Document:

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                                                                     EXHIBIT 4.8

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THEY MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

                          INTERNET PICTURES CORPORATION

                          TRANCHE B WARRANT TO PURCHASE

                      SERIES B CONVERTIBLE PREFERRED STOCK

NO. PW-____                                                        May 14, 2001

                           VOID AFTER AUGUST 14, 2002

         THIS CERTIFIES THAT, for value received, IMAGE INVESTOR PORTFOLIO, a
separate series of MEMPHIS ANGELS, LLC, a Delaware limited liability company or
assigns (the "HOLDER" or "PURCHASER"), is entitled to subscribe for and purchase
at the Exercise Price (defined below) from INTERNET PICTURES CORPORATION, a
Delaware corporation, with its principal office at 1009 Commerce Park Dr., Oak
Ridge, TN 37830 (the "COMPANY"), up to 1,000,000 shares of Series B Convertible
Preferred Stock of the Company (the "SERIES B PREFERRED STOCK"), as provided
herein.

                  This Warrant is being issued in connection with the Securities
Purchase Agreement, dated as of May 14, 2001, by and between the Company and
Image Investor Portfolio, a separate series of Memphis Angels, LLC (the
"PURCHASE AGREEMENT"). Capitalized terms used herein but not otherwise defined
herein shall have the meaning ascribed to such terms in the Purchase Agreement.

         1. DEFINITIONS. As used herein, the following terms shall have the
following respective meanings:

         "EXERCISE PERIOD" shall mean the time period, subject to Mandatory
Exercise (as defined in Section 2.2 below), commencing with the date of this
Warrant and ending fifteen months later; PROVIDED, HOWEVER, if the Company fails
to receive any necessary regulatory or stockholder approval in connection with
the transactions contemplated by the Purchase Agreement, then the Exercise
Period shall be extended beyond such fifteen-month period to coextend with the
period of time that is necessary for all such regulatory or consent conditions
to be met.

         "EXERCISE PRICE" shall mean $20.00 per share, subject to adjustment
pursuant to Section 4.2 below.

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         "EXERCISE SHARES" shall mean the shares of the Company's Series B
Preferred Stock issuable upon exercise of this Warrant, subject to adjustment
pursuant to the terms herein, including but not limited to adjustment pursuant
to Section 4.2 below.

         "MAJORITY WARRANT HOLDERS" shall mean the holders (the "HOLDERS") of
warrants issued in connection with the Purchase Agreement (the "WARRANTS")
representing the right to acquire more than fifty percent (50%) of the Series B
Preferred Stock underlying all of the then-outstanding Warrants.

         2. EXERCISE OF WARRANT.

         2.1. OPTIONAL EXERCISE. Provided that all filings of the Holder, if
any, to be made under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, as required with respect to such Purchaser by Section 6.3 of the
Purchase Agreement have been made and related waiting periods applicable to the
Holder have expired or have been terminated early and subject to Section 2.2
below, the rights represented by this Warrant may be exercised in whole or in
part at any time during the Exercise Period (an "OPTIONAL EXERCISE").

         2.2. MANDATORY EXERCISE. The rights represented by this Warrant must be
exercised in whole upon completion of the Third Closing in accordance with
Section 2 of the Purchase Agreement (a "MANDATORY EXERCISE").

         2.3. EXERCISE PROCEDURE. The Holder shall exercise this Warrant
pursuant to Sections 2.1 or 2.2 above by delivery to the Company in the case of
an Optional Exercise at its address set forth above (or at such other address as
it may designate by notice in writing to the Holder) and in the case of the
Mandatory Exercise, at the offices of Cooley Godward LLP, One Freedom Square,
Reston Town Center, 11951 Freedom Drive, Reston, Virginia (or at such other
place as the parties to the Purchase Agreement shall agree in writing) the
following:

                  (a) An executed Notice of Exercise in the form attached
hereto;

                  (b) Payment of the Exercise Price either (i) in cash, by check
or by wire transfer in accordance with the Purchase Agreement, or (ii) by
cancellation of indebtedness; and

                  (c) This Warrant.

                  Upon the exercise of the rights represented by this Warrant, a
certificate or certificates for the Exercise Shares so purchased, registered in
the name of the Holder or persons designated by the Holder, if requested by the
Holder, shall be issued and delivered to the Holder in the case of an Optional
Exercise, within five (5) business day after the rights represented by this
Warrant shall have been so exercised and in the case of a Mandatory Exercise, at
the Third Closing.

