Document:

<PAGE>
                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

      AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, dated as of March
29, 2002, by and among Budget Group, Inc., a corporation duly organized and
existing under the laws of the State of Delaware and having its principal office
at 125 Basin Street, Suite 210, Daytona Beach, Florida 32114 (the "Company"),
The Bank of New York, a banking corporation duly organized and existing under
the laws of the State of New York and having its principal corporate trust
office at 5 Penn Plaza, New York, New York 10001, as resigning Trustee
("Resigning Trustee"), and Wells Fargo Bank Minnesota, National Association, a
national banking association duly organized and existing under the laws of the
United States of America and having its principal corporate trust office at
Sixth Street and Marquette Avenue (MAC # N9303-120), Minneapolis, MN 55479, as
successor Trustee ("Successor Trustee").

                                    RECITALS:

      WHEREAS, the Company's 9 1/8% Senior Notes Due 2006 (the "Securities"),
issued in the original aggregate principal amount of $400,000,000, of which
there remains outstanding the aggregate principal amount of $400,000,000, were
authorized and issued pursuant to an Indenture, dated as of April 13, 1999, by
and among the Company and Resigning Trustee (the "Indenture");

      WHEREAS, Section 7.08 of the Indenture provides that the Trustee may at
any time resign by giving notice of such resignation to the Company;

      WHEREAS, Section 7.08 of the Indenture provides that, if the Trustee shall
resign, the Company shall promptly appoint a successor Trustee;

      WHEREAS, Section 7.08 of the Indenture provides that any successor Trustee
appointed in accordance therewith shall deliver to the Company and the retiring
Trustee a written acceptance of its appointment, and thereupon the resignation
of the retiring Trustee shall become effective and such successor Trustee shall
become vested with all rights, powers and duties of the Trustee under the
Indenture;

<PAGE>

      WHEREAS, Section 7.08 of the Indenture provides that the retiring Trustee
shall, upon receipt of the successor Trustee's acceptance of appointment,
promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 7.07 of the Indenture;

      WHEREAS, Resigning Trustee was appointed Registrar and Paying Agent under
the Indenture;

      WHEREAS, Resigning Trustee desires to resign as Trustee, Registrar and
Paying Agent under the Indenture;

      WHEREAS, the Company desires to appoint Successor Trustee as Trustee,
Registrar and Paying Agent under the Indenture to succeed Resigning Trustee
thereunder; and

      WHEREAS, Successor Trustee is willing to accept such appointment as
Trustee, Registrar and Paying Agent under the Indenture;

      NOW, THEREFORE, the Company, Resigning Trustee and Successor Trustee, for
and in consideration of the premises and of other good valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, hereby consent and
agree as follows:

                                    ARTICLE I

                                RESIGNING TRUSTEE

      SECTION 1.1. Pursuant to Section 7.08 of the Indenture, Resigning Trustee
hereby notifies the Company that Resigning Trustee is hereby resigning as
Trustee under the Indenture. Resigning Trustee hereby also resigns as Registrar
and Paying Agent under the Indenture.

      SECTION 1.2. Resigning Trustee hereby represents and warrants to Successor
Trustee that:

      (a)   No covenant or condition contained in the Indenture has been waived
            by Resigning Trustee or, to the best of the knowledge of the
            responsible officers of Resigning Trustee's Corporate Trust Group,
            by the Holders of the percentage in aggregate principal amount of
            the Securities required by the Indenture to effect any such waiver.

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      (b)   There is no action, suit or proceeding pending or, to the best of
            the knowledge of the responsible officers assigned to Resigning
            Trustee's Corporate Trust Group, threatened against Resigning
            Trustee before any court or any governmental authority arising out
            of any action or omission by Resigning Trustee as Trustee, Registrar
            or Paying Agent under the Indenture.

      (c)   As of the effective date of this Agreement, Resigning Trustee will
            hold no property under the Indenture.

      (d)   Pursuant to the Indenture, the currently authorized and issued
            aggregate principal amount of the Securities described in the first
            recital of this Agreement, which is outstanding as of the effective
            date hereof, was duly executed and authenticated.

      (e)   Each person who so authenticated the Securities was, at the time of
            such authentication, duly elected, qualified and acting as an
            officer of the Trustee under the Indenture and empowered to
            authenticate the Securities, and the signature of such person or
            persons appearing on such Securities is each such person's genuine
            signature.

