Document:

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                                                                   EXHIBIT 10.53

                             UNIT PURCHASE AGREEMENT

         This UNIT PURCHASE AGREEMENT (this "Agreement"), dated as of January
17, 2002, is made and entered into by and among CLASSIC VACATION GROUP, INC., a
New York corporation formerly known as Global Vacation Group, Inc. ("Seller"),
ALLIED TOURS, INC., a Delaware corporation ("Allied"), ALLIED TOURS, LLC, a
Delaware limited liability company (the "Company") and KUONI HOLDING DELAWARE,
INC., a Delaware corporation ("Buyer").

         WHEREAS, on January 17, 2002, Seller transferred to Company all of the
assets and liabilities pertaining and related to its Allied Tours division (the
"Division"), pursuant to that certain Asset Exchange Agreement ("the Asset
Exchange Agreement") between the Seller and the Company made effective as of
January 17, 2002 (the "Transfer"), except for certain assets and liabilities
whose transfer has not yet been legally completed as of the date of this
Agreement.

         WHEREAS, Seller owns all of the outstanding membership interests of the
Company (all such membership interests being referred to hereinafter as the
"Units"), as well as all issued and outstanding stock of Allied;

         WHEREAS, Seller desires to sell the Division's business and for such
purpose, wishes to sell, and Buyer desires to purchase, the Units on the terms
and subject to the conditions set forth in this Agreement;

         WHEREAS, Seller desires to cause Allied to sell to Buyer certain
intellectual property rights held by Allied through a transfer of such
intellectual property rights to Buyer simultaneously with the sale of the Units
by Seller to Buyer.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
(the "Parties") hereby agree as follows:

                                   ARTICLE I.

                            SALE OF UNITS AND CLOSING

SECTION 1.1 PURCHASE AND SALE(a) Purchase and Sale of Units. Seller agrees to
sell to Buyer, and Buyer agrees to purchase from Seller, all of the rights,
title and interest of Seller in and to the Units on the terms and subject to the
conditions set forth in this Agreement.

(b)      Purchase and Transfer of Trademarks. Allied agrees to sell and transfer
to Buyer, and Buyer agrees to purchase from Allied, all rights and interest in
the trademark application for "Allied Tours" (the "Application") and the common
law trademark "Allied Tours" and registered trademarks "Time2" and "Time Square"
(together with the Application, the "Trademarks"), free and clear of any Liens
(as defined below). The registration and/or ownership details of the Trademarks
are described in EXHIBIT 1.1 hereto.

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SECTION 1.2       PURCHASE PRICE.

The aggregate purchase price (the "Purchase Price") for the Units and the
Trademarks is Three Million Five Hundred Thousand United States Dollars ($US
3,500,000).

SECTION 1.3       CLOSING.

Subject to the satisfaction of the conditions set forth in Sections 6.1 and 6.2
below, the closing of the transactions contemplated by this Agreement (the
"Closing") will take place at the offices of Classic Vacation Group, One North
First Street, Suite 300, San Jose, California 95113, at 10 a.m. (Pacific
Standard time) on January 17, 2001 (the "Closing Date"), or at such other place
and on such other date as is mutually agreeable to Buyer and Seller. The Closing
will be effective as of the close of business on the Closing Date.

SECTION 1.4       CLOSING DELIVERIES

(a)      Payment of the Purchase Price. Deliveries by Buyer.

At Closing, Buyer shall pay to the Seller (acting in its own name and behalf and
on Allied's behalf) the Purchase Price by wire transfer in immediately available
lawful U.S. funds to Seller's designated bank account and shall deliver to
Seller:

                           (1)      copy of the text of the resolutions adopted
                  by the board of directors of Buyer authorizing the execution,
                  delivery and performance of this Agreement and the
                  consummation of all of the transactions contemplated by this
                  Agreement; along with a certificate executed on behalf of
                  Buyer by its corporate secretary certifying to Seller that
                  such copies are true, correct and complete copies of such
                  resolutions and that such resolutions were duly adopted and
                  have not been amended or rescinded which certificate shall be
                  in the forms of Exhibit 1.4(a)(l);

                           (2)      certificate, dated as of the Closing Date
                  and executed by an officer of Buyer certifying to the
                  fulfillment of the conditions specified in Sections 6.2(a)
                  through 6.2(d), in the form of Exhibit 1.4(a)(2); and

                           (3)      receipt signed by Brian Froelich
                  acknowledging payment of certain severance pursuant to the
                  Termination and Release Agreement referred to in Section
                  6.1(n).

(b)      Deliveries by Seller or Company

         At Closing, the Seller or the Company shall deliver to the Buyer the
following:

                           (1)      certificate, dated as of the Closing Date
                  and executed by an officer of Seller, an officer of the
                  Company and an officer of Allied certifying to the fulfillment
                  of the conditions specified in Sections 6.1(a) through 6.1(d)
                  and stating that any and all agreements between the Company
                  and the Seller or between the Company and any Affiliate (as
                  defined in Section 6.1(l) below) of Seller are

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                  terminated as of the Closing Date, which certificate shall be
                  in the form of Exhibit 1.4(b)(1), provided however, that the
                  agreements under which the services described in Section 8.2
                  below are delivered need not be terminated until the provision
                  of such services has been completed;

                           (2)      evidence of assignment satisfactory to Buyer
                  of the Domain Names (as hereinafter defined) and of the
                  Trademarks from the Seller and Allied, respectively, to the
                  Company;

                           (3)      written consent to assignment and change of
                  control related to the Lease (as hereinafter defined), at the
                  Buyer's satisfaction;

                           (4)      release from Allied Tours Holding Corp.
                  related to the Fishers' claim (the "Fishers' Claim") in the
                  form of Exhibit 1.4(b)(4);

                           (5)      resignations (effective as of the Closing
                  Date) from all of the Company's officers in the form of
                  Exhibit 1.4(b)(5);

                           (6)      copy of the Certificate of FORMATION of the
                  Company, certified by the Secretary of State of the State of
                  Delaware evidencing the good standing of the Company in such
                  jurisdiction;

                           (7)      copy of the text of the resolutions adopted
                  by each of the board of directors of Seller and Allied, and
                  copy of the resolution of the sole member of the Company, each
                  authorizing the execution, delivery and performance of this
                  Agreement and the consummation of all of the transactions
                  contemplated by this Agreement;

                           (8)      certificates executed on behalf of each of
                  Seller, Allied and Company by their corporate secretaries or
                  appropriate officer, certifying to Buyer that such copies are
                  true, correct and complete copies of such resolutions and that
                  such resolutions were duly adopted and have not been amended
                  or rescinded, in the form of Exhibit 1.4(b)(8);

                           (9)      copy of a shareholders' resolution of Allied
                  Tours, Inc. changing the corporate name as required pursuant
                  to Section 6.1(l) below, as well as the amended certificate of
                  incorporation reflecting the name change to be filed with the
                  Secretary of State of Delaware as promptly as practicable
                  after Closing;

                           (10)     executed copy of the Asset Exchange
                  Agreement;

                           (11)     executed copy of Rekencentra Letter
                  Agreement (as defined below);

                           (12)     Company's minute books, transfer records,
                  company's seal and other materials related to the Company's
                  legal administration, if existing.

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                                    (13)     executed Termination Agreement and
                  Release related to Brian Froelich in the form of Exhibit
                  1.4(a)(3).

                                    (14)     evidence of transfer to the Company
                  of all bank accounts, and of removal of the signatories of
                  such bank accounts, as provided in Section 6.1(m), in a form
                  satisfactory to Buyer.

                                   ARTICLE II.

               REPRESENTATIONS AND WARRANTIES OF SELLER AND ALLIED

Section 2.1       Disclosure Schedule

Seller hereby represents and warrants to Buyer that the statements contained in
this Article II are correct and complete as of the Closing Date (unless other
date is specifically referenced), except as set forth in the corresponding
section of a disclosure schedule delivered by Seller to Buyer on the date hereof
and initialed by the Parties (the "Disclosure Schedule"). The Disclosure
Schedule will be arranged in sections corresponding to the lettered and numbered
sections contained in this Agreement

SECTION 2.2       INCORPORATION AND CORPORATE POWER.

Seller is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of New York, and has the requisite corporate power
and authority to execute and deliver this Agreement and to perform its
obligations hereunder (including, without limitation, the corporate power and
authority to sell, transfer and convey the Units as provided by this Agreement).
Allied is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware, and has the requisite corporate power
and authority to execute and deliver this Agreement and to perform its
obligations hereunder (including, without limitation, the corporate power and
authority to sell, transfer and convey the Trademarks as provided by this
Agreement).

SECTION 2.3       EXECUTION, DELIVERY, VALID AND BINDING AGREEMENTS

The execution, delivery and performance of this Agreement by Seller and Allied
and the consummation of the transactions contemplated hereby, including the
Transfer, have been duly and validly authorized by all requisite corporate
action, and no other corporate proceedings on its part are necessary to
authorize the execution, delivery and performance of this Agreement and the
Transfer. This Agreement has been duly executed and delivered by each of Seller
and Allied and constitutes the valid and binding obligation of each of Seller
and Allied, enforceable in accordance with its terms, except as such enforcement
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws of general application affecting enforcement of creditors' rights
or by general principles of equity.

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SECTION 2.4       NO BREACH

The execution, delivery and performance of this Agreement by Seller and the
consummation by Seller and Allied of the transactions contemplated hereby,
including the Transfer, do not (i) conflict with or result in any breach of any
of the provisions of the provisions of the Certificate of Incorporation or
Bylaws of Seller or Allied, or any law, statute, rule or regulation or order,
judgment or decree to which Seller is subject, or (ii) conflict with, result in
a breach of, constitute a default under, result in the acceleration of, create
in any party the right to accelerate, terminate, modify, or cancel, or require
any notice under any agreement, contract, lease, license, instrument, or any
other arrangement to which either Seller is a party or by which it is bound or
to which any of its assets is subject.

SECTION 2.5       OWNERSHIP OF UNITS

Seller owns, beneficially and of record, all right, title and interest in and to
the Units free and clear of any security interests, equities, claims, liens,
pledges, options, warrants, encumbrances, charges, agreements, commitments,
voting trusts, proxies or other arrangements, restrictions, other than
restrictions under the United States Securities Act of 1933, as amended (the
"Securities Act"), and state securities laws, or limitations of any kind,
purchase rights, subscription rights, conversion rights or exchange rights
(collectively, "Liens"), and the Closing will transfer good and valid title to
the Units to Buyer, free and clear of any Liens.

SECTION 2.6       TRADEMARKS

Allied owns the Trademarks free and clear of any Liens, provided, however, that
Allied owns the trademark "Allied Tours" as a matter of common law and the
Application has been filed to register such trademark.

                                  ARTICLE III.

              REPRESENTATIONS AND WARRANTIES OF SELLER AND COMPANY

Except as specifically set forth in the Disclosure Schedule, Company and Seller
jointly and severally represent to Buyer as follows:

SECTION 3.1       ORGANIZATION AND STANDING

(I) Company is a limited liability company duly organized, validly existing and
in good standing under the laws of the State of Delaware, and has the full and
unrestricted limited liability company power and authority to own, operate and
lease its assets, to carry on its business as currently conducted, to execute
and deliver this Agreement and to carry out the transactions contemplated
hereby. Licensing or qualification as a foreign limited liability company has
been applied for in each state, country or territory wherein the absence of
licensing or qualification as a foreign limited liability company would have a
material adverse effect upon the business of Company as currently conducted.

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(II) Since the date of its formation, for U.S. federal income tax purposes, the
Company has been disregarded as an entity separate from the Seller and will not
elect prior to Closing to be taxed as a corporation.

SECTION 3.2       SUBSIDIARIES

Company has no subsidiaries and no equity investment or other interest in, nor
has Company made advances or loans to, any corporation, association,
partnership, joint venture or other entity.