                  The person in whose name any certificate or certificates for
Exercise Shares are to be issued upon exercise of this Warrant shall be deemed
to have become the holder of record of such shares on the date on which this
Warrant was surrendered and payment of the Exercise Price was made, irrespective
of the date of delivery of such certificate or certificates, except that, if the
date of such surrender and payment is a date when the stock transfer books of

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the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

         2.4. LIMITATION ON EXERCISE OF WARRANTS.

                  (a) Notwithstanding anything to the contrary contained herein
and except as set forth in clause (c) below, the Holder agrees that, to enable
the Company to comply with Nasdaq Rule 4350(i), or any successor or similar
rule, the Company shall be prohibited from issuing a number of shares of
Preferred Stock upon conversion of the Promissory Note and exercise of the
Warrants in excess of the prescribed amount under such rule (the "NASDAQ CAP"),
and the Company shall be required and allowed to limit the number of Exercise
Shares issued by the Company to the Holder to the Holder's Pro Rata Amount (as
defined below).

                  (b) Prior to the Stockholder Approval, the Holder shall be
entitled to convert that amount of its Notes and to exercise that amount of its
Warrants equal to the Holder's pro rata share of the Nasdaq Cap (the
"PURCHASER'S PRO RATA AMOUNT").

                  (c) This Section 2.4 shall terminate and be of no force and
effect in the event (i) Stockholder Approval is obtained or (ii) Nasdaq shall
have granted an exception to its requirement of the receipt of stockholder
approval under its Rule 4350(i).

         3. COVENANTS OF THE COMPANY.

         3.1. COVENANTS AS TO EXERCISE SHARES. The Company covenants and agrees
that all Exercise Shares that may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be validly issued and
outstanding, fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issuance thereof. The Company further covenants and
agrees that the Company will at all times during the Exercise Period, have
authorized and reserved, free from preemptive rights, a sufficient number of
shares of its Series B Preferred Stock to provide for the exercise of the rights
represented by this Warrant. If at any time during the Exercise Period the
number of authorized but unissued shares of Series B Preferred Stock shall not
be sufficient to permit exercise of this Warrant, the Company will take such
corporate action as may, in the opinion of its counsel, be necessary to increase
its authorized but unissued shares of Series B Preferred Stock to such number of
shares as shall be sufficient for such purposes.

         3.2. NO IMPAIRMENT. Except and to the extent as waived or consented to
by the Majority Warrant Holders, the Company will not, by amendment of its
Certificate of Incorporation or any certificates of designation thereto or
through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed
or performed hereunder by the Company, but will at all times in good faith

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assist in the carrying out of all the provisions of this Warrant and in the
taking of all such action as may be necessary or appropriate in order to protect
the exercise rights of the Holder against impairment.

         3.3. NOTICES OF RECORD DATE. In the event of any taking by the Company
of a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend (other
than a cash dividend which is the same as cash dividends paid in previous
quarters) or other distribution, the Company shall mail to the Holder, at least
thirty (30) days prior to the date specified herein, a notice specifying the
date on which any such record is to be taken for the purpose of such dividend or
distribution.

         3.4. NOTICE OF EXPIRATION. If this Warrant has not been fully exercised
on or before the date thirty (30) days prior to the end of the Exercise Period,
the Company shall thereafter provide Holder with at least thirty (30) days
advance written notice of the date on which this Warrant is to expire. If the
Company fails to provide such notice, the Exercise Period shall be extended
until the date thirty (30) days after the date said notice is provided to
Holder.

         4.       DISPOSITION OF WARRANT AND EXERCISE SHARES, ADJUSTMENT OF
                  EXERCISE PRICE AND EFFECT OF ORGANIC CHANGES.

         4.1.     DISPOSITION OF WARRANT AND EXERCISE SHARES.

                  (a) The Holder agrees not to make any disposition of all or
any part of the Warrant or Exercise Shares in any event unless and until:

                           (i) There is then in effect a registration statement
under the Act covering such proposed disposition and such disposition is made in
accordance with said registration statement; or

                           (ii) (A) such Holder shall have notified the Company
of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and (B) if
reasonably requested by the Company, such Holder shall have furnished the
Company with an opinion of counsel, reasonably satisfactory to the Company, that
such disposition will not require registration of such shares under the
Securities Act. It is agreed that the Company will not require opinions of
counsel for transactions made pursuant to Rule 144.