      (f)   This Agreement has been duly authorized, executed and delivered on
            behalf of Resigning Trustee and constitutes its legal, valid and
            binding obligation.

      (g)   No event has occurred and is continuing which is, or after notice or
            lapse of time would become, an Event of Default under the Indenture.

      (h)   Interest on the Securities has been paid through October 1, 2001.

      SECTION 1.3. Resigning Trustee hereby assigns, transfers, delivers and
confirms to Successor Trustee all right, title and interest of Resigning Trustee
in and to the trust under the Indenture, all the rights, powers and duties of
the Trustee under the Indenture and all property and money held by such
Resigning Trustee under the Indenture. Resigning Trustee shall execute and
deliver such further instruments and shall do such other things as Successor

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Trustee may reasonably require so as to more fully and certainly vest and
confirm in Successor Trustee all the rights, powers and duties hereby assigned,
transferred, delivered and confirmed to Successor Trustee as Trustee, Registrar
and Paying Agent under the Indenture.

      SECTION 1.4. Resigning Trustee shall deliver to Successor Trustee, as of
or immediately after the effective date hereof, all of the documents listed on
Exhibit A hereto.

                                   ARTICLE II

                                   THE COMPANY

      SECTION 2.1. The Company hereby certifies that the Company is, and the
officer of the Company who has executed this Agreement is, duly authorized to:
(a) accept Resigning Trustee's resignation as Trustee, Registrar and Paying
Agent under the Indenture; (b) appoint Successor Trustee as Trustee, Registrar
and Paying Agent under the Indenture; and (c) execute and deliver such
agreements and other instruments as may be necessary or desirable to effectuate
the succession of Successor Trustee as Trustee, Registrar and Paying Agent under
the Indenture.

      SECTION 2.2. The Company hereby accepts the resignation of Resigning
Trustee as Trustee, Registrar and Paying Agent under the Indenture. Pursuant to
Section 7.08 of the Indenture, the Company hereby appoints Successor Trustee as
Trustee under the Indenture, to succeed to, and hereby vests Successor Trustee
with, all the rights, powers and duties of the Resigning Trustee under the
Indenture as Trustee from the effective date of its appointment forward. The
Company hereby also appoints Successor Trustee as Registrar and Paying Agent
under the Indenture from the effective date of its appointment forward.

      SECTION 2.3. The Company hereby represents and warrants to Resigning
Trustee and Successor Trustee that:

      (a)   The Company is a corporation duly and validly organized and existing
            pursuant to the laws of the State of Delaware.

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      (b)   The Indenture was validly and lawfully executed and delivered by the
            Company; the Indenture has not been amended or modified; the
            Indenture is in full force and effect; and the Securities are
            validly issued securities of the Company.

      (c)   The Company has not waived any covenant or condition contained in
            the Indenture.

      (d)   No event has occurred and is continuing which is, or after notice or
            lapse of time would become, an Event of Default under the Indenture.

      (e)   There is no action, suit or proceeding pending or, to the best of
            the Company's knowledge, threatened in writing against the Company
            before any court or any governmental authority arising out of any
            action or omission by the Company under the Indenture.

      (f)   This Agreement has been duly authorized, executed and delivered on
            behalf of the Company and constitutes its legal, valid and binding
            obligation.

      (g)   All conditions precedent relating to the appointment of Wells Fargo
            Bank Minnesota, National Association as successor Trustee, Registrar
            and Paying Agent under the Indenture have been complied with by the
            Company.

                                   ARTICLE III

                                SUCCESSOR TRUSTEE

      SECTION 3.1. Successor Trustee hereby represents and warrants to Resigning
Trustee and to the Company that:

      (a)   Successor Trustee is qualified and eligible under Section 7.10 of
            the Indenture to act as Trustee under the Indenture.

      (b)   This Agreement has been duly authorized, executed and delivered on
            behalf of Successor Trustee and constitutes its legal, valid and
            binding obligation.

      SECTION 3.2. (a) Pursuant to Section 7.08 of the Indenture, Successor
Trustee hereby accepts its appointment as successor Trustee under the Indenture
and accepts the rights, powers and duties of Resigning

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Trustee as Trustee under the Indenture and with respect to all property and
money held or to be held under the Indenture, upon the terms and conditions set
forth therein, as Trustee under the Indenture from the effective date of its
appointment forward. Successor Trustee hereby accepts its appointment as
Registrar and Paying Agent under the Indenture.

