Document:

<PAGE>
                                                                    EXHIBIT 4.46

                                                                  EXECUTION COPY

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                                 TRUST AGREEMENT

                           Dated as of August 30, 2001

                                      among

                             ANC RENTAL CORPORATION,

            THE SUBSIDIARIES OF ANC RENTAL CORPORATION PARTIES HERETO

                                       and

                            WILMINGTON TRUST COMPANY,
                                   as Trustee

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                                TABLE OF CONTENTS

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PREAMBLE ........................................................................................................     1

DECLARATION OF TRUST.............................................................................................     1

SECTION 1. DEFINED TERMS.........................................................................................     2

         1.1    Definitions......................................................................................     2

SECTION 2. ACCELERATION OF SECURED OBLIGATIONS...................................................................    12

         2.1    Notices of Acceleration..........................................................................    12
         2.2    General Authority of the Trustee over the Collateral.............................................    13
         2.3    Right to Initiate Judicial Proceedings...........................................................    13
         2.4    Right to Appoint a Receiver......................................................................    13
         2.5    Exercise of Powers; Instructions of Required Instructing Parties.................................    14
         2.6    Remedies Not Exclusive...........................................................................    14
         2.7    Waiver and Estoppel..............................................................................    15
         2.8    Limitation on Trustee's Duty in Respect of Collateral............................................    15
         2.9    Limitation by Law................................................................................    15
         2.10   Rights of Secured Parties under Secured Instruments..............................................    16

SECTION 3. COLLATERAL ACCOUNT; DISTRIBUTIONS.....................................................................    16

         3.1    The Collateral Account...........................................................................    16
         3.2    Control of Collateral Account....................................................................    16
         3.3    Investment of Funds Deposited in Collateral Account..............................................    16
         3.4    Application and Distribution of Moneys...........................................................    17
         3.5    Application of Moneys Distributable to Surety Party and Indenture Trustee........................    19
         3.6    Trustee's Calculations...........................................................................    20

SECTION 4. AGREEMENTS WITH TRUSTEE...............................................................................    21

         4.1    Delivery of Secured Instruments..................................................................    21
         4.2    Information as to Secured Parties, Administrative Agent, Indenture Trustee and Surety Parties....    21
         4.3    Compensation and Expenses........................................................................    22
         4.4    Stamp and Other Similar Taxes....................................................................    22
         4.5    Filing Fees, Excise Taxes, Etc...................................................................    22
         4.6    Indemnification..................................................................................    22
         4.7    Trustee's Lien...................................................................................    23
         4.8    Further Assurances...............................................................................    23
         4.9    Obligors.........................................................................................    23
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SECTION 5. THE TRUSTEE...........................................................................................    24

         5.1    Acceptance of Trust..............................................................................    24
         5.2    Exculpatory Provisions...........................................................................    24
         5.3    Delegation of Duties.............................................................................    25
         5.4    Reliance by Trustee..............................................................................    25
         5.5    Limitations on Duties of Trustee.................................................................    26
         5.6    Moneys to be Held in Trust.......................................................................    26
         5.7    Resignation and Removal of the Trustee...........................................................    26
         5.8    Status of Successor Trustee......................................................................    27
         5.9    Merger of the Trustee............................................................................    27
         5.10   Co-Trustee; Separate Trustee.....................................................................    28
         5.11   Treatment of Payee or Indorsee by Trustee; Representatives of Secured Parties....................    29

SECTION 6. MISCELLANEOUS.........................................................................................    29

         6.1    Notices..........................................................................................    29
         6.2    No Waivers.......................................................................................    30
         6.3    Amendments, Supplements and Waivers..............................................................    30
         6.4    Headings.........................................................................................    31
         6.5    Severability.....................................................................................    31
         6.6    Successors and Assigns...........................................................................    31
         6.7    Currency Conversions.............................................................................    31
         6.8    Governing Law....................................................................................    31
         6.9    Counterparts.....................................................................................    31
         6.10   Termination......................................................................................    31
         6.11   New Obligors.....................................................................................    33
         6.12   Inspection by Regulatory Agencies................................................................    33
         6.13   Confidentiality..................................................................................    33
         6.14   Submission to Jurisdiction; Waivers..............................................................    33
         6.15   The Indenture Trustee, the Holders and the Indenture Securities..................................    34
         6.16   Intercreditor Agreements; Authorization to Trustee in Respect of Certain Agreements..............    34
         6.17   Further Assurances; Absolute Obligations to Grant Lien on Vehicle Collateral.....................    35
         6.18   WAIVERS OF JURY TRIAL............................................................................    35
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EXHIBITS

         A     Form of Notice of Acceleration
         B     Form of Assumption Agreement

ANNEXES

         I     Trust Security Documents

SCHEDULES

         I    Existing Surety Bonds

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            TRUST AGREEMENT, dated as of August 30, 2001, among ANC RENTAL
CORPORATION, a Delaware corporation (the "Company"), the subsidiaries of the
Company from time to time parties hereto (together with the Company,
collectively, the "Obligors") and WILMINGTON TRUST COMPANY, a Delaware banking
corporation, as trustee (the "Trustee").

                              W I T N E S S E T H:

            WHEREAS, the Company is a party to the Senior Loan Agreement (such
term and other capitalized terms used in these recitals being used with the
definitions given to such terms in Section 1.1 hereof), and to induce the
Lenders parties thereto to agree to certain amendments to the Senior Loan
Agreement, the Company has agreed to cause its obligations with respect to the
Senior Loan Agreement, the Indenture and the Exchange Notes to be secured by
security interests in the Collateral; and

            WHEREAS, to induce the Surety Parties, subject to certain terms and
conditions, to issue, extend, renew, continue, increase and/or to permit to
remain outstanding the Surety Bonds for the benefit of, at the request of or on
behalf of the Company and/or one or more Subsidiaries of the Company, the
Company has agreed to cause the Surety Bonds Obligations to be secured by
security interests in the Collateral.

                              DECLARATION OF TRUST

            NOW, THEREFORE, in order to secure the payment of the Secured
Obligations and in consideration of the premises and the mutual agreements set
forth herein, the Trustee does hereby declare that it holds and will hold as
trustee in trust under this Trust Agreement all of its right, title and interest
in, to and under the Trust Security Documents and the collateral granted to the
Trustee thereunder, whether now existing or hereafter arising (and the Obligors
do hereby consent thereto).

            TO HAVE AND TO HOLD the Trust Security Documents and the entire
Collateral (the right, title and interest of the Trustee in the Trust Security
Documents and the Collateral being hereinafter referred to as the "Trust
Estate") unto the Trustee and its successors in trust under this Trust Agreement
and its assigns forever.

            IN TRUST NEVERTHELESS, under and subject to the conditions herein
set forth and for the benefit of the Secured Parties, and for the enforcement of
the payment of all Secured Obligations, and as security for the performance of
and compliance with the covenants and conditions of this Trust Agreement, each
of the Secured Instruments and each of the Trust Security Documents.

            PROVIDED, HOWEVER, that these presents are upon the condition that
if the Obligors, their successors or assigns, shall satisfy the conditions set
forth in Section 6.10, then this Trust Agreement, and the estates and rights
hereby assigned, shall cease, determine and be void; otherwise they shall remain
and be in full force and effect.

            IT IS HEREBY FURTHER COVENANTED AND DECLARED, that the Trust Estate
is to be held and applied by the Trustee, subject to the further covenants,
conditions and trusts hereinafter set forth.

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                                                                               2

                                   SECTION 1.
                                  DEFINED TERMS

            1.1 Definitions. (a) Unless otherwise defined herein, terms defined
in the Collateral Agreement and used herein shall have the meanings given to
them in the Collateral Agreement. So long as Liberty continues to be a Secured
Party, to the extent capitalized terms herein are defined in documents (i) to
which Liberty is not a party, or (ii) which can be amended or changed without
Liberty's consent, such capitalized terms shall have the meanings specified in
such documents as of the date hereof, notwithstanding subsequent amendments or
changes, unless Liberty agrees otherwise in writing.

            (b) The following terms shall have the respective meanings set forth
      below:

            "Administrative Agent" shall mean Lehman Commercial Paper Inc., in
      its capacity as Administrative Agent under the Senior Loan Agreement, and
      any successor Administrative Agent appointed thereunder.

            "Ambac Consent" shall mean the Consent Agreement, dated as of the
      date hereof, by Ambac Assurance Corporation and acknowledged by the
      Company, certain other Obligors, the Finance Company Issuers, the Trustee
      and certain Lenders party thereto, in respect of the grant of the Liens on
      the Finance Company Equity Interests, as the same may be amended,
      supplemented or otherwise modified from time to time.

            "ANC Liberty Agreement" shall mean the Agreement, dated as of the
      date hereof, between the Company and Liberty, as the same may be amended,
      supplemented or otherwise modified from time to time.

            "Burlingame Mortgage" shall mean the Deed of Trust, Assignment of
      Leases and Rents and Security Agreement, dated as of August 30, 2001, made
      by Alamo Rent-A-Car LLC to the Chicago Title Company, as trustee, for the
      benefit of the Secured Parties, as the same may be amended, supplemented
      or otherwise modified from time to time.

