Document:

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                                                                    Exhibit 10.E

                                   GUARANTY

     GUARANTY dated as of August 21, 2001 by The FINOVA Group Inc. (the
"Guarantor"), in favor of Berkadia LLC (the "Lender").

                              W I T N E S S E T H:

     WHEREAS, pursuant to the Credit Agreement dated as of even date herewith
(as the same may be amended, restated, supplemented or otherwise modified from
time to time, the "Credit Agreement"; capitalized terms defined therein and used
herein but not otherwise defined herein or in Appendix A hereto have the
meanings given to them in the Credit Agreement) between the Lender and FINOVA
Capital Corporation (the "Borrower"), the Lender has agreed to make a single
term loan in the principal amount of $5.6 billion to the Borrower upon the terms
and subject to the conditions set forth therein; and

     WHEREAS, the Guarantor is the sole shareholder of the Borrower; and

     WHEREAS, it is a condition precedent to the obligation of the Lender to
make the loan to the Borrower under the Credit Agreement that the Guarantor
shall have executed and delivered this Agreement to the Lender;

     NOW, THEREFORE, in consideration of the premises set forth above, the terms
and conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

Section 1. Guaranty.
           --------

     (a) To induce the Lender to make the Loan, the Guarantor hereby absolutely,
unconditionally and irrevocably guarantees, as primary obligor and not merely as
surety, the full and punctual payment when due, whether at stated maturity or
earlier by reason of acceleration, mandatory prepayment or otherwise in
accordance with any Loan Document, of all of the Loan Document Obligations,
whether or not from time to time reduced or extinguished or hereafter increased
or incurred, whether or not recovery may be or hereafter may become barred by
any statute of limitations, and whether enforceable or unenforceable as against
the Borrower, now or hereafter existing, or due or to become due, including
principal, interest (including interest at the contract rate applicable upon
default accrued or accruing after the commencement of any proceeding under the
Bankruptcy Code, whether or not such interest is an allowed claim in such
proceeding), fees and costs of collection. This Guaranty constitutes a guaranty
of payment and not of collection.

     (b) The Guarantor further agrees that, if any payment made by Borrower or
any other person and applied to the Loan Document Obligations is at any time
annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent
or preferential or otherwise required to be refunded or repaid, or the proceeds
of Collateral are required to be returned by the Lender to the Borrower, its
estate, trustee, receiver or any other party, including the Guarantor, under any
bankruptcy law, state or federal law, common law or equitable cause, then, to
the extent of such payment or repayment, the Guarantor's liability hereunder
(and any Lien or other Collateral securing such liability) shall be and remain
in full force and effect, as fully as if such payment had never been made or, if
prior thereto this Guaranty shall have been cancelled or surrendered (and if any
Lien or other Collateral securing the Guarantor's liability hereunder shall have
been released or terminated by virtue of such cancellation or surrender), this
Guaranty (and such Lien
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or other Collateral) shall be reinstated in full force and effect, and such
prior cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect the obligations of the Guarantor in respect of the amount of
such payment (or any Lien or other Collateral securing such obligation).

     Section  2. Authorization;   Other  Agreements.   The  Lender  is  hereby
                 ----------------------------------
authorized, without notice to or demand upon the Guarantor, which notice or
demand is expressly waived hereby, and without discharging or otherwise
affecting the obligations of the Guarantor hereunder (which shall remain
absolute and unconditional notwithstanding any such action or omission to act),
from time to time, to:

     (a) supplement, renew, extend, accelerate or otherwise change the time for
payment of, or other terms relating to, the Loan Document Obligations, or any
part of them, or otherwise modify, amend or change the terms of any promissory
note or other agreement, document or instrument (including, without limitation,
the other Loan Documents) now or hereafter executed by the Borrower and
delivered to the Lender, including, without limitation, any increase or decrease
of principal or the rate of interest thereon;

     (b) waive or otherwise consent to noncompliance with any provision of any
instrument evidencing the Loan Document Obligations, or any part thereof, or any
other instrument or agreement in respect of the Loan Document Obligations
(including the other Loan Documents) now or hereafter executed by the Borrower
and delivered to the Lender;

     (c) accept partial payments on the Loan Document Obligations;

     (d) receive, take and hold additional security or collateral for the
payment of the Loan Document Obligations or any part of them and exchange,
enforce, waive, substitute, liquidate, terminate, abandon, fail to perfect,
subordinate, transfer, otherwise alter and release any such additional security
or collateral;

     (e) settle, release, compromise, collect or otherwise liquidate the
Obligations or accept, substitute, release, exchange or otherwise alter, affect
or impair any security or collateral for the Loan Document Obligations or any
part of them or any other guaranty therefor, in any manner;

     (f) add, release or substitute any one or more other guarantors, makers or
endorsers of the Loan Document Obligations or any part of them and otherwise
deal with the Borrower or any other guarantor, maker or endorser;

     (g) apply to the Loan Document Obligations any and all payments or
recoveries from the Borrower, from any other guarantor, maker or endorser of the
Loan Document Obligations or any part of them to the Loan Document Obligations
in such order as provided herein whether such Loan Document Obligations are
secured or unsecured or guaranteed or not guaranteed by others;

     (h) apply any and all payments or recoveries from any other guarantor of
the Loan Document Obligations or sums realized from security furnished by such
guarantor upon its indebtedness or obligations to the Lender, whether or not
such indebtedness or obligations relate to the Loan Document Obligations; and

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     (i) refund at any time any payment received by the Lender in respect of any
of the Loan Document Obligations, and payment to the Lender of the amount so
refunded shall be fully guaranteed hereby even though prior thereto this
Guaranty shall have been cancelled or surrendered (or any release or termination
of any Collateral by virtue thereof), and such prior cancellation or surrender
shall not diminish, release, discharge, impair or otherwise affect the
obligations of the Guarantor hereunder in respect of the amount so refunded (and
any Collateral so released or terminated shall be reinstated with respect to
such obligations);

even if any right of reimbursement or subrogation or other right or remedy of
the Guarantor is extinguished, affected or impaired by any of the foregoing
(including, without limitation, any election of remedies by reason of any
judicial, non-judicial or other proceeding in respect of the Loan Document
Obligations which impairs any subrogation, reimbursement or other right of the
Guarantor).

     Section 3. Guaranty Absolute and Unconditional. The Guarantor hereby waives
                -----------------------------------
any defense of a surety or guarantor or any other obligor on any obligations
arising in connection with or in respect of any of the following and hereby
agrees that its obligations under this Guaranty are absolute and unconditional
and shall not be discharged or otherwise affected as a result of:

     (a) the invalidity or unenforceability of any of the Borrower's obligations
under the Credit Agreement or any other Loan Document or any other agreement or
instrument relating thereto, or any security for, or other guaranty of, the Loan
Document Obligations or any part of them, or the lack of perfection or
continuing perfection or failure of priority of any security for the Loan
Document Obligations or any part of them;

     (b) the absence of any attempt to collect the Loan Document Obligations or
any part of them from the Borrower or other action to enforce the same;

     (c)  failure by the Lender or the  Collateral  Trustee to take any steps to
perfect and maintain any Lien on, or to preserve any rights to, any Collateral;

     (d) the Lender's election, in any proceeding instituted under chapter 11 of
the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy
Code;

     (e)   any   borrowing   or   grant   of  a  Lien   by  the   Borrower,   as
debtor-in-possession,   or  extension  of  credit,  under  Section  364  of  the
Bankruptcy Code;

     (f) the disallowance, under Section 502 of the Bankruptcy Code, of all or
any portion of the Lender's claim (or claims) for repayment of the Loan Document
Obligations;

     (g) any use of cash collateral under Section 363 of the Bankruptcy Code;

     (h) any agreement or stipulation as to the provision of adequate protection
in any bankruptcy proceeding;

     (i) the  avoidance of any Lien in favor of the  Collateral  Trustee for any
reason;

     (j) any bankruptcy, insolvency,  reorganization,  arrangement, readjustment
of debt,  liquidation  or  dissolution  proceeding  commenced  by or against the
Borrower,  the

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Guarantor or any of the Borrower's Subsidiaries, including, without limitation,
any discharge of, or bar or stay against collecting, all or any of the Loan
Document Obligations (or any part of them or interest thereon) in or as a result
of any such proceeding;

     (k) failure by the Lender to file or enforce a claim  against the  Borrower
or its estate in any bankruptcy or insolvency case or proceeding;

     (l) any action taken by the Lender that is authorized hereby;

     (m) any election following the occurrence of an Event of Default by the
Lender or the Collateral Trustee to proceed separately against the personal
property Collateral in accordance with the Lender's or the Collateral Trustee's
rights under the UCC (as defined in the Parent Pledge Agreement) or, if the
Collateral consists of both personal and real property, to proceed against such
personal and real property in accordance with the Lender's or the Collateral
Trustee's rights with respect to such real property; or

     (n) any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a surety or guarantor or any other obligor on
any obligations, other than the payment in full of the Loan Document
Obligations.

     Section 4. Waivers.  The Guarantor  hereby  waives  diligence,  promptness,
                -------
presentment, demand for payment or performance and protest and notice of
protest, notice of acceptance and any other notice in respect of the Loan
Document Obligations or any part of them, and any defense arising by reason of
any disability or other defense of the Borrower. The Guarantor shall not, until
the Loan Document Obligations are irrevocably paid in full, assert any claim or
counterclaim it may have against the Borrower or set off any of its obligations
to the Borrower against any obligations of the Borrower to it. In connection
with the foregoing, the Guarantor covenants that its obligations hereunder shall
not be discharged, except by complete performance.

     Section 5.  Reliance.  The  Guarantor  hereby  assumes  responsibility  for
                 --------
keeping itself informed of the financial condition of the Borrower and any and
all endorsers and/or other guarantors of all or any part of the Loan Document
Obligations, and of all other circumstances bearing upon the risk of nonpayment
of the Loan Document Obligations, or any part thereof, that diligent inquiry
would reveal, and the Guarantor hereby agrees that the Lender shall not have any
duty to advise the Guarantor of information known to it regarding such condition
or any such circumstances. In the event the Lender, in its sole discretion,
undertakes at any time or from time to time to provide any such information to
the Guarantor, the Lender shall be under no obligation (a) to undertake any
investigation not a part of its regular business routine, (b) to disclose any
information which the Lender, pursuant to accepted or reasonable commercial
finance or banking practices, wishes to maintain confidential or (c) to make any
other or future disclosures of such information or any other information to the
Guarantor.

     Section 6. Waiver of Subrogation and  Contribution  Rights.  Until the Loan
                -----------------------------------------------
Document Obligations have been irrevocably paid in full, the Guarantor shall not
enforce or otherwise exercise any right of subrogation to any of the rights of
the Lender against the Borrower or any right of reimbursement or contribution or
similar right against the Borrower by reason of this Agreement or by any payment
made by the Guarantor in respect of the Loan Document Obligations.

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     Section 7. Subordination. The Guarantor hereby agrees that any Indebtedness
                -------------
of the Borrower now or hereafter owing to the Guarantor, whether heretofore, now
or hereafter created, including without limitation the Intercompany Note (the
"Guarantor Subordinated Debt"), is hereby subordinated to all of the Loan
Document Obligations, and that, except for payments of principal and interest
expressly required by the terms of the Intercompany Note and except as permitted
by the Credit Agreement (but in each case only when such payment is so
required), the Guarantor Subordinated Debt shall not be paid in whole or in part
until the Loan Document Obligations have been paid in full and this Guaranty is
terminated and of no further force or effect. The Guarantor shall not accept any
payment of or on account of the Guarantor Subordinated Debt at any time in
contravention of the foregoing. Upon the occurrence and during the continuance
of an Event of Default, the Borrower shall pay to the Lender any payment of all
or any part of the Guarantor Subordinated Debt and any amount so paid to the
Lender shall be applied to payment of the Loan Document Obligations as provided
in the Credit Agreement. Each payment on the Guarantor Subordinated Debt
received in violation of any of the provisions hereof shall be deemed to have
been received by the Guarantor as trustee for the Lender and shall be paid over
to the Lender immediately on account of the Loan Document Obligations, but
without otherwise affecting in any manner the Guarantor's liability hereof.