      (b) Within a reasonable time after the effective date of this Agreement,
Successor Trustee shall cause a notice, substantially in the form of Exhibit B
annexed hereto, to be sent to each Holder of the Securities in accordance with
Section 7.08 of the Indenture.

      SECTION 3.3. References in the Indenture to "corporate trust office" or
other similar terms shall be deemed to refer to the corporate trust office of
Successor Trustee at Wells Fargo Bank Minnesota, National Association, Corporate
Trust Services (MAC # N9303-120), Sixth Street and Marquette Avenue,
Minneapolis, MN 55479, or any other office of Successor Trustee at which, at any
particular time, its corporate trust business shall be administered.

                                   ARTICLE IV

                                  MISCELLANEOUS

      SECTION 4.1. Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to them in the Indenture.

      SECTION 4.2. This Agreement and the resignation, appointment and
acceptance effected hereby shall be effective as of the close of business on the
date first set forth herein above; provided, that the resignation of Resigning
Trustee and the appointment of Successor Trustee as Registrar and Paying Agent
under the Indenture shall be effective 10 business days after the date first
above written.

      SECTION 4.3. Notwithstanding the resignation of Resigning Trustee effected
hereby, the Company shall remain obligated under Section 7.07 of Indenture to
compensate, reimburse and indemnify Resigning Trustee in connection with its
prior trusteeship under the Indenture. The Company also acknowledges its

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obligations to Successor Trustee as set forth in Section 7.07 of the Indenture,
which obligations shall survive the execution hereof.

      SECTION 4.4. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York but without giving effect to
applicable principles of conflicts of law to the extent that the application of
the laws of another jurisdiction would be required thereby.

      SECTION 4.5. This Agreement may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

      SECTION 4.6. The Company, Resigning Trustee and Successor Trustee hereby
acknowledge receipt of an executed and acknowledged counterpart of this
Agreement and the effectiveness hereof.

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<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement of
Resignation, Appointment and Acceptance to be duly executed as of the day and
year first above written.

      Company:                BUDGET GROUP, INC.

                              By: /s/ Katherine L. Abbott
                                 ---------------------------
                              Name:  Katherine L. Abbott
                              Title: Vice President & Treasurer

      Resigning Trustee:      THE BANK OF NEW YORK

                              By: /s/ Irene Siegel
                                 ---------------------------
                              Name:  Irene Siegel
                              Title: Vice President

      Successor Trustee:      WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION

                              By: /s/ Craig Litsey
                                 ---------------------------
                              Name:  Craig Litsey
                              Title: Vice President

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<PAGE>

                                    EXHIBIT A

To the best of the ability of Resigning Trustee, documents to be delivered to
Successor Trustee:

      1.    Copy of the most recent of each of the SEC reports delivered by the
            Company pursuant to the Indenture, if any.

      2.    The executed Indenture.

      3.    File of Closing Documents.

      4.    Copy of the most recent Compliance Certificate delivered pursuant to
            the Indenture, if any.

      5.    Certified List of Holders as of the date of this Agreement,
            certificate detail and all "stop transfers" and the reason for such
            "stop transfers" (or, alternatively, if there are a substantial
            number of registered Holders, the computer tape reflecting the
            identity of such Holders).

      6.    Copies of any official notices sent by the Trustee to all the
            Holders of the Securities pursuant to the terms of the Indenture
            during the past twelve months and a copy of the most recent
            Trustee's Annual Report to Holders.

      7.    Such other documents as Successor Trustee may reasonably require in
            order to transfer the appointment to it.

<PAGE>

                                    EXHIBIT B

                                     NOTICE

To the Holders of Budget Group, Inc.'s (the "Company") 9 1/8% Senior Notes Due
2006 (the "Securities"):

NOTICE IS HEREBY GIVEN, pursuant to the Indenture, dated as of April 13, 1999
(the "Indenture"), by and between the Company and The Bank of New York, as
Trustee, that The Bank of New York has resigned as Trustee under the Indenture.

Pursuant to Section 7.08 of the Indenture, the Company has appointed Wells Fargo
Bank Minnesota, National Association ("Wells Fargo"), a national banking
association duly organized and existing under the laws of the United States of
America, as successor Trustee under the Indenture, which appointment has been
accepted and become effective. The corporate trust office of Wells Fargo is
located at Corporate Trust Services (MAC # N9303-120), Sixth Street and
Marquette Avenue, Minneapolis, MN 55479.

