Document:

<PAGE>   1

                                                               Exhibit 10.33

December 3, 1999
VIA OVERNIGHT MAIL

Neal Stuart Cohen
3275 Robinson's Bay Road
Deephaven, MN 55391

         Re: Employment Letter

Dear Neal:

We are pleased to extend an offer to you to join Budget Group, Inc. ("BGI"). We
believe your background and experience are an excellent match with our business
objectives, and we are pleased that you are considering joining the BGI
management team.

Following is an outline of the terms and conditions relating to your proposed
employment by BGI.

OFFICE AND TITLE

This offer of employment is for the position of Executive Vice President, Chief
Financial Officer of BGI reporting directly to David Siegel, President and Chief
Operating Officer.

RESPONSIBILITIES AND DUTIES

You will have such duties and responsibilities as would be consistent with your
position as Executive Vice President, Chief Financial Officer of BGI.

LOCATION

Your employment with BGI will be based at our corporate office in Lisle,
Illinois.

START DATE

It is anticipated that your start date would be on or after January 1, 2000, but
not later than January 10, 2000.

<PAGE>   2

Neal Stuart Cohen
December 3, 1999
Page 2 of 7

SALARY

Your salary will be $350,000 per annum, to be paid bi-weekly and subject to
annual reviews which will be conducted in the first quarter of each calendar
year, beginning in 2001.

SIGN-ON BONUS

On commencement, you will be entitled to receive a sign-on bonus of $250,000,
which will be subject to normal withholding and all other applicable tax
deductions, as required by law. This sign-on bonus will be payable by BGI on or
about January 15, 2000.

SIGN-ON STOCK OPTIONS

You will be granted options for 250,000 shares of BGI stock pursuant to the 1994
Incentive Stock Option Plan, as amended. You will be granted these options
effective as of your start date and with a strike price equal to $6.875 per
share. These options will be subject to a four year vesting schedule (25% per
year) beginning with your start date (i.e., 62,500 options will vest in December
of 2000 and 62,500 options will vest in December of each subsequent year) and
such options will be subject to such other terms and conditions as are part of
the BGI Incentive Stock Option Plan; provided, however, all such options shall
immediately vest in the event (i) you are terminated by BGI, other than for
"Cause", (ii) you elect to terminate your employment for "Good Reason," or (iii)
you elect to terminate your employment within one year following a "Change in
Control." In such an event, such options shall be exercisable by you for a
period of 60 days following your termination date.

In addition, BGI will offer to you stock options and/or phantom stock options
equal to not less than 125,000 additional shares of BGI stock at the strike
price equal to the BGI stock price as of the close of business on the trading
day immediately preceding the stock option grant, but in no event more than $7
per share. In this regard, it would be BGI's intention to issue 125,000 stock
options to you if BGI has the ability to issue such options. However, if BGI
does not have such ability, then BGI will provide you with phantom stock. In
either case, the stock options (actual and/or phantom) will vest over a 4-year
period at the rate of 25% per year, beginning as of the grant date, which is
expected to be during the first quarter of 2000 (i.e, options will begin to vest
at the rate of 25% per year beginning in the first quarter of 2001, with an
additional 25% per year thereafter); provided, however, all such options shall
immediately vest in the event (i) you are terminated by BGI, other than for
"Cause", (ii) you elect to terminate your employment for "Good Reason," or (iii)
you elect to terminate your employment within one year following a "Change in
Control." In such an event, such options shall be exercisable by you for a
period of 60 days following your termination date.

<PAGE>   3

Neal Stuart Cohen
December 3, 1999
Page 3 of 7

EXECUTIVE STOCK PURCHASE PROGRAM

BGI will provide you with an interest free personal loan of $250,000 which is to
be used exclusively for the purchase of BGI stock, on the open market, within
not more than 30 days after receipt of the loan proceeds. In this regard, you
will, within 30 days of your purchase of BGI stock (excluding any trading days
during which the trading window would be closed because of your position as an
insider or otherwise), provide documentation to BGI evidencing such stock
purchase.

The $250,000 loan shall be forgiven at the rate of 25% per year over the first
four years of your employment with BGI. Further, BGI will provide you with
additional cash compensation in an amount sufficient to pay, on an after tax
basis, the tax consequences of any imputed interest with respect to the
above-referenced loan.

In addition, BGI will provide you with additional cash compensation in an amount
sufficient to pay, on an after tax basis, the tax consequences of any debt
forgiveness with respect to the above-referenced loan, in the event the average
BGI stock price during the month of November of each of the next succeeding four
years is not less than the stated amount, as follows:

<TABLE>
<CAPTION>

         Month of                       Average Stock Price
         November                       of not less than
         --------                       -------------------
         <S>                            <C>
         2000                                $14.00
         2001                                $21.00
         2002                                $28.00
         2003                                $35.00
</TABLE>

SIGN-ON BONUS/LOAN REPAYMENT PROVISION

Should you leave BGI's employment voluntarily and without Good Reason (as
hereinafter defined) within 12 months of your start date, the amount received as
a sign-on bonus will be repayable to BGI in full.