SECTION 3.3       CERTIFICATE OF FORMATION

Company has furnished to Buyer a true and complete copy of the Certificate of
Formation of Company, as currently in effect, certified as of a recent date by
the Secretary of State of Delaware, and a true and complete copy of the limited
liability company agreement of Company, as currently in effect, certified by the
Company's secretary. Such certified copies are attached as exhibits to, and part
of, the Disclosure Schedule.

SECTION 3.4       CAPITALIZATION

The authorized capitalization of the Company consists of 1,000 membership
interests. As of the Closing Date, the Units are owned beneficially and of
record by Seller, free and clear of any Liens. No membership interests have been
reserved for any purpose.

SECTION 3.5       FINANCIAL STATEMENTS

As the Company was formed on January 14, 2002, no audited balance sheets and
statements of income, stockholders' equity and changes in financial position
exist. As such, Company has prepared and furnished to Buyer and there are
included as exhibits that are part of the Disclosure Schedule, the unaudited
balance sheet and statement of income of the Division as of December 31, 2001,
and for the 12 months ended December 31, 2001 (the "Financial Statements"). The
Financial Statements are: (i) in accordance with the books and records of the
Division; (ii) consistent with the books and records of the Seller on a
consolidated basis and; (iii) in accordance with Generally Accepted Accounting
Principles in the United States of America ("U.S. GAAP"), applied on a
consistent basis throughout the periods covered thereby, except for the
disclosures required by U.S. GAAP, including statements of cash flows,
statements of shareholders' equity and accompanying footnotes, which disclosures
exist on the consolidated financial statements of and as applied to Seller.

SECTION 3.6       CONDUCT OF BUSINESS; ABSENCE OF MATERIAL ADVERSE CHANGE

(I) Since January 1, 2002 (or in the case of the Company, since the date of its
formation), each of the Division and the Company: (a) has not suffered any
material adverse change, or no other change whether material, adverse or
otherwise (except in the Ordinary Course of Business (as defined below) or as a
direct result of the Transfer), in its business, operations, prospects,
condition (financial or otherwise), assets or liabilities; (b) has conducted its
business diligently

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and substantially in the manner heretofore conducted and only in the Ordinary
Course of Business other than the Transfer, (c) has not incurred loss of, or
significant injury to, any assets as the result of any fire, explosion, flood,
windstorm, earthquake, labor trouble, riot, accident, act of God or public enemy
or armed forces, or other casualty; (d) incurred, or become subject to, any
obligation or liability (absolute or contingent, matured or unmatured, known or
unknown), except current liabilities incurred in the Ordinary Course of Business
or except as a direct result of the Transfer; (e) discharged or satisfied any
encumbrance or paid any obligation or liability (absolute or contingent, matured
or unmatured, known or unknown) other than (A) current liabilities incurred
since December 31, 2001 or (B) liabilities received in the Transfer, both in the
Ordinary Course of Business; (f) declared or made payment of, or set aside for
payment, any profit distributions or distributions of any assets, (g) mortgaged,
pledged or subjected to any encumbrance any of its assets; (h) sold, exchanged,
transferred or otherwise disposed of any of its assets, or cancelled any debts
or claims, except in each case in the Ordinary Course of Business; (i) other
than the Transfer, entered into any transactions other than in the Ordinary
Course of Business; (j) made or permitted any amendment or termination of any
material agreement to which it is a party or which it owns; (k) through
negotiation or otherwise made any commitment or incurred any liability to any
labor organization; (l) made any accrual, other than as a direct result of the
Transfer, or arrangement for or payment of bonuses or special compensation of
any kind to any director, officer or employee; (m) directly or indirectly paid
any severance or termination pay to any officer or employee in excess of six (6)
months' salary; (n) other than as a direct result of the Transfer, made capital
expenditures, or entered into commitments therefor, aggregating more than
$200,000; (o) made any change in any method of accounting or accounting
practice; (p) made any charitable contributions or pledges; or (q) made an
agreement to do any of the foregoing.

(II)     Since the date of its formation, the Company has not (a) issued any
membership interests other than as a direct result of the Transfer, bonds or
other corporate securities or debt instruments, granted any options, warrants or
other rights calling for the issuance thereof, or borrowed any funds or (b)
purchased, redeemed or otherwise acquired any membership interests, any
securities convertible into membership interests, or any other securities. For
the purposes of this Agreement, "Ordinary Course of Business" shall mean the
ordinary course of business of the Division consistent with past custom and
practice.

SECTION 3.7       ASSETS

The Transfer effectively transferred and assigned: (i) all of the assets owned
and used by the Division and which are necessary for the Division to conduct its
business in the Ordinary Course of Business, which assets are reflected on the
Financial Statements and/or in the Asset Exchange Agreement (the "Assets"); (ii)
all of the employees of the Division reflected on Exhibit 3.7 hereto and; (iii)
all and only the liabilities of the Division as shown on the Financial
Statements, except for liabilities incurred by the Division after January 1,
2002 in the Ordinary Course of Business or as a direct result of the Transfer.
The Company has no other assets and liabilities other than those related to the
Division. The Company has good, valid and marketable title to all assets owned
and used by it, free and clear of all encumbrances. The Assets are delivered on
an as-is, where-is basis including any and all faults except for the warranties
and representations

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expressly made under this Agreement, and with no representation or warranty as
to the collectibility of any receivable.

SECTION 3.8       RESTRICTIONS AND CONSENTS

There are no material agreements, laws or other restrictions of any kind to
which the Company (or any asset thereof) is party or subject that would prevent
or restrict the execution, delivery or performance of this Agreement or result
in any penalty, forfeiture, agreement termination, or restriction on business
operations of the Company as a result of the execution, delivery or performance
of this Agreement.

SECTION 3.9       EXECUTION, DELIVERY; VALID AND BINDING AGREEMENTS

The execution, delivery and performance of this Agreement by the Company and the
consummation of the transactions contemplated hereby (including the Transfer)
have been duly and validly authorized by all requisite company action, and no
other company proceedings on its part are necessary to authorize the execution,
delivery and performance of this Agreement. This Agreement has been duly
executed and delivered by the Company and constitutes the valid and binding
obligation of the Company, enforceable in accordance with its terms, except as
such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws of general application affecting
enforcement of creditors' rights or by general principles of equity.

SECTION 3.10      NO BREACH

The execution, delivery and performance of this Agreement by the Company and the
consummation by the Company of the transactions contemplated hereby do not
conflict with or result in any breach of any of the provisions of the
Certificate of Formation or Limited Liability Company Agreement, or any law,
statute, rule or regulation or order, judgment or decree to which the Company is
subject.

SECTION 3.11      TAXES

Each of the Company and Seller has (or, in the case of returns becoming due
after the date hereof and on or before the Closing Date, will have prior to the
Closing Date) duly and timely filed all Tax Returns (as defined below) required
to be filed by the Company or the Seller, as the case may be, on or before the
Closing Date with respect to all applicable Taxes (as defined below). No
penalties or other charges are or will become due with respect to any Tax
Returns as the result of the late filing thereof. Each of the Company and the
Seller has not waived any statute of limitations in respect of any Taxes or
agreed to any extension of time with respect to a tax assessment or deficiency.
All of the Tax Returns are (or, in the case of returns becoming due after the
date hereof and on or before the Closing Date, will be) true and complete in all
respects. Each of the Company and Seller: (i) has paid all Taxes due or claimed
to be due by any Taxing authority in connection with any of the Tax Returns
(without regard to whether or not such Taxes are shown as due on such Tax
Returns); or (ii) has established (or, in the case of amounts becoming due after
the date hereof, prior to the Closing Date will have paid or established)

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adequate reserves for the payment of such Taxes. Each of the Company and Seller
is not responsible for any liability for any Taxes of any other person or entity
for which adequate reserves have not been established, whether by contract, by
operation of law or otherwise, including any potential tax liability arising
from the prior acquisition of the Division by the Seller (and/or any Affiliate
thereof), except for the Fishers' Claim (as defined below). The Company has
withheld and paid all Taxes required to have been withheld and paid in
connection with amounts paid or owing to any employee, independent contractor,
creditor, stockholder, or other third party. There are no liens as a result of
any unpaid taxes, or otherwise, upon any assets of the Company or Seller.
"Taxes" means all federal, state, local,foreign and other taxes (including,
without limitation, income, profit, franchise, sales, use, real property,
personal property (tangible and intangible), ad valorem, excise, employment,
social security and wage withholding taxes) and installments of estimated taxes,
assessments, deficiencies, levies, imports, duties, license fees, registration
fees, withholdings, or other similar charges of every kind, character or
description imposed by any governmental or quasi-governmental authorities, and
any interest, penalties or additions to tax imposed thereon or in connection
therewith. "Tax Returns" means all federal, state, local, foreign and other
applicable tax returns, declarations of estimated tax reports required to be
filed by the Company, the Seller or any of the Seller's subsidiaries (without
regard to extensions of time permitted by law or otherwise).

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SECTION 3.12      LITIGATION; CLAIMS

There are no actions, suits, claims, arbitrations, proceedings or investigations
pending or, to the Knowledge of the Company (as defined below), threatened
against, affecting or involving the Company or its business or assets or the
transactions contemplated by this Agreement, at law or in equity or admiralty,
or before or by any court, arbitrator or governmental authority, domestic or
foreign. "Knowledge of the Company" shall mean the actual knowledge of Ronald M.
Letterman, Debbie A. Lundquist, Joseph K. Grabow, Donald Taylor, Marilyn Reis
and Jane Rossmango.

SECTION 3.13      CONTRACTS

The Company is not in default under any material contract except that defaults
may have resulted and may be continuing under any or all contracts between
vendors and the Company as a result of the Company's failure to make payments
required according to the terms of such contracts.

SECTION 3.14      INVENTORY

The Company holds no Inventory except for inventory acquired to service pending
groups for which the full liability for such inventory has been committed by a
specific customer. "Inventory" shall mean guaranteed hotel room reservations for
which the Company is obligated to pay a penalty on cancellation.

SECTION 3.15      COPIES OF DOCUMENTS

True and complete copies of all documents listed in the Disclosure Schedule have
been made available to Buyer prior to the execution of this Agreement.

SECTION 3.16      BROKERS' FEES

The Seller has no liability or obligation to pay any fees or commissions to any
broker, finder, or agent with respect to this Agreement and the Transfer for
which Buyer shall become liable. Seller has engaged Dresdner Kleinwort
Wasserstein as a financial advisor on certain matters indirectly related to this
Agreement but neither Buyer nor Company shall incur any liability related to
such engagement.

                                   ARTICLE IV

                     REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer hereby represents and warrants to Seller as follows:

SECTION 4.1       EXECUTION, DELIVERY, VALID AND BINDING AGREEMENT

This Agreement has been duly authorized, executed and delivered by Buyer and
constitutes the valid and binding obligation of Buyer, enforceable in accordance
with its terms, except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or

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other laws of general application affecting enforcement of creditors' rights or
by general principles of equity.

SECTION 4.2       NO BREACH

The execution, delivery and performance of this Agreement by Buyer and the
consummation by Buyer of the transactions contemplated hereby do not conflict
with or result in any breach of any of the provisions of, constitute a default
under, result in a violation of, result in the creation of a right of
termination or acceleration or any Lien upon any assets of Buyer, or require any
authorization, consent, approval, exemption or other action by or notice to any
court or other governmental body, under any indenture, mortgage, lease, loan
agreement or other agreement or instrument by which Buyer is bound or affected,
or any law, statute, rule or regulation or order, judgment or decree to which
Buyer is subject.