                                          WELLS FARGO BANK MINNESOTA, NATIONAL
                                          ASSOCIATION, as successor Trustee

Dated:  ________________, 2002<PAGE>
                                                                    EXHIBIT 10.2

                                                                  EXECUTION COPY

            THIS INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, dated as
of March 29, 2002 (this "Instrument") among BUDGET GROUP, INC., a Delaware
corporation (the "Company") in its capacities as issuer (the "Issuer") under the
Indenture (as hereinafter defined) and as depositor (the "Depositor") under the
Trust Agreement (as hereinafter defined), and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as successor trustee under the Indenture and as
successor property trustee under the Trust Agreement (the "Successor Trustee"),
THE BANK OF NEW YORK, a New York banking corporation, as resigning indenture
trustee under the Indenture (the "Resigning Indenture Trustee") and resigning
property trustee under the Trust Agreement (the "Resigning Property Trustee" and
together with the Resigning Indenture Trustee, the "Resigning Trustees" and each
individually a "Resigning Trustee").

                                   WITNESSETH:

            WHEREAS, (i) the Issuer and the Resigning Indenture Trustee entered
into that certain Indenture dated as of June 19, 1998 (the "Indenture"); (ii)
the Depositor, the Resigning Indenture Trustee, the Resigning Property Trustee
and the other Administrative Trustees named therein entered into that certain
Amended and Restated Declaration of Trust dated as of June 19, 1998, relating to
the Budget Group Capital Trust (the "Trust Agreement" and together with the
Indenture, the "Agreements"); and

            WHEREAS, (i) Section 6.10(b) of the Indenture provides that the
Resigning Indenture Trustee may resign at any time by giving written notice
thereof to the Issuer, (ii) Section 5.6(e) of the Trust Agreement provides that
the Resigning Property Trustee may resign at any time by giving written notice
thereof to the Depositor and the Trust (the aforementioned provisions are
collectively referred to herein as the "Resignation Provisions"); and

            WHEREAS, each Resigning Trustee, pursuant to the applicable
Resignation Provisions, has given such written notice to the relevant parties on
March 14, 2002 and March 14, 2002, a copy of each such notice of which is
attached hereto as Exhibit A, which resignation shall create a vacancy in the
office of the applicable trustee; and

            WHEREAS, (i) Section 6.10(e) of the Indenture provides that the
Issuer shall promptly appoint a successor to fill a vacancy in the office of
Indenture Trustee under the Indenture, (ii) Section 5.6(f) of the Trust
Agreement provides that the holders of the Common Securities shall promptly
appoint a successor to fill the vacancy in the office of Property Trustee; and

            WHEREAS, the Resigning Trustee was appointed Delaware Trustee,
Registrar and Paying Agent by the relevant parties under the applicable
Agreements; and

            WHEREAS, the relevant parties wish to appoint the Successor Trustee
as Successor Delaware Trustee, Successor Property Trustee, Successor Registrar
and Successor Paying Agent under the applicable Agreements; and

<PAGE>

            WHEREAS, the Successor Trustee is willing to accept such
appointments on the terms and conditions set forth herein and under the
applicable Agreements; and

            WHEREAS, the Successor Trustee is qualified to act as such successor
under the applicable Agreements.

            NOW, THEREFORE, pursuant to the provisions of the Agreements and in
consideration of the premises and the covenants herein contained, it is agreed
among the parties hereto as follows:

      1. The Company, as Issuer and Depositor hereby accepts the resignation of
the Resigning Trustee and its resignation as Delaware Trustee, Registrar and
Paying Agent and, pursuant to the authority vested in it by the Resignation
Provisions, hereby appoints the Successor Trustee as successor to the Resigning
Trustee under the Agreements, with all the estate, properties, rights, powers,
trusts, duties and obligations heretofore vested in such Resigning Trustee under
the relevant Agreement. The Successor Trustee designates it corporate trust
office presently located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, as the office or agency in Wilmington, Delaware,
where High Tides Debentures (as defined in the Indenture) may be presented for
payment, registration of transfer and exchange and as the office where notices
and demands to or upon (i) the Issuer in respect of the Indenture or the High
Tides Debentures may be served and (ii) where Trust Securities (as defined in
the Indenture) may be presented for payment, registration of transfer and
exchange and as the office where notices and demands to or upon the Trust in
respect of the Trust Agreement or the Trust Securities may be served. The
Resigning Trustee's resignation shall be effective as of the opening of business
on the date first above written upon the execution and delivery hereof by each
of the parties hereto.

