Document:

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                                                                     EXHIBIT 4.2

                            VERSO TECHNOLOGIES, INC.
                           CERTIFICATE OF ADOPTION OF
                            RESOLUTIONS TO ESTABLISH
                            PREFERRED STOCK SERIES B

         The undersigned, duly elected and acting Executive Vice President,
Chief Financial Officer and Secretary of Verso Technologies, Inc., a Minnesota
corporation (the "Corporation"), in accordance with Section 302A.401 of the
Minnesota Statutes, does hereby certify that attached hereto is a true and
correct copy of certain resolutions adopted by the Board of Directors of the
Corporation, which resolutions establish and designate the Corporation's
Preferred Stock Series B and fix the relative rights and preferences thereof.
The undersigned further certifies that such resolutions were adopted by the
Corporation's Board of Directors as of June 1, 2001.

Dated:  July 25, 2001

                                                     /s/ Juliet M. Reising
                                                     --------------------------
                                                     Juliet M. Reising

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         RESOLVED, that in accordance with Section 302A.401 of the Minnesota
Statutes and Article III of the Corporation's Articles of Incorporation, the
Board hereby designates and authorizes the issuance of an aggregate of 750,000
shares of Series B Preferred Stock, out of the shares of Preferred stock which
the Corporation has the authority to issue.

         FURTHER RESOLVED, that the Series B Preferred Stock shall have the
powers, preferences, rights, qualifications, limitations and restrictions set
forth in the Statement of Rights attached hereto as Exhibit A;

         FURTHER RESOLVED, that the appropriate officers of the Corporation are
hereby authorized and directed to take all such further actions as they deem
necessary or desirable in connection with the designation and authorization for
issuance of the Series B Preferred Stock, including the filing of all required
certificates and other documents with the Secretary of State of Minnesota.

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                               STATEMENT OF RIGHTS
                                       OF
                            PREFERRED STOCK SERIES B
                                       OF
                            VERSO TECHNOLOGIES, INC.

                            DATED AS OF JULY 25, 2001

(A)      Creation of Series B of Authorized Class of Preferred Stock.

         Verso Technologies, Inc. (the "Corporation") has 970,000 shares of
undesignated Preferred Stock authorized in its Articles of Incorporation. As of
the date of this Statement, there are no shares of the Corporation's authorized
Preferred Stock issued or outstanding. The Corporation, pursuant to the
resolutions of its Board of Directors dated of even date herewith, creates
750,000 shares of Series B of its authorized Preferred Stock with a designated
par value of $20.00 per share (herein referred to as the "Series B Preferred
Stock") and sets forth in this Statement the rights applicable to the Series B
Preferred Stock.

(B)      Lack of Voting Privileges.

         Except as required by the Minnesota Business Corporation Act, the
Series B Preferred Stock shall have no right to vote with respect to any matter
submitted to a vote of the stockholders of the Corporation, shall have no right
to otherwise designate or select any member of the Board of Directors of the
Corporation, and shall have no right vote for any other purpose whatsoever.

(C)      Other Terms of the Series B Preferred Stock.

(1)      Dividends. The holders of the shares of Series B Preferred Stock shall
be entitled to receive, when and as declared by the Board of Directors of the
Corporation out of funds legally available therefor, cumulative cash dividends
thereon at the rate per annum equal to (a) ten (10) percent of the par value per
share thereof through December 31, 2001, and (b) fifteen (15) percent of the par
value per share thereof after December 31, 2001 (the "Dividend Rate"), and such
dividends shall be cumulative and accrue whether or not declared. Dividends
payable on the Series B Preferred Stock for any period less than a full Dividend
Period (as hereafter defined) shall be prorated on a daily basis and computed on
the basis of a 360-day year consisting of twelve 30-day months. The Dividend
Rate shall be subject to appropriate adjustment in the event of any stock split,
reverse stock split, recapitalization, merger or other similar transaction. Such
dividends shall be payable semi-annually in arrears on the basis of six
consecutive calendar-month periods (each, a "Dividend Period"), on the last day
(unless such day is not a business day, in which event on the next succeeding
business day) of June and December (each of which months is hereinafter referred
to as a "Payment Month") of each year commencing with the payment due June 30,
2001 with respect to the Dividend Period then-ending. Such dividends shall be
payable to holders of record as they appear in the Series B Preferred Stock
register as of the 15th day of that Dividend Period's Payment Month.
Notwithstanding the foregoing

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provisions, the dividends with respect to any Dividend Period shall be paid only
to the extent there are sufficient funds legally available therefor. To the
extent there are insufficient funds legally available to pay all dividends then
payable, such dividends shall be paid in part to the full extent of such legally
available funds. Any dividend or portion thereof which is not paid as a result
of insufficient funds therefor shall accrue and bear interest at the interest
rate announced by Citibank, N.A. as its prime rate (which rate need not be the
best rate available) on the original due date of each such dividend payment, but
in no event in excess of the maximum allowable under applicable law (the
"Interest"), and shall be paid in whole or in part on the Payment Date for
dividends for the next Dividend Period for which there are legally available
funds therefor after first taking into account the dividend that is regularly
due and payable for such succeeding Dividend Period. Payments with respect to
accrued dividends shall be applied first to accrued interest and then to
principal. In the event that the Corporation, (i) when considered by itself,
shall not have sufficient funds legally available on any particular payment date
for the full payment of a dividend on the Series B Preferred Stock then due and
owing, but, (ii) when considered on such payment date in combination with one or
more of its direct, wholly-owned subsidiaries, shall have sufficient funds (in
the aggregate) to pay such dividend, the Corporation shall pay, and it shall
cause such subsidiary or subsidiaries to pay, such amounts which, when
aggregated, shall be equal to the amount of the dividend then due and owing.