SECTION 4.3       GOVERNMENTAL AUTHORITIES; CONSENTS

Buyer is not required to submit any notice, report or other filing, other than
the BE-13 form to be filed with the U.S. Department of Commerce, with any
governmental authority in connection with the execution or delivery by it of
this Agreement or the consummation of the transactions contemplated hereby. No
consent, approval or authorization of any governmental or regulatory authority
or any other party or person is required to be obtained by Buyer in connection
with his execution, delivery and performance of this Agreement or the
transactions contemplated hereby.

SECTION 4.4       INVESTMENT REPRESENTATIONS AND WARRANTIES

(a) Buyer is acquiring the Units pursuant to this Agreement for investment and
not with a view to the resale or distribution of such Units or any interest
therein other than in a transaction that is registered or exempt from
registration under the Securities Act or any applicable state "blue sky" law.

(b) Buyer has had the opportunity to consult with senior management of the
Company and to obtain such information as Buyer has considered necessary or
appropriate in order to evaluate this transaction.

                                   ARTICLE V.

                                    COVENANTS

SECTION 5.1       COVENANTS OF SELLER

(a)      Conduct of the Business. From the date hereof until the Closing Date,
which shall be no more than three business days, unless otherwise consented to
by Buyer in writing, Seller agrees as follows:

                  (i)      Seller shall not cause the business of the Company to
         be conducted in any manner other than in the Ordinary Course of
         Business.

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                  (ii)     Seller shall not cause the Company to: (1) issue or
         sell any additional Units of, or any options, warrants, conversion
         privileges or rights of any kind to acquire any Units of, any of its
         membership interests, (2) sell, pledge, dispose of or encumber any of
         its assets, except in the Ordinary Course of Business; (3) amend or
         propose to amend its Certificate of Formation or Limited Liability
         Company Agreement; (4) split, combine or reclassify any outstanding
         Units, or declare, set aside or pay any dividend or other distribution
         payable in cash, membership interests, Units, property or otherwise
         with respect to the Units; (5) redeem, purchase or acquire or offer to
         acquire any Units or other securities of the Company; (6) acquire (by
         merger, exchange, consolidation, acquisition of stock or assets or
         otherwise) any corporation, partnership, joint venture or other
         business organization or division or material assets thereof; (7) incur
         any indebtedness for borrowed money or issue any debt securities except
         the borrowing of working capital in the Ordinary Course of Business and
         consistent with past practice; or (8) enter into or propose to enter
         into, or modify or propose to modify, any agreement, arrangement or
         understanding with respect to any of the matters set forth in this
         Section 5.1(a)(ii).

                  (iii)    Seller shall not cause the Company to cancel or
         terminate its current insurance policies or cause any of the coverage
         thereunder to lapse, unless simultaneously with such termination,
         cancellation or lapse, replacement policies providing coverage equal to
         or greater than the coverage under the canceled, terminated or lapsed
         policies for substantially similar premiums are in full force and
         effect.

                  (iv)     To the extent Seller is made aware of such, Seller
         shall notify Buyer of any emergency or other change in the Ordinary
         Course of Business and of any governmental or third-party complaints,
         investigations or hearings (or communications indicating that the same
         may be contemplated) if such emergency, change, complaint,
         investigation or hearing would be material, individually or in the
         aggregate, to the business, operations or financial condition of the
         Company.

                  (v)      Seller shall cease to use, and shall cause any
         Affiliates (other than the Company) to cease using, the name "Allied
         Tours" as trademark, tradename or corporate name, and shall further
         cause Allied (and Allied covenants) to change its corporate name to a
         corporate name not including the name "Allied" as of Closing or as soon
         as practicable thereafter.

(b)      Conditions. Seller shall take all commercially reasonable actions
necessary to cause the conditions set forth in Section 6.1 to be satisfied and
to consummate the transactions (including the Transfer), as contemplated herein,
as soon as reasonably possible after the execution of this Agreement but in no
event later than the Closing Date. The Parties hereby acknowledge that the
Transfer is of the essence of this transaction and that the Buyer is entering
into this Agreement in reliance of the Transfer being completed on the terms and
conditions set forth in this Agreement.

SECTION 5.2       ACCESS; INVESTIGATIONS BY BUYER

(a)      Seller shall and shall cause the Company to, and the Company shall,
through the Closing Date, provide to representatives of Buyer full access to the
offices, books, agreements, records

                                       12
<PAGE>

(including, without limitation, tax returns and correspondence with
accountants), officers, directors, employees, consultants and contractors of
each of the Division and the Company and will furnish representatives of Buyer
such financial and operating data and other information with respect to the
businesses and assets of the Company as Buyer may request, including, without
limitation, Agreements with clients, customers, vendors, lessors, licensors and
suppliers of the Company. Buyer agrees at all times through Closing Date to use
reasonable efforts, at least as stringent as those employed by it with respect
to its own confidential information, (i) to keep confidential all such
information that is identified as being of a confidential nature, (ii) not to
use such confidential information on its own behalf, except in connection with
the transactions contemplated hereby, or on behalf of any other person, firm or
entity, and (iii) not to disclose such confidential information to any third
party (other than to Buyer's counsel, accountants and other consultants in
connection with the transactions contemplated hereby) without the Company's
advance written authorization; provided, however, that Buyer shall have no such
obligations with respect to confidential information that (A) was lawfully
obtained by it not subject to restrictions of confidentiality; (B) is a matter
of public knowledge; or (C) has been or is hereafter publicly disclosed other
than by or through Buyer. In the event this Agreement is terminated, Buyer will
return to the Company all documents, workpapers and other materials Furnished to
Buyer relating to the transactions contemplated hereunder, whether obtained
before or after the execution of this Agreement. In the event of a breach or
threatened breach by Buyer of the provisions of this Section, the Company shall
be entitled to an injunction restraining Buyer from disclosing, in whole or in
part, such information, as its exclusive remedy.

(b)      Seller and the Company hereby acknowledge that they have obtained and
may continue to obtain knowledge of and access to confidential and valuable
business information relating to Buyer not generally known by or available to
the general public. Seller agrees at all times through the Closing Date to use
reasonable efforts, and agrees to cause the Company to use reasonable efforts,
at least as stringent as those employed by it with respect to its own
confidential information, (i) to keep confidential all such information that is
identified as being of a confidential nature, (ii) not to use such confidential
information on its own behalf, except in connection with the transactions
contemplated hereby, or on behalf of any other person, firm or entity, and (iii)
not to disclose such confidential information to any third party (other than to
Seller's or the Company's counsel, accountants and other consultants in
connection with the transactions contemplated hereby) without Buyer's advance
written authorization; provided, however, that Seller and the Company shall have
no such obligations with respect to confidential information that (A) was
lawfully obtained by it not subject to restrictions of confidentiality; (B) is a
matter of public knowledge; or (C) has been or is hereafter publicly disclosed
other than by or through the Company. In the event this Agreement is terminated,
Seller shall cause the Company to, and Seller, will return to Buyer all
documents, workpapers and other materials furnished to the Company and Seller
relating to the transactions contemplated hereunder, whether obtained before or
after the execution of this Agreement. In the event of a breach or threatened
breach by the Company or Seller of the provisions of this Section, Buyer shall
be entitled to an injunction restraining the Company or Seller, as the case may
be, from disclosing, in whole or in part, such information, as its exclusive
remedy.

SECTION 5.3       COVENANTS OF BUYER.

                                       13
<PAGE>

(a)      Satisfaction of Conditions Precedent. Buyer shall take all commercially
reasonable actions necessary to cause the conditions set forth in Section 6.2 to
be satisfied and to consummate the transactions contemplated herein as soon as
reasonably possible after the date of execution of this Agreement but in no
event later than the Closing Date.

(b)      Letter of Credit. On or before February 1, 2002, Buyer or an Affiliate
of Buyer shall issue a letter of credit in the amount of US$1,000,000, to secure
the Company's obligations in regard to its vendors, substantially in the form of
Exhibit 5.3(b).

(c)      Promissory Note. As a guarantee for Buyer's fulfillment of the
obligation stated in the preceding paragraph, on the Closing Date, Kuoni Travel
Holding Ltd. shall deliver to Seller a promissory note in the amount of
US$1,000,000, in the form of Exhibit 5.3(c).

                                   ARTICLE VI.

                              CONDITIONS TO CLOSING

SECTION 6.1       CONDITIONS TO BUYER'S OBLIGATIONS

The obligation of Buyer to consummate the transactions contemplated by this
Agreement is subject to the satisfaction of the following conditions on or
before the Closing Date:

(a)      The representations and warranties set forth in Article II and Article
III hereof shall be true and correct in all material respects at and as of the
Closing Date as though then made, except that any such representation or
warranty made as of a specified date (other than the date hereof) shall only
need to have been true on and as of such date;

(b)      Seller and the Company shall have performed in all material respects
all of the covenants and agreements required to be performed and complied with
by it under this Agreement prior to the Closing;

(c)      There shall not be threatened, instituted or pending any action or
proceeding, before any court or governmental authority or agency, domestic or
foreign, challenging or seeking to make illegal, or to delay or otherwise
directly or indirectly restrain or prohibit, the consummation of the
transactions contemplated hereby or seeking to obtain material damages in
connection with such transactions;

(d)      There shall not be any action taken, or any statute, rule, regulation,
judgment, order or injunction enacted, entered, enforced, promulgated, issued or
deemed applicable to the transactions contemplated hereby by any federal, state
or foreign court, government or governmental authority or agency, which would
reasonably be expected to result, directly or indirectly, in any of the
consequences referred to in Section 6.1(c) hereof

                                       14
<PAGE>

(e)      The Company and B. Rekencentra NV ("Rekencentra") shall have executed
that certain Letter Agreement dated as of January 15, 2002 by and between the
Company and Rekencentra (the "Rekencentra Letter Agreement") in the form of
Exhibit 6.1(e);

(f)      All receivables of the Division as reflected on the Financial
Statements (except for those receivables collected after January 1, 2002) shall
have been properly assigned to the Company by the Seller, at the Buyer's
judgment;

(g)      All material business contracts of the Division shall have been
properly assigned to the Company by the Seller, at the Buyer's satisfaction,
except for those contracts referred to in the Disclosure Schedule;

(h)      All employees of the Division reflected on Exhibit 3.7 attached hereto
(except for those employees who may have voluntarily terminated employment after
the date of execution of this Agreement) shall have been effectively conveyed
and transferred to the Company;

(i)      The domain names "DIRECTACCESS2.COM", "ALLIEDTOURSTIMESQUARE.COM",
"TIME2.NET", "DIRECTACCESS2.NET", "ALLIEDTOURS.COM", "ALLIEDTOURSLAX.COM" and
"ALLIEDTOURSMIA.COM" (collectively, the "Domain Names") shall have been
transferred and assigned from the Seller to the Company, at Buyer's
satisfaction.

(j)      That certain Agreement of Lease, dated October 15, 1992, by and between
1560 Broadway Company, c/o Newmark & Company Real Estate, Inc., and Allied Bus
Corp. shall have been properly assigned by the Seller to the Company, to the
Buyer's satisfaction (the "Lease");

(k)      The Company shall have obtained a release from Allied Tours Holding
Corp. in the form of Exhibit 1.4(b)(4);

(l)      The Seller shall have terminated, or caused the termination of, any
agreements between the Company (or the Division, if applicable) and the Seller
or any Affiliates of the Seller, including the factoring agreement with CVG
Finance Company, and the management agreement of the Seller's group.

(m)      The Seller shall have caused the transfer and assignment to Company of
all bank accounts used by the Division and/or Allied, and shall have further
caused the removal of all signatories for such bank accounts, except for Don
Taylor.

(n)      The Seller shall have delivered the Termination and Release Agreement
related to Brian Froelich in the form of Exhibit 1.4(a)(3) executed by all
parties thereto other than the Seller and the Company.