     Section 8. Default;  Remedies.  The obligations of the Guarantor  hereunder
                ------------------
are independent of and separate from the Loan Document Obligations. If any of
the Loan Document Obligations is not paid when due, or upon any Event of Default
or upon any default by the Borrower as provided in any other instrument or
document evidencing all or any part of the Loan Document Obligations, the Lender
may, at its sole election, proceed directly and at once, without notice, against
the Guarantor to collect and recover the full amount or any portion of the Loan
Document Obligations then due, without first proceeding against the Borrower or
any other guarantor of the Loan Document Obligations, or against any Collateral
under the Loan Documents or joining the Borrower or any other guarantor in any
proceeding against the Guarantor. At any time after maturity of the Loan
Document Obligations, the Lender may (unless the Loan Document Obligations have
been irrevocably paid in full), without notice to the Guarantor and regardless
of the acceptance of any Collateral for the payment hereof, appropriate and
apply toward the payment of the Loan Document Obligations (a) any indebtedness
due or to become due from the Lender to the Guarantor and (b) any moneys,
credits or other property belonging to the Guarantor at any time held by or
coming into the possession of the Lender or any of its Affiliates.

     Section 9. Irrevocability. This Guaranty shall be irrevocable as to any and
                --------------
all of the Loan Document Obligations until all monetary Loan Document
Obligations outstanding have been irrevocably repaid in cash, at which time this
Guaranty shall automatically be cancelled. Upon such cancellation and at the
written request of the Guarantor or its successors or assigns, and at the cost
and expense of the Guarantor or its successors or assigns, the Lender shall
execute in a timely manner a satisfaction of this Guaranty and such instruments,
documents or agreements as are necessary or desirable to evidence the
termination of this Guaranty.

     Section 10. Setoff.  Upon the  occurrence and during the  continuance of an
                 ------
Event of Default, the Lender and its Affiliates may, without notice to the
Guarantor and regardless of the acceptance of any security or collateral for the
payment hereof, appropriate and apply toward the payment of all or any part of
the Loan Document Obligations (a) any indebtedness due or to become due from the
Lender or such Affiliate to the Guarantor, and (b) any moneys, credits or other
property belonging to the Guarantor, at any time held by or coming into the
possession of the Lender or such Affiliate.

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     Section 11. No Marshalling.  The Guarantor consents and agrees that neither
                 --------------
the Lender nor any Person acting for or on behalf of the Lender shall be under
any obligation to marshal any assets in favor of the Guarantor or against or in
payment of any or all of the Loan Document Obligations.

     Section 12. Enforcement;  Amendments;  Waivers. No delay on the part of the
                 ----------------------------------
Lender in the exercise of any right or remedy arising under this Guaranty, the
Credit Agreement, any of the other Loan Documents or otherwise with respect to
all or any part of the Loan Document Obligations, the Collateral or any other
guaranty of or security for all or any part of the Loan Document Obligations
shall operate as a waiver thereof, and no single or partial exercise by the
Lender of any such right or remedy shall preclude any further exercise thereof.
No modification or waiver of any of the provisions of this Guaranty shall be
binding upon the Lender, except as expressly set forth in a writing duly signed
and delivered by the party making such modification or waiver and approved by
the Lender. Failure by the Lender at any time or times hereafter to require
strict performance by the Borrower, the Guarantor, any other guarantor of all or
any part of the Loan Document Obligations or any other Person of any of the
provisions, covenants, warranties, terms and conditions contained in any of the
Loan Documents now or at any time or times hereafter executed by such Persons
and delivered to the Lender shall not waive, affect or diminish any right of the
Lender at any time or times hereafter to demand strict performance thereof and
such right shall not be deemed to have been waived by any act or knowledge of
the Lender, or its respective agents, officers or employees, unless such waiver
is contained in an instrument in writing, directed and delivered to the Borrower
or the Guarantor, as applicable, specifying such waiver, and is signed by the
party or parties necessary to give such waiver under the Credit Agreement. No
waiver of any Event of Default by the Lender shall operate as a waiver of any
other Event of Default or the same Event of Default on a future occasion, and no
action by the Lender permitted hereunder shall in any way affect or impair the
Lender's rights and remedies or the obligations of the Guarantor under this
Guaranty. Any determination by a court of competent jurisdiction of the amount
of any principal and/or interest owing by the Borrower to the Lender shall be
conclusive and binding on the Guarantor irrespective of whether the Guarantor
was a party to the suit or action in which such determination was made.

     Section 13. Successors and Assigns. This Guaranty shall be binding upon the
                 ----------------------
Guarantor and upon the successors and assigns of the Guarantor and shall inure
to the benefit of the Lender and its successors and assigns; all references
herein to the Borrower and to the Guarantor shall be deemed to include their
respective successors and assigns (including, without limitation, any
Participant in the Loan). The successors and assigns of the Guarantor and the
Borrower shall include, without limitation, their respective receivers, trustees
and debtors-in-possession. All references to the singular shall be deemed to
include the plural where the context so requires.

     Section 14.  Representation  and Warranties The Guarantor hereby represents
                  ------------------------------
and warrants to the Lender that, except as set forth in the corresponding
section or subsection of the disclosure schedule delivered concurrently herewith
by the Guarantor to the Lender:

     (a) The Guarantor (i) is duly organized, validly existing and in good
standing under the laws of the State of Delaware, (ii) has the corporate power
and authority, and the legal right, to own and operate its Property, to lease
the Property it operates as lessee and to conduct the business in which it is
currently engaged, (iii) is duly qualified as a foreign corporation and is in
good standing under the laws of each jurisdiction where its ownership, lease

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or operation of Property or the conduct of its business requires such
qualification, except where the failure to be so qualified or in good standing
in jurisdictions other than the State of Delaware, individually or in the
aggregate, has not caused and would not reasonably be expected to cause a
Guarantor Loss Event and (iv) is in compliance with its Constituent Documents.

     (b) The Guarantor has the requisite corporate power and authority to make,
deliver and perform this Guaranty and the other Security Documents to which it
is a party and to incur the obligations provided for herein and therein. The
Guarantor has taken all necessary corporate action to authorize the execution,
delivery and performance of this Guaranty and the other Security Documents to
which it is a party. No consent or authorization of, filing with, notice to or
other act by or in respect of, any Governmental Authority or any other Person is
required in connection with the execution or delivery by the Guarantor of, or
the performance of its obligations under, this Guaranty or any of the other
Security Documents, except (i) those which the failure to obtain would not,
individually or in the aggregate, be reasonably expected to cause a Guarantor
Loss Event and (ii) consents, authorizations, filings and notices described in
Schedule 14(b) hereto which consents, authorizations, filings and notices have
been obtained or made and are in full force and effect. Each applicable Security
Document has been duly executed and delivered on behalf of the Guarantor. This
Guaranty constitutes, and each other Security Document to which it is a party
upon execution by the Guarantor and the other parties thereto, will constitute,
a legal, valid and binding obligation of the Guarantor, enforceable against the
Guarantor in accordance with its terms, except as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or
similar laws affecting creditors' rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law).

     (c) (i) The execution, delivery and performance of this Guaranty and the
other Security Documents does not, and will not, violate, result in a breach of,
or constitute a default under (or constitute an event which with notice, lapse
of time or both would violate, result in a breach of, or constitute a default
under), any Requirement of Law, Contractual Obligation or Constituent Document
of the Guarantor and will not result in, or require, the creation or imposition
of any Lien (other than Liens created by the Security Documents) on any of the
Properties or revenues of the Guarantor, as the case may be, pursuant to any
Requirement of Law, Contractual Obligation or Constituent Document, except in
the case of any Requirement of Law or Contractual Obligation, as the case may
be, as would not reasonably be expected to cause, individually or in the
aggregate, a Guarantor Loss Event.

         (ii) Other than such defaults as were caused or triggered by the filing
of the Chapter 11 Cases, the Guarantor is not in default in any material respect
in the performance, observance or fulfillment of any Contractual Obligation or
in material violation of any Requirement of Law except such defaults or
violations as would not reasonably be expected to cause a Guarantor Loss Event.

         (iii) No Default or Event of Default hereunder, or "default," "event of
default" or event which with notice, lapse of time or both would constitute a
"default" or "event of default" under any of the Loan Documents, has occurred
and is continuing.

     (d) (i) The audited consolidated balance sheet of the Guarantor as at
December 31, 2000, and the related consolidated statements of income and of cash
flows for the Fiscal Year ended on such date included in the Guarantor's Annual
Report on Form 10-K/A for the year ended December 31, 2000, as amended, as filed
with the Securities and Exchange Commission (such balance sheet and related
statements of income and cash flows being

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collectively the "Guarantor's Audited Financial Statements"), and the
accompanying report from Ernst & Young LLP (or another "big five" independent
auditor selected by the Guarantor and reasonably acceptable to the Lender, the
"Guarantor's Accountant"), the unaudited consolidating balance sheet of the
Guarantor as at December 31, 2000, and the related unaudited consolidating
statement of income for the Fiscal Year ended on such date attached as Schedule
3.4(a)(1) of the Credit Agreement (the "Guarantor's Annual Consolidating
Financial Statements") and the interim unaudited consolidated and consolidating
balance sheet of the Guarantor as at June 30, 2001, and the related unaudited
consolidated and consolidating statement of income and consolidated statement of
cash flow for the six-month period ended on such date attached as Schedule
3.4(a)(2) of the Credit Agreement (such interim balance sheets and related
unaudited statements of income and cash flow being collectively the "Guarantor's
Interim Financial Statements"), present fairly, accurately and completely the
consolidated financial position of the Guarantor as at such date, and the
consolidated or consolidating results of its operations and its consolidated
cash flows for the respective Fiscal Year or six-month period then ended, as the
case may be. All of the Guarantor's Audited Financial Statements, the
Guarantor's Annual Consolidating Financial Statements and the Guarantor's
Interim Financial Statements, including any related schedules or notes thereto,
have been prepared in accordance with GAAP applied consistently throughout the
periods involved and with prior periods (except as disclosed therein).

         (ii) Except as set forth in Schedule 14(d)(ii) hereto, since June 7,
2001, there has been no adverse change in the condition (financial or
otherwise), business or operations of the Guarantor or any of its Subsidiaries
and no development or event affecting any of the Guarantor or any of its
Subsidiaries that, individually or in the aggregate, has had or would reasonably
be expected to have a Guarantor Material Adverse Effect, other than the filing
of the Chapter 11 Cases and the consequences that would normally result
therefrom.

         (iii) There are no material liabilities (whether fixed or contingent
and including, without limitation, Guaranty Obligations, liabilities for Taxes,
and obligations with respect to interest rate swap transactions or derivatives)
of the Guarantor or any of its Subsidiaries that are of the type required under
GAAP to be reflected in financial statements that are not reflected in the
Guarantor's Audited Financial Statements, the Guarantor's Interim Financial
Statements or in the notes thereto other than liabilities arising in the
ordinary course of business consistent with past practice.

     (e) (i) The projections and pro forma financial information contained in
the materials provided to the Lender in connection herewith and the Bankruptcy
Documents are based upon estimates and assumptions believed in good faith by
management of the Guarantor to be reasonable at the time made.

         (ii) There is no fact known to the Guarantor that, individually or in
the aggregate, has had or could reasonably be expected to have a Guarantor
Material Adverse Effect that has not been disclosed herein, in the other Loan
Documents, the Bankruptcy Documents, the Guarantor SEC Reports or in any other
information furnished to the Lender for use in connection with the transactions
contemplated hereby and by the other Loan Documents. The information and reports
(including the Guarantor SEC Reports) furnished by the Guarantor or any of the
Loan Parties to the Lender or to the Bankruptcy Court in connection with the
Loan Documents or the Chapter 11 Cases, as the case may be, when taken as a
whole, do not contain any untrue statement of a material fact or omit to state a
fact necessary to make the statements contained therein, taken as a whole not
misleading.

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     (f) Except as set forth in Schedule 14(f) hereto, no litigation,
investigation or proceeding of or before any arbitrator, mediator or
Governmental Authority is pending or, to the actual knowledge of the Guarantor,
threatened, by or against the Guarantor, or against any of its Properties or
revenues, that, individually or in the aggregate, has caused or would reasonably
be expected to cause a Material Guarantor Loss Event.

     (g) Except for a valid leasehold interest in the property located at 4800
N. Scottsdale Road, Scottsdale, Arizona 85251-7623, the Guarantor does not own,
or have any leasehold interest in, any real property.

     (h) Set forth on Schedule 14(h) hereto is a true, accurate and complete
list of all material Property of the Guarantor. The Guarantor has good title to
all of such material Property, and none of such material Property is subject to
any Lien other than Guarantor Permitted Liens.

     (i) There are no direct subsidiaries of the Guarantor except for the
Borrower. All of the outstanding Capital Stock of the Borrower is owned
beneficially and of record by the Guarantor, free and clear of all Liens other
than the Liens described in item (i) and (ii) of Section 16(b) hereof. The sole
business of the Guarantor is to hold the Capital Stock of the Borrower, and the
Guarantor has no other business operations except those incidental to being a
holding company of the Borrower.

