Document:

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                                                                    EXHIBIT 10.2

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                             TUPPERWARE CORPORATION

              U.S. $150,000,000 7.91% Senior Notes, Series 2001-A,
                                due July 15, 2011
                       of Tupperware Finance Company B.V.

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

                               GUARANTY AGREEMENT

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

                            Dated as of July 15, 2001

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                HEADING                                                  PAGE

<S>                        <C>                                                                                   <C>
SECTION 1.                 GUARANTY OF NOTES......................................................................2

       Section 1.1.        Guaranty...............................................................................2
       Section 1.2.        Guaranty of Payment and Performance....................................................2
       Section 1.3.        Guarantor Consent......................................................................2
       Section 1.4.        Obligation Absolute and Unconditional..................................................3
       Section 1.5.        Acceleration...........................................................................6
       Section 1.6.        Preference.............................................................................6
       Section 1.7.        Marshalling............................................................................6
       Section 1.8.        Subrogation............................................................................7

SECTION 2.                 REPRESENTATIONS AND WARRANTIES OF THE GUARANTOR........................................7

       Section 2.1.        Organization; Power and Authority......................................................7
       Section 2.2.        Authorization, Etc.....................................................................7
       Section 2.3.        Disclosure.............................................................................7
       Section 2.4.        Organization and Ownership of Shares of Subsidiaries...................................8
       Section 2.5.        Compliance with Laws, Other Instruments, Etc...........................................8
       Section 2.6.        Governmental Authorizations, Etc.......................................................8
       Section 2.7.        Litigation; Observance of Agreements, Statutes and Orders..............................8
       Section 2.8.        Taxes..................................................................................9
       Section 2.9.        Title to Property; Leases..............................................................9
       Section 2.10.       Licenses, Permits, Etc.................................................................9
       Section 2.11.       Financial Statements..................................................................10
       Section 2.12.       Private Offering......................................................................10
       Section 2.13.       Use of Proceeds; Margin Regulations...................................................10
       Section 2.14.       Existing  Debt, Future Liens..........................................................10
       Section 2.15.       Compliance with ERISA.................................................................11
       Section 2.16.       Foreign Assets Control Regulations, Etc...............................................11
       Section 2.17.       Status under Certain Statutes.........................................................12
       Section 2.18.       Environmental Matters.................................................................12

SECTION 3.                 INFORMATION AS TO GUARANTOR...........................................................12

       Section 3.1.        Financial and Business Information....................................................12
       Section 3.2.        Officer's Certificate.................................................................15
       Section 3.3.        Inspection............................................................................15

SECTION 4.                 AFFIRMATIVE COVENANTS.................................................................16

       Section 4.1.        Compliance with Law...................................................................16
       Section 4.2.        Insurance.............................................................................16
       Section 4.3.        Maintenance of Properties.............................................................16
       Section 4.4.        Payment of Taxes and Claims...........................................................17
</TABLE>

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<TABLE>
<S>                        <C>                                                                                   <C>
       Section 4.5.        Corporate Existence, Etc..............................................................17
       Section 4.6.        Designation of Subsidiaries...........................................................17
       Section 4.7.        Ownership of Company and Dart.........................................................17
       Section 4.8.        Guaranty Ratification.................................................................17
       Section 4.9.        Guaranty by Subsidiaries..............................................................18
       Section 4.10.       Nature of Business....................................................................18

SECTION 5.                 NEGATIVE COVENANTS....................................................................18

       Section 5.1.        Limitation Ratio......................................................................18
       Section 5.2.        Consolidated Interest Coverage Ratio..................................................19
       Section 5.3.        Limitation on Liens...................................................................19
       Section 5.4.        Sales of Assets.......................................................................21
       Section 5.5.        Merger, Consolidation and Sale of Stock...............................................22
       Section 5.6.        Transactions with Affiliates..........................................................23

SECTION 6.                 SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT..........................23

SECTION 7.                 AMENDMENT AND WAIVER..................................................................23

       Section 7.1.        Requirements..........................................................................23
       Section 7.2.        Solicitation of Holders of Notes......................................................24
       Section 7.3.        Binding Effect, Etc...................................................................24
       Section 7.4.        Notes Held by Guarantor, Etc..........................................................24

SECTION 8.                 NOTICES...............................................................................24

SECTION 9.                 REPRODUCTION OF DOCUMENTS.............................................................25

SECTION 10.                CONFIDENTIAL INFORMATION..............................................................25

SECTION 11.                SUBMISSION TO JURISDICTION............................................................26

SECTION 12.                MISCELLANEOUS.........................................................................27

       Section 12.1.       Successors and Assigns................................................................27
       Section 12.2.       Severability..........................................................................27
       Section 12.3.       Construction..........................................................................27
       Section 12.4        Counterparts..........................................................................27
       Section 12.5.       Governing Law.........................................................................27

Signature........................................................................................................28
</TABLE>

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SCHEDULE I         --     Names of Purchasers
EXHIBIT A          --     Defined Terms
EXHIBIT B          --     Guaranty Ratification
SCHEDULE 2.3       --     Disclosure Materials
SCHEDULE 2.4       --     Organization and Ownership of Shares of Subsidiaries
SCHEDULE 2.7       --     Certain Litigation
SCHEDULE 2.10      --     Licenses; Permits
SCHEDULE 2.11      --     Financial Statements
SCHEDULE 2.14      --     Existing Debt; Future Liens
SCHEDULE 5.1       --     Investments
SCHEDULE 5.3       --     Liens Existing as of Closing
SCHEDULE 5.4.      --     Excluded Property Disposition

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                             TUPPERWARE CORPORATION
                          14901 S. ORANGE BLOSSOM TRAIL
                                ORLANDO, FL 32837

              U.S. $150,000,000 7.91% Senior Notes, Series 2001-A,
                                due July 15, 2011
                       of Tupperware Finance Company B.V.

                                                                     Dated as of
                                                                   July 15, 2001

TO THE PURCHASERS NAMED
   ON SCHEDULE I HERETO

Ladies and Gentlemen:

         Reference is hereby made to the Note Purchase Agreement dated as of
July 15, 2001 (the "Note Purchase Agreement"), between Tupperware Finance
Company B.V., a corporation organized under the laws of The Netherlands (the
"Company") and the purchasers named therein (the "Purchasers") pursuant to which
the Company shall issue U.S. $150,000,000 7.91% Senior Notes, Series 2001-A, due
July 15, 2011 (the "Series 2001-A Notes"). The Note Purchase Agreement may from
time to time be supplemented by one or more Supplements (as defined in the Note
Purchase Agreement) pursuant to which the Company may from time to time, issue
and sell additional Series of its promissory notes (the "Additional Notes"; and
together with the Series 2001-A Notes, the "Notes") to Institutional Investors.
Certain capitalized terms used in this Agreement are defined in Exhibit A;
references to a "Schedule" or an "Exhibit" are, unless otherwise specified, to a
Schedule or an Exhibit attached to this Agreement.

         The undersigned, Tupperware Corporation, a Delaware corporation (the
"Guarantor") owns 100% of the shares of capital stock of Tupperware Finance
Holding Company B.V., a corporation organized under the laws of The Netherlands,
which owns 100% of the shares of capital stock of the Company. The Guarantor
views the issuance and sale by the Company of the Series 2001-A Notes to the
Purchasers and the sale of Additional Notes to the Additional Purchasers from
time to time at the direction of the Board of Directors of the Guarantor as in
the best interests of the Company and the Guarantor. As an inducement to and in
consideration of the purchase by the Purchasers of the Series 2001-A Notes and
the purchase by the Additional Purchasers of the Additional Notes, the Guarantor
has agreed to unconditionally guaranty the prompt payment of all amounts of
principal, interest and Make-Whole Amount, if any, which may become due and
payable from time to time with respect to the Notes.

         In consideration of the foregoing, the undersigned does hereby covenant
and agree with the Purchasers and with each and every subsequent holder of the
Notes as follows:

<PAGE>   6

SECTION 1.        GUARANTY OF NOTES.

         Section 1.1.      Guaranty. The Guarantor hereby absolutely and
unconditionally guarantees to the holders from time to time of the Notes: (a)
the full and prompt payment of the principal of all of the Notes and of the
interest thereon at the rate therein stipulated and the Make-Whole Amount, if
any, when and as the same shall become due and payable, whether by lapse of
time, upon redemption or prepayment, by extension or by acceleration or
declaration, or otherwise, (b) the full and prompt performance and observance by
the Company of each and all of the covenants and agreements required to be
performed or observed by the Company under the terms of the Note Purchase
Agreement, and (c) payment, upon demand, by any holder of the Notes of all
reasonable costs and expenses, legal or otherwise (including reasonable
attorneys' fees) and such expenses, if any, as shall have been expended or
incurred in the enforcement of any right or privilege under this Agreement,
including without limitation in any consultation or action in connection
therewith to the extent such consultation or action is made during the existence
of any Event of Default, and in each and every case irrespective of the
validity, regularity, or enforcement of any of the Notes or the Note Purchase
Agreement or any of the terms thereof or of any other like circumstance or
circumstances. The guarantee of the Notes herein provided for is a guarantee of
the immediate and timely payment of the principal, Make-Whole Amount, if any,
and interest on the Notes and any other amounts payable by the Company under the
Note Purchase Agreement as and when the same are due and payable and shall not
be deemed to be a guarantee only of the collectibility of such payments.

         Section 1.2.      Guaranty of Payment and Performance. This is a
guarantee of payment and performance, and the Guarantor hereby waives any right
to require that any action on or in respect of any Note or the Note Purchase
Agreement be brought against the Company or that resort be had to any direct or
indirect security for the Notes or for this guaranty or any other remedy;
accordingly, the holder of any Note may, at its option, proceed hereunder
against the Guarantor in the first instance to collect monies when due, the
payment of which is guaranteed hereby, without first proceeding against the
Company or any other Person and without first resorting to any direct or
indirect security for the Notes, or for this guaranty or any other remedy. The
liability of the Guarantor hereunder shall in no way be affected or impaired by
any acceptance by any holder of any Note of any direct or indirect security for,
or other guaranties of, any indebtedness, liability or obligation of the Company
or any other Person to any holder of any Note or by any failure, delay, neglect
or omission by the holder of any Note to realize upon or protect any such
indebtedness, liability or obligation or any notes or other instruments
evidencing the same or any direct or indirect security therefor or by any
approval, consent, waiver or other action taken, or omitted to be taken, by any
such holder.

         Section 1.3.      Guarantor Consent. The Guarantor hereby consents and
agrees that the holder of any Note from time to time, with or without any
further notice to or assent from the Guarantor, may, without in any manner
affecting the liability of the Guarantor, and upon such terms and conditions as
such holder may deem advisable: (a) extend in whole or in part (by renewal or
otherwise), modify, change, compromise, release or extend the duration of the
time for the performance or payment of, any indebtedness, liability or
obligation of the Company or of any other Person secondarily or otherwise liable
for any indebtedness, liability or obligations of the Company on the Notes, or
waive any default with respect thereto, or waive, modify,

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amend or change any provision of any instruments evidencing any such
indebtedness, liability or obligation; provided that any such amendment of the
Note Purchase Agreement or the Notes shall be done in accordance with the
provisions of Section 17 of the Note Purchase Agreement, and, subject to the
provisions of Section 7.1 hereof, this guaranty; provided that if the holder of
any Note shall agree with the Company to any amendment or modification of the
Note Purchase Agreement or the Notes held by such holder, this guaranty shall
apply to the Note Purchase Agreement and the Notes as so amended or modified;
(b) sell, release, surrender, modify, impair, exchange or substitute any and all
property, of any nature and from whomsoever received, held by, or on behalf of,
any such holder as direct or indirect security for the payment or performance of
any indebtedness, liability or obligation of the Company or of any other Person
secondarily or otherwise liable for any indebtedness, liability or obligation of
the Company on the Notes; and (c) settle, adjust or compromise any claim of the
Company against any other Person secondarily or otherwise liable for any
indebtedness, liability or obligation of the Company on the Notes. The Guarantor
hereby ratifies and confirms any such extension, renewal, change, sale, release,
waiver, surrender, exchange, modification, amendment, impairment, substitution,
settlement, adjustment or compromise and agrees that the same shall be binding
upon it, and hereby waives any and all defenses, counterclaims or offsets which
it might or could have by reason thereof, it being understood that the Guarantor
shall at all times be bound by this guaranty and remain liable hereunder.

         Section 1.4.      Obligation Absolute and Unconditional. The
obligations of the Guarantor under this guaranty shall be absolute and
unconditional and shall remain in full force and effect until the entire
principal, interest and Make-Whole Amount, if any, on the Notes and all other
sums due pursuant to Section 1.1 shall have been paid (including any payments
required by Section 1.6) and such obligations shall not be affected, modified or
impaired upon the happening from time to time of any event, including without
limitation any of the following, whether or not with notice to or the consent of
the Guarantor:

                  (a)      the power or authority or the lack of power or
         authority of the Company to issue the Notes or to execute and deliver
         the Note Purchase Agreement, or of any defense whatsoever that the
         Company may or might have to the payment of the Notes (principal,
         interest and Make-Whole Amount, if any, or any other amounts payable by
         the Company under the Note Purchase Agreement) or to the performance or
         observance of any of the provisions or conditions of the Note Purchase
         Agreement, or the existence or continuance of the Company as a legal
         entity;

                  (b)      any failure to present the Notes for payment or to
         demand payment thereof, or to give the Guarantor or the Company notice
         of dishonor for non-payment of the Notes, when and as the same may
         become due and payable, or notice of any failure on the part of the
         Company to do any act or thing or to perform or to keep any covenant or
         agreement by it to be done, kept or performed under the terms of the
         Notes or the Note Purchase Agreement;

                  (c)      the acceptance of any security or any guaranty, the
         advance of additional money to the Company, any extension of the
         obligation of the Notes, either indefinitely or for any period of time,
         or any other modification in the obligation of the Notes or of

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<PAGE>   8

         the Note Purchase Agreement or the Company thereon, or in connection
         therewith, or any sale, release, substitution or exchange of any
         security;

                  (d)      any act or failure to act with regard to the Notes or
         the Note Purchase Agreement or anything which might vary the risk of
         the Guarantor;

                  (e)      any action taken under the Note Purchase Agreement in
         the exercise of any right or power thereby conferred or any failure or
         omission on the part of any holder of any Note to first enforce any
         right or security given under the Note Purchase Agreement or any
         failure or omission on the part of any holder of any of the Notes to
         first enforce any right against the Company;

                  (f)      the waiver, compromise, settlement, release or
         termination of any or all of the obligations, covenants or agreements
         of the Company contained in the Note Purchase Agreement, or of the
         payment, performance or observance thereof;

                  (g)      the failure to give notice to the Company or the
         Guarantor of the occurrence of any Default or Event of Default under
         the terms and provisions of the Note Purchase Agreement;

                  (h)      the extension of the time for payment of any
         principal of, or interest (or Make-Whole Amount, if any, or any other
         amounts payable by the Company under the Note Purchase Agreement), on
         any Note owing or payable on such Note or of the time of or for
         performance of any obligations, covenants or agreements under or
         arising out of the Note Purchase Agreement or the extension or the
         renewal of any thereof;

                  (i)      the modification or amendment (whether material or
         otherwise) of any obligation, covenant or agreement set forth in the
         Note Purchase Agreement or the Notes; provided that if a holder of any
         Note shall agree with the Company to any amendment or modification of
         the Note Purchase Agreement or the Notes held by such holder, this
         guaranty shall apply to the Note Purchase Agreement and the Notes as so
         amended or modified;

                  (j)      any failure, omission, delay or lack on the part of
         the holders of the Notes to enforce, assert or exercise any right,
         power or remedy conferred on the holders of the Notes in the Note
         Purchase Agreement or the Notes or any other act or acts on the part of
         the holders from time to time of the Notes;

                  (k)      the voluntary or involuntary liquidation,
         dissolution, sale or other disposition of all or substantially all the
         assets, marshalling of assets and liabilities, receivership,
         insolvency, bankruptcy, assignment for the benefit of creditors,
         reorganization or arrangement under bankruptcy or similar laws,
         composition with creditors or readjustment of, or other similar
         procedures affecting the Company or any of the assets of the Company,
         or any allegation or contest of the validity of this Agreement or the
         Note Purchase Agreement or the disaffirmance of this Agreement or the
         Note Purchase Agreement in any such proceeding;

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<PAGE>   9

                  (l)      the invalidity or unenforceability of the Notes or
         the Note Purchase Agreement;