(o)      Since the date of Financial Statements, the accounts receivable of the
Company, as well as the available cash and cash related assets have been
managed, maintained and operated in the Ordinary Course of Business.

                                       15
<PAGE>

For the purposes of this Agreement, "Affiliate" shall mean (a) with respect to a
person, any member of such person's family; (b) with respect to an entity, any
officer, director, stockholder, partner or investor of or in such entity or of
or in any Affiliate of such entity; and (c) with respect to a person or entity,
any person or entity which directly or indirectly, through one or more
intermediaries, Controls (as defined below), is Controlled by, or is under
common Control with such person or entity. "Control" shall mean possession,
directly or indirectly, or power to direct or cause the direction of management
or policies (whether through ownership of voting securities, by agreement or
otherwise).

SECTION 6.2       CONDITIONS TO SELLER'S AND COMPANY'S OBLIGATIONS

The obligations of Seller and Company to consummate the transactions
contemplated by this Agreement are subject to the satisfaction of the following
conditions on or before the Closing Date:

(a)      The representations and warranties set forth in Article IV hereof will
be true and correct in all material respects at and as of the Closing as though
then made;

(b)      Buyer shall have performed in all material respects all the covenants
and agreements required to be performed by it under this Agreement prior to the
Closing;

(c)      There shall not be threatened, instituted or pending any action or
proceeding, before any court or governmental authority or agency, domestic or
foreign, challenging or seeking to make illegal, or to delay or otherwise
directly or indirectly restrain or prohibit, the consummation of the
transactions contemplated hereby or seeking to obtain material damages in
connection with such transactions;

(d)      There shall not be any action taken, or any statute, rule, regulation,
judgment, order or injunction, enacted, entered, enforced, promulgated, issued
or deemed applicable to the transactions contemplated hereby by any federal,
state or foreign court, government or governmental authority or agency, which
would reasonably be expected to result, directly or indirectly, in any of the
consequences referred to in Section 6.2(c) hereof;

(e)      Buyer or an Affiliate of Buyer shall have replaced the Seller as issuer
of the letters of credit listed on Exhibit 6.2(e) or shall have otherwise
replaced the Seller as guarantor of the Company's obligations to the hotels
listed on such exhibit, at Seller's satisfaction.

                                  ARTICLE VII.

                                   TERMINATION

SECTION 7.1       TERMINATION

This Agreement may be terminated at any time prior to the Closing:

(a)      by the mutual consent of Buyer and Seller;

                                       16
<PAGE>

(b)      by either Buyer or Seller if there has been a material
misrepresentation, breach of warranty or breach of covenant on the part of the
other in the representations, warranties and covenants set forth in this
Agreement;

(c)      by either Buyer or Seller if the transactions contemplated hereby have
not been consummated within three business days of the date hereof; provided
that, neither Buyer nor Seller will be entitled to terminate this Agreement
pursuant to this Section 6.1(c) if such party's willful breach of this Agreement
has prevented the consummation of the transactions contemplated hereby; or

(d)      by either Buyer or Seller if the transactions contemplated hereby have
not been consummated by January 18, 2001 (except for those actions which must be
taken completed after the Closing Date pursuant to this Agreement); provided
that, neither Buyer nor Seller will be entitled to terminate this Agreement
pursuant to this Section 7.1(c) if such party's willful breach of this Agreement
has prevented the consummation of the transactions contemplated hereby.

SECTION 7.2       EFFECT OF TERMINATION

In the event of termination of this Agreement by either Buyer or Seller as
provided in Section 7.1, this Agreement shall become void and there shall be no
liability on the part of either Buyer or Seller, or their respective
shareholders, officers, or directors, except that the confidentiality
obligations of Sections 5.2, and Sections 5.1(a)(v), 10.3, 10.4, 10.12 and 10.13
hereof shall survive indefinitely.

                                  ARTICLE VIII.

                                TRANSITION PERIOD

SECTION 8.1       INSURANCE; MEMBERSHIPS

Effective at Closing, Seller shall terminate (a) all insurance coverage for the
Company including, but not limited to, auto insurance, travel agent errors and
omissions insurance and all property and casualty insurance coverage, and (b)
all professional memberships of the Company (except to the extent such
memberships are assumed by Buyer on or prior to the Closing Date), including,
but not limited to, membership in the United States Tour Operators Association.

SECTION 8.2       TRANSITION PERIOD

Notwithstanding the foregoing and in order to provide an orderly transition
following the Closing, for a period through and including January 31, 2002 (the
"Transition Period") Seller agrees to continue medical and dental coverage for
the employees of the Company at Closing under premiums previously paid. Buyer
agrees to cause the Company to reimburse Seller for the administrative fees
related to such medical and dental insurance plan including the administrative
costs related to the claims run-off during the 90-day run-off period, upon
presentment of invoices therefor. The participation of the employees of the
Company in the Classic Vacation Group, Inc.

                                       17
<PAGE>

401(k) plan ceases at Closing. During the Transition Period, the Buyer will set
up a replacement 401(k) plan and transfer accounts of such employees from the
Classic Vacation Group, Inc. 401(k) plan into such new plan. Buyer agrees to
cause the Company to reimburse Seller for any administrative fees related to
employees remaining under the Classic Vacation Group, Inc. 401(k) plan,
including the cost of transferring such employees to such new plan, upon
presentment of an invoice therefor. During the Transition Period, Seller shall
not charge the Company for corporate overhead expenses associated with the
provision of the foregoing. Seller shall not renew the letters of credit
benefiting the Company, which may be outstanding as of the Closing Date.

                                   ARTICLE IX

                                    SURVIVAL

Notwithstanding any investigation made by or on behalf of any of the Parties or
the results of any such investigation and notwithstanding the participation of
such party in the Closing, the representations and warranties contained in
Article II (except for Section 2.5), Article III and Article IV and the
covenants contained in Article V shall terminate on the Closing Date and be
expressly extinguished and neither the Seller nor the Company nor any of their
respective Affiliates, officers, employees, agents or advisers shall be liable
for any alleged breach of the same. In addition, prior to Closing, the Buyer's
sole and absolute remedy for a breach of any representation, warranty or
covenant contained in the above-referenced Articles (including Section 2.5)
shall be to terminate this Agreement pursuant to Section 7.1 above and neither
the Seller nor the Company nor any of their respective Affiliates, officers,
employees, agents or advisors shall incur any liability for any alleged breach
of the same.

                                    ARTICLE X

                                  MISCELLANEOUS

SECTION 10.1      NON-COMPETITION

For a period of one (1) year from and after the Closing Date, the Seller and its
Affiliates shall not enter into competition with the Company by offering to,
soliciting, or marketing to travelers from outside the United States, the sale
of tour packages for travel to the United States from departure points outside
of the United States, provided, however, that this non-competition obligation of
the Seller and its Affiliates will terminate upon consummation of a sale of
substantially all of the stock or assets of the Seller or, as to any Affiliate,
the sale of substantially all of the stock or assets of such Affiliate.

SECTION 10.2      TAX AND AUDIT MATTERS

                                       18
<PAGE>

The Buyer shall prepare and file all Tax Returns of the Company becoming due
after Closing. Seller, Company and Buyer, individually and on behalf of each of
their Affiliates, hereby agree to use all commercially reasonable efforts to
cooperate and assist one another as necessary for the filing of any tax return
related to the Company or the Division, the completion of any audit related to
the Company or the Division or the resolution of any other Tax-related issue.
Buyer agrees to cause Company to maintain accurate and complete accounting and
personnel books and records for a period of time not shorter than the statute of
limitations applicable to tax or employee-related actions.

SECTION 10.3      PRESS RELEASES AND ANNOUNCEMENTS

Prior to the Closing Date, neither Party nor any of their Affiliates shall issue
any press release (or make any other public announcement) related to this
Agreement or the transactions contemplated hereby or make any announcement to
the employees, customers or suppliers of Seller without prior written or
electronically transmitted approval of the other Parties, except as may be
necessary, in the opinion of counsel to the party seeking to make disclosure, to
comply with the requirements of this Agreement or applicable law. If any such
press release or public announcement is so required, the party making such
disclosure shall consult with the other party prior to making such disclosure,
and the Parties shall use all reasonable efforts, acting in good faith, to agree
upon a text for such disclosure which is satisfactory to the Parties.

SECTION 10.4      EXPENSES

Except as otherwise expressly provided for herein, Seller and Buyer will pay all
of their own expenses (including attorneys' and accountants' fees) in connection
with the negotiation of this Agreement, the performance of their respective
obligations hereunder and the consummation of the transactions contemplated by
this Agreement (whether consummated or not). All transfer, documentary, sales,
use, stamp, registration and other such Taxes, and all conveyance fees,
recording charges and other fees and charges, including penalties and interest,
incurred in connection with this Agreement shall be for the account of the
Seller and paid by Seller when due. The Seller, at its own expense, will file
all necessary Tax Returns related to any tax described in this section 10.4 or
as required to be filed by Seller under this Agreement.

SECTION 10.5      FURTHER ASSURANCES

Seller and Buyer agree that, on and after the Closing Date, each shall take all
appropriate action (without incurring any out-of-pocket expenses) and execute
any documents, instruments or conveyances of any kind which may be reasonably
necessary or advisable to carry out any of the provisions hereof.

SECTION 10.6      AMENDMENT AND WAIVER

This Agreement may not be amended or waived except in a writing executed by the
party against which such amendment or waiver is sought to be enforced. No course
of dealing between or among any persons having any interest in this Agreement
will be deemed effective to modify or

                                       19
<PAGE>

amend any part of this Agreement or any rights or obligations of any person
under or by reason of this Agreement.

SECTION 10.7      NOTICES; SELLER'S AGENT

(a)      All notices, demands and other communications to be given or delivered
under or by reason of the provisions of this Agreement will be in writing and
will be deemed to have been given when personally delivered or mailed by first
class mail, return receipt requested, or when receipt is acknowledged, if sent
by facsimile, telecopy or other electronic transmission device. Notices, demands
and communications to Buyer and Seller will, unless another address is specified
in writing, be sent to the address indicated below:

Notices to Seller and/or Allied:

Classic Vacation Group, Inc.
One North First Street, Suite 300
San Jose, California 95113
Attention: Debbie A. Lundquist, Executive Vice President & Chief Financial
           Officer
Facsimile:  408-977-0282

Notices to Buyer:

Kuoni Holding Delaware Inc.
c/o Kuoni Reisen Holding AG
Attn: Max Katz
Neue Hard 7
CH-8010 Zurich
Switzerland

(b)      Allied hereby appoints Seller as its agent and attorney-in-fact to act
for and represent Allied in regard to any matters related to this Agreement and
related transactions.

SECTION 10.8      ASSIGNMENT

This Agreement and all of the provisions hereof will be binding upon and inure
to the benefit of the Parties and their respective successors and permitted
assigns, except that neither this Agreement nor any of the rights, interests or
obligations hereunder may be assigned by any Party without the prior written
consent of the other Parties.

SECTION 10.9      SEVERABILITY

Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be prohibited by or invalid under applicable law,
such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

                                       20
<PAGE>

SECTION 10.10      COMPLETE AGREEMENT

This Agreement and the other documents referred to herein contain the complete
agreement among the Parties and supersede any prior understandings, agreements
or representations by or among the Parties, written or oral, which may have
related to the subject matter hereof in any way.

SECTION 10.11     COUNTERPARTS

This Agreement may be executed in one or more counterparts, any one of which
need not contain the signatures of more than one Party, but all such
counterparts taken together will constitute one and the same instrument. With
regard to this Agreement and any and all documents related thereto, the Parties
agree that facsimile copies shall be binding as originally executed copies.

SECTION 10.12     GOVERNING LAW

The internal law, without regard to conflicts of laws principles, of the State
of New York will govern all questions concerning the construction, validity and
interpretation of this Agreement and the performance of the obligations imposed
by this Agreement.