      2.    The applicable Resigning Trustee represents and warrants to the
Successor Trustee that:

            (a)   $300,000,000 of High Tides Debentures remains outstanding as
                  of the effective date hereof in respect of the Indenture and
                  $300,000,000 of Trust Securities remains outstanding as of the
                  effective date hereof in respect of the Trust Agreement.

            (b)   It has made, or promptly will make available to the applicable
                  Successor Trustee the documents listed on Exhibit B hereto.
                  The notices to holders of Trust Securities listed on Exhibit B
                  constitute all notices delivered by the Resigning Property
                  Trustee to such holders.

            (c)   No covenant or condition contained in the Agreements has been
                  waived by the applicable Resigning Trustee or, to the best of
                  the knowledge of the Responsible Officers of the applicable
                  Resigning Trustee, by the holders of the percentage in
                  aggregate principal amount of the High Tides

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                  Debentures required by the Indenture or by the holders of the
                  requisite liquidation amount of Trust Securities required by
                  the Trust Agreement, as the case may be, to effect any such
                  waiver.

            (d)   As of the effective date of this Instrument, the Resigning
                  Trustee in such capacity, will hold no property under the
                  Agreements.

            (e)   This Instrument has been duly authorized, executed and
                  delivered on behalf of the Resigning Trustee and constitutes
                  its legal, valid and binding obligation.

            (f)   Each person who authenticated the High Tides Debentures or the
                  Trust Securities was duly elected, qualified and acting as an
                  officer of the applicable Resigning Trustee and empowered to
                  authenticate the High Tides Debentures or the Trust
                  Securities, as the case may be, at the respective times of
                  such authentication and the signature of such person or
                  persons appearing on such High Tides Debentures or Trust
                  Securities, as the case may be, is each person's genuine
                  signature.

            (g)   To the best of the knowledge of the Responsible Officers of
                  the Resigning Trustees' Corporate Trust and Agency Group, no
                  event has occurred and is continuing which is, or after notice
                  or lapse of time would become an Event of Default under
                  Section 5.01 of the Indenture or Section 1.01 of the Trust
                  Agreement.

      3. The Successor Trustee represents and warrants to the Company and the
Resigning Trustee that:

            (a)   It is qualified to act as Indenture Trustee and Property
                  Trustee, under the provisions of the relevant Agreements to
                  which it will become subject.

            (b)   This Instrument has been duly authorized, executed and
                  delivered on behalf of such Successor Trustee and constitutes
                  its legal, valid and binding obligation.

      4. The Successor Trustee hereby accepts its appointment under the
applicable Agreements and accepts the trusts created trusts thereby, and assumes
all rights, powers, duties and obligations of such Resigning Trustee thereunder.
The Successor Trustee will perform the applicable trusts and will exercise the
applicable rights, powers, duties, and obligations upon the terms and conditions
set forth in the applicable agreements.

                                       3

<PAGE>

      5. The Successor Trustee hereby accepts the designation of its corporate
trust offices set forth in Section 1 hereto as the office or agency: (i) where
the High Tides Debentures may be presented for payment, registration of transfer
and exchange and as the office where notices and demands to or upon the Issuer
in respect of the Indenture or the High Tides Debentures may be served, and (ii)
where the Trust Securities may be presented for payment, registration of
transfer and exchange and as the office where notices and demands to or upon the
Trust in respect of the Trust Agreement and the Trust securities may be served.

      6. The Resigning Trustee hereby confirms, assigns, transfers and sets over
to the applicable Successor Trustee upon the trusts expressed in the Agreements,
any and all moneys and all the rights, powers, trusts, duties and obligations
which the Resigning Trustee now holds under and by virtue of the Agreements. The
Resigning Indenture Trustee acknowledges that it relinquishes any lien it may
have upon all property or funds held or collected by it to secure any amounts
due it pursuant to the provision of Section 6.07 of the Indenture.

      7. The Company, as Issuer and Depositor, hereby joins in the execution
hereof for the purpose of more fully and certainly vesting in and confirming to
each Successor Trustee, said rights, powers, duties, trusts and obligations.

      8. The Resigning Trustees hereby agree, upon the request of any Successor
Trustee, to execute, acknowledge and deliver such further instruments of
conveyance and assurance and to do such other things as may be required for more
fully and certainly vesting and confirming in such Successor Trustee all of the
properties, rights, powers, duties and obligations of such Successor Trustee
under the applicable Agreements.