(2)      Liquidation Preference. In the event of an involuntary or voluntary
liquidation or dissolution of the Corporation (a) at any time on or prior to
December 31, 2001, the holders of shares of Series B Preferred Stock shall be
entitled to receive out of the assets of the Corporation an amount per share
equal to the par value of the Series B Preferred Stock, plus a sum of money
equal to all accumulated (i.e., unpaid) dividends thereon plus Interest on such
dividends through the date of liquidation or dissolution, or (b) at any time
after December 31, 2001, the holders of shares of Series B Preferred Stock shall
be entitled to receive out of the assets of the Corporation an amount per share
of the Series B Preferred Stock equal to $25.00, plus a sum of money equal to
all accumulated (i.e., unpaid) dividends thereon plus Interest on such dividends
through the date of liquidation or dissolution. In the event of either an
involuntary or a voluntary liquidation or dissolution of the Corporation,
payment shall be made to the holders of Series B Preferred Stock in the amounts
herein fixed before any payment shall be made or any assets distributed to the
holders of the common stock or any other class of capital stock of the
Corporation with respect to payment upon dissolution or liquidation of the
Corporation. If, upon any liquidation or dissolution of the Corporation, the
assets available for distribution shall be insufficient to pay the holders of
all outstanding shares of Series B Preferred Stock the full amounts to which
they shall be entitled, the holders of such shares shall share pro rata in any
such distribution.

(3)      Corporation's Rights and Obligations of Redemption.

                  (a)      The Corporation has the right and option, exercisable
at any time on or before December 31, 2001, to redeem all (but not less than
all) of the outstanding Series B Preferred Stock for cash in the amount of the
"Purchase Price per Share", as set forth in Section (C)(3)(b) below (the
"Repurchase Option"), for each of such shares. The payment of the Purchase Price
per Share by the Corporation and the delivery to the Corporation of the stock
certificates evidencing the Series B Preferred Stock by the holders thereof
shall be effectuated at a closing to be held at the Corporation's office (or at
such other place mutually

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agreed upon by the Corporation and the holders of the Series B Preferred Stock)
on a business day that is not less than fifteen (15) calendar days nor more than
thirty (30) calendar days after the Corporation gives written notice to the
holders of the Series B Preferred Stock of its election to exercise the
Repurchase Option. At such closing, the Corporation shall deliver the Purchase
Price per Share for each of the shares to the holders of the Series B Preferred
Stock in cash or by wire transfer of immediately available funds to such holders
of the Series B Preferred Stock, and the holders of the Series B Preferred Stock
shall deliver the share certificates evidencing their ownership of the Series B
Preferred Stock duly endorsed for transfer to the Corporation, or accompanied by
duly executed instruments of assignment of the Series B Preferred Stock separate
from the certificates.

                  (b)      The "Purchase Price per Share", shall be equal to the
par value per share of the Series B Preferred Stock, plus a sum of money equal
to all accumulated (i.e., unpaid) dividends thereon to the date of redemption,
plus any Interest which shall have accrued thereon. If any Series B Preferred
Stock to be redeemed shall not be so paid upon surrender thereof for redemption,
Interest shall accrue on the full amount of the Purchase Price per Share
remaining unpaid for each of such shares from the closing (which Interest shall
be in lieu of Interest on the accumulated dividends only from and after the
closing).

                  (c)      On and after January 1, 2002, the Corporation, upon
receipt of written notice from the holders of at least a majority of the shares
of outstanding Series B Preferred Stock, shall be obligated to redeem, to the
extent funds are legally available therefor, all (and not less than all) of the
outstanding Series B Preferred Stock for cash in the amount of the Purchase
Price per Share for each of such shares, plus an additional amount per share
equal to twenty-five (25) percent of the par value per share of the Series B
Preferred Stock (the "Premium"). Such mandatory redemption of the Series B
Preferred Stock and payment of said Purchase Price per Share and Premium in
connection therewith shall be effected in the manner provided in Section
(C)(3)(a) above for the redemption of the Series B Preferred Stock upon exercise
by the Corporation of the Repurchase Option. If the funds of the Corporation
legally available for redemption of shares of Series B Preferred Stock are
insufficient to redeem the total number of outstanding shares of Series B
Preferred Stock to be redeemed, the holders of such shares of Series B Preferred
Stock shall share ratably in any funds legally available for redemption of such
shares according to respective amounts which would be payable with respect to
the full number of shares owned by them if all such outstanding shares were
redeemed in full. The shares of Series B Preferred Stock not redeemed shall
remain outstanding and entitled to all rights and preferences provided herein.
At any time thereafter, when additional funds of the Corporation are legally
available for the redemption of such shares of Series B Preferred Stock, such
funds will be used, at the end of the next succeeding fiscal quarter, to redeem
the balance of such shares, or such portion thereof for which funds are legally
available, on the basis set forth above.

                  (d)      Notwithstanding subsection (c) above, if the Series B
Preferred Stock has not been fully redeemed on or before December 31, 2001, then
Corporation shall not, without the prior consent of the holders of a majority of
the then outstanding shares of Series B Preferred Stock, authorize, issue, sell,
or enter into any agreement providing for the issuance (contingent or

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otherwise), or permit any of its subsidiaries to authorize, issue, sell, or
enter into any agreement providing for the issuance (contingent or otherwise)
of, any equity securities or debt securities with equity features that rank
senior to the Series B Preferred Stock with respect to dividends, voting rights
or amounts payable upon liquidation, dissolution or winding up of the
Corporation (a "Senior Security") or any securities exercisable or convertible
into a Senior Security.