SECTION 10.13     CONSENT TO JURISDICTION

This Agreement and the duties and obligations of the Parties hereunder and under
each of the documents referred to herein shall be enforceable against any of
Buyer, Allied, Company or Seller in the courts of the State of New York in the
United States of America. For such purpose, Buyer, Allied, Company and Seller
hereby irrevocably submit to the non-exclusive jurisdiction of such courts, and
agrees that all claims in respect of this Agreement and such other documents may
be heard and determined in any of such courts.

                                       21
<PAGE>

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

                                 CLASSIC VACATION GROUP, INC.

                                 By:  /S/ RONALD M. LETTERMAN
                                     ---------------------------
                                   Name:  Ronald M. Letterman
                                   Title:   President and CEO

                                 ALLIED TOURS, LLC

                                 By:  /S/ DEBBIE A. LUNDQUIST
                                     ---------------------------
                                   Name:  Executive Vice President
                                   Title:   Debbie A. Lundquist

                                 ALLIED TOURS, INC.

                                 By:  /S/ DEBBIE A. LUNDQUIST
                                     ---------------------------
                                   Name:  Debbie A. Lundquist
                                   Title:  Executive Vice President

                                 KUONI HOLDING DELAWARE, INC.

                                 By:   /S/ MAX E. KATZ
                                     ---------------------------
                                   Name:  Max E. Katz
                                   Title:   President

                                       22<PAGE>

                                                                 EXHIBIT 10.54

                      STOCK AND ASSET PURCHASE AGREEMENT

               THIS STOCK AND ASSET PURCHASE AGREEMENT is entered into as of
January 22, 2002, by and among Classic Vacation Group, Inc., a New York
corporation ("SELLER"), GVG Technology, Inc. ("TECHNOLOGY"), a Delaware
corporation and a wholly owned subsidiary of the Seller ("GVG TECH"),
Globetrotters Vacations, Inc. (formerly known as MTI Vacations, Inc. and as
GVGAC No. 1, Inc.), a Delaware corporation ("COMPANY"), and Private Label
Travel, Inc., a Delaware corporation ("BUYER").

               WHEREAS, the Seller owns all of the issued and outstanding
capital stock of the Company which consists of 1,000 shares of Common Stock of
the Company (the "SHARES");

               WHEREAS, GVG Tech owns certain computer hardware as detailed on
Schedule 1 hereto (the "HARDWARE")

               WHEREAS, the Seller desires to sell and the Buyer desires to
purchase all of the Shares, and GVG Tech desires to sell and the Buyer desires
to purchase the Hardware, all at the price and upon the terms and conditions
hereinafter set forth;

               NOW, THEREFORE, in consideration of the foregoing and of the
mutual covenants and agreements hereinafter set forth, the parties hereto
hereby agree as follows:

1.      DEFINITIONS

               For all purposes of this Purchase Agreement, certain
capitalized terms specified in Exhibit B shall have the meanings set forth in
that Exhibit B, except as otherwise expressly provided.

2.      SALE AND PURCHASE OF STOCK AND HARDWARE

        2.1.   SALE AND PURCHASE OF STOCK AND HARDWARE

               On the basis of the representations, warranties and agreements
contained herein, and subject to the terms and conditions hereof, the Seller
and GVG Tech agree to sell to the Buyer, and the Buyer agrees to purchase from
the Seller, (i) the Shares, and (ii) the Hardware, all at the purchase price
specified in SECTION 2.2.

<PAGE>

        2.2.   PURCHASE PRICE

               The aggregate purchase price for the Shares and the Hardware
shall be Ten Dollars ($10.00) (the "PURCHASE PRICE").

        2.3.   PAYMENT AT THE CLOSING

               At the Closing, the Buyer shall deliver to the Seller, in
immediately available lawful U.S. funds, the Purchase Price.

        2.4.   GVG TECH AND TRIPS PRO

               GVG Tech agrees to grant to the Company a royalty-free,
warranty-free, exclusive license, in substantially the form attached hereto as
Exhibit F, to use the TRIPS PRO software (the "LICENSE"). The License shall
have a perpetual term. ALL WARRANTIES UNDER THE LICENSE ARE DISCLAIMED,
INCLUDING WARRANTIES OF MERCHANTIBILITY OR FITNESS AND AGGREGATE LIABILITY FOR
THE LICENSOR UNDER THE LICENSE SHALL NOT EXCEED THE PRICE PAID FOR THE
LICENSE. The Buyer agrees to purchase and GVG Tech agrees to sell, on the
first anniversary of the Closing Date, the TRIPS PRO software assets currently
owned by Technology for an aggregate purchase price of Ten Dollars ($10.00)
(the "Tech Purchase"), provided, however, that the Buyer agrees to complete
the Tech Purchase as promptly as practicable at any time prior to the first
anniversary of the Closing Date upon thirty days written notice by Seller.
Until the Tech Purchase is completed, Seller and GVG Tech agree not to allow
any Encumbrances to exist on the software that is the subject of the License.

        2.5.   TRANSFER OF CERTAIN ASSETS

The parties agree that all assets and liabilities of the Company related to
Hyatt Vacations shall be transferred, conveyed and assigned prior to Closing
pursuant to that certain Bill of Sale, Assignment and Assumption Agreement
(the "ASSIGNMENT AND ASSUMPTION AGREEMENT") included as Exhibit C hereto, and
shall be accounted for on the financial reports, books and records of, Classic
Custom Vacations, Inc. If necessary to accurately reflect the assets and
liabilities of the Company related to Hyatt Vacations at Closing, the parties
shall make a mutually satisfactory post-closing adjustment to the assets and
liabilities transferred to Classic Custom Vacations to ensure that all the
assets and liabilities related to Hyatt Vacations as of the Closing Date have
been transferred to Classic Custom Vacations. The parties further agree that
any receivables or payables existing solely between the Seller (or any of its
Affiliates) and the Company as of December 31, 2001, shall be forgiven by the
Seller (or caused by the Seller to be forgiven in the case of its Affiliates)
and the Company at Closing.

                                     -2-
<PAGE>

3.      ADDITIONAL UNDERTAKINGS AND COVENANTS

               The Buyer on the one hand, and the Seller, on the other hand,
hereby covenant and agree with each other as follows:

        3.1.   CONSENTS AND APPROVALS

               (a)    The Buyer, the Company, GVG Tech and the Seller shall
take all measures reasonably necessary or advisable to secure such consents,
authorizations and approvals of governmental and supragovernmental authorities
and of private persons or entities with respect to the transactions
contemplated by this Purchase Agreement, and to the performance of all other
obligations of such parties hereunder, as may be required by any applicable
statute or regulation of the United States or any country, state or other
jurisdiction or by any Agreement of any kind whatsoever to which the Buyer,
the Company or the Seller is a party or by which the Buyer, the Company, GVG
Tech or the Seller is bound.

               (b)    The Buyer, the Company, GVG Tech and the Seller shall
(i) cooperate in the filing of all forms, notifications, reports and
information, if any, required or reasonably deemed advisable pursuant to
applicable statutes, rules, regulations or orders of any governmental or
supragovernmental authority in connection with the transactions contemplated
by this Purchase Agreement and (ii) use their respective good faith efforts to
cause any applicable waiting periods thereunder to expire and any objections
to the transactions contemplated hereby to be withdrawn before the Closing.

        3.2.   OPERATION OF BUSINESS OF COMPANY

               (a)    Except as contemplated by this Purchase Agreement or as
reasonably required to carry out its obligations hereunder, the Company shall
use commercially reasonable efforts to, through the Closing Date, (i) preserve
its business organization and its present relationships with customers,
suppliers, consultants, employees and any other persons having business
relations with them; and (ii) maintain all of its Assets in customary repair
and condition.

               (b)    Except as contemplated by this Purchase Agreement or as
reasonably required to carry out its obligations hereunder, the Company shall,
through the Closing Date, conduct its business only in the Ordinary Course of
Business and, in addition, not: (i) issue any capital stock or any options,
warrants or other rights to subscribe for or purchase any of its capital stock
or any securities convertible into or exchangeable for their capital stock;
(ii)

                                     -3-
<PAGE>

declare, set aside or pay any dividend or distribution with respect to its
capital stock to stockholders or its Affiliates; (iii) directly or indirectly
redeem, purchase or otherwise acquire any of its capital stock; (iv) effect a
split, reclassification or other change in or of any of its capital stock; (v)
amend its certificate or articles of incorporation or its bylaws; (vi) borrow
or agree to borrow any funds, or directly or indirectly guarantee or agree to
guarantee the obligations of others; (vii) enter into any Agreement which may
have a material effect on its business and operations; (viii) place, or allow
to be placed, an Encumbrance on any of its Assets; (ix) cancel any
indebtedness owing to the Company or any Claims which the Company may possess,
or waive any rights of substantial value; (x) sell, assign or transfer any
Intellectual Property; (xii) sell or otherwise dispose of any interest in any
Asset; (xiii) commit any act or omit to do any act, or engage in any activity
or transaction or incur any obligation (by conduct or otherwise), which
(individually or in the aggregate) reasonably could be expected to have a
material adverse effect on its business or Assets; or (xiv) make any loan or
advance to any stockholder, officer or director of Company or to any other
person, firm or corporation.

4.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY

               The Company represents and warrants to the Buyer as follows:

        4.1.   AUTHORIZATION

               The execution, delivery and performance by Company of this
Purchase Agreement and all other Documents contemplated hereby, the
fulfillment of and compliance with the respective terms and provisions hereof
and thereof, and the consummation by Company of the transactions contemplated
hereby and thereby, do not and will not require any consent or approval of the
Seller that has not been or will not be, as applicable, obtained.

        4.2.   BINDING OBLIGATION

               This Purchase Agreement constitutes a valid and binding
obligation of Company, enforceable in accordance with its terms; and each
Document to be executed by Company pursuant hereto, when executed and
delivered in accordance with the provisions hereof, shall be a valid and
binding obligation of Company, enforceable in accordance with its terms.

        4.3.   ORGANIZATION

               The Company is a corporation, duly organized, validly existing
and in good standing under the laws of the State of Delaware. The Company has
full corporate power and authority to own, lease and use its Assets and to
carry

                                     -4-
<PAGE>

on its business as presently conducted. The Company owns no capital stock or
interest in any other entity.

5.      REPRESENTATIONS AND WARRANTIES OF THE SELLER

               The Seller hereby represents and warrants to Buyer as follows:

        5.1.   TITLE TO COMMON STOCK

               The Seller is, and on the Closing Date will be, the lawful
owner of all of the Shares. The Seller has, and on the Closing Date will have,
good, valid and marketable title, free and clear of all Encumbrances, to the
Shares, with full right and lawful authority to sell and transfer the Shares
to the Buyer pursuant to this Agreement.

        5.2.   AUTHORITY AND CAPACITY

               The Seller has full legal right, capacity, power and authority
(corporate or otherwise) to execute this Purchase Agreement and to consummate
the transactions contemplated hereby.

        5.3.   BINDING OBLIGATION

               This Purchase Agreement constitutes a valid and binding
obligation of the Seller, enforceable in accordance with its terms. Each
Document to be executed by the Seller pursuant hereto, when executed and
delivered in accordance with the provisions hereof, will be a valid and
binding obligation of the Seller, enforceable in accordance with its terms.

        5.4.   TAXES

               The Seller has duly filed on behalf of the Company all Company
Tax Returns required to be filed by Company on or before the Closing Date with
respect to all applicable Taxes. No penalties or other charges are or will
become due with respect to any of the Company Tax Returns as the result of the
late filing thereof. All of the Company Tax Returns are (or, in the case of
returns becoming due after the date hereof and on or before the Closing Date,
will be) true and complete in all material respects. The Company will not
incur any post-Closing liability for Taxes solely as a result of being an
entity that has been consolidated with the Seller for Tax reporting purposes.