      9. Promptly after the execution and delivery of this Instrument, the
Company shall cause a notice, the form of which is annexed hereto as Exhibit C,
to be sent to each holder of High Tide Debentures and Trust Securities, as the
case may be, and to the agent or representative for the holders of all
Designated Senior Debt.

      10. This Instrument does not constitute a waiver or assignment by the
Resigning Trustee of any compensation, reimbursement, expenses or indemnity to
which it is or may be entitled pursuant to the Agreements nor does it constitute
a waiver by the Issuer or Depositor of any defenses available to it in respect
of any such compensation, reimbursement or indemnification obligation. The
Issuer acknowledges its obligation set forth in Section 6.07 of the Indenture to
indemnify the Resigning Indenture Trustee for, and to hold the Resigning
Indenture Trustee harmless against, any loss, liability and expense incurred
without negligence or bad faith on the part of the Resigning Indenture Trustee
and arising out of or in connection with the acceptance or administration of the
Trusts evidenced by the Indenture (which obligations shall survive the execution
and delivery hereof); it being understood and agreed that the foregoing shall
not be deemed to create any additional obligations of the Issuer beyond those
set forth in the Indenture. The Depositor acknowledges its obligations set forth
in Section 10.4 of the Trust Agreement to indemnify the Resigning Property
Trustee against, any loss, liability and expense incurred without negligence or
willful misconduct on the part of the Resigning Property Trustee or arising out
of or in connection with the exercise or performance of their duties under the
Trust Agreement (which obligations shall survive the execution and delivery

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hereof); It being understood and agreed that the foregoing shall not be deemed
to create any additional obligations of the Depositor beyond those set forth in
the Trust Agreement. The Successor Trustee shall be entitled to compensation for
its services as provided on Schedule A, attached hereto. The Issuer acknowledges
and reaffirms its obligations to the Successor Trustee as set forth in Section
6.07 of the Indenture and the Depositor acknowledges and reaffirms its
obligations to the Successor Trustee as set forth in Section 10.4 of the Trust
Agreement, which obligations shall survive the execution hereof.

      11. Terms not otherwise defined in this Instrument shall have the
definitions given thereto in the Agreements.

      12. The effect and meaning of this Instrument and the rights of all
parties hereunder shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without regard to choice-of-law principles of the
law of such state that would require the application of the laws of a
jurisdiction other than such state.

      13. This Instrument may be countersigned in any number of counterparts,
each executed counterpart constituting an original but together only one
instrument.

      14. By execution and delivery hereof, Budget Group Capital Trust, as sole
holder of the Common Securities issued under the Trust Agreement, hereby
consents to the appointment of the Successor Trustee as successor to the
Resigning Property Trustee hereunder.

      This Agreement and the resignations, appointments and acceptances effected
hereby shall be effective as of the close of business on March 29, 2002.

                                       5
<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Instrument to be duly
executed all as of the day and year first above written.

                              BUDGET GROUP, INC.
                               as Issuer and Depositor

                              By:  /s/ Katherine L. Abbott
                                  ---------------------------------
                                  Name:  Katherine L. Abbott
                                  Title: Vice President & Treasurer

                              THE BANK OF NEW YORK, as
                              Resigning Delaware Trustee

                              By:  /s/ William T. Lewis
                                  --------------------------
                                  Name:  William T. Lewis
                                  Title: Senior Vice President

                              WILMINGTON TRUST COMPANY, as
                                Successor Indenture Trustee and Successor
                                Property Trustee, Successor Delaware Trustee,
                                Successor Registrar and Successor Paying Agent

                              By:  /s/ Steven Cimalore
                                  --------------------------
                                  Name:  Steven Cimalore
                                  Title: Vice President

Acknowledged and Agreed:

BUDGET GROUP CAPITAL, INC.,
 as Sole Holder of the Common Securities

By: /s/ Robert L. Aprati
   -----------------------
   Name:  Robert L. Aprati
   Title: Administrative Trustee

                                       6
<PAGE>

                                    EXHIBIT A

                               Resignation Letter

      Reference is made to that certain Amended and Restated Declaration of
Trust dated as of June 19, 1998 (the "Trust Agreement"), among Budget Group,
Inc., as depositor and debenture issuer, and the Trustees named therein.
Capitalized terms used herein and not defined shall have the meanings assigned
to such terms in the Trust Agreement.

