Document:

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                                  EXHIBIT 10.44

                                PLEDGE AGREEMENT

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               This PLEDGE AGREEMENT, dated as of August 11, 2000, is between
CENTRAL FINANCIAL ACCEPTANCE CORPORATION, a Delaware corporation ("Pledgor"),
and UNION BANK OF CALIFORNIA, N.A., as agent (in such capacity, and together
with its successors, the "Agent") for the Lenders (as hereafter defined) under
that certain Credit Agreement, dated as of August 11, 2000 (as amended,
restated, modified, renewed, supplemented or extended from time to time, the
"Credit Agreement"), among Central Consumer Finance Company, a Delaware
corporation ("Borrower"), and the lenders party thereto (collectively, "Lenders"
and individually, a "Lender"), and the Agent.

                                    Recitals

               A. Pledgor owns 100 shares (the "Pledged Collateral") of the
common stock of Central Consumer Finance Company, a Delaware corporation
("Issuer") which constitute not less than 100.0 percent of the issued and fully
diluted equity voting stock of Issuer;

               B. Pledgor has undertaken to grant to Secured Party a first
priority security interest in the Pledged Collateral and the other Collateral
(as hereinafter defined) as security for the Secured Obligations (as hereinafter
defined) in accordance with the terms and conditions of this Agreement.

               NOW, THEREFORE, in consideration of the premises, and to induce
Secured Party to enter into and accept the Loan Documents (as hereinafter
defined) and to extend financial accommodations pursuant thereto, Pledgor hereby
warrants and represents to, and covenants and agrees with, Secured Party as
follows:

        1. Definitions and Construction.

        (a) Definitions. As used in this Agreement:

               "Agreement" means this Pledge Agreement, together with any and
all future additions, alterations, amendments, changes, extensions,
modifications, renewals, substitutions, or supplements hereto or hereof.

               "Collateral" means the Pledged Collateral, the Future Rights and
the Proceeds, collectively.

               "Default" has the meaning set forth in the Loan Documents.

               "Future Rights" means all shares of, all securities convertible
or exchangeable into, and all warrants, options or other rights to purchase
shares of, stock of the Issuer (other than the Pledged Collateral) from time to
time held or acquired by Pledgor in any manner, and the certificates or
instruments representing such additional shares, convertible or exchangeable
securities, warrants and other rights and all dividends, cash, options,
warrants, rights, instruments and other property or proceeds from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any or all of such shares.

               "Holder" has the meaning set forth in Section 3 of this
Agreement.

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               "Issuer" has the meaning set forth in the recitals to this
Agreement and shall also mean any successor thereto whether by merger or
otherwise.

               "Lien" means any lien, mortgage, pledge, assignment (including
any assignment of rights to receive payments of money), security interest,
charge, or encumbrance of any kind (including any conditional sale or other
title retention agreement, any lease in the nature thereof, or any agreement to
give any security interest), and any agreement to give or refrain from giving a
lien, mortgage, pledge, assignment (including any assignment of rights to
receive payments of money), security interest, charge, or other encumbrance of
any kind.

               "Loan Documents" has the meaning set forth in the Credit
Agreement.

               "Permitted Dividends" means dividends permitted to be paid by
Issuer pursuant to Section 7.07 of the Credit Agreement.

               "Person" means natural persons, corporations, limited
partnerships, general partnerships, joint stock companies, joint ventures,
associations, companies, trusts, banks, trust companies, land trusts, business
trusts, or other organizations, irrespective of whether they are legal entities,
and governments and agencies and political subdivisions thereof.

               "Pledged Collateral" has the meaning set forth in the recitals to
this Agreement and includes any security entitlements with respect thereto.

               "Pledgor" has the meaning set forth in the introduction to this
Agreement.

               "Proceeds" means all proceeds of the Pledged Collateral, the
Future Rights and in any event shall include, but not be limited to, any and all
(i) rights, benefits, distributions, premiums, profits, dividends, interest,
cash, instruments, documents of title, accounts, inventory, equipment, general
intangibles, deposit accounts, chattel paper and other property from time to
time received, receivable, or otherwise distributed in respect of or in exchange
for, or as a replacement of or a substitution for, any of the Pledged
Collateral, Future Rights or Proceeds (including without limitation, any cash,
stock or other securities or instruments issued after any recapitalization,
readjustment, reclassification, merger or consolidation with respect to Issuer
and any claims against securities intermediaries under Division 8 of the UCC or
otherwise), (ii) "proceeds" as that term is used in Division 9 of the UCC, (iii)
proceeds of any insurance, indemnity, warranty or guarantee (including, without
limitation, guarantees of delivery) payable to Secured Party or to Pledgor from
time to time with respect to any of the Collateral, (iv) payments (in any form
whatsoever) made or due and payable to Pledgor from time to time in connection
with any requisition, confiscation, condemnation, seizure or forfeiture of all
or any part of the Collateral, and (v) other amounts from time to time paid or
payable under or in connection with any of the Collateral.

               "Secured Obligations" means (a) the "Obligations" as defined in
the Credit Agreement and includes all obligations, liabilities and indebtedness
of every kind and character, whether now existing or hereafter arising, whether
absolute or contingent, and whether direct or indirect, arising directly or
indirectly under or pursuant to any one or more of the Loan Documents, whether
for principal, interest (including, without limitation, interest that, but for
the filing of a petition in bankruptcy, would accrue on such obligations,
liabilities or indebtedness),

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fees (including, without limitation, reasonable attorneys' fees of outside
counsel and the reasonable allocated fees of internal counsel) or expenses, (b)
all obligations, liabilities and indebtedness of Issuer to Union Bank of
California, N.A. of every kind and character, whether now existing or hereafter
arising, whether absolute or contingent, and whether direct or indirect, arising
directly or indirectly under or pursuant to any and all transactions, agreements
or documents now existing or hereafter entered into, which provides for an
interest rate, credit, commodity or equity swap, cap, floor, collar, forward
foreign exchange transaction, currency swap, cross currency rate swap, currency
option, or any combination of, or option with respect to, these or similar
transactions, for the purpose of hedging Issuer's exposure to fluctuations in
interest or exchange rates, loan, credit exchange, security or currency
valuations or commodity prices, whether for principal, interest (including,
without limitation, interest that, but for the filing of a petition in
bankruptcy, would accrue on such obligations, liabilities or indebtedness), fees
(including, without limitation, reasonable attorneys' fees of outside counsel
and the reasonable allocated fees of internal counsel) or expenses, and (c) all
obligations, liabilities and indebtedness of Issuer to Union Bank of California,
N.A. of every kind and character, whether now existing or hereafter arising,
whether absolute or contingent, and whether direct or indirect, arising directly
or indirectly under or pursuant to any cash management or related services
including the automatic clearing house transfer of funds by the Bank for the
account of Issuer pursuant to agreement or overdrafts, whether for principal,
interest (including, without limitation, interest that, but for the filing of a
petition in bankruptcy, would accrue on such obligations, liabilities or
indebtedness), fees (including, without limitation, reasonable attorneys' fees
of outside counsel and the reasonable allocated fees of internal counsel) or
expenses.

               "Secured Party" means the Agent in its capacity as secured party
hereunder.

               "Securities Act" has the meaning set forth in Section 9(c) of
this Agreement.

               "UCC" means the California Uniform Commercial Code, as amended
from time to time.

               Capitalized terms used herein and not otherwise defined, has the
meaning set forth in the Credit Agreement.

        (b)     Construction.

        (i)     Unless the context of this Agreement clearly requires otherwise,
                the plural includes the singular, the singular includes the
                plural, the part includes the whole, "including" is not
                limiting, and "or" has the inclusive meaning of the phrase
                "and/or." The words "hereof," "herein," "hereby," "hereunder,"
                and other similar terms in this Agreement refer to this
                Agreement as a whole and not exclusively to any particular
                provision of this Agreement.

        (ii)    Neither this Agreement nor any uncertainty or ambiguity herein
                shall be construed or resolved against Secured Party, or
                Pledgor, whether under any rule of construction or otherwise. On
                the contrary, this Agreement has been reviewed by each of the
                parties and their counsel and shall be construed and interpreted
                according to the ordinary

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                meaning of the words used so as to fairly accomplish the
                purposes and intentions of all parties hereto.

        2. Pledge. As security for the prompt payment and performance of the
Secured Obligations in full when due, whether at stated maturity, by
acceleration or otherwise (including amounts that would become due but for the
operation of the automatic stay under Section 362(a) of Title 11 of the United
States Code), Pledgor hereby delivers, pledges, and grants to Secured Party a
continuing first priority security interest in the Pledged Collateral, the
Future Rights and the Proceeds. The Pledgor does not, by entering into this
Agreement, assume any personal liability in respect of the Secured Obligations
and the sole recourse against Pledgor with respect to the Secured Obligations
shall be foreclosure upon the Collateral as herein provided.

        3. Delivery and Registration of Collateral.

        (a)     All certificates or instruments representing or evidencing the
                Pledged Collateral or Future Rights shall be promptly delivered
                by Pledgor to Secured Party or Secured Party's designee pursuant
                hereto at a location designated by Secured Party and shall be
                held by or on behalf of Secured Party pursuant hereto, and shall
                be in suitable form for transfer by delivery, or shall be
                accompanied by duly executed instruments of transfer or
                assignment in blank, all in form and substance satisfactory to
                Secured Party.

        (b)     Secured Party shall have the right, at any time in its
                discretion and without notice to Pledgor, to transfer to or to
                register on the books of Issuer (or of any other Person
                maintaining records with respect to the Collateral) in the name
                of Secured Party or any of its nominees any or all of the
                Collateral. In addition, Secured Party shall have the right at
                any time to exchange certificates or instruments representing or
                evidencing Collateral for certificates or instruments of smaller
                or larger denominations.