                                     -5-
<PAGE>

        5.5.   EMPLOYEE BENEFIT MATTERS

               Other than as a result of actions taken by any of the
shareholders of Buyer in their capacity as managers of the Company, or any
inaction in such capacity by shareholders of Buyer, the Company will not incur
any post-Closing liability as a result of any participation prior to the
Closing in any multiemployer plan as defined in Section 3(37) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") or as a result of
any plan subject to Title IV of ERISA which covered any employees of the
Company (or any person, firm or corporation which was under common control
within the meaning of Section 4001(b) of ERISA with the Company during such
period of common control).

        5.6.   BALANCE SHEET

               Attached as Schedule 6.6(a) is a copy of the unaudited balance
sheet of the Company dated December 31, 2001 (the "Balance Sheet"). The
Company has title to all Assets reflected on the Balance Sheet. Neither the
Seller nor the Officers or Directors of the Company set forth on Schedule
6.6(b) (the "OFFICERS OR DIRECTORS") has entered into any contract or incurred
any liability on behalf of the Company that is not disclosed on the Balance
Sheet or has not otherwise been disclosed to one of the Shareholders of the
Buyer. Other than the actions contemplated by this Agreement, since the date
of the Balance Sheet (December 31, 2001), neither the Seller nor the Officers
or Directors has taken any action or caused the Company to take any action
that would result in acquisition or disposition by the Company of any assets
or liabilities.

6.      REPRESENTATIONS AND WARRANTIES OF GVG TECH

               GVG Tech hereby represents and warrants to Buyer as follows:

        6.1.   TITLE TO HARDWARE

               GVG Tech is, and on the Closing Date will be, the lawful owner
of the Hardware. GVG Tech has, and on the Closing Date will have, good, valid
and marketable title, free and clear of all Encumbrances, to the Hardware,
with full right and lawful authority to sell and transfer the Hardware to the
Buyer pursuant to this Agreement.

        6.2.   AUTHORITY AND CAPACITY

               GVG Tech has full legal right, capacity, power and authority
(corporate or otherwise) to execute this Purchase Agreement and to consummate
the transactions contemplated hereby.

                                     -6-
<PAGE>

        6.3.   BINDING OBLIGATION

               This Purchase Agreement constitutes a valid and binding
obligation of GVG Tech, enforceable in accordance with its terms. Each
Document to be executed by GVG Tech pursuant hereto, when executed and
delivered in accordance with the provisions hereof, will be a valid and
binding obligation of GVG Tech, enforceable in accordance with its terms.

7.      REPRESENTATIONS AND WARRANTIES OF BUYER

               The Buyer hereby represents and warrants to the Seller as
follows:

        7.1.   AUTHORITY AND CAPACITY

               The Buyer has full legal right, capacity, power and authority
(corporate or otherwise) to execute this Purchase Agreement and to consummate
the transactions contemplated hereby.

        7.2.   BINDING OBLIGATION

               This Purchase Agreement constitutes a valid and binding
obligation of the Buyer, enforceable in accordance with its terms. Each
Document to be executed by the Buyer pursuant hereto, when executed and
delivered in accordance with the provisions hereof, shall be a valid and
binding obligation of the Buyer, enforceable in accordance with its terms.

8.      RESTRICTED SECURITIES

               The Buyer represents, warrants and covenants as follows:

        8.1.   NO REGISTRATION UNDER THE SECURITIES ACT

               The Buyer understands that the Shares to be purchased by it
under this Purchase Agreement have not been registered under the Securities
Act, in reliance upon exemptions contained in the Securities Act or
interpretations thereof, and cannot be offered for sale, sold or otherwise
transferred unless such Common Stock being acquired hereunder subsequently is
so registered or qualifies for exemption from registration under the
Securities Act.

        8.2.   ACQUISITION FOR INVESTMENT

               The Shares are being acquired under this Purchase Agreement by
the Buyer in good faith solely for its own account, for investment and not
with

                                     -7-
<PAGE>

a view toward resale or other distribution within the meaning of the
Securities Act. The Shares will not be offered for sale, sold or otherwise
transferred by the Buyer without either registration or exemption from
registration under the Securities Act.

        8.3.   EVALUATION OF MERITS AND RISKS OF INVESTMENT

               The Buyer has such knowledge and experience in financial and
business matters that the Buyer is capable of evaluating the merits and risks
of Buyer's investment in the Shares being acquired hereunder. The Buyer
understands and is able to bear any economic risks associated with such
investment (including, without limitation, the necessity of holding the Shares
for an indefinite period of time, inasmuch as the Shares have not been
registered under the Securities Act). The Buyer has obtained such information
as he or she considered necessary or appropriate in order to evaluate a
proposed investment in the Company.

9.      CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLER

               The obligations of the Seller under this Purchase Agreement are
subject to the fulfillment, at or prior to the Closing, of each of the
following conditions, and failure to satisfy any such condition shall excuse
and discharge all obligations of the Seller to carry out the provisions of
this Agreement, unless such failure is agreed to in writing by the Seller:

        9.1.   REPRESENTATIONS AND WARRANTIES

               The representations and warranties made by the Buyer in this
Purchase Agreement or in any Document Furnished by the Buyer pursuant to this
Purchase Agreement shall be true and complete when made and on and as of the
Closing Date as though such representations and warranties were made on and as
of such date, except for any changes expressly permitted by this Agreement.

        9.2.   PERFORMANCE

               The Buyer shall have performed and complied with all Agreements
and conditions required by this Purchase Agreement to be performed or complied
with by the Buyer prior to the Closing Date.

        9.3.   LEGAL PROCEEDINGS

               No action or proceeding by or before any governmental authority
shall have been instituted or threatened (and not subsequently dismissed,

                                     -8-
<PAGE>

settled or otherwise terminated) which is reasonably expected to restrain,
prohibit or invalidate the transactions contemplated by this Agreement, other
than an action or proceeding instituted or threatened by the Seller.

        9.4.   BUYER'S CERTIFICATE

               The Buyer shall have delivered the Seller a certificate, dated
as of the Closing Date and executed by the Buyer, certifying to the
fulfillment of the conditions set forth in SECTIONS 10.1 through 10.3.

        9.5.   VAIL RESORTS AGREEMENT

               Vail Resorts Management Company ("VRMC") shall have agreed to
the assignment to and assumption by the Company of the rights, duties and
obligations of GVG Tech under (i) the Standard Engagement Agreement dated
August 31, 1999, as amended, by and among GVG Tech and VRMC, (ii) the End User
Software License Agreement dated August 31, 1999, as amended, by and among GVG
Tech and VRMC and (iii) the Software Support Agreement dated August 31, 1999,
as amended, by and among GVG Tech and VRMC.

        9.6.   HYATT VACATIONS AGREEMENT

               The Hyatt Corporation shall have agreed to the assignment and
assumption of the Company's rights, duties and obligations under the Agreement
between Hyatt Corporation and Globetrotters Vacations, Inc. effective January
1, 2000, with respect the Hyatt Vacations Program by Classic Custom Vacations,
Inc.

        9.7.   DOCUMENTS AT CLOSING

               All documents required to be furnished by the Buyer to the
Seller prior to or at the Closing shall have been so furnished.

        9.8.   LANDLORD CONSENTS

               LaSalle National Trust, N.A. as trustee ("LANDLORD"), under
that certain Office Lease dated April 30, 1998, between Landlord and Company
shall have provided written consent to the change of control transaction under
this Purchase Agreement and released Seller of all duties, obligations and
liabilities, if any, under the Lease. Landlord shall have consented under that
certain Office Lease dated April 30, 1998, between Landlord and Technology to
assignment and assumption of Technology's rights, duties and obligations under
such lease to the Company.

                                     -9-
<PAGE>

        9.9.   CASH COLLATERAL FOR CERTAIN OUTSTANDING LETTERS OF CREDIT

               The Buyer shall have provided cash collateral to the Seller in
immediately available lawful U.S. funds equal in amount to 103% of the
issuance amounts of those certain letters of credit listed on Exhibit D to the
Agreement (the "LETTERS OF CREDIT") and pursuant to the Pledge Agreement also
included in Exhibit D to the Agreement, with such cash collateral, less any
fees or bank charges levied on the Seller directly related to the Letters of
Credit, to be returned to the Buyer as promptly as practicable upon
termination or expiration of such Letters of Credit.

        9.10.  INSURANCE

               The Buyer shall have provided written evidence of sufficient
property, casualty and professional liability insurance for the Company in
effect as of the Closing Date (as the Seller will cancel such policies related
to the Company as of the Closing Date).

        9.11.  HYATT OUTSOURCING AGREEMENT

               The Seller shall have received a Hyatt Outsourcing Agreement in
substantially the form attached hereto as Exhibit E hereto executed by the
Company.

10.     CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER

               The obligations of the Buyer under this Purchase Agreement are
subject to the fulfillment, at or prior to the Closing, of each of the
following conditions, and failure to satisfy any such condition shall excuse
and discharge all obligations of the Buyer to carry out the provisions of this
Agreement, unless such failure is agreed to in writing by the Buyer:

        10.1.  REPRESENTATIONS AND WARRANTIES

               The representations and warranties made by Seller, GVG Tech and
the Company in this Purchase Agreement or in any Document Furnished by Seller,
GVG Tech and/or the Company pursuant to this Purchase Agreement shall be true
and complete when made, and on and as of the Closing Date as though such
representations and warranties were made on and as of such date, except for
any changes expressly permitted by this Agreement.

                                     -10-
<PAGE>

        10.2.  PERFORMANCE

               The Seller, GVG Tech and the Company shall have performed and
complied with all Agreements and conditions required by this Purchase
Agreement to be performed or complied with prior to the Closing Date.

        10.3.  LEGAL PROCEEDINGS

               No action or proceeding by or before any governmental authority
shall have been instituted or threatened (and not subsequently settled,
dismissed or otherwise terminated) which is reasonably expected to restrain,
prohibit or invalidate the transactions contemplated by this Purchase
Agreement other than an action or proceeding instituted or threatened by the
Buyer.

        10.4.  SELLER'S CERTIFICATE

               The Seller shall have delivered to the Buyer a certificate,
dated as of the Closing Date and executed by the Seller, certifying to the
fulfillment of the conditions specified in SECTIONS 10.1 through 10.3.

        10.5.  HYATT OUTSOURCING AGREEMENT

               The Buyer shall have received a Hyatt Outsourcing Agreement in
substantially the form attached hereto as Exhibit E hereto executed by the
Company.

        10.6.  DOCUMENTS AT CLOSING

               All documents required to be Furnished by the Seller to the
Buyer prior to or at the Closing shall have been so Furnished.

        10.7.  ASSET TRANSFERS

               The transfers described in Section 2.5 of this Purchase
Agreement shall have been completed.

        10.8.  RESIGNATIONS OF DIRECTORS AND OFFICERS

               The Buyer shall have received the written resignations of all
of the members of the Board of Directors and Officers of Company (effective as
of the Closing).

                                     -11-
<PAGE>

        10.9.  MATERIAL ADVERSE CHANGE

               Other than as contemplated herein, including but not limited to
the transfers described in Section 2.5 hereof and the cash collateral
described in Section 9.9 hereof, regardless of the materiality thereof, since
the date hereof there shall have been no material adverse change in the
financial condition, assets, or liabilities of the Company.

11.     CLOSING

        11.1.  CLOSING OF SALE AND PURCHASE

               Subject to the terms and conditions of this Purchase Agreement,
the Closing shall take place at the offices of the Seller on the Closing Date.