(4)      Conversion.

                  (a)      Subject to the terms of this Section (C)(4), the
holder or holders of the Series B Preferred Stock may convert, at any time or
from time to time after such holder or holders receive a notice from the
Corporation pursuant to Section (C)(7) below, each share of Series B Preferred
Stock into 13.6 shares of the Corporation's common stock (the "Conversion
Ratio"). The conversion of the Series B Preferred Stock will be deemed to have
been effected as of the close of business on the date on which the certificate
or certificates representing the shares of Series B Preferred Stock to be
converted, together with properly executed conversion instructions or powers,
have been surrendered for conversion at the principal office of the Corporation.
At such time as such conversion has been effected, the rights of the holder or
holders of such shares of Series B Preferred Stock will cease and the holder or
holders whose name or names any certificate or certificates for shares of the
Corporation's common stock are to be issued upon such conversion will be deemed
to have become the holder or holders of record of the shares of the
Corporation's common stock represented thereby. As soon as possible after a
conversion has been effected (but in any event within thirty (30) calendar days,
the Corporation will deliver to the converting holder: (i) a certificate or
certificates representing the number of shares of the Corporation's common stock
issuable by reason of such conversion in such name or names and in such
denomination or denominations as the converting holder has specified; (ii) a
certificate representing any shares of Series B Preferred Stock which were
represented by the certificate or certificates delivered to the Corporation in
connection with such conversion but which were not converted; and (iii) with
respect to the shares of Series B Preferred Stock, cash or a certificate or
certificates representing shares of the Corporation's common stock in payment of
accrued but unpaid dividends as provided in Section (C)(4)(b) hereof. The
issuance of certificates for shares of the Corporation's common stock upon
conversion of the Series B Preferred Stock will be made without charge to the
holder or holders of the Series B Preferred Stock for any issuance tax in
respect thereof or other cost incurred by the Corporation in connection with
such conversion and the related issuance of shares of the common stock. Upon
conversion of each share of Series B Preferred Stock, the Corporation will take
all such actions as are necessary in order to insure that the common stock
issuable with respect to such conversion will be validly issued, fully paid and
nonassessable.

                  (b)      All accrued but unpaid dividends on the shares of
Series B Preferred Stock to be converted shall be payable upon conversion of
such shares in cash or, at the option of the Corporation, in shares of the
Corporation's common stock valued at the closing price of the common stock as
quoted on The National Association of Securities Dealers Automated Quotation
System on the date of such conversion or, if the Corporation's common stock is
not then listed or reported thereon, as determined by the Board of Directors of
the Corporation in good faith.

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                  (c)      In the event the Corporation at any time or from time
to time after the original issuance by the Corporation of the Series B Preferred
Stock effects a subdivision or combination of its outstanding common stock into
a greater or lesser number of shares without a proportionate and corresponding
subdivision or combination of the outstanding Series B Preferred Stock, then and
in each such event the Conversion Ratio set forth in Section (C)(4) (a) hereof
shall be increased or decreased proportionately.

                  (d)      Notwithstanding the terms of this Section (C)(4), no
share of Series B Preferred Stock shall be convertible hereunder if the issuance
of the Corporation's common stock upon the conversion of such share of Series B
Preferred Stock, together with all previous issuances of the Corporation's
common stock upon prior conversions of the Series B Preferred Stock and all
issuances (or obligations to issue) made on or after May 4, 2001 of shares of
its common stock or any shares or other securities convertible into or
exchangeable for shares of its common stock in connection with, or the proceeds
from which are intended to fund any portion of the purchase price for, the
acquisition of the stock or assets of Telemate.net Software, Inc., would result
in the Corporation issuing (or obligating itself to issue) more than 10,200,226
shares of the Corporation's common stock.

                  (e)      In case of any consolidation or merger of the
Corporation with any other entity, or in case of any sale or transfer of all or
substantially all of the assets of the Corporation, or in the case of any share
exchange pursuant to which all of the outstanding shares of the Corporation's
common stock are converted into other securities or property, the Corporation
shall make appropriate provision or cause appropriate provision to be made so
that the holder or holders of the Series B Preferred Stock then outstanding
shall have the right thereafter to convert the Series B Preferred Stock into the
kind and amount of shares of stock and other securities and property receivable
upon such consolidation, merger, sale, transfer or share exchange by a holder of
the number of shares of the Corporation's common stock into which the Series B
Preferred Stock might have been converted immediately prior to the effective
date of such consolidation, merger, sale, transfer or share exchange; provided,
however, that if a purchase, tender or exchange offer shall have been made to
and accepted by the holders of more than 50% of the outstanding shares of the
Corporation's common stock, and if the holder or holders of the Series B
Preferred Stock so designate in a notice given to the Corporation on or before
the date immediately preceding the date of the consummation of such transaction,
the holder or holders of the Series B Preferred Stock shall be entitled to
receive the highest amount of securities, cash or other property to which such
holder or holders would actually have been entitled as a holder of the
Corporation's common stock if the holder or holders of the Series B Preferred
Stock had converted the Series B Preferred Stock into common stock prior to the
expiration of such purchase, tender or exchange offer and accepted such offer,
subject to adjustments (from and after the consummation of such purchase, tender
or exchange offer) as nearly equivalent as possible to the adjustments provided
for in this Section (C)(4). If in connection with any such consolidation,
merger, sale, transfer or share exchange, each holder of shares of the
Corporation's common stock is entitled to elect to receive either securities,
cash or other assets upon completion of such transaction, the Corporation shall
provide or cause to be provided to the holder or holders of the Series B
Preferred Stock the right to elect to receive the securities, cash or other
assets into which the Series B Preferred Stock held by such holder or holders
shall be convertible after completion of any such transaction on the same terms
and subject to the same

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conditions applicable to holders of the common stock (including, without
limitation, notice of the right to elect, limitations on the period in which
such election shall be made and the effect of failing to exercise the election).
The Corporation shall not effect any such transaction unless the provisions of
this Section (C)(4)(e) have been fulfilled. The above provisions shall similarly
apply to successive consolidations, mergers, sales, transfers or share
exchanges.

