Document:

<PAGE>
                                                                    Exhibit 4.48

                 SURETY BOND GUARANTEE AND ASSUMPTION AGREEMENT

dated as of August 30, 2001, made by each of signatories hereto (together with
any other entity that may become a party hereto as provided herein, the
"Guarantors"), in favor of Liberty Mutual Insurance Company ("Liberty").

                              W I T N E S S E T H:

                  WHEREAS, pursuant to the Indemnity Agreements, Liberty, as
surety, has issued, or is liable as co-surety or reinsurer under, Surety Bond
Coverage for the benefit of, on behalf of, or at the request of ANC Rental
Corporation ("ANC") or certain of its direct and indirect subsidiaries, and
Liberty has been requested by ANC to issue, extend, renew, continue, increase
and/or permit to remain outstanding and refrain from canceling the Liberty Bonds
(as defined in the ANC Liberty Agreement); and

                  WHEREAS, the Liberty Bonds currently do, and in the future
shall, in part enable ANC to make valuable transfers to one or more of the
Guarantors in connection with the operation of their respective and
inter-related businesses; and

                  WHEREAS, ANC and the Guarantors are engaged in related
businesses, and each Guarantor will derive substantial direct and indirect
benefit from the issuance, extension, renewal, continuance and/or increase of
the Liberty Bonds, from Liberty's refraining from canceling the Liberty Bonds,
and from the execution of the Agreement dated August 30, 2001, between Liberty
and ANC, copy of which is annexed hereto as Exhibit "A" (as the same may be
amended, supplemented or otherwise modified from time to time, in accordance
with its terms, the "ANC Liberty Agreement"); and

                  WHEREAS, it is a condition precedent to Liberty's execution of
the ANC Liberty Agreement that the Guarantors shall have executed and delivered
this Surety Bond Guarantee and Assumption Agreement to Liberty;

                  NOW, THEREFORE, in consideration of the premises and to induce
Liberty to enter into the ANC Liberty Agreement and to issue, extend, renew,
continue, increase and/or permit to remain outstanding and refrain from
canceling such Surety Bond Coverage (as defined in the ANC Liberty Agreement)
pursuant to the terms of the ANC Liberty Agreement, together with other and
further consideration the receipt and sufficiency of which is hereby
acknowledged, each Guarantor agrees with Liberty as follows:

<PAGE>
                  1. Definitions

                  1.1 As used herein, the following terms have the following
meanings:

                  "Guarantor Surety Bond Obligations" shall mean, with respect
to all Guarantors under this or any similar Surety Bond Guarantee, all
obligations and liabilities of all such Guarantors, whether joint or several,
direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection
with this Surety Bond Guarantee.

                  "Obligations" shall mean the Surety Bond Obligations and the
Guarantor Surety Bond Obligations, collectively.

                  "Surety Bond Guarantee" shall mean this Surety Bond Guarantee
And Assumption Agreement, as the same may be amended, supplemented or otherwise
modified from time to time.

                  "Surety Bond Obligations" shall mean, in respect of any
Liberty Bond, (a) the obligations of the Surety Bond Account Party (as defined
in the ANC Liberty Agreement), and of any indemnitor, to Liberty under any of
the Indemnity Agreements (as defined in the ANC Liberty Agreement) or under any
guarantee, including but not limited to the obligations to exonerate, indemnify,
hold harmless, secure, collateralize and/or reimburse Liberty, together with any
interest, fees, costs, expenses (including the costs and expenses of enforcing
any indemnities) or other amounts as may be provided under the terms of such
Indemnity Agreements or under any guarantee (including, without limitation,
interest accruing at the then applicable rate after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to such Surety Bond Account Party or indemnitor, whether or
not a claim for post-filing or post-petition interest is allowed in such
proceeding), whether direct or indirect, absolute or contingent, due or to
become due or now existing or hereafter incurred, and (b) any Guarantor Surety
Bond Obligations with respect to such Liberty Bond, and (c) any obligations of
ANC or of any of its subsidiaries under the ANC Liberty Agreement; PROVIDED that
the Surety Bond Obligations shall be reduced by the amount of proceeds actually
received by or on behalf of Liberty in respect of any cash or letter of credit
collateral to the extent application of such proceeds permanently reduces the
remaining contingent liability of Liberty in respect of such Surety Bond
Obligation.

                  All other capitalized terms used but not defined herein shall
have the same meanings specified in the ANC Liberty Agreement.