                  (b) Notwithstanding the provisions of paragraphs (a)(i) and
(a)(ii) above, no such registration statement or opinion of counsel shall be
necessary for a transfer by a Holder that is (A) a partnership transferring to
its partners or former partners in accordance with partnership interests, (B) a
corporation transferring to a wholly owned subsidiary or a parent corporation
that owns all of the capital stock of the Holder, (C) a limited liability
company transferring to its members or former members in accordance with their
interest in the limited liability company, or (D) an individual transferring to
the Holder's family member or trust for the benefit of an individual Holder.

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         4.2. ADJUSTMENT OF EXERCISE PRICE. In the event of changes in the
outstanding Series B Preferred Stock of the Company by reason of stock
dividends, splits, recapitalizations, reclassifications, combinations or
exchanges of shares, separations, reorganizations, liquidations, or the like,
the number and class of shares available under the Warrant in the aggregate and
the Exercise Price shall be correspondingly adjusted to give the Holder of the
Warrant, on exercise for the same aggregate Exercise Price, the total number,
class, and kind of shares as the Holder would have owned had the Warrant been
exercised prior to the event and had the Holder continued to hold such shares
until after the event requiring adjustment. The form of this Warrant need not be
changed because of any adjustment in the number of Exercise Shares subject to
this Warrant.

         4.3. REORGANIZATION, RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE.
If any recapitalization, reclassification or reorganization of the capital stock
of the Company, or any consolidation or merger of the Company with another
corporation, or the sale of all or substantially all of its assets or other
transaction shall be effected in such a way that holders of the Company's Series
B Preferred Stock shall be entitled to receive stock, securities, or other
assets or property (an "ORGANIC CHANGE"), then, as a condition of such Organic
Change, lawful and adequate provisions shall be made by the Company whereby the
Holder hereof shall thereafter have the right to purchase and receive (in lieu
of the shares of the Series B Preferred Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights
represented hereby) such shares of stock, securities or other assets or property
as may be issued or payable with respect to or in exchange for a number of
outstanding shares of such Series B Preferred Stock equal to the number of
shares of such stock immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby. In the event of any Organic Change,
appropriate provision shall be made by the Company with respect to the rights
and interests of the Holder of this Warrant to the end that the provisions
hereof (including, without limitation, provisions for adjustments of the
Exercise Price and of the number of shares purchasable and receivable upon the
exercise of this Warrant) shall thereafter be applicable, in relation to any
shares of stock, securities or assets thereafter deliverable upon the exercise
hereof. The Company will not effect any such consolidation, merger or sale
unless, prior to the consummation thereof, the successor corporation (if other
than the Company) resulting from such consolidation or the corporation
purchasing such assets shall assume by written instrument reasonably
satisfactory in form and substance to the Majority Warrant Holders to expressly
assume the due and punctual performance and observation of each and every
covenant and condition of this Warrant, executed and mailed or delivered to the
registered Holder hereof at the last address of such Holder appearing on the
books of the Company, the obligation to deliver to such Holder such shares of
stock, securities or assets as, in accordance with the foregoing provisions,
such Holder may be entitled to purchase.

         4.4. CERTAIN EVENTS. If any change in the outstanding Series B
Preferred Stock of the Company or any other event occurs as to which the other
provisions of this Section 4 are not strictly applicable or if strictly
applicable would not fairly protect the purchase rights of the Holder of the
Warrant in accordance with such provisions, then the Board of Directors of the
Company shall make an adjustment in the number and class of shares available
under the Warrant, the Exercise Price or the application of such provisions, so
as to protect such purchase rights as aforesaid. The adjustment shall be such as

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to give the Holder of the Warrant upon exercise for the same aggregate Exercise
Price the total number, class and kind of shares as he would have owned had the
Warrant been exercised prior to the event and had he continued to hold such
shares until after the event requiring adjustment.

         5. FRACTIONAL SHARES. Fractional shares may be issued upon the exercise
of this Warrant. Any reference contained herein to Exercise Shares or shares of
Common Stock shall be deemed to include fractional shares to the extent thereof.
The size of all fractional shares shall be rounded to four decimal places.