        (c)     If at any time and from time to time any Collateral (including
                but not limited to any certificate or instrument representing or
                evidencing any Collateral) is uncertificated or in the
                possession or control of a Person (including a securities
                intermediary) other than Secured Party or Pledgor (a "Holder"),
                then Pledgor shall immediately, at Secured Party's option,
                either cause such Collateral to be delivered into Secured
                Party's possession, or take all other steps necessary to perfect
                the security interest of Secured Party in such Collateral and to
                cause Secured Party to have "control" of the Collateral
                consisting of securities, security entitlements, or other
                financial assets within the meaning of Section 8106 of the UCC
                or other applicable law governing the perfection of Secured
                Party's security interest in the Collateral in the possession of
                such Holder. Each such notification/instruction and
                acknowledgement shall be in form and substance satisfactory to
                Secured Party.

        (d)     Except to the extent Pledgor is entitled to receive and retain
                the Permitted Dividends pursuant to Section 5(a) hereof, any and
                all Collateral (including without limitation dividends, interest
                and other cash distributions) at any time received or held by
                Pledgor shall be so received or held as trustee for Secured
                Party, shall be segregated

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                from other funds and property of Pledgor and shall be forthwith
                delivered to Secured Party in the same form as so received or
                held (with any necessary endorsements).

        (e)     If at any time and from time to time any Collateral consists of
                an uncertificated security or a security in book entry form,
                then Pledgor shall immediately cause such Collateral to be
                registered or entered, as the case may be, in the name of
                Secured Party, or otherwise cause Secured Party's security
                interest thereon to be perfected in accordance with applicable
                law.

        4. Secured Party's Duties. The powers conferred on Secured Party
hereunder are solely to permit it to perfect and protect its interest in the
Collateral and shall not impose on it any duty or undertaking to exercise such
powers. Except as provided by Section 9207 of the UCC, Secured Party shall have
no duty as to the Collateral, and without limiting the generality of the
foregoing, Secured Party shall not have any responsibility for (i) ascertaining
or taking action or exercising rights with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Collateral,
whether or not Secured Party has or is deemed to have knowledge of such matters,
or (ii) taking any steps to preserve rights against any parties with respect to
any Collateral or (iii) selling or otherwise disposing of any Collateral if it
threatens to decline, or is declining, in value. Secured Party shall be deemed
to have exercised reasonable care in the custody and preservation of the
Collateral in its possession if the Collateral is accorded treatment
substantially equal to that which Secured Party, its nominee, or other holder of
the Collateral on behalf of Secured Party, as the case may be, accords its own
property.

        5. Voting Rights and Dividends.

        (a)     So long as no Event of Default shall have occurred and is
                continuing:

        (i)     Pledgor shall be entitled to exercise any and all voting and
                other consensual rights pertaining to the Collateral or any part
                thereof for any purpose not inconsistent with the terms of the
                Loan Documents; provided, however, that Pledgor shall not
                exercise or refrain from exercising any such right if, in
                Secured Party's judgment, such action would have a material
                adverse effect on the value of the Collateral or any part
                thereof, and provided, further, that Pledgor shall give Secured
                Party at least five days' written notice of the manner in which
                it intends to exercise, or the reasons for refraining from
                exercising, any such right;

        (ii)    Pledgor shall be entitled to receive and utilize the Permitted
                Dividends for any purpose not inconsistent with the Loan
                Documents; and

        (iii)   Secured Party shall execute and deliver (or cause to be executed
                and delivered) to Pledgor all such proxies and other instruments
                as Pledgor may reasonably request for the purpose of enabling
                Pledgor to exercise the voting and other rights which it is
                entitled to exercise pursuant to paragraph (i) above and to
                receive the Permitted Dividends which it is authorized to
                receive and utilize pursuant to paragraph (ii) above.

        (b)     Upon the occurrence and during the continuance of a Default all
                rights of Pledgor to exercise the voting and other consensual
                rights which it would otherwise be entitled

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                to exercise pursuant to Section 5(a) and to receive the
                Permitted Dividends which it would otherwise be authorized to
                receive and retain pursuant to Section 5(a) shall cease, and all
                such rights shall thereupon become vested in Secured Party, who
                shall thereupon have the sole right to exercise such voting or
                other consensual rights and to receive and hold as Collateral
                such Permitted Dividends. Pledgor shall execute and deliver (or
                cause to be executed and delivered) to Secured Party all such
                proxies and other instruments as Secured Party may reasonably
                request for the purpose of enabling Secured Party to exercise
                the voting and other rights which it is entitled to exercise
                pursuant to this subparagraph (b).

        6. Representations, Warranties and Covenants. Pledgor represents,
warrants, and covenants that:

        (a)     The Pledged Collateral have been duly authorized and validly
                issued and are fully paid and nonassessable;

        (b)     Pledgor is and will be the sole legal and beneficial owner of
                the Collateral (including the Pledged Collateral and all other
                Collateral acquired by Pledgor after the date hereof) free and
                clear of any adverse claim, Lien or other right, title or
                interest of any party except for the first priority security
                interest created in favor of Secured Party pursuant to and in
                accordance with this Agreement;

        (c)     This Agreement, and the delivery to Secured Party of the Pledged
                Collateral (or the delivery to all Holders of the Pledged
                Collateral of the notification/instruction referred to in
                Section 3 of this Agreement), creates a valid, perfected, and
                first priority security interest in the Collateral in favor of
                Secured Party securing payment of the Secured Obligations, and
                all actions necessary or desirable to achieve such perfection
                have been duly taken;

        (d)     No consent, license, permit, approval or authorization of,
                exemption by, notice or report to, or registration, filing, or
                declaration with any governmental authority or regulatory body,
                foreign or domestic, or of, to, or with any other Person, is or
                will be required either (i) for the grant by Pledgor of the
                security interest granted hereby or for the execution, delivery,
                or performance of this Agreement by Pledgor, or (ii) for the
                exercise by Secured Party of the voting or other rights provided
                for in this Agreement or the remedies in respect of the
                Collateral pursuant to this Agreement (except as may be required
                in connection with a disposition of the Collateral by laws
                affecting the offering and sale of securities generally
                including the Securities Act);

        (e)     Pledgor has taken all steps it deems necessary or appropriate to
                be informed on a continuing basis of changes or potential
                changes affecting the Collateral (including rights of conversion
                and exchange, rights to subscribe, payment of dividends,
                reorganizations or recapitalizations, tender offers and voting
                rights), and Pledgor agrees that it will at all times keep
                Secured Party informed of any such changes or potential changes
                and that Secured Party shall have no responsibility or liability
                for informing Pledgor of any such changes or potential changes
                or for taking any action or omitting to take any action with
                respect thereto;

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        (f)     The Pledged Collateral constitute at least the percentage of all
                fully diluted issued and outstanding shares of stock of Issuer
                set forth in the recitals to this Agreement;

        (g)     There are no presently existing Future Rights or Proceeds;

        (h)     Pledgor has full power and lawful authority to enter into this
                Agreement and to sell, assign and transfer the Collateral to
                Secured Party and to grant to Secured Party a first priority
                security interest therein as herein provided, all of which have
                been duly authorized by all necessary corporate action;

        (i)     The execution and delivery and the performance hereof are not in
                violation or contravention of, and do not constitute a default
                under, any corporate articles, charter or by-law provision of
                Pledgor or of any indenture, agreement, undertaking, judgment,
                injunction, order, decree, or other instrument or judicial or
                administrative directive to which Pledgor is a party or by which
                Pledgor or its property are bound, or will result in any Lien
                (other than the security interest hereunder) on any assets or
                property of Pledgor;

        (j)     This Agreement constitutes the legal, valid and binding
                obligation of Pledgor enforceable in accordance with its terms,
                subject, as to enforcement only, to bankruptcy, insolvency,
                reorganization and other laws of general applicability relating
                to or affecting creditors' rights and to general equity
                principles;

        (k)     Any officer, agent or representative acting for or on behalf of
                Pledgor in connection with this Agreement or any aspect hereof,
                or entering into or executing this Agreement on behalf of
                Pledgor, has been duly authorized so to do, and is fully
                empowered to act for and represent Pledgor in connection with
                this Agreement and all matters related thereto or in connection
                therewith; and

        (l)     Neither the pledge of the Collateral pursuant to this Agreement
                nor the extensions of credit contemplated by the Loan Documents
                violates Regulation U of the Board of Governors of the Federal
                Reserve System.

        7. Further Assurances.

        (a)     At any time and from time to time, Pledgor will promptly execute
                and deliver all further instruments and documents, and take all
                further action that may be necessary and desirable, or that
                Secured Party may request, in order to perfect and protect any
                security interest granted or purported to be granted hereby or
                enable Secured Party to exercise and enforce its rights and
                remedies hereunder with respect to any Collateral.

        (b)     Pledgor hereby authorizes Secured Party to file one or more
                financing or continuation statements, and amendments thereto,
                relative to all or any part of the Collateral without the
                signature of Pledgor where permitted by law. A carbon,
                photographic or other reproduction of this Agreement, or any
                financing statement covering the Collateral, or any part
                thereof, shall be sufficient as a financing statement where
                permitted by law.

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        (c)     Pledgor will furnish to Secured Party from time to time
                statements and schedules further identifying and describing the
                Collateral and such other reports in connection with the
                Collateral as Secured Party may reasonably request, all in
                reasonable detail.

        (d)     Pledgor will not sell, offer to sell, transfer, assign,
                hypothecate or otherwise dispose of any Collateral (including
                Proceeds), or any part thereof or interest therein, unless (i)
                such transfer does not result in a Change of Control (as defined
                in the Credit Agreement), (ii) such transfer is made expressly
                subject to the security interest hereunder and the transferee
                agrees to be bound by the provisions of this Agreement pursuant
                to documentation in form and substance satisfactory to Agent,
                (iii) the legal status, powers and authority of the transferee
                are established to the satisfaction of Agent, and (iv) Agent
                receives evidence (which shall include an opinion of Pledgor's
                counsel if requested by Agent) that such transfer does not in
                any way alter or impair Agent's security interest in, or right
                to dispose of, the Collateral.

