Document:

<PAGE>

                                                                    Exhibit 4.17

                       UNUMPROVIDENT GUARANTEE AGREEMENT

                                    BETWEEN

                          UNUMPROVIDENT CORPORATION,
                                 AS GUARANTOR,

                                      AND

                           THE CHASE MANHATTAN BANK,
                             as Guarantee Trustee

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

                      [UNUMPROVIDENT FINANCING TRUST __]

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

                      DATED AS OF _______________, 200__
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                       [UNUMPROVIDENT FINANCING TRUST __]

           Certain Sections of this Guarantee Agreement relating to
                        Sections 310 through 318 of the
                         Trust Indenture Act of 1939:

     Section of                                            Section of
 Trust Indenture Act                                   Guarantee Agreement
 --------------------                                  -------------------
     310(a)............................................      4.1(a)
        (b)............................................      4.1(c), 2.8
        (c)............................................      Inapplicable
     311(a)............................................      2.2(b)
        (b)............................................      2.2(b)
        (c)............................................      Inapplicable
     312(a)............................................      2.2(a)
        (b)............................................      2.2(b)
     313   ............................................      2.3
     314(a)............................................      2.4
        (b)............................................      Inapplicable
        (c)............................................      2.5
        (d)............................................      Inapplicable
        (e)............................................      1.1, 2.5, 3.2
        (f)............................................      2.1, 3.2
     315(a)............................................      3.1(d)
        (b)............................................      2.7
        (c)............................................      3.1
        (d)............................................      3.1(d)
     316(a)............................................      1.1, 2.6, 5.4
        (b)............................................      5.3
        (c)............................................      8.2
     317(a)............................................      Inapplicable
        (b)............................................      Inapplicable
     318(a)............................................      2.1(b)
        (b)............................................      2.1
        (c)............................................      2.1(a)

Note:  This reconciliation and tie sheet shall not, for any purpose, be deemed
to be a part of the Guarantee Agreement.
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                               TABLE OF CONTENTS
<TABLE>
<S>                                                                              <C>
ARTICLE I Interpretation and Definitions.......................................   1
 SECTION 1.1.  Interpretation..................................................   1
 SECTION 1.2.  Definitions.....................................................   2
ARTICLE II Trust Indenture Act.................................................   4
 SECTION 2.1.  Trust Indenture Act; Application................................   4
 SECTION 2.2.  List of Holders.................................................   5
 SECTION 2.3.  Reports by the Guarantee Trustee................................   5
 SECTION 2.4.  Periodic Reports to the Guarantee Trustee.......................   5
 SECTION 2.5.  Evidence of Compliance with Conditions Precedent................   5
 SECTION 2.6.  Events of Default; Waiver.......................................   5
 SECTION 2.7.  Event of Default; Notice........................................   6
 SECTION 2.8.  Conflicting Interests...........................................   6
ARTICLE III Powers, Duties and Rights of the Guarantee Trustee.................   6
 SECTION 3.1.  Powers and Duties of the Guarantee Trustee......................   6
 SECTION 3.2.  Certain Rights of Guarantee Trustee.............................   8
 SECTION 3.3.  Indemnity.......................................................   9
ARTICLE IV Guarantee Trustee...................................................  10
 SECTION 4.1.  Guarantee Trustee: Eligibility..................................  10
 SECTION 4.2.  Appointment, Removal and Resignation of the Guarantee Trustee...  10
ARTICLE V Guarantee............................................................  11
 SECTION 5.1.  Guarantee.......................................................  11
 SECTION 5.2.  Waiver of Notice and Demand.....................................  11
 SECTION 5.3.  Obligations Not Affected........................................  11
 SECTION 5.4.  Rights of Holders...............................................  12
 SECTION 5.5.  Guarantee of Payment............................................  12
 SECTION 5.6.  Subrogation.....................................................  12
 SECTION 5.7.  Independent Obligations.........................................  13
ARTICLE VI Subordination.......................................................  13
 SECTION 6.1.  Subordination...................................................  13
 SECTION 6.2.  Pari Passu Guarantees...........................................  13
ARTICLE VII Termination........................................................  14
 SECTION 7.1.  Termination.....................................................  14
ARTICLE VIII Miscellaneous.....................................................  14
 SECTION 8.1.  Successors and Assigns..........................................  14
 SECTION 8.2.  Amendments......................................................  14
 SECTION 8.3.  Notices.........................................................  14
 SECTION 8.4.  Benefit.........................................................  15
 SECTION 8.5.  Governing Law...................................................  15
 SECTION 8.6.  Counterparts....................................................  16
</TABLE>
<PAGE>

