Document:

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                                   Exhibit 10.2

                    Offer to Finance, dated October 26, 2000,
                                  as amended by
                Revised Offer to Finance, dated February 19, 2001,
                                  as amended by
                  Revised Offer to Finance, dated March 23, 2001
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                             NATIONAL BANK OF CANADA
                        Brampton Commercial Banking Centre
                  350 Rutherford Road South, Plaza II, Suite 110
                         Brampton, Ontario L6W 4N6 Canada
                            Telephone: (905) 484-4171
                               Fax: (905) 454-9747

October 26, 2000

TBM Holdings, Inc.
136 Main Street
Westport, CT  06880

Dear Sirs:

                                 OFFER TO FINANCE

We are pleased to advise you that National Bank of Canada has authorized the
following credit facilities subject to the ensuing terms and conditions.

BORROWER:               Blue Giant Equipment Corporation (the "Borrower").

LENDER:                 National Bank of Canada (the "Bank").

AMOUNT:                 A.     $7,000,000 Canadian or U.S. dollar equivalent by
                               way of an Operating Loan on a revolving demand
                               loan agreement.

                        B.     $2,170,000 Canadian by way of a Term Loan.

                        C.     $700,000 Canadian by way of a Term Loan.

PURPOSE:                A.    To finance day to day operations.

                        B.    To re-finance the Borrower's land and building.

                        C.    To re-finance the Borrower's equipment assets.

INTEREST RATE:          A.    Canadian dollar advances at the Prime Rate of
                              National Bank of Canada plus 0.625%, that is
                              8.125% as at October 26, 2000, calculated daily
                              and paid monthly in arrears.  Prime Rate is
                              defined as the rate established from time to time
                              by the Bank for Canadian dollar loans in Canada.

                              U.S. dollar advances at the U.S. Base Rate of
                              National Bank of Canada plus 0.625%, that is
                              9.875% as at October 26, 2000, calculated daily
                              and paid monthly in arrears.  U.S. Base Rate is
                              defined as the rate as
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                              established from time to time by the Bank for U.S.
                              dollar loans in Canada.

                        B.    Prime Rate of National Bank of Canada, plus 1.0%,
                              that is 8.50% as at October 26, 2000, calculated
                              daily and paid monthly in arrears.  Prime Rate is
                              defined as the rate established from time to time
                              by the Bank for Canadian dollar loans in Canada.

                        C.    Prime Rate of National Bank of Canada, plus 1.0%,
                              that is 8.50% as at October 26, 2000, calculated
                              daily and paid monthly in arrears.  Prime Rate is
                              defined as the rate established from time to time
                              by the Bank for Canadian dollar loans in Canada.

FIXED RATE OPTION:      The Borrower shall have the right to convert any Term
                        Loan financing to a fixed rate of interest.  The fixed
                        rate shall be equivalent to the Bank's Offered Rate in
                        effect at the time of conversion plus 2.50%.  Offered
                        Rate is defined as the rate established from time to
                        time by the Bank for fixed rate loans.

REPAYMENT:              A.    To revolve in multiples of $25,000.

                        B.    Monthly principal payments of $9,042 plus
                              interest; 240 month amortization.

                        C.    Monthly principal payments of $18,667 plus
                              interest; 42 month amortization.

PREPAYMENT:             The Borrower may prepay the balance of any fixed rate
                        loan in whole or in part, before the end of the term
                        provided he agrees to pay National Bank of Canada the
                        difference between the rate for the remainder of the
                        current term and the rate at the time of prepayment plus
                        one month's interest at the rate of the loan.

MARGIN AVAILABILITY:    Operating advances shall be limited to the lesser of
                        $7,000,000 Canadian or U.S. equivalent and the aggregate
                        of the following:

                        (a)   75% of good quality Canadian accounts receivable
                              plus 75% of good quality U.S. accounts receivable
                              excluding contra accounts, inter-company accounts,
                              amounts due from affiliates or subsidiaries,
                              doubtful accounts, and those aged greater than 90
                              days past invoice date; plus

                        (b)   50% of total inventory capped at an overall
                              maximum of $2,000,000; less

                        (c)   all claims which rank prior to the Bank's security
                              (i.e. deductions at source, GST, etc.)