     (j) The Guarantor is in compliance in all material respects with all
applicable provisions of ERISA. Neither a Reportable Event (other than the
reorganization proceedings resulting from the Reorganization Plan) nor a
Prohibited Transaction has occurred and is continuing with respect to any
Employee Plan. No notice of intent to terminate an Employee Plan has been filed,
nor has any Employee Plan been terminated. No circumstances exist which
constitute grounds entitling the PBGC to institute proceedings to terminate, or
appoint a trustee to administer, an Employee Plan, nor has the PBGC instituted
any such proceedings, nor has any Lien in favor of the PBGC arisen from the
termination of any Single Employer Plan. Neither the Guarantor nor any Commonly
Controlled Entity has completely or partially withdrawn from a Multiemployer
Plan. The Guarantor and each Commonly Controlled Entity has met its minimum
funding requirements under ERISA with respect to all of its Employee Plans, and
the present value of all vested benefits under each Employee Plan does not
exceed the fair market value of all Employee Plan assets allocable to such
benefits, as determined on the most recent valuation date of the Employee Plan
and in accordance with the provisions of ERISA. Neither the Guarantor nor any
Commonly Controlled Entity has incurred any liability to the PBGC under ERISA or
would reasonably be expected to become subject to any liability under ERISA if
it were to withdraw completely from all Multiemployer Plans as of the valuation
date most closely preceding the date on which this representation is made or
deemed made. No such Multiemployer Plan is in Employee Plan Reorganization or
Employee Plan Insolvency.

     (k) The Guarantor (i) possesses all licenses, permits, franchises and
certificates necessary for the conduct of its business substantially as now
conducted and as presently proposed to be conducted and (ii) is not in violation
of any valid rights of any Person with respect to any of the foregoing or the
use thereof, except where the failure to possess such license, permit, franchise
or certificate or the violation of such rights that, individually or in the
aggregate, has not caused and would not reasonably be expected to cause a
Material Guarantor Loss Event.

                                      -9-
<PAGE>

     (l) The Guarantor (i) owns, or is licensed to use, all Intellectual
Property necessary for the conduct of the Guarantor's business substantially as
now conducted and (ii) is not in violation of any valid rights of any Person
with respect to any of the foregoing or the use thereof, except for violations
of such rights that, individually or in the aggregate, have not caused and would
not reasonably be expected to cause a Material Guarantor Loss Event. No claim
has been asserted and is pending by any Person challenging or questioning the
use of any Intellectual Property or the validity or effectiveness of any
Intellectual Property that, individually or in the aggregate, has caused and
would reasonably be expected to cause a Material Guarantor Loss Event, nor does
the Guarantor know of any valid basis for any such claim.

     (m) The Guarantor has filed or caused to be filed all federal, state,
local, municipal, foreign and other Tax returns which are required to be filed
and has paid all Taxes shown to be due and payable on such returns or on any
assessments made against it or any of its Property and all other Taxes, fees or
other charges (including any interest or penalty thereon) imposed on the
Guarantor or any of its Property by any Governmental Authority (other than any
amount the validity of which is currently being contested in good faith by
appropriate proceedings and with respect to which reserves to the extent
required by GAAP have been provided on the books of the Guarantor). No Lien
other than Liens for Taxes not yet due or which are being contested in good
faith by appropriate proceedings (but in each case only to the extent that
adequate reserves with respect thereto are maintained on the books of the
Guarantor to the extent required by GAAP) has been filed, and no claim is being
asserted, with respect to any such Tax, fee or other charge. Except as set forth
on Schedule 14(m) hereto, there is no ongoing audit or, to the best of the
Guarantor's knowledge, other governmental investigation into the Tax liability
of the Guarantor.

     (n) (i) Set forth on Schedule 14(n)(i) hereto is a true, complete and
accurate list of all Indebtedness of the Guarantor as of the effective date of
the Reorganization Plan, in each case showing the principal amount outstanding
thereunder, the name of the lender in respect thereof and the name of any Person
which has directly or indirectly guaranteed such Indebtedness.

         (ii) The Guarantor has no Unfunded Commitments.

         (iii) Set forth on Schedule 14(n)(iii) hereto is, as of the date
hereof, a true, complete and accurate list of all of the bank and other
depository accounts of the Guarantor, in each case showing the name on the
account, the account number, the institution at which such account is held, the
address of such institution, the identity of the primary contact at such
institution for such account and the extent to which the funds in such account
contain any funds held in trust for or on behalf of any customer or third
Person. All cash and cash equivalents of the Guarantor are held in one or more
Approved Deposit Accounts (as defined in the Parent Pledge Agreement).

         (iv) Set forth on Schedule 14(n)(iv) hereto is, as of the date hereof,
a true, complete and accurate list of all of the securities, commodity, and
other brokerage accounts of the Guarantor, in each case showing the name on the
account, the account number, the institution at which such account is held, the
address of such institution, the identity of the primary contact at such
institution for such account and the extent to which the financial assets in
such account contain are held in trust for or on behalf of any customer or third
Person. All securities, notes, and other non-cash or non-cash-equivalent
financial assets or instruments of the Guarantor are held in one or more Control
Accounts (as defined in the Parent Pledge Agreement).

                                      -10-
<PAGE>

     (o) The Guarantor's obligations under this Guaranty rank senior to, or pari
passu with, all of its other obligations, except as required by law.

     (p) (i) The Guarantor is not an "investment company" within the meaning of
the Investment Company Act of 1940, as amended.

         (ii) The Guarantor is not a "public utility company", or a "holding
company", or a "subsidiary company" of a "holding company, or an "affiliate" of
a "holding company" or of a "subsidiary company of a "holding company", as such
terms are defined in the Public Utility Holding Company Act of 1935, as amended,
or a "public utility" with the meaning of the Federal Power Act, as amended.

         (iii) Neither the execution of any of the Loan Documents nor the use of
the proceeds of the Loan violates the Trading With the Enemy Act of 1917, as
amended, or any of the foreign assets control regulations promulgated thereunder
or under the International Emergency Economic Powers Act or the U.N.
Participation Act of 1945.

         (iv) Except as set forth in Schedule 14(p)(iv) hereto, the Guarantor is
not subject to regulation under any Requirement of Law which limits its ability
to incur or guarantee indebtedness.

     (q) The Guarantor is not generally engaged in the business of purchasing or
selling Margin Stock or extending credit for the purpose of purchasing or
carrying Margin Stock. No part of the proceeds of the Loan will be used, whether
directly or indirectly, for "purchasing" or "carrying" (as each such term is
defined in Regulation U of the FRB) any Margin Stock or for any purpose which
violates the provisions of any regulation of the FRB. The Guarantor does not own
any Margin Stock.

     (r) (i) There are no strikes or other labor disputes against the Guarantor
pending or threatened that, individually or in the aggregate, have caused or
would reasonably be expected to cause a Guarantor Loss Event.

         (ii) Hours worked by and payments made to employees of the Guarantor
have not been in violation of the Fair Labor Standards Act or any other
applicable Requirements of Law dealing with such matters that, individually or
in the aggregate, have caused or would reasonably be expected to cause a
Guarantor Loss Event.

         (iii) All payments due from the Guarantor with respect to employee
health and welfare insurance that, individually or in the aggregate, would
reasonably be expected to cause a Guarantor Loss Event if not paid, have been
paid or accrued as a liability on the books of the Guarantor.

         (iv) The Guarantor (A) is not a party to, or is bound by, any
collective bargaining agreement, contract or other agreement, Contractual
Obligation or understanding with a labor union or labor organization and (B) is
not the subject of a proceeding asserting that the Guarantor has committed an
unfair labor practice (within the meaning of the National Labor Relations Act)
or seeking to compel it to bargain with any labor organization as to wages and
conditions of employment.

     (s) None of the Guarantor's Subsidiaries is subject to any Subsidiary
Restriction except Subsidiary Restrictions contained in the Loan Documents.

                                      -11-
<PAGE>

     (t) (i) The Reorganization Plan complies in all material respects with all
applicable Requirements of Law, and all necessary creditor, judicial and other
consents and approvals required for the consummation of the Reorganization Plan
have been duly obtained and are in full force and effect. The consummation of
the Reorganization Plan will not violate, or result in a breach of, or
constitute a default under, any Requirement of Law or Contractual Obligation
affecting the Guarantor or any of its Subsidiaries. The Guarantor has not
agreed, nor will it agree, to any material amendment, waiver or other
modification to any Bankruptcy Document unless such amendment, waiver or
modification has been expressly approved by the Lender in writing.

         (ii) The Final Order for each Chapter 11 Case is in full force and
effect. Upon the maturity (whether by acceleration or otherwise) of any of the
obligations of the Guarantor or its Subsidiaries under any of the Loan
Documents, the Lender shall be entitled to immediate payment of such obligations
and to enforce the remedies provided under such Loan Document without further
application to or order by the Bankruptcy Court.

     (u) All insurance policies of any kind or nature owned by or issued to the
Guarantor, including, without limitation, policies for life, fire, theft,
product liability, public liability, property damage, other casualty, workers'
compensation, employee health and welfare, title, property and liability, are in
full force and effect and are of a nature and provide such coverage as is
sufficient and as is reasonably appropriate or is customarily carried by
companies of the size and character of the Guarantor.

     (v) The Guarantor has not directly or indirectly offered any interest in
the Loan or in any of the obligations of any of the Loan Parties under any of
the Loan Documents for sale to, or solicited any offer to acquire any such
interest from, or has sold any such interest to, any Person that would subject
the making of the Loan or the incurrence by any Loan Party of any of its
obligations under any of the Loan Documents to registration under the Securities
Act of 1933, as amended.

     (w) Set forth on Schedule 14(w) hereto is a true, complete and accurate
list of (i) the location of all books and records pertaining to each item of
Property of the Guarantor that constitutes Collateral, and (ii) each location,
other than the foregoing, where any such Property is located.

     (x) Each representation and warranty made by the Borrower under the Credit
Agreement is true and accurate in all respects. Each representation and warranty
made by each Subsidiary Guarantor under Section 16 of the Subsidiary Guaranty is
true and accurate in all respects.

     Section 15.   Affirmative Covenants. The Guarantor hereby agrees to:
                   ---------------------

     (a) Furnish to the Lender,

         (i) as soon as available, but in any event within ninety (90) days
after the end of each Fiscal Year, the audited consolidated and unaudited
consolidating balance sheet of the Guarantor and its Subsidiaries, as at the end
of such Fiscal Year, and the related audited consolidated and unaudited
consolidating statements of income and audited consolidated statement of cash
flow for such Fiscal Year, each setting forth in comparative form the figures
for the previous Fiscal Year and all such consolidated statements to be in
reasonable detail, prepared in accordance with GAAP, and certified by the
Guarantor's Accountant and accompanied by a

                                      -12-
<PAGE>

report of the Guarantor's Accountant expressing the opinion of the Guarantor's
Accountant that such consolidated financial statements present fairly, in all
material respects, the consolidated financial position of the Guarantor and its
Subsidiaries at the end of such Fiscal Year and the consolidated results of
their operations and their cash flows for such Fiscal Year, in conformity with
GAAP, without qualification or exception (other than with respect to a "going
concern" qualification);

         (ii) as soon as available, but in any event within forty-five (45) days
after the end of each of the first three Fiscal Quarters of each Fiscal Year,
the unaudited consolidated and consolidating balance sheet of the Guarantor and
its Subsidiaries as at the end of such Fiscal Quarter, and the related unaudited
consolidated and consolidating statements of income and unaudited consolidated
statement of cash flow for such Fiscal Quarter and the portion of such Fiscal
Year then elapsed, each setting forth in comparative form the figures for the
previous Fiscal Year and all such consolidated statements to be in reasonable
detail, prepared in accordance with GAAP, and certified by the chief financial
officer of the Guarantor as being fairly stated in all material respects;

         (iii) as soon as available, but in any event not later than thirty (30)
days after the end of each month, the unaudited consolidated balance sheet of
the Guarantor and its Subsidiaries as at the end of such month and the related
unaudited consolidated statements of income and of cash flows for such month and
the portion of the Fiscal Year through the end of such month, each setting forth
in comparative form the figures for the previous Fiscal Year and all such
consolidated statements to be in reasonable detail, prepared without regard to
"fresh start" accounting provisions, and certified by the chief financial
officer of the Guarantor as being fairly stated in all material respects;

         (iv) as soon as available, but in any event not later than thirty (30)
days after the end of each month, the unaudited consolidated balance sheet of
the Guarantor and its Subsidiaries as at the end of such month and the related
unaudited consolidated statements of income and of cash flows for such month and
the portion of the Fiscal Year through the end of such month, each setting forth
in comparative form the figures for the previous Fiscal Year and all such
consolidated statements to be in reasonable detail, prepared with regard to
"fresh start" accounting provisions, and certified by the chief financial
officer of the Guarantor as being fairly stated in all material respects;

         (v) as soon as available, but in any event within twenty (20) days
prior to the end of each Fiscal Year, the annual financial projections of the
Guarantor and its Subsidiaries for at least the remaining term of the Loan, with
such detail and in such form as is reasonably satisfactory to the Lender,
including, at a minimum, projected detailed consolidated balance sheets and
income and cash flow statements of the Guarantor and its Subsidiaries for the
two next succeeding Fiscal Years, and a breakdown of such projections by Fiscal
Quarter for the next succeeding Fiscal Year;

         (vi) within fifteen (15) days prior to the end of each Fiscal Quarter,
updates to the financial projections for the next succeeding quarter;

         (vii) as soon as available, but in any event within forty-five (45)
days after the end of each Fiscal Quarter, a report, in such form and detail as
is reasonably satisfactory to the Lender, of the Guarantor's and its
Subsidiaries' investment in Financing Transactions (including discontinued
operations), by line of business, accrual status and impaired/unimpaired status,
as of the end of such Fiscal Quarter, the reserve for credit losses as of the
end of such

                                      -13-
<PAGE>

Fiscal Quarter and an analysis of write-offs and recoveries for such Fiscal
Quarter, including such back-up detail as the Lender may reasonably request with
respect to the specific Financing Transactions underlying any such aggregated
information;

         (viii) as soon as available, but in any event not later than thirty
(30) days after the end of each month, a certification of Asset Value as of the
end of such month, in the form attached as Exhibit K to the Credit Agreement and
certified as true and correct by the chief financial officer of the Guarantor;
and

         (ix) promptly, such financial and other information as the Lender may
from time to time reasonably request.