     GUARANTEE AGREEMENT, dated as of _______________, 200__, executed and
delivered by UNUMPROVIDENT CORPORATION, a Delaware corporation (the "Guarantor")
having its principal office at 1 Fountain Square, Chattanooga, Tennessee 37402,
and THE CHASE MANHATTAN BANK, a banking corporation organized under the laws of
the State of New York, as trustee (the "Guarantee Trustee"), for the benefit of
the Holders (as defined herein) from time to time of the Preferred Securities
(as defined herein) of [UNUMPROVIDENT FINANCING TRUST __], a Delaware business
trust (the "Issuer").

                             W I T N E S S E T H :

     WHEREAS, pursuant to an Amended and Restated Declaration of Trust, dated as
of _______________, 200__ (the "Declaration"), among the Guarantor, as
Depositor, the Property Trustee (as defined below), the Delaware Trustee (as
defined in the Declaration) and the Administrative Trustees named therein and
the Holders from time to time of undivided beneficial interests in the assets of
the Issuer, the Issuer is issuing $_____________ aggregate Liquidation Amount
(as defined in the Declaration) of its ________% Preferred Securities,
Liquidation Amount $1,000 per capital security) (the "Preferred Securities")
representing preferred undivided beneficial interests in the assets of the
Issuer and having the terms set forth in the Declaration;

     WHEREAS, the Preferred Securities will be issued by the Issuer and the
proceeds thereof, together with the proceeds from the issuance of the Issuer's
Common Securities (as defined below), will be used to purchase the Debentures
(as defined in the Declaration) of the Guarantor which will be deposited with
The Chase Manhattan Bank, as Property Trustee under the Declaration (the
"Property Trustee"), as trust assets; and

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

     NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to
provide as follows for the benefit of the Holders from time to time of the
Preferred Securities:

                                   ARTICLE I
                        INTERPRETATION AND DEFINITIONS

SECTION 1.1.  Interpretation.

     In this Guarantee Agreement, unless the context otherwise requires:
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     (a)  capitalized terms used in this Guarantee Agreement but not defined in
          the preamble hereto have the respective meanings assigned to them in
          Section 1.2;

     (b)  a term defined anywhere in this Guarantee Agreement has the same
          meaning throughout;

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

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

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

     (f)  a reference to the singular includes the plural and vice-versa; and

     (g)  the masculine, feminine or neuter genders used herein shall include
          the masculine, feminine and neuter genders.

SECTION 1.2.  Definitions.

     As used in this Guarantee Agreement, the terms set forth below shall,
unless the context otherwise requires, have the following meanings:

     "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person; provided, however, that the Issuer shall not
be deemed to be an Affiliate of the Guarantor.  For the purposes of this
definition, "control" when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

     "Board of Directors" means either the board of directors of the Guarantor
or any executive or other committee duly authorized by the board of directors of
the Guarantor to act hereunder.

     "Common Securities" means the securities representing common undivided
beneficial interests in the assets of the Issuer.

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

                                      -2-
<PAGE>

     "Guarantee Payments" means the following payments or distributions, without
duplication, with respect to the Preferred Securities, to the extent not paid or
made by or on behalf of the Issuer: (i) any accumulated and unpaid Distributions
(as defined in the Declaration) required to be paid on the Preferred Securities,
to the extent the Issuer shall have funds on hand available therefor at such
time, (ii) the redemption price, including all accumulated and unpaid
Distributions to the date of redemption (the "Redemption Price"), with respect
to any Preferred Securities called for redemption by the Issuer, to the extent
the Issuer shall have funds on hand available therefor at such time, and (iii)
upon a voluntary or involuntary termination, winding up or liquidation of the
Issuer, unless Debentures are distributed to the Holders, the lesser of (a) the
aggregate of the Liquidation Amount of $1,000 per Preferred Security plus
accumulated and unpaid Distributions on the Preferred Securities to the date of
payment to the extent that the Issuer shall have funds available therefor at
such time and (b) the amount of assets of the Issuer remaining available for
distribution to Holders in liquidation of the Issuer (in either case, the
"Liquidation Distribution").