                  (f)      If any fractional interest in a share of the
Corporation's common stock would, except for the provisions of this Section
(C)(4)(f), be deliverable upon any conversion of shares of Series B Preferred
Stock, the Corporation, in lieu of delivering the fractional share therefor,
will pay an amount in cash to the holder thereof equal to the value of such
fractional share of the common stock as of the date of conversion as determined
pursuant to Section (C)(4)(b) hereof.

(5)      Registration of Transfer. The Corporation will keep at its principal
office a register for the registration of shares of Series B Preferred Stock.
Upon the surrender of any certificate representing shares of Series B Preferred
Stock at such place, the Corporation will, at the request of the record holder
of such certificate, execute and deliver (at the Corporation's expense) a new
certificate or certificates in exchange therefor representing in the aggregate
the number of shares of Series B Preferred Stock represented by the surrendered
certificate. Each such new certificate will be registered in such name and will
represent such number of shares of Series B Preferred Stock as was represented
by the surrendered certificate and will be substantially identical in form to
the surrendered certificate, and, with respect to the Series B Preferred Stock,
dividends may be declared on the shares represented by such new certificate from
the date to which dividends have been fully paid on such shares of Series B
Preferred Stock represented by the surrendered certificate.

(6)      Replacement. Upon receipt of evidence reasonably satisfactory to the
Corporation (an affidavit of the registered holder will be satisfactory) of the
ownership and the loss, theft, destruction or mutilation of any certificate
evidencing shares of Series B Preferred Stock, and in the case of any such loss,
theft or destruction, upon receipt of indemnity reasonably satisfactory to the
Corporation or, in the case of any mutilation, upon surrender of such
certificate, the Corporation will (at its expense) execute and deliver in lieu
of such certificate a new certificate of like kind representing the number of
shares of Series B Preferred Stock represented by such lost, stolen, destroyed
or mutilated certificate, and, with respect to the Series B Preferred Stock,
dividends may be declared on the shares represented by such new certificate from
the date to which dividends have been fully paid on such lost, stolen, destroyed
or mutilated certificate.

(7)      Notice of Non-Cash Dividends, Certain Record Dates, Stock Purchase
Rights, Capital Reorganizations and Dissolutions. In case:

                  (a)      the Corporation shall take a record of the holders of
its common stock for the purpose of entitling them to receive a dividend, or any
other distribution, payable otherwise than in cash or for the purpose of
entitling them to vote at any meeting of shareholders; or

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                  (b)      the Corporation shall take a record of the holders of
its common stock for the purpose of entitling them to subscribe for or purchase
any shares of stock of any class or to receive any other rights; or

                  (c)      of any capital reorganization of the Corporation,
reclassification of the capital stock of the Corporation (other than a
subdivision or combination of its outstanding shares of common stock),
consolidation or merger of the Corporation with or into another corporation or
conveyance of all or substantially all of the assets of the Corporation to
another corporation (in each case, other than to a Subsidiary of the
Corporation); or

                  (d)      of the voluntary or involuntary dissolution,
liquidation or winding up of the Corporation;

then, in any such case, the Corporation shall cause to be mailed to the holders
of the Series B Preferred Stock at the address maintained in the register of
holders of Series B Preferred Stock by the Corporation or its transfer agent, at
least ten days prior to the date hereinafter specified, a notice stating the
date on which (x) a record is to be taken for the purpose of such dividend,
distribution or rights, or (y) such reclassification, reorganization,
consolidation, merger, conveyance, dissolution, liquidation or winding up is to
take place and the date, if any is to be fixed, as of which holders of the
common stock of record shall be entitled to exchange their shares of common
stock for securities or other property deliverable upon such reclassification,
reorganization, consolidation, merger, conveyance, dissolution, liquidation or
winding up.

(8)      Board Representation. If, as of January 1, 2002, any shares of Series B
Preferred Stock remain issued, outstanding and unredeemed in accordance herewith
or otherwise, then the holders of the then-outstanding Series B Preferred Stock
shall have the right to nominate two (2) persons designated by a majority vote
of such shares for election to the Board of Directors, and the Corporation shall
use its reasonable best efforts to cause such nominees to be elected to serve on
the Corporation's Board of Directors until the earlier to occur of (a) the date
that all of the Series B Preferred Stock is redeemed pursuant to Section (C)(3)
hereof, and (b) January 1, 2005.

(9)      Amendment and Waiver. No amendment, modification or waiver of the
designations of the Series B Preferred Stock set forth in this Statement which
would change (a) the rate at which or the manner in which dividends on the
shares of the Series B Preferred Stock are declared or the times at which such
dividends become payable, (b) the liquidation preference with respect to the
shares of Series B Preferred Stock or the participation by the holders of shares
of Series B Preferred Stock in payments or distributions of any assets or
surplus funds of the Corporation upon the liquidation, dissolution or winding up
of the Corporation, (c) the amount payable on redemption of the shares of Series
B Preferred Stock or the times at which redemption of shares of Series B
Preferred Stock is to occur, or (d) the percentage required to approve any
change described in this Section (C)(9), will be binding or effective without
the affirmative vote of the holders of at least 75% of the shares of Series B
Preferred Stock then outstanding.