        (e)     Pledgor will defend the Collateral against all claims and
                demands of all persons or entities at any time claiming any
                interest or Lien therein adverse to Secured Party.

        (f)     Pledgor will comply in all material respects with all laws,
                rules and regulations relating to, and shall pay prior to
                delinquency all license fees, registration fees, taxes and
                assessments, and all other charges, (including, without
                limitation, non-governmental levies or assessments that may be
                levied upon, or assessed against, or that may become security
                interests, Liens or other encumbrances) on, the ownership or
                possession of any part of the Collateral, or that create or may
                create a Lien upon any part of the Collateral; provided,
                however, that Pledgor shall not be required to comply with any
                such law, rule or regulation, or to pay any such tax, fee,
                assessment or other charge, the validity of which is being
                contested by Pledgor in good faith by appropriate proceedings
                promptly instituted and diligently conducted, so long as neither
                the value nor the title of any material part of the Collateral,
                nor the security interest of Secured Party therein, will be
                materially impaired by the failure of Pledgor either to comply
                with any such law, rule or regulation, or to pay any such tax,
                fee, assessment or other charge, during the period of such
                contest.

        (g)     To the extent it may lawfully do so, Pledgor shall use its best
                efforts to prevent Issuer from issuing Future Rights or
                Proceeds, except for the declaration of the Permitted Dividends,
                and to the extent such Future Rights or Proceeds are pledged to
                Secured Party.

        (h)     Upon receipt by Pledgor of any notice, report or other
                communication from Issuer or any Holder relating to all or any
                part of the Collateral, Pledgor shall immediately deliver such
                notice, report or other communication to Secured Party.

        8. Consent and Waiver. Pledgor's duty to perform and observe the
agreements and covenants on its part contained herein shall be absolute and
unconditional. Pledgor hereby consents that, from time to time, prior to or
following the occurrence of a Default, with or without notice to or assent from
Pledgor, any other security at any time held by or available to Secured Party
for any of the Secured Obligations or any other security at any time held by or

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                available to Secured Party of any other Person secondarily or
                otherwise liable for any of the Secured Obligations, may be
                exchanged, surrendered, or released and any of the Secured
                Obligations may be changed, altered, renewed, extended,
                continued, surrendered, compromised, waived or released, in
                whole or in part, as Secured Party may see fit, and Pledgor
                shall remain bound under this Agreement notwithstanding any such
                exchange, surrender, or release, or any such change, alteration,
                renewal, extension, continuance, surrender, compromise, waiver,
                release, or inaction, or extension of further credit. Pledgor
                hereby waives (a) the right, if any, to require Secured Party to
                proceed against any Person liable for the payment of any of the
                Secured Obligations as a condition to proceeding hereunder; and
                (b) the right, if any, to require Secured Party to marshal,
                foreclose upon, sell, or otherwise realize upon or collect or
                apply any particular portion of the Collateral or any other
                property, real or personal, securing any of the Secured
                Obligations, as a condition to proceeding hereunder. Secured
                Party may, at its election, exercise or decline or fail to
                exercise any right or remedy it may have against Borrower or any
                security held by Secured Party, including without limitation the
                right to foreclose upon any such security by judicial or
                nonjudicial sale, without affecting or impairing in any way the
                liability of Pledgor hereunder. Pledgor unconditionally and
                irrevocably waives any rights and defenses that Pledgor may have
                because any of the Secured Obligations are secured by real
                property, including but not limited to, any rights or defenses
                based upon Section 580a, 580b, 580d, or 726 of the California
                Code of Civil Procedure. Pledgor waives any defense arising by
                reason of any disability or other defense of Borrower or by
                reason of the cessation from any cause whatsoever of the
                liability of Borrower. Pledgor waives any setoff, defense or
                counterclaim that Borrower may have against Secured Party.
                Pledgor waives any defense arising out of the absence,
                impairment or loss of any right of reimbursement or subrogation
                or any other rights against Borrower. Until all of the amounts
                that Borrower owes to Secured Party have been paid in full,
                Pledgor shall have no right of subrogation or reimbursement for
                claims arising out of or in connection with this Agreement,
                contribution or other rights against Borrower, and Pledgor
                waives any right to enforce any remedy that Secured Party now
                has or may hereafter have against Borrower. Pledgor waives all
                rights to participate in any security now or hereafter held by
                Secured Party. Pledgor waives all presentments, demands for
                performance, notices of nonperformance, protests, notices of
                protest, notices of dishonor, and notices of acceptance of this
                Agreement and of the existence, creation, or incurring of new or
                additional indebtedness. Pledgor assumes the responsibility for
                being and keeping itself informed of the financial condition of
                Borrower and of all other circumstances bearing upon the risk of
                nonpayment of any indebtedness or nonperformance of any
                obligation of Borrower, warrants to Secured Party that it will
                keep so informed, and agrees that absent a request for
                particular information by Pledgor, Secured Party shall have no
                duty to advise Pledgor of information known to Secured Party
                regarding such condition or any such circumstances. Pledgor
                waives any rights and defenses that are or may become available
                to it by reason of Sections 2787 to 2855, inclusive of the
                California Civil Code.

        9. Remedies Upon Default.

        (a)     Upon the occurrence of a Default, Secured Party may exercise in
                respect to the Collateral, in addition to other rights and
                remedies provided for herein or otherwise available to it, all
                the rights and remedies of a secured party on default under the
                UCC, and Secured Party may also without notice (except as
                specified below) sell the Collateral or any part thereof in one
                or more blocks at public or private sale, at any exchange,
                broker's board or at any of Secured Party's offices or
                elsewhere, for cash,

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                on credit or for future delivery, at such time or times and at
                such price or prices and upon such other terms as Secured Party
                may deem commercially reasonable, irrespective of the impact of
                any such sales on the market price of the Collateral. To the
                maximum extent permitted by applicable law, Secured Party may be
                the purchaser of any or all of the Collateral at any such sale
                and shall be entitled, for the purpose of bidding and making
                settlement or payment of the purchase price for all or any
                portion of the Collateral sold at any such public sale, to use
                and apply all or any part of the Secured Obligations as a credit
                on account of the purchase price of any Collateral payable by
                Secured Party at such sale. Each purchaser at any such sale
                shall acquire the property sold absolutely free from any claim
                or right on the part of Pledgor. Pledgor agrees that, to the
                extent notice of sale shall be required by law, at least five
                days' notice to Pledgor of the time and place of any public sale
                or the time after which a private sale is to be made shall
                constitute reasonable notification. Secured Party shall not be
                obligated to make any sale of Collateral regardless of notice of
                sale having been given. Secured Party may adjourn any public or
                private sale from time to time by announcement at the time and
                place fixed therefor, and such sale may, without further notice,
                be made at the time and place to which it was so adjourned.
                Pledgor hereby waives any claims against Secured Party arising
                because the price at which any Collateral may have been sold at
                such a private sale was less than the price that might have been
                obtained at a public sale, even if Secured Party accepts the
                first offer received and does not offer such Collateral to more
                than one of offeree.

        (b)     Pledgor hereby agrees that any sale or other disposition of the
                Collateral conducted in conformity with reasonable commercial
                practices of major banks, insurance companies, or other
                financial institutions in the City and County of San Francisco,
                California, in disposing of property similar to the Collateral
                shall be deemed to be commercially reasonable.

        (c)     Pledgor hereby acknowledges that the sale by Secured Party of
                any Collateral pursuant to the terms hereof in compliance with
                the Securities Act of 1933 as now in effect or as hereafter
                amended, or any similar statute hereafter adopted with similar
                purpose or effect (the "Securities Act"), as well as applicable
                Blue Sky or other state securities laws may require strict
                limitations as to the manner in which Secured Party or any
                subsequent transferee of the Collateral may dispose thereof.
                Pledgor acknowledges and agrees that in order to protect Secured
                Party's interest it may be necessary to sell the Collateral at a
                price less than the maximum price attainable if a sale were
                delayed or were made in another manner, such as a public
                offering under the Securities Act. Pledgor has no objection to
                sale in such a manner and agrees that Secured Party shall have
                no obligation to obtain the maximum possible price for the
                Collateral. Without limiting the generality of the foregoing,
                Pledgor agrees that, upon the occurrence and during the
                continuation of a Default, Secured Party may, subject to
                applicable law, from time to time attempt to sell all or any
                part of the Collateral by a private placement, restricting the
                bidders and prospective purchasers to those who will represent
                and agree that they are purchasing for investment only and not
                for distribution. In so doing, Secured Party may solicit offers
                to buy the Collateral or any part thereof for cash, from a
                limited number of investors deemed by Secured Party, in its
                reasonable judgment, to be institutional investors or other
                responsible parties who

                                       10
<PAGE>   12

                might be interested in purchasing the Collateral. If Secured
                Party shall solicit such offers, then the acceptance by Secured
                Party of one of the offers shall be deemed to be a commercially
                reasonable method of disposition of the Collateral.