            "Business Day" shall mean any day other than a Saturday, a Sunday or
      a day on which commercial banks in Wilmington, Delaware or New York, New
      York are required or authorized to close.

            "Cash Equivalents" shall mean book-entry securities, negotiable
      instruments or securities represented by instruments in bearer or
      registered form having original or remaining maturities of 30 days or
      less, but in no event occurring later than the Distribution Date next
      succeeding the Trustee's acquisition thereof, which evidence:

            (a) direct obligations of, and obligations fully guaranteed as to
      timely payment by, the United States;

            (b) demand deposits, time deposits or certificates of deposit of any
      depository institution or trust company incorporated under the laws of the
      United States or any state thereof (or any domestic branch of a foreign
      bank) and subject to supervision and examination by Federal or state
      banking or depository institution authorities; provided, however, that at
      the time of the Trust's investment or contractual commitment to invest
      therein, the commercial paper or other short-term unsecured debt
      obligations (other than such

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      obligations the rating of which is based on the credit of a Person other
      than such depository institution or trust company) thereof shall have a
      credit rating from each of Standard and Poor's and Moody's in the highest
      investment category granted thereby;

            (c) commercial paper having, at the time of the Trust's investment
      or contractual commitment to invest therein, a rating from each of
      Standard and Poor's and Moody's in the highest investment category granted
      thereby;

            (d) investments in money market funds having a rating from each of
      Standard and Poor's and Moody's in the highest investment category granted
      thereby or otherwise approved in writing thereby;

            (e) demand deposits, time deposits and certificates of deposit which
      are fully insured by the Federal Deposit Insurance Corporation ("FDIC");

            (f) bankers' acceptances issued by any depository institution or
      trust company referred to in clause (b) above; and

            (g) repurchase obligations with respect to any security that is a
      direct obligation of, or fully guaranteed by, the United States or any
      agency or instrumentality thereof the obligations of which are backed by
      the full faith and credit of the United States, in either case entered
      into with (i) a depository institution or trust company (acting as
      principal) described in clause (b) or (ii) a depository institution or
      trust company the deposits of which are insured by FDIC.

            "Collateral" shall mean, collectively, all collateral in which the
      Trustee is granted a security interest pursuant to any Trust Security
      Document, including, without limitation, the Shared Collateral and the
      Other Collateral.

            "Collateral Agreement" shall mean the Collateral Agreement, dated as
      of the date hereof, among the Company, the subsidiaries of the Company
      from time to time parties thereto, the Trustee, Liberty and the
      Administrative Agent.

            "Collateral and Control Agreement" shall mean the Collateral and
      Control Agreement, dated as of March 29, 2001, among the Company, ANC
      Financial, LP, Lehman Commercial Paper Inc. and Lehman Brothers Bank, FSB,
      as securities intermediary, as the same may be further amended, amended
      and restated, supplemented or otherwise modified from time to time.

            "Collateral Account" shall have the meaning given to such term in
      Section 3.1.

            "Collateral Documents" shall have the meaning given to such term in
      the Senior Loan Agreement.

            "Contract of Indemnity" shall mean the General Agreements of
      Indemnity and Commercial Surety, issued by the Company, as "Indemnitor",
      in favor of Liberty, on each of August 4, 2000 and October 1, 2000.

            "Distribution Date" shall mean each date fixed by the Trustee for a
      distribution to the Secured Parties of funds held in the Collateral
      Account, the first of which shall be within 50 days after the Trustee
      receives a Notice of Acceleration and the remainder of which shall be
      monthly thereafter on the day of the month corresponding to the first
      Distribution Date (or, if

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      there be no such corresponding day, the last day of such month), provided
      that if any such day is not a Business Day, such Distribution Date shall
      be the next succeeding Business Day.

            "Dollar" shall mean dollars in lawful currency of the United States
      of America.

            "Exchange Notes" shall be the collective reference for any note
      exchanged for the Rollover Term Loans or for the Initial Loans, as the
      case may be, pursuant to the Senior Loan Agreement.

            "Existing Surety Bonds" shall mean the Surety Bonds described in
      Schedule I to this Trust Agreement.

            "First Priority Secured Obligations" shall mean all Surety Bond
      Obligations in respect of the New Surety Bonds, the Increased Surety Bonds
      and the Renewed Surety Bonds.

            "First Priority Secured Parties" shall mean Secured Parties that are
      obligees in respect of the First Priority Secured Obligations.

            "Fleet Intercreditor Agreement" shall mean the Intercreditor and
      Subordination Agreement, in form and substance satisfactory to the
      Administrative Agent and Liberty, to be entered into by and among certain
      Obligors listed therein, ANC Rental Corporation and certain direct and
      indirect lenders to ANC and/or the certain Obligors listed therein, as
      listed on a schedule thereto, as the same may be amended, supplemented or
      otherwise modified from time to time.

            "Governmental Authority" shall mean any nation or government, any
      state, province or other political subdivision thereof and any entity
      exercising executive, legislative, judicial, regulatory or administrative
      functions of or pertaining to government.

            "Guarantor Indenture Obligations" shall mean, with respect to any
      Obligor other than the Company, all obligations and liabilities of such
      Obligor, whether 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 the Indenture Guarantee of such Obligor or
      any Trust Security Document to which such Obligor is a party, in each case
      whether on account of guarantee obligations, reimbursement obligations,
      fees, indemnities, costs, expenses or otherwise (including, without
      limitation, all fees and disbursements of counsel to the Indenture Trustee
      or the Holders that are required to be paid by such Obligor pursuant to
      the terms of any Trust Security Document).

            "Guarantor Senior Loan Agreement Obligations" shall mean, with
      respect to any Obligor other than the Company, all obligations and
      liabilities of such Obligor, whether 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 the Subsidiary
      Guarantee or any Trust Security Document or other Loan Document to which
      such Obligor is a party, in each case whether on account of guarantee
      obligations, reimbursement obligations, fees, indemnities, costs, expenses
      or otherwise (including, without limitation, all fees and disbursements of
      counsel to the Administrative Agent or the Lenders that are required to be
      paid by such Obligor pursuant to the terms of any Trust Security Document
      or any other Loan Document).

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                                                                               5

            "Guarantor Surety Bond Obligations" shall mean with respect to any
      Obligor, all obligations and liabilities of such Obligor, whether 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 any Surety Bond Guarantee to which such Obligor is a party, in each
      case whether on account of guarantee obligations or obligations to
      exonerate, indemnify, hold harmless, secure, collateralize and/or
      reimburse, together with any interest, fees, costs, expenses (including
      the costs and expense of enforcing any indemnities or guarantees) or other
      amounts required to be paid by such Obligor pursuant to the terms of such
      Surety Bond 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 Obligor, whether or not a claim for post-filing or
      post-petition interest is allowed in such proceeding).

            "Holder" shall mean any holder of Indenture Securities.

            "Increased Surety Bond" shall mean the amount by which the penal sum
      or amount of obligation of any Surety Bond is increased other than as part
      of the issuance of a Renewed Surety Bond.

            "Indenture" shall mean the Indenture, in the form attached as
      Exhibit B to the Senior Loan Agreement, between the Company and the
      Indenture Trustee, as the same may be amended, supplemented or otherwise
      modified from time to time.

            "Indenture Guarantee" shall mean, with respect to each Obligor other
      than the Company, the guarantee of such Obligor of the Indenture
      Obligations of the Company, as set forth in the Indenture or any related
      guarantee instrument and/or in any Indenture Security.

            "Indenture Obligations" shall mean, collectively, (a) the unpaid
      principal of, and interest and premium on, the Indenture Securities, and
      all other obligations and liabilities of the Company to the Indenture
      Trustee or any Holder (including, without limitation, interest accruing at
      the then applicable rate provided in the Indenture and the Indenture
      Securities after the maturity of the Indenture Securities and interest
      accruing at the then applicable rate provided in the Indenture and the
      Indenture Securities after the filing of any petition in bankruptcy, or
      the commencement of any insolvency, reorganization or like proceeding,
      relating to the Company, 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, which may arise under, out of, or in connection with,
      the Indenture, this Trust Agreement, the Indenture Securities or any other
      document made, delivered or given in connection therewith and (b) the
      Guarantor Indenture Obligations of all Obligors other than the Company.

            "Indenture Securities" shall mean the securities to be issued under
      and in accordance with the Indenture.

            "Indenture Trustee" shall mean The Bank of New York, in its capacity
      as Trustee under the Indenture, and any successor Trustee appointed
      thereunder.

            "Initial Loan" shall mean the initial loans made by the Lenders to
      the Company under the Senior Loan Agreement in the original aggregate
      principal amount equal to $225,000,000.

<PAGE>
                                                                               6

            "Intercreditor Agreement" shall mean the Amended and Restated
      Intercreditor Agreement, dated as of the date hereof, among the Company,
      the Subsidiary Guarantors, the Collateral Trustee, Liberty, the
      Administrative Agent and the administrative agents under the New Credit
      Facility, in form and substance reasonably satisfactory to the
      Administrative Agent, the Collateral Trustee and the Surety Parties, as
      the same may be amended, supplemented or otherwise modified from time to
      time.