                                     - 2 -
<PAGE>

                  2. Guarantee And Assumption

                  2.1 By executing and delivering this Surety Bond Guarantee,
the Guarantors hereby:

                  (a)      jointly and severally, unconditionally and
                           irrevocably, guarantee to Liberty and its successors,
                           transferees and assigns, the prompt and complete
                           payment and performance when due of the Obligations;
                           and

                  (b)      become parties to each of the Indemnity Agreements as
                           an Indemnitor thereunder with the same force and
                           effect as if originally named therein as an
                           Indemnitor and, without limiting the generality of
                           the foregoing, (i) hereby expressly assume all
                           obligations and liabilities of an Indemnitor
                           thereunder, and (ii) hereby expressly represent and
                           warrant that all Liberty Bonds, whether issued prior
                           to or subsequent to the date hereof, are deemed to
                           have been issued upon its written request in its
                           capacity as Indemnitor.

                  2.2 Anything herein to the contrary notwithstanding, the
maximum liability of each Guarantor hereunder shall in no event exceed the
amount which can be guaranteed or assumed by such Guarantor under applicable
federal and state laws, including laws relating to the insolvency of debtors,
fraudulent conveyance or transfer or laws affecting the rights of creditors
generally (after giving effect to the right of contribution established in
Section 2.5). Each Guarantor agrees that the Obligations may at any time and
from time to time exceed the amount of the liability of such Guarantor hereunder
without impairing the guarantee or assumption contained in this Surety Bond
Guarantee or affecting the rights and remedies of Liberty hereunder.

                  2.3 Notwithstanding the provisions of paragraph 15 of the
Indemnity Agreement dated August 4, 2000, or of paragraph 16 of the Indemnity
Agreement dated October 31, 2000, respecting "termination," the obligations of
the Guarantors under this Surety Bond Guarantee shall remain in full force and
effect until such date on which all risk undertaken by Liberty, whether residual
or future, under all Liberty Bonds, has been, in Liberty's sole discretion,
conclusively terminated, and no such Guarantor may unilaterally terminate its
obligations hereunder for any of the Obligations, whether incurred or to be
incurred.

                  2.4 Subject to the proviso to the definition of "Surety Bond
Obligations", no payment made or collateral delivered by ANC, any of the
Guarantors, any other guarantor or indemnitor or any other Person, or received
or collected by Liberty from ANC, any of the Guarantors, any other guarantor or
indemnitor or Person, by virtue of any transaction, action or proceeding or any
set-off, recoupment or appropriation or application at any time or from time to
time in reduction of, in payment of or to secure

                                     - 3 -
<PAGE>

any of the Obligations shall be deemed to modify, reduce, release or otherwise
affect the liability of any Guarantor hereunder which shall, notwithstanding any
such payment or delivery (other than any payment made by or collected from such
Guarantor), remain liable in full hereunder until this Surety Bond Guarantee
shall terminate pursuant to its terms.

                  2.5 Each Guarantor hereby agrees that to the extent that a
Guarantor shall have paid more than its proportionate share of any payment made
hereunder, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its
proportionate share of such payment. Each Guarantor's right of contribution
shall be subject to the terms and conditions of section 2.6 herein below. The
provisions of this section 2.5 shall in no respect limit the obligations and
liabilities of any Guarantor to Liberty, and each Guarantor shall remain liable
to Liberty in full hereunder.

                  2.6 Notwithstanding any payment made by any Guarantor
hereunder or any set-off, recoupment or application of funds of any Guarantor by
Liberty, no Guarantor shall be entitled to be subrogated to any of the rights of
Liberty or the Collateral Trustee against ANC or any other Guarantor or any
collateral security or guarantee or right of offset or recoupment held by
Liberty for the payment and performance of the Obligations, nor shall any
Guarantor seek or be entitled to seek any contribution or reimbursement from ANC
or any other Guarantor in respect of payments made by such Guarantor hereunder,
until all the Obligations have been discharged in full as determined by Liberty
in its sole discretion. If any amount shall be paid to any Guarantor on account
of such subrogation rights at any time when all of the Obligations shall not
have been discharged in full, such amount shall be held by such Guarantor in
trust for Liberty, segregated from other funds of such Guarantor, and shall,
forthwith upon receipt by such Guarantor, be turned over to Liberty in the exact
form received by such Guarantor (duly indorsed by such Guarantor to Liberty, if
required), to be applied against the Obligations, whether matured or unmatured,
absolute or contingent, due or to become due or now existing or hereafter
incurred, in such order as Liberty may determine.

                  2.7 Each Guarantor shall remain fully obligated hereunder
notwithstanding that, Liberty may, without reserving any rights against any
Guarantor and without notice to or further assent by any Guarantor, (a) rescind,
modify, release, waive or otherwise amend or alter the obligations or liability
of ANC or of any other Guarantors hereunder with respect to any of the
Obligations (b) release, surrender, liquidate, sell or exchange any collateral
security, guarantee or right of offset at any time held by or for the benefit of
Liberty, or (c) amend, modify, supplement or terminate, in whole or in part, as
Liberty deems advisable from time to time, the ANC Liberty Agreement, the
Security Documentation and any other documents executed and delivered in
connection therewith. Liberty shall have no obligation to protect, secure,
perfect or

                                     - 4 -
<PAGE>

insure any lien at any time held by Liberty or on its behalf as security for the
Obligations, or any property subject thereto.