     "Guarantee Trustee" means The Chase Manhattan Bank, until a Successor
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee Agreement, and thereafter means each such
Successor Guarantee Trustee.

     "Holder" means any holder, as registered on the books and records of the
Issuer, of any Preferred Securities; provided, however, that in determining
whether the holders of the requisite percentage of Preferred Securities have
given any request, notice, consent or waiver hereunder, "Holder" shall not
include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor
or the Guarantee Trustee.

     "Indenture" means the [Indenture] dated as of ____________________, 200__,
as supplemented and amended between the Guarantor and The Chase Manhattan Bank,
as trustee.

     "List of Holders" has the meaning specified in Section 2.2(a).

     "Majority in Liquidation Amount of the Preferred Securities" means, except
as provided by the Trust Indenture Act, a vote by the Holder(s), voting
separately as a class, of more than 50% of the Liquidation Amount of all then
outstanding Preferred Securities issued by the Issuer.

     "Officers' Certificate" means, with respect to any Person, a certificate
signed by the President or a Vice President of such Person, and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of
such Person, and delivered to the Guarantee Trustee.  Any Officers' Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Guarantee Agreement shall include:

     (a)  a statement that each officer signing the Officers' Certificate has
          read the covenant or condition and the definitions relating thereto;

     (b)  a brief statement of the nature and scope of the examination or
          investigation undertaken by each officer in rendering the Officers'
          Certificate;

                                      -3-
<PAGE>

     (c)  a statement that each officer has made such examination or
          investigation as, in such officer's opinion, is necessary to enable
          such officer to express an informed opinion as to whether or not such
          covenant or condition has been complied with; and

     (d)  a statement as to whether, in the opinion of each officer, such
          condition or covenant has been complied with.

     "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

     "Responsible Officer" means, with respect to the Guarantee Trustee, any
Vice President, any Assistant Vice President, the Secretary, any Assistant
Secretary, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer
or any other officer of the Corporate Trust Department of the Guarantee Trustee
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer's knowledge of
and familiarity with the particular subject.

     "Senior Debt" has the meaning set forth in the Indenture.

     "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.1.

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

Capitalized or otherwise defined terms used but not otherwise defined herein
shall have the meanings assigned to such terms in the Declaration as in effect
on the date hereof.

                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1.  Trust Indenture Act; Application.

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

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

                                      -4-
<PAGE>

SECTION 2.2.  List of Holders.

     (a)  The Guarantor shall furnish or cause to be furnished to the Guarantee
Trustee (a) semi-annually, on or before June 1 and December 1 of each year, a
list, in such form as the Guarantee Trustee may reasonably require, of the names
and addresses of the Holders (the "List of Holders") as of a date not more than
15 days prior to the delivery thereof, and (b) at such other times as the
Guarantee Trustee may request in writing, within 30 days after the receipt by
the Guarantor of any such request, a List of Holders as of a date not more than
15 days prior to the time such list is furnished, in each case to the extent
such information is in the possession or control of the Guarantor and is not
identical to a previously supplied list of Holders or has not otherwise been
received by the Guarantee Trustee in its capacity as such.  The Guarantee
Trustee may destroy any List of Holders previously given to it on receipt of a
new List of Holders.

     (b)  The Guarantee Trustee shall comply with its obligations under Section
311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act.

SECTION 2.3.  Reports by the Guarantee Trustee.

     Not later than ____________ of each year, commencing _________________,
200__, the Guarantee Trustee shall provide to the Holders such reports as are
required by Section 313 of the Trust Indenture Act, if any, in the form and in
the manner provided by Section 313 of the Trust Indenture Act.  The Guarantee
Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

SECTION 2.4.  Periodic Reports to the Guarantee Trustee.

     The Guarantor shall provide to the Guarantee Trustee, the Securities and
Exchange Commission and the Holders such documents, reports and information, if
any, as required by Section 314 of the Trust Indenture Act and the compliance
certificate required by Section 314 of the Trust Indenture Act, in the form, in
the manner and at the times required by Section 314 of the Trust Indenture Act.

SECTION 2.5.  Evidence of Compliance with Conditions Precedent.