Should you leave BGI's employment voluntarily and without Good Reason within 48
months of your start date, the then outstanding principal balance of the loan
amount (after taking account of any loan forgiveness as provided for above) will
be repayable to BGI.

Should you sell, within 48 months of your start date, any of the BGI stock
purchased with the loan proceeds, you shall repay to BGI an amount determined in
accordance with the following:
<PAGE>   4

Neal Stuart Cohen
December 3, 1999
Page 4 of 7

<TABLE>
<CAPTION>

         Amount of Stock Sold               Repayment Amount Due to BGI
         --------------------               ---------------------------

         <S>                                <C>
         If you sell any stock during                 An amount equal to the number
         The first 12 months                          of shares sold x original stock
                                                      purchase price

         If you sell, during the                      An amount equal to the number
         First 24 months, more than                   of share sold in excess of 25%
         25% of stock purchased                       x original stock purchase price

         If you sell, during the                      An amount equal to the number
         first 36 months, more than                   of shares sold in excess of 50%
         50% of stock purchased                       x original stock purchase price

         If you sell, during the                      An amount equal to the number
         first 48 months, more than                   of shares sold in excess of 75%
         75% of stock purchased                       x original stock purchase price
</TABLE>

In this regard, you agree that BGI may deduct from your final salary payment or
other amounts due to you from BGI, the full amount owing to BGI, with any
balance to be paid by you within 30 days of your leaving.

However, should BGI decide to terminate your employment or should you elect to
terminate your employment for "Good Reason," the sign-on bonus and loan amount
shall not be repayable as herein above provided unless your employment is
terminated for "Cause".

PROFESSIONAL INCENTIVE PLAN

You will be part of the Professional Incentive Plan, which is based upon the
achievement of agreed upon company and personal performance targets. This
program will make you eligible to receive up to a 100% of your base salary as an
incentive award on an annual basis. You are guaranteed an annual incentive for
2000 of 100% of your base salary (which guaranteed annual incentive shall be
payable in the 1st Quarter of 2001).

In addition, you will be guaranteed an annual incentive for 2001 of 50% of your
base salary, if the long term compensation plan for 2001 does not pay out a
minimum of 50% of base salary. If the long term compensation plan does pay out
as stated above, your annual incentive award for 2001 will be based upon
achievement of company and personal performance targets as provided for in the
company's Professional Incentive Plan.
<PAGE>   5

Neal Stuart Cohen
December 3, 1999
Page 5 of 7

LONG TERM COMPENSATION PLAN

BGI will provide you with a long term compensation plan (which is expected to be
developed during the first quarter of 2000), which could include, but shall not
be limited to, annual stock option grants, restricted stock, stock appreciation
rights, phantom stock, a long term incentive plan and/or other forms of cash
compensation having an economic value as of the date of grant, in the aggregate,
of approximately $350,000 annually.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP)

BGI will create and allow your participation in a SERP or some comparable
retirement program, which shall have an annual economic value of $175,000 with a
5 year vesting schedule.

SEVERANCE

You shall be entitled to severance payments in the amounts and upon those
circumstances as set forth in the Executive Agreement, as attached.

COMPANY CARS

You will receive two company cars pursuant to BGI's then current company car
policy.

WELFARE BENEFIT PLANS

Medical, dental, basic life, supplemental voluntary life, voluntary accident,
business travel accident insurance, long term disability and eligible dependent
coverage become effective on your first day of employment, as does your short
term disability coverage and medical/dental reimbursement account if you chose
to enroll. Additionally, you may enroll in BGI's SavingsPlus (401K) Plan, as
soon as you become eligible for participation in that Plan in accordance with
the then current eligibility requirements. If you are currently a member of a
qualified 401K Plan, you may be able to participate in our rollover provision.

RELOCATION REIMBURSEMENT

BGI will reimburse you for all reasonable expenses incurred by you to relocate
you and your family to the Lisle, Illinois area. Such relocation expenses shall
include items such as closing costs associated with both the sale of your
existing residence and the purchase of your new residence, exploratory trips for
you and your wife; the packing, loading and transportation of household
belongings; travel expenses to your new home

<PAGE>   6

Neal Stuart Cohen
December 3, 1999
Page 6 of 7

for both you and your family; and temporary living expenses for you of not more
than 6 months in duration while you are in the relocation process. On the other
hand, you agree to repay BGI such relocation expenses, on a pro rata basis, in
the event you voluntarily terminate your employment with BGI other than for Good
Reason or due to a Change in Control, or your employment is terminated by BGI
for "cause" (as herein above defined) at any time during the 24 month period
immediately following the conclusion of your relocation.

It is understood and agreed that you will use your best efforts to sell your
current residence; provided, however, in the event you are unable to sell your
residence within a period of 90 days from the date you list the property for
sale, then BGI will purchase such residence at a price equal to its acquisition
cost plus the cost of any fixed improvements.

If and to the extent any relocation reimbursement is deemed to be "taxable
income", BGI will provide a tax gross up for any such income.