                                       2
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                        The margin contribution from accounts receivable due
                        from Clark Material Handling Company and its
                        subsidiaries or affiliates shall be capped at $150,000
                        Cdn.

SECURITY:               All legal and other documentation to be in a form and
                        content satisfactory to the Bank and its solicitors and
                        is to be supported by all usual representations and
                        opinions to confirm its enforceability.  To include but
                        not limited to:

                        1.    General Assignment of Book Debts.

                        2.    Pledge of Inventory under Section 427 of the Bank
                              Act providing a first charge over inventory.

                        3.    Assignment of sufficient fire insurance to protect
                              the Bank's interest.

                        4.    General Security Agreement providing a first
                              floating and fixed charge over all assets of the
                              Borrower.

                        5.    $2,170,000 Collateral Mortgage providing a first
                              fixed charge over the property located at 85 Heart
                              Lake Road, Brampton.

                        6.    Subordination and Postponement of the Intercompany
                              Note Payable in the amount of $4,000,000
                              Canadian.  The holder of the Intercompany Note
                              Payable must covenant not to exercise its rights
                              under any security instrument held.

CONDITIONS PRECEDENT:   The following conditions must be satisfied prior to
                        drawdown of the credit facilities:

                        1.    Pro forma opening balance sheet prepared by a
                              national accounting firm which shall not be
                              materially different than the pro-forma balance
                              sheet already provided to the Bank.

                        2.    Letter addressed to the Bank from Hendren
                              Appraisals confirming that the Bank can rely on
                              the updated appraisal of 85 Heart Lake Road for
                              financing purposes.

                        3.    Original copy of the equipment appraisal addressed
                              to the Bank and confirming an orderly liquidation
                              value of not less than $865,000 Canadian.

                        4.    Satisfactory review by the Bank and its solicitors
                              of the finalized purchase and sale agreement,
                              non-competition

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                              agreements and an employment contract for Andrew
                              Morrow, General Manager.

                        5.    Confirmation that shareholder cash equity in the
                              minimum amount of $9,000,000 has been injected
                              into the Borrower to be applied against the
                              purchase of the assets of Blue Giant Limited.

                        6.    A signed borrowing base certificate from the
                              Borrower together with detailed listings of the
                              accounts receivable and inventory to be acquired
                              from Blue Giant Limited.  The borrowing base
                              certificate is to confirm a post closing
                              availability surplus of not less than $500,000
                              Canadian.

                        7.    Completion of all legal and security documentation
                              satisfactory to the Bank and its solicitors.

REPORTING CONDITIONS:   1.    Within 20 days of each month-end, the Borrower
                              shall provide the following information on Bank
                              documents, signed by the appropriate authorized
                              officer of the Borrower:

                              (a)   borrowing base and covenant compliance
                                    certificate;
                              (b)   monthly accounts receivable listing
                                    classified according to age;
                              (c)   monthly accounts payable listing classified
                                    according to age;
                              (d)   inventory declaration;
                              (e)   prior claims declaration;
                              (f)   order backlog report;
                              (g)   schedule of inter-company activity;
                              (h)   internally prepared income statement,
                                    balance sheet and statement of financial
                                    changes as compared against last year actual
                                    and current year to date budget.

                        2.    The Borrower agrees to submit to the Bank one of
                              the following:

                              (a)   an audited 2000 financial statement for Blue
                                    Giant Limited and an audited opening balance
                                    sheet for the Borrower delivered to the Bank
                                    by no later than March 15, 2001; or

                              (b)   an interim financial statement for the
                                    Borrower as at June 30, 2001 prepared on a
                                    review

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                              engagement basis and delivered to the Bank by no
                              later than August 31, 2001.

                        3.    The Borrower agrees to submit to the Bank its
                              annual audited financial statements within 90 days
                              of the end of its fiscal year.

                        4.    The Borrower agrees to submit to the Bank its
                              annual budget including budgeted monthly balance
                              sheets, income statements, and cashflows within 90
                              days of its fiscal year end.

                        5.    The Borrower agrees to submit to the Bank annual
                              audited financial statements for TBM Holdings,
                              Inc. and its subsidiaries within 90 days of each
                              fiscal year end.

