Document:

Bank of America

                   STATEMENT OF COMMISSIONS, FEES AND CHARGES

LETTER OF CREDIT # 3024580                               STATEMENT DATE 03/30/00
CUSTOMER NUMBER C0049366

CONSOLIDATED AMERICAN RENTAL                             US DOLLARS
INSURANCE COMPANY, LTD.
10324 SOUTH DOLFIELD ROAD
OWINGS MILLS, MD 21117

YOUR REFERENCE:
APPLICANT: CONSOLIDATED AMERICAN RENTAL
BENEFICIARY: NATIONAL UNION FIRE INSURANCE

                           SUMMARY OF FEES AND CHARGES
                           ---------------------------

DATE         FEE/CHARGE                                               FEE/AMOUNT
INCURRED     DESCRIPTION                                                AMOUNT

03/30/00     COURIER         STANDBY                                     25.00
03/30/00     STANDBY         ISSUING FEE                                150.00
                                                                        ------
                                   TOTAL FEES AND CHARGES DUE USD       175.00

                     SUMMARY OF LETTER OF CREDIT COMMISSIONS
                     ---------------------------------------

BILLING PERIOD: START OF PERIOD, ANNUALLY, ANNIVERSARY

DATE PERIOD             OUTSTANDING                                   COMMISSION
 BEGINS                   BALANCE                 RATE                  AMOUNT

03/30/00              1,000,000.00 USD          0.500000               5,069.45

                                     TOTAL STANDBY COMMISSION USD      5,069.45
                                                                       --------

                      TOTAL COMMISSIONS, FEES AND CHARGES DUE USD      5,244.45

WE CHARGED YOUR ACCOUNT #003929313118 TODAY.

FOR QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 213-345-6632.

                                                                        ORIGINALBank of America

DATE: MARCH 30, 2000

IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3024580

         BENEFICIARY                                    APPLICANT
NATIONAL UNION FIRE INSURANCE               CONSOLIDATED AMERICAN RENTAL
COMPANY OF PITTSBURG, PA.                   INSURANCE COMPANY, LTD.
70 PINE STREET 4TH FLOOR                    10324 SOUTH DOLFIELD ROAD
NEW YORK, NW 10270

ATTN: ARTHUR STILLWALL

                                                          AMOUNT
                                            USD 1,000,000.00
                                            ONE MILLION AND 00/100'S US DOLLARS

                                                        EXPIRATION
                                            MARCH 31, 2001 AT OUR COUNTERS

WE HEREBY ESTABLISH THIS IRREVOCABLE  LETTER OF CREDIT IN FAVOR OF THE AFORESAID
ADDRESSEE  ("BENEFICIARY")  FOR DRAWINGS UP TO UNITED STATES  $1,000,000.00 (ONE
MILLION  DOLLARS)  EFFECTIVE  IMMEDIATELY.  THIS  LETTER OF  CREDIT  IS  ISSUED,
PRESENTABLE  AND  PAYABLE  AT  OUR  OFFICE  AT  BANK  OF  AMERICA,  N.A.,  TRADE
OPERATIONS,  19TH FLOOR, 333 S. BEAUDRY AVE., LOS ANGELES,  CA 90017 AND EXPIRES
WITH OUR CLOSE OF BUSINESS ON MARCH 31, 2001.

THE TERM  "BENEFICIARY"  INCLUDES  ANY SUCCESS BY  OPERATION OF LAW OF THE NAMED
BENEFICIARY  INCLUDING,  WITHOUT  LIMITATION,  ANY  LIQUIDATOR,   REHABILITATOR,
RECEIVER OR CONSERVATOR.

WE  HEREBY  UNDERTAKE  TO  PROMPTLY  HONOR  YOUR  SIGHT  DRAFT(S)  DRAWN  ON US,
INDICATING  OUR  CREDIT  NO.  3024580  FOR ALL OR ANY  PARTY OF THIS  CREDIT  IF
PRESENTED AT OUR OFFICE  SPECIFIED IN PARAGRAPH ONE ON OR BEFORE THE EXPIRY DATE
OR ANY AUTOMATICALLY EXTENDED EXPIRY DATE.

EXCEPT AS  EXPRESSLY  STATED  HEREIN,  THIS  UNDERTAKING  IS NOT  SUBJECT TO ANY
AGREEMENT,  CONDITION OR QUALIFICATION.  THE OBLIGATION OF BANK OF AMERICA, N.A.
UNDER THIS  LETTER OF CREDIT IS THE  INDIVIDUAL  OBLIGATION  OF BANK OF AMERICA,
N.A. AND IS NO WAY CONTINGENT UPON REIMBURSEMENT WITH RESPECT THERETO.

                                                                        ORIGINAL
<PAGE>
                                                                         PAGE: 2

Bank of America

IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT IS DEEMED TO BE AUTOMATICALLY
EXTENDED  WITHOUT  AMENDMENT  FOR ONE YEAR FROM THE EXPIRY DATE  HEREOF,  OR ANY
FUTURE  EXPIRATION DATE, UNLESS AT LEAST 30 DAYS PRIOR TO ANY EXPIRATION DATE WE
NOTIFY YOU BY REGISTERED MAIL OR OVERNIGHT COURIER THAT WE ELECT NOT TO CONSIDER
THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD.

THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK AND THE 1993 REVISION OF THE UNIFORM  CUSTOMS AND PRACTICE FOR  DOCUMENTARY
CREDITS OF THE INTERNATIONAL  CHAMBER OF COMMERCE  (PUBLICATION 500) AND, IN THE
EVENT OF ANY CONFLICT, THE LAWS OF NEW YORK WILL CONTROL. IF THIS CREDIT EXPIRES
DURING  AN  INTERRUPTION  OF  BUSINESS  AS  DESCRIBED  IN  ARTICLE  17  OF  SAID
PUBLICATION 500, THE BANK HEREBY  SPECIFICALLY  AGREES TO EFFECT PAYMENT IF THIS
CREDIT IS DRAWN AGAINST WITHIN 30 DAYS AFTER THE RESUMPTION OF BUSINESS.

THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3024580

IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS  REGARDING THIS TRANSACTION,
PLEASE CALL 213-345-6632.

/s/                                         /s/
-------------------------------------       ------------------------------------
         AUTHORIZED SIGNATURE                       AUTHORIZED SIGNATURE

                      THIS DOCUMENT CONSISTS OF 2 PAGE(S).

                                                                        ORIGINALBank of America                                                   CERTIFICATE OF
                                                           CORPORATE RESOLUTIONS

                                    Borrowing

Resolutions of the Board of Directors of:

Name and Address of Company

Rent-A-Wreck of America, Inc.
10324 South Dolfield Drive
Owings Mills, Maryland 21117

                  (hereinafter "Company")

Authorizing borrowing from:

Name and Address of Bank

Commercial Banking
10 Light Street
Baltimore, Maryland 21202

                  (hereinafter "Bank")

Type of Company

*  Corporation

I certify  that I am the keeper of the  records  and  minutes of meetings of the
Board of Directors of Company,  a  corporation  chartered  under the laws of the
State of Delaware,  whose correct  corporate  name and address are stated above,
and that on Dec 16,  1999,  a meeting of the Board of  Directors  of Company was
held in  accordance  with law and the  by-laws  of  Company,  that a  quorum  of
directors  was present,  or (if the date was not completed  above  pursuant to a
written  consent  signed  by all the  members  of the Board of  Directors),  the
following  resolutions  were duly and legally  passed and have not been revoked,
altered or amended:

"Resolved,  that  Company  is  authorized  to  borrow  from and to  incur  other
obligations  to Bank of every kind,  without  limit as to the amount and at such
rates of interest and upon such other terms and  conditions  as Company and Bank
shall agree to,  including but not limited to the execution of applications  for
letters  of credit,  currency exchange  contracts,  and  interest rate  exchange
<PAGE>
agreements,  which  shall  include  all such acts,  transactions  or  agreements
undertaken  by any  officer  of Company  prior to the date of these  Resolutions
("Obligations"),  including any and all renewals, modifications or extensions of
indebtedness  owned by Company to Bank;  and to secure the same by  creation  of
liens,  security interest,  or other encumbrances on all or any real or personal
property  of  Company;  and in  connection  therewith  to issue  notes and other
evidences of Obligations  and to make and execute  agreements with Bank securing
or otherwise pertaining to Obligations,  including security agreement,  deeds of
trust or  mortgages,  pledge  agreements,  assignments  and any other  agreement
securing or pertaining to Obligations;  to assign or discount to Bank commercial
paper, chattel paper, rents, leases,  accounts, and other assets of Company upon
such terms and with such  agreement as Bank and Company  shall agree to; to make
endorsements or guaranties in connection with all of the foregoing; and to renew
and extend all of the  foregoing;  and that any 1 of the  following  persons are
authorized  to act in the name and  behalf of  Company  in  connection  with any
matters under the Resolution;

                      Names of People Authorized to Borrow

Kenneth Blum Jr.
Mitra Ghahramanlou

"Resolved, that Bank is authorized and directed,  without limitation or inquiry,
irrespective of the circumstances, to honor and carry out all orders, directions
or  instructions of the above named persons as to the disposition of any amounts
borrowed or credit  obtained on behalf of Company  hereunder,  and Bank shall be
under no  obligation  or  liability  for the use or  disposition  of any amounts
borrowed or credit  obtained,  and further that Company shall indemnify and hold
harmless Bank from any claim, loss, cost,  damage,  liability or expense arising
out of its acting on these Resolutions;"

"Resolved,  that the authority  herein given to all of said persons shall remain
irrevocable as far as Bank is concerned until Bank is notified in writing of the
revocation of such authority;  and shall have acknowledged in writing receipt of
such notification;"

"Resolved, that any such note or instrument, loan agreement, security agreement,
deed of trust, promissory note, guaranty, certificate, assignment, instrument or
document securing or pertaining to indebtedness to which the above named persons
are  authorized  to  execute  on behalf  of the  Company,  may  CONTAIN A CLAUSE
PROVIDING FOR CONFESSION OF JUDGEMENT OR ARBITRATION;"
<PAGE>
I further certify that the signatures below are the signatures of the designated
officers  of  Company  and of the  persons  authorized  to  borrow  money by the
foregoing resolutions.

                Signatures/Titles of People Authorized to Borrow

-------------------        ------------------
President                       Treasurer               Title:
                                                               -----------------

-------------------
       CAO                 Title:                       Title:
                                 ----------------              -----------------

-------------------
Secretary                  Title:                       Title:
                                 ----------------              -----------------

*Complete "Title" as "Authorized Signer" if no other title.

Witness Whereof, I have hereunto set my hand as Secretary of Company,  this 29th
day of March, 2000.

                                                 -------------------------------
[CORPORATE SEAL]                                 Secretary

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