VACATION

You will be entitled to 15 vacation days beginning in the calendar year 2000. In
addition, you will be entitled to such holidays, personal days and /or sick
days, which are generally made available to BGI executives.

ENTIRE AGREEMENT

This Employment Letter, when countersigned and returned by you, shall be a valid
and binding agreement on both you and BGI. Further, this Employment Letter and
the attached Executive Agreement, shall constitute the entire agreement between
us with respect to your employment by BGI and it is understood and agreed that
there are no representations, warranties or commitments, other than those set
forth in this Employment Letter or in the Executive Agreement, and that no
provision of either document may be amended, modified or waived except by
written agreement executed by the parties.

ACCEPTANCE

To signify your acceptance of this offer, please sign and return a copy of this
Employment Letter for our records.

APPLICABLE DEFINITIONS

For purposes of this Employment Letter, the terms "Cause," "Change in Control"
and "Good Reason" shall have the meaings ascribed thereto in the Executive
Agreement.
<PAGE>   7
Neal Stuart Cohen
December 3, 1999
Page 7 of 7

INDEMNIFICATION

The composite amended and restated by-laws of BGI as currently in effect provide
for your indemnification as an officer of BGI; those provisions or similar
provisions shall remain in effect during the term of your employment. In
addition, during the term of your employment, BGI will maintain a policy of
director and officer insurance containing reasonable and customary terms for a
company of the size and nature of BGI. On a personal note, we look forward to
having you join the BGI organization. If you have any questions regarding this
offer letter or any of its contents, please do not hesitate to contact me at
630/955-7477.

Kind regards,

Yours sincerely,

Vicki R. Pyne
Senior Vice President, Human Resources

Received and accepted

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

Date:
     -----------------------------------

cc:   S. Miller, D. Siegel, R. Aprati<PAGE>   1

                                                                   EXHIBIT 10.34

                           THIRD AMENDMENT TO AMENDED
                         AND RESTATED CREDIT AGREEMENT

      THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, dated
as of December 22, 1999 (this "Amendment"), is made by and among BUDGET GROUP,
INC., a Delaware corporation (the "Borrower"), the Lenders (such capitalized
term and all other capitalized terms not otherwise defined herein shall have
the meanings provided for in Article I below) parties hereto and CREDIT SUISSE
FIRST BOSTON, as administrative agent (in such capacity, the "Administrative
Agent") for the Lenders.

                              W I T N E S S E T H:

         WHEREAS, the Borrower, the Lenders and the Agents have heretofore
entered into that certain Amended and Restated Credit Agreement, dated as of
June 19, 1998 (as amended by the First Amendment to Amended and Restated Credit
Agreement dated as of September 11, 1998, the Second Amendment to Amended and
Restated Credit Agreement dated as of March 18, 1999, and as further amended,
supplemented, amended and restated or otherwise modified, the "Credit
Agreement");

         WHEREAS, the Borrower desires the ability to incur extraordinary and
non-recurring charges and expenses in an amount not to exceed $125,000,000 in
the aggregate and not have such charges and expenses comprise a deduction in
determining EBITDA and Net Worth;

         WHEREAS, the Borrower desires to make Capital Expenditures in Fiscal
Year 1999 in an aggregate amount of up to $110,000,000;

         WHEREAS, the Borrower desires (i) to make loans and advances to its
executive officers and directors in an aggregate amount not exceeding
$20,000,000 at any time outstanding in order to enable such executive officers
and directors to purchase common stock of the Borrower and (ii) the ability to
repurchase under certain circumstances up to $5,000,000 of common stock held by
executive officers and directors;

         WHEREAS, the Borrower desires the ability to pay and make
Distributions to those Persons that are entitled to receive Contingent
Additional Consideration (as defined in Section 3.4 of the Ryder Merger
Agreement) or the Total Warrant Value (as defined in Section 3.5 of the Ryder
Merger Agreement) in an aggregate amount not to exceed the sum of (i)
$15,000,000 plus (ii) the amount of certain Net Disposition Proceeds resulting
from the sale of assets comprising a Non-Core Business;

<PAGE>   2

         WHEREAS, the Borrower desires to shorten the period of notice required
with respect to issuances of Enhancement Letters of Credit that replace then
existing Enhancement Letters of Credit;

         WHEREAS, the Borrower has requested that the Lenders amend certain
provisions of the Credit Agreement, including provisions relating to the
transactions and actions described in the preceding five paragraphs; and

         WHEREAS, the Required Lenders are willing, on and subject to the terms
and conditions set forth below, to amend the Credit Agreement as provided below
(the Credit Agreement, as amended pursuant to the terms of this Amendment,
being referred to as the "Amended Credit Agreement");

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the Borrower and the Required Lenders hereby agree
as follows:

                                   ARTICLE I

                                  DEFINITIONS

         SECTION 1.1 Certain Definitions. The following terms (whether or not
underscored) when used in this Amendment shall have the following meanings
(such meanings to be equally applicable to the singular and plural forms
thereof):

         "Administrative Agent" is defined in the preamble.

         "Amended Credit Agreement" is defined in the eighth recital.

         "Amendment" is defined in the preamble.