                  (m)      the absence of any action to enforce such obligations
         of the Guarantor, any waiver or consent by the Guarantor with respect
         to any of the provisions hereof or any other circumstances which might
         otherwise constitute a discharge or defense by the Guarantor,
         including, without limitation, any failure or delay in the enforcement
         of the obligations of the Guarantor with respect to this guaranty or of
         notice thereof; or any suit or other action brought by any shareholder
         or creditor of, or by, the Guarantor or any other Person, for any
         reason, including, without limitation, any suit or action in any way
         attacking or involving any issue, matter or thing in respect of this
         guaranty, this Agreement, the Note Purchase Agreement, the Notes or any
         other agreement;

                  (n)      the default or failure of the Guarantor fully to
         perform any of its covenants or obligations set forth in this
         Agreement;

                  (o)      the impossibility or illegality of performance on the
         part of the Company or any other Person of its obligations under the
         Notes, the Note Purchase Agreement or any other instruments;

                  (p)      in respect of the Company or any other Person, any
         change of circumstances, whether or not foreseen or foreseeable,
         whether or not imputable to the Company or any other Person, or other
         impossibility of performance through fire, explosion, accident, labor
         disturbance, floods, droughts, embargoes, wars (whether or not
         declared), civil commotions, acts of God or the public enemy, action of
         any United States Federal or state regulatory body or agency, change of
         law or any other causes affecting performance, or other force majeure,
         whether or not beyond the control of the Company or any other Person
         and whether or not of the kind hereinbefore specified;

                  (q)      any attachment, claim, demand, charge, Lien, order,
         process, encumbrance or any other happening or event or reason, similar
         or dissimilar to the foregoing, or any withholding or diminution at the
         source, by reason of any taxes, assessments, expenses, indebtedness,
         obligations or liabilities of any character, foreseen or unforeseen,
         and whether or not valid, incurred by or against any Person, or any
         claims, demands, charges or Liens of any nature, foreseen or
         unforeseen, incurred by any Person, or against any sums payable under
         this Agreement, so that such sums would be rendered inadequate or would
         be unavailable to make the payments herein provided; or

                  (r)      the failure of the Guarantor to receive any benefit
         or consideration from or as a result of its execution, delivery and
         performance of this Agreement;

provided that the specific enumeration of the above-mentioned acts, failures or
omissions shall not be deemed to exclude any other acts, failures or omissions,
though not specifically mentioned above, it being the purpose and intent of this
paragraph that the obligations of the Guarantor hereunder shall be absolute and
unconditional and shall not be discharged, impaired or varied except by the
payment to the holders thereof of the principal of, interest on, and Make-Whole

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Amount, if any, and other amount due in respect of the Notes, and then only to
the extent of such payments. All rights of the holder of any Note pursuant
thereto or to the Note Purchase Agreement may be transferred or assigned at any
time or from time to time and shall be considered to be transferred or assigned
upon the transfer of such Note whether with or without the consent of or notice
to the Guarantor. Without limiting the foregoing, it is understood that repeated
and successive demands may be made and recoveries may be had hereunder as and
when, from time to time, the Company shall default under the terms of the Notes
or the Note Purchase Agreement and that notwithstanding recovery hereunder for
or in respect of any given default or defaults by the Company under the Notes or
the Note Purchase Agreement, this guaranty shall remain in full force and effect
and shall apply to each and every subsequent default.

         Section 1.5.      Acceleration. Without limiting the other rights of
the holders of the Notes and obligations of the Guarantor under this Agreement,
if an Event of Default occurs under the Note Purchase Agreement which would
permit the acceleration of the Notes but for any limitation on such acceleration
imposed on account of any bankruptcy, insolvency or other legal proceedings
relating to the Company, then upon receipt of written notice from the holders of
the applicable percentage of the Notes entitled to accelerate the Notes pursuant
to Section 12.1 of the Note Purchase Agreement on account of such Event of
Default, the full amount of the guaranteed indebtedness together with accrued
interest and any Make-Whole Amount and any other amounts payable by the Company
under the Note Purchase Agreement which would then be payable pursuant to
Section 12.1 of the Note Purchase Agreement shall be and become immediately due
and payable from the Guarantor whether or not the Notes have been declared to be
or have become immediately due and payable from the Company.

         Section 1.6.      Preference. The Guarantor agrees that to the extent
the Company makes any payment on the Notes, which payment or any part thereof is
subsequently invalidated, voided, declared to be fraudulent or preferential, set
aside, or is required to be repaid to a trustee, receiver or any other Person
under any bankruptcy code, common law, equitable cause, or otherwise, then and
to the extent of such payment, the obligation or the part thereof intended to be
satisfied shall be revived and continued in full force and effect with respect
to the Guarantor's obligations hereunder, as if said payment had not been made.
The liability of the Guarantor hereunder shall not be reduced or discharged, in
whole or in part, by any payment to any holder of the Notes from any source that
is thereafter paid, returned or refunded in whole or in part by reason of the
assertion of a claim of any kind relating thereto, including, but not limited
to, any claim for breach of contract, breach of warranty, preference,
illegality, invalidity or fraud asserted by any account debtor or by any other
Person.

         Section 1.7.      Marshalling. None of the holders of the Notes shall
be under any obligation (a) to marshall any assets in favor of the Guarantor or
in payment of any or all of the liabilities of the Company under or in respect
of the Notes or the obligation of the Guarantor hereunder or (b) to pursue any
other remedy that the Guarantor may or may not be able to pursue itself and that
may lighten the Guarantor's burden, any right to which the Guarantor hereby
expressly waives.

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         Section 1.8.      Subrogation. To the extent that payments made by the
Guarantor under this Agreement shall give rise to rights of subrogation, the
Guarantor covenants and agrees that such right of subrogation shall be
subordinate in right of payment to the payment in full of the Notes together
with all accrued and unpaid interest thereon and any Make-Whole Amount, if any,
to that end, the Guarantor agrees not to claim or enforce any such right of
subrogation or any right of set-off or any other right which may arise on
account of any payment made by the Guarantor in accordance with the provisions
of this Agreement unless and until all of the Notes and all other sums due and
payable under the Note Purchase Agreement have been fully paid and discharged.

SECTION 2.        REPRESENTATIONS AND WARRANTIES OF THE GUARANTOR.

         The Guarantor represents and warrants to each holder of a Note that:

         Section 2.1.      Organization; Power and Authority. The Guarantor is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation, and is duly qualified as a foreign
corporation and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. The
Guarantor has the corporate power and authority to own or hold under lease the
properties it purports to own or hold under lease, to transact the business it
transacts and proposes to transact, to execute and deliver this Agreement and to
perform the provisions hereof.

         Section 2.2.      Authorization, Etc. This Agreement has been duly
authorized by all necessary corporate action on the part of the Guarantor, and
constitutes the legal, valid and binding obligation of the Guarantor enforceable
against the Guarantor in accordance with its terms, except as such
enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors' rights generally and (ii) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

         Section 2.3.      Disclosure. The Guarantor, through its agents, Banc
of America Securities LLC and Salomon Smith Barney Inc. has delivered to each
Purchaser a copy of a Private Placement Memorandum, dated June, 2001 (the
"Memorandum"), relating to the transactions contemplated hereby. This Agreement,
the Memorandum, the documents, certificates or other writings identified in
Schedule 2.3 and the financial statements listed in Schedule 2.11 (collectively,
the "Disclosure Materials"), taken as a whole, do not contain any untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein not misleading in light of the circumstances under
which they were made. Since December 30, 2000, there has been no change in the
financial condition, operations, business or properties of the Guarantor or any
Restricted Subsidiary except changes that individually or in the aggregate could
not reasonably be expected to have a Material Adverse Effect. Except as
expressly set forth in the Disclosure Materials, there is no fact known to the
Guarantor that could reasonably be expected to have a Material Adverse Effect
that has not otherwise been disclosed.

                                      -7-
<PAGE>   12

         Section 2.4.      Organization and Ownership of Shares of Subsidiaries.
(a) Schedule 2.4 is (except as noted therein) a complete and correct list of (a)
the Guarantors' Subsidiaries, showing, as to each directly owned Subsidiary, the
correct name thereof, the jurisdiction of its organization, and the percentage
of shares of each class of its capital stock or similar equity interests
outstanding owned by the Guarantor and each other Subsidiary, (b) the
Guarantor's Affiliates, other than Subsidiaries and (c) the names of the
Guarantor's directors and officers.

         (b)      All of the outstanding shares of capital stock or similar
equity interests of each Subsidiary shown in Schedule 2.4 as being owned by the
Guarantor and its Subsidiaries have been validly issued, are fully paid and
nonassessable and are owned by the Guarantor or another Subsidiary free and
clear of any Lien (except as otherwise disclosed in Schedule 2.14).

         (c)      Each Subsidiary identified in Schedule 2.4 is a corporation or
other legal entity duly organized, validly existing and in good standing under
the laws of its jurisdiction of organization, and is duly qualified as a foreign
corporation or other legal entity and is in good standing in each jurisdiction
in which such qualification is required by law, other than those jurisdictions
as to which the failure to be so qualified or in good standing could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each such Subsidiary has the corporate or other power and
authority to own or hold under lease the properties it purports to own or hold
under lease and to transact the business it transacts and proposes to transact
other than that which could not reasonably be expected to have a Material
Adverse Effect.

         (d)      Other than as disclosed, or as limited by applicable law, no
Subsidiary is a party to any agreement or legal restriction which limits its
ability to pay profit distributions to the Guarantor or any of its Subsidiaries
that owns outstanding equity interests of such Subsidiary.

         Section 2.5.      Compliance with Laws, Other Instruments, Etc. The
execution, delivery and performance by the Guarantor of this Agreement will not
(i) contravene, result in any breach of, or constitute a default under, or
result in the creation of any Lien in respect of any property of the Guarantor
or any Subsidiary under, any Material indenture, mortgage, deed of trust, loan,
purchase or credit agreement, lease, corporate charter or by-laws, or any other
Material agreement or instrument to which the Guarantor or any Subsidiary is
bound or by which the Guarantor or any Subsidiary or any of their respective
properties may be bound or affected, (ii) conflict with or result in a breach of
any of the terms, conditions or provisions of any order, judgment, decree, or
ruling of any court, arbitrator or Governmental Authority applicable to the
Guarantor or any Subsidiary or (iii) violate any provision of any statute or
other rule or regulation of any Governmental Authority applicable to the
Guarantor or any Subsidiary.

         Section 2.6.      Governmental Authorizations, Etc. No consent,
approval or authorization of, or registration, filing or declaration with, any
Governmental Authority is required in connection with the execution, delivery or
performance by the Guarantor of this Agreement.

         Section 2.7.      Litigation; Observance of Agreements, Statutes and
Orders. (a) Except as disclosed in Schedule 2.7, there are no actions, suits or
proceedings pending or, to the knowledge of the Guarantor, threatened against or
affecting the Guarantor or any Subsidiary or any property of the Guarantor or
any Subsidiary in any court or before any arbitrator of any kind or before or

                                      -8-
<PAGE>   13

by any Governmental Authority that, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

         (b)      Neither the Guarantor nor any Subsidiary is in default under
any term of any agreement or instrument to which it is a party or by which it is
bound, or any order, judgment, decree or ruling of any court, arbitrator or
Governmental Authority, or is in violation of any applicable law, ordinance,
rule or regulation (including without limitation Environmental Laws) of any
Governmental Authority, which default or violation, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

         Section 2.8.      Taxes. The Guarantor and its Subsidiaries have filed
all Material tax returns that are required to have been filed in any
jurisdiction, and have paid all taxes shown to be due and payable on such
returns and all other taxes and assessments levied upon them or their
properties, assets, income or franchises, to the extent such taxes and
assessments have become due and payable and before they have become delinquent,
except for any taxes and assessments (i) the amount of which is not individually
or in the aggregate Material or (ii) the amount, applicability or validity of
which is currently being contested in good faith by appropriate proceedings and
with respect to which the Guarantor or a Subsidiary, as the case may be, has
established adequate reserves in accordance with GAAP. The Guarantor knows of no
basis for any other tax or assessment that could reasonably be expected to have
a Material Adverse Effect. The charges, accruals and reserves on the books of
the Guarantor and its Subsidiaries in respect of all taxes for all fiscal
periods are adequate in accordance with GAAP.

         Section 2.9.      Title to Property; Leases. The Guarantor and its
Restricted Subsidiaries have good and sufficient title to their respective
properties, including all such properties reflected in the most recent audited
balance sheet referred to in Section 2.11 (except as sold or otherwise disposed
of in the ordinary course of business), in each case free and clear of Liens
(other than Liens permitted under Section 5.3) except for those defects in title
and Liens that, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. All leases that individually or in
the aggregate are Material are valid and existing and are in full force and
effect in all Material respects.

        Section 2.10.      Licenses, Permits, Etc. Except as disclosed in
Schedule 2.10, (a) the Guarantor and its Restricted Subsidiaries own or possess
all licenses, permits, franchises, authorizations, patents, copyrights, service
marks, trademarks and trade names, or rights thereto, that are Material, without
known conflict with the rights of others, except for those conflicts that,
individually or in the aggregate, could not have a Material Adverse Effect; (b)
to the best knowledge of the Guarantor, no product of the Guarantor infringes in
any Material respect any license, permit, franchise, authorization, patent,
copyright, service mark, trademark, trade name or other right owned by any other
Person, except for those infringements that, individually or in the aggregate,
would not have Material Adverse Effect; and (c) to the best knowledge of the
Guarantor, there is no Material violation by any Person of any right of the
Guarantor or any of its Restricted Subsidiaries with respect to any patent,
copyright, service mark, trademark, trade name or other right owned or used by
the Guarantor or any of its Restricted Subsidiaries.

                                      -9-
<PAGE>   14

        Section 2.11.      Financial Statements. The Guarantor has either
delivered to each Purchaser or made available for such Purchaser's review copies
of the financial statements of the Guarantor and its Subsidiaries listed on
Schedule 2.11. All of said financial statements (including in each case the
related schedules and notes) fairly present in all material respects the
consolidated financial position of the Guarantor and its Subsidiaries as of the
respective dates specified in such Schedule and the consolidated results of
their operations and cash flows for the respective periods so specified and have
been prepared in accordance with GAAP consistently applied throughout the
periods involved except as set forth in the notes thereto (subject, in the case
of any interim financial statements, to normal year-end adjustments).

        Section 2.12.      Private Offering. Neither the Guarantor nor the
Company nor anyone acting under their direction has offered the Series 2001-A
Notes, or any similar securities for sale to, or solicited any offer to buy any
of the same from, any Person other than sixty-one Institutional Investors
(including the Purchasers), each of which has been offered the Series 2001-A
Notes at a private sale for investment. Neither the Guarantor nor the Company
nor anyone acting under their direction has taken, or will take, any action that
would subject the issuance or sale of the Series 2001-A Notes to the
registration requirements of section 5 of the Securities Act. For purposes of
this Section 2.12, the terms "offer", "sale" and "offer to buy" shall have the
respective meanings assigned to such terms in section 2 of the Securities Act.

        Section 2.13.      Use of Proceeds; Margin Regulations. Proceeds of the
sale of the Series 2001-A Notes will be advanced to the Guarantor to be used for
general corporate purposes of the Guarantor and its Subsidiaries and to repay
Debt of the Guarantor incurred substantially for the general operations of the
Guarantor and its Subsidiaries. No part of the proceeds from the sale of the
Series 2001-A Notes hereunder will be used, directly or indirectly, for the
purpose of buying or carrying any margin stock within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for
the purpose of buying or carrying or trading in any securities under such
circumstances as to involve the Guarantor in a violation of Regulation X of said
Board (12 CFR 224) or to involve any broker or dealer in a violation of
Regulation T of said Board (12 CFR 220).

        Section 2.14.      Existing Debt, Future Liens. (a) Schedule 2.14 sets
forth a complete and correct list of all outstanding Debt of the Guarantor and
its Restricted Subsidiaries as of March 31, 2001. Neither the Guarantor nor any
Restricted Subsidiary is in default and no waiver of default is currently in
effect, in the payment of any principal or interest on any Debt of the Guarantor
or such Restricted Subsidiary, the outstanding principal amount of which exceeds
$5,000,000, and no event or condition exists with respect to any Debt of the
Guarantor or any Restricted Subsidiary, the outstanding principal amount of
which exceeds $5,000,000, that would permit (or that with notice or the lapse of
time, or both, would permit) one or more Persons to cause such Debt to become
due and payable before its stated maturity or before its regularly scheduled
dates of payment.

         (b)      Except as disclosed in Schedule 2.14, the Guarantor has not
agreed or consented to cause or permit in the future (upon the happening of a
contingency or otherwise) any of its property, whether now owned or hereafter
acquired, to be subject to a Lien not permitted by Section 5.3.