         6. NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not
entitle the Holder to any voting rights or other rights as a stockholder of the
Company.

         7. TRANSFER OF WARRANT. Subject to applicable laws, this Warrant and
all rights hereunder are transferable, by the Holder in person or by duly
authorized attorney, upon delivery of this Warrant and the form of assignment
attached hereto to any Permitted Transferee (as defined in the Purchase
Agreement).

         8. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is
lost, stolen, mutilated or destroyed, the Company may, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed.
Any such new Warrant shall constitute an original contractual obligation of the
Company, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by anyone.

         9. NOTICES, ETC. All notices required or permitted hereunder shall be
in writing and shall be deemed effectively given: (a) upon personal delivery to
the party to be notified, (b) when sent by confirmed telex or facsimile if sent
during normal business hours of the recipient, if not, then on the next business
day, (c) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent to the Company
at the address listed on the signature page and to Holder at the address listed
on the signature page or at such other address as the Company or Holder may
designate by ten (10) days advance written notice to the other parties hereto a
change of address that notices may be sent.

         10. AMENDMENT AND WAIVER. Any term in this Warrant may be amended or
waived with the written consent of the Company and the Majority Warrant Holders.
Holder acknowledges that because this Warrant may be amended with the consent of
the Majority Warrant Holders, the Holder's rights hereunder may be amended or
waived without the Holder's consent.

         11. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein.

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         12. GOVERNING LAW. THIS WARRANT AND ALL RIGHTS, OBLIGATIONS AND
LIABILITIES HEREUNDER SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE.

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IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
duly authorized officer as of May 14, 2001.

                           INTERNET PICTURES CORPORATION

                           By: _______________________________________________
                           Name:
                           Title:

                           Address: 3160 Crow Canyon Road
                                          San Ramon, CA  94583

FOR NOTICE ONLY:

HOLDER:

IMAGE INVESTOR PORTFOLIO, care of:
Paradigm Capital Equity Partners, LLC
6410 Poplar Avenue, Suite 395
Memphis, TN  38119
Attn:  Warner B. Rodda, Esq., General Counsel
Facsimile:  (901) 763-3230

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                               NOTICE OF EXERCISE

TO:  INTERNET PICTURES CORPORATION

         (1) The undersigned hereby elects to purchase ________ shares of the
Series B Preferred Stock of INTERNET PICTURES CORPORATION pursuant to the terms
of the attached Warrant, and tenders herewith payment of the exercise price in
full, together with all applicable transfer taxes, if any.

         (2) Please issue a certificate or certificates representing said shares
of Series B Preferred Stock in the name of the undersigned or in such other name
as is specified below:

                                             ------------------------
                                                    (Name)

                                             ------------------------

                                             ------------------------
                                                    (Address)

-----------------------                          ----------------------------
(Date)                                           (Signature)

                                                 ----------------------------
                                                 (Print name)

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                                 ASSIGNMENT FORM

                        (To assign the foregoing
                        Warrant, execute this form and
                        supply required information. Do
                        not use this form to purchase
                        shares.)

         FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

Name:
       ------------------------------------------------------------------------
                                 (Please Print)

Address:
          ---------------------------------------------------------------------
                                 (Please Print)

Dated: _________________

Holder's
Signature:
           ------------------------------------------------------------

Holder's
Address:
         --------------------------------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.<PAGE>   1
                                                                     EXHIBIT 4.9

                        GUARANTY AND SURETYSHIP AGREEMENT

         THIS GUARANTY AND SURETYSHIP AGREEMENT (this "GUARANTY") is made and
entered into as of this 14th day of May, 2001, by INTERACTIVE PICTURES
CORPORATION, a Delaware corporation (the "GUARANTOR"), with an address at 1009
Commerce Park Dr., Oak Ridge, TN 37830, in consideration of the extension of
credit by IMAGE INVESTOR PORTFOLIO, a separate series of MEMPHIS ANGELS, LLC, a
Delaware limited liability company (the "LENDER"), with an address at 6410
Poplar Avenue, Suite 395, Memphis, Tennessee 38119, to INTERNET PICTURES
CORPORATION, a Delaware corporation (the "BORROWER"), and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