         "Borrower" is defined in the preamble.

         "Credit Agreement" is defined in the first recital.

         SECTION 1.2 Other Definitions. Terms for which meanings are provided
in the Amended Credit Agreement are, unless otherwise defined herein or the
context otherwise requires, used in this Amendment with such meanings.

                                      -2-
<PAGE>   3

                                   ARTICLE II

                         AMENDMENTS TO CREDIT AGREEMENT

         Subject to the satisfaction of the conditions set forth in Article
III, effective as of the date hereof, the Credit Agreement is hereby amended in
accordance with this Article II; except expressly as so amended by this
Amendment, the Credit Agreement shall continue in full force and effect in
accordance with its terms.

         SECTION 2.1. Amendment to Section 1.1 of the Credit Agreement.
Section 1.1 of the Credit Agreement ("Defined Terms") is hereby amended as
follows:

              (a) by inserting in such Section the following definitions in the
         appropriate alphabetical order:

                      "Permitted 1999/2000 Restructuring Expenses" means
              extraordinary and non-recurring expenses or charges occurring or
              taken in the fourth Fiscal Quarter of the 1999 Fiscal Year or the
              first Fiscal Quarter of 2000 Fiscal Year in an aggregate amount
              not exceeding $125,000,000 resulting from (i) the consolidation
              of the headquarters of the Ryder and Premier businesses into
              BRACC and related severance and other expenditures, (ii) the
              establishment of reserves in connection with the Borrower's
              European businesses, the write-off of certain software-related
              assets, the granting of certain compensation awards to employees
              and the closure of unprofitable rental locations and (iii) the
              sale of Non-Core Businesses.

                      "Third Amendment" means the Third Amendment to
              Amended and Restated Credit Agreement, dated as of December 22,
              1999, among the Borrower, the Lenders parties thereto and the
              Agents.

              (b) by amending the definition of "Applicable Commitment Fee" set
         forth in such Section by adding the following sentence at the end
         thereof:

              "Notwithstanding anything to the contrary in this definition, the
              Applicable Commitment Fee for the period from the date of the
              effectiveness of the Third Amendment to the date on which the
              Administrative Agent receives the Compliance Certificate for the
              Fiscal Quarter ending on or about December 31, 2000 shall not be
              reduced to an amount less than 50.0 basis points."

                  (c) by amending the definition of "Applicable Margin" set
         forth in such Section by adding the following sentence at the end
         thereof:

                  "Notwithstanding anything to the contrary in this definition,
                  the Applicable Margin with respect to any Loan of any type
                  for the period from the date of the effectiveness of the
                  Third Amendment to the date on which the Administrative

                                      -3-
<PAGE>   4

                  Agent receives the Compliance Certificate for the Fiscal
                  Quarter ending on or about December 31, 2000 shall not be
                  reduced to an amount less than (x) 250 basis points with
                  respect to each Loan made or maintained as a Eurocurrency
                  Loan or (y) 150 basis points with respect to each Loan made
                  or maintained as an ABR Loan."

                  (d) by deleting the definition of "Core Business" set forth
         in such Section in its entirety and substituting therefor the
         following:

                      "Core Business" means the business of (a) renting
                  worldwide for general use passenger automobiles and trucks
                  under the Budget and Ryder brand names and (b) franchising
                  the foregoing rental business to other Persons.

                  (e) by amending clause (b) of the definition of "EBITDA" set
         forth in such Section by adding the following subclause at the end
         thereof:

                      "plus (vi) Permitted 1999/2000 Restructuring Expenses"

                  (f) by amending clause (c) of the definition of "EBITDA" set
         forth in such Section by adding the following phrase at the end
         thereof:

                  "and extraordinary and non-recurring gains in an amount not
                  to exceed $125,000,000 in the aggregate since the date of the
                  Third Amendment";

                  (g) by amending clause (a) of the definition of Net Worth by
         inserting immediately following the phrase "of such Person" the
         parenthetical "(without giving effect to any Permitted 1999/2000
         Restructuring Expenses)".

         SECTION 2.2. Amendment to Section 2.2.2 of the Credit Agreement.
Section 2.2.2 of the Credit Agreement is hereby amended by inserting
immediately following the phrase "to the payment of Contingent Additional
Consideration (as defined in Section 3.4 of the Ryder Merger Agreement)" the
phrase "or the Total Warrant Value (as defined in Section 3.5 of the Ryder
Merger Agreement)".

         SECTION 2.3. Amendment to Section 4.1 of the Credit Agreement.
Section 4.1 of the Credit Agreement is hereby amended (i) by inserting
immediately following the initial reference therein to "General Letters of
Credit" the phrase "and Enhancement Letters of Credit to be issued in
replacement of then existing Enhancement Letters of Credit" and (ii) by
inserting in the immediately succeeding line the word "other" immediately
preceding the reference to "Enhancement Letters of Credit".