FINANCIAL COVENANTS:    The Borrower agrees to the following covenants which
                        shall be calculated as indicated below, maintained at
                        all times and tested monthly:

                        1.    Total Debt to Tangible Net Worth Ratio:  The ratio
                              of Total Debt to Tangible Net Worth shall not
                              exceed 2.50:1 at any time.  Debt shall be defined
                              as total liabilities less any shareholder loans
                              postponed to the Bank, less deferred income
                              taxes.  Tangible Net Worth shall be defined as
                              Share Capital plus Retained Earnings plus any
                              Shareholders' loans postponed to the Bank, less
                              any deferred expenditures, loans to officers,
                              directors, or shareholders, or intercompany
                              advances and any other assets of doubtful value.

                        2.    Senior Debt to EBITDA Ratio:  The ratio of Senior
                              Debt to Earnings before interest, taxes,
                              depreciation, amortization and discretionary
                              management bonuses shall not exceed 3.0:1 at any
                              time.

                        3.    Debt Service Coverage:  The ratio of Net Cash Flow
                              to Debt Service shall be a minimum of 1.25:1.  Net
                              Cash Flow shall be defined as the Income After Tax
                              plus:  deferred taxes; depreciation; any other
                              non-cash expenses; and all cash interest expense;
                              less:  dividends and capital expenditures not
                              funded by debt.  Debt Service shall be defined as
                              all debt principal payments plus all cash interest
                              expense.

                        4.    Capital Expenditures:  The Borrower agrees that
                              capital expenditures shall not exceed $500,000
                              Canadian per annum without the prior written
                              consent of the Bank which will not be unreasonably
                              withheld.

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                        5.    Corporate Distributions:  The Borrower shall not
                              make any Corporate Distributions without the prior
                              written consent of the Bank.  Corporate
                              Distributions are defined as any payment made to a
                              shareholder or relative, or affiliated company and
                              includes, but is not limited to bonuses,
                              dividends, interest payments on subordinated debt,
                              repayment of subordinated debt, management fees
                              and any other transactions made out of the
                              treasury of the Borrower.

                              The Bank agrees to permit interest payments on the
                              Postponed Inter-Company Note to a maximum of
                              $400,000 Canadian per annum and management fees to
                              a maximum of $250,000 Canadian per annum subject
                              to the Borrower not being in default and subject
                              to such payment(s) not creating a covenant breach.

TIME LIMITATION
ON DRAWDOWN:                  December 31, 2000.  This offer shall be considered
                              cancelled thereafter.

OTHER CONDITIONS:       1.    All legal and registration fees incurred to
                              prepare, execute and maintain legal documents will
                              be assumed by the Borrower.

                        2.    The cost of all appraisals and environmental
                              reports requested by the Bank are the
                              responsibility of the Borrower.

                        3.    The Bank reserves the right to request appropriate
                              annual financial statements or quarterly financial
                              statements at any time and whenever it deems it
                              appropriate.  This information may be required on
                              a continuous basis or for a specific period or
                              periods and must always be to the Bank's
                              satisfaction.

                        4.    The ownership structure of the company shall not
                              be altered without the Bank's prior written
                              consent which shall not be unreasonably withheld.

                        5.    The nature of the Borrower's business shall not be
                              substantially changed without the Bank's prior
                              written consent which shall not be unreasonably
                              withheld.

                        6.    The Borrower shall not amalgamate or merge with
                              another corporation without the Bank's prior
                              written consent which shall not be unreasonably
                              withheld.

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                        7.    The Borrower shall not sell, lease, consign or
                              otherwise dispose of any assets or property having
                              an aggregate book value, fair market value or
                              replacement cost in excess of $80,000, except that
                              the Borrower may (i) sell, lease or consign
                              inventory in the ordinary course of business from
                              time to time; and (ii) transfer, abandon,
                              surrender or otherwise dispose of any fixtures,
                              equipment, machinery, tools, implements,
                              facilities and appliances which may have become
                              worn out, unserviceable, obsolete, unsuitable or
                              unnecessary in the conduct of their business
                              provided that there shall have been substituted
                              for the same other fixtures, equipment, machinery,
                              tools, implements, facilities or appliances at
                              least of equal value which forthwith shall become
                              subject to a lien under the Bank's security
                              documents.