            "Lender" shall mean the several banks and other financial
      institutions or entities from time to time parties to the Senior Loan
      Agreement.

            "Letter Agreement" shall mean the Letter Agreement, dated as of the
      date hereof, addressed to The Bank of New York, as Indenture Trustee,
      required by Moody's Investors Services, Inc. and executed by the Trustee,
      the Indenture Trustee, the Company, certain other Obligors, certain
      Finance Company Issuers, and acknowledged and consented to by Liberty and
      the Administrative Agent, in respect of the grant of Liens of the Finance
      Company Equity Interests, as the same may be amended, supplemented or
      modified from time to time.

            "Liberty" shall mean Liberty Mutual Insurance Company, solely in its
      capacity as a Surety Party under the Surety Bond Documents.

            "Lien" shall mean, with respect to any asset, any mortgage, lien,
      pledge, charge, security interest or encumbrance of any kind in respect of
      such asset, whether or not filed, recorded or otherwise perfected under
      applicable law (including any conditional sale or other title retention
      agreement, any lease in the nature thereof, any option or other agreement
      to sell or give a security interest in any asset and any filing of or
      agreement to give any financing statement under the Uniform Commercial
      Code (or equivalent statutes) of any jurisdiction).

            "Loan Documents" shall mean the Senior Loan Agreement, the Loan
      Notes, the Subsidiary Guarantees and the Collateral Documents.

            "Loan Notes" shall be the collective reference to the promissory
      notes issued pursuant to the Senior Loan Agreement evidencing the Loans.

            "Loans" shall mean, collectively, the Initial Loans and the Rollover
      Term Loans.

            "Master Collateral Agency Agreement" shall mean the Fourth Amended
      and Restated Master Collateral Agency Agreement, dated as of June 30,
      2000, among the Company, National Car Rental Financing Limited
      Partnership, Alamo Financing, L.P., Alamo Rent-A-Car LLC, National Car
      Rental System, Inc., Spirit Rent-A-Car, Inc. d/b/a Cartemps USA, Citibank,
      N.A., as master collateral agent, various financing sources parties hereto
      and various beneficiaries parties thereto, as the same may be amended,
      supplemented or otherwise modified from time to time.

            "Master Collateral Agency Agreement Supplement": the Financing
      Source and Beneficiary Supplement to the Master Collateral Agency
      Agreement, in form and substance acceptable to each of the Secured
      Parties, to be executed by the Trustee, for the benefit of the Secured
      Parties, the Company, certain of the other Obligors and Citibank, N.A., as
      master collateral agent, as the same may be amended, supplemented or
      otherwise modified from time to time.
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                                                                               7

            "MBIA Consent" shall mean the Consent Agreement, dated as of the
      date hereof, by MBIA Insurance Corporation and acknowledged by the
      Company, certain other Obligors, the Finance Company Issuers, the Trustee
      and certain Lenders party thereto, in respect of the grant of the Liens on
      the Finance Company Equity Interests, as the same may be amended,
      supplemented or otherwise modified from time to time.

            "Moody's" shall mean Moody's Investors Service, Inc., and its
      successors.

            "New Credit Facility" shall mean (a) the $175 million secured credit
      facility pursuant to the Amended and Restated Credit Agreement, dated as
      of June 30, 2000, among the Company, the lenders parties thereto, Congress
      Financial Corporation (Florida), as administrative agent, and others,
      including any related notes, guarantees, collateral documents, instruments
      and agreements executed in connection therewith, and in each case as
      amended, amended and restated, modified, refunded, replaced or refinanced
      from time to time and (b) the $40 million secured credit facility pursuant
      to the Amended and Restated Credit Agreement, dated as of June 30, 2000,
      among the Company, the lenders parties thereto, Lehman Commercial Paper
      Inc., as administrative agent, and others, including any related notes,
      guarantees, collateral documents, instruments and agreements executed in
      connection therewith, and in each case as amended, amended and restated,
      modified, refunded, replaced or refinanced from time to time.

            "New Surety Bond" shall mean each Surety Bond issued after the Trust
      Effective Date by Liberty or any affiliate thereof or any other Person.

            "Notice of Acceleration" shall mean a notice delivered to the
      Trustee by the Administrative Agent with respect to Senior Loan Agreement
      Obligations, by the Indenture Trustee in respect of Indenture Obligations
      or by the relevant Surety Party with respect to Surety Bond Obligations,
      stating that (a) the Senior Loan Agreement Obligations, the Indenture
      Obligations or the Surety Bond Obligations, as the case may be, have not
      been paid in full at the stated final maturity thereof and any applicable
      grace period has expired, (b) an "Event of Default" has occurred under the
      provisions of the ANC Liberty Agreement in consequence of which (i)
      Liberty issues a demand to be placed in funds or to be discharged pursuant
      to paragraph 5 of any Contract of Indemnity, which demand is not satisfied
      when due, or (ii) any prior deferral by Liberty of a demand to be placed
      in funds or to be discharged pursuant to paragraph 5 of any Contract of
      Indemnity is withdrawn or (c) a default has occurred under the provisions
      of the relevant Secured Instrument and, as a result thereof, all Senior
      Loan Agreement Obligations, all Indenture Obligations or all Surety Bond
      Obligations, as the case may be, outstanding under such Secured Instrument
      have become immediately due and payable and have not been paid. Each
      Notice of Acceleration shall be in substantially the form of Exhibit A to
      this Trust Agreement.

            "Obligors" shall have the meaning assigned in the preamble hereto.

            "Opinion of Counsel" shall mean an opinion in writing signed by
      legal counsel satisfactory to the Trustee, who may be counsel regularly
      retained by the Trustee, which shall be in form and substance satisfactory
      to the Trustee.

            "Other Collateral" shall have the meaning assigned to such term in
      Section 3.1.

<PAGE>
                                                                               8

            "Person" shall mean any individual, corporation, partnership, joint
      venture, association, joint-stock company, trust, unincorporated
      organization, government or any agency or political subdivision thereof or
      any other entity.

            "Proceeds" shall mean all "proceeds" as such term is defined in
      Section 9-306(1) of the Uniform Commercial Code in effect in the State of
      New York on the date hereof.

            "Renewed Surety Bonds" shall mean, collectively, any renewals,
      continuations and replacements of Existing Surety Bonds and any increases
      in the penal sums or amounts of obligations thereof, upon, or in
      anticipation of, the expiration, cancellation or renewal of such Existing
      Surety Bonds.

            "Required Instructing Parties" shall mean, as of a particular date,
      (a) if any First Priority Secured Obligations remain unsatisfied or are
      outstanding on such date, First Priority Secured Parties that are obligees
      (or representatives thereof) in respect of more than 50% of the aggregate
      principal amount of such First Priority Secured Obligations, (b) if no
      First Priority Secured Obligations are outstanding on such date but any
      Second Priority Secured Obligations remain unsatisfied or are outstanding
      on such date, Second Priority Secured Parties that are obligees (or
      representatives thereof) in respect of more than 50% of the aggregate
      principal amount of such Second Priority Secured Obligations, and (c) if
      no First Priority Secured Obligations or Second Priority Secured
      Obligations remain unsatisfied or are outstanding on such date, but any
      Third Priority Secured Obligations remain unsatisfied or are outstanding
      on such date, (i) the Third Priority Secured Parties that are obligees (or
      representatives thereof) in respect of more than 50% of the aggregate
      principal amount of the Third Priority Secured Debt Obligations and (ii)
      the Third Priority Secured Parties that are obligees (or representatives
      of obligees) in respect of more than 50% of the aggregate principal amount
      of the Third Priority Secured Surety Bond Obligations, provided, that the
      Third Priority Secured Parties identified in the foregoing clauses (c)(i)
      and (ii) must act jointly to constitute "Required Instructing Parties".
      For the purpose of this definition, (a) the Administrative Agent shall be
      deemed to hold or represent, and shall be entitled to vote and give
      notices and directions with respect to, the Senior Loan Agreement
      Obligations, (b) the Indenture Trustee shall be deemed to hold or
      represent, and shall be entitled to vote and give notices and directions
      with respect to, the Indenture Obligations and (c) the aggregate principal
      amount of Surety Bond Obligations as of a particular date shall be
      calculated by adding together (1) the relevant Surety Party's unreimbursed
      loss, costs, fees and expenses, together with accrued interest, with
      respect to all Surety Bonds issued by such Surety Party, and (2) the penal
      sums and/or maximum amounts of such Surety Bond Obligations of all Surety
      Bonds then outstanding and upon which the relevant Surety Party remains at
      risk.