      This letter will serve as the notice of resignation of the Property
Trustee pursuant to Section 5.6 of the Trust Agreement, to become effective in
accordance with and pursuant to the terms of the Trust Agreement.

                                    Very truly yours,

                                    THE BANK OF NEW YORK
                                         as Property Trustee

                                    By:   /s/ Irene Siegel
                                       ---------------------------
                                       Name: Irene Siegel
                                       Title: Vice President

                                       7

<PAGE>

                               Resignation Letter

      Reference is made to that certain Indenture dated as of June 19, 1998 (the
"Indenture"), between Budget Group, Inc., as issuer, and The Bank of New York,
as indenture trustee (the "Trustee"). Capitalized terms used herein and not
defined shall have the meanings assigned to such terms in the Indenture.

      This letter will serve as the Trustee's notice of resignation pursuant to
Section 6.10 of the Indenture, to become effective in accordance with and
pursuant to the terms of the Indenture.

                                    Very truly yours,

                                    THE BANK OF NEW YORK
                                         as Indenture Trustee

                                    By: /s/ Irene Siegel
                                       ---------------------------
                                       Name:  Irene Siegel
                                       Title: Vice President

                                       8

<PAGE>

                                    EXHIBIT B

                                List of Documents

1.    Indenture dated as of June 19, 1998, between the Issuer and the Resigning
      Indenture Trustee.

2.    Amended and Restated Declaration of Trust dated as of June 19, 1998 among
      the Depositor, the Resigning Property Trustee, the Resigning Delaware
      Trustee and the Administrative Trustees named therein.

3.    Files of Closing documents.

                                       9

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                                    EXHIBIT C

                              [COMPANY LETTERHEAD]

                              NOTICE OF APPOINTMENT
                              OF SUCCESSOR TRUSTEE

To the Holders of Budget Group, Inc HIGH TIDES Debentures due 2028

NOTICE IS HEREBY GIVEN, pursuant to Section 6.10 of the Indenture dated as of
June 19, 1998 by and between Budget Group, Inc. (the "Company") and The Bank of
New York, as Trustee, that The Bank of New York has resigned as Trustee under
the Indenture.

Pursuant to Section 6.11, of the Indenture, Wilmington Trust Company, a banking
corporation and trust company duly organized and existing under the laws of the
State of Delaware, has accepted appointment as successor Trustee under the
Indenture. The Corporate Trust Office of Wilmington Trust Company is located at
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890.

The Bank of New York's resignation as Trustee and Wilmington Trust Company's
appointment as successor Trustee were effective as of the close of business on
March __, 2002.

Dated:  New York, New York

         _____ __, 2002

                                                Very truly yours,

                                                Budget Group, Inc.

                                                By:______________________
                                                   Name:
                                                   Title:

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                                To the Holders of

                           BUDGET GROUP CAPITAL TRUST
                     6 1/4% CONVERTIBLE PREFERRED SECURITIES
       REMARKETABLE TERM INCOME DEFERRABLE EQUITY SECURITIES (HIGH TIDES)
                     (LIQUIDATION AMOUNT $50 PER HIGH TIDE)
          GUARANTEED BY, AND CONVERTIBLE INTO CLASS A COMMON STOCK OF,
                               BUDGET GROUP, INC.

      NOTICE IS HEREBY GIVEN that BUDGET GROUP, INC. (the "Company") has
received a notice of resignation from THE BANK OF NEW YORK, as Property Trustee
(the "Resigning Property Trustee") under the Trust Agreement dated as of June
19, 1998 (the "Trust Agreement"), such resignation to be effective March __,
2002. Capitalized terms used and not defined shall have the meanings set forth
in the Trust Agreement.

      NOTICE IS HEREBY FURTHER GIVEN that pursuant to Section 5.6 of the Trust
Agreement, the Holders of the Common Securities have appointed WILMINGTON TRUST
COMPANY ("Wilmington"), as successor Property Trustee under the Trust Agreement.
Wilmington has, pursuant to Section 5.6 of the Trust Agreement, accepted such
appointment to be effective March __, 2002. The address of the Corporate Trust
Office of Wilmington is set forth below. Said office has also been designated as
the office or agency of the Issuer where notices and demands to or upon the
Issuer in respect of the Securities and the Agreement may be served. Securities
being sent to the successor Property Trustee for payment, registration of
transfer or exchange should be sent to the following address:

                            Wilmington Trust Company
                            Rodney Square North, 1100
                               North Market Street
                            Wilmington, Delaware 19890
                            Attention: Issuer Services

Dated: _____ __, 2002               BUDGET GROUP, INC.