FEES:                   1.    Transaction fee of $5,000 which has been paid and
                              earned.

                        2.    Annual renewal fee of $1,500.

                        3.    Monthly management fee of $100.

                        4.    Unused line fee of 0.25% per annum on the unused
                              portion of the Operating Loan, calculated daily
                              and payable monthly in arrears.

ENVIRONMENTAL
MATTERS:                1.    The Borrower represents and warrants that the
                              owner of the subject property has complied and is
                              complying in all respects with all applicable laws
                              relating to the environment, that no contaminants,
                              pollutants or other hazardous substances
                              (including, without limitation, asbestos, products
                              containing urea formaldehyde or polychlorinated
                              biphenyl or any radioactive substances) have been
                              or are now stored or located at the subject
                              property, that no order, approval, direction or
                              other governmental or regulatory notice relating
                              to the environment has been threatened against, is
                              pending or has been issued with respect to the
                              subject property or the operations of the business
                              being conducted at the subject property, and that
                              none of them is aware of any pending or threatened
                              action, suit or proceedings relating to any actual
                              or alleged environmental violation from or at the
                              subject property.

                        2.    The Borrower shall permit the Lender to conduct,
                              at the Borrower's expense, such test, inspections
                              and environmental audits as may be required by the
                              Lender

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                              including without limitation, the right to take
                              soil samples from the subject property and the
                              right to review and photocopy all records relating
                              to the subject property or the business or
                              operations now or hereinbefore conducted at the
                              subject property in order to attempt to
                              corroborate the veracity of the aforementioned
                              representations and warranties.

                        3.    The Borrower agrees to pay the cost of all
                              environmental audits which may be deemed necessary
                              by the Bank acting in a reasonable manner.

                        4.    The Borrower agrees to deliver to the Bank
                              documents guaranteeing compliance and showing that
                              the land and building are not contaminated by
                              hazardous materials.

                        5.    The Borrower certifies that past and present
                              owners have not violated environmental law and
                              regulations and that, to the best of their
                              knowledge, no proceedings have been or are being
                              instituted to make him comply with environmental
                              laws and regulations.

                        6.    The Borrower agrees to comply with and respect any
                              and all environmental laws and regulations.

                        7.    The Borrower agrees to maintain a system or
                              mechanism through which the emission or release of
                              contaminants can be controlled in compliance with
                              laws and regulations.

                        8.    The Borrower agrees to periodically provide the
                              Bank with a summary report stating the Borrower's
                              status with regard to environmental laws and
                              regulations, such as confirmation of the renewal
                              of permits, certificates of compliance and the
                              proper application of control procedures.

                        9.    The Borrower agrees to indemnify the Bank for all
                              decontamination costs or for damages incurred by
                              the Bank or its agents as a result of such
                              contamination.

                        10.   The loan shall be disbursed upon performance
                              and/or completion of the above conditions to the
                              Bank's satisfaction.

                        11.   In the event any environmental report shows that
                              decontamination is required the Borrower
                              undertakes to carry out decontamination at their
                              own expense should this be required or requested.
                              However, the undertaking

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                              of such decontaminations shall not guarantee that
                              the Bank will make any disbursements. All the
                              other conditions stipulated in this Offer of
                              Finance shall be performed to the Bank's
                              satisfaction.

ACKNOWLEDGEMENT
OF NON MERGER:          The terms and conditions contained in this Offer to
                        Finance shall not merge upon the execution and delivery
                        of the security documentation referred to herein but
                        shall at all times remain in full force and effect.

CREDIT REPORTING:       The Borrower consents to the obtaining from any credit
                        reporting agency or from any person such information as
                        the Bank may require at any time, and consent to the
                        disclosure at any time of the information concerning the
                        Borrower and the Guarantor to any credit grantor with
                        whom the Borrower and the Guarantor have financial
                        relations or to any credit reporting agency.

REPRESENTATIONS
AND WARRANTIES:         The Borrower represents and warrants that the
                        information given in respect of applying for the credit
                        facilities is correct and complete, and acknowledge that
                        the Bank is relying on said representations and
                        warranties.