            "Required Secured Debt Parties" shall mean, as of a particular date,
      Secured Parties holding (or representing) more than 50% of the aggregate
      principal amount of the Secured Obligations outstanding under (a) the
      Senior Loan Agreement, the Loan Notes, the Subsidiary Guarantees and any
      other Loan Documents and (b) the Indenture and any Indenture Securities
      outstanding thereunder. For the purpose of this definition, (a) the
      Administrative Agent shall be deemed to hold or represent, and shall be
      entitled to vote and give notices and directions with respect to, the
      Senior Loan Agreement Obligations and (b) the Indenture Trustee shall be
      deemed to hold or represent, and shall be entitled to vote and give
      notices and direction with respect to, the Indenture Obligations.

<PAGE>
                                                                               9

            "Required Surety Parties" shall mean, as of a particular date,
      Secured Parties that are obligees (or representatives thereof) in respect
      of more than 50% of the aggregate principal amount of the Surety Bond
      Obligations.

            "Requirement of Law" shall mean, as to any Person, the certificate
      of incorporation and by-laws or other organizational or governing
      documents of such Person, and any present or future law, treaty, statute,
      rule, regulation or determination of an arbitrator or a court or other
      Governmental Authority, in each case applicable to or binding upon such
      Person or any of its property or to which such Person or any of its
      property is subject.

            "Responsible Officer" shall mean the chief executive officer, the
      president, or any vice president of the Company or any Obligor as
      applicable and, with respect to financial matters, the chief financial
      officer, the senior vice president - finance, the treasurer or the
      controller of the Company or any Obligor as applicable.

            "Rollover Term Loans" shall mean the loans into which all Initial
      Loans shall be converted pursuant to the Senior Loan Agreement.

            "Second Priority Secured Obligations" shall mean all Senior Loan
      Agreement Obligations in respect of the Tranche A Senior Loans and all
      Indenture Obligations in respect of the Series A Indenture Securities.

            "Second Priority Secured Parties" shall mean Secured Parties holding
      Second Priority Secured Obligations.

            "Secured Instruments" shall mean, at any time, (a) the Surety Bond
      Documents, (b) the Senior Loan Agreement, the Loan Notes, the Subsidiary
      Guarantees and any other Loan Documents and (c) the Indenture, any
      Indenture Securities outstanding thereunder and any other Indenture
      Documentation.

            "Secured Obligations" shall mean, collectively (a) the Surety Bond
      Obligations, (b) the Senior Loan Agreement Obligations, (c) the Indenture
      Obligations and (d) all sums payable by the Obligors under this Trust
      Agreement or any Trust Security Document (including, without limitation,
      Trustee Fees).

            "Secured Parties" shall mean, collectively (a) the Surety Parties,
      (b) the Lenders and the Administrative Agent, (c) the Indenture Trustee
      and the Holders and (d) the Trustee.

            "Secured Party Credit Support" shall have the meaning set forth in
      6.16(b).

            "Senior Loan Agreement" shall mean the Amended and Restated Senior
      Loan Agreement, dated as of June 30, 2000, among the Company, the Lenders
      parties thereto and Lehman Commercial Paper Inc., as Administrative Agent,
      as amended, amended and restated, supplemented or otherwise modified from
      time to time.

            "Senior Loan Agreement/Indenture Secured Party" shall mean,
      collectively, (a) the Lenders and the Administrative Agent and (b) the
      Indenture Trustee and the Holders.

            "Senior Loan Agreement/Indenture Sub-Account" shall have the meaning
      assigned to such term in Section 3.1.

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                                                                              10

            "Senior Loan Agreement Obligations" shall mean, collectively, (a)
      the unpaid principal of and interest on the Loans, and all other
      obligations and liabilities of the Company to the Administrative Agent or
      any Lender (including, without limitation, interest accruing at the then
      applicable rate provided in the Senior Loan Agreement after the maturity
      of the Loans outstanding thereunder and interest accruing at the then
      applicable rate provided in the Senior Loan Agreement after the filing of
      any petition in bankruptcy, or the commencement of any insolvency,
      reorganization or like proceeding, relating to the Company, 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, which may arise under,
      out of, or in connection with, the Senior Loan Agreement, this Trust
      Agreement, any Loan Notes or any other Loan Document or any other document
      made, delivered or given in connection therewith and (b) the Guarantor
      Senior Loan Agreement Obligations of all Obligors other than the Company.

            "Series A Indenture Securities" shall mean, at any time,
      collectively, the Tranche A Exchange Notes outstanding under the Indenture
      at such time.

            "Shared Collateral" shall have the meaning assigned to such term in
      Section 3.1.

            "Shared Collateral Sub-Account" shall have the meaning assigned to
      such term in Section 3.1.

            "Standard &Poor's" shall mean Standard & Poor's Ratings Service and
      its successors.

            "Subsidiary" shall mean with respect to any Person, (i) any
      corporation, association or other business entity of which more than 50%
      of the total voting power of shares of Capital Stock entitled (without
      regard to the occurrence of any contingency) to vote in the election of
      directors, managers or trustees thereof is at the time owned or
      controlled, directly or indirectly, by such Person and (ii) any
      partnership (a) the sole general partner or the managing general partner
      of which is such Person or an entity described in clause (i) and related
      to such Person or (b) the only general partners of which are such Person
      or of one or more entities described in clause (i) and related to such
      Person (or any combination thereof).

            "Subsidiary Guarantee" shall mean any Guarantee, substantially in
      the form of Exhibit A to the Senior Loan Agreement, to be executed by the
      Subsidiary Guarantors.

            "Subsidiary Guarantor" shall mean any Subsidiary that signs a
      Subsidiary Guarantee.

            "Surety Bond" shall mean, collectively, (a) the New Surety Bonds,
      (b) the Existing Surety Bonds, (c) the Increased Surety Bonds and (d) the
      Renewed Surety Bonds.

            "Surety Bond Account Party" shall mean, in respect of each Surety
      Bond, the Company and/or one or more of its Subsidiaries on whose behalf
      and/or at whose request such Surety Bond was issued.

            "Surety Bond Documents" shall mean, in respect of each Surety Bond,
      (a) such Surety Bond, (b) any underlying contracts, agreements,
      undertakings and obligations to which such Surety Bond relates and those
      statutes compliance with which are expressly secured by such Surety Bond,
      (c) any Contract of Indemnity and Surety Bond Guarantee relating to such
      Surety Bond and (d) the ANC Liberty Agreement.

<PAGE>
                                                                              11

            "Surety Bond Guarantee" shall mean any guarantee, indemnity or other
      agreement executed and delivered by any Obligor to and for the benefit of
      any Surety Party (or any affiliate thereof) with respect to, or in
      consideration of, or to induce, secure, guarantee, indemnify against or
      otherwise provide any benefit or thing of value to, such Surety Party in
      connection with, the issuance, renewal, continuation, increase, extension
      or agreement to permit to remain outstanding any Surety Bond, as any of
      the above may from time to time be amended, modified, supplemented,
      extended or renewed.

            "Surety Bond Obligations" shall mean, in respect of any Surety Bond,
      (a) the obligations of the Surety Bond Account Party with respect to such
      Surety Bond to the relevant Surety Party under the Contract of Indemnity
      or under any Surety Bond Guarantee, including but not limited to the
      obligations to exonerate, indemnify, hold harmless, secure, collateralize
      and/or reimburse the Surety Party which issued such Surety Bond, 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 Contract of Indemnity or Surety Bond 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, 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 Surety Bond; provided that the Surety Bond Obligations
      shall be reduced by the amount of proceeds actually received by or on
      behalf of any Surety Party in respect of any Secured Party Credit Support
      to the extent application of such proceeds permanently reduces the
      remaining contingent liability of such Surety Party in respect of such
      Surety Bond Obligation.

            "Surety Party" shall mean, in respect of each Surety Bond, the
      entity which issued such Surety Bond, as specified on Schedule I to this
      Trust Agreement (in the case of Existing Surety Bonds) and in the
      information provided to the Trustee pursuant to Sections 4.1 and 4.2 (in
      the case of any New Surety Bond), and any Person issuing any replacement
      of such Surety Bond, provided that the Company shall have delivered to the
      Trustee the name of such Person and any other relevant information with
      respect thereto requested by the Trustee.

            "Third Priority Secured Debt Obligations" shall mean, collectively,
      (a) all Senior Loan Agreement Obligations other than the Second Priority
      Secured Obligations and (b) all Indenture Obligations other than the
      Second Priority Secured Obligations.

            "Third Priority Secured Surety Bond Obligations" shall mean all
      Surety Bond Obligations other than the First Priority Secured Obligations.

            "Third Priority Secured Obligations" shall mean, collectively, (a)
      the Third Priority Secured Debt Obligations and (b) the Third Priority
      Secured Surety Bond Obligations.

            "Third Priority Secured Parties" shall mean Secured Parties holding
      Third Priority Secured Obligations.

            "Tranche A Exchange Notes" shall mean Exchange Notes issued in
      respect of the Tranche A Initial Loans or the Tranche A Rollover Term
      Loans, as applicable.

<PAGE>
                                                                              12

            "Tranche A Initial Loans" shall mean the loans deemed to be made
      pursuant to Section 2.1(a) of the Senior Loan Agreement.