        (d)     If Secured Party shall determine to exercise its right to sell
                all or any of the Collateral pursuant to this Section, Pledgor
                agrees that upon request of Secured Party, Pledgor will, at its
                own expense:

        (i)     use its best efforts to execute and deliver, and cause Issuer
                and the directors and officers thereof to execute and deliver,
                all such instruments and documents, and to do or cause to be
                done all such other acts and things, as may be necessary or, in
                the opinion of Secured Party, advisable to register such
                Collateral under the provisions of the Securities Act, and to
                cause the registration statement relating thereto to become
                effective and to remain effective for such period as
                prospectuses are required by law to be furnished, and to make
                all amendments and supplements thereto and to the related
                prospectuses which, in the opinion of Secured Party, are
                necessary or advisable, all in conformity with the requirements
                of the Securities Act and the rules and regulations of the
                Securities and Exchange Commission applicable thereto;

        (ii)    use its best efforts to qualify the Collateral under the state
                securities laws or "Blue Sky" laws and to obtain all necessary
                governmental approvals for the sale of the Collateral, as
                requested by Secured Party;

        (iii)   cause Issuer to make available to its security holders, as soon
                as practicable, an earnings statement which will satisfy the
                provisions of Section 11(a) of the Securities Act; and

        (iv)    do or cause to be done all such other acts and things as may be
                necessary to make such sale of the Collateral or any part
                thereof valid and binding and in compliance with applicable law.

        Pledgor further acknowledges the impossibility of ascertaining the
amount of damages which would be suffered by Secured Party by reason of the
failure by Pledgor to perform any of the covenants contained in this Section
9(d) and, consequently, agrees that, if Pledgor shall fail to perform any such
covenants, it shall pay, as liquidated damages and not as a penalty, an amount
equal to the value of the Collateral (not in excess of the aggregate amount of
the Secured Obligations) on the date Secured Party shall demand compliance with
this Section, to be held by Secured Party as additional Collateral securing the
Secured Obligations. Nothing in this Section 9(d) shall in any way alter the
rights of Secured Party under Section 9(c). Pledgor acknowledges that there is
no adequate remedy at law for failure by it to comply with the provisions of
this Section and that such failure would not be adequately compensable in
damages, and therefore agrees that its agreements contained in this Section 9
may be specifically enforced.

        (e)     PLEDGOR EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY LAW
                (i) ANY CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING
                PRIOR TO THE TIME THE SECURED PARTY TAKES POSSESSION OF OR
                DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED IN
                THIS SECTION 9, (ii) ALL RIGHTS OF REDEMPTION, STAY AND/OR
                APPRAISAL THAT IT NOW HAS OR MAY AT ANY TIME IN THE FUTURE HAVE
                UNDER ANY RULE OF LAW OR STATUTE NOW EXISTING

                                       11
<PAGE>   13

                OR HEREAFTER ENACTED, AND (iii) EXCEPT AS SET FORTH IN SECTION
                9(a), ANY REQUIREMENT OF NOTICE, DEMAND OR ADVERTISEMENT FOR
                SALE.

        10. Application of Proceeds. After and during the continuance of a
Default, any cash held by Secured Party as Collateral and all cash Proceeds
received by Secured Party in respect of any sale of, collection from, or other
realization upon all or any part of the Collateral pursuant to the exercise by
Secured Party of its remedies as a secured creditor hereunder shall be applied
from time to time by Secured Party as follows:

               First: To the payment of the costs and expenses of such sale,
collection or other realization, and all expenses, liabilities and advances made
or incurred by Secured Party in connection therewith and in connection with this
Agreement, including without limitation, reasonable attorneys' fees;

               Second: After payment in full of the amounts specified in the
preceding subparagraph, to the payment of the Secured Obligations in the order,
if any, specified in the Loan Documents; and

               Third: After payment in full of the amounts specified in the
preceding subparagraphs, to the payment to whomsoever may be lawfully entitled
to receive the same, or as a court of competent jurisdiction may direct, of any
surplus then remaining from such Proceeds.

        11. Expenses. All obligations of Pledgor hereunder shall be performed by
Pledgor at Pledgor's sole cost and expense, and Pledgor shall indemnify and hold
Secured Party harmless from any and all such costs and expenses as provided in
Section 20 hereof. The amount of any and all expenses, including the reasonable
fees and expenses of its counsel (including, without limitation, reasonable
allocated fees and expenses of its internal counsel) and any experts and agents,
and out-of-pocket expenses of its officers and employees, which Secured Party
may at any time incur in connection with (i) the administration of this
Agreement, (ii) the custody or preservation of, or the sale of, collection from,
or other realization upon, any of the Collateral, (iii) the exercise or
enforcement of any of the rights of Secured Party hereunder, or (iv) the failure
by Pledgor to perform or observe any of the provisions hereof, or (v) the
preparation, negotiation, delivery and execution of this Agreement including any
amendments or modifications hereto, shall become part of the Secured Obligations
and shall be payable from the proceeds of the Collateral.

        12. Secured Party May Perform. If Pledgor fails to perform any agreement
contained herein, Secured Party may itself perform, or cause performance of,
such agreement, and the expenses of Secured Party incurred in connection
therewith shall be payable by Pledgor under Section 11 hereof.

        13. Secured Party as Pledgor's Attorney-in-Fact. Pledgor hereby
irrevocably appoints Secured Party as Pledgor's attorney-in-fact, with full
authority in the place and stead of Pledgor and in the name of Pledgor or
otherwise, from time to time at Secured Party's discretion to take any action
and to execute any instrument which Secured Party may deem necessary or
advisable to accomplish the purposes of this Agreement, including without
limitation: (a) to receive,

                                       12
<PAGE>   14

endorse and collect all instruments made payable to Pledgor representing any
dividend, interest payment or other distribution in respect of the Collateral or
any part thereof to the extent permitted hereunder and to give full discharge
for the same and to execute and file governmental notifications and reporting
forms, (b) to issue any notifications/instructions Secured Party deems necessary
pursuant to Section 3 of this Agreement, or (c) to arrange for the transfer of
the Collateral on the books of Issuer or any other Person to the name of Secured
Party or to the name of Secured Party's nominee.

        14. Notices. Unless otherwise provided in this Agreement, all notices or
demands by any party relating to this Agreement shall be in writing and either
personally served or sent by certified mail, return receipt requested, postage
prepaid, to Pledgor or to Secured Party, as the case may be, at the address set
forth below its signature on the execution page hereof. The parties hereto may
change the address at which they are to receive notices hereunder, by notice in
the foregoing manner given to the other parties. All notices or demands sent in
accordance with this Section shall be deemed received on the earlier of the date
of actual receipt or five (5) days after the deposit thereof in the mail with
postage prepaid.

        15. Choice of Law and Venue; Waiver of Jury Trial. THE VALIDITY OF THIS
AGREEMENT, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS OF
THE PARTIES HERETO, SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW, EXCEPT ONLY TO THE EXTENT THAT THE EXISTENCE,
PERFECTION OR ENFORCEMENT OF THE SECURITY INTEREST HEREUNDER IN RESPECT OF ANY
PART OF THE COLLATERAL AS TO ANY PERSON WHO IS NOT A PARTY TO, AND IS NOT
OTHERWISE BOUND BY, THIS AGREEMENT IS GOVERNED BY THE LAWS OF A JURISDICTION
OTHER THAN THAT STATE OF CALIFORNIA. TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE
PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS
AGREEMENT SHALL BE TRIED AND DETERMINED ONLY IN THE STATE AND FEDERAL COURTS
LOCATED IN THE CITY AND COUNTY OF SAN FRANCISCO, STATE OF CALIFORNIA OR, AT THE
SOLE OPTION OF SECURED PARTY, AND SO LONG AS SECURED PARTY MAINTAINS THE
COLLATERAL IN THE STATE OF CALIFORNIA, IN ANY OTHER COURT IN WHICH SECURED PARTY
SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER
JURISDICTION OVER THE MATTER IN CONTROVERSY. TO THE EXTENT THEY MAY LAWFULLY DO
SO, SECURED PARTY AND PLEDGOR EACH WAIVE THE RIGHT TO A TRIAL BY JURY AND ANY
RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT
TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS
SECTION.

        16. Effectiveness. This Agreement shall be binding and deemed effective
when executed by Pledgor and accepted and executed by Secured Party.

        17. Successors and Assigns. This Agreement shall bind and inure to the
benefit of the respective successors and assigns of Pledgor, and Secured Party;
provided, however, that, except in connection with a transfer permitted by
Section 7(d) hereof, Pledgor may not assign this

                                       13
<PAGE>   15

Agreement or any rights hereunder without Secured Party's prior written consent
and any prohibited assignment shall be absolutely void. No consent by Secured
Party to an assignment shall release Pledgor from its obligations hereunder.
Secured Party may assign its rights and duties hereunder in accordance with the
Loan Documents.

        18. Section Headings. The subject headings and the sections and
subsections of this Agreement and numbers have been set forth herein for
convenience only. Unless the contrary is compelled by the context, everything
contained in each section of this Agreement applies equally to this entire
Agreement.

        19. No Implied Waiver; Cumulative Rights. No failure on the part of
Secured Party to exercise, and no course of dealing with respect to, and no
delay in exercising, any right, power or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise by Secured Party of any
right, power or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. The remedies herein
provided are to the fullest extent permitted by law cumulative and are not
exclusive of any remedies provided by law.

        20. Indemnification. Pledgor hereby agrees to indemnify Secured Party
for any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements (including, without
limitation, reasonable fees and expenses of its counsel and reasonable allocated
fees and expenses of internal counsel) of any kind and nature whatsoever which
may be imposed on, incurred by or asserted against Secured Party in any way
relating to or arising out of this Agreement; Provided, however, that Pledgor
shall not be liable for any of the foregoing to the extent they arise from the
gross negligence or willful misconduct of Secured Party. The provisions set
forth in this Section shall survive the payment of the Secured Obligations and
the termination of this Agreement.

        21. Severability of Provisions. Any provision of this Agreement 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 or affecting the validity or
enforceability of such provision in any other jurisdiction.