     The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with such conditions precedent, if any, provided for in this
Guarantee Agreement that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act.  Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officers' Certificate.

SECTION 2.6.  Events of Default; Waiver.

     The Holders of a Majority in Liquidation Amount of the Preferred Securities
may, by vote, on behalf of the Holders of all Preferred Securities, waive any
past default or Event of Default and its consequences.  Upon such waiver, any
such default or Event of Default shall cease to exist, and any default or Event
of Default arising therefrom shall be deemed to have been cured, for every

                                      -5-
<PAGE>

purpose of this Guarantee Agreement, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
therefrom.

SECTION 2.7.  Event of Default; Notice.

     (a) The Guarantee Trustee shall, within 90 days after the occurrence of an
Event of Default, transmit by mail, first class postage prepaid, to the Holders
of all Preferred Securities, notices of all Events of Default actually known to
a Responsible Officer of the Guarantee Trustee, unless such Events of Default
have been cured before the giving of such notice, provided, that, except in the
case of a default in the payment of a Guarantee Payment, the Guarantee Trustee
shall be protected in withholding such notice if and so long as the Board of
Directors and/or Responsible Officers of the Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders.

     (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written
notice, or a Responsible Officer charged with the administration of this
Guarantee Agreement shall have obtained written notice, of such Event of
Default.

SECTION 2.8.  Conflicting Interests.

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

                                  ARTICLE III
              POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

SECTION 3.1.  Powers and Duties of the Guarantee Trustee.

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the
benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee Agreement to any Person except a Holder exercising his or her rights
pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by
such Successor Guarantee Trustee of its appointment to act as Successor
Guarantee Trustee.  The right, title and interest of the Guarantee Trustee shall
automatically vest in any Successor Guarantee Trustee, upon acceptance by such
Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have
been executed and delivered pursuant to the appointment of such Successor
Guarantee Trustee.

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

     (c) The Guarantee Trustee, before the occurrence of any Event of Default
and after the curing of all Events of Default that may have occurred, shall
undertake to perform only such duties

                                      -6-
<PAGE>

as are specifically set forth in this Guarantee Agreement, and no implied
covenants shall be read into this Guarantee Agreement against the Guarantee
Trustee. In case an Event of Default has occurred (that has not been cured or
waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of
the rights and powers vested in it by this Guarantee Agreement, and use the same
degree of care and skill in its exercise thereof, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

     (d)  No provision of this Guarantee Agreement shall be construed to relieve
the Guarantee Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that:

     (i)   prior to the occurrence of any Event of Default and after the curing
           or waiving of all such Events of Default that may have occurred:

           (A) the duties and obligations of the Guarantee Trustee shall be
               determined solely by the express provisions of this Guarantee
               Agreement, and the Guarantee Trustee shall not be liable except
               for the performance of such duties and obligations as are
               specifically set forth in this Guarantee Agreement; and

           (B) in the absence of bad faith on the part of the Guarantee Trustee,
               the Guarantee Trustee may conclusively rely, as to the truth of
               the statements and the correctness of the opinions expressed
               therein, upon any certificates or opinions furnished to the
               Guarantee Trustee and conforming to the requirements of this
               Guarantee Agreement; but in the case of any such certificates or
               opinions that by any provision hereof or of the Trust Indenture
               Act are specifically required to be furnished to the Guarantee
               Trustee, the Guarantee Trustee shall be under a duty to examine
               the same to determine whether or not they conform to the
               requirements of this Guarantee Agreement;

     (ii)  the Guarantee Trustee shall not be liable for any error of judgment
           made in good faith by a Responsible Officer of the Guarantee Trustee,
           unless it shall be proved that the Guarantee Trustee was negligent in
           ascertaining the pertinent facts upon which such judgment was made;

     (iii) the Guarantee Trustee shall not be liable with respect to any action
           taken or omitted to be taken by it in good faith in accordance with
           the direction of the Holders of not less than a Majority in
           Liquidation Amount of the Preferred Securities relating to the time,
           method and place of conducting any proceeding for any remedy
           available to the Guarantee Trustee, or exercising any trust or power
           conferred upon the Guarantee Trustee under this Guarantee Agreement;
           and

     (iv)  subject to Section 3.1(b), no provision of this Guarantee Agreement
           shall require the Guarantee Trustee to expend or risk its own funds
           or otherwise incur personal financial liability in the performance of
           any of its duties or in the exercise of any of

                                      -7-
<PAGE>

          its rights or powers, if the Guarantee Trustee shall have reasonable
          grounds for believing that the repayment of such funds or liability is
          not reasonably assured to it under the terms of this Guarantee
          Agreement or adequate indemnity against such risk or liability is not
          reasonably assured to it.