                  2.8 Each Guarantor waives any and all notice of the creation,
renewal, extension or accrual of any of the Obligations and notice of or proof
or reliance by Liberty upon the guarantee and assumption contained in this
Surety Bond Guarantee. The Obligations, and any of them, shall conclusively be
deemed to have been created, contracted and incurred, or renewed, extended,
amended or waived, in reliance upon the guarantee and assumption contained in
this Surety Bond Guarantee, and all dealings between ANC and the Guarantors, on
the one hand, and Liberty, on the other hand, likewise shall be conclusively
presumed to have been had or consummated in reliance upon the guarantee and
assumption contained in this Surety Bond Guarantee. Each Guarantor waives, to
the extent permitted by law, diligence, presentment, protest, demand for payment
and notice of default or nonpayment to or upon ANC or any of the Guarantors with
respect to the Obligations. Each Guarantor understands and agrees that the
guarantee contained in this Surety Bond Guarantee shall be construed as a
continuing, absolute and unconditional guarantee of payment without regard to
(a) the validity or enforceability of the ANC Liberty Agreement, the Indemnity
Agreements or any of the other Surety Bond Documents; any of the Obligations or
any other collateral security therefor or guarantee or right of offset or
recoupment with respect thereto at any time or from time to time held by Liberty
or on its behalf, (b) any defense, set-off, recoupment or counterclaim (other
than a defense of payment or performance) which may at any time be available to
or be asserted by ANC or any other Person against Liberty, or (c) any other
circumstance whatsoever (with or without notice to or knowledge of ANC or such
Guarantor) which constitutes, or might be construed to constitute, an equitable
or legal discharge of ANC for the Obligations, or of such Guarantor under the
guarantee contained in this Surety Bond Guarantee, in bankruptcy or in any other
instance. When making any demand hereunder or otherwise pursuing its rights and
remedies hereunder against any Guarantor, Liberty may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and
remedies as it may have against ANC, any other Guarantor or any other Person or
against any collateral security or guarantee for the Obligations or any right of
offset or recoupment with respect thereto, and any failure by Liberty to make
any such demand, to pursue such other rights or remedies or to collect any
payments from ANC, any other Guarantor or any other Person or to realize upon
any such collateral security or guarantee or to exercise any such right of
offset or recoupment, or any release of ANC, any other Guarantor or any other
Person or any such collateral security, guarantee or right of offset, shall not
relieve any Guarantor of any obligation or liability hereunder, and shall not
impair or affect the rights and remedies, whether express, implied or available
as a matter of law, equity, contract or otherwise, of Liberty against any
Guarantor. For the purposes hereof, "demand" shall include the commencement and
continuation of any legal proceedings.

                                     - 5 -
<PAGE>

                  2.9 The guarantee contained in this Surety Bond Guarantee
shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Obligations is rescinded or
must otherwise be restored or returned by Liberty for any reason, including
without limitation by reason of the insolvency, bankruptcy, dissolution,
liquidation or reorganization of ANC or any Guarantor, or upon or as a result of
the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, ANC or any Guarantor or any substantial part of its
property, or otherwise, all as though such payments had not been made.

                  3. Representations And Warranties

                  3.1 To induce Liberty to enter into the ANC Liberty Agreement
and to issue, extend, renew, continue, increase and/or permit to remain
outstanding and refrain from canceling the Liberty Bonds, each Guarantor hereby
represents and warrants to Liberty that the representations and warranties set
forth in Section 8 of the ANC Liberty Agreement as they relate to such
Guarantor, each of which is hereby incorporated herein by reference, are true
and correct, and Liberty shall be entitled to rely on each of them as if they
were fully set forth herein, PROVIDED that each reference in each such
representation and warranty to ANC's knowledge shall, for the purposes of this
Section 3, be deemed to be a reference to such Guarantor's knowledge.

                  4. Miscellaneous

                  4.1 None of the terms or provisions of this Surety Bond
Guarantee may be waived, amended, supplemented or otherwise modified except in
writing executed by Liberty and the respective Guarantor to which the waiver,
amendment, supplementation or modification is to apply.