        11.2.  DELIVERIES BY THE SELLER

               At the Closing, the Seller shall deliver to the Buyer the
following:

               (a)    certificates representing the Shares being sold to the
Buyer pursuant to SECTION 2.1, duly endorsed in blank or with duly executed
stock powers attached (though such certificates may be delivered within 3 days
of Closing, if acceptable to Buyer);

               (b)    the certificates of incumbency and specimen signatures
                      of the signatory officers of Seller;

               (c)    a copy of the certificate of incorporation the Seller;

               (d)    a copy of the text of the resolutions adopted by the
                      board of directors of Seller authorizing the execution,
                      delivery and performance of this Agreement and the
                      consummation of all of the transactions contemplated by
                      this Agreement; and

               (e)    the certificate required by SECTION 10.4.

        11.3.  DELIVERIES BY COMPANY

               At the Closing, Company shall deliver to the Buyer:

               (a)    the certificates of incumbency and specimen signatures
                      of the signatory officers of Company;

               (b)    a copy of the certificate of incorporation the Company
                      and a recently dated good standing certificate from the
                      Company's jurisdiction of formation;

                                     -12-
<PAGE>

               (c)    a copy of the text of the resolutions adopted by the
                      board of directors of Company authorizing the execution,
                      delivery and performance of this Agreement and the
                      consummation of all of the transactions contemplated by
                      this Agreement; and;

               (d)    the minute book, the articles of incorporation and
                      bylaws of Company and all other books and records
                      reasonably requested by Buyer.

        11.4.  DELIVERIES BY GVG TECH

               At the Closing, GVG Tech shall deliver to the Company:

               (a)    the Hardware;

               (b)    a copy of the text of the resolutions adopted by the
                      board of directors of GVG Tech authorizing the
                      execution, delivery and performance of this Agreement
                      and the consummation of all of the transactions
                      contemplated by this Agreement;

               (c)    a copy of the certificate of incorporation of GVG Tech;
                      and

               (d)    the certificates of incumbency and specimen signatures
                      of the signatory officers of GVG Tech.

        11.5.  DELIVERIES BY BUYER

               At the Closing, the Buyer shall deliver the following:

               (a)    to the Seller, cash in the amount of the Purchase Price;

               (b)    the certificates of incumbency and specimen signatures
                      of the signatory officers of Buyer;

               (c)    a copy of the text of the resolutions adopted by the
                      board of directors of Buyer authorizing the execution,
                      delivery and performance of this Agreement and the
                      consummation of all of the transactions contemplated by
                      this Agreement; and

               (d)    a copy of the certificate of incorporation the Buyer;

               (e)    the certificate required by SECTION 9.4.

                                     -13-
<PAGE>

12.     SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION; REMEDIES

        12.1.  SURVIVAL OF REPRESENTATIONS

               All representations, warranties, covenants, indemnities and
other Agreements made by any party to this Purchase Agreement herein or
pursuant hereto shall also be deemed made on and as of the Closing Date as
though such representations, warranties, covenants, indemnities and other
Agreements were made on and as of such date, and all such representations,
warranties, covenants, indemnities and other Agreements shall survive the
Closing for a period of one year and any investigation, audit or inspection at
any time made by or on behalf of any party hereto.

        12.2.  AGREEMENT OF SELLER TO INDEMNIFY

               Subject to the conditions and provisions of this SECTION 12,
the Seller hereby agrees to indemnify, defend and hold harmless the Buyer and
any other Buyer Indemnified Persons from and against and in respect of all
Claims asserted against, resulting to, imposed upon or incurred by (i) the
Buyer (whether such Claims are by, against or relate to Company, GVG Tech, the
Seller or any other party, including, without limitation, a governmental
entity), directly or indirectly, by reason of or resulting from any
misrepresentation or breach of any representation or warranty, or
noncompliance with conditions or other Agreements, given or made by the Seller
in this Purchase Agreement or in the Exhibits attached hereto or in any
Document Furnished by or on behalf of the Seller pursuant to this Purchase
Agreement, or (ii) the Buyer or any other Buyer Indemnified Person for Claims
related to Friendly Holidays, Inc. resulting from any actions taken by
Friendly Holidays, Inc. prior to January 1, 2000. Notwithstanding the
foregoing, the Buyer shall not be entitled to bring a claim for
indemnification under this Section 12.2 following the one-year anniversary of
the Closing Date, provided, however, that Seller may notify Buyer that,
provided settlement of any obligations hereunder, Seller is in a position to
liquidate (the "Notice of Liquidation") in which case Buyer shall not be
entitled to bring a claim for indemnification under this Section 12.2
following the date thirty days after receipt of the Notice of Liquidation by
the Buyer. The aggregate liability not including the Assignment Expense (as
defined below) of the Seller for all Claims under this Section 12 shall not
exceed Two Hundred and Fifty Thousand Dollars ($250,000). In addition, for a
period of 60 days following Closing (the "Seller Period"), Seller agrees to
seek consent to assignment at the expense, if any, of Buyer, of Seller's
rights under that certain Software License with FlexiInternational Software,
Inc. (the "Flexi License") to the Company. Immediately after the Seller
Period, if Seller has failed to secure consent to assignment of such rights
under the Flexi License, for a 30-day period (the "Buyer Period") Buyer shall
have the right to seek consent to assignment, at the expense, if any, of Buyer
of such rights under the Flexi

                                     -14-
<PAGE>

License or obtain a license for a replacement product performing the function
served by the software under the Flexi License. During such 90-day period
(including the Seller Period and the Buyer Period) but not thereafter, Seller
agrees to indemnify the Buyer or any other Buyer Indemnified Person for half
of the cost, if any, up to $50,000, related to the assignment of rights, or
the failure or inability to assign the rights, or cost of a replacement
product performing the function served by the software under the Flexi
License, to the Company under the Flexi License.

        12.3.  AGREEMENT OF THE BUYER TO INDEMNIFY

               Subject to the conditions and provisions of this SECTION 12,
the Buyer hereby agrees to indemnify, defend and hold harmless the Seller and
any other Seller Indemnified Persons from and against and in respect of all
Claims asserted against, resulting to, imposed upon or incurred by the Seller
(whether such Claims are by, against or relate to the Buyer or any other
party, including, without limitation, a governmental entity), directly or
indirectly, by reason of or resulting from any misrepresentation or breach of
any representation or warranty, or noncompliance with any conditions or other
Agreements, given or made by the Buyer in this Purchase Agreement or in the
Exhibits or in any Document Furnished by or on behalf of the Buyer pursuant to
this Purchase Agreement. Notwithstanding the foregoing, the Seller shall not
be entitled to bring a claim for indemnification under this Section 12.3
following the one-year anniversary of the Closing Date or following the
delivery of a Notice of Liquidation by Seller. The aggregate liability of the
Buyer for all Claims under this Section 13 shall not exceed Two Hundred and
Fifty Thousand Dollars ($250,000).

        12.4.  CONDITIONS OF INDEMNIFICATION

               The obligations and liabilities of the Seller and the Buyer
hereunder with respect to their respective indemnities pursuant to this
SECTION 12, resulting from any Claim shall be subject to the following terms
and conditions:

               (a)    The indemnified party shall give prompt written notice
to the indemnifying party of any Claim which is asserted against, resulting
to, imposed upon or incurred by such indemnified party and which may give rise
to liability of the indemnifying party pursuant to this SECTION 12, stating
(to the extent known or reasonably anticipated) the nature and basis of such
Claim and the amount thereof.

               (b)    The indemnified party may engage counsel or
representatives of its own choosing with respect to any such Claim, such
representation (including the compromise or settlement of any Claim) to be
undertaken on behalf of and for the account and risk of the indemnifying
party. In the event

                                     -15-
<PAGE>

the indemnified party elects not to undertake such defense by its own
representatives, the indemnified party shall give prompt written notice of
such election to the indemnifying party, and the indemnifying party will
undertake the defense thereof by counsel or other representatives designated
by it whom the indemnified party determines in writing to be satisfactory for
such purposes. The consent of the indemnified party to the indemnifying
party's choice of counsel or other representative shall not be unreasonably
withheld.

               (c)    In the event that any Claim shall arise out of a
transaction or cover any period or periods wherein the Seller, on the one
hand, and the Buyer, on the other hand, shall each be liable hereunder for
part of the liability or obligation arising therefrom, then the parties shall,
each choosing its or his own counsel and bearing its or his own expense,
defend such Claim, and no settlement or compromise of such Claim may be made
without the joint consent or approval of the Buyer and the Seller (which
consent shall not be unreasonably withheld), except where the respective
liabilities and obligations of the Buyer and the Seller are clearly allocable
or attributable on the basis of objective facts.

        12.5.  REMEDIES CUMULATIVE

               The remedies provided herein and under the Escrow Agreement
shall be cumulative and shall not preclude the assertion by the Seller or the
Buyer of any other rights or the seeking of any other remedies against the
other, or their respective successors or assigns.

13.     POST-CLOSING MATTERS

               (a)    At the Seller's request and to the extent permitted by
the Code, at the Seller's sole expense, the Buyer and the Company agree to (A)
cooperate fully in the preparation and filing of an election under Code
Section 338(h)(10) with respect to the sale of the Common Stock hereunder and
(B) take all such action as is required in order to give effect to the
election for state, local, and foreign Tax purposes to the greatest extent
permitted by law. The Buyer and the Company agree not to amend any filings
related to the election without consent of the Seller. Seller shall be
responsible for, and shall indemnify and hold Buyer and the Company harmless
from, all Taxes owed by, attributable to or secured against the Company,
resulting from the Company being a member of an affiliated group filing a
consolidated, combined or unitary tax return, including, without limitation,
any taxes attributable to the deemed sale and liquidation of the Company
resulting from the filing of a Section 338(h)(10) election pursuant to Section
13(a) hereof, or the other transactions contemplated hereby, for all periods
ending on or before the Closing Date and that portion of any taxable period
through the Closing Date (a "STRADDLE PERIOD"). Taxes for a Straddle Period
shall be determined from the books and

                                     -16-
<PAGE>

records of the company, and shall be apportioned between the pre-closing and
post-closing periods of the taxable period as though the taxable year of the
Company terminated at the close of business on the Closing Date. Seller,
Company and Buyer hereby agree to use all commercially reasonable efforts to
cooperate and assist one another as necessary for the filing of any tax return
related to the Company, the completion of any audit related to the Company or
the resolution of any other Tax-related issue. Buyer agrees to cause the
Company to maintain accurate and complete accounting and personnel books and
records for a period of time not shorter than the statute of limitations
applicable to tax or employee-related actions.

               (b)    As of the Closing Date, the Seller shall terminate (a)
all insurance coverage for the Company including, but not limited to, auto
insurance, workers compensation, travel agent errors and omissions insurance
and all property and casualty insurance coverage, and (b) any and all
professional memberships entered into on behalf of the Company by the Seller,
including but not limited to, the Company's membership in the United States
Tour Operators Association.

               (c)    For a period of one year following the Closing Date,
Company shall continue to host CMS software at no charge for the Seller.

               (d)    For a period of 60 days from the Closing Date, the
Seller shall use commercially reasonable efforts to maintain the following
services and functions for the benefit of the Company: (i) certain letters of
credit as reflected on Exhibit D hereto; and (ii) to the extent permissible
under such agreements, agreements with Delta Air Lines, United Air Lines,
Hertz, Sabre, Amadeus and MCI Communications. The Buyer agrees to cause
Company to cease use of all such services and functions within 60 days of the
Closing Date. During the 60-day period in which the Seller continues to
provide such services and functions, the Buyer agrees to promptly reimburse
the Seller upon request for payment of costs, fees and expenses related to
such services and functions, either in advance of services rendered or, in the
discretion of the Seller, to pay directly any charges related to such services
and functions in response to invoices from third-party service providers.

               (e)    Buyer agrees to, within 15 days of Closing, apply for
prompt transfer of the Airline Reporting Corporation appointment and use
commercially reasonable efforts to effect transfer of such appointment as
promptly as possible.