SECTION 3.2.  Certain Rights of Guarantee Trustee.

     (a)  Subject to the provisions of Section 3.1:

          (i)   The Guarantee Trustee may conclusively rely and shall be fully
                protected in acting or refraining from acting upon any
                resolution, certificate, statement, instrument, opinion, report,
                notice, request, direction, consent, order, bond, debenture,
                note, other evidence of indebtedness or other paper or document
                reasonably believed by it to be genuine and to have been signed,
                sent or presented by the proper party or parties.

          (ii)  Any direction or act of the Guarantor contemplated by this
                Guarantee Agreement shall be sufficiently evidenced by an
                Officers' Certificate unless otherwise prescribed herein.

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

          (iv)  The Guarantee Trustee may consult with legal counsel, and the
                advice or opinion of such legal counsel with respect to legal
                matters shall be full and complete authorization and protection
                in respect of any action taken, suffered or omitted to be taken
                by it hereunder in good faith and in accordance with such advice
                or opinion. Such legal counsel may be legal counsel to the
                Guarantor or any of its Affiliates and may be one of its
                employees. The Guarantee Trustee shall have the right at any
                time to seek instructions concerning the administration of this
                Guarantee Agreement from any court of competent jurisdiction.

          (v)   The Guarantee Trustee shall be under no obligation to exercise
                any of the rights or powers vested in it by this Guarantee
                Agreement at the request or direction of any Holder, unless such
                Holder shall have provided to the Guarantee Trustee such
                adequate security and indemnity satisfactory to it, against the
                costs, expenses (including attorneys' fees and expenses) and
                liabilities that might be incurred by it in complying with such
                request or direction, including such reasonable advances as may
                be requested by the Guarantee Trustee; provided that nothing
                contained in this Section 3.2(a)(v)

                                      -8-
<PAGE>

                 shall be taken to relieve the Guarantee Trustee, upon the
                 occurrence of an Event of Default, of its obligation to
                 exercise the rights and powers vested in it by this Guarantee
                 Agreement.

          (vi)   The Guarantee Trustee shall not be bound to make any
                 investigation into the facts or matters stated in any
                 resolution, certificate, statement, instrument, opinion,
                 report, notice, request, direction, consent, order, bond,
                 debenture, note, other evidence of indebtedness or other paper
                 or document, but the Guarantee Trustee, in its discretion, may
                 make such further inquiry or investigation into such facts or
                 matters as it may see fit.

          (vii)  The Guarantee Trustee may execute any of the trusts or powers
                 hereunder or perform any duties hereunder either directly or by
                 or through its agents, attorneys custodians or nominees, and
                 the Guarantee Trustee shall not be responsible for any
                 misconduct or negligence on the part of any such agent,
                 attorney custodians or nominees appointed with due care by it
                 hereunder.

          (viii) Whenever in the administration of this Guarantee Agreement the
                 Guarantee Trustee shall deem it desirable to receive
                 instructions with respect to enforcing any remedy or right or
                 taking any other action hereunder, the Guarantee Trustee (A)
                 may request instructions from the Holders, (B) may refrain from
                 enforcing such remedy or right or taking such other action
                 until such instructions are received, and (C) shall be fully
                 protected in acting in accordance with such instructions.

     (b)  No provision of this Guarantee Agreement shall be deemed to impose any
duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any
jurisdiction in which it shall be illegal, or in which the Guarantee Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or to exercise any such right, power, duty or
obligation.  No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty to act in accordance with such power and
authority.

SECTION 3.3.  Indemnity.

     The Guarantor agrees to indemnify the Guarantee Trustee for, and to hold it
harmless against, any loss, liability or expense incurred without negligence,
wilful misconduct or bad faith on the part of the Guarantee Trustee, arising out
of or in connection with the acceptance or administration of this Guarantee
Agreement, including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder.  The provisions of this Section shall survive the
termination of this Guarantee Agreement or the resignation or removal of the
Guarantee Trustee.  The Guarantee Trustee will not claim or exact any lien or
charge on any Guarantee Payments as a result of any amount due to it under this
Guarantee Agreement.