                  4.2 Liberty shall not by any act (except by a written
instrument pursuant to Section 4.1), delay, indulgence, omission or otherwise be
deemed to have waived any right or remedy hereunder or to have acquiesced in any
default or event of default under this Surety Bond Guarantee, the ANC Liberty
Agreement, any of the Indemnity Agreements or any of the other Surety Bond
Documents. No failure to exercise, nor any delay in exercising, on the part of
Liberty, any right, power or privilege hereunder, shall operate as a waiver
thereof. No single or partial exercise of any right, power or privilege
hereunder, under the ANC Liberty Agreement, under any of the Indemnity
Agreements or under or with respect to any of the other Surety Bond Documents,
shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by Liberty of any right or remedy
hereunder, or under the ANC Liberty Agreement, under any of the Indemnity
Agreements or under or with respect to any of the other Surety Bond Documents,
on any one or more occasions shall not be construed as a bar to any right or
remedy which Liberty would otherwise have on any future occasion. The rights and
remedies herein provided are cumulative, may be exercised singly or concurrently
and are not exclusive of any other rights or remedies provided by law.

                                     - 6 -
<PAGE>

                  4.3 In addition to, and not in lieu of, the remedies provided
under the Indemnity Agreements, each Guarantor agrees to indemnify and reimburse
Liberty for, and hold Liberty harmless against, (a) all its costs and expenses
incurred in collecting against such Guarantor under this Surety Bond Guarantee
or otherwise enforcing or preserving any rights under this Surety Bond
Guarantee, the ANC Liberty Agreement, the Indemnity Agreements assumed hereunder
and any other Surety Bond Documents to which such Guarantor is a party,
including, without limitation, the reasonable fees and disbursements of counsel
to Liberty, (b) any and all liabilities with respect to, or resulting from any
delay in paying, and all stamp, excise, sales, transfer, recording or other
taxes which may be payable or determined to be payable in connection with any of
the transactions contemplated by this Surety Bond Guarantee, and (c) any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever with respect
to the execution, delivery, enforcement (including the enforcement of this
provision), performance and administration of this Surety Bond Guarantee. The
agreements in this Section shall survive payment or discharge of the
Obligations.

                  4.4 This Surety Bond Guarantee shall be binding upon the
successors and assigns of each Guarantor and shall inure to the benefit of
Liberty and its successors and assigns, PROVIDED that no Guarantor may assign,
transfer or delegate any of its rights or obligations under this Surety Bond
Guarantee without the prior written consent of Liberty, and PROVIDED FURTHER
that nothing herein shall prevent any Guarantor from merging or consolidating
into or with, or transferring all or substantially all of its assets to, any
other entity to the extent permitted by the terms of the ANC Liberty Agreement.

                  4.5 This Surety Bond Guarantee may be executed by one or more
of the parties to this Surety Bond Guarantee on any number of separate
counterparts (including via telecopier), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

                  4.6 Any provision of this Surety Bond Guarantee which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

                  4.7 This Surety Bond Guarantee represents the agreement of the
Guarantors and Liberty with respect to the subject matter hereof, and there are
no promises, undertakings, representations or warranties by Liberty relative to
the subject matter hereof not expressly set forth or referred to herein.

                  4.8 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF

                                     - 7 -
<PAGE>

NEW YORK AS APPLIED TO AGREEMENTS EXECUTED AND TO BE PERFORMED EXCLUSIVELY
WITHIN SUCH STATE, WITHOUT REGARD TO CHOICE OF LAW PRINCIPLES. THE UNDERSIGNED
AGREE THAT ANY DISPUTE BETWEEN THE UNDERSIGNED AND LIBERTY WILL AT LIBERTY'S
OPTION BE RESOLVED EXCLUSIVELY IN A COURT OF COMPETENT JURISDICTION LOCATED IN
THE STATE OF NEW YORK AND COUNTY OF NEW YORK. EACH GUARANTOR FURTHER CONSENTS TO
THE PERSONAL JURISDICTION AND VENUE OF ANY COURT IN WHICH ANY ACTION MAY BE
BROUGHT AGAINST IT BY LIBERTY AND TO SERVICE OF PROCESS IN ANY SUCH ACTION BY
CERTIFIED MAIL, RETURN RECEIPT REQUESTED OR BY ANY MEANS GIVING ACTUAL NOTICE OF
SUCH PROCESS TO SUCH GUARANTOR. EACH GUARANTOR HEREBY WAIVES ANY RIGHT TO TRIAL
BY JURY IN ANY SUCH ACTION.

                  4.9 Each Guarantor agrees that (a) it has been advised by
counsel in the negotiation, execution and delivery of this Surety Bond
Guarantee, (b) Liberty has no fiduciary relationship with or duty to any
Guarantor arising out of or in connection with this Surety Bond Guarantee, the
ANC Liberty Agreement, any of the Indemnity Agreements or any of the other
Surety Bond Documents, and (c) no joint venture is created hereby or otherwise
exists by virtue of the transactions contemplated hereby among the Guarantors
and Liberty.