               (f)    Seller agrees to continue medical and dental insurance
coverage for the employees of the Company at Closing through January 31, 2002.
Buyer agrees to set up medical and dental insurance for the employees of
Company effective on or prior to March 1, 2002. Prior to set-up of the Buyer's
plan, employees of Company may elect for coverage under the COBRA

                                     -17-
<PAGE>

statute. Buyer agrees to cause Company to collect any fees related thereto and
remit to Seller. Buyer agrees to cause the Company to reimburse Seller for the
administrative fees related to such medical and dental insurance plan
including the administrative costs related to the claims run-off during the
90-day run-off period, upon presentment of invoices therefor.

               (g)    The participation of the employees of the Company in the
Classic Vacation Group, Inc. 401(k) plan ceases at Closing. Buyer will set up
a replacement 401(k) plan within 60 days of Closing and the accounts of such
employees will be transferred from the Classic Vacation Group, Inc. 401(k)
plan into such new plan. If Buyer's 401(k) plan is not set up within 60 days
of Closing, Seller may, at its election, choose to treat such employees as
terminated rather than transfer the accounts of such employees into a Buyer
401(k) plan. Buyer agrees to cause the Company to reimburse Seller for any
administrative fees related to employees remaining under the Classic Vacation
Group, Inc. 401(k) plan, including the cost of transferring such employees to
such new plan, upon presentment of an invoice therefor. During the Transition
Period, Seller shall not charge the Company for corporate overhead expenses
associated with the provision of the foregoing.

               (h)    Seller shall not renew the letters of credit benefiting
the Company, which may be outstanding as of the Closing Date.

               (i)    For a period of 30 days following the Closing, the Buyer
and the Company agree to take or maintain the steps necessary to host the
email addresses currently used by Island Resort Tours, Inc.

               (j)    The Buyer and the Company agree that as of the Closing
Date Company employee Ms. Chris Mandarino will no longer be employed by the
Company and will instead be employed by Classic Custom Vacations. The Buyer
and the Company agree that, for a period of one year from and after the
Closing, neither Buyer nor the Company shall solicit Ms. Mandarino either
directly or indirectly for employment with the Company or with any other
entity.

14.     TERMINATION

        14.1.  TERMINATION

               This Purchase Agreement may be terminated at any time before
the Closing Date under any one or more of the following circumstances:

               (a)    by the mutual consent of the parties hereto;

               (b)    by the Buyer or the Seller, by written notice of
termination to the other parties hereto, if the Closing has not occurred by
January 23, 2002;

                                     -18-
<PAGE>

provided, that, Buyer shall be prohibited from terminating this Agreement
pursuant to this Section 14.1(b) if Buyer has failed to comply with all of
those conditions set forth in Article 9 for which Buyer is responsible and
Seller shall be prohibited from terminating this Agreement pursuant to this
Section 14.1(b) if Sellers and the Company have failed to comply with those
conditions set forth in Article 10.

        14.2.  EFFECT OF TERMINATION

               In the event this Purchase Agreement is terminated as provided
in this SECTION 14, this Purchase Agreement shall forthwith become wholly void
and of no effect, and the parties shall be released from all future
obligations hereunder, except that Section 15.3, 15.6 and 15.8 shall survive
indefinitely. The parties hereto shall have any and all remedies to enforce
such obligations provided at law or in equity (including, without limitation,
specific performance).

15.     MISCELLANEOUS

        15.1.  ADDITIONAL ACTIONS AND DOCUMENTS

               Each of the parties hereto hereby agrees to take or cause to be
taken such further actions, to execute, deliver and file or cause to be
executed, delivered and filed such further Documents, and will obtain such
consents, as may be necessary or as may be reasonably requested in order to
fully effectuate the purposes, terms and conditions of this Purchase
Agreement.

        15.2.  NO BROKERS

               Each of the parties hereto represents and warrants to the other
parties (and to each of them) that such party has not engaged any broker,
finder or agent in connection with the transactions contemplated by this
Purchase Agreement and has not incurred (and will not incur) any unpaid
liability to any broker, finder or agent for any brokerage fees, finders' fees
or commissions, with respect to the transactions contemplated by this Purchase
Agreement. Seller has engaged Dresdner Kleinwort Wasserstein as a financial
advisor on matters not specifically related to this Agreement but neither
Buyer nor Company shall incur any liability related to such engagement. Each
party agrees to indemnify, defend and hold harmless each of the other parties
from and against any and all claims asserted against such parties for any such
fees or commissions by any persons purporting to act or to have acted for or
on behalf of the indemnifying party.

                                     -19-
<PAGE>

        15.3.  EXPENSES

               Each party hereto shall pay its own expenses incident to this
Purchase Agreement and the transactions contemplated hereunder, including all
legal and accounting fees and disbursements.

        15.4.  ENTIRE AGREEMENT; AMENDMENT

               This Purchase Agreement, including the Exhibits and other
Documents referred to herein or Furnished pursuant hereto, constitutes the
entire Agreement among the parties hereto with respect to the transactions
contemplated herein, and it supersedes all prior oral or written Agreements,
commitments or understandings with respect to the matters provided for herein.
No amendment, modification or discharge of this Purchase Agreement shall be
valid or binding unless set forth in writing and duly executed and delivered
by the party against whom enforcement of the amendment, modification, or
discharge is sought.

        15.5.  WAIVER

               No delay or failure on the part of any party hereto in
exercising any right, power or privilege under this Purchase Agreement or
under any other Documents Furnished in connection with or pursuant to this
Purchase Agreement shall impair any such right, power or privilege or be
construed as a waiver of any default or any acquiescence therein. No single or
partial exercise of any such right, power or privilege shall preclude the
further exercise of such right, power or privilege, or the exercise of any
other right, power or privilege. No waiver shall be valid against any party
hereto unless made in writing and signed by the party against whom enforcement
of such waiver is sought and then only to the extent expressly specified
therein.

        15.6.  CONSENT TO JURISDICTION

               (a)    This Purchase Agreement and the duties and obligations
of the Buyer and the Seller hereunder and under each of the Documents referred
to herein shall be enforceable against any Buyer or the Sellers in the courts
of the United States of America and of the States of California and Illinois.
For such purpose, the Buyer and the Seller hereby irrevocably submit to the
non-exclusive jurisdiction of such courts, and agrees that all claims in
respect of this Purchase Agreement and such other Documents may be heard and
determined in any of such courts.

               (b)    The Buyer and the Seller hereby irrevocably agree that a
final judgment of any of the courts specified above in any action or
proceeding relating to this Purchase Agreement or to any of the other
Documents referred

                                     -20-
<PAGE>

to herein or therein shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.

        15.7.  SEVERABILITY

               If any part of any provision of this Purchase Agreement or any
other Agreement or document given pursuant to or in connection with this
Purchase Agreement shall be invalid or unenforceable in any respect, such part
shall be ineffective to the extent of such invalidity or unenforceability
only, without in any way affecting the remaining parts of such provision or
the remaining provisions of this Purchase Agreement.

        15.8.  GOVERNING LAW

               This Purchase Agreement, the rights and obligations of the
parties hereto, and any claims or disputes relating thereto, shall be governed
by and construed in accordance with the laws of the State of Delaware
(excluding the choice of law rules thereof).

        15.9.  NOTICES

               All notices, demands, requests, or other communications which
may be or are required to be given, served, or sent by any party to any other
party pursuant to this Purchase Agreement shall be in writing and shall be
hand delivered, sent by overnight courier or mailed by first-class, registered
or certified mail, return receipt requested, postage prepaid, or transmitted
by telegram, telecopy or telex, addressed as follows:

               (i)    If to the Buyer:

                      Private Label Travel, Inc.
                      2211 Butterfield Road
                      Downers Grove, Illinois 60515
                      Attn:  President
                      Facsimile:  (630) 271-6022

                                     -21-
<PAGE>

               (ii)   If to the Company:

                      Globetrotters Vacations, Inc.
                      2211 Butterfield Road
                      Downers Grove, Illinois 60515
                      Attn:  President
                      Facsimile:  (630) 271-6022

               (iii)  If to the Seller:

                      Classic Vacation Group, Inc.
                      One North First Street
                      San Jose, CA 95113
                      Attention: Chief Financial Officer
                      Facsimile No.: (408) 993-8547

        with a copy to:

                      J. Hovey Kemp
                      Hogan & Hartson LLP
                      555 13th Street, N.W.
                      Washington, D.C. 20004
                      Facsimile No.: (202) 637-5910

Each party may designate by notice in writing a new address to which any
notice, demand, request or communication may thereafter be so given, served or
sent. Each notice, demand, request, or communication which shall be hand
delivered, sent, mailed, telecopied or telexed in the manner described above,
or which shall be delivered to a telegraph company, shall be deemed
sufficiently given, served, sent, received or delivered for all purposes at
such time as it is delivered to the addressee (with the return receipt, the
delivery receipt, or (with respect to a telecopy or telex) the answerback
being deemed conclusive, but not exclusive, evidence of such delivery) or at
such time as delivery is refused by the addressee upon presentation.

        15.10. HEADINGS

               Section headings contained in this Purchase Agreement are
inserted for convenience of reference only, shall not be deemed to be a part
of this Purchase Agreement for any purpose, and shall not in any way define or
affect the meaning, construction or scope of any of the provisions hereof.

        15.11. EXECUTION IN COUNTERPARTS

               To facilitate execution, this Purchase Agreement may be
executed in as many counterparts as may be required. It shall not be necessary
that the

                                     -22-
<PAGE>

signatures of, or on behalf of, each party, or that the signatures of all
persons required to bind any party, appear on each counterpart; but it shall
be sufficient that the signature of, or on behalf of, each party, or that the
signatures of the persons required to bind any party, appear on one or more of
the counterparts. All counterparts shall collectively constitute a single
Agreement. It shall not be necessary in making proof of this Purchase
Agreement to produce or account for more than a number of counterparts
containing the respective signatures of, or on behalf of, all of the parties
hereto.

        15.12. LIMITATION ON BENEFITS

               The covenants, undertakings and agreements set forth in this
Purchase Agreement shall be solely for the benefit of, and shall be
enforceable only by, the parties hereto and their respective successors,
heirs, executors, administrators, legal representatives and permitted assigns,
except that the agreements set forth in SECTION 12 also shall be for the
benefit of, and enforceable by, the Buyer Indemnified Persons, the Seller
Indemnified Persons and their respective successors, heirs, executors,
administrators, legal representatives or permitted assigns.

        15.13. BINDING EFFECT

               Subject to any provisions hereof restricting assignment, this
Purchase Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors, heirs, executors,
administrators, legal representatives and assigns.

                                     -23-
<PAGE>

               IN WITNESS WHEREOF, the parties hereto have duly executed this
Purchase Agreement, or have caused this Purchase Agreement to be duly executed
on their behalf, as of the day and year first above written.

                                               BUYER:

                                               PRIVATE LABEL TRAVEL, INC.

                                               By: /s/ Richard Dickieson
                                                   -----------------------------
                                               Name:    Richard Dickieson
                                               Title:   President

                                               COMPANY:
                                               GLOBETROTTERS VACATIONS, INC.

                                               By: /s/ Debbie A. Lundquist
                                                   -----------------------------
                                               Name:    Debbie A. Lundquist
                                               Title:   Executive Vice President

                                               SELLER:
                                               CLASSIC VACATION GROUP, INC.

                                               By: /s/ Debbie A. Lundquist
                                                   -----------------------------
                                               Name:    Debbie A. Lundquist
                                               Title:   Executive Vice President

                                               GVG TECHNOLOGY, INC.

                                               By: /s/ Debbie A. Lundquist
                                                   -----------------------------
                                               Name:    Debbie A. Lundquist
                                               Title:   Executive Vice President

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