ANNUAL REVIEW:          To be reviewed at least annually, and in any event not
                        later than August 31, 2001.

OTHER:                  The Borrower agrees to keep the contents of this letter
                        strictly confidential.

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If these conditions are acceptable to you, please indicate your acceptance
thereof by signing and returning a copy of this letter to the Bank by no later
than November 10, 2000 after which time this offer shall become null and void.

Yours truly,

/s/  Al van Herpt             /s/ Steven Matheson
Al van Herpt                  Steven Matheson
Account Manager               Senior Manager

ACCEPTANCE:

WE ACCEPT THE TERMS AND CONDITIONS OUTLINED HEREIN THIS 27 DAY OF
OCTOBER, 2000.

BLUE GIANT EQUIPMENT CORPORATION

Per: /s/ William A. Schwartz
Title: President

Per:_____________________________
Title:

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                             NATIONAL BANK OF CANADA
                        Brampton Commercial Banking Centre
                  350 Rutherford Road South, Plaza II, Suite 110
                         Brampton, Ontario L6W 4N6 Canada
                            Telephone: (905) 484-4171
                               Fax: (905) 454-9747

February 19, 2001

TBM Holdings, Inc.
136 Main Street
Westport, CT  06880

Dear Sirs:

      Re:   REVISED OFFER TO FINANCE

Further to our Offer to Finance dated October 26, 2000, we are pleased to advise
you that National Bank of Canada has authorized the following amendment to the
credit facility subject to the ensuing terms and conditions.

BORROWER:         Blue Giant Equipment Corporation (the "Borrower").

LENDER:           National Bank of Canada (the "Bank").

INTEREST RATES:   The interest rate of facility "A" shall be increased to the
                  Prime Rate of National Bank of Canada plus .875% until such
                  time that the total Debt to Tangible Net Worth Ratio is less
                  than or equal to 2.50:1.

FINANCIAL
COVENANTS:        The Bank has agreed to amend the following covenants as
                  follows:

                  Total Debt to Tangible Net Worth Ratio:  The ratio of Total
                  Debt to Tangible Net Worth shall not exceed 3.0:1 at any time,
                  reducing to 2.75:1 by June 30, 2001 and 2.50:1 by September
                  30, 2001.  Debt shall be defined as total liabilities less any
                  shareholder loans postponed to the Bank, less deferred income
                  taxes.  Tangible Net Worth shall be defined as Share Capital
                  plus Retained Earnings plus any Shareholders' loans postponed
                  to the Bank, less any deferred expenditures, loans to
                  officers, directors, or shareholders, or intercompany advances
                  and any other assets of doubtful value.

SECURITY:         The following additional security is required:

                  $550,000 Guarantee from TBM Holdings, Inc.

FEE:              $1,500 Amendment Fee.
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All other terms and conditions detailed in our Offer to Finance dated October
26, 2000 remain unchanged and in full effect.

Yours truly,

/s/  Al van Herpt             /s/ Steven Matheson

Al van Herpt                  Steven Matheson
Account Manager               Senior Manager

ACKNOWLEDGE:

WE ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS OUTLINED HEREIN THIS
___________ DAY OF ___________________, 2001.

BLUE GIANT EQUIPMENT CORPORATION ("Borrower")

Per:  ______________________________
      William A. Schwartz
Title:President

TBM HOLDINGS, INC.

Per:  ______________________________
      William A. Schwartz
Title:President

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                             NATIONAL BANK OF CANADA
                        Brampton Commercial Banking Centre
                  350 Rutherford Road South, Plaza II, Suite 110
                         Brampton, Ontario L6W 4N6 Canada
                            Telephone: (905) 484-4171
                               Fax: (905) 454-9747

March 23, 2001

TBM Holdings, Inc.
136 Main Street
Westport, CT  06880

Dear Sirs:

      Re:   REVISED OFFER TO FINANCE

Further to our Offer to Finance dated October 26, 2000 and Revised Offer to
Finance dated February 19, 2001, we are pleased to advise you that National Bank
of Canada has authorized the following amendment to the credit facility subject
to the ensuing terms and conditions.

