereby waives demand,
presentment, protest, notice of acceptance and all other demands and notices of
any description in connection with this Guaranty.

                  7. No Waiver; Remedies Cumulative. No failure to exercise and
no delay in exercising, on the part of the Agent or the Noteholders, any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, power or privilege preclude any other
or further exercise thereof, or the exercise of any other power or right. The
rights and remedies herein provided are cumulative and not exclusive of any
rights or remedies provided by law.

                  8. Payments. The Parent hereby guarantees that payments
hereunder by the Parent will be paid to the Agent for the benefit of the
Noteholders in U.S. Dollars at the Agent's office at 230 Park Avenue, 19th
Floor, New York, NY 10169.

                  9. Severability. Any provision of this Guaranty which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. The paragraph headings
used in this Guaranty are for convenience of reference only and are not to
affect the construction hereof or be taken into consideration in the
interpretation hereof.

                                       6
<PAGE>   7
                  10. Rights Limited to Agent and Noteholders. This Guaranty
shall not create any right in any person except the Agent and the Noteholders
(and their permitted successors and assigns), and shall not be construed in any
respect to be a contract in whole or in part for the benefit of any other
person.

                  11. Further Assurances. The Parent agrees that at any time and
from time to time upon the reasonable written request of the Agent or the
Noteholders, the Parent will furnish to the Agent or the Noteholders such
information and execute and deliver such further documents and instruments and
do such other things as the Agent or the Noteholders may reasonably request in
order to preserve the Agent and/or the Noteholders' rights under, and otherwise
to effect the purposes of, this Guaranty.

                  12. Integration; Waivers and Amendments; Successors and
Assigns; Governing Law. This Guaranty represents the agreement of the Parent
with respect to the subject matter hereof and there are no promises or
representations relative to the subject matter hereof not reflected in this
Guaranty, the Merger Agreement, the Subordinated Notes or the Security Documents
referred to therein. None of the terms or provisions of this Guaranty may be
waived, amended or supplemented or otherwise modified except by a written
instrument executed by the Parent and the Agent. This Guaranty shall be binding
upon the assigns of the Parent and shall inure to the benefit of the Agent and
the Noteholders and their respective successors and assigns. This Guaranty may
not be assigned by the Parent without the prior written consent of the Agent and
the Noteholders. This Guaranty shall be governed by and be construed and
interpreted in accordance with the laws of the State of Connecticut. EACH OF THE
AGENT, THE NOTEHOLDERS AND THE PARENT HEREBY WAIVES TRIAL BY JURY IN ANY ACTION
ARISING OUT OF THIS GUARANTY AND ANY COUNTERCLAIM THEREON.

                  13. Submission to Jurisdiction; Waiver of Jury Trial. The
Parent represents that the Parent has no immunity with respect to any action or
proceeding brought in connection with this Guaranty, and agrees that any legal
or equitable action or proceeding with respect to this Guaranty may be brought
in any Federal or State court of competent jurisdiction located in the State of
Connecticut and, by execution and delivery of this Guaranty, the Parent accepts
for the Parent the jurisdiction of the aforesaid courts and any related
appellate court, and irrevocably waives any objection the Parent may now or
hereafter have as to the venue of any such action or proceeding brought in such
a court or that such court is an inconvenient forum. Nothing herein shall affect
the right of the Agent or the Noteholders to serve process in any other manner
prescribed by law or the right to bring legal or equitable actions or
proceedings in other competent jurisdictions. Any judicial proceeding by the
Parent against the Agent and/or the Noteholders involving, directly or
indirectly, any matter in any way arising out of, related to or connected with
this Guaranty shall be brought only in a court located in the State of
Connecticut.

                                       7
<PAGE>   8
                  IN WITNESS WHEREOF, the undersigned has executed this Guaranty
as of the date first above written.

                                                   TBM HOLDINGS, INC.

                                                       /s/ William A. Schwartz
                                                   By: _________________________
                                                       Name: William A. Schwartz
                                                       Title: President

                                       8

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