                                      -10-
<PAGE>   15

        Section 2.15.      Compliance with ERISA. (a) The Guarantor and each
ERISA Affiliate have operated and administered each Plan in compliance with all
applicable laws except for such instances of noncompliance as have not resulted
in and could not reasonably be expected to result in a Material Adverse Effect.
Neither the Guarantor nor any ERISA Affiliate has incurred any liability
pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of
the Code relating to employee benefit plans (as defined in Section 3 of ERISA),
and no event, transaction or condition has occurred or exists that could
reasonably be expected to result in the incurrence of any such liability by the
Guarantor or any ERISA Affiliate, or in the imposition of any Lien on any of the
rights, properties or assets of the Guarantor or any ERISA Affiliate, in either
case pursuant to Title I or IV of ERISA or to such penalty or excise tax
provisions or to Section 401(a)(29) or 412 of the Code, other than such
liabilities or Liens as would not be individually or in the aggregate Material.

         (b)      The present value of the aggregate benefit liabilities under
each of the Plans that is a defined benefit plan under Section 335 of ERISA
(other than Multiemployer Plans), determined as of the end of such Plan's most
recently ended plan year on the basis of the actuarial assumptions specified for
funding purposes in such Plan's most recent actuarial valuation report, did not
exceed the aggregate current value of the assets of such Plan allocable to such
benefit liabilities. The term "benefit liabilities" has the meaning specified in
section 4001 of ERISA and the terms "current value" and "present value" have the
meanings specified in Section 3 of ERISA.

         (c)      The Guarantor and its ERISA Affiliates have not incurred
withdrawal liabilities (and are not subject to contingent withdrawal
liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer
Plans that individually or in the aggregate are Material.

         (d)      The expected postretirement benefit obligation (determined as
of the last day of the Guarantor's most recently ended fiscal year in accordance
with Financial Accounting Standards Board Statement No. 106, without regard to
liabilities attributable to continuation coverage mandated by section 4980B of
the Code) of the Guarantor and its Subsidiaries is not Material or has otherwise
been disclosed in the financial statements set forth on Schedule 2.11.

         (e)      The execution and delivery of this Agreement will not involve
any transaction that is subject to the prohibitions of section 406 of ERISA or
in connection with which a tax could be imposed pursuant to section
4975(c)(1)(A)-(D) of the Code which in either event could not reasonably be
expected to result in a Material Adverse Effect. The representation by the
Guarantor in the first sentence of this Section 2.15(e) is made in reliance upon
and subject to the accuracy of each Purchaser's representation in Section 6.2 of
the Note Purchase Agreement as to the sources of the funds used to pay the
purchase price of the Notes to be purchased by such Purchaser.

        Section 2.16.      Foreign Assets Control Regulations, Etc. Neither the
sale of the Series 2001-A Notes by the Company pursuant to the Note Purchase
Agreement, its use of the proceeds thereof nor the execution and delivery of
this Agreement by the Guarantor will violate the Trading with the Enemy Act, as
amended, or any of the foreign assets control regulations of

                                      -11-
<PAGE>   16

the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended) or any enabling legislation or executive order relating thereto.

        Section 2.17.      Status under Certain Statutes. Neither the Guarantor
nor any Restricted Subsidiary is an "investment company" registered or required
to be registered under the Investment Company Act of 1940, as amended, or is
subject to regulation under the Public Utility Holding Company Act of 1935, as
amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act,
as amended.

        Section 2.18.      Environmental Matters. Neither the Guarantor nor any
Restricted Subsidiary has knowledge of any Material liability or any proceeding
which has been instituted raising any Material liability against the Guarantor
or any of its Restricted Subsidiaries or any of their respective real properties
now or formerly owned, leased or operated by it or other assets, alleging any
damage to the environment or violation of any Environmental Laws, except in each
case as could not reasonably be expected to result in a Material Adverse Effect.
The Guarantor and its Restricted Subsidiaries, (a) do not have knowledge of any
facts which would give rise to any liability, public or private, of violation of
Environmental Laws or damage to the environment, except such that could not
reasonably be expected to result in a Material Adverse Effect; (b) have not
stored any hazardous materials on real properties now or formerly owned, leased
or operated by any of them and have not disposed of any hazardous materials in a
manner contrary to any Environmental Laws and in any manner that could
reasonably be expected to result in a Material Adverse Effect; and (c) are in
compliance with applicable Environmental Laws with regard to all buildings on
all real properties now owned, leased or operated, except where failure to
comply could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.        INFORMATION AS TO GUARANTOR.

         Section 3.1.      Financial and Business Information. The Guarantor
shall deliver to each holder of Notes that is an Institutional Investor:

                  (a)      Quarterly Statements -- within 60 days after the end
         of each quarterly fiscal period in each fiscal year of the Guarantor
         (other than the last quarterly fiscal period of each such fiscal year),
         duplicate copies of:

                           (i)      an unaudited consolidated balance sheet of
                  the Guarantor and its Subsidiaries as at the end of such
                  quarter, and

                           (ii)     unaudited consolidated statements of income,
                  changes in shareholders' equity and cash flows of the
                  Guarantor and its Subsidiaries for such quarter and (in the
                  case of the second and third quarters) for the portion of the
                  fiscal year ending with such quarter,

         setting forth in each case in comparative form the figures for the
         corresponding periods in the previous fiscal year, all in reasonable
         detail, prepared in accordance with GAAP applicable to quarterly
         financial statements generally, and certified by a Senior Financial
         Officer as fairly presenting, in all material respects, the financial
         position of the

                                      -12-
<PAGE>   17

         companies being reported on and their results of operations and cash
         flows, subject to changes resulting from year-end adjustments, provided
         that delivery within the time period specified above of copies of the
         Guarantor's Quarterly Report on Form 10-Q prepared in compliance with
         the requirements therefor and filed with the Securities and Exchange
         Commission shall be deemed to satisfy the requirements of this Section
         3.1(a);

                  (b)      Annual Statements -- within 120 days after the end of
         each fiscal year of the Guarantor, duplicate copies of:

                           (i)      a consolidated balance sheet of the
                  Guarantor and its Subsidiaries, as at the end of such year,
                  and

                           (ii)     consolidated statements of income, changes
                  in shareholders' equity and cash flows of the Guarantor and
                  its Subsidiaries, for such year,

         setting forth in each case in comparative form the figures for the
         previous fiscal year, all in reasonable detail, prepared in accordance
         with GAAP, and accompanied by an opinion thereon of independent
         certified public accountants of recognized national standing, which
         opinion shall state that such financial statements present fairly, in
         all material respects, the financial position of the companies being
         reported upon and their results of operations and cash flows and have
         been prepared in conformity with GAAP, and that the examination of such
         accountants in connection with such financial statements has been made
         in accordance with generally accepted auditing standards, and that such
         audit provides a reasonable basis for such opinion in the
         circumstances, provided that the delivery within the time period
         specified above of the Guarantor's Annual Report on Form 10-K for such
         fiscal year (together with the Guarantor's annual report to
         shareholders, if any, prepared pursuant to Rule 14a-3 under the
         Exchange Act) prepared in accordance with the requirements therefor and
         filed with the Securities and Exchange Commission, together with the
         accountant's certificate described above, shall be deemed to satisfy
         the requirements of this Section 3.1(b);

                  (c)      SEC and Other Reports -- promptly upon their becoming
         available, one copy of (i) each financial statement, report, notice or
         proxy statement sent by the Guarantor or any Subsidiary to public
         securities holders generally, and (ii) each regular or periodic report,
         each registration statement (without exhibits except as expressly
         requested by such holder and excluding registration statements on form
         S-8), and each prospectus and all amendments thereto (excluding those
         related to plans registered on a Form S-8 registration statement) filed
         by the Guarantor or any Subsidiary with the Securities and Exchange
         Commission and of all press releases and other statements made
         available generally by the Guarantor or any Subsidiary to the public
         concerning developments that are Material;

                  (d)      Notice of Default or Event of Default -- promptly,
         and in any event within five Business Days after a Responsible Officer
         becoming aware of the existence of any Default or Event of Default or
         that any Person has given any notice or

                                      -13-
<PAGE>   18

         taken any action with respect to a claimed default hereunder or that
         any Person has given any notice or taken any action with respect to a
         claimed default of the type referred to in Section 11 of the Note
         Purchase Agreement, a written notice specifying the nature and period
         of existence thereof and what action the Guarantor or the Company is
         taking or proposes to take with respect thereto;

                  (e)      ERISA Matters -- promptly, and in any event within
         five Business Days after a Responsible Officer becoming aware of any of
         the following, a written notice setting forth the nature thereof and
         the action, if any, that the Guarantor or an ERISA Affiliate proposes
         to take with respect thereto:

                           (i)      with respect to any Plan, any Reportable
                  Event for which notice thereof has not been waived pursuant to
                  such regulations as in effect on the date hereof; or

                           (ii)     the taking by the PBGC of steps to
                  institute, or the threatening by the PBGC of the institution
                  of, proceedings under section 4042 of ERISA for the
                  termination of, or the appointment of a trustee to administer,
                  any Plan, or the receipt by the Guarantor or any ERISA
                  Affiliate of a notice from a Multiemployer Plan that such
                  action has been taken by the PBGC with respect to such
                  Multiemployer Plan; or

                           (iii)    any event, transaction or condition that
                  could result in the incurrence of any liability by the
                  Guarantor or any ERISA Affiliate pursuant to Title I or IV of
                  ERISA or the penalty or excise tax provisions of the Code
                  relating to employee benefit plans, or in the imposition of
                  any Lien on any of the rights, properties or assets of the
                  Guarantor or any ERISA Affiliate pursuant to Title I or IV of
                  ERISA or such penalty or excise tax provisions, if such
                  liability or Lien, taken together with any other such
                  liabilities or Liens then existing, could reasonably be
                  expected to have a Material Adverse Effect;

                  (f)      Notices from Governmental Authority -- promptly, and
         in any event within 30 days of receipt thereof, copies of any notice to
         the Guarantor or any Subsidiary from any Federal or state Governmental
         Authority relating to any order, ruling, statute or other law or
         regulation that could reasonably be expected to have a Material Adverse
         Effect;

                  (g)      Supplements -- promptly and in any event within 10
         Business Days after the execution and delivery of any Supplement, a
         copy thereof; and

                  (h)      Requested Information -- with reasonable promptness,
         such other data and information relating to the business, operations,
         affairs, financial condition, assets or properties of the Guarantor or
         any of its Subsidiaries and relating to the ability of the Guarantor to
         perform its obligations hereunder as from time to time may be
         reasonably requested by any such holder of Notes.

                                      -14-
<PAGE>   19

         Notwithstanding the foregoing, in the event that one or more
Unrestricted Subsidiaries shall either (i) own more than 10% of the total
consolidated assets of the Guarantor and its Subsidiaries, or (ii) account for
more than 10% of the consolidated gross revenues of the Guarantor and its
Subsidiaries, determined in each case in accordance with GAAP, then, within the
respective periods provided in Sections 3.1(a) and (b), above, the Guarantor
shall deliver to each holder of Notes that is an Institutional Investor,
financial statements of the character and for the dates and periods as in said
Sections 3.1(a) and (b) covering the group of Unrestricted Subsidiaries (on a
consolidated basis), together with a consolidating statement reflecting
eliminations or adjustments required to reconcile the financial statements of
such group of Unrestricted Subsidiaries to the financial statements delivered
pursuant to Sections 3.1(a) and (b).

         Section 3.2.      Officer's Certificate. Each set of financial
statements delivered to a holder of Notes pursuant to Section 3.1(a) or Section
3.1(b) hereof shall be accompanied by a certificate of a Senior Financial
Officer setting forth:

                  (a)      Covenant Compliance -- the information (including
         detailed calculations) required in order to establish whether the
         Guarantor was in compliance with the requirements of Section 5.1 and
         Section 5.2 hereof during the quarterly or annual period covered by the
         statements then being furnished (including with respect to each such
         Section, where applicable, the calculations of the maximum or minimum
         amount, ratio or percentage, as the case may be, permissible under the
         terms of such Sections, and the calculation of the amount, ratio or
         percentage then in existence); and

                  (b)      Event of Default -- a statement that such officer has
         reviewed the relevant terms hereof and of the Note Purchase Agreement
         and has made, or caused to be made, under his or her supervision, a
         review of the transactions and conditions of the Guarantor and its
         Subsidiaries from the beginning of the quarterly or annual period
         covered by the statements then being furnished to the date of the
         certificate and that such review shall not have disclosed the existence
         during such period of any condition or event that constitutes a Default
         or an Event of Default or, if any such condition or event existed or
         exists (including, without limitation, any such event or condition
         resulting from the failure of the Guarantor or any Restricted
         Subsidiary to comply with any Environmental Law), specifying the nature
         and period of existence thereof and what action the Guarantor shall
         have taken or proposes to take with respect thereto.

         Section 3.3.      Inspection. The Guarantor shall permit the
representatives of each holder of Notes that is an Institutional Investor:

                  (a)      No Default -- if no Default or Event of Default then
         exists, at the expense of such holder and upon reasonable prior notice
         to the Guarantor, to visit the principal executive office of the
         Guarantor, to discuss the affairs, finances and accounts of the
         Guarantor and its Subsidiaries with the Guarantor's Senior Financial
         Officers, and (with the consent of the Guarantor, which consent will
         not be unreasonably withheld) its independent public accountants, and
         (with the consent of the Guarantor, which consent will not be
         unreasonably withheld) to visit the other offices and properties of the

                                      -15-
<PAGE>   20

         Guarantor and each Restricted Subsidiary, all at such reasonable times
         and as often as may be reasonably requested in writing; and

                  (b)      Default -- if a Default or Event of Default then
         exists, at the expense of the Guarantor to visit and inspect any of the
         offices or properties of the Guarantor or any Restricted Subsidiary, to
         examine all their respective books of account, records, reports and
         other papers, to make copies and extracts therefrom, and to discuss
         their respective affairs, finances and accounts with their respective
         Senior Financial Officers and independent public accountants (and by
         this provision the Guarantor authorizes said accountants to discuss the
         affairs, finances and accounts of the Guarantor and its Subsidiaries),
         all at such times and as often as may be requested; provided, that
         prior to disclosure of any material non public information pursuant to
         this Section 3.3, the holders of the Notes shall, if requested by the
         Guarantor, provide the Guarantor with reasonable assurance that such
         disclosure will be held in confidence in accordance with the
         requirements of Regulation FD promulgated by the Securities and
         Exchange Commission.

SECTION 4.        AFFIRMATIVE COVENANTS.

         The Guarantor covenants that so long as any of the Notes are
outstanding:

         Section 4.1.      Compliance with Law. The Guarantor will and will
cause each of its Subsidiaries to comply with all laws, ordinances or
governmental rules or regulations to which each of them is subject, including,
without limitation, Environmental Laws, and will obtain and maintain in effect
all licenses, certificates, permits, franchises and other governmental
authorizations necessary to the ownership of their respective properties or to
the conduct of their respective businesses, in each case to the extent necessary
to ensure that non-compliance with such laws, ordinances or governmental rules
or regulations or failures to obtain or maintain in effect such licenses,
certificates, permits, franchises and other governmental authorizations could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

         Section 4.2.      Insurance. The Guarantor will and will cause each of
its Restricted Subsidiaries to maintain, with financially sound and reputable
insurers, insurance with respect to their respective properties and businesses
against such casualties and contingencies, of such types, on such terms and in
such amounts (including deductibles, co-insurance and self-insurance, if
adequate reserves are maintained with respect thereto) as is customary in the
case of entities of established reputations engaged in the same or a similar
business and similarly situated.

         Section 4.3.      Maintenance of Properties. The Guarantor will and
will cause each of its Restricted Subsidiaries to maintain and keep, or cause to
be maintained and kept, their respective properties in good repair, working
order and condition (other than ordinary wear and tear), so that the business
carried on in connection therewith may be properly conducted at all times,
provided that this Section 4.3 shall not prevent the Guarantor or any Restricted
Subsidiary from discontinuing the operation and the maintenance of any of its
properties if such discontinuance is desirable in the conduct of its business
and the Guarantor has concluded that such discontinuance

                                      -16-
<PAGE>   21

could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

         Section 4.4.      Payment of Taxes and Claims. The Guarantor will and
will cause each of its Subsidiaries to file all tax returns required to be filed
in any jurisdiction and to pay and discharge all taxes shown to be due and
payable on such returns and all other taxes, assessments, governmental charges,
or levies imposed on them or any of their properties, assets, income or
franchises, to the extent such taxes and assessments have become due and payable
and before they have become delinquent and all claims for which sums have become
due and payable that have or might become a Lien on properties or assets of the
Guarantor or any Subsidiary, provided that neither the Guarantor nor any
Subsidiary need pay any such tax or assessment or claims if (i) the amount,
applicability or validity thereof is contested by the Guarantor or such
Subsidiary on a timely basis in good faith and in appropriate proceedings, and
the Guarantor or a Subsidiary has established adequate reserves therefor in
accordance with GAAP on the books of the Guarantor or such Subsidiary or (ii)
the nonpayment of all such taxes and assessments in the aggregate could not
reasonably be expected to have a Material Adverse Effect.