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

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                                   SCHEDULE A

                               BUDGET GROUP, INC.

                                SCHEDULE OF FEES

                                    TO ACT AS

  SUCCESSOR INDENTURE, PROPERTY AND DELAWARE TRUSTEE, REGISTRAR & PAYING AGENT

                         HIGH TIDES DEBENTURES DUE 2028

NOTE:

Subject to a legal and administrative review of the governing documents and
acceptable indemnification for our fees and expenses from a creditworthy entity.
Out of pocket expenses (including outside counsel's fees and expenses in
connection with the closing and in connection with any post-closing matters) are
additional and are billed separately within 30 days from closing. Wilmington
Trust requests that whenever possible, the Initial Fee and the first year's
Annual Administration Fee be paid on the closing date by wire transfer per the
following wire transfer instructions: Wilmington Trust Company, Wilmington,
Delaware; ABA No. 031100092; for credit to the account of Corporate Trust
Administration - Income Account; Account No. 9974-0 (Income); Attn: Irene
Lennon; Ref: Trustee Fees and Expenses for [transaction name]. Thereafter, the
Annual Administration Fee is due and payable annually in advance on each
anniversary of the closing date. Transaction Fees are due and payable annually
in arrears. All fees are non-refundable and will not be prorated in the event of
an early termination of the Trust. In the event that the transaction does not
close, Wilmington Trust reserves the right to be paid its Initial Fee. All fees
quoted are guaranteed for a period of 90 days.

AS INDENTURE, PROPERTY  & DELAWARE TRUSTEE

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Initial Charge:       (payable in advance)                      Waived

Covers the acceptance of a Trust created or modified by an Indenture or
Resolution ("Instrument").

These charges include a complete study of drafts of Instruments and all
supporting documents in connection therewith, conferences until a final
Instrument is agreed upon, execution of the final Instrument and authentication
of securities in either temporary or definitive form.

Annual Administration Charges:      (payable in advance)       $ 10,000.00

Covers normal administration functions including the maintenance of
administrative records, duties in connection with the security provisions of the
Instrument, and the consideration and decision with respect to various normal
administrative questions. The Trustee reserves the right to determine which
services may be considered "normal".

Default Administration Charges:     (if applicable)

Charges are accrued at an hourly rate, as follows:

Vice President                $375.00 per hour

Assistant Vice President      $290.00 per hour

Financial Services Officer    $225.00 per hour

Covers default administration functions including the maintenance of
administrative records, duties in connection with the security provisions of the
Instrument, and the consideration and decision with respect to various default
administrative questions.

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AS REGISTRAR AND PAYING AGENT

Annual Charge:     (payable in advance)                               Waived

Annual Account Maintenance Fee                                        Waived

(Accounts maintained at beginning of each billing period plus all accounts
opened during period)

Covers maintenance of securityholders' name and address file, recording
certificate transactions, correspondence with and research for securityholders,
payment of interest, placement, maintenance and removal of stop transfer
protection, replacement of lost or stolen certificates, examination and passing
upon legal transfers and maintaining all control records, including one audit
confirmation.

Transaction Fees:

a.    Purchase, sale, withdrawal, maturities
      calls and puts of domestic securities                 $15.00

b.    Physical delivery of domestic securities              $50.00

c.    Purchase of Eurodollar certificate of deposit         $65.00

d.    Principal amortizing securities
      (per pool/per month)                                  $10.00

e.    Wire charge (per transfer)
                  Outgoing*                                 $25.00
                  Incoming*                                 $10.00

Transfer or Re-registration Fee:                            $1,000

Termination Fee:                                            To be determined**

E-Room Technology                                           To be determined(1)

*Transfers made by associate banks may result in additional wire charges.

**Wilmington Trust reserves the right to charge a fee relating to the
termination of the Trust and the final distribution of the property held by the
trust; such fee to be determined at the time of termination.

(1) Wilmington Trust will provide a confidential `cyber-room' service on the
internet with 24x7 worldwide access to manage transaction related documents
during pre-closing, closing and post closing. Service can be secured via a
separate agreement and is not contingent upon Wilmington Trust's participation
in the transaction.

AGREED TO & ACCEPTED _____________________

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DATE                     _____________________

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