         SECTION 2.4. Amendments to Section 8.2.4 of the Credit Agreement.
Section 8.2.4 of the Credit Agreement is hereby amended as follows:

                                      -4-
<PAGE>   5

                  (a) by inserting immediately following the phrase "Net Income
of the Borrower" in clause (a) of such Section the parenthetical "(without
giving effect to any Permitted 1999/2000 Restructuring Expenses)";

                  (b) by deleting the table in clause (b) of such Section in
         its entirety and substituting therefor the following:

<TABLE>
<CAPTION>
                          FISCAL QUARTER                                  RATIO
                          --------------                                  -----
                  <S>                                                   <C>

                  The third Fiscal Quarter of the                       4.25:1.00
                       1998 Fiscal Year

                  The fourth Fiscal Quarter of                          4.00:1.00
                       the 1998 Fiscal Year

                  The first Fiscal Quarter of the                       6.90:1.00
                       1999 Fiscal Year

                  The second Fiscal Quarter of                          6.65:1.00
                        the 1999 Fiscal Year

                  The third Fiscal Quarter of the                       6.45:1.00
                       1999 Fiscal Year

                  The fourth Fiscal Quarter of
                       the 1999 Fiscal Year and
                       the first, second and third                      4.25:1.00
                       Fiscal Quarters of the 2000
                       Fiscal Year

                  The fourth Fiscal Quarter of
                       the 2000 Fiscal Year and
                       the first, second and third                      3.75:1.00
                       Fiscal Quarters of the 2001
                       Fiscal Year

                  The fourth Fiscal Quarter of
                       the 2001 Fiscal Year and
                       each Fiscal Quarter                              3.00:1.00
                       thereafter
</TABLE>

                  (c) by deleting the table in clause (c) of such Section in
         its entirety and substituting therefor the following:

                                      -5-
<PAGE>   6

<TABLE>
<CAPTION>
                          FISCAL QUARTER                                  RATIO
                          --------------                                  -----
                  <S>                                                   <C>
                  The third Fiscal Quarter of the                       3.50:1.00
                      1998 Fiscal Year

                  The fourth Fiscal Quarter of the
                      1998 Fiscal Year and the                          3.75:1.00
                      first and second Fiscal
                      Quarters of the 1999 Fiscal
                      Year

                  The third Fiscal Quarter of the                       3.65:1.00
                      1999 Fiscal Year

                  The fourth Fiscal Quarter of the                      3.75:1.00
                      1999 Fiscal Year

                  The first Fiscal Quarter of the                       3.05:1.00
                      2000 Fiscal Year

                  The second Fiscal Quarter of                          3.15:1.00
                      the 2000 Fiscal Year

                  The third Fiscal Quarter of the                       3.25:1.00
                      2000 Fiscal Year

                  The fourth Fiscal Quarter of the
                      2000 Fiscal Year and the                          3.50:1.00
                      first, second and third Fiscal
                      Quarters of the 2001 Fiscal
                      Year

                  The fourth Fiscal Quarter of the
                      2001 Fiscal Year and each                         4.00:1.00
                      Fiscal Quarter thereafter
</TABLE>

         SECTION 2.5. Amendment to Section 8.2.5 of the Credit Agreement.
Section 8.2.5 of the Credit Agreement is hereby amended by deleting clause (e)
thereof in its entirety and substituting therefor the following:

                  "(e) Investments in the ordinary course of business in the
         form of loans and advances to executive officers and directors of the
         Borrower or any of its Subsidiaries to

                                      -6-
<PAGE>   7

         finance the purchase of common stock of the Borrower, so long as the
         aggregate amount of any such loan or advance does not exceed the
         purchase price of such common stock so financed and the proceeds of
         such loan or advance are actually used by such executive officers and
         directors concurrently with the receipt thereof toward the purchase of
         such common stock; provided that the aggregate principal amount of
         such loans and advances at any time outstanding does not exceed
         $20,000,000;"

         SECTION 2.6. Amendments to Section 8.2.6 of the Credit Agreement.
Section 8.2.6 of the Credit Agreement is hereby amended as follows:

                  (a) by deleting subclause (ii) of the proviso to clause (a)
         of such Section in its entirety and substituting therefor the
         following:

                           "(ii) the Borrower may pay and make Distributions to
                  those Persons that are entitled to receive Contingent
                  Additional Consideration (as defined in Section 3.4 of the
                  Ryder Merger Agreement) or the Total Warrant Value (as
                  defined in Section 3.5 of the Ryder Merger Agreement) from
                  the Borrower to the extent the aggregate amount to be
                  expended in respect of such Distributions, when added to the
                  aggregate amount expended in respect of all other such
                  Distributions made pursuant to this clause (ii), does not
                  exceed the sum of (x) $15,000,000 plus (y) the amount of Net
                  Disposition Proceeds resulting from the sale of the assets of
                  a Non-Core Business (or of the Capital Stock of a Subsidiary
                  of the Borrower exclusively engaged in the conduct of a
                  Non-Core Business) to the extent such Net Disposition
                  Proceeds were not applied to the acquisition or construction
                  of property or capital assets to be used in the business of
                  the Borrower and its Subsidiaries, so long as

                                    (A) such Distributions in respect of such
                           Contingent Additional Consideration are made in
                           accordance with the provisions of Section 3.4 of the
                           Ryder Merger Agreement,