         Section 4.5.      Corporate Existence, Etc. Subject to transactions
permitted under Section 5.5, the Guarantor will at all times preserve and keep
in full force and effect its corporate existence. Subject to transactions
permitted under Sections 5.4 and 5.5, the Guarantor will at all times preserve
and keep in full force and effect the corporate existence of each of its
Restricted Subsidiaries and all rights and franchises of the Guarantor and its
Restricted Subsidiaries unless, in the good faith judgment of the Guarantor, the
termination of or failure to preserve and keep in full force and effect such
corporate existence, right or franchise could not, individually or in the
aggregate, have a Material Adverse Effect.

         Section 4.6.      Designation of Subsidiaries. The Guarantor may from
time to time cause any Subsidiary (other than the Company and Dart) to be
designated as an Unrestricted Subsidiary or any Unrestricted Subsidiary to be
designated a Restricted Subsidiary, provided, however, that at the time of such
designation and immediately after giving effect thereto, (a) no Default or Event
of Default would exist under the terms of this Agreement, and (b) the Guarantor
and its Restricted Subsidiaries would be in compliance with all of the covenants
set forth in this Section 4 and Section 5 if tested on the date of such action
and provided, further, that once a Restricted Subsidiary has been designated an
Unrestricted Subsidiary, it shall not thereafter be redesignated as a Restricted
Subsidiary on more than one occasion. Within ten (10) days following any
designation described above, the Guarantor will deliver to each holder of a Note
a notice of such designation accompanied by a certificate signed by a Senior
Financial Officer of the Guarantor certifying compliance with all requirements
of this Section 4.6 and setting forth all information required in order to
establish such compliance.

         Section 4.7.      Ownership of Company and Dart. The Guarantor will at
all times keep and maintain the Company and Dart as Restricted Subsidiaries.

         Section 4.8.      Guaranty Ratification. The Guarantor will execute a
Guaranty Ratification in the form of Exhibit B hereto whenever the Company shall
execute and deliver any Supplement.

                                      -17-
<PAGE>   22

         Section 4.9.      Guaranty by Subsidiaries. (a) The Guarantor will
cause any Subsidiary which is required by the terms of the Bank Credit Agreement
to become a party to (as co-obligor with the Guarantor), or otherwise guaranty,
Debt outstanding under the Bank Credit Agreement to deliver to each of the
holders of the Notes the following items on or prior to the effective date of
such obligation with respect to the Bank Credit Agreement:

                  (i)      a fully executed counterpart of the Subsidiary
         Guaranty Agreement;

                  (ii)     a certificate signed by the President, a Vice
         President or another authorized Responsible Officer of the Subsidiary
         Guarantor making representations and warranties to the effect of those
         contained in Sections 2.1, 2.2, 2.5 and 2.6, with respect to such
         Subsidiary and the execution and delivery of the Subsidiary Guaranty
         Agreement; and

                  (iii)    an opinion of counsel for the Subsidiary Guarantor
         addressed to each of the holders of the Notes satisfactory to the
         Required Holders, to the effect that the Subsidiary Guaranty Agreement
         has been duly authorized, executed and delivered by such Subsidiary and
         constitutes the legal, valid and binding contract and agreement of such
         Subsidiary enforceable in accordance with its terms, except as
         enforcement of such terms may be limited by bankruptcy, insolvency,
         fraudulent conveyance and similar laws affecting the enforcement of
         creditors' rights generally and by general equitable principles.

         (b)      If at any time one or more Subsidiaries which have guaranteed
the Debt outstanding under the Bank Credit Agreement or which shall be
co-obligors thereunder shall be released from their obligations under such
guaranty and the Bank Credit Agreement, then upon delivery to the holders of the
Notes of evidence of such release (which evidence shall be reasonably
satisfactory to the Required Holders) and so long as no Default or Event of
Default shall exist, such Subsidiary shall be released from its obligations
under the Subsidiary Guaranty Agreement.

         Section 4.10.     Nature of Business. The Guarantor and its Restricted
Subsidiaries will maintain their principal line of business, taken on a
consolidated basis, as it exists on the date of Closing.

SECTION 5.        NEGATIVE COVENANTS.

         The Guarantor covenants that so long as any of the Notes are
outstanding:

         Section 5.1.      Limitation on Debt. The Guarantor will not at any
time permit:

         (a)      the Consolidated Leverage Ratio to exceed 3.5 to 1.0; and

         (b)      any Restricted Subsidiary to, directly or indirectly, create,
incur, assume, guarantee, or otherwise become directly or indirectly liable with
respect to any unsecured Debt other than:

                                      -18-
<PAGE>   23

                  (i)      unsecured guarantees of Debt of the Guarantor or
         another Restricted Subsidiary by a Subsidiary Guarantor;

                  (ii)     unsecured Debt of a Restricted Subsidiary owed to the
         Guarantor or a Wholly-owned Restricted Subsidiary;

                  (iii)    unsecured Debt of the Company (including without
         limitation the Notes and other Debt of the Company described in
         Schedule 2.14);

                  (iv)     unsecured Debt outstanding at the time such Person
         becomes a Restricted Subsidiary; provided that (x) such Debt shall not
         have been incurred in contemplation of the acquisition of such
         Restricted Subsidiary, (y) such Debt shall not be extended, renewed or
         refunded, and (z) such Debt shall not have been incurred by an
         Unrestricted Subsidiary which was formerly a Restricted Subsidiary and
         which is being redesignated as a Restricted Subsidiary; and

                  (v)      unsecured Debt (in addition to the Debt described in
         clauses (i), (ii), (iii) and (iv) of this Section 5.1(b)) of a
         Restricted Subsidiary; provided that on the date the Restricted
         Subsidiary incurs or otherwise becomes liable with respect to any such
         additional Debt and immediately after giving effect thereto and to the
         application of the proceeds thereof, (x) no Default or Event of Default
         shall exist; and (y) the aggregate principal amount of unsecured Debt
         of Restricted Subsidiaries (excluding the Debt described in clauses
         (i), (ii), (iii) and (iv) of this Section 5.1(b)) shall not exceed
         $150,000,000.

         Section 5.2.      Consolidated Interest Coverage Ratio. The Guarantor
will not permit the Consolidated Interest Coverage Ratio to be less than 2.5 to
1.0.

         Section 5.3.      Limitation on Liens. The Guarantor will not, and will
not permit any of its Restricted Subsidiaries to, directly or indirectly create,
incur, assume or permit to exist (upon the happening of a contingency or
otherwise) any Lien on or with respect to any property or asset (including,
without limitation, any document or instrument in respect of goods or accounts
receivable) of the Guarantor or any such Restricted Subsidiary, whether now
owned or held or hereafter acquired, or any income or profits therefrom, or
assign or otherwise convey any right to receive income or profits, except:

                  (a)      Liens for taxes, assessments or other governmental
         charges that are not yet due and payable or the payment of which is not
         at the time required by Section 4.4;

                  (b)      any attachment or judgment Lien, unless the judgment
         it secures shall not, within 60 days after the entry thereof, have been
         discharged or execution thereof stayed pending appeal, or shall not
         have been discharged within 60 days after the expiration of any such
         stay;

                  (c)      Liens incidental to the conduct of business or the
         ownership of properties and assets (including landlords', carriers',
         warehousemen's, mechanics', materialmen's

                                      -19-
<PAGE>   24

         and other similar Liens for sums not yet due and payable) and Liens to
         secure the performance of bids, tenders, leases, or trade contracts, or
         to secure statutory obligations (including obligations under workers
         compensation, unemployment insurance and other social security
         legislation), surety or appeal bonds or other Liens incurred in the
         ordinary course of business and not in connection with the borrowing of
         money;

                  (d)      leases or subleases granted to others, easements,
         rights-of-way, restrictions and other similar charges or encumbrances,
         in each case incidental to the ownership of property or assets or the
         ordinary conduct of the business of the Guarantor or any of its
         Restricted Subsidiaries, provided that such Liens do not, in the
         aggregate, materially detract from the value of such property;

                  (e)      Liens incidental to minor survey exceptions and
         similar Liens, provided that such Liens do not, in the aggregate,
         materially detract from the value of such Property;

                  (f)      Liens securing Debt of a Restricted Subsidiary to the
         Guarantor or to another Wholly-Owned Restricted Subsidiary;

                  (g)      Liens existing as of the date of Closing and
         reflected in Schedule 5.3;

                  (h)      Liens created or assumed after the date of Closing
         securing tax exempt revenue bonds not exceeding $25,000,000 in
         aggregate principal amount at any one time outstanding;

                  (i)      Liens incurred after the date of Closing given to
         secure the payment of the purchase price incurred in connection with
         the acquisition, construction or improvement of property (other than
         accounts receivable or inventory) useful and intended to be used in
         carrying on the business of the Guarantor or a Restricted Subsidiary,
         including Liens existing on such property at the time of acquisition or
         construction thereof, or Liens incurred within 270 days of such
         acquisition or the completion of such construction or improvement,
         provided that (i) the Lien shall attach solely to the property
         acquired, purchased, constructed or improved; and (ii) at the time of
         acquisition, construction or improvement of such property, the
         aggregate amount remaining unpaid on all Debt secured by Liens on such
         property, whether or not assumed by the Guarantor or a Restricted
         Subsidiary, shall not exceed the total purchase price (or cost of
         construction and improvement) of such property;

                  (j)      any Lien existing on property of a Person immediately
         prior to its being consolidated with or merged into the Guarantor or a
         Restricted Subsidiary or its becoming a Restricted Subsidiary, or any
         Lien existing on any property acquired by the Guarantor or any
         Restricted Subsidiary at the time such property is so acquired (whether
         or not the Debt secured thereby shall have been assumed), provided that
         (i) no such Lien shall have been created or assumed in contemplation of
         such consolidation or merger or such Person's becoming a Restricted
         Subsidiary or such acquisition of property, (ii) each such Lien shall
         extend solely to the item or items of property so acquired and, if
         required

                                      -20-
<PAGE>   25

         by the terms of the instrument originally creating such Lien, other
         property which is an improvement to or is acquired for specific use in
         connection with such acquired property, and (iii) at the time of such
         incurrence and after giving effect thereto, no Default or Event of
         Default would exist;

                  (k)      Liens of a consignor of merchandise to the Guarantor
         on such consignor's merchandise and any Lien of a lessor of equipment
         to the Guarantor on such lessor's leased equipment, which in either
         case is evidenced by a protective UCC filing;

                  (l)      any extensions, renewals or replacements of any Lien
         permitted by the preceding subparagraphs (f), (g), (h), (i) or (j) of
         this Section 5.3, provided that (i) no additional property shall be
         encumbered by such Liens, (ii) the unpaid principal amount of the Debt
         secured thereby shall not be increased on or after the date of any
         extension, renewal or replacement, and (iii) at such time and
         immediately after giving effect thereto, no Default or Event of Default
         shall have occurred and be continuing; and

                  (m)      in addition to the Liens permitted by the preceding
         subparagraphs (a) through (l), inclusive, of this Section 5.3, Liens
         securing Debt of the Guarantor or any Restricted Subsidiary, provided
         that the aggregate principal amount of Debt secured by Liens pursuant
         to this Section 5.3(m) shall not exceed 20% of Consolidated Net Worth.

         Section 5.4.      Sales of Assets. The Guarantor will not, and will not
permit any Restricted Subsidiary to, sell, lease or otherwise dispose of any
substantial part (as defined below) of the assets of the Guarantor and its
Restricted Subsidiaries; provided, however, that the Guarantor or any Restricted
Subsidiary may sell, lease or otherwise dispose of assets constituting a
substantial part of the assets of the Guarantor and its Restricted Subsidiaries
if such assets are sold in an arms length transaction and, at such time and
after giving effect thereto, no Default or Event of Default shall have occurred
and be continuing and an amount equal to the Net Proceeds received from such
sale, lease or other disposition shall be used within 365 days of such sale,
lease or disposition, in any combination:

                  (1)      to acquire productive assets used or useful in
         carrying on the business of the Guarantor and its Restricted
         Subsidiaries and having a value at least equal to the value of such
         assets sold, leased or otherwise disposed of; or

                  (2)      to prepay or retire Senior Debt of the Guarantor
         and/or its Restricted Subsidiaries.

         As used in this Section 5.4, a sale, lease or other disposition of
assets shall be deemed to be a "substantial part" of the assets of the Guarantor
and its Restricted Subsidiaries if the book value of such assets, when added to
the book value of all other assets sold, leased or otherwise disposed of by the
Guarantor and its Restricted Subsidiaries during any period of 24 consecutive
months, exceeds 20% of the book value of Consolidated Total Assets, determined
as of the end of the fiscal year immediately preceding such sale, lease or other
disposition; provided that there shall be excluded from any determination of a
"substantial part" any (i) sale or disposition of assets in the ordinary course
of business of the Guarantor and its Restricted Subsidiaries, (ii) any

                                      -21-
<PAGE>   26

transfer of assets from the Guarantor to any Wholly-owned Restricted Subsidiary
or from any Restricted Subsidiary to the Guarantor or a Wholly-owned Restricted
Subsidiary, (iii) any Excluded Sale Leaseback Transaction and (iv) any sale or
other disposition of the properties listed on Schedule 5.4 hereto.

         Section 5.5.      Merger, Consolidation and Sale of Stock. (a) The
Guarantor will not, and will not permit any of its Restricted Subsidiaries to,
consolidate with or merge with any other corporation or convey, transfer or
lease substantially all of its assets in a single transaction or series of
transactions to any Person; provided that:

                  (1)      a Restricted Subsidiary of the Guarantor may (x)
         consolidate with or merge with, or convey, transfer or lease
         substantially all of its assets in a single transaction or series of
         transactions to, the Guarantor or a Wholly-Owned Restricted Subsidiary
         so long as in any merger or consolidation involving the Guarantor, the
         Guarantor shall be the surviving or continuing corporation, or (y)
         convey, transfer or lease all of its assets in compliance with the
         provisions of Section 5.4; and

                  (2)      the foregoing restriction does not apply to the
         consolidation or merger of the Guarantor with, or the conveyance,
         transfer or lease of substantially all of the assets of the Guarantor
         in a single transaction or series of transactions to, any Person so
         long as:

                           (a)      the successor formed by such consolidation
                  or the survivor of such merger or the Person that acquires by
                  conveyance, transfer or lease substantially all of the assets
                  of the Guarantor as an entirety, as the case may be (the
                  "Successor Corporation"), shall be a solvent corporation
                  organized and existing under the laws of the United States of
                  America, any State thereof or the District of Columbia;

                           (b)      if the Guarantor is not the Successor
                  Corporation, such corporation shall have executed and
                  delivered to each holder of Notes its assumption of the due
                  and punctual performance and observance of each covenant and
                  condition of this Agreement (pursuant to such agreements and
                  instruments as shall be reasonably satisfactory to the
                  Required Holders), and the Guarantor shall have caused to be
                  delivered to each holder of Notes an opinion of nationally
                  recognized independent counsel, to the effect that all
                  agreements or instruments effecting such assumption are
                  enforceable in accordance with their terms and comply with the
                  terms hereof; and

                           (c)      immediately after giving effect to such
                  transaction no Default or Event of Default would exist.

         (b)      The Guarantor will not permit any Restricted Subsidiary to
issue or sell any shares of stock of any class (including as "stock" for the
purposes of this Section 5.5(b), any warrants, rights or options to purchase or
otherwise acquire stock or other securities exchangeable for or convertible into
stock) of such Restricted Subsidiary to any Person other than the Guarantor or a
Wholly-Owned Restricted Subsidiary, except for the purpose of qualifying
directors, or except in

                                      -22-
<PAGE>   27

satisfaction of the validly pre-existing preemptive or contractual rights of
minority shareholders in connection with the simultaneous issuance of stock to
the Guarantor and/or a Restricted Subsidiary whereby the Guarantor and/or such
Restricted Subsidiary maintain their same proportionate interest in such
Restricted Subsidiary or to the extent required by local law.

         (c)      The Guarantor will not sell, transfer or otherwise dispose of
any shares of stock of any Restricted Subsidiary (except to qualify directors),
and will not permit any Restricted Subsidiary to sell, transfer or otherwise
dispose of (except to the Guarantor or a Wholly-Owned Restricted Subsidiary) any
shares of stock of any other Restricted Subsidiary, unless such sale or other
disposition can be made within the limitations of Section 5.4 or this Section
5.5.