                                    * * * * *<PAGE>   1
                                                                     EXHIBIT 4.1

                                 THIRD AMENDMENT

                  THIRD AMENDMENT, dated as of June 26, 2001 (this "AMENDMENT"),
to the Amended and Restated Credit Agreement, dated as of June 30, 2000 (as
heretofore amended, supplemented or otherwise modified, the "CREDIT AGREEMENT"),
among ANC RENTAL CORPORATION, a Delaware corporation (the "BORROWER"), the
several Lenders from time to time parties thereto, LEHMAN BROTHERS INC., as
advisor, lead arranger and book manager, LEHMAN COMMERCIAL PAPER INC., as
syndication agent, BANKERS TRUST COMPANY, as documentation agent, and CONGRESS
FINANCIAL CORPORATION (FLORIDA), as administrative agent and collateral agent
(in such capacities, the "ADMINISTRATIVE AGENT").

                              W I T N E S S E T H:
                               - - - - - - - - - -

                  WHEREAS, the Borrower has requested that the Lenders amend
certain provisions of the Credit Agreement; and

                  WHEREAS, the Lenders have agreed to amend the Credit
Agreement, but only upon the terms and subject to the conditions set forth
below;

                  NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, and for other valuable consideration, the receipt
of which is hereby acknowledged, the Borrower, the Lenders and the Agents hereby
agree as follows:

                  1. DEFINITIONS. All terms defined in the Credit Agreement
shall have such defined meanings when used herein unless otherwise defined
herein.

                  2. AMENDMENT OF SECTION 1.1 (DEFINED TERMS). Section 1.1 of
the Credit Agreement is hereby amended by:

                  (a) deleting the definition of "TRANSACTION DOCUMENTS" in its
entirety;

                  (b) inserting the following defined terms in their appropriate
alphabetical order:

                           ""ANC LIBERTY AGREEMENT": the Agreement to be
                  executed by Liberty and the Borrower which shall be in form
                  and substance satisfactory to the Administrative Agent, as
                  evidenced by the execution of the amended and restated
                  Intercreditor Agreement by the Administrative Agent.

                           "LIBERTY GROUP": the collective reference to,
                  together with their respective successors and assigns:
                  Liberty, LM Insurance Corporation, The First Liberty Insurance
                  Corporation, Liberty Mutual Fire Insurance Company, Liberty
                  Insurance Corporation, and any of their Subsidiaries or
                  Affiliates that issue or assist in the issuance of Surety
                  Bonds.

<PAGE>   2

                           "LIBERTY INDEMNITY AGREEMENTS": the collective
                  reference to (as the same now exist or may hereafter be
                  amended, modified, supplemented, extended, renewed, restated
                  or replaced) the following: (a) the General Agreement of
                  Indemnity - Commercial Surety, dated August 4, 2000, by the
                  Borrower in favor of the Liberty Group pursuant to which the
                  Liberty Group may issue Surety Bonds and (b) the General
                  Agreement of Indemnity - Commercial Surety, dated October 31,
                  2000, by the Borrower in favor of the Liberty Group pursuant
                  to which the Liberty Group may issue Surety Bonds.

                           "SURETY BOND DOCUMENTS": the collective reference to
                  (as the same now exist or may hereafter be amended, modified,
                  supplemented, extended, renewed, restated or replaced) the
                  following: (a) the Liberty Indemnity Agreements, (b) the
                  Surety Bonds, (c) the ANC Liberty Agreement, and (d) any other
                  agreements, documents and instruments executed and/or
                  delivered in connection therewith by the Borrower or any of
                  its Subsidiaries and/or any beneficiary or holder of any
                  Surety Bond.

                           "SURETY BONDS": the collective reference to (as the
                  same now exist or may hereafter be amended, modified,
                  supplemented, extended, renewed, restated or replaced) the
                  bonds, undertakings, instruments of guaranty and other like
                  obligations on behalf of the Borrower or any of its
                  Subsidiaries in favor of another Person issued in accordance
                  with the terms and conditions of the Surety Bond Documents.

                           "TRANSACTION DOCUMENTS": the collective reference to
                  the Interim Loan Facility Amendment, the Interim Loan Facility
                  Collateral Documents, the ANC Liberty Agreement and the
                  amended and restated Intercreditor Agreement.".

                  (c) amending the definition of "CONSOLIDATED FIXED CHARGE
COVERAGE RATIO" by adding at the end thereof immediately before the period the
following:

                  "; PROVIDED that for determination of the Fixed Charge
                  Coverage Ratio for the period of the four consecutive fiscal
                  quarters of the Borrower ending with FQ3 2001 only, the
                  Consolidated Adjusted EBITDA of the Borrower and its
                  Subsidiaries for such period shall be the Consolidated
                  Adjusted EBITDA of the Borrower and its Subsidiaries for the
                  three consecutive fiscal quarters of the Borrower ending with
                  FQ3 2001.";

                  (d) amending the definition of "INTERIM LOAN FACILITY
COLLATERAL DOCUMENTS" by (i) deleting "and" immediately before clause (c)
thereof and substituting in lieu thereof a comma and (ii) adding at the end
thereof immediately before the period the following:

                  "and (d) the deed of trust, to be executed on or after the
                  Second Amendment Effective Date by Alamo Rent-A-Car, LLC in
                  favor of the Collateral Trustee, for the benefit of the
                  lenders and/or holders under the Interim Loan Facility and
                  Liberty, as the same may after the execution and delivery

                                       2
<PAGE>   3

                  thereof be amended, supplemented or otherwise modified from
                  time to time in accordance with Section 7.9."; and

                  (e) amending the definition of "TRANSACTIONS" by deleting "and
(c)" therein and substituting in lieu thereof the following:

                  ", (c) the Borrower and its Subsidiaries shall enter into the
ANC Liberty Agreement and (d)".