                                    (B) such Distributions in respect of such
                           Total Warrant Value do not exceed in the aggregate
                           $19,000,000 and are made in accordance with the
                           provisions of Section 3.5 of the Ryder Merger
                           Agreement,

                                    (C) both before and after giving effect to
                           any such Distribution, no Default shall have
                           occurred and be continuing,

                                    (D) the making of any such Distribution
                           does not result in the mandatory redemption of any
                           Indebtedness of the Borrower and its Subsidiaries or
                           in a requirement to make an offer to redeem any such
                           Indebtedness, and

                                      -7-
<PAGE>   8

                                    (E) in the case of any such Distribution,
                           the Borrower shall have delivered to the
                           Administrative Agent (1) financial statements
                           prepared on a pro forma basis to give effect to such
                           Distribution for the period of four consecutive
                           Fiscal Quarters ending with the Fiscal Quarter then
                           last ended for which financial statements and the
                           Compliance Certificate relating thereto have been
                           delivered to the Administrative Agent pursuant to
                           Section 8.1.1 (including Section 8.1.1 of the
                           Original Credit Agreement) and (2) a certificate of
                           the Borrower executed by an Authorized Officer of
                           the Borrower demonstrating that the financial
                           results reflected in such financial statements would
                           comply with the requirements of Section 8.2.4 for
                           the Fiscal Quarter in which such Distribution is to
                           be made";

                  (b) by adding the following subclause (iii) to the proviso to
         clause (a) of such Section:

                                    "(iii) the Borrower may purchase or redeem
                           for value any shares of its Capital Stock (together
                           with options or warrants in respect of any thereof)
                           held by executive officers or directors of the
                           Borrower and its Subsidiaries (or any of their
                           respective estates or beneficiaries under such
                           estates), in all cases upon the death, disability,
                           retirement or termination of employment of such
                           Persons, pursuant to a mandatory repurchase or
                           redemption provision under the terms of the stock
                           option plan under which such shares of Capital Stock
                           (and options or warrants in respect of any thereof)
                           were issued, so long as (A) both before and after
                           giving effect to any such purchase or redemption, no
                           Default shall have occurred and be continuing, and
                           (B) the aggregate consideration paid for such
                           purchases and redemptions does not exceed $5,000,000
                           over the term of this Agreement;"

         SECTION 2.7. Amendment to Section 8.2.7 of the Credit Agreement.
Section 8.2.7 of the Credit Agreement is hereby amended by deleting the dollar
amount "$85,000,000" opposite Fiscal Year 1999 and substituting therefor
"$110,000,000".

                                  ARTICLE III

                          CONDITIONS TO EFFECTIVENESS

         This Amendment, and the amendments and modifications contained herein,
shall be and shall become effective as of the date hereof subject to the
satisfaction of each of the conditions set forth in this Article III to the
satisfaction of the Administrative Agent.

                                      -8-
<PAGE>   9

         SECTION 3.1. Execution of Counterparts. The Administrative Agent
shall have received counterparts of this Amendment, duly executed and delivered
on behalf of the Borrower and each of the Required Lenders.

         SECTION 3.2. Closing Date Certificate. The Administrative Agent
shall have received, with counterparts for each Lender, a certificate, dated
the date hereof, appropriately completed and duly executed and delivered by an
Authorized Officer of the Borrower in which certificate the Borrower shall
agree and acknowledge that the statements made therein shall be deemed to be
true and correct representations and warranties of the Borrower made as of such
date and, at the time such certificate is delivered, such statements shall in
fact be true and correct.

         SECTION 3.3. Execution of Affirmation and Consent. The Administrative
Agent shall have received an affirmation and consent in form and substance
satisfactory to it, duly executed and delivered by each Guarantor and any other
Obligor that has granted a Lien pursuant to any Loan Document.

         SECTION 3.4. Amendment Fee. The Administrative Agent shall have
received the amendment fees due and payable pursuant to Section 5.4.

         SECTION 3.5. Fees and Expenses. The Administrative Agent shall have
received all fees and expenses due and payable pursuant to Section 5.5 (to the
extent then invoiced) and pursuant to the Credit Agreement (including all
previously invoiced fees and expenses).

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

         SECTION 4.1. Representations and Warranties. In order to induce the
Required Lenders and the Administrative Agent to enter into this Amendment, the
Borrower hereby represents and warrants to the Administrative Agent, the Issuer
and each Lender, as of the date hereof, as follows:

                  (a) the representations and warranties set forth in Article
         VII of the Credit Agreement (excluding, however, those contained in
         Section 7.7 of the Credit Agreement) and in each other Loan Document
         are, in each case, true and correct (unless stated to relate solely to
         an earlier date, in which case such representations and warranties are
         true and correct as of such earlier date);

                  (b) except as disclosed by the Borrower to the Agents, the
         Issuer and the Lenders pursuant to Section 7.7 of the Credit Agreement

                           (i) no labor controversy, litigation, arbitration or
                  governmental investigation or proceeding is pending or, to
                  the best knowledge of the Borrower, threatened against the
                  Borrower or any of its Subsidiaries which might materially