         Section 5.6.      Transactions with Affiliates. The Guarantor will not
and will not permit any Restricted Subsidiary to enter into directly or
indirectly any Material transaction or Material group of related transactions
with any Affiliate (other than the Guarantor or another Restricted Subsidiary),
except upon fair and reasonable terms no less favorable to the Guarantor or such
Restricted Subsidiary than would be obtainable in a comparable arm's-length
transaction with a Person not an Affiliate.

SECTION 6.        SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

         All representations and warranties contained herein shall survive the
execution and delivery of this Agreement and the Notes, the purchase or transfer
by a holder of the Notes of any Note or portion thereof or interest therein and
the payment of any Note, and may be relied upon by any subsequent holder of a
Note, regardless of any investigation made at any time by or on behalf of a
holder of the Notes or any other holder of a Note. All statements contained in
any certificate or other instrument delivered by or on behalf of the Guarantor
pursuant to this Agreement shall be deemed representations and warranties of the
Guarantor under this Agreement. Subject to the preceding sentence, this
Agreement embodies the entire agreement and understanding between the holders of
the Notes and the Guarantor and supersedes all prior agreements and
understandings relating to the subject matter hereof.

SECTION 7.        AMENDMENT AND WAIVER.

         Section 7.1.      Requirements. This Agreement may be amended, and the
observance of any term hereof may be waived (either retroactively or
prospectively), with (and only with) the written consent of the Guarantor and
the Required Holders, except that (a) no amendment or waiver of any of the
provisions of Section 2 hereof, or any defined term (as it is used therein),
will be effective as to a holder of the Notes unless consented to by such holder
in writing, and (b) no such amendment or waiver may, without the written consent
of the holder of each Note at the time outstanding affected thereby, (i) change
the percentage of the principal amount of the Notes the holders of which are
required to consent to any such amendment or waiver, or (ii) amend this Section
7, Section 1 or Section 10.

                                      -23-
<PAGE>   28

         Section 7.2.      Solicitation of Holders of Notes.

         (a)      Solicitation. The Guarantor will provide each holder of the
Notes (irrespective of the amount of Notes then owned by it) with sufficient
information, sufficiently far in advance of the date a decision is required, to
enable such holder to make an informed and considered decision with respect to
any proposed amendment, waiver or consent in respect of any of the provisions
hereof. The Guarantor will deliver executed or true and correct copies of each
amendment, waiver or consent effected pursuant to the provisions of this Section
7 to each holder of outstanding Notes promptly following the date on which it is
executed and delivered by, or receives the consent or approval of, the requisite
holders of Notes.

         (b)      Payment. The Guarantor will not directly or indirectly pay or
cause to be paid any remuneration, whether by way of supplemental or additional
interest, fee or otherwise, or grant any security, to any holder of Notes as
consideration for or as an inducement to the entering into by any holder of
Notes of any waiver or amendment of any of the terms and provisions hereof
unless such remuneration is concurrently paid, or security is concurrently
granted, on the same terms, ratably to each holder of Notes then outstanding
whether or not such holder consented to such waiver or amendment.

         Section 7.3.      Binding Effect, Etc. Any amendment or waiver
consented to as provided in this Section 7 applies equally to all holders of
Notes and is binding upon them and upon each future holder of any Note and upon
the Guarantor without regard to whether such Note has been marked to indicate
such amendment or waiver. No such amendment or waiver will extend to or affect
any obligation, covenant, agreement, Default or Event of Default not expressly
amended or waived or impair any right consequent thereon. No course of dealing
between the Guarantor and the holder of any Note nor any delay in exercising any
rights hereunder or under any Note shall operate as a waiver of any rights of
any holder of such Note. As used herein, the term "this Agreement" and
references thereto shall mean this Agreement as it may from time to time be
amended or supplemented.

         Section 7.4.      Notes Held by Guarantor, Etc. Solely for the purpose
of determining whether the holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any
amendment, waiver or consent to be given under this Agreement, or have directed
the taking of any action provided herein to be taken upon the direction of the
holders of a specified percentage of the aggregate principal amount of Notes
then outstanding, Notes directly or indirectly owned by the Guarantor or any of
its Affiliates shall be deemed not to be outstanding.

SECTION 8.        NOTICES.

         All notices and communications provided for hereunder shall be in
writing and sent (a) by telefacsimile if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service
(charges prepaid), or (b) by registered or certified mail with return receipt
requested (postage prepaid), or (c) by a recognized overnight delivery service
(charges prepaid). Any such notice must be sent:

                                      -24-
<PAGE>   29

                  (i)      if to a holder of the Notes or such holder's nominee,
         to such holder or such holder's nominee at the address specified for
         such communications in Schedule A to the Note Purchase Agreement, or at
         such other address as such holder or it shall have specified to the
         Guarantor in writing, or

                  (ii)     if to the Guarantor, to the Guarantor at its address
         set forth at the beginning hereof to the attention of the Chief
         Financial Officer, or at such other address as the Guarantor shall have
         specified to the holder of each Note in writing.

Notices under this Section 8 will be deemed given only when actually received.

SECTION 9.        REPRODUCTION OF DOCUMENTS.

         This Agreement and all documents relating hereto, including, without
limitation, (a) consents, waivers and modifications that may hereafter be
executed, (b) documents received by a holder of the Notes at the Closing (except
the Notes themselves), and (c) financial statements, certificates and other
information previously or hereafter furnished to a holder of the Notes, may be
reproduced by such holder by any photographic, photostatic, microfilm,
microcard, miniature photographic or other similar process and such holder may
destroy any original document so reproduced. The Guarantor agrees and stipulates
that, to the extent permitted by applicable law, any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative
proceeding (whether or not the original is in existence and whether or not such
reproduction was made by a holder of the Notes in the regular course of
business) and any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence. This Section 9 shall not
prohibit the Guarantor or any other holder of Notes from contesting any such
reproduction to the same extent that it could contest the original, or from
introducing evidence to demonstrate the inaccuracy of any such reproduction.

SECTION 10.       CONFIDENTIAL INFORMATION.

         For the purposes of this Section 10, "Confidential Information" means
information delivered to any Purchaser by or on behalf of the Guarantor or any
Subsidiary in connection with the transactions contemplated by or otherwise
pursuant to this Agreement, provided that such term does not include information
that (a) was publicly known or otherwise known to such Purchaser prior to the
time of such disclosure, (b) subsequently becomes publicly known through no act
or omission by such Purchaser or any Person acting on such Purchaser's behalf,
(c) otherwise becomes known to such Purchaser other than through disclosure by
the Guarantor or any Subsidiary or from a Person who is known to such Purchaser
to be bound by a confidentiality agreement with the Guarantor or any of its
Subsidiaries, or is known to such Purchaser to be under an obligation not to
transmit the information to such Purchaser, or (d) constitutes financial
statements delivered to such Purchaser under Section 3.1 that are otherwise
publicly available. Each Purchaser will maintain the confidentiality of such
Confidential Information in accordance with procedures adopted by such Purchaser
in good faith to protect confidential information of third parties delivered to
such Purchaser, provided that such Purchaser may deliver or disclose
Confidential Information to (i) such Purchaser's

                                      -25-
<PAGE>   30

directors, trustees, officers, employees, agents, attorneys and affiliates (to
the extent such disclosure reasonably relates to the administration of the
investment represented by such Purchaser's Notes), (ii) such Purchaser's
financial advisors and other professional advisors who agree to hold
confidential the Confidential Information substantially in accordance with the
terms of this Section 10, (iii) any other holder of any Note, (iv) any
Institutional Investor to which such Purchaser sells or offers to sell such Note
or any part thereof or any participation therein (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 10), (v) any Person from which such Purchaser offers
to purchase any security of the Guarantor (if such Person has agreed in writing
prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 10), (vi) any federal or state regulatory authority
having jurisdiction over such Purchaser, (vii) the National Association of
Insurance Commissioners or any similar organization, or any nationally
recognized rating agency that requires access to information about such
Purchaser's investment portfolio, or (viii) any other Person to which such
delivery or disclosure may be necessary or appropriate in each of the following
cases: (w) to effect compliance with any law, rule, regulation or order
applicable to such Purchaser, (x) in response to any subpoena or other legal
process, (y) in connection with any litigation to which such Purchaser is a
party or (z) if an Event of Default has occurred and is continuing, to the
extent such Purchaser may reasonably determine such delivery and disclosure to
be necessary or appropriate in the enforcement or for the protection of the
rights and remedies under such Purchaser's Notes and this Agreement. Each holder
of a Note, by its acceptance of a Note, will be deemed to have agreed to be
bound by and to be entitled to the benefits of this Section 10 as though it were
a party to this Agreement. On reasonable request by the Guarantor in connection
with the delivery to any holder of a Note of information required to be
delivered to such holder under this Agreement or requested by such holder (other
than a holder that is a party to this Agreement or its nominee), such holder
will, as a condition precedent to receiving such information, enter into an
agreement with the Guarantor embodying the provisions of this Section 10 and
providing the Guarantor assurances that such holder will enter into further
agreements with language no more burdensome on the holder than the language
contained in this Section 10 as reasonably requested by the Guarantor in order
to comply with Regulation FD promulgated by the Securities and Exchange
Commission.

SECTION 11.       SUBMISSION TO JURISDICTION.

         The Guarantor hereby irrevocably consents and submits to the
jurisdiction of any court located within the State of New York sitting in the
County of New York and the United States District Court for the Southern
District of New York and irrevocably agrees that all actions or proceedings
relating to this Agreement may be litigated in such courts, and the Guarantor
irrevocably waives any objection which it may have based on improper venue or
forum non conveniens to the conduct of any proceeding in any such court. The
Guarantor hereby irrevocably appoints and agrees to retain and consents that all
such service of process be made by mail or messenger directed to it at the
address of the Guarantor described in Section 8 or to its agent referred to
below at such agent's address and that service so made shall be deemed to be
completed upon the earlier of actual receipt or three Business Days after the
same shall have been posted to the Guarantor's or such agent's address, as the
case may be, in accordance herewith. The Guarantor hereby irrevocably appoints
CT Corporation System, with an office on the date hereof at 111 Eighth Avenue,
New York, New York 10011, and its successors, as its

                                      -26-
<PAGE>   31

agent for the purpose of accepting service of any process within the State of
New York. Nothing contained in this Section 11 shall affect the right of any
holder of Notes to serve legal process in any other manner permitted by law or
to bring any action or proceeding in the courts of any jurisdiction against the
Guarantor or to enforce a judgment obtained in the courts of any other
jurisdiction.

SECTION 12.       MISCELLANEOUS.

        Section 12.1.      Successors and Assigns. All covenants and other
agreements contained in this Agreement by or on behalf of any of the parties
hereto bind and inure to the benefit of their respective successors and assigns
(including, without limitation, any subsequent holder of a Note) whether so
expressed or not.

         Section 12.2.     Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law)
not invalidate or render unenforceable such provision in any other jurisdiction.

         Section 12.3.     Construction. Each covenant contained herein shall be
construed (absent express provision to the contrary) as being independent of
each other covenant contained herein, so that compliance with any one covenant
shall not (absent such an express contrary provision) be deemed to excuse
compliance with any other covenant. Where any provision herein refers to action
to be taken by any Person, or which such Person is prohibited from taking, such
provision shall be applicable whether such action is taken directly or
indirectly by such Person.

         Section 12.4      Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be an original but all of which
together shall constitute one instrument. Each counterpart may consist of a
number of copies hereof, each signed by less than all, but together signed by
all, of the parties hereto.

        Section 12.5.      Governing Law. This Agreement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law
of such State that would require the application of the laws of a jurisdiction
other than such State.

                                    * * * * *

                                      -27-
<PAGE>   32

         If you are in agreement with the foregoing, please sign the form of
agreement on the accompanying counterpart of this Agreement and return it to the
Guarantor, whereupon the foregoing shall become a binding agreement between you
and the Guarantor.

                                          Very truly yours,

                                          TUPPERWARE CORPORATION

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

                                      -28-
<PAGE>   33

The foregoing is hereby agreed to as of the date thereof.

                                          [VARIATION]

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

<PAGE>   34

                                   SCHEDULE I

Teachers' Retirement System of Alabama
135 South Union Street
Montgomery, Alabama 36130-2150

Employees' Retirement System of Alabama
135 South Union Street
Montgomery, Alabama 36130-2150

Alabama Trust Fund
135 South Union Street
Montgomery, Alabama 36130-2150

PEIRAF - Deferred Compensation Plan
135 South Union Street
Montgomery, Alabama 36130-2150

Judicial Retirement Fund
135 South Union Street
Montgomery, Alabama 36130-2150

Local Government Health Insurance Fund
135 South Union Street
Montgomery, Alabama 36130-2150

Public Employees' Individual Retirement Account Fund
135 South Union Street
Montgomery, Alabama 36130-2150

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, Wisconsin 53202

Allstate Life Insurance Company
3075 Sanders Road, STE G5D
Northbrook, Illinois 60062-7127

Allstate Life Insurance Company/ Northbrook Life Insurance Company-Trust
3075 Sanders Road, STE G5D
Northbrook, Illinois 60062-7127

Principal Life Insurance Company
801 Grand Avenue
Des Moines, Iowa 50392-0800

                                   SCHEDULE I
                             (to Guaranty Agreement)
<PAGE>   35

Commercial Union Life Insurance Company of America
801 Grand Avenue
Des Moines, Iowa 50392-0800

New York Life Insurance Company
51 Madison Avenue
New York, New York 10010

AmerUs Life Insurance Company
699 Walnut Street, Suite 1700
Des Moines, Iowa 50309

American Investors Life Insurance Company
699 Walnut Street, Suite 1700
Des Moines, Iowa 50309

Modern Woodmen of America
1701 First Avenue
Rock Island, Illinois 61201

                                      -2-
<PAGE>   36

                                  DEFINED TERMS

         Where the character or amount of any asset or liability or item of
income or expense is required to be determined or any consolidation or other
accounting computation is required to be made for the purposes of this
Agreement, the same shall be done in accordance with GAAP, to the extent
applicable, except where such principles are inconsistent with the express
requirements of this Agreement.

         Where any provision in this Agreement refers to action to be taken by
any Person, or which such Person is prohibited from taking, such provision shall
be applicable whether the action in question is taken directly or indirectly by
such Person.

         As used herein, the following terms have the respective meanings set
forth below or set forth in the Section hereof following such term:

         "Additional Notes" is defined in the first full paragraph of this
Agreement.

         "Additional Purchasers" is defined in the Note Purchase Agreement.

         "Affiliate" means, at any time, and with respect to any Person, (a) any
other Person that at such time directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with,
such first Person and (b) any other Person which beneficially owns or holds,
directly or indirectly, 10% or more of any class of voting or equity interests
of such first Person; or (c) any other Person of which such first Person
beneficially owns or holds, directly or indirectly, 10% or more of the voting or
equity interests. As used in this definition, "Control" means the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. Unless the context otherwise clearly
requires, any reference to an "Affiliate" is a reference to an Affiliate of the
Guarantor.

         "Bank Credit Agreement" means the Competitive Advance and Revolving
Funding Agreement among the Guarantor and The Chase Manhattan Bank, as agent,
dated as of May 16, 1996, and amended by the First Amendment dated as of August
8, 1997, and as further amended, restated, refinanced, replaced, increased or
reduced from time to time and any successor bank credit agreement which
constitutes the primary bank credit facility of the Guarantor.

         "Business Day" means any day other than a Saturday, a Sunday or a day
on which commercial banks in New York, New York are required or authorized to be
closed.

         "Capitalized Lease" means any lease the obligation for Rentals with
respect to which is required to be capitalized on a consolidated balance sheet
of the lessee and its subsidiaries in accordance with GAAP.

         "Closing" is defined in Section 3 of the Note Purchase Agreement.

                                    EXHIBIT A
                             (to Guaranty Agreement)

<PAGE>   37

         "Code" means the Internal Revenue Code of 1986, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time.

         "Company" is defined in the first paragraph of this Agreement.

         "Confidential Information" is defined in Section 10.

         "Consolidated Debt" means the total amount of all Debt of the Guarantor
and its Restricted Subsidiaries determined on a consolidated basis in accordance
with GAAP.

         "Consolidated EBITDA" shall mean, for any period, Consolidated Net
Income for such period, plus, to the extent deducted in computing such
Consolidated Net Income and without duplication, (a) depreciation and
amortization expense, (c) Consolidated Interest Expense, (c) income tax expense
and (d) other non-cash charges, all as determined in accordance with GAAP
consistently applied.