BORROWER:         Blue Giant Equipment Corporation (the "Borrower").

LENDER:           National Bank of Canada (the "Bank").

FINANCIAL
COVENANTS:        The Bank has agreed to amend the following covenants as
                  follows:

                  1. Total Debt to Tangible Net Worth Ratio:  The ratio of Total
                     Debt to Tangible Net Worth shall not exceed 3.55:1 at any
                     time, reducing to 3.25:1 by June 30, 2001 and 2.50:1 by
                     December 31, 2001.  Debt shall be defined as total
                     liabilities less any shareholder loans postponed to the
                     Bank, less deferred income taxes.  Tangible Net Worth shall
                     be defined as Share Capital plus Retained Earnings plus any
                     Shareholders' loans postponed to the Bank, less any
                     deferred expenditures, loans to officers, directors, or
                     shareholders, or intercompany advances and any other assets
                     of doubtful value.

                  2. Corporate Distributions: The Borrower shall not make any
                     Corporate Distributions without the prior written consent
                     of the Bank and until such time that the ratio of Total
                     Debt to Tangible Net Worth as defined above is less than or
                     equal to 2.50:1. Corporate Distributions are defined as any
                     payment made to the shareholder or relative, or affiliated
                     company and includes, but is not limited to bonuses,
                     dividends, interest payments on subordinated debt,
                     repayment of subordinated debt, management fees and any
                     other transactions made out of the treasury of the
                     Borrower.
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SECURITY:         The following additional security is required:

                  $1,000,000 Guarantee from TBM Holdings, Inc.

FEE:              $5,000 Amendment Fee.

All other terms and conditions detailed in our Offer to Finance dated October
26, 2000 and February 19, 2001 remain unchanged and in full effect.

Yours truly,

/s/  Al van Herpt             /s/ Steven Matheson

Al van Herpt                  Steven Matheson
Account Manager               Senior Manager

ACKNOWLEDGE:

WE ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS OUTLINED HEREIN THIS
___________ DAY OF ___________________, 2001.

BLUE GIANT EQUIPMENT CORPORATION ("Borrower")

Per:  /s/ William A. Schwartz
Title:      President

CORPORATE GUARANTOR

TBM HOLDINGS, INC.

Per:  /s/ William A. Schwartz
Title:      President

                                       2<PAGE>   1
                                   Exhibit 10.3

                               LETTER OF GUARANTEE
<PAGE>   2
                               LETTER OF GUARANTEE

TO:  NATIONAL BANK OF CANADA

1.    In consideration of the National Bank of Canada (hereinafter referred to
as the "Bank") dealing with Blue Giant Equipment Corporation (hereinafter
referred to as the "Customer"), the undersigned and each of them, if more than
one, hereby jointly and severally guarantee payment to the Bank of all present
and future debts and liabilities (direct or indirect, absolute or contingent,
matured or otherwise), now or at any time and from time to time hereafter due or
owing to the Bank whether incurred by the Customer alone or jointly with any
corporation, person or persons, or otherwise howsoever, including all costs and
disbursements incurred by the Bank in view of recovering or attempting to
recover said debts and liabilities.  Provided, however, that the liability of
the undersigned, and of each of the undersigned herein, is limited to One
Million and xx/100 Canadian Dollars ($1,000,000.000 Cdn.), with interest thereon
from the date of demand of payment, at the rate agreed upon, between the Bank
and the Customer.

2.    In this guarantee, the word "Guarantor" shall mean the undersigned and if
there is more than one, it shall mean each of them.

3.    This guarantee shall not be affected by the death or loss or diminution of
capacity of the Customer or of the Guarantor or by any change in the name of the
Customer in the membership of the firm of the Customer through the death or
retirement of one or more partners or the introduction of one or more partners
or otherwise, or by the acquisition of the business of the Customer by a
corporation, firm or person, or by any change whatsoever in the objects, capital
structure or constitution of the Customer, or by the Customer or the business of
the Customer being amalgamated with a firm or corporation but shall,
notwithstanding the happening of any such event, continue to exist and apply to
the full extent as if such event has not happened.  The Guarantor agrees to
monitor changes in the financial position of the Customer and hereby releases
the Bank from any liability resulting therefrom.