        22. Entire Agreement. This Agreement constitutes the entire agreement
between Pledgor and Secured Party pertaining to the subject matter contained
herein. No waiver of any provision of this Agreement, nor any consent to any
departure by Pledgor herefrom, shall in any event be effective unless the same
shall be in writing and signed by Secured Party, and no amendment to any
provisions of this Agreement shall be effective unless the same shall be in
writing and signed by both Pledgor and Secured Party, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.

        23. Termination. This Agreement shall create a continuing security
interest in the Collateral and shall remain in full force and effect until
indefeasible payment and performance in full of the Secured Obligations,
whereupon the security interests granted hereby shall automatically terminate
and all rights to such portion of the Collateral that has not been sold or
otherwise applied pursuant hereto shall revert to Pledgor or other party then
thereto entitled.

                                       14
<PAGE>   16

Upon any such termination, Secured Party will, at Pledgor's expense, execute
and deliver to Pledgor such documents as Pledgor shall reasonably request to
evidence such termination.

        24. Counterparts and Duplicates. This Agreement may be signed in any
number of counterparts or duplicates, each of which shall be an original, and
all of which taken together shall constitute the same instrument.

               IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date and year first written above.

PLEDGOR:                               CENTRAL FINANCIAL ACCEPTANCE
                                       CORPORATION

                                       By                  /S/
                                          --------------------------------------
                                       Name:  Howard Weitzman
                                       Title:  Chief Financial Officer

                                       Address for Notices:

                                       Attn: Gary Cypres
                                       5480 East Ferguson Drive
                                       Commerce, CA 90022
                                       Telephone: 323.720.8608
                                       Facsimile: 323.720.8729

SECURED PARTY:                         UNION BANK OF CALIFORNIA, N.A., as
                                       Agent

                                       By                  /S/
                                          --------------------------------------
                                       Name:  Robert C. Nagel
                                       Title: President

                                       Address for Notices:

                                       Attn:  Robert C. Nagel
                                       350 California Street, 6th Floor
                                       San Francisco, CA 94104
                                       Telephone:  415.705.7189
                                       Facsimile:  415.705.5093

                                       15<PAGE>   1

                                 EXHIBIT 10.445

                                    GUARANTY

                                       16
<PAGE>   2

               This GUARANTY, dated as of August 11, 2000, is by CENTRAL CHECK
CASHING, INC., a California corporation, and CENTRAL CONSUMER COMPANY OF NEVADA,
a Nevada corporation (individually a "Guarantor", collectively "Guarantors"), in
favor of the Lenders (as below defined) and UNION BANK OF CALIFORNIA, N.A., as
agent (in such capacity, the "Agent") for the financial institutions (the
"Lenders") from time to time party to that certain Credit Agreement dated as of
August 11, 2000, among Central Consumer Finance Company, a Delaware corporation
(the "Borrower"), the Lenders and the Agent.

                                    Recitals

               A. The Borrower, the Agent, and the Lenders entered into a Credit
Agreement dated as of August 11, 2000. The Credit Agreement as now in effect or
hereafter extended, renewed, modified, supplemented, amended or restated is
hereinafter called the "Credit Agreement".

               B. The Lenders are willing to make certain Loans to the Borrower
as provided in the Credit Agreement on the condition (among others) that the
Guarantors enter into this Guaranty.

               C. The Guarantors, as Subsidiaries of the Borrower, will derive
substantial and direct benefits (which benefits are hereby acknowledged by the
Guarantors) from the Loans and other benefits to be provided to the Borrower
under the Credit Agreement.

               D. In order to induce the Lenders to make such Loans available to
the Borrower as provided in the Credit Agreement, and for other valuable
consideration, the Guarantors issue this Guaranty.

        1. Definitions. Unless otherwise defined herein, capitalized terms used
in this Guaranty have the meanings given to them from time to time in the Credit
Agreement. References to the Lenders or any Lender herein shall include the
Agent in its capacity as a Lender. As used herein, "Guaranteed Obligations"
means (a) the "Obligations" as defined in the Credit Agreement and includes all
obligations, liabilities and indebtedness of every kind and character, whether
now existing or hereafter arising, whether absolute or contingent, and whether
direct or indirect, arising directly or indirectly under or pursuant to any one
or more of the Loan Documents, whether for principal, interest (including,
without limitation, interest that, but for the filing of a petition in
bankruptcy, would accrue on such obligations, liabilities or indebtedness), fees
(including, without limitation, reasonable attorneys' fees of outside counsel
and the reasonable allocated fees of internal counsel) or expenses, (b) all
obligations, liabilities and indebtedness of Borrower to Union Bank of
California, N.A. of every kind and character, whether now existing or hereafter
arising, whether absolute or contingent, and whether direct or indirect, arising
directly or indirectly under or pursuant to any and all transactions, agreements
or documents now existing or hereafter entered into, which provides for an
interest rate, credit, commodity or equity swap, cap, floor, collar, forward
foreign exchange transaction, currency swap, cross currency rate swap, currency
option, or any combination of, or option with respect to, these or similar
transactions, for the purpose of hedging Borrower's exposure to fluctuations in
interest or exchange rates, loan, credit exchange, security or currency
valuations or commodity prices, whether for principal, interest (including,
without limitation, interest that, but for the

                                       17
<PAGE>   3

filing of a petition in bankruptcy, would accrue on such obligations,
liabilities or indebtedness), fees (including, without limitation, reasonable
attorneys' fees of outside counsel and the reasonable allocated fees of internal
counsel) or expenses, and (c) all obligations, liabilities and indebtedness of
Borrower to Union Bank of California, N.A. of every kind and character, whether
now existing or hereafter arising, whether absolute or contingent, and whether
direct or indirect, arising directly or indirectly under or pursuant to any cash
management or related services including the automatic clearing house transfer
of funds by the Bank for the account of Borrower pursuant to agreement or
overdrafts, whether for principal, interest (including, without limitation,
interest that, but for the filing of a petition in bankruptcy, would accrue on
such obligations, liabilities or indebtedness), fees (including, without
limitation, reasonable attorneys' fees of outside counsel and the reasonable
allocated fees of internal counsel) or expenses.

        2. Guaranty.

        2.1     Guaranty. (a)Each Guarantor hereby, jointly and severally,
                irrevocably, absolutely, and unconditionally guarantees the full
                and punctual payment or performance when due, whether at stated
                maturity, by required prepayment, declaration, acceleration,
                demand or otherwise, of all of the Guaranteed Obligations,
                including (i) Guaranteed Obligations in respect of amounts that
                would become due but for the operation of the automatic stay
                under Section 362(a) of the Bankruptcy Code or the operation of
                Sections 502(b) and 506(b) of the Bankruptcy Code; and (ii)
                Guaranteed Obligations to deliver and pledge cash collateral
                upon certain events. This Guaranty constitutes a guaranty of
                payment and performance when due and not of collection, and each
                Guarantor specifically agrees that it shall not be necessary or
                required that the Agent or any Lender exercise any right, assert
                any claim or demand or enforce any remedy whatsoever against the
                Borrower (or any other Person) before or as a condition to the
                obligations of the Guarantors hereunder. The Agent or any Lender
                may permit the indebtedness of the Borrower to the Agent or any
                Lender to include indebtedness other than the Guaranteed
                Obligations, and may apply any amounts received from any source,
                other than from the Guarantors, to that portion of Borrower's
                indebtedness to the Agent or any Lender which is not a part of
                the Guaranteed Obligations.

        (b)     To secure all of the Guarantors' obligations hereunder, each
                Guarantor assigns and grants to Lender a security interest in
                all moneys, securities, and other property of such Guarantor now
                or hereafter in the possession of Lender, all deposit accounts
                of such Guarantor maintained with Lender, and all proceeds
                thereof. Upon default or breach of any Guarantor's obligations
                to Lender, Lender may apply any deposit account to reduce the
                indebtedness, and may foreclose any collateral as provided in
                the Uniform Commercial Code and in any security agreements
                between Lender and Guarantor.

        2.2     Obligations Independent. The obligations hereunder are
                independent of the obligations of the Borrower, and a separate
                action or actions may be brought and prosecuted against one or
                more of the Guarantors whether action is brought against the
                Borrower or whether the Borrower or any other guarantor be
                joined in any such

                                       18
<PAGE>   4

                action or actions; and each Guarantor waives the benefit of any
                statute of limitations affecting such Guarantor's liability
                hereunder.

        2.3     Limit of Liability. Notwithstanding anything to the contrary
                contained herein:

        (a)     Each Guarantor shall be liable hereunder only for the largest
                amount that would not render such Guarantor's obligations
                hereunder subject to avoidance under Section 548 of the
                Bankruptcy Code or comparable provisions of any applicable state
                law; provided that such amount shall be presumed to be the
                entire amount of the Guaranteed Obligations. If, any Guarantor
                claims that such Guarantor's liability hereunder is less than
                the entire amount of the Guaranteed Obligations, such Guarantor
                shall have the burden of proving, by clear and convincing
                evidence, that such Guarantor's liability hereunder should be so
                limited since the information concerning, and the circumstances
                of, the financial condition of such Guarantor are more readily
                available to and are under the control of such Guarantor.

        (b)     All payments received by Agent or any Lender from any Person
                other than a Guarantor on account of the Guaranteed Obligations
                shall be deemed as having been applied to Guaranteed Obligations
                which, pursuant to this Section 2.3, are in excess of the
                amounts guaranteed hereunder.

        2.4     Authorization of Renewals, Etc. The Guarantors authorize the
                Agent and each Lender, without notice or demand and without
                affecting its liability hereunder, from time to time:

        (a)     to renew, compromise, extend, accelerate or otherwise change the
                time for payment, or otherwise change the terms, of the
                Guaranteed Obligations or any part thereof, including increase
                or decrease of the rate of interest thereon, or otherwise change
                the terms of the Credit Agreement or any other Loan Document;

        (b)     to receive and hold security for the payment of this Guaranty or
                the Guaranteed Obligations and exchange, enforce, waive,
                release, fail to perfect, sell, or otherwise dispose of any such
                security;

        (c)     to apply such security and direct the order or manner of sale
                thereof as the Agent, or any Lender, as the case may be, in its
                or their discretion may determine; and

        (d)     to release or substitute any one or more of any endorsers or
                guarantors of the Guaranteed Obligations.