                                      -9-
<PAGE>   10

                  adversely affect the Borrower=s consolidated business,
                  operations, assets, revenues, properties or prospects or
                  which purports to affect the legality, validity or
                  enforceability of this Agreement, the Notes or any other Loan
                  Document; and

                           (ii) no development has occurred in any labor
                  controversy, litigation, arbitration or governmental
                  investigation or proceeding disclosed pursuant to Section 7.7
                  of the Credit Agreement which might materially adversely
                  affect the consolidated businesses, operations, assets,
                  revenues, properties or prospects of the Borrower and its
                  Subsidiaries;

                  (c) no Default has occurred and is continuing, and neither
         the Borrower nor any of its Subsidiaries nor any other Obligor is in
         material violation of any law or governmental regulation or court
         order or decree; and

                  (d) this Amendment has been duly authorized, executed and
         delivered by the Borrower and constitutes a legal, valid and binding
         obligation of the Borrower, enforceable against it in accordance with
         its terms, except to the extent the enforceability hereof may be
         limited by (i) the effect of bankruptcy, insolvency, reorganization,
         moratorium or other similar laws now or hereafter in effect relating
         to or affecting the rights and remedies of creditors generally and
         (ii) the effect of general principles of equity, whether enforcement
         is considered in a proceeding in equity or at law.

         SECTION 4.2. Full Disclosure. Except as corrected by written
information delivered to the Agents and the Lenders reasonably prior to the
date on which this representation is made, all factual information heretofore
or contemporaneously furnished by the Borrower in writing to any Agent, the
Issuer or any Lender for purposes of or in connection with this Amendment or
any transaction contemplated hereby is true and accurate in every material
respect and such information is not incomplete by omitting to state any
material fact necessary to make such information not misleading. All
projections delivered to any Agent or any Lender by or on behalf of the
Borrower have been prepared in good faith by the Borrower and represent the
best estimates of the Borrower, as of the date hereof, of the reasonably
expected future performance of the businesses reflected in such projections.

         SECTION 4.3. Compliance with Credit Agreement. As of the execution
and delivery of this Amendment, each Obligor is in compliance with all the
terms and conditions of the Credit Agreement and the other Loan Documents to be
observed or performed by it thereunder, and no Default has occurred and is
continuing.

                                   ARTICLE V

                                 MISCELLANEOUS

                                     -10-
<PAGE>   11

         SECTION 5.1. Full Force and Effect; Limited Amendment. Except as
expressly amended hereby, all of the representations, warranties, terms,
covenants, conditions and other provisions of the Credit Agreement and the
other Loan Documents shall remain unamended and unwaived and shall continue to
be, and shall remain, in full force and effect in accordance with their
respective terms. The amendments set forth herein shall be limited precisely as
provided for herein to the provisions expressly amended herein and shall not be
deemed to be an amendment to, consent to or modification of any other term or
provision of the Credit Agreement, any other Loan Document referred to therein
or herein or of any transaction or further or future action on the part of the
Borrower or any other Obligor which would require the consent of any of the
Lenders under the Credit Agreement or any of the other Loan Documents.

         SECTION 5.2. Loan Document Pursuant to Credit Agreement. This
Amendment is a Loan Document executed pursuant to the Credit Agreement and
shall be construed, administered and applied in accordance with all of the
terms and provisions of the Credit Agreement (and, following the date hereof,
the Amended Credit Agreement). Any breach of any representation or warranty or
covenant or agreement contained in this Amendment shall be deemed to be an
Event of Default for all purposes of the Credit Agreement and the other Loan
Documents.

         SECTION 5.3. Further Assurances. The Borrower hereby agrees that it
will take any action that from time to time may be reasonably necessary to
effectuate the amendments contemplated herein.

         SECTION 5.4. Amendment Fee.  Upon satisfaction of the condition set
forth in Section 3.1, the Borrower shall pay, without setoff, deduction or
counterclaim, a non-refundable amendment fee for the account of each Lender
that has executed and delivered (including delivery by way of facsimile) a copy
of this Amendment to the attention of Mr. Kenneth Suh at Mayer, Brown & Platt,
1675 Broadway, New York, New York 10019 (19th floor), telecopy number
212-262-1910 at or prior to 2:00 p.m., New York time, on December 23, 1999, in
the amount of 1/4 of 1% of such Lender's Commitment. The aggregate amount of
such amendment fee shall be paid at or prior to noon, New York time, on
December 24, 1999 to the Administrative Agent for the pro rata account of the
Lenders entitled to receive such amendment fee.

         SECTION 5.5. Fees and Expenses. The Borrower shall pay all reasonable
out-of-pocket expenses incurred by the Administrative Agent in connection with
the preparation, negotiation, execution and delivery of this Amendment and the
documents and transactions contemplated hereby, including the reasonable fees
and disbursements of Mayer, Brown, and Platt, as counsel for the Administrative
Agent.

         SECTION 5.6. Headings.  The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or
interpretation of this Amendment or any provisions hereof.