            "Tranche A Rollover Term Loans" shall mean the loans into which the
      Tranche A Initial Loans are converted pursuant to Section 2.1(b) of the
      Senior Loan Agreement.

            "Tranche A Senior Loans" shall mean, at any time, the collective
      reference to the Tranche A Initial Loans and the Tranche A Rollover Term
      Loans, as applicable, outstanding under the Senior Loan Agreement at such
      time.

            "Trust Agreement" shall mean this Trust Agreement, as the same may
      from time to time be amended, modified, supplemented, extended or renewed.

            "Trust Effective Date" shall mean August 30, 2001.

            "Trust Estate" shall have the meaning assigned in the Declaration of
      Trust in this Trust Agreement.

            "Trust Security Documents" shall mean each of the instruments
      described in Annex I to this Trust Agreement and each agreement entered
      into pursuant to clause (ii) of Section 6.3(b) of this Trust Agreement.

            "Trustee" shall mean Wilmington Trust Company, in its capacity as
      trustee under this Trust Agreement, and any successor trustee appointed
      hereunder.

            "Trustee Fees" shall mean all fees, costs and expenses of the
      Trustee of the types described in Sections 4.3, 4.4, 4.5 and 4.6.

            (c) The words "hereof", "herein" and "hereunder" and words of
similar import when used in this Trust Agreement shall refer to this Trust
Agreement as a whole and not to any particular provision of this Trust
Agreement, and section references are to this Trust Agreement unless otherwise
specified.

                                   SECTION 2.
                       ACCELERATION OF SECURED OBLIGATIONS

            2.1 Notices of Acceleration. (a) Upon receipt by the Trustee of a
Notice of Acceleration, the Trustee shall promptly notify the Company, the
Administrative Agent, the Indenture Trustee and each Surety Party of the receipt
thereof and provide a copy thereof to such Persons and to the administrative
agents under the New Credit Facilities. So long as such Notice of Acceleration
is in effect, the Trustee shall exercise the rights and remedies provided in
this Trust Agreement and in the Trust Security Documents subject to the
direction of the Required Instructing Parties (in the case of any actions
relating to the Shared Collateral) and the Required Secured Debt Parties (in the
case of any actions relating to the Other Collateral). Except as otherwise
provided in the last two sentences of Section 2.2, the Trustee is not empowered
to exercise any remedy hereunder or under any Trust Security Document unless a
Notice of Acceleration is in effect.

            (b) A Notice of Acceleration delivered by the Administrative Agent,
the Indenture Trustee or any Surety Party shall become effective upon receipt
thereof by the Trustee. A Notice of

<PAGE>
                                                                              13

Acceleration, once effective, shall remain in effect unless and until it is
cancelled as provided in Section 2.1(c).

            (c) The Administrative Agent, the Indenture Trustee or any Surety
Party shall be entitled to cancel its own Notice of Acceleration by delivering a
written notice of cancellation to the Trustee (i) before the Trustee takes any
action to exercise any remedy with respect to the Collateral or (ii) thereafter,
if the Trustee believes that all actions it has taken to exercise any remedy or
remedies with respect to the Collateral can be reversed without undue
difficulty. The Trustee shall immediately notify the Company, the Administrative
Agent, the Indenture Trustee, the administrative agents under the New Credit
Facilities and each Surety Party as to the receipt and contents of any such
notice of cancellation.

            2.2 General Authority of the Trustee over the Collateral. Each
Obligor hereby irrevocably constitutes and appoints the Trustee and any officer
or agent thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full power and authority in its or his own name, from time
to time in the Trustee's discretion, subject to Section 2.1, so long as any
Notice of Acceleration is in effect, to take any and all appropriate action and
to execute any and all documents and instruments which may be necessary or
desirable to carry out the terms of this Trust Agreement and the Trust Security
Documents and accomplish the purposes hereof and thereof and, without limiting
the generality of the foregoing, each Obligor hereby acknowledges that the
Trustee shall have all powers and remedies set forth in the Trust Security
Documents, subject to Section 2.1. Notwithstanding the foregoing, so long as no
Notice of Acceleration is in effect, the Trustee shall take such actions as are
permitted by the Trust Security Documents in accordance with the instructions of
the Required Instructing Parties, or the Required Secured Debt Parties (with
respect to the Other Collateral and the Senior Loan/Indenture Sub-Account only),
as applicable, delivered to the Trustee. In the event that, pursuant to the
terms of the relevant Trust Security Document or Secured Instrument, the
Required Instructing Parties, or the Required Secured Debt Parties (with respect
to the Other Collateral and the Senior Loan/Indenture Sub-Account only), as
applicable, shall only be entitled to direct the Trustee after the occurrence of
an event of default or similar event, the Required Instructing Parties, or the
Required Secured Debt Parties (with respect to the Other Collateral and the
Senior Loan/Indenture Sub-Account only), as applicable, shall certify in such
direction that such event of default or similar event has occurred and is
continuing.

            2.3 Right to Initiate Judicial Proceedings. If a Notice of
Acceleration is in effect, the Trustee, subject to the provisions of Section
2.5(b) and Section 5, (i) shall have the right and power to institute and
maintain such suits and proceedings as it may deem appropriate to protect and
enforce the rights vested in it by this Trust Agreement and each Trust Security
Document and (ii) may, either after entry, or without entry, proceed by suit or
suits at law or in equity to enforce such rights and to foreclose upon the
Collateral and to sell all or, from time to time, any of the Collateral under
the judgment or decree of a court of competent jurisdiction.

            2.4 Right to Appoint a Receiver. If a Notice of Acceleration is in
effect, upon the filing of a bill in equity or other commencement of judicial
proceedings to enforce the rights of the Trustee under this Trust Agreement or
any Trust Security Document, the Trustee shall, to the extent permitted by law,
with notice to the Company but without notice to any party claiming through the
Obligors, without regard to the solvency or insolvency at the time of any Person
then liable for the payment of any of the Secured Obligations, without regard to
the then value of the Trust Estate, and without requiring any bond from any
complainant in such proceedings, be entitled as a matter of right to the
appointment of a receiver or receivers of the Trust Estate, or any part thereof,
and of the rents, issues, tolls, profits, royalties, revenues and other income
thereof, pending such proceedings, with such powers as the court making such
appointment shall confer, and to the entry of an order directing

<PAGE>
                                                                              14

that the rents, issues, tolls, profits, royalties, revenues and other income of
the property constituting the whole or any part of the Trust Estate be
segregated, sequestered and impounded for the benefit of the Trustee and the
Secured Parties, and each Obligor irrevocably consents to the appointments of
such receiver or receivers and to the entry of such order; provided that,
notwithstanding the appointment of any receiver, the Trustee shall be entitled
to retain possession and control of all cash and Cash Equivalents held by or
deposited with it pursuant to this Trust Agreement or any Trust Security
Document.

            2.5 Exercise of Powers; Instructions of Required Instructing
Parties. (a) All of the powers, remedies and rights of the Trustee as set forth
in this Trust Agreement may be exercised by the Trustee in respect of any Trust
Security Document as though set forth in full therein and all of the powers,
remedies and rights of the Trustee, the Administrative Agent, the Indenture
Trustee and each Surety Party as set forth in any Trust Security Document may be
exercised from time to time as herein and therein provided. Each party to this
Trust Agreement agrees and acknowledges that the Secured Parties are the direct
beneficiaries of the Trust Estate and this Trust Agreement, with the right to
enforce this Trust Agreement. The rights of the Trustee and/or the Secured
Parties to enforce the terms and provisions of this Trust Agreement shall not be
delayed, conditioned, limited or eliminated as a result of any failure by the
Trustee to provide to the Company or the administrative agents under the New
Credit Facilities any notice required to be delivered under this Trust
Agreement.

            (b) While a Notice of Acceleration is in effect, the Required
Instructing Parties (in respect of the Shared Collateral) or the Required
Secured Debt Parties (in respect of the Other Collateral) shall have the right,
by one or more instruments in writing executed and delivered to the Trustee, to
direct the time, method and place of conducting any proceeding for any right or
remedy available to the Trustee, or of exercising any trust or power conferred
on the Trustee, or for the appointment of a receiver, or to direct the taking or
the refraining from taking of any action authorized by this Trust Agreement or
any Trust Security Document; provided that (i) such direction shall not conflict
with any provision of law or of this Trust Agreement or of any Trust Security
Document and (ii) the Trustee shall be adequately secured and indemnified as
provided in Section 5.4(d). Nothing in this Section 2.5(b) shall impair the
right of the Trustee in its discretion to take any action which it deems proper
and which is not inconsistent with such direction by the Required Instructing
Parties or the Required Secured Debt Parties, as the case may be. In the absence
of such direction, the Trustee shall have no duty to take or refrain from taking
any action unless explicitly required herein.

            2.6 Remedies Not Exclusive. (a) No remedy conferred upon or reserved
to the Trustee herein or in the Trust Security Documents is intended to be
exclusive of any other remedy or remedies, but every such remedy shall be
cumulative and shall be in addition to every other remedy conferred herein or in
any Trust Security Document or now or hereafter existing at law or in equity or
by statute.