The Guarantors further agree the performance or occurrence of any of the acts or
events described in clauses (a), (b), (c), and (d) above with respect to
indebtedness or other obligations of the Borrower, other than the Guaranteed
Obligations, to the Agent or any Lender, shall not affect the liability of the
Guarantors hereunder.

        2.5     Waiver of Certain Rights. Each Guarantor waives any right to
                require the Agent or any Lender:

        (a)     to proceed against the Borrower or any other Person, including
                any other Guarantor;

                                       19
<PAGE>   5

        (b)     to proceed against or exhaust any security for the Guaranteed
                Obligations or any other indebtedness of the Borrower to the
                Agent or any Lender; or

        (c)     to pursue any other remedy in the Agent's or any such Lender's
                power whatsoever.

        2.6     Waiver of Certain Defenses. (a) Each Guarantor waives any
                defense arising by reason of any disability or other defense of
                the Borrower, or the cessation from any cause whatsoever of the
                liability of the Borrower, whether consensual or arising by
                operation of law or any bankruptcy, insolvency or debtor relief
                proceeding, or from any other cause, including any such defense
                or cessation of liability arising from or as a result of any
                claim of fraudulent transfer or preference, or any claim that
                such Guarantor's obligations exceed or are more burdensome than
                those of the Borrower. Each Guarantor waives any defense arising
                by reason of any statute of limitations affecting the liability
                of the Borrower. Each Guarantor waives all rights and defenses
                arising out of an election of remedies by the Agent or any
                Lender, even though that election of remedies, such as a
                nonjudicial foreclosure with respect to security for the
                Guaranteed Obligations, has destroyed such Guarantor's rights of
                subrogation and reimbursement against the Borrower by operation
                of Section 580d of the California Code of Civil Procedure (if
                applicable) or other applicable law, and all rights or defenses
                such Guarantor may have by reason of protection afforded to the
                Borrower with respect to the Guaranteed Obligations pursuant to
                the antideficiency laws or other laws of the State of California
                (or other applicable jurisdiction) limiting or discharging the
                Guaranteed Obligations. Each Guarantor waives any benefit of,
                and any right to participate in, any security or other guaranty
                now or hereafter held by the Agent or any Lender securing the
                Guaranteed Obligations.

        (a)     Until the indebtedness shall have been paid in full, even though
                the indebtedness is in excess of such Guarantor's liability
                hereunder, each Guarantor waives any right of subrogation,
                reimbursement, indemnification, and contribution (contractual,
                statutory, or otherwise) including, without limitation, any
                claim or right of subrogation under the Bankruptcy Code (Title
                11, United States Code) or any successor statute, arising from
                the existence or performance of this Guaranty, and each
                Guarantor waives any right to enforce any remedy which Lender
                now has or may hereafter have against Borrower and waives any
                benefit of and any right to participate in any security now or
                hereafter held by Lender.

        (b)     Each Guarantor understands and acknowledges that if Lender
                forecloses, either by judicial foreclosure or by exercise of
                power of sale, any deed of trust securing the indebtedness, that
                foreclosure could impair or destroy any ability that such
                Guarantor may have to seek reimbursement, contribution, or
                indemnification from Borrower or others based on any right such
                Guarantor may have of subrogation, reimbursement, contribution,
                or indemnification for any amounts paid by such Guarantor under
                this Guaranty. Each Guarantor further understands and
                acknowledges that in the absence of this paragraph, such
                potential impairment or destruction of Guarantor's rights, if
                any, may entitle such Guarantor to assert a defense to this
                Guaranty based on Section 580d of the California Code of Civil
                Procedure as interpreted in Union Bank v. Gradsky, 265 Cal. App.
                2d. 40 (1968). By executing this Guaranty, each Guarantor

                                       20
<PAGE>   6

                freely, irrevocably, and unconditionally: (i) waives and
                relinquishes that defense and agrees that such Guarantor will be
                fully liable under this Guaranty even though Lender may
                foreclose, either by judicial foreclosure or by exercise of
                power of sale, any deed of trust securing the indebtedness; (ii)
                agrees that such Guarantor will not assert that defense in any
                action or proceeding which Lender may commence to enforce this
                Guaranty; (iii) acknowledges and agrees that the rights and
                defenses waived by such Guarantor in this Guaranty include any
                right or defense that such Guarantor may have or be entitled to
                assert based upon or arising out of any one or more of Sections
                580a, 580b, 580d, or 726 of the California Code of Civil
                Procedure or Section 2848 of the California Civil Code; and (iv)
                acknowledges and agrees that Lender is relying on this waiver in
                making the Loans and extending other financial accommodations
                giving rise to the obligations, and that this waiver is a
                material part of the consideration which Lender is receiving for
                creating the Guaranteed Obligations.

        (c)     Each Guarantor waives any rights and defenses that are or may
                become available to it by reason of Sections 2787 to 2855,
                inclusive, of the California Civil Code.

        (d)     Each Guarantor waives all rights and defenses that it may have
                because any of the indebtedness is secured by real property.
                This means, among other things: (i) Lender may collect from such
                Guarantor without first foreclosing on any real or personal
                property collateral pledged by Borrower; and (ii) if Lender
                forecloses on any real property collateral pledged by Borrower:
                (1) the amount of the indebtedness may be reduced only by the
                price for which that collateral is sold at the foreclosure sale,
                even if the collateral is worth more than the sale price, and
                (2) Lender may collect from such Guarantor even if Lender, by
                foreclosing on the real property collateral, has destroyed any
                right such Guarantor may have to collect from Borrower. This is
                an unconditional and irrevocable waiver of any rights and
                defenses that any Guarantor may have because any of the
                Guaranteed Obligations are secured by real property. These
                rights and defenses include, but are not limited to, any rights
                or defenses based upon Section 580a, 580b, 580d, or 726 of the
                California Code of Civil Procedure.

        (e)     Each Guarantor waives any right or defense it may have at law or
                equity, including California Code of Civil Procedure Section
                580a, to a fair market value hearing or action to determine a
                deficiency judgment after a foreclosure.

        (f)     No provision or waiver in this Guaranty shall be construed as
                limiting the generality of any other waiver contained in this
                Guaranty.

        2.7     Waiver of Presentments, Etc. Each Guarantor waives all
                presentments, demands for performance, notices of
                nonperformance, protests, notices of protest, notices of
                dishonor and notices of acceptance of this Guaranty and of the
                existence, creation, or incurring of new or additional
                Guaranteed Obligations or any other indebtedness of Borrower to
                the Agent or any Lender.

        2.8     Information Relating to Borrower. Each Guarantor acknowledges
                and agrees that it shall have the sole responsibility for
                obtaining from the Borrower such information

                                       21
<PAGE>   7

                concerning the Borrower's financial condition or business
                operations as such Guarantor may require, and that neither the
                Agent nor any Lender has any duty at any time to disclose to any
                Guarantor any information relating to the business operations or
                financial condition of the Borrower.

        2.9     Right of Setoff. In addition to any rights and remedies of the
                Lenders provided by law, if any Guarantor has failed to make any
                payment due hereunder upon demand, each Lender is authorized at
                any time and from time to time, without prior notice to any
                Guarantor, any such notice being waived by the Guarantors to the
                fullest extent permitted by law, to set-off and apply any and
                all deposits (general or special, time or demand, provisional or
                final) at any time held and other indebtedness at any time owing
                by such Lender to or for the credit or the account of any
                Guarantor against any and all obligations of the Guarantors now
                or hereafter existing under this Guaranty or any other Loan
                Document, irrespective of whether or not the Agent or such
                Lender shall have made demand under this Guaranty or any other
                Loan Document and although such obligations may be contingent or
                unmatured. Each Lender agrees promptly to notify the Guarantors
                and the Agent after any such set-off and application made by
                such Lender; provided that the failure to give such notice shall
                not affect the validity of such set-off and application. The
                rights of each Lender under this Section 2.9 are in addition to
                the other rights and remedies (including, without limitation,
                other rights of set-off) which such Lender may have.

        2.10    Subordination. Any obligations of the Borrower to any Guarantor,
                now or hereafter existing, including, but not limited to,
                obligations to any Guarantor as subrogee of the Agent or any
                Lender or resulting from any Guarantor's performance under this
                Guaranty, are hereby fully subordinated in time and priority of
                payment to the Guaranteed Obligations and all other indebtedness
                of the Borrower to the Agent or any Lender. Such obligations of
                the Borrower to any Guarantor if the Lenders so request shall be
                enforced and performance received by such Guarantor as trustee
                for the Agent and the Lenders and the proceeds thereof shall be
                paid over to the Agent and the Lenders on account of the
                Guaranteed Obligations, but without reducing or affecting in any
                manner the liability of any Guarantor under the other provisions
                of this Guaranty.

        2.11    Reinstatement of Guaranty. If any payment or transfer of any
                interest in property by the Borrower to the Agent or any Lender
                in fulfillment of any Guaranteed Obligation is rescinded or must
                at any time (including after the return or cancellation of this
                Guaranty) be returned, in whole or in part, by the Agent or any
                Lender to the Borrower or any other Person, upon the insolvency,
                bankruptcy or reorganization of the Borrower or otherwise, this
                Guaranty shall be reinstated with respect to any such payment or
                transfer, regardless of any such prior return or cancellation.