         "Consolidated Interest Coverage Ratio" shall mean, at any date, the
ratio of (a) Consolidated EBITDA for the period of four consecutive fiscal
quarters most recently ended as of such date to (b) Consolidated Interest
Expense for such period of four consecutive fiscal quarters.

         "Consolidated Interest Expense" shall mean, for any period, the gross
interest expense of the Guarantor and its Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP consistently
applied.

         "Consolidated Leverage Ratio" shall mean, on any date, the ratio of
Consolidated Debt at such date to Consolidated EBITDA for the period of the four
consecutive fiscal quarters most recently ended as of such date.

         "Consolidated Net Income" shall mean, for any period, the net income
(or loss) of the Guarantor and its Restricted Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP consistently applied.

         "Consolidated Net Worth" shall mean the consolidated stockholder's
equity of the Guarantor and its Restricted Subsidiaries, as defined according to
GAAP, less the sum of (i) minority interests and (ii) Restricted Investments in
excess of 20% stockholder's equity; provided that for purposes of any
determination of stockholders' equity, changes in the "Accumulated Other
Comprehensive Loss" account as reflected in the Guarantor's consolidated balance
sheet as of December 31, 2000 shall be excluded.

         "Consolidated Total Assets" means, as of the date of any determination
thereof, the total amount of assets of the Guarantor and its Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP.

         "Dart" means Dart Industries Inc., a Delaware corporation.

                                      A-2
<PAGE>   38

         "Debt" means, with respect to any Person, without duplication,

                  (a)      its liabilities for borrowed money;

                  (b)      its liabilities for the deferred purchase price of
         Property acquired by such Person (excluding accounts payable arising in
         the ordinary course of business but including, without limitation, all
         liabilities created or arising under any conditional sale or other
         title retention agreement with respect to any such Property);

                  (c)      all liabilities appearing on its balance sheet in
         accordance with GAAP in respect of Capitalized Leases;

                  (d)      all liabilities for borrowed money secured by any
         Lien with respect to any Property owned by such Person (whether or not
         it has assumed or otherwise become liable for such liabilities);

                  (e)      all liabilities under reimbursement agreements or
         similar agreements in respect of letters of credit or instruments
         serving a similar function issued or accepted for its account by banks
         and other financial institutions if, and to the extent that, there has
         been a drawing under such letter of credit or other instrument which
         has given rise to a payment obligation under such reimbursement or
         other similar agreement; and

                  (f)      any Guaranty of such Person with respect to
         liabilities of a type described in any of clauses (a) through (e)
         hereof.

Debt shall not include "back-to-back" borrowings in foreign currencies by
Restricted Subsidiaries operating in countries outside of the United States and
Canada for which there are related deposits or receivables of equivalent amounts
so long as (y) such borrowings are not included in Consolidated Debt under GAAP
and (z) the borrowing arrangements include rights of offset allowing defaulted
principal and accrued interest to be offset against the related repayment
obligation.

         "Default" means an event or condition the occurrence or existence of
which would, with the lapse of time or the giving of notice or both, become an
Event of Default.

         "Environmental Laws" means any and all Federal, state, local, and
foreign statutes, laws, regulations, ordinances, rules, judgments, orders,
decrees, permits, concessions, grants, franchises, licenses, agreements or
governmental restrictions relating to pollution and the protection of the
environment or the release of any materials into the environment, including but
not limited to those related to hazardous substances or wastes, air emissions
and discharges to waste or public systems.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the rules and regulations promulgated thereunder
from time to time in effect.

                                      A-3
<PAGE>   39

         "ERISA Affiliate" means any trade or business (whether or not
incorporated) that is treated as a single employer together with the Guarantor
under Section 414 of the Code.

         "Event of Default" is defined in Section 11 of the Note Purchase
Agreement.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Excluded Sale and Leaseback Transaction" means any sale or transfer of
property owned by the Guarantor or any Restricted Subsidiary to any Person
within 365 days following the acquisition or completion of construction of such
property by the Guarantor or any Restricted Subsidiary if the Guarantor or a
Restricted Subsidiary shall concurrently with such sale or transfer lease such
property, as lessee.

         "Fair Market Value" means, at any time and with respect to any
Property, the sale value of such Property that would be realized in an
arm's-length sale at such time between an informed and willing buyer and an
informed and willing seller (neither being under a compulsion to buy or sell).

         "GAAP" means generally accepted accounting principles as in effect from
time to time in the United States of America.

         "Governmental Authority" means:

                  (a)      the government of:

                           (i)      the United States of America, The
                  Netherlands or any State or Province or other political
                  subdivision thereof, or

                           (ii)     any jurisdiction in which the Guarantor
                  conducts all or any part of its business, or which asserts
                  jurisdiction over any properties of the Guarantor, or

                  (b)      any entity exercising executive, legislative,
         judicial, regulatory or administrative functions of, or pertaining to,
         any such government.

         "Guarantor" means Tupperware Corporation, a Delaware corporation.

         "Guaranty" means, with respect to any Person, any obligation (except
the endorsement in the ordinary course of business of negotiable instruments for
deposit or collection) of such Person guaranteeing or in effect guaranteeing any
Debt of any other Person in any manner, whether directly or indirectly,
including (without limitation) obligations incurred through an agreement,
contingent or otherwise, by such Person:

                  (a)      to purchase such Debt or any property constituting
         security therefor;

                  (b)      to advance or supply funds (i) for the purchase or
         payment of such Debt, or (ii) to maintain any working capital or other
         balance sheet condition or any income

                                      A-4
<PAGE>   40

         statement condition of any other Person or otherwise to advance or make
         available funds for the purchase or payment of such Debt;

                  (c)      to lease properties or to purchase properties or
         services primarily for the purpose of assuring the owner of such Debt
         of the ability of any other Person to make payment of the Debt; or

                  (d)      otherwise to assure the owner of such Debt against
         loss in respect thereof.

In any computation of the Debt of the obligor under any Guaranty, the Debt that
is the subject of such Guaranty shall be assumed to be direct obligations of
such obligor to the extent guaranteed pursuant thereto.

         "Hazardous Material" means any and all pollutants, toxic or hazardous
wastes or any other substances that might pose a hazard to health or safety, the
removal of which may be required or the generation, manufacture, refining,
production, processing, treatment, storage, handling, transportation, transfer,
use, disposal, release, discharge, spillage, seepage, or filtration of which is
or shall be restricted, prohibited or penalized by any applicable law
(including, without limitation, asbestos, urea formaldehyde foam insulation and
polychlorinated biphenyls).

         "holder" means, with respect to any Note, the Person in whose name such
Note is registered in the register maintained by the Company pursuant to Section
13.1 of the Note Purchase Agreement.

         "Institutional Investor" is defined in the Note Purchase Agreement.

         "Lien" means any interest in Property securing an obligation owed to,
or a claim by, a Person other than the owner of the Property, whether the
interest is based on common law, statute or contract (including the security
interest lien arising from a mortgage, encumbrance, pledge, conditional sale or
trust receipt or a lease, consignment or bailment for security purposes) which
in each case secures a monetary obligation of such Person. The term "Lien" shall
not include minor reservations, exceptions, encroachments, easements,
rights-of-way, covenants, conditions, restrictions and other minor title
exceptions affecting Property, provided that they do not constitute security for
a monetary obligation. For the purposes of this Agreement, the Guarantor or a
Restricted Subsidiary shall be deemed to be the owner of any Property which it
has acquired or holds subject to a conditional sale agreement, a Capital Lease
or other arrangement constituting Debt pursuant to which title to the Property
has been retained by or vested in some other Person for security purposes, and
such retention or vesting shall be deemed to be a Lien.

         "Make-Whole Amount" is defined in the Note Purchase Agreement.

         "Material" means material in relation to the business, operations,
financial condition, assets or properties of the Guarantor and its Restricted
Subsidiaries taken as a whole.

                                      A-5
<PAGE>   41

         "Material Adverse Effect" means a material adverse effect on (a) the
business, operations, financial condition, assets or properties of the Guarantor
and its Restricted Subsidiaries, taken as a whole, or (b) the ability of the
Company to perform its obligations under the Note Purchase Agreement and the
Notes or the ability of the Guarantor to perform its obligations under this
Agreement, or (c) the validity or enforceability of this Agreement, the Note
Purchase Agreement or the Notes.

         "Multiemployer Plan" means any Plan that is a "multiemployer plan" (as
such term is defined in section 4001(a)(3) of ERISA).

         "Net Proceeds" means with respect to any sale of property by any Person
an amount equal to (a) the aggregate amount of the consideration received by
such Person in respect of such sale (valued at the Fair Market Value of such
consideration at the time of such sale determined by the Board of Directors of
the Guarantor), minus (b) the sum of (i) all out-of-pocket costs and expenses
actually incurred by such Person in connection with such sale, and (ii) all
state, federal and foreign taxes incurred, or to be incurred, by the seller
(assuming the highest marginal rate were applicable to such sale) in connection
with such sale.

         "Note Purchase Agreement" is defined in the first paragraph of this
Agreement.

         "Notes" is defined in the first paragraph of this Agreement.

         "Officer's Certificate" of any Person means a certificate of a Senior
Financial Officer or of any other officer of such Person whose responsibilities
extend to the subject matter of such certificate.

         "PBGC" means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA or any successor thereto.

         "Person" means an individual, partnership, corporation, limited
liability company, association, trust, unincorporated organization, or a
government or agency or political subdivision thereof.

         "Plan" means an "employee benefit plan" (as defined in section 3(3) of
ERISA) that is or, within the preceding five years, has been established or
maintained, or to which contributions are or, within the preceding five years,
have been made or required to be made, by the Guarantor or any ERISA Affiliate
or with respect to which the Guarantor or any ERISA Affiliate may have any
liability.

         "Property" means, unless otherwise specifically limited, real or
personal property of any kind, tangible or intangible, choate or inchoate.

         "Purchasers" is defined in the first full paragraph of this Agreement.

         "QPAM Exemption" means Prohibited Transaction Class Exemption 84-14
issued by the United States Department of Labor.

                                      A-6
<PAGE>   42

         "Rentals" means, and includes as of the date of any determination
thereof, all fixed payments (including as such all payments which the lessee is
obligated to make to the lessor on termination of the lease or surrender of the
property) payable by the Guarantor or a Restricted Subsidiary, as lessee or
sublessee under a lease of real or personal property, but shall be exclusive of
any amounts required to be paid by the Guarantor or a Restricted Subsidiary
(whether or not designated as rents or additional rents) on account of
maintenance, repairs, insurance, taxes and similar charges. Fixed rents under
any "percentage leases" shall be computed solely on the basis of the minimum
rents, if any, required to be paid by the lessee regardless of sales volumes or
gross revenues.

         "Reportable Event" shall have the same meaning as in ERISA.

         "Required Holders" means, at any time, the holders of at least 51% in
aggregate principal amount of the Notes at the time outstanding (exclusive of
Notes then owned by the Guarantor or any of its Affiliates).

         "Responsible Officer" means any Senior Financial Officer and any other
officer of the Guarantor with responsibility for the administration of the
relevant portion of this Agreement.

         "Restricted Investments" shall mean all Investments except the
following:

                  (a)      current assets arising from the sale of goods and
         services in the ordinary course of business of the Issuer;

                  (b)      property to be used in the ordinary course of
         business;

                  (c)      Investments existing on the date of the Closing and
         disclosed in Schedule 5.1;

                  (d)      Investments in obligations issued by or guaranteed by
         the United States of America or an agency thereof or Canada or any
         province thereof, provided that such obligations mature within 365 days
         from the date of acquisition thereof;

                  (e)      Investments in certificates of deposit or banker's
         acceptances issued by a commercial bank which is rated in one of the
         two highest ratings classifications by a credit rating agency of
         recognized national standing, provided that such obligations mature
         within 365 days from the date of acquisition thereof;

                  (f)      Investments in commercial paper rated in one of the
         two highest ratings classifications by a credit rating agency of
         recognized national standing and maturing not more than 270 days from
         the date of creation thereof;

                  (g)      Investments in Repurchase Agreements;

                  (h)      Investments in one or more Restricted Subsidiaries or
         any Person that becomes a Restricted Subsidiary;

                                      A-7
<PAGE>   43

                  (i)      Investments in tax-exempt obligations of any state of
         the United States of America, or any municipality of any such state, in
         each case rated in one of the two highest ratings classifications by a
         credit rating agency of recognized national standing, provided that
         such obligations mature within 365 days from the date of acquisition
         thereof;

                  (j)      Investments in treasury stock;

                  (k)      Investments in money market instrument programs which
         are classified as current assets in accordance with GAAP, which money
         market instrument programs are administered by an "investment company"
         regulated under the Investment Company Act of 1940 and which money
         market instrument programs hold only Investments satisfying the
         criteria set forth in clause (e), (f), (g) or (i) above; provided that
         such Investments are classified as "current assets" in accordance with
         GAAP.

         As used in this definition of "Restricted Investments":

                  "Acceptable Bank" shall mean Bank of America or any other bank
         or trust company (i) which is organized under the laws of the United
         States of America or any State thereof, (ii) which has capital, surplus
         and undivided profits aggregating at least $500,000,000, and (iii)
         whose long-term unsecured debt obligations (or the long-term unsecured
         debt obligations of the bank holding company owning all of the capital
         stock of such bank or trust company) shall have been given one of the
         two highest ratings by at least one credit rating agency of recognized
         national standing.

                  "Acceptable Broker-Dealer" shall mean any Person other than a
         natural person (i) which is registered as a broker or dealer pursuant
         to the Exchange Act and (ii) whose long-term unsecured debt obligations
         shall have been given a rating of "A" or better by S&P, "A2" or better
         by Moody's or an equivalent rating by any other credit rating agency of
         recognized national standing.

                  "Repurchase Agreement" shall mean any written agreement

                           (a)      that provides for (1) the transfer of one or
                  more United States Governmental Securities in an aggregate
                  principal amount at least equal to the amount of the Transfer
                  Price (defined below) to the Guarantor or any of its
                  Restricted Subsidiaries from an Acceptable Bank or an
                  Acceptable Broker-Dealer against a transfer of funds (the
                  "Transfer Price") by the Guarantor to such Acceptable Bank or
                  Acceptable Broker-Dealer, and (2) a simultaneous agreement by
                  the Guarantor, in connection with such transfer of funds, to
                  transfer to such Acceptable Bank or Acceptable Broker-Dealer
                  the same or substantially similar United States Governmental
                  Securities for a price not less than the Transfer Price plus a
                  reasonable return thereon at a date certain not later than 365
                  days after such transfer of funds,

                                      A-8
<PAGE>   44

                           (b)      in respect of which the Guarantor shall have
                  the right, whether by contract or pursuant to applicable law,
                  to liquidate such agreement upon the occurrence of any default
                  thereunder, and

                           (c)      in connection with which the Guarantor, or
                  an agent thereof, shall have taken all action required by
                  applicable law or regulations to perfect a Lien in such United
                  States Governmental Securities.

         "Restricted Subsidiary" means the Company, Dart and any other
Subsidiary listed as a Restricted Subsidiary on Schedule 2.4 to this Agreement
and any other Subsidiary,

                  (1)      a majority of each class of voting securities of
         which is legally and beneficially owned by the Guarantor and its
         Restricted Subsidiaries; and

                  (2)      which has been designated as a Restricted Subsidiary
         pursuant to Section 4.6.

         "Securities Act" means the Securities Act of 1933, as amended from time
to time.

         "Security" shall have the same meaning as in Section 2(1) of the
Securities Act of 1933, as amended.

         "Senior Debt" means all Consolidated Debt of the Guarantor and its
Restricted Subsidiaries other than Subordinated Debt.

         "Senior Financial Officer" means, with respect to any Person, the chief
financial officer, principal accounting officer, treasurer, assistant treasurer
or comptroller of such Person.

         "Series" is defined in the Note Purchase Agreement.

         "Series 2001-A Notes" is defined in the first paragraph of this
Agreement.

         "Subordinated Debt" means all unsecured Debt of the Guarantor which
shall contain or have applicable thereto subordination provisions providing for
the subordination thereof to other Debt of the Guarantor (including, without
limitation, the obligations of the Guarantor under this Agreement).

         "Subsidiary" means, as to any Person, any corporation, association or
other business entity in which such Person or one or more of its Subsidiaries or
such Person and one or more of its Subsidiaries owns sufficient equity or voting
interests to enable it or them (as a group) ordinarily, in the absence of
contingencies, to elect a majority of the directors (or Persons performing
similar functions) of such entity, and any partnership or joint venture if more
than a 50% interest in the profits or capital thereof is owned by such Person or
one or more of its Subsidiaries or such Person and one or more of its
Subsidiaries (unless such partnership can and does ordinarily take major
business actions without the prior approval of such Person or one or

                                      A-9
<PAGE>   45

more of its Subsidiaries). Unless the context otherwise clearly requires, any
reference to a "Subsidiary" is a reference to a Subsidiary of the Guarantor.