            (b) No delay or omission by the Trustee to exercise any right,
remedy or power hereunder or under any Trust Security Document shall impair any
such right, remedy or power or shall be construed to be a waiver thereof, and
every right, power and remedy given by this Trust Agreement or any Trust
Security Document to the Trustee may be exercised from time to time and as often
as may be deemed expedient by the Trustee.

            (c) If the Trustee shall have proceeded to enforce any right, remedy
or power under this Trust Agreement or any Trust Security Document and the
proceeding for the enforcement thereof shall have been discontinued or abandoned
for any reason or shall have been determined

<PAGE>
                                                                              15

adversely to the Trustee, then the Obligors, the Trustee and the Secured Parties
shall, subject to any determination in such proceeding, severally and
respectively be restored to their former positions and rights hereunder or
thereunder with respect to the Trust Estate and in all other respects, and
thereafter all rights, remedies and powers of the Trustee shall continue as
though no such proceeding had been taken.

            (d) All rights of action and of asserting claims upon or under this
Trust Agreement and the Trust Security Documents may be enforced by the Trustee
without the possession of any Secured Instrument or instrument evidencing any
Secured Obligation or the production thereof at any trial or other proceeding
relative thereto, and any suit or proceeding instituted by the Trustee shall be,
subject to Sections 5.5(c) and 5.10(b)(ii), brought in its name as Trustee and
any recovery of judgment shall be held as part of the Trust Estate.

            2.7 Waiver and Estoppel. (a) Each Obligor agrees, to the extent it
may lawfully do so, that it will not at any time in any manner whatsoever claim,
or take the benefit or advantage of, any appraisement, valuation, stay,
extension, moratorium, turnover or redemption law, or any law permitting it to
direct the order in which the Collateral shall be sold, now or at any time
hereafter in force, which may delay, prevent or otherwise affect the performance
or enforcement of this Trust Agreement or any Trust Security Document and hereby
waives all benefit or advantage of all such laws and covenants that it will not
hinder, delay or impede the execution of any power granted to the Trustee in
this Trust Agreement or any Trust Security Document but will suffer and permit
the execution of every such power as though no such law were in force; provided
that nothing contained in this Section 2.7(a) shall be construed as a waiver of
any rights of the Obligors under any applicable federal bankruptcy law or state
insolvency law.

            (b) Each Obligor, to the extent it may lawfully do so, on behalf of
itself and all who may claim through or under it, including, without limitation,
any and all subsequent creditors, vendees, assignees and lienors, waives and
releases all rights to demand or to have any marshalling of the Collateral upon
any sale, whether made under any power of sale granted herein or in any Trust
Security Document or pursuant to judicial proceedings or upon any foreclosure or
any enforcement of this Trust Agreement or any Trust Security Document and
consents and agrees that all the Collateral may at any such sale be offered and
sold as an entirety.

            (c) Each Obligor waives, to the extent permitted by applicable law,
presentment, demand, protest and any notice of any kind (except notices
explicitly required hereunder or under any Trust Security Document) in
connection with this Trust Agreement and the Trust Security Documents and any
action taken by the Trustee with respect to the Collateral.

            2.8 Limitation on Trustee's Duty in Respect of Collateral. Beyond
its duties as to the custody thereof expressly provided herein or in any Trust
Security Document and to account to the Secured Parties and the Obligors for
moneys and other property received by it hereunder or under any Trust Security
Document, the Trustee shall not have any duty to the Obligors or to the Secured
Parties as to any Collateral in its possession or control or in the possession
or control of any of its agents or nominees, or any income thereon or as to the
preservation of rights against prior parties or any other rights pertaining
thereto.

            2.9 Limitation by Law. All rights, remedies and powers provided in
this Trust Agreement or any Trust Security Document may be exercised only to the
extent that the exercise thereof does not violate any applicable provision of
law, and all the provisions hereof are intended to be subject to all applicable
mandatory provisions of law which may be controlling and to be limited to the
extent necessary so that they will not render this Trust Agreement invalid,
unenforceable in

<PAGE>
                                                                              16

whole or in part or not entitled to be recorded, registered or filed under the
provisions of any applicable law.

            2.10 Rights of Secured Parties under Secured Instruments.
Notwithstanding any other provision of this Trust Agreement or any Trust
Security Document, the right of each Secured Party to receive payment of the
Secured Obligations held by such Secured Party when due (whether at the stated
maturity thereof, by acceleration or otherwise) as expressed in the related
Secured Instrument or other instrument evidencing or agreement governing a
Secured Obligation or to institute suit for the enforcement of such payment on
or after such due date, and the obligation of the Obligors to pay such Secured
Obligation when due, shall not be impaired or affected without the consent of
such Secured Party given in the manner prescribed by the Secured Instrument
under which such Secured Obligation is outstanding.

                                   SECTION 3.
                        COLLATERAL ACCOUNT; DISTRIBUTIONS

            3.1 The Collateral Account. On the Trust Effective Date there shall
be established and, at all times thereafter until the trusts created by this
Trust Agreement shall have terminated, there shall be maintained with the
Trustee at the office of the Trustee's corporate trust division, an account
which shall be entitled the "ANC Rental Corporation Collateral Account" (the
"Collateral Account") and which shall be comprised of two segregated
sub-accounts entitled the "ANC Rental Corporation Shared Collateral Sub-Account"
(the "Shared Collateral Sub-Account") and the "Senior Loan Agreement/Indenture
Collateral Sub-Account" (the "Senior Loan Agreement/Indenture Sub-Account"),
respectively. All moneys which are required by this Trust Agreement or any Trust
Security Document to be delivered to the Trustee while a Notice of Acceleration
is in effect or which are received by the Trustee or any agent or nominee of the
Trustee in respect of the Collateral, whether in connection with the exercise of
the remedies provided in this Trust Agreement or any Trust Security Document or
otherwise, while a Notice of Acceleration is in effect shall be deposited (i) in
the Senior Loan Agreement/Indenture Sub-Account, to the extent such moneys are
in respect of any Collateral in which a security interest is created pursuant to
the Collateral and Control Agreement (such Collateral, the "Other Collateral")
and (ii) in the Shared Collateral Sub-Account, to the extent such moneys are in
respect of any Collateral other than Other Collateral (such Collateral, the
"Shared Collateral"), and, in each case, held by the Trustee as part of the
Trust Estate and applied in accordance with the terms of this Trust Agreement.
In making any such deposit, the Trustee may rely, and shall be fully protected
in relying on a certificate of the Company as to the source of such deposit.
Upon the cancellation of any Notice of Acceleration pursuant to Section 2.1(c),
the Trustee shall (subject to the first sentence of Section 3.4(a)) cause all
funds on deposit in the Collateral Account to be paid over to the Obligors in
accordance with their respective interests.

            3.2 Control of Collateral Account. All right, title and interest in
and to the Collateral Account shall vest in the Trustee, and funds on deposit in
the Collateral Account shall constitute part of the Trust Estate. The Collateral
Account shall be subject to the exclusive dominion and control of the Trustee.

            3.3 Investment of Funds Deposited in Collateral Account. The Trustee
shall invest and reinvest moneys on deposit in the Collateral Account at any
time in Cash Equivalents; provided that so long as no Notice of Acceleration is
in effect, such investments and re-investments in Cash Equivalents shall be made
in such Cash Equivalents as shall be directed by the Company. All such

<PAGE>
                                                                              17

investments and the interest and income received thereon and the net proceeds
realized on the sale or redemption thereof shall be held in the Collateral
Account as part of the Trust Estate. The Trustee shall not be responsible for
any diminution in funds resulting from such investments or any liquidation prior
to maturity. In the absence of such directions, the Trustee shall have no
obligation to invest or reinvest moneys.

            3.4 Application and Distribution of Moneys. (a) The Trustee shall
have the right (pursuant to Section 4.8) at any time to apply moneys held by it
in the Collateral Account (ratably based upon the amounts on deposit in the
Shared Collateral Sub-Account and the Senior Loan Agreement/Indenture
Sub-Account) to the payment of due and unpaid Trustee Fees.