                  3. AMENDMENT OF SECTION 4.8 OF THE CREDIT AGREEMENT (OWNERSHIP
OF PROPERTY; LIENS). Section 4.8 of the Credit Agreement is hereby amended by
adding at the end of the second sentence thereof immediately before the period
the following: ", other than the real property subject of the Real Estate
Transactions".

                  4. AMENDMENT OF SECTION 5.7 (NOTICES). Section 5.7 of the
Credit Agreement is hereby amended by (i) deleting the word "and" at the end
clause (d) thereof, (ii) deleting the period at the end of clause (e) thereof
and substituting in lieu thereof "; and" and (iii) adding the following new
clause (f) at the end thereof:

                  "(f) any Event of Default under and as defined in the ANC
Liberty Agreement.".

                  5. AMENDMENT OF SECTION 7.1 (FINANCIAL CONDITION COVENANT)
Section 7.1 of the Credit Agreement is hereby amended by:

                  (a) deleting the following from Section 7.1(a) (Consolidated
Interest Coverage Ratio) thereof:

                                                          CONSOLIDATED
                       FISCAL QUARTER                INTEREST COVERAGE RATIO
                       --------------                -----------------------
                  "FQ2 2001 and each fiscal                 3.25:1.00"
                     quarter thereafter

                  and substituting in lieu thereof the following:

                                                      CONSOLIDATED
                       FISCAL QUARTER             INTEREST COVERAGE RATIO
                       --------------             -----------------------

                       "FQ2 2001                         1.50:1.00
                        FQ3 2001                         1.00:1.00
           FQ4 2001 and each fiscal quarter              3.25:1.00";
                      thereafter

                  (b) deleting the following from Section 7.1(b) (Consolidated
Fixed Charge Coverage Ratio) thereof:

                                                     CONSOLIDATED FIXED
                    FISCAL QUARTER                 CHARGE COVERAGE RATIO
                    --------------                 ---------------------
               "FQ1 2001 and each fiscal                 1.15:1.00"
                  quarter thereafter

                                       3
<PAGE>   4

                  and substituting in lieu thereof the following:

                                                    CONSOLIDATED FIXED
                    FISCAL QUARTER                 CHARGE COVERAGE RATIO
                    --------------                 ---------------------

                      "FQ1 2001                         1.15:1.00
                       FQ2 2001                         1.00:1.00
                       FQ3 2001                         1.00:1.00
          FQ4 2001 and each fiscal quarter              1.15:1.00"; and
                     thereafter

                  (c) deleting the following from Section 7.1(c) (Consolidated
Adjusted Funded Debt Ratio) thereof:

                                                 CONSOLIDATED ADJUSTED
                   FISCAL QUARTER                  FUNDED DEBT RATIO
                   --------------                  -----------------

                     "FQ2 2001                         3.25:1.00
                      FQ3 2001                         3.25:1.00"

                  and substituting in lieu thereof the following:

                                                  CONSOLIDATED ADJUSTED
                    FISCAL QUARTER                  FUNDED DEBT RATIO
                    --------------                  -----------------

                      "FQ2 2001                         3.75:1.00
                       FQ3 2001                         4.50:1.00.".

                  6. AMENDMENT OF SECTION 7.3 (LIMITATION ON LIENS). Section 7.3
of the Credit Agreement is hereby amended by (i) deleting the word "and" at the
end of paragraph (p) thereof and substituting in lieu therefor a semicolon and
(ii) adding the following new paragraphs (r) and (s):

                  "(r) Liens in favor of the members of the Liberty Group to
         secure the contingent indebtedness owed to the Liberty Group evidenced
         by the Surety Bonds arising pursuant to the Surety Bond Documents as in
         effect on the date of execution and delivery thereof, so long as each
         of the following conditions have been satisfied as determined by the
         Administrative Agent: (i) the Borrower and its Subsidiaries do not have
         any arrangements with any member of the Liberty Group that gives any
         such member of the Liberty Group any rights or remedies with respect to
         the Collateral, other than (A) the Liens arising under Section 6 of the
         Indemnity Agreements as in effect on the date of execution and delivery
         thereof, (B) such rights or remedies that are within the scope of the
         rights or remedies of a surety arising under the Surety Bond Documents
         as in effect on the date of execution and delivery thereof or under
         suretyship law and (C) the Liens pursuant to the Interim Facility
         Collateral Documents as in effect on the date of execution and delivery
         thereof to the extent permitted by Section 7.3(q) hereof; and (ii) the

                                       4
<PAGE>   5

         Borrower and any of its Subsidiaries shall not, directly or indirectly,
         amend, modify, alter or change any terms of the Surety Bond Documents
         or the Surety Bonds or enter into any other agreement, document or
         instrument that in either case, would, as determined by Administrative
         Agent in its good faith judgment, (A) result in any assets of the
         Borrower or any of its Subsidiaries being subject to any Lien in favor
         of any member of the Liberty Group, other than the assets that are
         subject to the Liens or rights and remedies permitted by clause (i) of
         this Section 7.3(r) as in effect on the effective date of the Third
         Amendment, dated as of June 26, 2001, to this Agreement and (B) result
         in any rights or remedies being granted to any member of the Liberty
         Group with respect to the Collateral that are greater than or in
         addition to the rights and remedies in favor of any member of the
         Liberty Group permitted by clause (i) of this Section 7.3(r) as in
         effect on the effective date of the Third Amendment, dated as of June
         26, 2001, to this Agreement; and

                  (s) Liens on the property of National Car Rental (Canada) Inc.
         to secure working capital Indebtedness of National Car Rental (Canada)
         Inc. to Bank of Montreal (or its successors) in an amount not to exceed
         25,000,000 Canadian Dollars.".