                  4.10 As required under the terms of paragraph 2.2 of the ANC
Liberty Agreement, ANC shall cause those subsidiaries identified in paragraph
2.2 of the ANC Liberty Agreement to become a Guarantor under this Surety Bond
Guarantee by executing and delivering an Assumption Agreement in the form
annexed hereto as Exhibit "B".

                  4.11 Subject to Section 2.9, this Surety Bond Guarantee shall
terminate and be of no force and effect upon full discharge of all Surety Bond
Obligations.

                  IN WITNESS HEREOF, each of the undersigned has caused this
Surety Bond Guarantee to be duly executed and delivered as of the date first
above written.

                                       ANC RENTAL CORPORATION,
                                       for purposes of Section 4.10 only

                                       By: /s/ Howard D. Schwartz
                                           -------------------------------------
                                           Name:  Howard D. Schwartz
                                           Title: Sr. Vice President & Secretary

                                     - 8 -
<PAGE>

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

                                       By: /s/ Leland F. Wilson
                                           -------------------------------------
                                           Name:  Leland F. Wilson
                                           Title: Vice President & Treasurer

                                       ALAMO RENT-A-CAR, LLC

                                       By: /s/ O. Mason Hurst, II
                                           -------------------------------------
                                           Name:  O. Mason Hurst, II
                                           Title: Vice President & Secretary

                                     - 9 -
<PAGE>

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

                                       By: /s/ Leland F. Wilson
                                             -----------------------------------
                                             Name:  Leland F. Wilson
                                             Title: Vice President & Treasurer

                                     - 10 -<PAGE>
                                                                    Exhibit 4.49

                   FIRST AMENDMENT TO REIMBURSEMENT AGREEMENT

         FIRST AMENDMENT, dated as of August 30, 2001 (this "Amendment"), to the
Reimbursement Agreement, dated as June 30, 2000 (the "Reimbursement Agreement"),
by and between ANC RENTAL CORPORATION, a Delaware corporation (the "Borrower"),
and AUTONATION, INC., a Delaware corporation (the "Lender").

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

         WHEREAS, pursuant to the Reimbursement Agreement, the Lender has agreed
to provide to the Borrower credit support for certain obligations incurred by
the Borrower in connection with its car rental business; and

         WHEREAS, the Borrower and the Lender have agreed to amend certain
provisions of the Reimbursement Agreement in the manner provided for in this
Amendment.

         NOW, THEREFORE, the parties hereto hereby agree as follows:

         1. DEFINED TERMS. Terms defined in the Reimbursement Agreement and used
herein shall have the meanings given to them in the Reimbursement Agreement.

         2. AMENDMENTS TO REIMBURSEMENT AGREEMENT.

                  (i) AMENDMENTS TO SECTION 1. Section 1.1 of the Reimbursement
         Agreement is hereby amended as follows:

         (1) by deleting the word "and" at the end of clause (v) of the
         definition of "Continuing Obligations", and by deleting clause (vi) of
         the definition of "Continuing Obligations" and substituting in lieu of
         such clause (vi) the following:

                  "(vi) any reimbursement, indemnification or other agreement of
         Borrower in favor of Liberty Mutual Insurance Company or any of its
         affiliates, successors or assigns ("Liberty") in respect of the New AIG
         Retro Bonding (as defined in that certain Indemnification Agreement
         dated of even date herewith between Lender and Liberty
         ("Indemnification Agreement")); and

                  (vii) any other Indebtedness, liability or obligation of the
         Borrower or its Subsidiaries for which there exists a Lender
         Accommodation Obligation;"

         (2) by deleting the word "and" at the end of clause (v) of the
         definition of "Lender Accommodation Obligations" and by deleting clause
         (vi) thereof and substituting in lieu of clause (vi) the following:

<PAGE>
                  "(vi) any direct obligation of, or Guarantee Obligation from,
         the Lender under the Indemnification Agreement; and

                  (vii) any other direct obligation or liability of, or
         Guarantee Obligation from, the Lender in respect of or related to any
         other Indebtedness, obligation or liability of the Borrower or its
         Subsidiaries."

                  (2) AMENDMENT TO SECTION 2. Section 2.1(c) of the
Reimbursement Agreement is hereby amended by deleting the first sentence thereof
and substituting in lieu thereof the following:

                  "All Lender Accommodation Obligations shall expire no later
                  than the first anniversary of the Spin-Off Date, except for
                  Lender Accommodation Obligations related to the EuroDollar
                  Note, the Mitsubishi Property Leases, the Mitsubishi Fleet
                  Lease, and the New AIG Retro Bonding."