            (b) All remaining moneys held by the Trustee in the Shared
Collateral Sub-Account or received by the Trustee with respect to the Shared
Collateral while a Notice of Acceleration is in effect shall, to the extent
available for distribution (it being understood that the Trustee may liquidate
investments prior to maturity in order to make a distribution pursuant to this
Section 3.4), be distributed (subject to the provisions of Sections 3.5 and 3.6)
by the Trustee on each Distribution Date in the following order of priority:

            First: to the Trustee for any unpaid Trustee Fees and then to any
      Secured Party which has theretofore advanced or paid any Trustee Fees
      constituting administrative expenses allowable under Section 503(b) of the
      Bankruptcy Code, an amount equal to the amount thereof so advanced or paid
      by such Secured Party and for which such Secured Party has not been
      reimbursed prior to such Distribution Date, and, if such moneys shall be
      insufficient to pay such amounts in full, then ratably (without priority
      of any one over any other) to such Secured Parties in proportion to the
      amounts of such Trustee Fees advanced or paid by the respective Secured
      Parties and remaining unreimbursed on such Distribution Date;

            Second: to any Secured Party which has theretofore advanced or paid
      any Trustee Fees, other than administrative expenses described in clause
      First above, an amount equal to the amount thereof so advanced or paid by
      such Secured Party and for which such Secured Party has not been
      reimbursed prior to such Distribution Date, and, if such moneys shall be
      insufficient to pay such amounts in full, then ratably (without priority
      of any one over any other) to such Secured Parties in proportion to the
      amounts of such Trustee Fees advanced or paid by the respective Secured
      Parties and remaining unreimbursed on such Distribution Date;

            Third: to the First Priority Secured Parties in an amount equal to
      the unpaid principal of and unpaid interest on and other charges, if any,
      in respect of any First Priority Secured Obligations then outstanding
      whether or not then due and payable, and, if such moneys shall be
      insufficient to pay such amounts in full, then ratably (without priority
      of any one over any other) to the First Priority Secured Parties in
      proportion to the unpaid amounts of the First Priority Secured Obligations
      on such Distribution Date;

            Fourth: to the Second Priority Secured Parties in an amount equal to
      the unpaid principal of and unpaid interest on and other charges, if any,
      in respect of any Second Priority Secured Obligations then outstanding
      whether or not then due and payable, and, if such moneys shall be
      insufficient to pay such amounts in full, then ratably (without priority
      of any one over any other) to the Second Priority Secured Parties in
      proportion to the unpaid amounts of the Second Priority Secured
      Obligations on such Distribution Date;

<PAGE>
                                                                              18

            Fifth: to the Third Priority Secured Parties in an amount equal to
      the unpaid principal of and unpaid interest on and other charges, if any,
      in respect of any Third Priority Secured Obligations then outstanding
      whether or not then due and payable, and, if such moneys shall be
      insufficient to pay such amounts in full, then ratably (without priority
      of any one over any other) to the Third Priority Secured Parties in
      proportion to the unpaid amounts of the Third Priority Secured Obligations
      on such Distribution Date;

            Sixth: to the Secured Parties, amounts equal to all other sums which
      constitute Secured Obligations, including without limitation the costs and
      expenses of the Secured Parties and their representatives which are due
      and payable under the relevant Secured Instruments and which constitute
      Secured Obligations as of such Distribution Date, and, if such moneys
      shall be insufficient to pay such amounts in full, then ratably to the
      Secured Parties in proportion to the unpaid amounts thereof on such
      Distribution Date; and

            Seventh: any surplus then remaining shall be paid to the Obligors or
      their successors or assigns or to whomsoever may be lawfully entitled to
      receive the same or as a court of competent jurisdiction may direct.

            (c) All remaining moneys held by the Trustee in the Senior Loan
Agreement/Indenture Collateral Sub-Account or received by the Trustee with
respect to the Other Collateral while a Notice of Acceleration is in effect
shall, to the extent available for distribution (it being understood that the
Trustee may liquidate investments prior to maturity in order to make a
distribution pursuant to this Section 3.4), be distributed (subject to the
provisions of Sections 3.5 and 3.6) by the Trustee on each Distribution Date in
the following order of priority:

            First: to the Trustee for any unpaid Trustee Fees and then to any
      Senior Loan Agreement/Indenture Secured Party which has theretofore
      advanced or paid any Trustee Fees constituting administrative expenses
      allowable under Section 503(b) of the Bankruptcy Code, an amount equal to
      the amount thereof so advanced or paid by such Secured Party and for which
      such Secured Party has not been reimbursed prior to such Distribution
      Date, and, if such moneys shall be insufficient to pay such amounts in
      full, then ratably (without priority of any one over any other) to such
      Secured Parties in proportion to the amounts of such Trustee Fees advanced
      by such respective Secured Parties and remaining unpaid on such
      Distribution Date;

            Second: to any Senior Loan Agreement/Indenture Secured Party which
      has theretofore advanced or paid any Trustee Fees, other than
      administrative expenses described in clause First above, an amount equal
      to the amount thereof so advanced or paid by such Secured Party and for
      which such Secured Party has not been reimbursed prior to such
      Distribution Date, and, if such moneys shall be insufficient to pay such
      amounts in full, then ratably (without priority of any one over any other)
      to such Secured Parties in proportion to the amounts of such Trustee Fees
      advanced by such respective Secured Parties and remaining unpaid on such
      Distribution Date;

            Third: to the Senior Loan Agreement/Indenture Secured Parties in an
      amount equal to the unpaid principal of and unpaid interest on and other
      charges, if any, in respect of any Indenture Obligations and Senior Loan
      Agreement Obligations then outstanding whether or not then due and
      payable, and, if such moneys shall be insufficient to pay such amounts in
      full, then ratably (without priority of any one over any other) to such
      Secured Parties in proportion to the unpaid amounts thereof on such
      Distribution Date;

<PAGE>
                                                                              19

            Fourth: to the Senior Loan Agreement/Indenture Secured Parties,
      amounts equal to all other sums which constitute Senior Loan Agreement
      Obligations or Indenture Obligations, including without limitation the
      costs and expenses of the Senior Loan Agreement/Indenture Secured Parties
      and their representatives which are due and payable under the relevant
      Secured Instruments and which constitute Secured Obligations as of such
      Distribution Date, and, if such moneys shall be insufficient to pay such
      amounts in full, then ratably to such Secured Parties in proportion to the
      unpaid amounts thereof on such Distribution Date; and

            Fifth: any surplus then remaining shall be paid to the Obligors or
      their successors or assigns or to whomsoever may be lawfully entitled to
      receive the same or as a court of competent jurisdiction may direct.

            (d) The term "unpaid" as used in clauses Third, Fourth, Fifth and
Sixth of Section 3.4(b) and clauses Third and Fourth of Section 3.4(c) and
Section 3.6 refers to all amounts of Surety Bond Obligations, Indenture
Obligations or Senior Loan Agreement Obligations, as the case may be,
outstanding as of a Distribution Date (and for the purpose of this provision,
the amount of Surety Bond Obligations then outstanding shall be calculated by
adding together (1) the relevant Surety Party's unreimbursed loss, costs, fees
and expenses, together with accrued interest, with respect to all Surety Bonds
issued by such Surety Party, and (2) the penal sums and/or maximum amounts of
obligation of all Surety Bonds then outstanding and upon which the relevant
Surety Party remains at risk), to the extent that prior distributions (whether
actually distributed or set aside pursuant to Section 3.5) have not been made in
respect thereof, provided that if (x) any distributions are made in respect of
any Secured Obligations that are contingent at the time of such distribution and
(y)(i) such contingent Secured Obligation becomes liquidated in an amount that
is less than the amounts distributed in respect of such contingent Secured
Obligation or (ii) the Secured Party who is the obligee in respect of such
contingent Secured Obligation becomes discharged and is no longer at risk with
respect to any such contingent Secured Obligation, such Secured Party shall
promptly return to the Trustee for application pursuant to this Agreement any
such distributions made in respect of such contingent Secured Obligation, less
any amounts necessary to satisfy in full the liquidated amount of such
contingent Secured Obligation.

            (e) The Trustee shall make all payments and distributions under this
Section 3.4: (i) on account of Senior Loan Agreement Obligations to the
Administrative Agent, pursuant to directions of the Administrative Agent, for
re-distribution in accordance with the provisions of the Senior Loan Agreement;
(ii) on account of Indenture Obligations (subject to Section 3.5) to the
Indenture Trustee, and (iii) on account of Surety Bond Obligations (subject to
Section 3.5) to the relevant Surety Party.

            3.5 Application of Moneys Distributable to Surety Party and
Indenture Trustee. (a) If at any time any moneys collected or received by the
Trustee pursuant to this Trust Agreement are distributable pursuant to Section
3.4 to a Surety Party, and if such Surety Party shall notify the Trustee in
writing that (i) no provision is made under the relevant Surety Bond Documents
for the application by such Surety Party of such moneys (whether because the
Secured Obligations under such Surety Bond Documents have not become due and
payable or otherwise) and that such Surety Bond Documents do not effectively
provide for the receipt and the holding by such Surety Party of such moneys
pending the application thereof or (ii) pursuant to Section 6.16(b) such Surety
Party may not yet accept such distribution, then the Trustee, after receipt of
such notification, shall, at the direction of such Surety Party, invest such
amounts in Cash Equivalents maturing within 30 days after they are acquired by
the Trustee or, in the absence of such direction, hold such moneys uninvested
and shall hold all such amounts so distributable and all such investments and
the net proceeds thereof in trust solely for such Surety Party and for no other
purpose until such time as such

<PAGE>
                                                                              20

Surety Party shall request in writing the delivery thereof by the Trustee for
application pursuant to such Surety Bond Documents; provided that if the Surety
Party Obligations shall have otherwise been satisfied as a result of collections
against the Secured Party Credit Support, such Surety Party shall instruct the
Trustee to apply an amount equal to such collections in accordance with Section
3.4.