All such financial statements shall be complete and correct in all material
respects and shall be prepared in accordance with GAAP applied consistently
throughout the periods reflected therein and with prior periods (subject to
normal year-end adjustments).

     (b) Comply in all material respects with (i) all Contractual Obligations in
respect of which the failure to comply could, individually or in the aggregate,
reasonably be expected to cause a Guarantor Loss Event, (ii) the Reorganization
Plan, (iii) all Senior Note Documents, (iv) all Debt Instruments and (v) all
Loan Documents.

     (c) Pay, discharge or otherwise satisfy at or before maturity or before
they become delinquent, as the case may be, all material obligations of whatever
nature, including income, real property or other Taxes, except where (i) the
amount or validity of such Taxes is currently being contested in good faith by
appropriate proceedings and reserves to the extent required by GAAP with respect
thereto have been provided on the books of the Guarantor or (ii) the failure to
make such payment would not reasonably be expected to cause a Guarantor Loss
Event.

     (d) (i) Continue to engage in businesses of the same general type as now
conducted by the Guarantor, (ii) preserve, renew and keep its existence in full
force and effect and (iii) take all reasonable action to maintain all rights,
privileges and franchises, including all licenses, permits and registration
issued by or filed with any Governmental Authority, and all Intellectual
Property, necessary or desirable in the normal conduct of its business.

     (e) (i) Maintain its physical Property in good working order and condition,
ordinary wear and tear excepted except where, in the good faith business
judgment of the Guarantor, such preservation or maintenance is either not
necessary or not appropriate for the prudent management of the business of the
Guarantor.

         (ii) Maintain with financially sound and reputable insurance companies
insurance on all its Property and on all of the Property of each of its
Subsidiaries in at least such amounts and against at least such risks (but
including in any event public liability) as are usually insured against by
companies engaged in similar businesses and owning similar properties in the
same general area in which the Guarantor or such Subsidiary operates, as the
case may be.

         (iii) Maintain such liability insurance, including workers'
compensation and errors and omissions insurance, in such amounts and of such
types as are customary for businesses similar to that of the Guarantor and each
of its Subsidiaries, as the case

                                      -14-
<PAGE>

may be, as are otherwise reasonably acceptable to the Lender with financially
sound and reputable insurance companies or such self insurance as is consistent
with the past practice of the Guarantor and its Subsidiaries.

     (f) (i) Keep books of records and accounts in which full and accurate
entries in conformity with GAAP and all Requirements of Law shall be made of all
dealings and transactions in relation to its business and activities.

         (ii) Permit representatives of the Lender at the Guarantor's cost to
visit and inspect any of its Properties and examine and make abstracts from any
of the Guarantor's books and records at any reasonable time and as often as may
reasonably be desired, conduct field audits of the assets and operations of the
Guarantor, and discuss the business, operations, Properties and financial and
other condition of the Guarantor with officers and employees of the Guarantor
and with the Guarantor's Accountant .

     (g) Promptly after the Guarantor knows or should have known of the
occurrence of any of the events described below, give notice to the Lender of:

         (i) the occurrence of any Default;

         (ii) any (A) default or event of default under any Contractual
Obligation of the Guarantor or any other Loan Party, in each case, involving or
relating to an amount in excess of Twenty Five Million Dollars ($25,000,000), or
(B) litigation, investigation or proceeding which may exist at any time between
the Guarantor or any other Loan Party and any Governmental Authority other than
litigation, investigations or proceedings relating to Taxes where the amount at
issue is less than Twenty Five Million Dollars ($25,000,000);

         (iii) any litigation or proceeding (including any litigation or
proceeding under any Environmental Law) affecting the Guarantor or any Loan
Party in which the disputed amount involved against such Guarantor or Loan Party
is Twenty Five Million Dollars ($25,000,000) or more (and which amount is not
reasonably expected to be covered by insurance or other third-party indemnity),
or in which injunctive or similar relief is sought the effect of which, if
granted, would reasonably be expected to cause a Guarantor Loss Event;

         (iv) the following events, as soon as possible and in any event within
thirty (30) days after any executive officer or director of the Guarantor knows
or should have known of the existence of any of the following: (i) the
occurrence of any Reportable Event with respect to any Employee Plan, a failure
to make any required contribution to an Employee Plan within the time prescribed
by applicable law, the creation of any Lien on the assets of the Guarantor or
any Commonly Controlled Entity in favor of the PBGC, or any withdrawal from, or
the termination, Employee Plan Reorganization or Employee Plan Insolvency of,
any Multiemployer Plan or (ii) the institution of proceedings or the taking of
any other action by the PBGC or the Guarantor or any Commonly Controlled Entity
or any Multiemployer Plan with respect to the withdrawal from, or the
termination, Employee Plan Reorganization or Employee Plan Insolvency of, any
Employee Plan; and

         (v) any development or event which has had or would reasonably be
expected to have a Guarantor Material Adverse Effect;

Each notice pursuant to this Section 15(g) shall be accompanied by a statement
of the chief executive officer, president, or chief financial officer of the
Guarantor setting forth details of the

                                      -15-
<PAGE>

occurrence referred to therein and, with respect to (i)-(v) above, stating what
action the Guarantor or the relevant Loan Party proposes to take with respect
thereto.

     (h) Comply with all Requirements of Law and Constituent Documents, except
where the failure to comply with such Requirements of Law or Constituent
Documents would not, individually or in the aggregate, reasonably be expected to
cause a Guarantor Loss Event.

     (i) (i) With respect to any Property of the Guarantor (other than any
Property described in clause (ii) below) as to which the Collateral Trustee does
not have a first priority perfected Lien following the Closing Date, upon the
request of Lender or, with respect to Property acquired by the Guarantor after
the Closing Date with a value in excess of Two Hundred Fifty Thousand Dollars
($250,000), promptly after such acquisition (A) execute and deliver to the
Collateral Trustee such Security Documents or amendments to any Security
Document or such other documents as are necessary to grant to the Collateral
Trustee a security interest in such Property and (B) take all actions necessary
or advisable to grant to the Collateral Trustee a perfected first priority
security interest in such Property, including the filing of Uniform Commercial
Code financing statements in such jurisdictions as may be required by the
Security Documents or by law or as may be requested by the Lender and the filing
of Aircraft Mortgages.

         (ii) With respect to any fee or leasehold interest in any real estate
of the Guarantor as to which the Collateral Trustee does not have a first
priority perfected Lien following the Closing Date, upon the request of the
Lender or, with respect to such interest having a value (together with
improvements thereof) of at least Two Hundred Fifty Thousand Dollars ($250,000)
acquired by the Guarantor after the Closing Date, promptly after such
acquisition (A) execute and deliver a first priority (except to the extent that
such Liens affect such real estate) Mortgage, as the case may be, in favor of
the Collateral Trustee, covering such real estate, (B) if requested by the
Lender, provide the Collateral Trustee with title and extended coverage
insurance, together with surveys covering such real estate, any consents or
estoppels reasonably deemed necessary or advisable by the Lender, any legal
opinions relating to the matters described above, all of which insurance,
surveys, consents, estoppels and legal opinions shall be in form and substance
reasonably satisfactory to the Lender.

     (j) Except to the extent that the validity or amount thereof is being
contested in good faith and by appropriate proceedings, pay and discharge all
Taxes prior to the date when any interest or penalty would accrue for the
nonpayment thereof. The Guarantor shall furnish to the Lender at such times as
the Lender may require, proof satisfactory to the Lender of the making of
payments or deposits in accordance with all Requirements of Law, including,
without limitation, payments or deposits with respect to amounts withheld by the
Guarantor from wages and salaries of employees and amounts contributed by the
Guarantor on account of federal and other income or wage Taxes and amounts due
under the Federal Insurance Contributions Act, as amended.

     (k) If any Accounting Change shall occur and such change results in a
change in the method of calculation of any covenant, standard or term of the
Credit Agreement, promptly notify the Lender of such Accounting Change.

     (l) Hold all cash and cash equivalents of the Guarantor (including, without
limitation, all proceeds of Collateral) only in Approved Deposit Accounts (as
defined in the Parent Pledge Agreement).

                                      -16-
<PAGE>

     (m) Take, or cause to be taken, all actions necessary, proper, advisable or
reasonably requested by the Lender to consummate the transactions contemplated
hereby and by the other Loan Documents, to protect the rights granted to the
Lender hereunder and under the other Loan Documents and to otherwise carry out
the terms and conditions of this Agreement and the other Loan Documents,
including, without limitation, the execution, delivery and filing of such other
agreements, instruments, certificates, notices and other documents as are
necessary, proper, advisable or reasonably requested by the Lender to perfect
the Collateral Trustee's security interest in the Collateral and maintain at all
times the Collateral Trustee's Lien created under the Security Documents.

     (n) On or within five days (5) prior to the last day of every calendar
month, contribute to the Borrower any cash or cash equivalents of the Guarantor
which, when aggregated, exceed the amounts reasonably required and intended to
be used by the Guarantor to pay its (i) Operating Expenses due and payable
during the next thirty (30) days, (ii) Taxes due and payable during the next
thirty (30) days, and (iii) Indebtedness, at such times and in such amounts as
permitted by Section 16(a) hereof, due and payable during the next thirty (30)
days.

     Section 16.   Negative Covenants. The Guarantor hereby agrees that it shall
                   ------------------
not:

     (a) Create, incur, assume or suffer to exist any Indebtedness, except:

         (i) Indebtedness pursuant to any Loan Document; and

         (ii) the Senior Notes.

     (b) Create, incur, assume or suffer to exist any Lien upon the Guarantor's
Property or revenues, whether now owned or hereafter acquired, except for the
following (collectively, "Guarantor Permitted Liens"):

         (i) Liens created by the Security Documents;

         (ii) Liens for Taxes not yet due or which are being contested in good
faith by appropriate proceedings (but in each case only to the extent that
adequate reserves with respect thereto are maintained on the books of the
Guarantor to the extent required by GAAP);

         (iii) pledges or deposits in connection with workers' compensation,
unemployment insurance, social security and other legislation affecting the
Guarantor or its Subsidiaries;

         (iv) any interest or title of a lessor under any lease entered into by
the Guarantor as a lessee in the ordinary course of business (and not
concurrently as a sublessor) and covering only the assets so leased (and related
general intangibles and identifiable proceeds specifically related to such
assets) and any deposits to secure such leases not to exceed Five Million
Dollars ($5,000,000) in the aggregate;

         (v) deposits for the leasehold interest described in Section 14(g); and

         (vi) Liens securing Indebtedness of the Guarantor.

                                      -17-
<PAGE>

     (c) Enter into any merger, consolidation, reorganization or amalgamation,
or liquidate, wind up or dissolve itself (or suffer any liquidation or
dissolution), or split, combine or reclassify any of its Capital Stock, or
materially amend its Constituent Documents, or make any material change in the
character of its business.

     (d) Make any Disposition of its assets, whether now owned or hereafter
acquired.

     (e) Declare or pay any Restricted Payments.