                  (3) AMENDMENT TO SECTION 3.1. Section 3.1 of the Reimbursement
Agreement is amended by deleting the first sentence thereof in its entirety and
substituting in lieu thereof the following:

                  "Notwithstanding any other provision of any of the Loan
                  Documents, effective upon the date on which the only remaining
                  outstanding Lender Accommodation Obligations are in respect of
                  the EuroDollar Note, the Mitsubishi Property Leases, the
                  Mitsubishi Fleet Lease and the New AIG Retro Bonding, and all
                  other Lender Accommodation Obligations have been paid,
                  satisfied and discharged in full, or have terminated or
                  expired, or have been waived by all of the respective
                  beneficiaries of such Lender Accommodation Obligations, such
                  that the Lender shall have no obligations or liability
                  whatsoever in respect thereof, the covenants of the Borrower
                  set forth in Sections 6.1, 6.2, 6.3, 6.4, 6.5 (subject to the
                  proviso below), 6.6, 6.8, and 6.9 of this Agreement shall
                  lapse and terminate, and have no further force nor effect;
                  PROVIDED HOWEVER that for so long as there remains any
                  outstanding Lender Accommodation Obligations in respect of the
                  New AIG Retro Bonding, Borrower agrees to comply with the
                  negative covenant contained in Section 6.5 hereof (a) without
                  regard to any waivers, amendments, consents or forbearance
                  agreements that might affect the terms of the Revolving Credit
                  Facility Loan Documentation or the Interim Facility Loan
                  Documentation since the date hereof; and (b) Borrower may not
                  make any Restricted Payment pursuant to the provisions of
                  Section 4.7(xii) of that certain Indenture dated June 30, 2001
                  evidencing the Interim Loan Facility without the written
                  consent of the Lender.

                  (4) Amendment to Section 5.1(c). Section 5.1 of the
Reimbursement Agreement is hereby amended by deleting the word "and" at the end
of subsection 5.1(b) thereof, by adding the word "and" at the end of subsection
5.1(c) thereof, and by adding the following subsection 5.1(d):

                                       2
<PAGE>

                           "(d) any information required to be delivered to
                  Liberty pursuant to that certain Agreement between Borrower
                  and Liberty of even date herewith, including pursuant to
                  Section 5 thereof, as and when required thereunder;"

                  (5) AMENDMENT TO SECTION 5. Section 5 of the Reimbursement
Agreement is hereby amended by adding the following paragraph:

                  "5.10 REDUCTION OF THE LIBERTY INDEMNIFICATION OBLIGATIONS.
                  Post, on or before the date required by Section 4.4(b) of the
                  ANC - Liberty Agreement (as defined in the Indemnification
                  Agreement), additional cash or letter of credit collateral for
                  the benefit of Liberty, of a type and in an amount sufficient
                  to cause a reduction of the "Maximum Amount" (as defined in
                  the Indemnification Agreement) by at least $5.9 million for
                  each year elapsed since June 30, 2001, until such time as the
                  "Maximum Amount" is reduced to zero."

                  (6) Section 8 of the Reimbursement Agreement is hereby amended
by adding thereto the following paragraph:

                  "8.17 SPECIAL LIBERTY REPRESENTATIONS AND COVENANTS. (a)
                  Borrower represents to Lender that: (i) the New AIG Retro
                  Bonding secures in part certain premium, deductible, indemnity
                  and related obligations (collectively, whether or not
                  contingent, the "Liberty Secured AIG Obligations") of Borrower
                  to American International Group and/or its affiliates
                  (collectively with their respective successors and assigns,
                  "AIG"); and (ii) Borrower has posted to AIG as of July 31,
                  2001 cash and/or letters of credit in the collective actual
                  notional amount of $31,579,018 as additional collateral (such
                  amount, together with any additional amount of cash or letter
                  of credit collateral posted to AIG to secure the Liberty
                  Secured AIG Obligations, referred herein collectively as the
                  "AIG Cash Collateral") for the Liberty Secured AIG
                  Obligations.

                  (b) Borrower covenants and agrees that for so long as the
                  Indemnification Agreement remains in effect: (i) Borrower
                  shall not seek to obtain from AIG the release of, or seek to
                  obtain AIG's acquiescence to the reduction, termination or
                  cancellation of, any AIG Cash Collateral for so long as
                  Liberty has any liability or potential liability in respect of
                  the New AIG Retro Bonding; (ii) if AIG reduces its collateral
                  requirements (whether or not in connection with the sale of a
                  division or segment of business of the Borrower) for the
                  Liberty Secured AIG Obligations ("AIG Collateral Reduction"),
                  Borrower shall request, and shall satisfy any and all
                  reasonable requirements necessary to cause, the reduction of
                  the maximum penal sum of the New AIG Retro Bonding by the
                  amount of the AIG Collateral Reduction; and (iii) if AIG
                  unilaterally releases, or permits a reduction, termination or
                  cancellation of, any AIG Cash Collateral (whether or not in
                  connection with the sale of a division or segment