        2.12    Powers. (a) It is not necessary for the Agent or any Lender to
                inquire into the powers of the Borrower or of the officers,
                directors, partners or agents acting or purporting to act on its
                behalf, and any Guaranteed Obligations made or created in
                reliance upon the professed exercise of such powers shall be
                guaranteed hereunder.

                                       22
<PAGE>   8

        (a)     Each Guarantor authorizes Lender to verify or check any
                information given by such Guarantor to Lender, check Guarantor's
                credit references, verify employment, and obtain credit reports.

        2.13    Taxes. (a) Any and all payments by the Guarantors to each Lender
                or the Agent under this Guaranty shall be made free and clear
                of, and without deduction or withholding for, any Taxes. In
                addition, the Guarantors shall pay all Other Taxes.

        (a)     If the Guarantors shall be required by law to deduct or withhold
                any Taxes, Other Taxes or Further Taxes from or in respect of
                any sum payable hereunder to any Lender or the Agent, then:

        (i)     the sum payable shall be increased as necessary so that, after
                making all required deductions and withholdings (including
                deductions and withholdings applicable to additional sums
                payable under this Section), such Lender or the Agent, as the
                case may be, receives and retains an amount equal to the sum it
                would have received and retained had no such deductions or
                withholdings been made;

        (ii)    the Guarantors shall make such deductions and withholdings;

        (iii)   the Guarantors shall pay the full amount deducted or withheld to
                the relevant taxing authority or other authority in accordance
                with applicable law; and

        (iv)    the Guarantors shall also pay to each Lender or the Agent for
                the account of such Lender at the time interest is paid, Further
                Taxes in the amount that the respective Lender specifies as
                necessary to preserve the after-tax yield the Lender would have
                received if such Taxes, Other Taxes or Further Taxes had not
                been imposed.

        (b)     The Guarantors agree to indemnify and hold harmless each Lender
                and the Agent for the full amount of (i) Taxes, (ii) Other
                Taxes, and (iii) Further Taxes in the amount that the respective
                Lender specifies as necessary to preserve the after-tax yield
                the Lender would have received if such Taxes, Other Taxes or
                Further Taxes had not been imposed, and any liability (including
                penalties, interest, additions to tax and expenses) arising
                therefrom or with respect thereto, whether or not such Taxes,
                Other Taxes or Further Taxes were correctly or legally asserted.
                Payment under this indemnification shall be made within 30 days
                after the date the Lender or the Agent makes written demand
                therefor.

        (c)     Within 30 days after the date of any payment by the Guarantors
                of Taxes, Other Taxes or Further Taxes, the Guarantors shall
                furnish to each Lender or the Agent the original or a certified
                copy of a receipt evidencing payment thereof, or other evidence
                of payment satisfactory to such Lender or the Agent.

        (d)     For purposes of this Section, (i) "Taxes" means any and all
                present or future taxes, levies, assessments, imposts, duties,
                deductions, fees, withholdings or similar charges, and all
                liabilities with respect thereto, excluding, in the case of each
                Lender and the Agent, respectively, taxes imposed on or measured
                by its net income by the jurisdiction (or any political
                subdivision thereof) under the laws of which such Lender

                                       23
<PAGE>   9

                or the Agent, as the case may be, is organized or maintains a
                lending office; (ii) "Other Taxes" means any present or future
                stamp, court or documentary taxes or any other excise or
                property taxes, charges or similar levies which arise from any
                payment made hereunder or from the execution, delivery,
                performance, enforcement or registration of, or otherwise with
                respect to, this Guaranty; and (iii) "Further Taxes" means any
                and all present or future taxes, levies, assessments, imposts,
                duties, deductions, fees, withholdings or similar charges
                (including, without limitation, net income taxes and franchise
                taxes), and all liabilities with respect thereto, imposed by any
                jurisdiction on account of amounts payable or paid pursuant to
                this Section.

        2.14    Waiver of Subrogation. Until the Guaranteed Obligations have
                been indefeasibly paid in full, each Guarantor waives any right
                of subrogation, reimbursement, indemnification and contribution
                (contractual, statutory or otherwise), including any claim or
                right of subrogation under the Bankruptcy Code or any successor
                statute, against the Borrower arising from the existence or
                performance of this Guaranty and each Guarantor waives any right
                to enforce any remedy which the Agent or any Lender now has or
                may hereafter have against the Borrower, and waives any benefit
                of, and any right to participate in, any security now or
                hereafter held by the Agent or any Lender secured the Guaranteed
                Obligations.

        3. Representations and Warranties. Each Guarantor represents and
warrants to the Agent and each Lender as follows:

        3.1     Corporate Existence and Power. Such Guarantor (a) is a
                corporation duly organized, validly existing and in good
                standing under the laws of the jurisdiction of their
                incorporation; (b) has the power and authority and all
                governmental licenses, authorizations, consents and approvals to
                own its assets, carry on their businesses and to execute,
                deliver, and perform its obligations under, this Guaranty and
                any other Loan Document to which they are a party; (c) is duly
                qualified as a foreign corporation, and licensed and in good
                standing, under the laws of each jurisdiction where its
                ownership, lease or operation of property or the conduct of
                their business requires such qualification or license; and (d)
                is in compliance with all Requirements of Law.

        3.2     Corporate Authorization; No Contravention. The execution,
                delivery and performance by such Guarantor of this Guaranty and
                any other Loan Document to which it is party, have been duly
                authorized by all necessary corporate action, and do not and
                will not (a) contravene the terms of such Guarantor's
                Organization Documents; (b) conflict with or result in any
                breach or contravention of, or the creation of any lien under,
                any document evidencing any contractual obligation to which such
                Guarantor is a party or any order, injunction, writ or decree of
                any Governmental Authority to which such Guarantor or its
                property are subject; or (c) violate any Requirement of Law.

        3.3     Governmental Authorization. No approval, consent, exemption,
                authorization, or other action by, or notice to, or filing with,
                any Governmental Authority is necessary or required in
                connection with the execution, delivery or performance by, or

                                       24
<PAGE>   10

                enforcement against, such Guarantor of this Guaranty or any
                other Loan Document to which it is a party.

        3.4     Binding Effect. This Guaranty and each other Loan Document to
                which such Guarantor is a party constitute the legal, valid and
                binding obligations of such Guarantor, enforceable against such
                Guarantor in accordance with their respective terms, except as
                enforceability may be limited by applicable bankruptcy,
                insolvency, or similar laws affecting the enforcement of
                creditors' rights generally or by equitable principles relating
                to enforceability.

        3.5     Regulated Entities. Such Guarantor, any Person controlling any
                Guarantor or any Subsidiary of any Guarantor is not (a) an
                "Investment Borrower" within the meaning of the Investment
                Borrower Act of 1940; or (b) subject to regulation under the
                Public Utility Holding Company Act of 1935, the Federal Power
                Act, the Interstate Commerce Act, any state public utilities
                code, or any other Federal or state statute or regulation
                limiting its ability to incur or guarantee indebtedness.

        4. Miscellaneous

        4.1     Application of Payments on Guaranty. All payments required to be
                made by the Guarantors hereunder shall, unless otherwise
                expressly provided herein, be made to the Agent for the account
                of the Lenders at the Agent's Payment Office. The Agent will
                promptly distribute to each Lender its Pro Rata Share (or other
                applicable share as expressly provided herein) of such payment
                in like funds as received. Payments received from the Guarantors
                shall, unless otherwise expressly provided herein, be applied to
                costs, fees, or other expenses due under the Loan Documents, any
                interest (including interest due under subsection 2.07 of the
                Credit Agreement, any principal due under the Loan Documents and
                any other Guaranteed Obligations, in such order as the Agent,
                with the consent of or at the request of the Lenders, shall
                determine.

        4.2     Assignments, Participations, Confidentiality. Any Lender may
                from time to time, without notice to the Guarantors and without
                affecting any Guarantor's obligations hereunder, transfer its
                interest in the Guaranteed Obligations to Participants and
                Assignees as provided in the Credit Agreement. The Guarantors
                agree that each such transfer will give rise to a direct
                obligation of the Guarantors to each such Participant and
                Assignee and that each such Participant and Assignee shall have
                the same rights and benefits under this Guaranty as it would
                have if it were a Lender party to the Credit Agreement and this
                Guaranty. Each Guarantor agrees that a Lender may disclose to
                any assignee or purchaser, or any prospective assignee or
                purchaser, of all or part of the Guaranteed Obligations, any and
                all information in such Lender's possession concerning such
                Guarantor, this Guaranty, and any security for this Guaranty.
                The Guarantors, the Agent and each Lender agree that the
                provisions of Section 10.17 of the Credit Agreement shall apply
                to all information identified as "confidential" or "secret" by
                the Guarantors and provided to the Agent or such Lender by the
                Guarantors or any Subsidiary of any Guarantor under this
                Guaranty or any other Loan Document to which the Guarantors are
                a party.

                                       25
<PAGE>   11

        4.3     Loan Document. This Guaranty is a Loan Document executed and
                delivered pursuant to the Credit Agreement and shall (unless
                otherwise expressly indicated herein) be construed, administered
                and applied in accordance with the terms and provisions thereof.
                Without limiting the generality of the foregoing, the provisions
                of Sections 1.02 and 1.03 of the Credit Agreement shall apply to
                the interpretation and administration of this Guaranty as if
                such provisions were incorporated herein, with all references to
                the "Agreement" in such Sections being deemed to be references
                to this Guaranty.

        4.4     Addition of Guarantors. Any Person which executes and delivers
                to the Agent a joinder letter in the form attached hereto as
                "Exhibit 1" shall, without further action on the part of any
                Person, automatically become a party hereto as a Guarantor with
                respect to the repayment and performance of the Guaranteed
                Obligations and shall be fully obligated as a Guarantor
                hereunder.