                  7. AMENDMENT OF SECTION 7.9 (LIMITATION ON OPTIONAL PAYMENTS
AND MODIFICATIONS OF DEBT INSTRUMENTS, ETC.). Section 7.9 of the Credit
Agreement is hereby amended by adding immediately after "contemplated by the
Interim Loan Facility Amendment" at the end of subclause (ii) in clause (b)
thereof the following:

                  "and by an amendment to the AutoNation Support Agreement to
                  consummate the Transactions".

                  8. AMENDMENT OF SECTION 7.13 (LIMITATION ON NEGATIVE PLEDGE
CLAUSES). Section 7.13(c) of the Credit Agreement is hereby amended by adding at
the end thereof immediately before the comma the following: "and the ANC Liberty
Agreement as in effect on the date of execution and delivery thereof and as
further amended, supplemented or otherwise modified from time to time therafter
except for any such amendment, supplement or other modification thereto which
would make more restrictive any such prohibition or limitation applicable to the
Borrower or any of its Subsidiaries thereunder".

                  9. AMENDMENT OF SECTION 7.14 (LIMITATION ON RESTRICTIONS ON
SUBSIDIARY DISTRIBUTIONS). Section 7.14 of the Credit Agreement is hereby
amended by (a) deleting the word "and" at the end of clause (vi) thereof and (b)
adding at the end thereof immediately before the period the following: "and
(viii) any restrictions existing under the ANC Liberty Agreement as in effect on
the date of execution and delivery thereof and as further amended, supplemented
or otherwise modified from time to time therafter except for any such amendment,
supplement or other modification thereto which would make more restrictive any
such restriction applicable to the Borrower or any of its Subsidiaries
thereunder".

                  10. AMENDMENT OF SECTION 8 (EVENTS OF DEFAULT). Section 8 of
the Credit Agreement is hereby amended by: (a) adding immediately after the
semicolon in paragraph (j) thereof "or"; and (b) adding at the end of paragraph
(j) thereof the following new paragraph (k) as follows:

                                       5
<PAGE>   6

                  "(k) in addition to, and without limiting, the Events of
         Default under this Section 8, an Event of Default under and as defined
         in the ANC Liberty Agreement shall have occurred and shall not have
         been cured or waived in a manner acceptable to the Administrative Agent
         and the Required Lenders within thirty (30) days after the occurrence
         of such Event of Default (unless otherwise extended by the
         Administrative Agent in writing in its good faith judgment), so long as
         during such thirty (30) day period (or such later period as may be
         extended by the Administrative Agent), (i) Liberty shall not have
         exercised any of its rights or remedies under the ANC Liberty Agreement
         or otherwise during such time period and (ii) the Administrative Agent
         shall not have issued a notice of default to the Borrower (it is
         acknowledged that prior to the expiration of the foregoing grace
         period, no Default shall be deemed to have occurred under this
         Agreement);".

                  11. REPRESENTATIONS; NO DEFAULT. On and as of the date hereof,
and after giving effect to this Amendment, (a) the Borrower certifies that no
Default or Event of Default has occurred or is continuing, and (b) the Borrower
confirms, reaffirms and restates that the representations and warranties set
forth in Section 4 of the Credit Agreement and in the other Loan Documents are
true and correct in all material respects, PROVIDED that the references to the
Credit Agreement therein shall be deemed to be references to this Amendment and
to the Credit Agreement as amended by this Amendment.

                  12. CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective on and as of the date that:

                  (a) the Administrative Agent shall have received counterparts
of this Amendment, duly executed and delivered by a duly authorized officer of
the Borrower;

                  (b) the Administrative Agent shall have received executed
Lender Consent Letters, substantially in the form of Exhibit A hereto, from
Lenders whose consent is required pursuant to Section 10.1 of the Credit
Agreement;

                  (c) the Administrative Agent shall have received, for the
benefit of the Lenders, an amendment fee in an amount previously agreed upon
between the Administrative Agent and the Borrower;

                  (d) the Administrative Agent shall have received an executed
Acknowledgment and Consent, in the form set forth at the end of this Amendment,
from each Loan Party other than the Borrower; and

                  (e) the Administrative Agent shall have received an executed
certificate of an officer of the Borrower in form satisfactory to the
Administrative Agent as to (i) the accuracy of the representations and
warranties set forth in Section 4 of the Credit Agreement and in the other Loan
Documents, (ii) the absence of any Default or Event of Default after giving
effect to this Amendment, and (iii) such other customary matters as the
Administrative Agent may reasonably request.

                                       6
<PAGE>   7

                  13. LIMITED CONSENT AND AMENDMENT. Except as expressly amended
herein, the Credit Agreement shall continue to be, and shall remain, in full
force and effect. This Amendment shall not be deemed to be a waiver of, or
consent to, or a modification or amendment of, any other term or condition of
the Credit Agreement or any other Loan Document or to prejudice any other right
or rights which the Lenders may now have or may have in the future under or in
connection with the Credit Agreement or any of the instruments or agreements
referred to therein, as the same may be amended from time to time.