4.    All monies, advances renewals and credits in fact borrowed or obtained
from the Bank shall be deemed to form part of the debts and liabilities,
notwithstanding any lack or limitation of status or of power, incapacity or
disability of the Customer or of the directors, partners or agents thereof, or
that the Customer may not be a legal or suable entity, or any irregularity,
defect or informality in the borrowing or obtaining of such monies, advances,
renewals or credits, the whole whether known to the Bank or not; and any sum
which may not be recoverable from the Guarantor on the footing of a guarantee
shall be recoverable from the Guarantor as sole and principal debtor in respect
thereof and shall be paid to the Bank on demand with interest and accessories as
herein provided.

5.    This guarantee shall continue and be enforceable notwithstanding any
amalgamation of the Bank with any other bank(s), financial institution(s) or
other corporation(s), and any further amalgamation, in which event this
guarantee shall also extend to all debts and liabilities then or thereafter owed
by the Customer to the amalgamated bank.  Furthermore, all security, real or
personal, moveable or immoveable, which have been or will be given by the
Guarantor for the said debts and liabilities shall be valid in the hands of the
Bank, as well as its successors and assigns.
<PAGE>   3
6.    It is further agreed that this shall be a continuing guarantee, and shall
cover and secure any ultimate balance owing to the Bank.

7.    This guarantee shall bind the Guarantor together with his heirs,
successors, executors, administrators, legal representatives and assigns until
termination thereof by notice in writing to the manager of the branch of the
Bank at which the account of the Customer is kept, but such termination by any
of the guarantors or their respective heirs, successors, executors,
administrators, legal representatives or assigns shall not prevent the
continuance of the liability hereunder of any other guarantor.  Such termination
shall apply only to those debts or liabilities of the Customer incurred or
arising after reception of the notice by the Bank, but not in respect of any
prior debts or liabilities, matured or not.  The notice of termination shall
have no effect on those debts or liabilities incurred after reception of said
notice which will result from express or implied commitments made prior to
reception.

8.    This guarantee will not be diminished or modified on account of any act on
the part of the Bank which would prevent subrogation from operating in favour of
the Guarantor.  It is further agreed that the Bank, without exonerating in whole
or in part the Guarantor, may grant time, renewals, extensions, indulgences,
releases and discharges to, may take security from, and give up or release any
or part of the security held, may abstain from taking, perfecting, registering
or renewing security or from realizing on security, may accept compositions and
otherwise deal with the Customer and with any other person or persons, including
any of the guarantors, and dispose of any security held by the Bank as it may
see fit, and that all dividends and monies received by the Bank from the
Customer or from any other person, capable of being applied by the Bank in
reduction of the debts and liabilities hereby guaranteed, shall be considered
for all purposes as payment in gross which the Bank shall have the right to
apply as it may see fit, not being bound by the law of imputation, and the Bank
shall be entitled to prove against the estate of the Customer upon any
insolvency or winding up, in respect of the whole said debts and liabilities.
The Guarantor shall have no right to be subrogated to the Bank until the Bank
shall have received payment in full of its claims against the Customer with
interest and costs.  For greater certainty and without limitation, this
guarantee will continue to apply in accordance with its terms and conditions to
all present and future debts and liabilities of the Customer howsoever created
including such debts and liabilities which may have matured or been expressly
terminated by operation of law or any previous contract or instrument but
revived, restated or recreated in any manner whatsoever and whether or not the
undersigned has executed any contract or instrument other than this guarantee.
A request for execution of the undersigned and failure to obtain it shall not
amount to a waiver of this continuing obligation of the undersigned.

9.    If any circumstances arise necessitating the Bank to file its claim
against the estate of the Customer and to value its security, it will be
entitled to place such valuation as the Bank may in its discretion see fit, and
the filing of such claim and the valuation of its security shall in no way
prejudice or restrict its rights against the Guarantor.

10.   The Bank shall not be obliged to exhaust its recourse against the Customer
or other persons or the security it may hold before being entitled to payment
from the Guarantor of each and every of the debts and liabilities hereby
guaranteed and it shall not be obliged to offer or deliver its security before
its whole claim has been paid.  The Guarantor waives all benefits of discussion
and division.