                                       3
<PAGE>

                  of business of the Borrower) in lieu of reducing the amount of
                  the maximum penal sum of the New AIG Retro Bonding (it being
                  understood that such unilateral act would not be a breach of
                  clause (i) of this subsection 8.17(b)), Borrower shall take
                  all reasonable efforts (including satisfying any and all
                  reasonable requirements of AIG) to use such released AIG Cash
                  Collateral (or the benefits derived thereby) to either cause a
                  reduction on a dollar-for-dollar basis of the Maximum Amount
                  of the Indemnification Agreement, or to secure Borrower's
                  obligations hereunder in respect of the New AIG Retro Bonding.

                  (c) Borrower covenants and agrees that for so long as the
                  Indemnification Agreement remains in effect: (i) Borrower
                  shall not seek to obtain from Liberty the release of, or seek
                  to obtain Liberty's acquiescence to the reduction, termination
                  or cancellation of, any letter of credit or cash collateral
                  posted by Borrower in favor of Liberty ("Liberty Cash
                  Collateral") in respect of the New AIG Retro Bonding; (ii) if
                  Liberty reduces its collateral requirements for Borrower's
                  obligations in respect of the New AIG Retro Bonding ("Liberty
                  Collateral Reduction"), Borrower shall request, and shall
                  satisfy any and all reasonable requirements necessary to cause
                  the reduction by Liberty of the Maximum Amount under the
                  Indemnification Agreement by the amount of the Liberty
                  Collateral Reduction; and (iii) if Liberty unilaterally
                  releases, or permits a reduction, termination or cancellation
                  of, any Liberty Cash Collateral in lieu of reducing the amount
                  of the Maximum Amount of the Indemnification Agreement (it
                  being understood that such unilateral act would not be a
                  breach of clause (i) of this subsection 8.17(c)), Borrower
                  shall utilize the released Liberty Cash Collateral (or the
                  benefits derived thereby) to either secure Borrower's
                  obligations hereunder in respect of the New AIG Retro Bonding
                  or to secure Borrower's obligations in respect of the
                  obligations underlying the New AIG Retro Bonding.

                  (d) The provisions of subparagraph (b) of this Section 8.17
                  shall not apply in respect of the cancellation of that certain
                  $9 million letter of credit issued by First Union National
                  Bank, N.A. in favor of AIG for the purpose of effecting the
                  concurrent issuance of a $9 million letter of credit to be
                  issued on behalf of Borrower in favor of Liberty pursuant to
                  section 4.4(a) of that certain Agreement of even date herewith
                  between Liberty and Borrower."

                  (7) AMENDMENT TO SCHEDULE 2.2. Schedule 2.2 of the
Reimbursement Agreement is hereby amended by adding thereto the following
paragraph:

                  "7. LIBERTY BONDS. The Borrower shall pay to the Lender an
                  accommodation fee (the "Liberty Accommodation Fee") computed
                  by multiplying an agreed upon notional amount equal to the
                  "Maximum Amount" as defined in the Indemnification Agreement
                  (which, as of the

                                       4
<PAGE>

                  date hereof, is $29,500,000) by the applicable per annum rate
                  set forth below opposite the applicable period:

                  Period                                                Rate
                  ------                                                ----

                  From the date hereof through September 30, 2001        0%
                  October 1, 2001 through March 31, 2002                 3%
                  April 1, 2002 through September 30, 2002               6%
                  October 1, 2002 through December 31, 2002              7%
                  January 1, 2003 through March 31, 2003                 8%
                  April 1, 2003 through June 30, 2003                    9%
                  July 1, 2003 and thereafter                           10%

                  The Liberty Accommodation Fee shall be payable quarterly in
                  arrears commencing on April 1, 2002; PROVIDED HOWEVER, that
                  the Liberty Accommodation Fee shall be waived in the event
                  Lender shall be released in full from its obligations under
                  the Indemnification Agreement on or prior to March 31, 2002."

         3. CONDITIONS TO EFFECTIVENESS. This Amendment shall become effective
on the date (the "Amendment Effective Date") on which all of the following
conditions precedent have been satisfied:

                  (1) The Borrower and the Lender shall have executed and
delivered this Amendment.

                  (2) The Lender shall have received a copy of the resolutions,
in form and substance satisfactory to the Lender, of the Board of Directors of
the Borrower authorizing the execution, delivery and performance of this
Amendment, certified by the Secretary or an Assistant Secretary of the Borrower
as of the Amendment Effective Date, which certificate shall state that the
resolutions thereby certified have not been amended, modified, revoked or
rescinded as of the date of such certificate.