         "Subsidiary Guarantor" shall mean any Subsidiary of the Guarantor which
shall be a party to the Subsidiary Guaranty Agreement.

         "Subsidiary Guaranty Agreement" shall mean a guaranty agreement in a
form reasonably satisfactory to the Required Holders pursuant to which a
Subsidiary Guarantor has unconditionally guaranteed the Notes.

         "Supplement" is defined in the Note Purchase Agreement.

         "Unrestricted Subsidiary" shall mean any Subsidiary other than a
Restricted Subsidiary.

         "Wholly-Owned Restricted Subsidiary" means, at any time, any Restricted
Subsidiary one hundred percent (100%) of all of the equity interests (except
directors' qualifying shares) and voting interests of which are owned by any one
or more of the Guarantor and the Guarantor's other Wholly-Owned Restricted
Subsidiaries at such time.

                                      A-10
<PAGE>   46

                              GUARANTY RATIFICATION

To the Institutional Investors Named
   on the Attached Schedule A

         Re:   U.S. $150,000,000 7.91% Senior Notes, Series _____
                                due _____________
                       of Tupperware Finance Company B.V.

Ladies and Gentlemen:

         Reference is made to the Note Purchase Agreement dated as of July 15,
2001 (the "Note Purchase Agreement") to be entered into by and among Tupperware
Finance Company B.V. (the "Company") and the institutional investors named on
the attached Schedule A. All terms used and not otherwise defined herein shall
have the respective meanings assigned thereto in the Note Purchase Agreement.

         As an inducement to your purchase of the Series _____ Notes (the
"Series _____ Notes") referred to above, Tupperware Corporation, a Delaware
corporation, (the "Guarantor") does hereby ratify and reaffirm that the payment
of all principal and interest and all other amounts becoming due from time to
time on the Series _____ Notes are absolutely and unconditionally guaranteed by
the Guarantor as provided for by the Guaranty Agreement dated as of July 15,
2001 (the "Guaranty Agreement") among certain Institutional Investors (as
defined in the Note Purchase Agreement) and the Guarantor. The Guarantor further
certifies that the Guaranty Agreement is unmodified and remains in full force
and effect.

Dated:
      ----------------

                                          TUPPERWARE CORPORATION

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

                                    EXHIBIT B
                             (to Guaranty Agreement)

<PAGE>   47

                                   SCHEDULE A
[Purchasers]

                                      B-2
<PAGE>   48

                              DISCLOSURE MATERIALS

                                      None

                                  SCHEDULE 2.3
                             (to Guaranty Agreement)

<PAGE>   49

              ORGANIZATION AND OWNERSHIP OF SHARES OF SUBSIDIARIES

A.

The following Subsidiaries are wholly owned by the Guarantor or another
Subsidiary of the Guarantor (degree of remoteness from the Guarantor is shown by
indentations). Ownership is 100% except where indicated. Country of
incorporation is indicated in brackets. All Subsidiaries are Restricted
Subsidiaries.

Tupperware Corporation    [U.S.]
  Tupperware Financial Corporation  [U.S.]
  Dart Industries Inc.              [U.S.]
    Tupperware Espana, S.A.           [Spain]
      Tupperware, Industria Lusitana de Artigos Domesticos, Limitada  [Portugal]
        Tupperware (Portugal) Artigos Domesticos, Lda.             [Portugal]
    Deerfield Land Corporation      [U.S.]
    Tupperware Far East, Inc.       [U.S.]
    Tupperware Turkey, Inc.         [U.S.]
    Dart Far East Sdn. Bhd.         [Malaysia]            [51%]
    Dart de Venezuela, C.A.         [Venezuela]
    Tupperware Colombia S.A.        [Colombia]            [99%]
      Dart do Brasil Industria e Comercio Ltda.           [Brazil]
        Daypar Participacoes Ltda.                   [Brazil]     [99%]
        Academia de Negocios S/C Ltda.               [Brazil]
    Tupperware Hellas S.A.I.C.                  [Greece]
    Tupperware Del Ecuador Cia. Ltda.           [Ecuador]
    Dart Industries Hong Kong Limited           [Hong Kong]       [99%]
    Dart Industries (New Zealand) Limited       [New Zealand]
    Tupperware New Zealand Staff Superannuation Plan              [New Zealand]
    Dart, S.A. de C.V.                   [Mexico]
    Servicios Especializados de Arrendamiento en Latinoamerica
         S.A. de C.V.                                                  [Mexico]
    Dartco Manufacturing Inc.                   [U.S.]
    Premiere Products, Inc.                     [U.S.]
        Premiere Korea Ltd.              [Korea]
          Premiere Marketing Company                  [Korea]        [99%]
        Exportadora Lerma, S.A. de C.V.               [Mexico]      [99%]
        Tupperware Australia Pty. Ltd.                [Australia]   [99%]
        Tupperware Singapore Pte. Ltd.                [Singapore]

All subsidiaries listed above are included in the consolidated financial
statements of the Guarantor as consolidated subsidiaries.

                                  SCHEDULE 2.4
                             (to Guaranty Agreement)

<PAGE>   50

      Newco Logistica e Participacoes Ltda.    [Brazil]
        Centro de Distribuicao RS Ltda.               [Brazil]
        Distribuidora Comercial Nordeste de Produtos Plasticos Ltda.    [Brazil]
        Distribuidora Comercial Paulista de Plasticos Ltda.             [Brazil]
        Centro de Distribuicao Mineira de Produtos de Plastico Ltda.    [Brazil]
        Distribuidora Esplanada de Produtos Plasticos Ltda.             [Brazil]
        Corcovado-Plast Distribuidora de Artigos Domesticos Ltda.       [Brazil]
        Distribuidora Baiana de Produtos Plasticos Ltda.                [Brazil]
        Uniao Norte Distribuidora de Produtos Plasticos Ltda.           [Brazil]
        Uniao Sul Comercial de Plasticos Ltda.  [Brazil]
        Centro Oeste Distribuidora de Produtos Plasticos Ltda.          [Brazil]
    Premiere Manufacturing, Inc.      [U.S.]
    Tupperware U.S., Inc.             [U.S.]
      Tupperware Distributors, Inc.            [U.S.]
      Tupperware Factors Inc.                  [U.S.]
      Tupperware.com, Inc.                     [U.S.]
    Tupperware Canada Inc.                  [Canada]
  Dart Staff Superannuation Fund Pty Ltd. [Australia] [Company pension fund -
                                                      all shares employee owned]
    Importadora Y Distribuidora Importupp Limitada      [Chile]
    Tupperware Iberica S.A.           [Spain]
    Tupperware (Thailand) Limited     [Thailand]   [99%]
    Tupperware Uruguay S.A.           [Uruguay]
  Dart Executive Pension Fund Limited [United Kingdom] [Company pension fund -
                                                       all shares employee
                                                       owned]
    Dart Pension Fund Limited         [United Kingdom] [Company pension fund -
                                                       all shares employee
                                                       owned]
    Tupperware U.K. Holdings, Inc.         [U.S.]
    The Tupperware Foundation              [U.S.]
    Tupperware Products, Inc.              [U.S.]
    Tupperware de El Salvador, S.A. de C.V.  [El Salvador]
    Tupperware del Peru S.R.L.             [Peru]
    Dart Holdings, S. de R.L.              [Mexico]

All subsidiaries listed above are included in the consolidated financial
statements of the Guarantor as consolidated subsidiaries.

                                      -2-
<PAGE>   51

    Tupperware Honduras, S. de R.L.        [Honduras]
    Tupperware de Costa Rica, S.A.         [Costa Rica]
    Tupperware de Guatemala, S.A.          [Guatemala]
    Asociacion Nacional de Distribuidores de Productos Tupperware, A.C. [Mexico]
    Tupperware International Holdings Corporation   [U.S.]
      Tupperware International Holdings BV        [Netherlands]
        Tupperware Israel Ltd.           [Israel]
        Tupperware Belgium N.V.          [Belgium]
          Tupperware France S.A.           [France]      [99%]
        Tupperware Polska Sp.zo.o          [Poland]
        Dart Argentina S.A.                [Argentina]
          TWP S.A.            [Argentina]
        Tupperware Asia Pacific Holdings Private Limited         [Mauritius]
          Tupperware India Private Limited        [India]
          Tupperware China, LLC                   [U.S.]
            Tupperware (China) Company Limited          [China]
          Dart (Philippines), Inc.    [Philippines]      [99%]
            Tupperware Realty Corporation       [Philippines]  [99%]
            Tupperware Philippines, Inc.        [Philippines]  [99%]
        Tupperware Holdings B.V.   [Netherlands]
          Tupperware Services GmbH                [Germany]
          Tupperware, Ltd.                        [Russia]
          Tupperware Nederland Properties B.V.    [Netherlands]
            Tupperware Nederland B.V.                [Netherlands]
              Tupperware Deutschland GmbH                         [Germany]
              Tupperware Osterreich G.m.b.H.                      [Austria]
            Tupperware Southern Africa (Proprietary) Limited            [South
                                                                        Africa]
          Tupperware Products B.V.                [Netherlands]
          Tupperware (Suisse) SA                  [Switzerland]    [99%]
          Tupperware Products S.A.                [Switzerland]    [99%]
          Tupperware d.o.o.                       [Croatia]
          Tupperware Bulgaria EOOD                [Bulgaria]
          Tupperware Eesti OU                     [Estonia]

All subsidiaries listed above are included in the consolidated financial
statements of the Guarantor as consolidated subsidiaries.

                                      -3-
<PAGE>   52

        UAB "Tupperware"                              [Lithuania]
        SIA Tupperware Latvia                         [Latvia]
        Tupperware Luxembourg S.ar.l.                 [Luxembourg]
        Tupperware Slovakia s.r.o.                    [Slovakia]
        Tupperware Morocco                            [Morocco]
        Tupperware Assets Management Sarl             [Switzerland]
          Diecraft Australia Pty. Ltd.                [Australia]
        Tupperware Egypt Ltd                          [Egypt]
      Tupperware East Africa Limited                  [Kenya]
      Tupperware Italia S.p.A.                        [Italy]
      Tupperware General Services N.V.                [Belgium]
      Japan Tupperware Co., Ltd.                      [Japan]
      Tupperware Trading Ltd.                         [Hungary]
      Tupperware Czech Republic, spol. s.r.o.         [Czech Republic]
      Tupperware United Kingdom & Ireland Limited     [United Kingdom]
      Tupperware Nordic A/S                           [Denmark]
    Tupperware Panama, S.A.                  [Panama]
    Dart Manufacturing India Pvt. Ltd.       [India]
    Premiere Products Mexico, S. de R.L.     [Mexico]
      BeautiControl Mexico, S. de R.L.       [Mexico]
    PT Imawi Benjaya          [Indonesia]
  Tupperware Finance Holding Company B.V.    [Netherlands]
    Tupperware Finance Company B.V.          [Netherlands]
  Tupperware Holdings Corporation   [U.S.]
  Tupperware Home Parties Corporation    [U.S.]   [100% of common shares (1000
                                                  shares of preferred owned by
                                                  Prudential Insurance Company
                                                  of America)]
  Tupperware Export Sales, Ltd.          [Barbados]
  Tupperware Services, Inc.              [U.S.]
  Tupperware Holdings Ltd.               [Cayman Islands]
  BeautiControl, Inc.                    [U.S.]
         BC International Cosmetic & Image Services, Inc.  [U.S.]
         BeautiControl Canada, Ltd          [Canada]       [80%]
         BeautiControl International, Inc.  [Virgin Islands]
         BeautiControl International Services, Inc.    [U.S.]

All subsidiaries listed above are included in the consolidated financial
statements of the Guarantor as consolidated subsidiaries.

                                      -4-
<PAGE>   53

   BeautiControl Asia Pacific Inc.               [U.S.]
     BeautiControl Hong Kong, Inc.       [U.S.]
     BeautiControl Japan, Inc.           [U.S.]
     BeautiControl Taiwan, Inc.          [U.S.]
   Eventus International, Inc.   [U.S.]
   JLH Properties, Inc.          [U.S.]
   BeautiControl Cosmeticos do Brasil Ltda.          [Brazil]
 International Investor, Inc. [U.S.]

All subsidiaries listed above are included in the consolidated financial
statements of the Guarantor as consolidated subsidiaries.

                                      -5-
<PAGE>   54

B.       Affiliates: Vorwerk & Co.

                                      -6-
<PAGE>   55

C.       Officers and Directors:

<TABLE>
<S>                                                       <C>
Chairman & Chief Executive Officer                        Rick Goings
President                                                 Alan D. Kennedy
President, Tupperware Europe, Africa & Middle East        Dario Colagiacomo
President, Tupperware North America                       R. Glenn Drake
President, Tupperware Asia Pacific                        Steven R. Kroos
President, Tupperware Latin America                       Gaylin L. Olson
Senior Vice President, Tupperware Worldwide               Hans Joachim Schwenzer
Senior Vice President, Product Marketing Worldwide        Gerald M. Crompton
Senior Vice President, Human Resources                    Lillian D. Garcia
Senior Vice President, Business Development
   & Communications                                       David T. Halversen
Senior Vice President, Beauty & Nutritional Products      Richard W. Heath
Senior Vice President & Chief Financial Officer           Pradeep Mathur
Senior Vice President, General Counsel & Secretary        Thomas M. Roehlk
Senior Vice President, Worldwide Market Development       Christian E. Skroder
Senior Vice President, Taxes & Government Affairs         James E. Rose, Jr.
Senior Vice President, Worldwide Operations               Jose R. Timmerman
Vice President & Chief Information Officer                Karel A. DeVydt
Vice President & Controller                               Judy B. Curry
Vice President, Finance & Investor Relations              Michael S. Poteshman
Vice President, Internal Audit                            Anne E. Naylor
Assistant Controller                                      Timothy A. Kulhanek
Assistant Secretary                                       Charles L. Dunlap
Assistant Secretary                                       Sandra L. Darsch
</TABLE>

                                      -7-
<PAGE>   56

D.       Board of Directors:

Rita Bornstein, Ph.D.
E. V. Goings
Joyce M. Roche'
M. Anne Szostak
Clifford J. Grum
Betsy D. Holden
Joe R. Lee
Bob Marbut
Angel R. Martinez
David R. Parker

                                      -8-
<PAGE>   57

                               CERTAIN LITIGATION

                                      None

                                  SCHEDULE 2.7
                             (to Guaranty Agreement)

<PAGE>   58

                                LICENSES; PERMITS

                                      None

                                  SCHEDULE 2.10
                             (to Guaranty Agreement)
<PAGE>   59

                              FINANCIAL STATEMENTS

     Annual Report of the Guarantor for Fiscal Year Ended December 30, 2000

           Form 10Q of the Guarantor for Quarter Ended March 31, 2000

                                  SCHEDULE 2.11
                             (to Guaranty Agreement)

<PAGE>   60

                             TUPPERWARE CORPORATION
                                SCHEDULE OF DEBT
                              AS OF MARCH 31, 2001

<TABLE>
<CAPTION>
                                                                                                         AT 3/31/2001
           DESCRIPTION                        BORROWER                     GUARANTOR(S)                     AMOUNT

<S>                                 <C>                            <C>                                   <C>
7.05% Series Notes due 2003         Tupperware Finance Co. BV      Tupperware Corporation                $ 15,000,000
7.25% Notes due 2006                Tupperware Finance Co. BV      Tupperware Corporation                $100,000,000
8.33% Mortgage Note                 JLH Properties                 BeautiControl Inc.                    $  5,617,000
Commercial Paper Borrowings         Tupperware Corporation                                               $207,605,000
JPY Bank Loan due May 2001          Tupperware Corporation                                               $ 16,303,000
JPY Bank Loan                       Tupperware Japan               Tupperware Corporation                $ 36,666,000
DEM Bank Loan                       Tupperware Germany             Tupperware Corporation                $ 13,011,000
Bank Debt -- Denmark                Tupperware Nordic              Tupperware Corporation                $  1,965,000
Bank Debt -- South Africa           Tupperware South Africa        Tupperware Corporation                $  1,481,000
Bank Debt -- Taiwan                 Tupperware Taiwan              Tupperware Corporation                $  1,221,000
Bank Debt -- Spain                  Tupperware Spain               Tupperware Corporation                $    539,000
Bank Debt -- Italy                  Tupperware Italy               Tupperware Corporation                $    451,000
Bank Debt -- Brazil                 Dart do Brasil                 Tupperware Corporation                $  1,805,000
Bank Debt -- Mexico                 Dart SA de CV                  Tupperware Corporation                $    717,000
Capital Lease -- IBM                Tupperware Products S.A.       Tupperware Corporation                $  2,071,000
   Switzerland
Other Debt -- Latin America                                        Tupperware Corporation                $    737,000
Other Debt -- Asia Pacific                                         Tupperware Corporation                $    184,000
Other Debt -- TEAM                                                 Tupperware Corporation                $    225,000

Total Debt as defined by U.S. GAAP                                                                       $405,598,000
</TABLE>

                                  SCHEDULE 2.14
                             (to Guaranty Agreement)
<PAGE>   61

                             TUPPERWARE CORPORATION
                             SCHEDULE OF INVESTMENTS

                                      None

                                  SCHEDULE 5.1
                             (to Guaranty Agreement)

<PAGE>   62

                          LIENS EXISTING AS OF CLOSING

                             TUPPERWARE CORPORATION
                                SCHEDULE OF LIENS
                               AS OF JULY 25, 2001

<TABLE>
<CAPTION>
                                                                 UNIT/LOCATION                APPROXIMATE AMOUNT
<S>                                                     <S>                                   <C>
8.33% Mortgage Note on Dallas, Texas Building           JLH Properties, BeautiControl            $ 5,617,000
2 Liens on  Manufacturing  Building -- Contingent       Premiere Korea Ltd.                      $13,330,769
Tax Assessment
Capital Leased Computer Equipment --                    Czech Republic                           $    31,000
Czech Republic
Capital Leased Computer Equipment, Manager Cars --      Poland                                   $    52,000
Poland
Capital Leased Computer Equipment --                    Tupperware Products S.A.                 $ 2,071,000
IBM Suisse
Intercompany Sale/Lease-Back of                         Hemingway, South Carolina
Manufacturing Equipment (Note 1)
Intercompany Sale/Lease-Back of Mold                    France, Belgium
 Equipment (Note 2)
                                                                                                 -----------
Total                                                                                            $21,101,769
</TABLE>

Note 1: This transaction is structured whereby the lease payments are made and
received by subsidiaries of the Guarantor. Therefore, the capital lease
obligation is eliminated in consolidation under U.S. GAAP.