11.   All indebtedness and liability, present and future of the Customer to the
Guarantor are hereby assigned to the Bank and postponed to the present and
future debts and liabilities of the Customer to the Bank.  All monies received
from the Customer or on his behalf by the Guarantor shall be held as in his

                                       2
<PAGE>   4
capacity as agent, mandatary and trustee for the Bank and shall be paid over to
the Bank forthwith.  This provision will remain in full force and effect,
notwithstanding the termination of the guarantee pursuant to the provisions of
paragraph 7 in which event it will terminate when the debts and liabilities of
the Customer to the Bank covered by this guarantee pursuant to paragraph 7
hereof have been paid in full.

12.   This guarantee is in addition to and not in substitution for any other
guarantee, by whomsoever given, at any time held by the Bank, and without
prejudice to any other security by whomsoever given held at any time by the Bank
and the Bank shall be under no obligation to marshall in favour of the Guarantor
any such security or any of the funds or assets the Bank may be entitled to
receive or have a claim upon.

13.   The Guarantor shall be bound by any account settled between the Bank and
the Customer and, if no such account has been so settled any account stated by
the Bank shall be accepted by the Guarantor as conclusive evidence of the amount
which at the date of the account so stated is due by the Customer to the Bank.

14.   The Guarantor shall make payment to the Bank of the amount of his
liability forthwith after demand therefor is made in writing.  Such demand shall
be deemed to have been effectually made when an envelope containing it addressed
to the Guarantor at his last address known to the Bank is deposited postage
prepaid in the Post Office.  The liability of the Guarantor shall bear interest
from the date of such demand at the rate or rates then applicable to the debts
and liabilities of the Customer to the Bank.

15.   This guarantee and agreement shall be operative and binding upon every
signatory thereof notwithstanding the non-execution thereof by any other
proposed signatory or signatories, and possession of this instrument by the Bank
shall be conclusive evidence against the Guarantor that this instrument was not
delivered in escrow or pursuant to any agreement that it should not be effective
until any condition has been complied with.  None of the parties shall be bound
by any representation or promise made by any person relative thereto which is
not embodied herein.  The liability of the Guarantor hereunder begins on the
date of his signature on this letter of guarantee.

16.   This guarantee shall be binding upon the undersigned and any of them, if
more than one, jointly and severally between them and with the Customer and also
upon the heirs, executors, administrators and successors of the Guarantor and
will extend to and enure to the benefit of the successors and assigns of the
Bank.  Each and every provision hereof is severable and should any provision
hereof be illegal or not enforceable for any reason whatsoever, such illegality
or invalidity shall not affect the other provisions hereof which shall remain in
force and be binding on the parties hereto.

17.   The Guarantor acknowledges having read and taken cognizance of the present
Letter or Guarantee before signing it and declares that he understands perfectly
the terms, conditions and undertakings contained therein.

18.   This Letter of Guarantee shall be construed in accordance with the laws of
the Province of Ontario and the Guarantor agrees that any legal suit, action or
proceeding arising out of or relating to this Letter of Guarantee may be
instituted in the courts of such province, and the Guarantor hereby accepts and
irrevocably submits to the jurisdiction of the said courts, and acknowledges
their competence and agrees to be bound by any judgment thereof, provided that
nothing herein shall limit the Bank's right to bring proceedings against the
Guarantor elsewhere.

                                       3
<PAGE>   5
AS WITNESS the hand and seal of the Guarantor, at Westport, CT as of this 18th
day of April, 2001.

SIGNED, SEALED AND DELIVERED

IN THE PRESENCE OF                  Signature   TBM HOLDINGS INC.

/s/ Michelle Curtis                 Per:   /s/ William Schwartz
-----------------------------              ---------------------------------
Michelle Curtis                     Name:  William Schwartz
                                    Title: President

                                    I have authority to bind the Corporation.

I (we) hereby acknowledge that a copy of this Letter of Guarantee was handed
over to me (us) on the date hereof.

Signature of Guarantor(s).    TBM HOLDINGS INC.

Per:    /s/ William Schwartz
        -----------------------------
Name:   William Schwartz
Title:  President

I have authority to bind the Corporation.

                                       4

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