         1. GUARANTY OF OBLIGATIONS. The Guarantor hereby guarantees, and
becomes surety for, the prompt payment and performance of all loans, advances,
debts, liabilities, obligations, covenants and duties owing by the Borrower to
the Lender, of any kind or nature, present or future (including any interest
accruing thereon after maturity, or after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding), under that certain
Convertible Promissory Note dated as May 14, 2001 made by the Borrower in favor
of the Lender (the "NOTE"), and under the other Documents (as defined in that
certain Securities Purchase Agreement dated as of May 14, 2001 between the
Lender and the Borrower, now existing or hereafter arising, and any amendments,
extensions, renewals or increases and all costs and expenses of the Lender
incurred in the documentation, negotiation, modification, enforcement,
collection or otherwise in connection with any of the foregoing, including
reasonable attorneys' fees and expenses (hereinafter referred to collectively as
the "OBLIGATIONS"). If the Borrower defaults under any such Obligations, the
Guarantor will pay the amount due to the Lender.

         2. NATURE OF GUARANTY; WAIVERS. This is a guaranty of payment and not
of collection and the Lender shall not be required, as a condition of the
Guarantor's liability, to make any demand upon or to pursue any of its rights
against the Borrower, or to pursue any rights which may be available to it with
respect to any other person who may be liable for the payment of the
Obligations.

         This is an absolute, unconditional, irrevocable and continuing guaranty
and will remain in full force and effect until all of the Obligations have been
indefeasibly paid in full, and the Lender has terminated this Guaranty. This
Guaranty will not be affected by any surrender, exchange, acceptance, compromise
or release by the Lender of any other party, or any other guaranty or any
security held by it for any of the Obligations, by any failure of the Lender to
take any steps to perfect or maintain its lien or security interest in or to
preserve its rights to any security or other collateral for any of the
Obligations or any guaranty, or by any irregularity, unenforceability or
invalidity of any of the Obligations or any part thereof or any security or
other guaranty thereof. The Guarantor's obligations hereunder shall not be
affected, modified or impaired by any counterclaim, set-off, deduction or
defense based upon any claim the Guarantor may have against the Borrower or the
Lender, except payment or performance of the Obligations.

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         Notice of acceptance of this Guaranty, notice of extensions of credit
to the Borrower from time to time, notice of default, diligence, presentment,
notice of dishonor, protest, demand for payment, and any defense based upon the
Lender's failure to comply with the notice requirements of the applicable
version of Uniform Commercial Code ss. 9-504 are hereby waived. The Guarantor
waives all defenses based on suretyship or impairment of collateral.

         The Lender at any time and from time to time, without notice to or the
consent of the Guarantor, and without impairing or releasing, discharging or
modifying the Guarantor's liabilities hereunder, may (a) change the manner,
place, time or terms of payment or performance of or interest rates on, or other
terms relating to, any of the Obligations; (b) renew, substitute, modify, amend
or alter, or grant consents or waivers relating to any of the Obligations, any
other guaranties, or any security for any Obligations or guaranties; (c) apply
any and all payments by whomever paid or however realized including any proceeds
of any collateral, to any Obligations of the Borrower in such order, manner and
amount as the Lender may determine in its sole discretion; (d) settle,
compromise or deal with any other person, including the Borrower or the
Guarantor, with respect to any Obligations in such manner as the Lender deems
appropriate in its sole discretion; (e) substitute, exchange or release any
security or guaranty; or (f) take such actions and exercise such remedies
hereunder as provided herein.

         3. REPAYMENTS OR RECOVERY FROM THE LENDER. If any demand is made at any
time upon the Lender for the repayment or recovery of any amount received by it
in payment or on account of any of the Obligations and if the Lender repays all
or any part of such amount by reason of any judgment, decree or order of any
court or administrative body or by reason of any settlement or compromise of any
such demand, the Guarantor will be and remain liable hereunder for the amount so
repaid or recovered to the same extent as if such amount had never been received
originally by the Lender. The provisions of this section will be and remain
effective notwithstanding any contrary action which may have been taken by the
Guarantor in reliance upon such payment, and any such contrary action so taken
will be without prejudice to the Lender's rights hereunder and will be deemed to
have been conditioned upon such payment having become final and irrevocable.

         4. FINANCIAL STATEMENTS. Unless compliance is waived in writing by the
Lender or until all of the Obligations have been paid in full, the Guarantor
will promptly submit to the Lender such information relating to the Guarantor's
affairs (including but not limited to annual financial statements and tax
returns for the Guarantor) or any security for the Guaranty as the Lender may
reasonably request.