Note 2: The seller (lessee) and the buyer (lessor) are both subsidiaries of the
Guarantor. The amount is shown above as $0 since the capital lease obligation is
eliminated in consolidation accounting under U.S. GAAP.

                                  SCHEDULE 5.3
                             (to Guaranty Agreement)

<PAGE>   63

                                EXCLUDED PROPERTY

                                  DISPOSITIONS
                   DESCRIPTION OF PROPERTIES FOR POSSIBLE SALE

<TABLE>
<CAPTION>
                 LOCATION                                                        DESCRIPTION
<S>                                                               <C>
Halls, Tennessee Building, Real Estate                            703,299 Square Feet of building space on approx. 65
South West Corner Beech Bluff Road & Old                            acres plus 19 acres of surplus land.
  Highway 51 South
AKA State Route 88, AKA Church Street Halls,
Lauderdale County, Tennessee

Orange County, Florida                                            Undeveloped real estate. Adjacent to the Osceola
Frontage on S. Orange Blossom Trail                                  Co. Corporate Center, described below.
Orlando, Florida   32837                                             261.92 +/- gross acres.

Osceola County, Florida                                           Osceola Co. Corporate Center. 928.87 +/- gross
Frontage on S. Orange Blossom Trail, John Young                      acres. Zoned for Commercial Development.
  Parkway, and Osceola Parkway,                                      Actively seeking buyers. Some parcels under
Orlando, Florida                                                     sales contract.

Convention Center Building, Real Estate                           Approx. 2,000 seat Theatre. 23,600 sq. ft.
South Portion of the Tupperware Headquarters Property                Banquet/Exhibit Hall. Adjacent property,
14901 S. Orange Blossom Trail                                        including 25,000 sq. ft Plaza plus undeveloped
Orlando, Florida  32837                                              real estate.

Manufacturing Facility/Warehouse/Office Space                     224,000 sq. ft plus adjacent real estate.
21 Lysterfield Road
Ferntree Gully
Victoria 3156 Australia

Manufacturing/Office Space/Warehouse in Argentina                 Largely idle facility. Acreage of approx. 255,000
Ruta 1001 - Km. 8/C.C. 255                                           sq. metres.Building covers approx. 19,056 sq.
2930 San Pedro, Prov. Buenas Aires                                   metres.
Argentina

Manufacturing/Office Space/Warehouse                              Buyer identified and under contract. Closing
Carretera A Barajas, Km. 1,100                                       expected in 2002. Building is approx. 12,000 sq.
E-28100 Alcobendas                                                   meters. Approx. 40,000 sq. meters total acreage.
Madrid, Spain
</TABLE>

                                  SCHEDULE 5.4
                             (to Guaranty Agreement)<PAGE>   1
                                                                    EXHIBIT 4.1

THE SECURITIES REPRESENTED BY THIS NOTE WERE ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"). THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR
OTHERWISE TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR AN OPINION OF
COUNSEL, IN FORM, SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN
COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT AND ALL APPLICABLE STATE SECURITIES LAWS.

                          CONVERTIBLE PROMISSORY NOTE

                                                       $
-------- ---, ---------------                           -----------------------

         FOR VALUE RECEIVED, WebMD Corporation, a corporation organized under
the laws of the State of Delaware (hereinafter called the "COMPANY") hereby
promises to pay to the order of ______________________ (the "HOLDER") the
principal amount of _________________________ ($___________) on ________ __,
200_ (the "MATURITY DATE") and to pay interest on the outstanding principal
balance hereof at the rate of ____ percent (__%) per annum from the date hereof
until such principal balance is paid in full. All computations of interest
shall be made on the basis of a year of 365 or 366 days, as the case may be, in
each case for the actual number of days (including the first day, but excluding
the last day) occurring in the period for which interest is payable. The
Company may prepay all or any portion of the principal amount of this
Convertible Promissory Note (hereafter, this "Note") and any interest accrued
thereon at any time prior to the Maturity Date. Interest shall be payable in
arrears at such time as the outstanding principal balance hereof with respect
to which such interest has accrued becomes due and payable (or has been fully
prepaid) hereunder. All payments of principal and interest (to the extent not
converted into shares of the Company's common stock, par value $.0001 per share
("COMMON STOCK"), in accordance with the terms hereof) shall be made in, and
all references herein to monetary denominations shall refer to, lawful money of
the United States of America. All payments shall be made at the address of
Holder set forth above or as Holder shall hereafter give to the Company by
written notice made in accordance with the provisions of this Note. This Note
is being issued by the Company pursuant to the ____________ Purchase Agreement
(the "PURCHASE AGREEMENT"), dated as of _______ ___, ___________, between
Medical Manager Health Systems, Inc. ("MEDICAL MANAGER"), Holder, and
____________________________ (the "SHAREHOLDER"). Each capitalized term used,
but not otherwise defined, herein shall have the meaning ascribed thereto in
the Purchase Agreement.

         1.       CONVERSION BY THE COMPANY.

                  (A)      CONVERSION PRICE AND CONVERSION PROCEDURE. The
Company may, at its sole option, commencing on the date which is _____ (__)
months from the date hereof and

<PAGE>   2

ending on the Maturity Date (the "Conversion Period"), convert all (but not
part) of the then outstanding principal amount of this Note and any accrued
interest payable thereon (such event, the "Conversion"), into a number of fully
paid and non-assessable shares of Common Stock (the "Conversion Shares") equal
to the number derived by dividing the outstanding principal amount of this Note
(excluding any accrued interest payable thereon) at the time of the Conversion
by the Conversion Price (defined below). Effective upon the Conversion, any
unpaid interest that had accrued under this Note on the principal amount to be
converted shall automatically be deemed paid upon issuance of the Conversion
Shares. The "Conversion Price" shall be (i) the average closing sale price of a
share of Common Stock as quoted on the NASDAQ Stock Market ("NASDAQ") (or if
NASDAQ is not the principal trading market for the Common Stock, the average
closing sale price on the principal securities exchange where such security is
listed) for the five (5) trading days immediately preceding the Conversion Date
(defined below), as reported (absent manifest error in the printing thereof) by
the Wall Street Journal (Eastern Edition) multiplied by (ii) ______.

In order to effectuate the Conversion, the Company shall deliver the Notice
attached hereto as Exhibit A (the "Notice of Conversion") (which must be fully
completed and executed) to the Holder during the Conversion Period. Upon
delivery of the Notice of Conversion by the Company to the Holder, this Note
shall automatically cease to evidence the obligation of the Company to repay
the outstanding principal amount and the accrued interest thereon and shall
instead evidence the Conversion Shares. As promptly as practicable after the
delivery of the Notice of Conversion, the Holder shall surrender this Note.
Within three (3) business days after the surrender of this Note, the Company
shall deliver or cause to be delivered to the Holder, at the address indicated
herein, a certificate(s) evidencing the Conversion Shares. If a certificate or
certificates for the Conversion Shares are to be issued in the name of a person
or entity other than the Holder, the Holder will pay all transfer taxes payable
with respect thereto. Notwithstanding anything to the contrary contained
herein, the Notice of Conversion shall be delivered only by facsimile or
personal delivery.

                  (B)      NO FRACTIONAL SHARES. No fraction of a share of
Common Stock shall be issued upon the Conversion. In lieu of any such
fractional shares, the Holder shall receive an amount in cash equal to the
amount of (i) the Conversion Price multiplied by (ii) the fractional interest
of a share of Common Stock to which the Holder would otherwise be entitled.

                  (C)      CONVERSION DATE. The "Conversion Date" shall be the
date upon which the Notice of Conversion is delivered. The Holder shall be
treated for all purposes as the record holder of the Common Stock as of the
Conversion Date.

                  (D)      MERGER, CONSOLIDATION, ETC. Notwithstanding anything
to the contrary contained in this Note, the right to effectuate the Conversion
will not be exercisable at any time when the securities to be issued in such
Conversion are not traded on NASDAQ, the American Stock Exchange or the New
York Stock Exchange. If, at any time prior to the Maturity Date and prior to
the Conversion, there shall be any merger, consolidation, exchange of shares,
recapitalization, reorganization, or other similar event, as a result of which
shares of Common Stock of the Company shall be changed into the same or a
different number of shares of another

                                       2
<PAGE>   3

class or classes of stock or securities of the Company or another entity, or in
case of any sale or conveyance of all or substantially all of the assets of the
Company, pursuant to which the shareholders of the Company receive securities
of another Company in exchange for their Common Stock (each, a "Business
Combination Transaction"), then for purposes of the Conversion, "Common Stock"
shall refer to the type of securities for which the Common Stock is exchanged;
provided, however, that such securities are publicly traded on NASDAQ, the
American Stock Exchange or the New York Stock Exchange at the time of the
Conversion.

         2.       RIGHT OF OFFSET. Notwithstanding anything to the contrary set
forth herein, from the date hereof until the Maturity Date, the payment and
performance of the indebtedness evidenced by this Note may be offset by Company
to the extent Medical Manager or its Affiliates are entitled to recover
Indemnifiable Damages from the Holder or Shareholder pursuant to the Agreement.
Prior to exercising the right of offset, Company shall provide Holder ten (10)
days notice of a claim for Indemnifiable Damages and shall exercise the right
of offset only if such claim remains after such period. Notwithstanding
anything to the contrary herein, no interest shall be payable or accrue on the
outstanding principal amount of this Note with respect to the amount of any
Indemnifiable Damages.

         3.       REPRESENTATIONS OF HOLDER. The Holder is acquiring the Note
hereunder for its own account for investment and not with a view to, or for the
sale in connection with, any distribution of the Note, except in compliance
with applicable state and federal securities laws. The Holder is an "accredited
investor" as such term is defined in Rule 501(a) of Regulation D under the
Securities Act. The Holder has such knowledge and experience in financial and
business matters and it is capable of evaluating the risks of an investment in
the Note and has had the opportunity to discuss the transactions contemplated
hereby with Medical Manager and the Company and has had the opportunity to
obtain such information pertaining to the Company and its Affiliates as has
been requested, including but not limited to filings made by the Company with
the SEC under the Exchange Act. The Holder hereby represents that it can bear
the economic risk of losing the investment in the Note and has adequate means
for providing for current financial needs and contingencies. The Holder
acknowledges receiving the Company's most recent annual report on Form 10-K,
the Annual Report to shareholders and all reports required to be filed under
Sections 13(a), 14(a), 14(c) and 15(d) of the Exchange Act since the filing of
the form 10-K within a reasonable time period prior to the date hereof.

         4.       MISCELLANEOUS PROVISIONS.

                  (A)      NO WAIVER. No waiver of any provision of this Note,
nor consent to any departure by the Company therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Company and the
Holder. No failure or delay on the part of Holder in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

                  (B)      NOTICES. Except as set forth in Section (1)(a), any
notices required or permitted to be given under the terms of this Note shall be
sent by certified or registered mail (return receipt requested) or delivered
personally or by courier (including a recognized overnight

                                       3
<PAGE>   4

delivery service) or by facsimile, and shall be effective five days after being
placed in the mail, if mailed, upon receipt or refusal of receipt, if delivered
personally or by courier, upon receipt of a facsimile confirmation sheet if
delivered by facsimile, by facsimile, in each case addressed to a party. The
addresses for such communications shall be as set forth below or such other
address or facsimile as is communicated to the Company or the Holder by notice
in accordance with the terms hereof:

                           IF TO THE COMPANY:

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

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

                           ----------------------
                           Attention:
                                     ------------
                           Facsimile:
                                     ------------

                           WITH COPY TO:

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

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

                           ----------------------
                           Attention:
                                     ------------
                           Facsimile:
                                     ------------

                           IF TO HOLDER:

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

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

                           ----------------------
                           Attention:
                                     ------------
                           Facsimile:
                                     ------------

                           WITH COPY TO:

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

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

                           ----------------------
                           Attention:
                                     ------------
                           Facsimile:
                                     ------------

                  (C)      AMENDMENT. This Note may be amended only by an
instrument in writing signed by the Company and the Holder.

                  (D)      BINDING NATURE; ASSIGNABILITY. This Note shall be
binding upon the Company and its successors and assigns. This Note is not
assignable by the Holder without the prior written consent of the Company.

                                       4
<PAGE>   5

                  (E)      GOVERNING LAW. This Note shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York (without regard to
principles of conflict of laws). The Company and Holder irrevocably consent to
the jurisdiction of the United States federal courts and state courts located
in New York County, New York in any suit or proceeding based on or arising
under this Note, and irrevocably agree that all claims in respect of such suit
or proceeding may be determined in such courts. The Company and Holder
irrevocably waive the defense of an inconvenient forum to the maintenance of
such suit or proceeding.

                  (F)      JURY TRIAL WAIVER. THE COMPANY AND THE HOLDER HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO
TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THE
PARTIES ACKNOWLEDGE THAT EACH OF THEM HAS BEEN REPRESENTED BY AN ATTORNEY OR
HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY
TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER.

                  IN WITNESS WHEREOF, Company has caused this Note to be signed
in its name by its duly authorized officer as of the date first above written.

                                    WEBMD CORPORATION

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

Acknowledged and Agreed to:

HOLDER

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

                                       5
<PAGE>   6

                                                                      EXHIBIT A

                              NOTICE OF CONVERSION

         WebMD Corporation, a Delaware corporation (the "Company") hereby
irrevocably elects to convert (the "Conversion") the entire outstanding
principal amount of the Note, plus accrued interest payable thereon (defined
below) into shares of Common Stock, par value $.0001 per share ("COMMON
STOCK"), of the Company according to the conditions of the Convertible
Promissory Note of the Company dated as of _________________ (the "NOTE"). As a
result of the Conversion, _____ shares of Common Stock (the "CONVERSION
SHARES") have been issued by the Company in favor of the Holder.

         The number of shares of Common Stock has been calculated as follows:

<TABLE>
            <S>                                                    <C>
            Outstanding Principal Amount of the Note               $
                                                                    ------------------
            / Conversion Price  =                                  $
                                                                    ------------------
            Shares of Company Common Stock
                                                                    ------------------
</TABLE>

Pursuant to Section 1(a) of the Note, the Company is not required to issue a
certificate for the shares of Common Stock until the original Note being
converted hereby is received by the Company. The Company shall issue and
deliver to the Holder a certificate or certificates for the number of shares of
Common Stock set forth above not later than three (3) business days following
the receipt of the original Note to be converted hereby. If a certificate or
certificates for the Conversion Shares are to be issued in the name of a person
or entity other than the Holder, the Holder will pay all transfer taxes payable
with respect thereto. No fee will be charged to the Holder for the Conversion,
except for transfer taxes, if any.

                                    WEBMD CORPORATION

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

                                      A-1

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