                                      -9-
<PAGE>

                                  ARTICLE IV
                               GUARANTEE TRUSTEE

SECTION 4.1.  Guarantee Trustee: Eligibility.

     (a)  There shall at all times be a Guarantee Trustee which shall:

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

     (ii) be a Person that is eligible pursuant to the Trust Indenture Act to
          act as such and has a combined capital and surplus of at least
          $50,000,000, and shall be a corporation meeting the requirements of
          Section 310(a) of the Trust Indenture Act.  If such corporation
          publishes reports of condition at least annually, pursuant to law or
          to the requirements of the supervising or examining authority, then,
          for the purposes of this Section 4.1 and to the extent permitted by
          the Trust Indenture Act, the combined capital and surplus of such
          corporation shall be deemed to be its combined capital and surplus as
          set forth in its most recent report of condition so published.

     (b)  If at any time the Guarantee Trustee shall cease to be eligible to so
act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the
manner and with the effect set out in Section 4.2(c).

     (c)  If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee and Guarantor shall in all respects comply with the provisions
of Section 310(b) of the Trust Indenture Act.

SECTION 4.2.  Appointment, Removal and Resignation of the Guarantee Trustee.

     (a)  Subject to Section 4.2(b), the Guarantee Trustee may be appointed or
removed without cause at any time by the Guarantor.

     (b)  The Guarantee Trustee shall not be removed until a Successor Guarantee
Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Guarantee Trustee and delivered to the
Guarantor.

     (c)  The Guarantee Trustee appointed hereunder shall hold office until a
Successor Guarantee Trustee shall have been appointed or until its removal or
resignation.  The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

     (d)  If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of an instrument of resignation, the resigning
Guarantee Trustee may petition, at the expense of the

                                     -10-
<PAGE>

Guarantor, any court of competent jurisdiction for appointment of a Successor
Guarantee Trustee. Such court may thereupon, after prescribing such notice, if
any, as it may deem proper, appoint a Successor Guarantee Trustee.

                                   ARTICLE V
                                   GUARANTEE

SECTION 5.1.  Guarantee.

     The Guarantor irrevocably and unconditionally agrees to pay in full to the
Holders the Guarantee Payments (without duplication of amounts theretofore paid
by or on behalf of the Issuer), as and when due, regardless of any defense,
right of set-off or counterclaim which the Issuer may have or assert, except the
defense of payment.  The Guarantor's obligation to make a Guarantee Payment may
be satisfied by direct payment of the required amounts by the Guarantor to the
Holders or by causing the Issuer to pay such amounts to the Holders.

SECTION 5.2.  Waiver of Notice and Demand.

     The Guarantor hereby waives notice of acceptance of the Guarantee Agreement
and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Guarantee Trustee,
Issuer or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

SECTION 5.3.  Obligations Not Affected.

     The obligations, covenants, agreements and duties of the Guarantor under
this Guarantee Agreement shall in no way be affected or impaired by reason of
the happening from time to time of any of the following:

     (a)  the release or waiver, by operation of law or otherwise, of the
          performance or observance by the Issuer of any express or implied
          agreement, covenant, term or condition relating to the Preferred
          Securities to be performed or observed by the Issuer;

     (b)  the extension of time for the payment by the Issuer of all or any
          portion of the Distributions (other than an extension of time for
          payment of Distributions that results from the extension of any
          interest payment period on the Debentures as provided in the
          Indenture), Redemption Price, Liquidation Distribution or any other
          sums payable under the terms of the Preferred Securities or the
          extension of time for the performance of any other obligation under,
          arising out of, or in connection with, the Preferred Securities;

     (c)  any failure, omission, delay or lack of diligence on the part of the
          Holders to enforce, assert or exercise any right, privilege, power or
          remedy conferred on the

                                     -11-
<PAGE>

          Holders pursuant to the terms of the Preferred Securities, or any
          action on the part of the Issuer granting indulgence or extension of
          any kind;