         5. ENFORCEABILITY OF OBLIGATIONS. No modification, limitation or
discharge of the Obligations arising out of or by virtue of any bankruptcy,
reorganization or similar proceeding for relief of debtors under federal or
state law will affect, modify, limit or discharge the Guarantor's liability in
any manner whatsoever and this Guaranty will remain and continue in full force
and effect and will be enforceable against the Guarantor to the same extent and
with the same force and effect as if any such proceeding had not been
instituted. The Guarantor waives all rights and benefits which might accrue to
it by reason of any such proceeding and will be liable to the full extent
hereunder, irrespective of any modification, limitation or discharge of the
liability of the Borrower that may result from any such proceeding.

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         6. EVENTS OF DEFAULT. The occurrence of any of the following shall be
an "EVENT OF DEFAULT": (i) any Event of Default (as defined in the Note); (ii)
the Guarantor's failure to perform any of its obligations hereunder; (iii) the
falsity, inaccuracy or material breach by the Guarantor of any written warranty,
representation or statement made or furnished to the Lender by or on behalf of
the Guarantor; or (iv) the termination or attempted termination of this
Guaranty. Upon the occurrence of any Event of Default, (a) the Guarantor shall
pay to the Lender the amount of the Obligations; or (b) on demand of the Lender,
the Guarantor shall immediately deposit with the Lender, in U.S. dollars, all
amounts due or to become due under the Obligations, and the Lender may at any
time use such funds to repay the Obligations; or (c) the Lender in its
discretion may exercise with respect to any collateral any one or more of the
rights and remedies provided a secured party under the applicable version of the
Uniform Commercial Code; or (d) the Lender in its discretion may exercise from
time to time any other rights and remedies available to it at law, in equity or
otherwise.

         7. RESERVED.

         8. COLLATERAL. This Guaranty is secured by the property described in
any collateral security documents which the Guarantor executes and delivers to
the Lender and by such other collateral as previously may have been or may in
the future be granted to the Lender to secure any obligations of the Guarantor
to the Lender.

         9. COSTS. To the extent that the Lender incurs any costs or expenses in
protecting or enforcing its rights under the Obligations or this Guaranty,
including reasonable attorneys' fees and the costs and expenses of litigation,
such costs and expenses will be due on demand, will be included in the
Obligations and will bear interest from the incurring or payment thereof at the
Default Rate (as defined in the Note).

         10. POSTPONEMENT OF SUBROGATION. Until the Obligations are indefeasibly
paid in full, the Guarantor postpones and subordinates in favor of the Lender
any and all rights which the Guarantor may have to (a) assert any claim against
the Borrower based on subrogation rights with respect to payments made
hereunder, and (b) any realization on any property of the Borrower, including
participation in any marshalling of the Borrower's assets.

         11. NOTICES. All notices, demands, requests, consents, approvals and
other communications required or permitted hereunder must be in writing and will
be effective upon receipt. Such notices and other communications may be
hand-delivered, sent by facsimile transmission with confirmation of delivery and
a copy sent by first-class mail, or sent by nationally recognized overnight
courier service, to the addresses for the Lender and the Guarantor set forth
above or to such other address as one may give to the other in writing for such
purpose.

         12. PRESERVATION OF RIGHTS. No delay or omission on the Lender's part
to exercise any right or power arising hereunder will impair any such right or
power or be considered a waiver of any such right or power, nor will the
Lender's action or inaction impair any such right or power. The Lender's rights
and remedies hereunder are cumulative and not exclusive of any other rights or
remedies which the Lender may have under other agreements, at law or in equity.

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The Lender may proceed in any order against the Borrower, the Guarantor or any
other obligor of, or collateral securing, the Obligations.

         13. ILLEGALITY. In case any one or more of the provisions contained in
this Guaranty should be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby.

         14. CHANGES IN WRITING. No modification, amendment or waiver of any
provision of this Guaranty nor consent to any departure by the Guarantor
therefrom will be effective unless made in a writing signed by the Lender, and
then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given. No notice to or demand on the Guarantor in any
case will entitle the Guarantor to any other or further notice or demand in the
same, similar or other circumstance.