        4.5     Waivers; Writing Required. No delay or omission by the Agent or
                any Lender to exercise any right under this Guaranty shall
                impair any such right, nor shall it be construed to be a waiver
                thereof. No waiver of any single breach or default under this
                Guaranty shall be deemed a waiver of any other breach or
                default. Any amendment or waiver of any provision of this
                Guaranty must be in writing and signed by the Guarantors and the
                Agent, with the written consent of all of the Lenders, in
                accordance with the terms of Section 10.01 of the Credit
                Agreement.

        4.6     Remedies. All rights and remedies provided in this Guaranty and
                any instrument or agreement referred to herein are cumulative
                and are not exclusive of any rights or remedies otherwise
                provided by law. Any single or partial exercise of any right or
                remedy shall not preclude the further exercise thereof or the
                exercise of any other right or remedy.

        4.7     Costs and Expenses. The Guarantors, jointly and severally, agree
                to pay or reimburse the Agent and each Lender within five
                Business Days after demand for all costs and expenses, including
                Attorney Costs (including allocated costs of Lender's in-house
                counsel) incurred by them in connection with the enforcement,
                attempted enforcement, or preservation of any rights or remedies
                under this Guaranty (including in connection with any "workout"
                or restructuring regarding amounts due under this Guaranty, and
                including in any Insolvency Proceeding or appellate proceeding).

        4.8     Severability. The illegality or unenforceability of any
                provision of this Guaranty or any instrument or agreement
                referred to herein shall not in any way affect or impair the
                legality or enforceability of the remaining provisions of this
                Guaranty or any instrument or agreement referred to herein.

        4.9     Revocation. Each Guarantor absolutely, unconditionally,
                knowingly, and expressly waives any right to revoke this
                Guaranty as to future Guaranteed Obligations and, in light
                thereof, all protection afforded such Guarantor under Section
                2815 of the California Civil Code. Each Guarantor fully realizes
                and understands that, upon execution of this agreement, such
                Guarantor will not have any right to revoke this

                                       26
<PAGE>   12

                Guaranty as to any future Guaranteed Obligations and, thus, may
                have no control over such Guarantor's ultimate responsibility
                for the Guaranteed Obligations. If, contrary to the express
                intent of this agreement, any such revocation is effective
                notwithstanding the foregoing waiver, Guarantors acknowledge and
                agree that: (a) no such revocation shall be effective until
                written notice thereof has been received by Lenders and Agent;
                (b) no such revocation shall apply to any Guaranteed Obligations
                in existence on such date (including any subsequent
                continuation, extension, or renewal thereof, or change in the
                interest rate, payment terms, or other terms and conditions
                thereof); (c) no such revocation shall apply to any Guaranteed
                Obligations made or created after such date to the extent made
                or created pursuant to a legally binding commitment of Lenders
                and Agent which is, or is believed in good faith by Lenders and
                Agent to be, in existence on the date of such revocation; (d) no
                payment by any other Guarantor or Borrower, or from any other
                source, prior to the date of such revocation shall reduce the
                obligations of such Guarantor hereunder; and (e) any payment by
                Borrower or from any source other than such Guarantor,
                subsequent to the date of such revocation, shall first be
                applied to that portion of the obligations, if any, as to which
                the revocation by such Guarantor is effective (and which are
                not, therefore, guarantied by such Guarantor hereunder), and, to
                the extent so applied, shall not reduce the obligations of such
                Guarantor hereunder.

        4.10    Notices. All notices or demands by any Guarantor or Agent or
                Lenders to the other relating to this Guaranty shall be in
                writing and either personally served or sent by registered or
                certified mail, postage prepaid, return receipt requested, or by
                prepaid telex, telefacsimile, or telegram, and shall be deemed
                to be given for purposes of this Guaranty on the day that such
                writing is received by the party to whom it is sent. Unless
                otherwise specified in a notice sent or delivered in accordance
                with the provisions of this clause such writing shall be sent to
                such Guarantor, Agent or Lenders, as applicable, at its address
                for notices set forth on the signature page hereof or as may
                otherwise be specified from time to time in a writing sent by
                one party to the other in accordance with the provisions of this
                Section.

        4.11    WAIVER OF JURY TRIAL. GUARANTORS, LENDERS, AND AGENT EACH WAIVE
                THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE
                OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS
                GUARANTY, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS
                CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR
                OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES
                AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO
                CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. GUARANTORS, LENDERS,
                AND THE AGENT EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION
                SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
                THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE
                RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION
                AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS,
                IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY
                OF THIS GUARANTY OR THE OTHER LOAN

                                       27
<PAGE>   13

                DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL
                APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
                MODIFICATIONS TO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS.

        4.12    GOVERNING LAW. THIS AGREEMENT, AND THE CONSTRUCTION,
                INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF
                GUARANTOR AND LENDERS AND AGENT HERETO AND HEREUNDER SHALL BE
                DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH
                THE INTERNAL LAWS OF THE STATE OF CALIFORNIA.

        4.13    JURISDICTION AND VENUE. EACH GUARANTOR AGREES THAT ALL ACTIONS
                OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL
                BE TRIED AND LITIGATED IN THE COURTS OF THE STATE OF THE STATE
                OF CALIFORNIA OR OF THE UNITED STATES FOR THE NORTHERN OR
                CENTRAL DISTRICTS OF CALIFORNIA. EACH GUARANTOR STIPULATES THAT
                THE STATE AND FEDERAL COURTS LOCATED IN THE CITY AND COUNTY OF
                SAN FRANCISCO OR THE CITY OF LOS ANGELES, STATE OF CALIFORNIA
                SHALL HAVE IN PERSONAM JURISDICTION AND VENUE OVER GUARANTORS
                FOR PURPOSES OF LITIGATING ANY SUCH DISPUTE, CONTROVERSY, OR
                PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OF
                THE OTHER CREDIT DOCUMENTS. SERVICE OF PROCESS SUFFICIENT FOR
                PERSONAL JURISDICTION IN ANY ACTION AGAINST ANY GUARANTOR MAY BE
                MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
                TO SUCH GUARANTOR'S ADDRESS FOR NOTICES SPECIFIED IN ACCORDANCE
                WITH THE TERMS HEREOF. EACH GUARANTOR AGREES THAT ANY FINAL
                JUDGMENT RENDERED AGAINST SUCH GUARANTOR IN ANY ACTION OR
                PROCEEDING SHALL BE CONCLUSIVE AS TO THE SUBJECT OF SUCH FINAL
                JUDGMENT AND MAY BE ENFORCED IN OTHER JURISDICTIONS IN ANY
                MANNER PROVIDED BY LAW. EACH GUARANTOR ABSOLUTELY,
                UNCONDITIONALLY, KNOWINGLY, AND EXPRESSLY WAIVES ANY RIGHT SUCH
                GUARANTOR MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON
                CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY ACTION OR
                PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION.

        4.14    Entire Agreement. This Guaranty (a) integrates all the terms and
                conditions mentioned herein or incidental hereto, (b) supersedes
                all oral negotiations and prior writings with respect to the
                subject matter hereof, and (c) is intended by the parties as the
                final expression of the agreement with respect to the terms and
                conditions set forth in this Guaranty and any such instrument,
                agreement and document and as the complete and exclusive
                statement of the terms agreed to by the parties.

                                       28
<PAGE>   14

               IN WITNESS WHEREOF, each Guarantor has executed this Guaranty by
its duly authorized officers as of the day and year first above written.

                                       CENTRAL CHECK CASHING, INC., a
                                       California corporation

                                       By  /S/
                                          --------------------------------------
                                       Name:  Howard Weitzman
                                       Title:  Chief Financial Officer

                                       Notice Information:

                                       Attn:  Gary Cypres
                                       5480 East Ferguson Drive
                                       Commerce, CA 90022
                                       Tel:  323.720.8724
                                       Fax:  323.720.5242

                                       29
<PAGE>   15

                                       CENTRAL CONSUMER COMPANY OF NEVADA,
                                       a Nevada corporation

                                       By  /S/
                                          --------------------------------------
                                       Name:  Howard Weitzman
                                       Title:  Chief Financial Officer

                                       Notice Information:

                                       Attn:  Gary Cypres
                                       5480 East Ferguson Drive
                                       Commerce, CA 90022
                                       Tel:  323.720.8724
                                       Fax:  323.720.5242

Notice Information for
  Agent and Lenders:

Union Bank of California, N.A., as Agent

Attn:  Robert C. Nagel
350 California Street, 6th Floor
San Francisco, CA 94104
Tel:  415.705.7189
Fax: 415.705.7037

                                       30
<PAGE>   16

                                    EXHIBIT 1
                           [Guarantor Joinder Letter]

                              ---------------, ----

To the Agent
Referenced below:

                      Re: Central Consumer Finance Company

Ladies and Gentlemen:
                  Reference is made to that certain Credit Agreement, dated as
of August 11, 2000 (as amended, the "Credit Agreement"), among Central Consumer
Finance Company, a Delaware corporation ("Borrower"), certain financial
institutions party thereto (the "Lenders"), and Union Bank of California, N.A.,
as agent for the Lenders (in such capacity the "Agent"). Unless specifically
defined herein, capitalized terms used herein have the meaning set forth in the
Credit Agreement.

                  The undersigned hereby confirms and agrees that (a) it has
been furnished with a copy of and has read the Credit Agreement, the Schedules
and Exhibits thereto, the Guaranty, and the other Loan Documents and understands
the effect thereof, and (b) effective as of the date hereof, the undersigned is
obligated as, assumes all obligations of, a Guarantor under the Guaranty. The
undersigned hereby warrants and represents to you that the representations,
warranties, undertakings, and waivers of the undersigned as a Guarantor under
the Guaranty, are true, correct, complete, and effective as to the undersigned.

                                       Very truly yours,

                                       [NAME OF GUARANTOR],
                                       a [_________________]

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

                                       Notice Information:

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