     (d)  the voluntary or involuntary liquidation, dissolution, sale of any
          collateral, receivership, insolvency, bankruptcy, assignment for the
          benefit of creditors, reorganization, arrangement, composition or
          readjustment of debt of, or other similar proceedings affecting, the
          Issuer or any of the assets of the Issuer;

     (e)  any invalidity of, or defect or deficiency in, the Preferred
          Securities;

     (f)  the settlement or compromise of any obligation guaranteed hereby or
          hereby incurred; or

     (g)  any other circumstance whatsoever that might otherwise constitute a
          legal or equitable discharge or defense of a guarantor, it being the
          intent of this Section 5.3 that the obligations of the Guarantor
          hereunder shall be absolute and unconditional under any and all
          circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain
the consent of, the Guarantor with respect to the happening of any of the
foregoing.

SECTION 5.4.  Rights of Holders.

     The Guarantor expressly acknowledges that: (i) this Guarantee Agreement
will be deposited with the Guarantee Trustee to be held for the benefit of the
Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee
Agreement on behalf of the Holders; (iii) the Holders of a Majority in
Liquidation Amount of the Preferred Securities have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Guarantee Trustee in respect of this Guarantee Agreement or exercising any
trust or power conferred upon the Guarantee Trustee under this Guarantee
Agreement; and (iv) any Holder may institute a legal proceeding directly against
the Guarantor to enforce its rights under this Guarantee Agreement, without
first instituting a legal proceeding against the Guarantee Trustee, the Issuer
or any other Person.

SECTION 5.5.  Guarantee of Payment.

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

SECTION 5.6.  Subrogation.

     The Guarantor shall be subrogated to all (if any) rights of the Holders
against the Issuer in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement and shall have the right to waive
payment by the Issuer pursuant to Section 5.1; provided, however, that

                                     -12-
<PAGE>

the Guarantor shall not (except to the extent required by mandatory provisions
of law) be entitled to enforce or exercise any rights which it may acquire by
way of subrogation or any indemnity, reimbursement or other agreement, in all
cases as a result of payment under this Guarantee Agreement, if, at the time of
any such payment, any amounts are due and unpaid under this Guarantee Agreement.
If any amount shall be paid to the Guarantor in violation of the preceding
sentence, the Guarantor agrees to hold such amount in trust for the Holders and
to pay over such amount to the Holders.

SECTION 5.7.  Independent Obligations.

     The Guarantor acknowledges that its obligations hereunder are independent
of the obligations of the Issuer with respect to the Preferred Securities and
that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee Agreement
notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

                                  ARTICLE VI
                                 SUBORDINATION

SECTION 6.1.  Subordination.

     The obligations of the Guarantor under this Guarantee Agreement will
constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Debt of the Guarantor to the extent and
manner set forth in the Indenture.  The obligations of the Guarantor under this
Guarantee Agreement do not constitute Senior Debt.

SECTION 6.2.  Pari Passu Guarantees.

     The obligations of the Guarantor under this Guarantee Agreement shall rank
pari passu with its obligations under (i) any similar guarantee agreements
issued by the Guarantor on behalf of the holders of preferred or common
securities issued by any UnumProvident Trust (as defined in the Indenture); (ii)
the Indenture and the Securities (as defined therein) issued thereunder; (iii)
the Expense Agreement (as defined in the Declaration) and any similar expense
agreements entered into by the Guarantor in connection with the offering of
Preferred Securities (as defined in the Indenture) by any UnumProvident Trust
(as defined in the Indenture), and (iv) any other security, guarantee or other
agreement or obligation that is expressly stated to rank pari passu with the
obligations of the Guarantor under this Guarantee Agreement or with any
obligation that ranks pari passu with the obligations of the Guarantor under
this Guarantee Agreement.

                                     -13-
<PAGE>

                                  ARTICLE VII
                                  TERMINATION

SECTION 7.1.  Termination.

     This Guarantee Agreement shall terminate and be of no further force and
effect upon (i) full payment of the Redemption Price of all Preferred
Securities, (ii) the distribution of Debentures to the Holders in exchange for
all of the Preferred Securities or (iii) full payment of the amounts payable in
accordance with the Declaration upon liquidation of the Issuer.  Notwithstanding
the foregoing, this Guarantee Agreement will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder must restore payment
of any sums paid with respect to Preferred Securities or this Guarantee
Agreement.