     (f) At any time, directly or indirectly, become or be liable in respect of
any Guaranty Obligations, or assume, guaranty, become surety for, endorse or
otherwise agree, become or remain directly or contingently liable upon or with
respect to any obligation or liability of any other Person, except for those
relating to (i) Guaranty Obligations in favor of the Lender in respect of
obligations of the Loan Parties to the Lender, (ii) Guaranty Obligations arising
in connection with indemnity programs for employees or (iii) Guaranty
Obligations arising in connection with Asset Sales of the Borrower where
recourse is limited to the proceeds from the sale of such assets.

     (g) Make or suffer to exist any advance, loan, extension of credit (by way
of guaranty or otherwise) or Investment, except for:

         (i) Investments in Cash Equivalents;

         (ii) Guaranty Obligations permitted by Section 16(f);

         (iii) Loans and advances to employees to meet expenses incurred by such
employees in the ordinary course of business and the loans listed on Schedule
16(g)(iii) hereto made pursuant to Employee Plans; and

         (iv) Investments in Subsidiaries existing on the date hereof.

     (h) Own or create any direct Subsidiaries other than the Borrower.

     (i) (i) Pay, or enter into any Contractual Obligation providing for the
payment of, any management or similar fees to any Person except pursuant to the
Management Agreement; and

         (ii) Except for the Management Agreement, enter into any transaction,
including any purchase, sale, lease or exchange of Property or the rendering of
any service, with any Affiliate unless such transaction is (A) in the ordinary
course of business and (B) upon terms no more favorable to such Affiliate, as
the case may be, than it would obtain in a comparable arm's length transaction
with a Person which is not an Affiliate.

     (j) (i) Make or offer to make any payment, prepayment, repurchase or
redemption of, or otherwise defease or segregate funds with respect to the
principal of, any of the Senior Notes or any other Debt Instruments except as
expressly required by the terms of the applicable Senior Note Document or Debt
Instrument, as the case may be, or as approved by the Lender, or (ii) amend,
modify, waive or otherwise change, or consent or agree to any amendment,
modification, waiver or other change to, any of the terms of any Debt Instrument
(other than any such amendment, modification, waiver or other change that (A)
would extend the maturity or

                                      -18-
<PAGE>

reduce the amount of any payment of principal of the relevant obligation or
which would reduce the rate or extend the date for payment of interest thereon
and (B) does not involve the payment of a consent or other similar fee), or (iv)
change the interest payment date of any of the Senior Notes.

(k) Enter into any arrangement with any Person providing for the leasing by the
Guarantor as lessee of Property which has been or is to be sold or transferred
by the Guarantor to such Person or to any other Person to whom funds have been
or are to be advanced by such Person on the security of such Property or rental
obligations of the Guarantor, except where the Lender has previously approved
such arrangement or transaction.

     (l) Change or permit any change to the Fiscal Year or Fiscal Quarter of the
Guarantor.

     (m) Enter into with any Person, or suffer to exist, any agreement that
prohibits or limits the ability of the Guarantor to create, incur, assume or
suffer to exist any Lien upon any of its Property or revenues, whether now owned
or hereafter acquired, other than this Guaranty and the other Loan Documents.

     (n) Enter into or suffer to exist or become effective any consensual
encumbrance or restriction on the ability of the Guarantor to (i) pay dividends
or make any other distributions in respect of any Capital Stock of the Guarantor
held by, or pay any Indebtedness owed to, the Borrower or any of the Borrower's
Subsidiaries, (ii) make loans or advances to the Borrower or any of the
Borrower's Subsidiaries or (iii) transfer any of its assets to the Borrower or
any Subsidiary of the Borrower, except in each case as permitted by the Credit
Agreement.

     (o) (i) Engage in any business, directly or indirectly, except to hold the
Capital Stock of the Borrower and activities incidental to being a holding
company of the Borrower; and

         (ii) Enter into any Contractual Obligation or understanding that
restrains, restricts, limits or impedes, in any geographic area, the ability of
the Guarantor or any of its Subsidiaries to engage in any line of business in
which the Guarantor or such Subsidiary, as the case may be, is engaged as of the
date hereof, except for restrictions on competition in connection with Asset
Sales permitted hereunder to the extent reasonably tailored to the scope of the
assets sold.

     (p) (i) Purchase or agree to Purchase any Property or assets, other than
any Purchase of equipment, furniture, fixtures or supplies for use (but not for
resale or re-lease) in the ordinary course of business; or

         (ii) Make any Acquisitions.

     (q) Make, or permit any of its Subsidiaries to make, any Capital
Expenditures (excluding Capital Expenditures by a Subsidiary with respect to
assets held for sale, lease or disposition) of more than Ten Million Dollars
($10,000,000) in the aggregate per Fiscal Year, beginning with the Fiscal Year
ending December 31, 2001, provided that to the extent aggregate Capital
Expenditures are less than Ten Million Dollars ($10,000,000) for any Fiscal
Year, the amount not expended may be carried forward and expended in a
succeeding Fiscal Year, provided, further, that notwithstanding the foregoing,
in no event may aggregate Capital Expenditures exceed Twenty Million Dollars
($20,000,000) in any given Fiscal Year.

                                      -19-
<PAGE>

     (r) Without the prior written approval of the Lender, make or permit any
material change in financial accounting policies or financial reporting
practices, or the application of such policies or practices to the books and
records of any Loan Party, other than changes (i) that are required by GAAP or
the regulations of the Securities and Exchange Commission or in actuarial
methodologies under any Employee Plan, and (ii) for which the Borrower has
complied with Section 15(k) hereof.

     (s) Pledge, hypothecate, otherwise grant any security interest in the
Intercompany Note to any Person other than for the benefit of the Lender and the
holders of Senior Notes pursuant to the Senior Note Indenture.

     (t) Following the occurrence of any Default or Event of Default, use any
Collateral to make any payment in respect of the Senior Notes.

     (u) Transfer any assets to, purchase any Capital Stock of, contribute any
capital to, or make any loan to any Subsidiary of the Guarantor other than the
Borrower.

     Section 17. Governing Law. This Guaranty and the rights and obligations of
                 -------------
the parties hereto shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York.

     Section 18.  Submission to Jurisdiction; Service of Process.
                  ----------------------------------------------

     (a) Any legal action or proceeding with respect to this Guaranty, and any
of the other Loan Documents, may be brought in the courts of the State of New
York or of the United States of America for the Southern District of New York,
and, by execution and delivery of this Agreement, the Guarantor hereby accepts
for itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts. The Guarantor hereby irrevocably waives
any objection, including any objection to the laying of venue or based on the
grounds of forum non conveniens, which it may now or hereafter have to the
bringing of any such action or proceeding in such respective jurisdictions.

     (b) The Lender may serve process in any manner permitted by law or commence
legal proceedings or otherwise proceed against the Guarantor in any other
jurisdiction.

     (c) If for the purposes of obtaining judgment in any court it is necessary
to convert a sum due hereunder in Dollars into another currency, the parties
hereto agree, to the fullest extent that they may effectively do so, that the
rate of exchange used shall be that at which in accordance with normal banking
procedures the Lender could purchase Dollars with such other currency at the
spot rate of exchange quoted by The Bank of New York at 11:00 a.m. (New York
time) on the Business Day preceding that on which final judgment is given, for
the purchase of Dollars, for delivery two Business Days thereafter.

     Section 19. Waiver of Jury Trial. The Lender and the Guarantor irrevocably
                 --------------------
waive trial by jury in any action or proceeding with respect to this Guaranty
and any of the other Loan Documents.

     Section 20. Notices. Any notice or other communication herein required or
                 -------
permitted shall be given as provided in Section 8.2 of the Credit Agreement in
the case of the Guarantor to the Guarantor in care of the Borrower.

                                      -20-
<PAGE>

     Section 21. Severability. Wherever possible, each provision of this
                 ------------
Guaranty shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Guaranty shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of
such prohibition or invalidity without invalidating the remainder of such
provision or the remaining provisions of this Guaranty.

     Section 22. Collateral. The Guarantor hereby acknowledges and agrees that
                 ----------
its obligations under this Guaranty are secured pursuant to the terms and
provisions of the Security Documents executed by it in favor of the Lender or
the Collateral Trustee and covenants that it shall not grant any Lien with
respect to its Property in favor, or for the benefit, of any Person other than
the Secured Parties (as defined in the Security Documents).

     Section 23. Costs and Expenses. The Guarantor agrees to pay or reimburse
                 ------------------
the Lender upon demand for all out-of-pocket costs and expenses, including,
without limitation, reasonable attorneys' fees (including allocated costs of
internal counsel and costs of settlement), incurred by the Lender in enforcing
this Guaranty or any security therefor or exercising or enforcing any other
right or remedy available in connection herewith or therewith.

     Section 24. Waiver. The Guarantor hereby irrevocably and unconditionally
                 ------
waives, to the maximum extent not prohibited by law, any right it may have to
claim or recover any special, exemplary, punitive or consequential damage in any
legal action or proceeding in respect of this Guaranty or any of the other Loan
Documents.

     Section 25. Entire Agreement. This Guaranty, taken together with all of the
                 ----------------
other Loan Documents executed and delivered by the Guarantors, represents the
entire agreement and understanding of the parties hereto and supersedes all
prior understandings, written and oral, relating to the subject matter hereof.

                                      -21-
<PAGE>

     IN WITNESS WHEREOF, this Guaranty has been duly executed by the Guarantor
as of the day and year first set forth above.

                                        The FINOVA Group Inc.

                                        By: /s/ William J. Hallinan
                                            --------------------------
                                            Name: William J. Hallinan
                                            Title: President

Acknowledged and agreed to as of the date first above written:

Berkadia LLC,
  as Lender

     By: Berkadia Management LLC, its Manager

         /s/ Marc D. Hamburg
         ------------------------------------
         Name: Marc D. Hamburg
         Title: President

                                      -22-
<PAGE>

                             Appendix A to Guaranty

                                   Definitions

     The following capitalized terms have the respective meanings set forth
below:

     "Guarantor Loss Event" means (a) a Guarantor Material Adverse Effect, or
(b) the incurrence by the Guarantor or any of its Subsidiaries of liabilities,
costs, expenses, charges, penalties, fines, damages, indemnity obligations or
other obligations in excess of Twenty-Five Million Dollars ($25,000,000) in the
aggregate.

     "Guarantor Material Adverse Effect" means a material adverse effect on (a)
the business, condition (financial or otherwise), operations, performance,
assets, liabilities (actual or contingent) or prospects of the Guarantor and its
Subsidiaries, taken as a whole, (b) the ability of the Guarantor to perform its
obligations under the Loan Documents, (c) the ability of the Borrower or any
Subsidiary Guarantor other than a Subsidiary Guarantor listed on Schedule
3.25(a) of the Credit Agreement to perform its obligations under the Loan
Documents, (d) the ability of one or more Subsidiary Guarantors (including the
Subsidiary Guarantors listed on Schedule 3.25(a) of the Credit Agreement) to
perform its obligations under the Loan Documents if such Guarantor or Guarantors
have or had, in the aggregate, total assets with a book value in excess of
Twenty-Five Million Dollars ($25,000,000) at the time of such material adverse
effect or at any time during the shorter of (i) the twelve (12) months prior
thereto or (ii) the period beginning on the Closing Date and ending on the time
of such material adverse effect, or (e) the validity or enforceability of the
Collateral Trustee's Liens or the priority or perfection of the Collateral
Trustee's Liens on the Collateral.

     "Guarantor SEC Reports" means, collectively, the Form 10-K/A filed by the
Guarantor with the Securities and Exchange Commission for the year ended
December 31, 2000, and other reports and statements filed by the Guarantor with
the Securities and Exchange Commission subsequent to the filing of such Form
10-K/A and prior to the date hereof.

     "Material Guarantor Loss Event" means (a) a Guarantor Material Adverse
Effect or (b) the incurrence by the Guarantor or any of its Subsidiaries of
liabilities, costs, expenses, charges, penalties, fines, damages, indemnity
obligations or other obligations in excess of One Hundred Million Dollars
($100,000,000) in the aggregate, except as expressly permitted by this
Agreement.

     In addition to the foregoing, the following terms defined in the Credit
Agreement have their respective meanings as defined in the Credit Agreement,
except that all references in such definitions to the "Borrower" shall be
replaced with the "Guarantor" such that each of such terms shall be defined with
respect to the Guarantor:

     (a)      "Commonly Controlled Entity";

     (b)      "Employee Plan";

     (c)      "Employee Plan Insolvency";

     (d)      "Employee Plan Reorganization"
<PAGE>

     (e)      "Multiemployer Plan"; and

     (f)      "Single Employer Plan".

                                      -A2-<PAGE>

                                                                    Exhibit 10.F

                                    Guaranty

          GUARANTY dated as of August 21, 2001 by each of the Subsidiaries of
FINOVA Capital Corporation (the "Borrower") set forth on the signature pages
hereof or which becomes a party hereto pursuant to Section 23 hereof (each a
"Subsidiary Guarantor"), in favor of Berkadia LLC (the "Lender") and The FINOVA
Group Inc. (the "Holder" and, together with the Lender, the "Secured Parties").