         15. ENTIRE AGREEMENT. This Guaranty (including the documents and
instruments referred to herein) constitutes the entire agreement and supersedes
all other prior agreements and understandings, both written and oral, between
the Guarantor and the Lender with respect to the subject matter hereof;
provided, however, that this Guaranty is in addition to, and not in substitution
for, any other guarantees from the Guarantor to the Lender.

         16. SUCCESSORS AND ASSIGNS. This Guaranty will be binding upon and
inure to the benefit of the Guarantor and the Lender and their respective heirs,
executors, administrators, successors and assigns; provided, however, that the
Guarantor may not assign this Guaranty in whole or in part without the Lender's
prior written consent and the Lender at any time may assign this Guaranty in
whole or in part.

         17. INTERPRETATION. In this Guaranty, unless the Lender and the
Guarantor otherwise agree in writing, the singular includes the plural and the
plural the singular; references to statutes are to be construed as including all
statutory provisions consolidating, amending or replacing the statute referred
to; the word "or" shall be deemed to include "and/or", the words "including",
"includes" and "include" shall be deemed to be followed by the words "without
limitation"; and references to sections or exhibits are to those of this
Guaranty unless otherwise indicated. Section headings in this Guaranty are
included for convenience of reference only and shall not constitute a part of
this Guaranty for any other purpose. If this Guaranty is executed by more than
one party as Guarantor, the obligations of such persons or entities will be
joint and several.

         18. INDEMNITY. The Guarantor agrees to indemnify each of the Lender,
its directors, officers and employees and each legal entity, if any, who
controls the Lender (the "INDEMNIFIED PARTIES") and to hold each Indemnified
Party harmless from and against any and all claims, damages, losses, liabilities
and expenses (including all fees and charges of internal or external counsel
with whom any Indemnified Party may consult and all expenses of litigation or
preparation therefor) which any Indemnified Party may incur or which may be
asserted against any Indemnified Party as a result of the execution of or
performance under this Guaranty; provided, however, that the foregoing indemnity
agreement shall not apply to claims, damages, losses, liabilities and expenses
solely attributable to an Indemnified Party's gross negligence or willful
misconduct. The indemnity agreement contained in this Section shall survive the

                                       4
<PAGE>   5

termination of this Guaranty. The Guarantor may participate at its expense in
the defense of any such claim.

         19. GOVERNING LAW AND JURISDICTION. This Guaranty has been delivered to
and accepted by the Lender and will be deemed to be made in the State where the
Lender's office indicated above is located. THIS GUARANTY WILL BE INTERPRETED
AND THE RIGHTS AND LIABILITIES OF THE LENDER AND THE GUARANTOR DETERMINED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ITS CONFLICT OF
LAWS RULES. The Guarantor hereby irrevocably consents to the exclusive
jurisdiction of any state or federal court of Delaware; provided that nothing
contained in this Guaranty will prevent the Lender from bringing any action,
enforcing any award or judgment or exercising any rights against the Guarantor
individually, against any security or against any property of the Guarantor
within any other county, state or other foreign or domestic jurisdiction. The
Guarantor acknowledges and agrees that the venue provided above is the most
convenient forum for both the Lender and the Guarantor. The Guarantor waives any
objection to venue and any objection based on a more convenient forum in any
action instituted under this Guaranty.

         20. WAIVER OF JURY TRIAL. THE GUARANTOR IRREVOCABLY WAIVES ANY AND ALL
RIGHT THE GUARANTOR MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
CLAIM OF ANY NATURE RELATING TO THIS GUARANTY, ANY DOCUMENTS EXECUTED IN
CONNECTION WITH THIS GUARANTY OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH
DOCUMENTS. THE GUARANTOR ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND
VOLUNTARY.

                                       5
<PAGE>   6

         THE GUARANTOR ACKNOWLEDGES THAT IT HAS READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS GUARANTY, INCLUDING THE WAIVER OF JURY TRIAL, AND HAS BEEN
ADVISED BY COUNSEL AS NECESSARY OR APPROPRIATE.

         WITNESS the due execution hereof as a document under seal, as of the
date first written above, with the intent to be legally bound hereby.

WITNESS / ATTEST:                         INTERACTIVE PICTURES CORPORATION

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

                        GUARANTY AND SURETYSHIP AGREEMENT
                                 SIGNATURE PAGE

                                       6

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