                  (3) The Lender shall have received a certificate of the
Secretary or Assistant Secretary of the Borrower, dated the Amendment Effective
Date, as to the incumbency and signature of each officer of the Borrower signing
this Amendment and any other instrument or document delivered by the Borrower in
connection herewith, together with evidence of the incumbency of such Secretary
or Assistant Secretary.

         4. GENERAL.

                  (i) REPRESENTATIONS AND WARRANTIES; COVENANTS. To induce the
Lender to enter into this Amendment, the Borrower hereby represents, warrants
and covenants to the Lender that:

         (1) The Borrower has the corporate power and authority to execute,
         deliver and perform this Amendment and to perform the Reimbursement

                                       5
<PAGE>

         Agreement, as amended hereby, and has taken all necessary corporate
         action to authorize the execution, delivery and performance of this
         Amendment and the performance of the Reimbursement Agreement, as so
         amended.

         (2) The Borrower is a corporation duly organized, validly existing and
         in good standing under the laws of the State of Delaware.

         (3) No consent or authorization of, approval by, notice to, filing with
         or other act by or in respect of, any Governmental Authority or any
         other Person is required in connection with the execution, delivery and
         performance of this Amendment or with the performance, validity or
         enforceability of the Reimbursement Agreement, as amended hereby,
         except for consents, authorizations, approvals, notices, filings or
         other acts (x) that have been made or obtained or (y) the failure to
         obtain the same would not have a Material Adverse Effect.

         (4) This Amendment has been duly executed and delivered on behalf of
         the Borrower.

         (5) This Amendment and the Reimbursement Agreement, as amended hereby,
         constitutes a legal, valid and binding obligation of the Borrower,
         enforceable against the Borrower in accordance with its terms, except
         as affected by bankruptcy, insolvency, fraudulent conveyance,
         reorganization, moratorium or other similar laws relating to or
         affecting the enforcement of creditors' rights generally and general
         equitable principles (whether considered in a proceeding in equity or
         at law).

         (6) The execution, delivery and performance of this Amendment and the
         performance of the Reimbursement Agreement, as amended hereby, will not
         violate any Requirement of Law or Contractual Obligation of the
         Borrower or of any of its Subsidiaries and will not result in, or
         require, the creation or imposition of any Lien on any of its or their
         respective properties or revenues pursuant to any such Requirement of
         Law or Contractual Obligation, except to the extent any of the
         foregoing would not have a Material Adverse Effect.

         (7) No Default or Event of Default has occurred and is continuing under
         the Reimbursement Agreement, and no default or event of default has
         occurred and is continuing under any agreement or instrument evidencing
         any material Indebtedness of the Borrower or any of its Subsidiaries
         the outstanding principal balance of which exceeds $5,000,000.

                  (2) PAYMENT OF EXPENSES. The Borrower agrees to pay or
reimburse the Lender for all of its reasonable out-of-pocket costs and expenses
incurred in connection with this Amendment, any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without
limitation, the reasonable fees and disbursements of Akerman, Senterfitt &
Eidson, P.A., special counsel to the Lender.

                                       6
<PAGE>
                  (3) NO OTHER AMENDMENTS. Except as expressly amended, modified
or supplemented hereby, the provisions of the Reimbursement Agreement,
including, without limitation, Section 2.1(c) thereof, shall continue to be, and
shall remain, in full force and effect in accordance with their respective
terms.

                  (4) GOVERNING LAW; COUNTERPARTS.

                           (1) This Amendment and the rights and obligations of
the parties hereto shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York.

                           (2) This Amendment may be executed by the parties
hereto in any number of separate counterparts, and all of such counterparts
taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed counterpart of a signature page to this Amendment by
facsimile transmission shall be effective as delivery of a manually executed
counterpart of this Amendment. This Amendment shall not be effective until such
time as Borrower delivers an executed counterpart of this Amendment to Lender's
authorized agent and Lender's authorized agent accepts delivery thereof at the
closing of the transaction contemplated hereby in New York, New York.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       7
<PAGE>

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

                                       ANC RENTAL CORPORATION

                                       By: /s/ O. Mason Hurst, II
                                           -------------------------------------
                                       Name:  O. Mason Hurst, II
                                              ----------------------------------
                                       Title: Vice President and Secretary
                                              ----------------------------------

                                       AUTONATION, INC.

                                       By: /s/ Michael J. Jackson
                                           -------------------------------------
                                       Name:  Michael J. Jackson
                                              ----------------------------------
                                       Title: CEO
                                              ----------------------------------

                                       8

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