                              W I T N E S S E T H:

          WHEREAS, pursuant to the Credit Agreement dated as of August 21, 2001
(as the same may be amended, restated, supplemented or otherwise modified from
time to time, the "Credit Agreement") between the Lender and the Borrower, the
Lender has agreed to make a single loan of $5.6 billion to the Borrower upon the
terms and subject to the conditions set forth therein; and

          WHEREAS, the Borrower has issued and may issue promissory notes
comprising the Intercompany Note to the Holder; and

          WHEREAS, the Holder has issued and may issue the Senior Notes pursuant
to the Indenture, dated as of August 21, 2001 (as amended, restated,
supplemented or otherwise modified from time to time, the "Indenture"), between
the Holder and The Bank of New York, as the indenture trustee (in such capacity,
the "Indenture Trustee"); and

          WHEREAS, each Subsidiary Guarantor is a direct or indirect Subsidiary
of the Borrower; and

          WHEREAS, each Subsidiary Guarantor will receive substantial direct and
indirect benefits from the making of the Loan and the arrangements under the
Indenture and the Intercompany Note; and

          WHEREAS, it is a condition precedent to the obligation of the Lender
to make the loan to the Borrower under the Credit Agreement and the obligation
of the holders of the Senior Notes under the Indenture to accept the Senior
Notes that the Subsidiary Guarantors shall have executed and delivered this
Agreement to the Lender and the Holder;

          NOW, THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

          Section 1.  Definitions.
                      -----------

          (a)  Capitalized terms defined in the Credit Agreement and used herein
               but not otherwise defined herein have the meanings given to them
               in the Credit Agreement.

          (b)  The following terms shall have the following meanings:

          "Events of Default" means, collectively,  "Events of Default" (as
defined in the Credit Agreement) and the Events of Default set forth in the
Intercompany Note.

<PAGE>

          "Obligations" means, collectively, the Loan Document Obligations and
the unpaid principal of and interest on the Intercompany Note and all other
obligations and liabilities of the Borrower (including interest accruing at the
then applicable rate provided in the Intercompany Note after the maturity
thereof and interest accruing at the then applicable rate provided therein after
the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding)
to the Holder, whether absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection
with the Intercompany Note or any other Loan Document, or any other document
made, delivered or given in connection therewith, in each case whether on
account of principal, interest, guarantee obligations, fees, indemnities, costs,
expenses or otherwise (including all legal fees of the Holder that are required
to be paid by the Borrower pursuant to the terms of any of the foregoing
agreements).

          Section 2.  Guaranty.
                      --------

          (a) To induce the Lender to make the Loan and the Indenture Trustee
and the Holder to enter into the arrangements under the Indenture and the
Intercompany Note, each Subsidiary Guarantor hereby absolutely, unconditionally
and irrevocably guarantees, as primary obligor and not merely as surety, the
full and punctual payment when due, whether at stated maturity or earlier by
reason of acceleration, mandatory prepayment or otherwise in accordance with any
Loan Document or the Intercompany Note, of all of the Obligations, whether or
not from time to time reduced or extinguished or hereafter increased or
incurred, whether or not recovery may be or hereafter may become barred by any
statute of limitations, and whether enforceable or unenforceable as against the
Borrower, now or hereafter existing, or due or to become due, including
principal, interest (including interest at the contract rate applicable upon
default accrued or accruing after the commencement of any proceeding under the
Bankruptcy Code, whether or not such interest is an allowed claim in such
proceeding), fees and costs of collection. This Guaranty constitutes a guaranty
of payment and not of collection.

          (b) Each Subsidiary Guarantor further agrees that, if any payment made
by the Borrower or any other person and applied to the Obligations is at any
time annulled, avoided, set aside, rescinded, invalidated, declared to be
fraudulent or preferential or otherwise required to be refunded or repaid, or
the proceeds of Collateral are required to be returned by the Secured Parties to
the Borrower, its estate, trustee, receiver or any other party, including any
Subsidiary Guarantor, under any bankruptcy law, state or federal law, common law
or equitable cause, then, to the extent of such payment or repayment, any such
Subsidiary Guarantor's liability hereunder (and any Lien or other Collateral
securing such liability) shall be and remain in full force and effect, as fully
as if such payment had never been made or, if prior thereto this Guaranty shall
have been cancelled or surrendered (and if any Lien or other Collateral securing
such Subsidiary Guarantor's liability hereunder shall have been released or
terminated by virtue of such cancellation or surrender), this Guaranty (and such
Lien or other Collateral) shall be reinstated in full force and effect, and such
prior cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect the obligations of any such Subsidiary Guarantor in respect
of the amount of such payment (or any Lien or other Collateral securing such
obligation).

          Section 3. Limitation of Guaranty. Any term or provision of this
                     ----------------------
Guaranty, any other Loan Document or the Intercompany Note to the contrary
notwithstanding, the maximum aggregate amount of the Obligations for which any
Subsidiary Guarantor shall be

                                       2
<PAGE>

liable shall not exceed the maximum amount for which such Subsidiary Guarantor
can be liable without rendering this Guaranty, any other Loan Document or the
Intercompany Note, as it relates to such Subsidiary Guarantor, subject to
avoidance under applicable law relating to fraudulent conveyance or fraudulent
transfer (including section 548 of the Bankruptcy Code or any applicable
provisions of comparable state law) (collectively, "Fraudulent Transfer Laws"),
in each case after giving effect (a) to all other liabilities of such Subsidiary
Guarantor, contingent or otherwise, that are relevant under such Fraudulent
Transfer Laws (specifically excluding, however, any liabilities of such
Subsidiary Guarantor in respect of intercompany Indebtedness to the Borrower to
the extent that such Indebtedness would be discharged in an amount equal to the
amount paid by such Subsidiary Guarantor hereunder) and (b) to the value as
assets of such Subsidiary Guarantor (as determined under the applicable
provisions of such Fraudulent Transfer Laws) of any rights to subrogation,
contribution, reimbursement, indemnity or similar rights held by such Subsidiary
Guarantor pursuant to (i) applicable law, (ii) Section 4 of this Guaranty or
(iii) any other agreement providing for an equitable allocation among such
Subsidiary Guarantor and other Subsidiaries or Affiliates of the Borrower of
obligations arising under this Guaranty or other guaranties of the Obligations
by such parties.

          Section 4. Contribution. To the extent that any Subsidiary Guarantor
                     ------------
shall be required hereunder to pay a portion of the Obligations which shall
exceed the greater of (i) the amount of the economic benefit actually received
by such Subsidiary Guarantor from the Loan and (ii) the amount which such
Subsidiary Guarantor would otherwise have paid if such Subsidiary Guarantor had
paid the aggregate amount of the Obligations (excluding the amount thereof
repaid by the Borrower and Parent) in the same proportion as such Subsidiary
Guarantor's net worth at the date enforcement hereunder is sought bears to the
aggregate net worth of all the Subsidiary Guarantors at the date enforcement
hereunder is sought, then such Subsidiary Guarantor shall be reimbursed by such
other Subsidiary Guarantors for the amount of such excess, pro rata, based on
the respective net worths of such other Subsidiary Guarantors at the date
enforcement hereunder is sought. For the avoidance of doubt, the Secured Parties
have no obligation to contribute to any Subsidiary Guarantor, or reimburse such
Subsidiary Guarantor for, any such excess amount.

          Section 5. Authorization; Other Agreements. The Lender, with respect
                     -------------------------------
to the Credit Agreement and the other Loan Documents, and the Holder, with
respect to the Intercompany Note, is hereby authorized, for purposes of the
obligations of the Subsidiary Guarantors under this Guaranty, without notice to
or demand upon any Subsidiary Guarantor, which notice or demand is expressly
waived hereby, and without discharging or otherwise affecting the obligations of
any Subsidiary Guarantor hereunder (which shall remain absolute and
unconditional notwithstanding any such action or omission to act), from time to
time, to:

          (a) supplement, renew, extend, accelerate or otherwise change the time
for payment of, or other terms relating to, the Obligations, or any part of
them, or otherwise modify, amend or change the terms of any promissory note or
other agreement, document or instrument (including, without limitation, the
other Loan Documents and the Intercompany Note) now or hereafter executed by the
Borrower and delivered to the Lender or the Holder, including, without
limitation, any increase or decrease of principal or the rate of interest
thereon;

          (b) waive or otherwise consent to noncompliance with any provision of
any instrument evidencing the Obligations, or any part thereof, or any other
instrument or agreement

                                       3
<PAGE>

in respect of the Obligations (including the other Loan Documents and the
Intercompany Note) now or hereafter executed by the Borrower and delivered to
the Lender or the Holder;

          (c) accept partial payments on the Obligations;

          (d) receive, take and hold additional security or collateral for the
payment of the Obligations or any part of them and exchange, enforce, waive,
substitute, liquidate, terminate, abandon, fail to perfect, subordinate,
transfer, otherwise alter and release any such additional security or
collateral;

          (e) settle, release, compromise, collect or otherwise liquidate the
Obligations or accept, substitute, release, exchange or otherwise alter, affect
or impair any security or collateral for the Obligations or any part of them or
any other guaranty therefor, in any manner;

          (f) add, release or substitute any one or more other guarantors,
makers or endorsers of the Obligations or any part of them and otherwise deal
with the Borrower or any other guarantor, maker or endorser;

          (g) apply to the Obligations any and all payments or recoveries from
the Borrower, from any other guarantor, maker or endorser of the Obligations or
any part of them or from any Subsidiary Guarantor to the Obligations in such
order as provided herein whether such Obligations are secured or unsecured or
guaranteed or not guaranteed by others;

          (h) apply any and all payments or recoveries from any Subsidiary
Guarantor of the Obligations or sums realized from security furnished by such
Subsidiary Guarantor upon its indebtedness or obligations to the Lender or the
Holder whether or not such indebtedness or obligations relate to the
Obligations; and

          (i) refund at any time any payment received by the Lender or the
Holder in respect of any of the Obligations, and payment to the Lender or the
Holder of the amount so refunded shall be fully guaranteed hereby even though
prior thereto this Guaranty shall have been cancelled or surrendered (or any
release or termination of any Collateral by virtue thereof), and such prior
cancellation or surrender shall not diminish, release, discharge, impair or
otherwise affect the obligations of any Subsidiary Guarantor hereunder in
respect of the amount so refunded (and any Collateral so released or terminated
shall be reinstated with respect to such obligations);

even if any right of reimbursement or subrogation or other right or remedy of
any Subsidiary Guarantor is extinguished, affected or impaired by any of the
foregoing (including, without limitation, any election of remedies by reason of
any judicial, non-judicial or other proceeding in respect of the Obligations
which impairs any subrogation, reimbursement or other right of such Subsidiary
Guarantor).

          Section 6. Guaranty Absolute and Unconditional. Each Subsidiary
                     -----------------------------------
Guarantor hereby waives any defense of a surety or guarantor or any other
obligor on any obligations arising in connection with or in respect of any of
the following and hereby agrees that its obligations under this Guaranty are
absolute and unconditional and shall not be discharged or otherwise affected as
a result of:

          (a) the invalidity or unenforceability of any of the Borrower's
obligations under the Credit Agreement, any other Loan Document, the
Intercompany Note or any other

                                       4
<PAGE>

agreement or instrument relating thereto, or any security for, or other guaranty
of the Obligations or any part of them, or the lack of perfection or continuing
perfection or failure of priority of any security for the Obligations or any
part of them;

          (b) the absence of any attempt to collect the Obligations or any part
of them from the Borrower or other action to enforce the same;

          (c) failure by any of the Secured Parties or the Collateral Trustee to
take any steps to perfect and maintain any Lien on, or to preserve any rights
to, any Collateral;

          (d) any Secured Party's election, in any proceeding instituted under
chapter 11 of the Bankruptcy Code, of the application of Section 1111(b)(2) of
the Bankruptcy Code;

          (e) any borrowing or grant of a Lien by the Borrower, as
debtor-in-possession, or extension of credit, under Section 364 of the
Bankruptcy Code;

          (f) the disallowance, under Section 502 of the Bankruptcy Code, of all
or any portion of the claim (or claims) of any Secured Party for repayment of
the Obligations ;

          (g) any use of cash collateral under Section 363 of the Bankruptcy
Code;

          (h) any agreement or stipulation as to the provision of adequate
protection in any bankruptcy proceeding;

          (i) the avoidance of any Lien in favor of any Secured Party or the
Collateral Trustee for any reason;

          (j) any bankruptcy, insolvency, reorganization, arrangement,
readjustment of debt, liquidation or dissolution proceeding commenced by or
against the Borrower, any Subsidiary Guarantor or any of the Borrower's other
Subsidiaries, including without limitation, any discharge of, or bar or stay
against collecting, all or any of the Obligations (or any part of them or
interest thereon) in or as a result of any such proceeding;

          (k) failure by any Secured Party to file or enforce a claim against
the Borrower or its estate in any bankruptcy or insolvency case or proceeding;

          (l) any action taken by any Secured Party that is authorized hereby;

          (m) any election following the occurrence of an Event of Default by
any of the Secured Parties or the Collateral Trustee, as applicable, to proceed
separately against the personal property Collateral in accordance with such
Person's rights under the UCC (as defined in the Pledge and Security Agreement)
or, if the Collateral consists of both personal and real property, to proceed
against such personal and real property in accordance with such Person's rights
with respect to such real property; or

          (n) any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a surety or guarantor or any other obligor on
any obligations, other than the payment in full of the Obligations.