                                 ARTICLE VIII
                                 MISCELLANEOUS

SECTION 8.1.  Successors and Assigns.

     All guarantees and agreements contained in this Guarantee Agreement shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Preferred
Securities then outstanding.  Except in connection with a consolidation, merger
or sale involving the Guarantor that is permitted under Article Eight of the
Indenture and pursuant to which the successor or assignee agrees in writing to
perform the Guarantor's obligations hereunder, the Guarantor shall not assign
its obligations hereunder.

SECTION 8.2.  Amendments.

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

SECTION 8.3.  Notices.

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

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

          UnumProvident Corporation
          1 Fountain Square

                                     -14-
<PAGE>

          Chattanooga, Tennessee 37402
          Facsimile No.: 423-755-5036
          Attention: General Counsel

     (b)  if given to the Issuer at the Issuer's address set forth below with a
          copy to the Guarantee Trustee as set forth below:

          UnumProvident Corporation
          1 Fountain Square
          Chattanooga, Tennessee 37402
          Facsimile No.: 423-755-5036
          Attention: General Counsel

     (c)  if given to the Guarantee Trustee:

          The Chase Manhattan Bank
          450 West 33rd Street
          15th Floor
          New York, New York 10001
          Facsimile No.: (212) 946-8154
          Attention: Corporate Trust Administration

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

     All notices hereunder shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver.

SECTION 8.4.  Benefit.

     This Guarantee Agreement is solely for the benefit of the Holders and is
not separately transferable from the Preferred Securities.

SECTION 8.5.  Governing Law.

     THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                     -15-
<PAGE>

SECTION 8.6.  Counterparts.

     This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                                     -16-
<PAGE>

     IN WITNESS WHEREOF, the undersigned have executed this Guarantee Agreement
as of the date first above written.

               UNUMPROVIDENT CORPORATION

               By: __________________________
                   Name:  ___________________
                   Title: ___________________

               THE CHASE MANHATTAN BANK
               as Guarantee Trustee

               By: __________________________
                   Name:  ___________________
                   Title: ___________________

                                     -17-<PAGE>

                                                                   EXHIBIT 10.32

                       WARRANT TO PURCHASE COMMON STOCK
                                      OF
                             PURCHASEPRO.COM, INC.
                                Amendment No. 1

     That certain Warrant to Purchase Common Stock of PurchasePro.com, Inc. (the
"Warrant"), dated November 24, 1999, between PurchasePro.com, Inc., a Nevada
Corporation with headquarters at 3291 North Buffalo Drive, Las Vegas, Nevada
89129, hereafter referred to as "PurchasePro"; and Advanstar IN, Inc., a
Delaware Corporation (as assignee of Advanstar, Inc. pursuant to an Assignment
and Assumption Agreement dated February 10, 2000) with headquarters at 545
Boylston Street, Boston, Massachusetts 02116, hereafter referred to as
"Advanstar"; is hereby amended on this 1st day of June, 2000 (the "Amendment
Effective Date") as follows:

WHEREAS, the parties have recognized the desirability of amending the Warrant as
provided in this Amendment No. 1 (this "Amendment");

THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:

1.   All defined terms used in this Amendment shall have the same respective
     meanings as ascribed to such terms in the Warrant.

2.   Section 1 of the Warrant is hereby amended to provide that the Exercise
     Period shall continue beyond the date specified in the Warrant and shall
     end at 5:00 p.m., Pacific standard time, on the date which is six months
     after the Amendment Effective Date.

3.   Section 2 of the Warrant is hereby amended to provide that, as to the
     383,558 shares (post December 14, 1999 3-for-2 split) outstanding under the
     Warrant, the Exercise Price shall be $27.00 per share, as adjusted to
     reflect any further stock dividend, stock split, or other conversion of the
     number of shares of the Company into a different number of shares, however
     denominated.

4.   All other provisions of the Warrant shall remain the same and in full force
     and effect.

In witness whereof, the undersigned parties hereto have executed this Amendment
as of the day and year above written.

PurchasePro.com, Inc.                   Advanstar IH, Inc.

By: /s/ Christopher P. Carton           By: /s/ Robert L. Krakoff
    --------------------------------        ------------------------------------
    Christopher P. Carton, President        Robert L. Krakoff, Chairman and CEO

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