                                     -11-
<PAGE>   12

         SECTION 5.7. Execution in Counterparts. This Amendment may be executed
by the parties hereto in counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same
agreement.

         SECTION 5.8. Cross-References.  References in this Amendment to any
Article or Section are, unless otherwise specified or otherwise required by the
context, to such Article or Section of this Amendment.

         SECTION 5.9. Successors and Assigns.  This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

         SECTION 5.10. GOVERNING LAW.  THIS AMENDMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -12-

<PAGE>   13

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their respective officers or general partners (or their
respective officers) thereunto duly authorized as of the day and year first
above written.

                                BUDGET GROUP, INC.

                                By: /S/ Mark Bobek
                                   --------------------------------------
                                   Name: Mark Bobek
                                         --------------------------------
                                   Title: Vice President and Treasurer
                                         --------------------------------

                                CREDIT SUISSE FIRST BOSTON, as a Lender and the
                                     Administrative Agent

                                By: /s/ Robert Hetu
                                   --------------------------------------
                                     Name: Robert Hetu
                                           ------------------------------
                                     Title: Vice President
                                           ------------------------------

                                By: /s/ S. Glodowski
                                   --------------------------------------
                                     Name: S. Glodowski
                                           ------------------------------
                                     Title: Managing Director
                                           ------------------------------

                                BANK OF AMERICA, N.A.

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

                                BANK OF HAWAII

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

                                BANK OF MONTREAL

                                     S-13
<PAGE>   14

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

                                THE BANK OF NEW YORK

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

                                THE BANK OF NOVA SCOTIA

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

                                THE BANK OF TOKYO-MITSUBISHI, LTD.,
                                  NEW YORK BRANCH

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

                                BANK POLSKA KASA OPIEKI S.A. - PEKAO
                                  S.A. GROUP, NEW YORK BRANCH

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

                                BANK UNITED

                                By:
                                   --------------------------------------

                                     S-14

<PAGE>   15

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

                                PARIBAS

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

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

                                BANQUE WORMS CAPITAL CORPORATION

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

                                BHF (USA) CAPITAL CORPORATION

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

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

                                     S-15
<PAGE>   16

                                   CIBC INC.

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

                                COMPAGNIE FINANCIERE DE CIC ET DE
                                  L'UNION EUROPEENNE

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

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

                                COMMERZBANK AKTIENGESELLSCHAFT,
                                  CHICAGO BRANCH

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

                                CREDIT AGRICOLE INDOSUEZ

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

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

                                     S-16
<PAGE>   17

                                CREDIT LYONNAIS CHICAGO BRANCH

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

                                DRESDNER BANK AG, NEW YORK AND
                                  GRAND CAYMAN BRANCHES

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

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

                                ERSTE BANK DER OESTERREICHISCHEN
                                  SPARKASSEN AG

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

                                FLEET BANK, N.A.

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

                                     S-17
<PAGE>   18

                                THE FUJI BANK, LIMITED

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

                                CONSECO FINANCE, INC.

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

                                IMPERIAL BANK

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

                                GENERAL ELECTRIC CAPITAL CORPORATION

                                By: /S/ W. Jerome McDermott
                                   --------------------------------------
                                    Name:  W. Jerome McDermott
                                           ------------------------------
                                    Title: Duly Authorized Signatory
                                           ------------------------------

                                NATEXIS BANQUE

                                By: /s/ Pieter J. van Tulder
                                   --------------------------------------
                                    Name:  Pieter J. van Tulder
                                           ------------------------------
                                    Title: Vice President and Manager,
                                           Multinational Group
                                           ------------------------------

                                By: /s/ John Rego
                                   --------------------------------------
                                    Name:  John Rego
                                           ------------------------------
                                    Title: Vice President
                                           ------------------------------

                                      S-18
<PAGE>   19

                                PNC BANK, N.A.

                                By: /s Douglas S. King
                                   --------------------------------------
                                    Name:  Douglas S. King
                                           ------------------------------
                                    Title: Vice President
                                           ------------------------------

                                SOUTHERN PACIFIC BANK

                                By: /s/ Mun Young Kim
                                   --------------------------------------
                                    Name:  Mun Young Kim
                                           ------------------------------
                                    Title: Vice President
                                           ------------------------------

                                THE SUMITOMO BANK, LIMITED, NEW
                                  YORK BRANCH

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

                                SUNTRUST BANK CENTRAL FLORIDA, N.A.

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

                                TORONTO DOMINION (TEXAS), INC.

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

                                      S-19
<PAGE>   20

                                THE TOYO TRUST & BANKING CO., LTD.

                                By: /s/ Shinya Kameda
                                   --------------------------------------
                                     Name: Shinya Kameda
                                           ------------------------------
                                     Title: Assistant General Manager
                                           ------------------------------
                                            International Department
                                           ------------------------------

                                UNION BANK OF CALIFORNIA, N.A.

                                By: /s/ Richard S. Degrey
                                   --------------------------------------
                                     Name: Richard S. Degrey
                                           ------------------------------
                                     Title: Vice President
                                           ------------------------------

                                      S-20

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