                                       5
<PAGE>

          Section 7. Waivers. Each Subsidiary Guarantor hereby waives diligence,
                     -------
promptness, presentment, demand for payment or performance and protest and
notice of protest, notice of acceptance and any other notice in respect of the
Obligations or any part of them, and any defense arising by reason of any
disability or other defense of the Borrower or any other Subsidiary Guarantor.
Each Subsidiary Guarantor shall not, until the Obligations are irrevocably paid
in full, assert any claim or counterclaim it may have against the Borrower or
any other Subsidiary Guarantor or set off any of its obligations to the Borrower
against any obligations of the Borrower or any other Subsidiary Guarantor to it.
In connection with the foregoing, each Subsidiary Guarantor covenants that its
obligations hereunder shall not be discharged, except by complete performance.

          Section 8. Reliance. Each Subsidiary Guarantor hereby assumes
                     --------
responsibility for keeping itself informed of the financial condition of the
Borrower and any and all endorsers and/or other guarantors of all or any part of
the Obligations, and of all other circumstances bearing upon the risk of
nonpayment of the Obligations, or any part thereof, that diligent inquiry would
reveal, and each Subsidiary Guarantor hereby agrees that the Lender shall not
have any duty to advise any Subsidiary Guarantor of information known to it
regarding such condition or any such circumstances. In the event the Lender, in
its sole discretion, undertakes at any time or from time to time to provide any
such information to any Subsidiary Guarantor, the Lender shall be under no
obligation (a) to undertake any investigation not a part of its regular business
routine, (b) to disclose any information which the Lender, pursuant to accepted
or reasonable commercial finance or banking practices, wishes to maintain
confidential or (c) to make any other or future disclosures of such information
or any other information to any Subsidiary Guarantor.

          Section 9. Waiver of Subrogation and Contribution Rights. Until the
                     ---------------------------------------------
Obligations have been irrevocably paid in full, each Subsidiary Guarantor shall
not enforce or otherwise exercise any right of subrogation to any of the rights
of the Secured Parties against the Borrower or any other Subsidiary Guarantor or
any right of reimbursement or contribution or similar right against the Borrower
or any other Subsidiary Guarantor by reason of this Agreement or by any payment
made by any Subsidiary Guarantor in respect of the Obligations.

          Section 10.  Subordination.
                       -------------

          (a) The Holder hereby agrees that any Indebtedness of the Borrower or
any Subsidiary Guarantor now or hereafter owing to the Holder, whether
heretofore, now or hereafter created (the "Intercompany Note Subordinated
Debt"), is hereby subordinated to all of the Obligations, and that, except as
permitted by the Credit Agreement (but only when such payment is so required),
the Intercompany Note Subordinated Debt shall not be paid in whole or in part
until the Loan Document Obligations have been paid in full and the Credit
Agreement is terminated and of no further force or effect. The Holder shall not
accept any payment of or on account of any Intercompany Note Subordinated Debt
at any time in contravention of the foregoing. Each payment on the Intercompany
Note Subordinated Debt received in violation of any of the provisions hereof
shall be deemed to have been received by the Holder as trustee for the Lender
and shall be paid over to the Collateral Trustee immediately on account of the
Obligations, but without otherwise affecting in any manner such Holder's
liability hereof.

          (b) Each Subsidiary Guarantor hereby agrees that any Indebtedness of
              ---------------------------------------------
the Borrower now or hereafter owing to such Subsidiary Guarantor, whether
heretofore, now or

                                       6
<PAGE>

hereafter created (the "Subsidiary Guarantor Subordinated Debt"), is hereby
subordinated to all of the Obligations, and that, except as permitted by the
Credit Agreement and the Intercompany Note (but only when such payment is so
required), the Subsidiary Guarantor Subordinated Debt shall not be paid in whole
or in part until the Obligations have been paid in full and this Guaranty is
terminated and of no further force or effect. No Subsidiary Guarantor shall
accept any payment of or on account of any Subsidiary Guarantor Subordinated
Debt at any time in contravention of the foregoing. Until the payment in full of
the Loan Document Obligations, upon the occurrence and during the continuance of
an Event of Default under the Credit Agreement, the Borrower shall pay to the
Lender any payment of all or any part of the Subsidiary Guarantor Subordinated
Debt and any amount so paid to the Lender shall be applied to payment of the
Loan Document Obligations as provided in the Credit Agreement. From and after
the payment in full of the Loan Document Obligations, upon the occurrence and
during the continuance of an Event of Default under the Intercompany Note, the
Borrower shall pay to the Holder any payment of all or any part of the
Subsidiary Guarantor Subordinated Debt and any amount so paid to the Holder
shall be applied to payment of the Obligations as provided in the Intercompany
Note. Each payment on the Subsidiary Guarantor Subordinated Debt received in
violation of any of the provisions hereof shall be deemed to have been received
by such Subsidiary Guarantor as trustee for the Lender or the Holder, as
applicable, and shall be paid over to the Collateral Trustee immediately on
account of the Obligations, but without otherwise affecting in any manner such
Subsidiary Guarantor's liability hereof.

          Section 11. Default; Remedies. The obligations of each Subsidiary
                      -----------------
Guarantor hereunder are independent of and separate from the Obligations. If any
of the Obligations is not paid when due, or upon any Event of Default or upon
any default by the Borrower as provided in any other instrument or document
evidencing all or any part of the Obligations, until the payment in full of the
Loan Document Obligations, the Lender, and thereafter the Holder, may, at its
sole election, proceed directly and at once, without notice, against any
Subsidiary Guarantor to collect and recover the full amount or any portion of
the Obligations then due, without first proceeding against the Borrower or any
other guarantor of the Obligations, or against any Collateral under the Loan
Documents or the Intercompany Note or joining the Borrower or any other
guarantor in any proceeding against any Subsidiary Guarantor.

          Section 12. Irrevocability. This Guaranty shall be irrevocable as to
                      --------------
any and all of the Obligations until all monetary Obligations outstanding have
been irrevocably repaid in cash, at which time this Guaranty shall automatically
be cancelled. Upon such cancellation and at the written request of any
Subsidiary Guarantor or its successors or assigns, and at the cost and expense
of such Subsidiary Guarantor or its successors or assigns, the Lender or the
Holder, as applicable, shall execute in a timely manner a satisfaction of this
Guaranty and such instruments, documents or agreements as are necessary or
desirable to evidence the termination of this Guaranty.

          Section 13. Setoff. Until the payment in full of the Loan Document
                      ------
Obligations, at any time after maturity of the Loan Document Obligations, the
Lender may, without notice to any Subsidiary Guarantor and regardless of the
acceptance of any Collateral for the payment hereof, appropriate and apply
toward the payment of the Obligations (a) any indebtedness due or to become due
from the Lender or its Affiliates to such Subsidiary Guarantor and (b) any
moneys, credits or other property belonging to such Subsidiary Guarantor at any
time held by or coming into the possession of the Lender or any of its
respective Affiliates. From and after the payment in full of the Loan Document
Obligations, at any time after maturity of the

                                       7
<PAGE>

Obligations under the Intercompany Note, the Holder may (unless the Obligations
under the Intercompany Note have been irrevocably paid in full), without notice
to any Subsidiary Guarantor and regardless of the acceptance of any Collateral
for the payment hereof, appropriate and apply toward the payment of the
Obligations (a) any indebtedness due or to become due from the Holder or its
Affiliates to such Subsidiary Guarantor and (b) any moneys, credits or other
property belonging to such Subsidiary Guarantor at any time held by or coming
into the possession of the Holder or any of its respective Affiliates.

          Section 14. No Marshalling. Each Subsidiary Guarantor consents and
                      --------------
agrees that neither the Secured Parties nor any Person acting for or on behalf
of any Secured Party shall be under any obligation to marshal any assets in
favor of any Subsidiary Guarantor or against or in payment of any or all of the
Obligations.

          Section 15. Enforcement; Amendments; Waivers. No delay on the part of
                      --------------------------------
the Secured Parties in the exercise of any right or remedy arising under this
Guaranty, the Credit Agreement, any of the other Loan Documents, the
Intercompany Note or otherwise with respect to all or any part of the
Obligations, the Collateral or any other guaranty of or security for all or any
part of the Obligations shall operate as a waiver thereof, and no single or
partial exercise by the Lender of any such right or remedy shall preclude any
further exercise thereof. None of the terms or provisions of this Agreement may
be waived, amended, supplemented or otherwise modified except in accordance with
the Collateral Trust Agreement. Failure by the Secured Parties at any time or
times hereafter to require strict performance by the Borrower, any Subsidiary
Guarantor, any other guarantor of all or any part of the Obligations or any
other Person of any of the provisions, covenants, warranties, terms and
conditions contained in any of the Loan Documents or the Intercompany Note now
or at any time or times hereafter executed by such Persons and delivered to the
Lender or the Holder shall not waive, affect or diminish any right of the Lender
or the Holder at any time or times hereafter to demand strict performance
thereof and such right shall not be deemed to have been waived by any act or
knowledge of the Lender, the Holder or their respective agents, officers or
employees, unless such waiver is contained in an instrument in writing, directed
and delivered to the Borrower or such Subsidiary Guarantor, as applicable,
specifying such waiver, and is signed by the party or parties necessary to give
such waiver under the Credit Agreement or the Intercompany Note. No waiver of
any Event of Default by the Lender or the Holder shall operate as a waiver of
any other Event of Default or the same Event of Default on a future occasion,
and no action by the Lender or the Holder permitted hereunder shall in any way
affect or impair the Lender's or the Holder's rights and remedies or the
obligations of any Subsidiary Guarantor under this Guaranty. Any determination
by a court of competent jurisdiction of the amount of any principal and/or
interest owing by the Borrower to the Lender or the Holder shall be conclusive
and binding on each Subsidiary Guarantor irrespective of whether such Subsidiary
Guarantor was a party to the suit or action in which such determination was
made.

          Section 16. Successors and Assigns. This Guaranty shall be binding
                      ----------------------
upon each Subsidiary Guarantor and upon the successors and assigns of such
Subsidiary Guarantors and shall inure to the benefit of the Lender, the Holder
and their respective successors and assigns (including, without limitation, any
Participant in the Loan); all references herein to the Borrower and to the
Subsidiary Guarantors shall be deemed to include their respective successors and
assigns. The successors and assigns of the Subsidiary Guarantors and the
Borrower shall include, without limitation, their respective receivers, trustees
and debtors-in-possession. All references to the singular shall be deemed to
include the plural where the context so requires.

                                       8
<PAGE>

          Section 17. Representations and Warranties; Covenants. Each Subsidiary
                      -----------------------------------------
Guarantor hereby (a) represents and warrants that each of the representations
and warranties as to it made by the Borrower in Section 3 of the Credit
Agreement is true and correct on each date as required by Section 4.16 of the
Credit Agreement, (b) agrees to take each action that the Borrower is required
to cause it to take under Section 5 of the Credit Agreement, (c) agrees to
refrain from taking each action that the Borrower is prohibited from permitting
it to take under Section 6 of the Credit Agreement, and (d) agrees to take, or
refrain from taking, as the case may be, each action that is necessary to be
taken or not taken, as the case may be, so that no Default or Event of Default
is caused by the failure to take such action or to refrain from taking such
action by such Subsidiary Guarantor.

          Section 18. Governing Law. This Guaranty and the rights and
                      -------------
obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.

          Section 19.  Submission to Jurisdiction; Service of Process.
                       ----------------------------------------------

          (a) Any legal action or proceeding with respect to this Guaranty, and
any of the other Loan Documents and the Intercompany Note, may be brought in the
courts of the State of New York or of the United States of America for the
Southern District of New York, and, by execution and delivery of this Agreement,
each Subsidiary Guarantor hereby accepts for itself and in respect of its
property, generally and unconditionally, the jurisdiction of the aforesaid
courts. Each Subsidiary Guarantor hereby irrevocably waives any objection,
including any objection to the laying of venue or based on the grounds of forum
non conveniens, which it may now or hereafter have to the bringing of any such
action or proceeding in such respective jurisdictions.