                  14. COUNTERPARTS. This Amendment may be executed by one or
more of the parties hereto in any number of separate counterparts (which may
include counterparts delivered by facsimile transmission) and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

                  15. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       7
<PAGE>   8

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed and delivered by their respective duly authorized
officers as of the date first above written.

                                         ANC RENTAL CORPORATION

                                         By:  /s/ LELAND F. WILSON
                                              ----------------------
                                              Name:  Leland F. Wilson
                                              Title: Vice President

                                         LEHMAN COMMERCIAL PAPER INC.,
                                          as Syndication Agent

                                         By:  /s/ G. ANDREW KEITH
                                              ----------------------
                                              Name:  G. Andrew Keith
                                              Title: Authorized Signatory

                                         CONGRESS FINANCIAL CORPORATION
                                         (FLORIDA), as Administrative
                                         Agent

                                         By:  /s/ MARTIN J. COLOSON JR.
                                              -------------------------
                                               Name:  Martin J. Coloson Jr.
                                               Title: First Vice President

                                       8
<PAGE>   9

                           ACKNOWLEDGMENT AND CONSENT

                  Each of the undersigned parties to the Guarantee and
Collateral Agreement, dated as of June 30, 2000 and as amended, supplemented or
otherwise modified from time to time, made by the undersigned in favor of
Congress Financial Corporation (Florida), as Administrative Agent, for the
benefit of the Secured Parties, hereby (a) consents to the transactions
contemplated by the foregoing Amendment to the Credit Agreement and (b)
acknowledges and agrees that the guarantees and grants of security interests
contained in the Guarantee and Collateral Agreement and in the other Security
Documents are, and shall remain, in full force and effect after giving effect to
such Amendment and all prior modifications to the Credit Agreement.

                           ALAMO RENT-A-CAR (CANADA), INC.
                           LIABILITY MANAGEMENT COMPANIES HOLDING, INC.
                           NATIONAL CAR RENTAL LICENSING, INC.
                           NATIONAL CAR RENTAL SYSTEM, INC.
                           REPUBLIC GUY SALMON PARTNER, INC.
                           REPUBLIC INDUSTRIES AUTOMOTIVE RENTAL GROUP
                                (BELGIUM) INC.
                           SPIRIT RENT-A-CAR, INC.
                           ALAMO RENT-A-CAR MANAGEMENT, LP
                                By:  ARC-GP, Inc., its general partner
                           ANC COLLECTOR CORPORATION
                           ANC FINANCIAL, LP
                                By:  ANC Financial GP Corporation, its
                                     general partner
                           ARC-GP, INC.
                           ARC-TM, INC.
                           NCR AFFILIATE SERVICER, INC.
                           NCRAS MANAGEMENT, LP
                                By:  NCRAS-GP, Inc., its general partner
                           NCRAS-GP, INC.
                           SRAC MANAGEMENT, LP
                                By:  SRAC-GP, Inc., its general partner
                           SRAC-GP, INC.
                           SRAC-TM, INC.

                           By:    /s/ LELAND F. WILSON
                                 ------------------------------
                                 Name:   Leland F. Wilson
                                 Title:   Vice President

                                       9
<PAGE>   10

                           ALAMO RENT-A-CAR, LLC

                           By:   /s/ LELAND F. WILSON
                                 -------------------------------
                                 Name:  Leland F. Wilson
                                 Title: Vice President

                           ANC FINANCIAL CORPORATION
                           ANC FINANCIAL PROPERTIES, LLC
                           ANC INFORMATION TECHNOLOGY HOLDING, INC.
                           ANC INFORMATION TECHNOLOGY, INC.
                           ANC INFORMATION TECHNOLOGY, L.P.
                                By:  ANC INFORMATION TECHNOLOGY, INC.,
                                     its general partner
                           ANC IT COLLECTOR CORPORATION
                           ARC-TM PROPERTIES, LLC
                           NCR AFFILIATE SERVICER PROPERTIES, LLC

                           By:   /s/ LELAND F. WILSON
                                 --------------------------------
                                 Name   Leland F. Wilson
                                 Title: Vice President

                                       10
<PAGE>   11

                                                                       EXHIBIT A

                              LENDER CONSENT LETTER

                             ANC RENTAL CORPORATION
                      AMENDED AND RESTATED CREDIT AGREEMENT
                            DATED AS OF JUNE 30, 2000

To:           Lehman Commercial Paper Inc.
              3 World Financial Center
              New York, New York  10285

              Congress Financial Corporation (Florida)
              777 Brickell Avenue
              Miami, Florida  33131

Ladies and Gentlemen:
                  Reference is made to the Amended and Restated Credit
Agreement, dated as of June 30, 2000 (as heretofore amended, supplemented or
otherwise modified, the "CREDIT AGREEMENT"), among ANC RENTAL CORPORATION, a
Delaware corporation (the "BORROWER"), the Lenders parties thereto, LEHMAN
COMMERCIAL PAPER INC., as Syndication Agent, CONGRESS FINANCIAL CORPORATION
(FLORIDA), as Administrative Agent, and others. Unless otherwise defined herein,
capitalized terms used herein and defined in the Credit Agreement are used
herein as therein defined.

                  The Borrower has requested that the Lenders consent to amend
the Credit Agreement on the terms described in the Amendment to which a form of
this Lender Consent Letter is attached as Exhibit A (the "AMENDMENT").

                  Pursuant to Section 10.1 of the Credit Agreement, the
undersigned Lender hereby consents to the execution by the Agents of the
Amendment.

                                        Very truly yours,

                                        -------------------------------------
                                        (NAME OF LENDER)

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

Dated as of ____________ __, 2001

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