          (b) The Secured Parties may serve process in any manner permitted by
law or commence legal proceedings or otherwise proceed against a Subsidiary
Guarantor in any other jurisdiction.

          (c) If for the purposes of obtaining judgment in any court it is
necessary to convert a sum due hereunder in Dollars into another currency, the
parties hereto agree, to the fullest extent that they may effectively do so,
that the rate of exchange used shall be that at which in accordance with normal
banking procedures the Lender could purchase Dollars with such other currency at
the spot rate of exchange quoted by the Bank of New York at 11:00 a.m. (New York
time) on the Business Day preceding that on which final judgment is given, for
the purchase of Dollars, for delivery two Business Days thereafter.

          Section 20. Waiver of Jury Trial. Each Secured Party and each
                      --------------------
Subsidiary Guarantor irrevocably waives trial by jury in any action or
proceeding with respect to this Guaranty and any of the other Loan Documents and
the Intercompany Note.

          Section 21. Notices. Any notice or other communication herein required
                      -------
or permitted shall be given as provided in Section 8.2 of the Credit Agreement
and Section 4 of the Intercompany Note and, in the case of any Subsidiary
Guarantor, to such Subsidiary Guarantor in care of the Borrower.

          Section 22. Severability. Wherever possible, each provision of this
                      ------------
Guaranty shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Guaranty shall be prohibited by or
invalid under such law, such

                                       9
<PAGE>

provision shall be ineffective to the extent of such prohibition or invalidity
without invalidating the remainder of such provision or the remaining provisions
of this Guaranty.

          Section 23. Additional Guarantors. Each of the Subsidiary Guarantors
                      ---------------------
agrees that, if pursuant to the Credit Agreement, the Borrower shall be required
to cause any Subsidiary that is not a Subsidiary Guarantor to become a
Subsidiary Guarantor hereunder, or if for any reason the Borrower desires any
such Subsidiary to become a Subsidiary Guarantor hereunder, such Subsidiary
shall, and any Subsidiary Guarantor who controls such Subsidiary shall cause
such Subsidiary to, execute and deliver to the Secured Parties a Guaranty
Supplement in substantially the form of Exhibit A attached hereto and shall
thereafter for all purposes be a party hereto and have the same rights, benefits
and obligations as a Subsidiary Guarantor party hereto on the Closing Date.

          Section 24. Release of Guarantors. Upon the release of all of the
                      ---------------------
Capital Stock of any Subsidiary Guarantor pursuant to Section 7.4 of the
Collateral Trust Agreement, this Guaranty shall terminate with respect to such
Subsidiary Guarantor, and such Subsidiary Guarantor shall no longer be a party
to this Guaranty.

          Section 25. Collateral; Intercompany Note. Each Subsidiary Guarantor
                      -----------------------------
hereby acknowledges and agrees that its obligations under this Guaranty are
secured pursuant to the terms and provisions of the Security Documents executed
by it in favor of the Collateral Trustee. The Holder hereby acknowledges that
the Holder's rights under the Intercompany Note and this Guaranty are pledged to
the Collateral Trustee under the Security Documents and that such rights may
only be exercised by the Collateral Trustee.

          Section 26. Costs and Expenses. Each Subsidiary Guarantor agrees to
                      ------------------
pay or reimburse the Secured Parties upon demand for all out-of-pocket costs and
expenses, including, without limitation, reasonable attorneys' fees (including
allocated costs of internal counsel and costs of settlement), incurred by the
Secured Parties in enforcing this Guaranty or any security therefor or
exercising or enforcing any other right or remedy available in connection
herewith or therewith.

          Section 27. Waiver. Each Subsidiary Guarantor hereby irrevocably and
                      ------
unconditionally waives, to the maximum extent not prohibited by law, any right
it may have to claim or recover any special, exemplary, punitive or
consequential damage in any legal action or proceeding in respect of this
Guaranty, any of the other Loan Documents or the Intercompany Note.

          Section 28. Entire Agreement. This Guaranty, taken together with all
                      ----------------
of the other Loan Documents and the Intercompany Note executed and delivered by
the Subsidiary Guarantors, represents the entire agreement and understanding of
the parties hereto and supersedes all prior understandings, written and oral,
relating to the subject matter hereof.

                                       10
<PAGE>

          In witness whereof, this Guaranty has been duly executed by the
Subsidiary Guarantors as of the day and year first set forth above.

FINOVA Capital Corporation
Cactus Resort Properties, Inc.
Cactus Resort Properties II, Inc.
Desert Communications I, Inc.
Desert Communications II, Inc.
Desert Communications III, Inc.
Desert Communications VI, Inc.
Desert Communications VII Inc.
Desert Island Capital Corporation
FCS 525, Inc.
FCS 517, Inc.
FFC Distribution Corporation
FINOVA Aircraft Management, Inc.
FINOVA Acquisition Corporation
FINOVA Denmark, Inc.
FINOVA Fund Investments, Inc.
FINOVA Fund Investments II, Inc.
FINOVA Fund Investments III, Inc.
FINOVA Fund Investments IV, Inc.
FINOVA Loan Administration Inc.
FINOVA Mezzanine Capital Inc.
IOL 2000; Inc.
Sherwood, Inc.
SWS 5, Inc.
SWS 6, Inc.
Vision 2000, Inc.
Vision 2000 Technologies, Inc.
FINOVA Portfolio Services, Inc.
FINOVA Public Finance, Inc.
FINOVA Realty Mezzanine Inc.
F[NOVA Resort Investments Company
FINOVA Shelf Corporation
FINOVA Technology Finance, Inc.
Greyhound Real Estate Investment BRB Inc.
Greyhound Real Estate Investment Eleven Inc.
Greyhound Real Estate Investment Seven Inc.
Greyhound Real Estate Investment Two Inc.
New Jersey Realty Corporation II
New York Realty Corporation II
TriContinental Leasing of Puerto Rico, Inc.
Wisconsin Hotel Operating Corporation

By: /s/ Richard Lieberman
    ---------------------
Name: Richard Lieberman
Title:  Assistant Secretary

FINOVA (Cayman) Capital Ltd.

By:  /s/ William J. Hallinan
     -----------------------
Name: William J. Hallinan
Title:  Senior Vice President

Greyfin (Nassau) Limited

By:  ________________________

Name:  ______________________

Title: ______________________

Greyfin Corporation

By:  ________________________

Name:  ______________________

Title: ______________________

CACTUS REPORT PROPERTIES III, LLC

SOLE MEMBER:

FINOVA CAPITAL CORPORATION,
a Delaware corporation

By:/s/ Richard Lieberman
   ---------------------
Name: Richard Lieberman
Title:  Secretary

SMITH BROADCASTING GROUP OF ALASKA, L.P.
----------------------------------------

GENERAL PARTNER:

SMITH TELEVISION OF ALASKA, L.P

  By:  SMITH BROADCASTING GROUP OSKA, INC.,
       a Delaware corporation

  Its:  General Partner

By:  ________________________

Name:  ________________________

Title:  ________________________

CONSTEL COMMUNICATIONS, L.P.
----------------------------

GENERAL PARTNER:

CR COMMUNICATIONS, INC.,
a Maryland corporation

By:  ___________________________

Name:  _________________________

Title:  ________________________

SOUTHTEL COMMUNICATIONS, L.P.
----------------------------

GENERAL PARTNER:

SCR COMMUNICATIONS, INC.,
a Maryland corporation

By:  ___________________________

Name:  _________________________

Title:  ________________________

FINOVA AIRCRAFT INVESTORS, LLC
------------------------------

MANAGING MEMBER:

FINOVA AIRCRAFT MANAGEMENT, INC.

By: /s/ Richard Lieberman
    ---------------------
Name:  Richard Lieberman
       -----------------
Title:  ________________________

FINOVA CORPORATE FINANCE RECEIVABLES LLC
----------------------------------------

FINOVA CORPORATE FINANCE RECEIVABLES LLC

By: /s/ Richard Lieberman
    ---------------------
Name:  Richard Lieberman
       -----------------
Title:  ________________________

FINOVA FRANCHISE RECEIVABLES LLC
--------------------------------

FINOVA FRANCHISE RECEIVABLES LLC

By: /s/ Richard Lieberman
    ---------------------
Name:  Richard Lieberman
       -----------------
Title:  ________________________

FINOVA INTERNATIONAL FINANCE LLC
--------------------------------

SOLE MEMBER:

FINOVA CAPITAL CORPORATION,

a Delaware corporation

By: /s/ Richard Lieberman
    ---------------------
Name: Richard Lieberman
Title:   Secretary

FINOVA RESORT ASSETS COMPANY L.L.
---------------------------------

SOLE MEMBER:

FINOVA CAPITAL CORPORATION,

a Delaware corporation

By: /s/ Richard Lieberman
    ---------------------
Name: Richard Lieberman
Title:   Secretary

FINOVA VENTANA LLC
------------------

SOLE MEMBER:

FINOVA CAPITAL CORPORATION,
a Delaware corporation

By: /s/ Richard Lieberman
    ---------------------
Name: Richard Lieberman
Title:   Secretary

RJ CAPITAL LLC
--------------

MANAGER:

FFC DISTRIBUTION CORPORATION,
a California corporation

By: /s/ Richard Lieberman
    ---------------------
Name:  Richard Lieberman
       -----------------
Title:  _______________________

STEINER REALTY LIMITED PARTNERSHP-II NJ
----------------------------------------

GENERAL PARTNER:

NEW JERSEY REALTY CORPORATION II

By: /s/ Richard Lieberman

Name:  Richard Lieberman
       -----------------
Title:  _______________________

STEINER REALTY LIMITED PARTNERSHIP-II NY
----------------------------------------

GENERAL PARTNER:

NEW YORK REALTY CORPORATION II

By: /s/ Richard Lieberman
    ---------------------
Name:  Richard Lieberman
       -----------------
Title:  _______________________

STEINER REALTY LIMITED PARTNERSHIP-II OH
----------------------------------------

GENERAL PARTNER:

GREYHOUND REAL ESTATE ELEVEN, INC

By: /s/ Richard Lieberman
    ---------------------
Name:  Richard Lieberman
       -----------------
Title:  _______________________

     IN WITNESS WHEREOF, this Guaranty has been duly executed by the Subsidiary
     Guarantors as of the date firs above written.

                              FINOVA CAPITAL PLC

                              FINOVA FINANCE LIMITED

                              GREYHOUND GUARANTY LIMITED

                              GREYFIN SERVICES LIMITED

                              TOWNMEAD GARAGES LIMITED

                              GREYHOUND CREDIT LIMITED

                              FINOVA CAPITAL CORPORATION LIMITED

                              GREYHOUND FINANCIAL SERVICES LIMITED

                              THE FINOVA GROUP LIMITED

                              FINOVA HEALTH CARE FINANCE LIMITED

                              By:  /s/ Robert Gordon
                                   ------------------------------
                                   Name: Robert Gordon
                                   Title:  Director

                              By:  /s/ Peter Rathbone
                                   ------------------------------
                                   Name: Peter Rathbone
                                   Title:  Director/Secretary

<PAGE>

Acknowledged and agreed to
as of the date first above written:

BERKADIA LLC

By:   BERKADIA MANAGEMENT LLC, its
      Manager

      By: /s/ Marc D. Hamburg
          ______________________________
      Name:   Marc D. Hamburg
      Title:  President

THE FINOVA GROUP INC.

By: /s/ Richard Liberman
    ____________________________________
    Name: Richard Liberman
    Title:

<PAGE>

                                                                       Exhibit A

                               Guaranty Supplement

          The undersigned hereby agrees to be bound as a Subsidiary Guarantor
for purposes of the Guaranty dated as of August 21, 2001 (the "Subsidiary
Guaranty"), among certain Subsidiaries of FINOVA Capital Corporation listed on
the signature pages thereof and acknowledged by Berkadia LLC, as Lender, and The
FINOVA Group Inc., and the undersigned hereby acknowledges receipt of a copy of
the Subsidiary Guaranty. Capitalized terms used herein but not defined herein
are used with the meanings given them in the Subsidiary Guaranty.

          Agreed to this __ day of _________, ____.

                                        [NAME OF SUBSIDIARY GUARANTOR]

                                        By: ____________________________
                                             Name:
                                             Title:

Acknowledged and agreed to
as of the date set forth above:

BERKADIA LLC

By:   BERKADIA MANAGEMENT LLC, its
      Manager

      By: _________________________
      Name:
      Title:

THE FINOVA GROUP INC.

By: _______________________________
     Name:
     Title:

                               Guaranty Supplement

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