            (b) If at any time any moneys collected or received by the Trustee
pursuant to this Trust Agreement are distributable pursuant to Section 3.4 to
the Indenture Trustee, and if the Indenture Trustee shall notify the Trustee in
writing that (i) no provision is made under the Indenture for the application by
the Indenture Trustee of such moneys (whether because the Secured Obligations
under the Indenture have not become due and payable or otherwise) and that the
Indenture does not effectively provide for the receipt and the holding by the
Indenture Trustee of such moneys pending the application thereof or (ii)
pursuant to Section 6.16(b) the Indenture Trustee may not yet accept such
distribution, then the Trustee, after receipt of such notification, shall, at
the direction of the Indenture Trustee, invest such amounts in Cash Equivalents
maturing within 90 days after they are acquired by the Trustee or, in the
absence of such direction, hold such moneys uninvested and shall hold all such
amounts so distributable and all such investments and the net proceeds thereof
in trust solely for the Indenture Trustee (in its capacity as trustee) and for
no other purpose until such time as the Indenture Trustee shall request in
writing the delivery thereof by the Trustee for application pursuant to the
Indenture; provided that if the Indenture Obligations shall have otherwise been
satisfied as a result of collections against the Secured Party Credit Support,
the Indenture Trustee shall instruct the Trustee to apply an amount equal to
such collections in accordance with Section 3.4.

            (c) If at any time any moneys collected or received by the Trustee
pursuant to this Trust Agreement are distributable pursuant to Section 3.4 to
the Administrative Agent, and if the Administrative Agent shall notify the
Trustee in writing that (i) no provision is made under the Senior Loan Agreement
for the application by the Administrative Agent of such moneys (whether because
the Secured Obligations under the Senior Loan Agreement have not become due and
payable or otherwise) and that the Senior Loan Agreement does not effectively
provide for the receipt and the holding by the Administrative Agent of such
moneys pending the application thereof or (ii) pursuant to Section 6.16(b) the
Administrative Agent may not yet accept such distribution, then the Trustee,
after receipt of such notification, shall, at the direction of the
Administrative Agent, invest such amounts in Cash Equivalents maturing within 90
days after they are acquired by the Trustee or, in the absence of such
direction, hold such moneys uninvested and shall hold all such amounts so
distributable and all such investments and the net proceeds thereof in trust
solely for the Administrative Agent (in its capacity as administrative agent)
and for no other purpose until such time as the Administrative Agent shall
request in writing the delivery thereof by the Trustee for application pursuant
to the Senior Loan Agreement; provided that if the Senior Loan Agreement
Obligations shall have otherwise been satisfied as a result of collections
against the Secured Party Credit Support, the Administrative Agent shall
instruct the Trustee to apply an amount equal to such collections in accordance
with Section 3.4.

            3.6 Trustee's Calculations. In making the determinations and
allocations required by Section 3.4, the Trustee may conclusively rely upon (a)
information supplied by a Surety Party as to the amount of unpaid Surety Bond
Obligations with respect to such Surety Party, (b) information supplied by the
Indenture Trustee as to the amount of the Indenture Obligations owing and (c)
information supplied by the Administrative Agent as to the amounts of unpaid
principal and interest and other amounts outstanding with respect to the Senior
Loan Agreement Obligations, and the Trustee shall have no liability to any of
the Secured Parties for actions taken in reliance on such information (except
for gross negligence and willful misconduct). Each Obligor, on behalf of itself

<PAGE>
                                                                              21

and all of its Subsidiaries, hereby irrevocably waives any right to challenge or
dispute, in a proceeding at law or in equity, prior to any actual distribution,
the allocation or distribution of moneys by the Trustee pursuant to Section 3.4
so long as such allocation and distribution by the Trustee to the Secured
Parties is based on a good faith certification by a relevant Secured Party of
the amounts paid and/or of demands received supported by calculations attached
thereto. Nothing in the preceding sentence shall limit the right of any Obligor
to (i) challenge or dispute any such allocation or distribution after such
distribution has been made by the Trustee, (ii) file a bankruptcy petition or
(iii) contest any claim in a bankruptcy proceeding, in the case of the foregoing
clauses (ii) and (iii) whether before or after such distribution. All
distributions made by the Trustee pursuant to Section 3.4 shall be (subject to
any decree of any court of competent jurisdiction) final (absent manifest
error), and the Trustee shall have no duty to inquire as to the application by
the Administrative Agent, the Indenture Trustee or a Surety Party of any amounts
distributed to them.

                                   SECTION 4.
                             AGREEMENTS WITH TRUSTEE

            4.1 Delivery of Secured Instruments. On the Trust Effective Date,
the Company shall deliver to the Trustee true and complete copies of each
Secured Instrument and each Trust Security Document as in effect on the Trust
Effective Date. The Company shall deliver to the Trustee, promptly upon the
execution thereof, (i) a true and complete copy of all amendments, modifications
or supplements to any Secured Instrument entered into after the Trust Effective
Date, and (ii) a true and complete copy of any new Secured Instrument or Trust
Security Document entered into after the Trust Effective Date.

            4.2 Information as to Secured Parties, Administrative Agent,
Indenture Trustee and Surety Parties. The Company shall deliver to the Trustee
on the Trust Effective Date and on each anniversary of the Trust Effective Date,
and from time to time upon request of the Trustee, a list setting forth as of a
date not more than 30 days prior to the date of such delivery, (i) the aggregate
unpaid principal amount of Senior Loan Agreement Obligations outstanding and the
name and address of the Administrative Agent, (ii) the aggregate penal sum of
Surety Bonds issued and outstanding with respect to each Surety Party, the name
and address for each Surety Party and the amount of any Surety Bond Obligations
which the Company admits are then due and owing to any of such Surety Parties
and (iii) the aggregate principal amount of First Priority Secured Obligations,
Second Priority Secured Obligations and Third Priority Secured Obligations, and
the amount of each such category of obligations constituting Surety Bond
Obligations, Senior Loan Agreement Obligations and Indenture Obligations;
provided, that to the extent any amounts under (ii) or (iii) above relate to a
Surety Bond, such amount must be confirmed in writing by the applicable Surety
Party before it may be relied on by the Trustee. In addition, the Company will
promptly notify the Trustee of each change in the identity of the Administrative
Agent or any Surety Party. Any notice from the Company to the Trustee concerning
any new Surety Party simultaneously shall be delivered by such Obligor to the
other Surety Parties. If Indenture Securities are issued under the Indenture,
the Company will notify the Trustee of each such issuance and of the aggregate
principal amount of Indenture Securities so issued; and the Company will request
the Indenture Trustee to deliver to the Trustee the names of the officers of the
Indenture Trustee authorized to give directions hereunder on behalf of the
Indenture Trustee. On or prior to the Trust Effective Date, the Company will
request the Administrative Agent and each Surety Party to deliver to the Trustee
the names of the officers of each thereof authorized to give directions
hereunder on behalf of such parties. The Company will request that the
Administrative Agent and each Surety Party (and, if any Indenture Securities
have

<PAGE>
                                                                              22

been issued, the Indenture Trustee) notify the Trustee of any changes of the
officers of each thereof authorized to give directions hereunder on behalf of
such parties prior to the date of any such changes. If the Trustee does not
receive the names of the officers of the Administrative Agent, the Indenture
Trustee or any Surety Party authorized to give directions hereunder on behalf of
such parties, the Trustee may rely on any person purporting to be authorized to
give directions hereunder on behalf of such parties. If the Trustee is not
informed of changes of the officers of the Administrative Agent or any Surety
Party (and, if any Indenture Securities have been issued, the Indenture Trustee)
authorized to give directions hereunder on behalf of such parties, the Trustee
may rely on the information previously provided to the Trustee.

            4.3 Compensation and Expenses. The Company agrees to pay to the
Trustee, from time to time upon demand, (i) reasonable compensation (which shall
not be limited by any provision of law in regard to compensation of fiduciaries
or of a trustee of an express trust) for its services hereunder and under the
Trust Security Documents and for administering the Trust Estate and (ii) all of
the reasonable fees, costs and expenses of the Trustee (including, without
limitation, the reasonable fees and disbursements of its counsel, advisors and
agents) (A) arising in connection with the preparation, execution, delivery,
modification, and termination of this Trust Agreement and each Trust Security
Document or the enforcement of any of the provisions hereof or thereof, (B)
incurred or required to be advanced in connection with the administration of the
Trust Estate, the sale or other disposition of Collateral pursuant to any Trust
Security Document and the preservation, protection or defense of the Trustee's
rights under this Trust Agreement and the Trust Security Documents and in and to
the Collateral and the Trust Estate or (C) incurred by the Trustee in connection
with the removal of the Trustee pursuant to Section 5.7(a). Such fees, costs and
expenses are intended to constitute expenses of administration under any
bankruptcy law relating to creditors rights generally. The obligations of the
Company under this Section 4.3 shall survive the termination of the other
provisions of this Trust Agreement and the resignation or removal of the Trustee
hereunder.

            4.4 Stamp and Other Similar Taxes. The Company agrees to indemnify
and hold harmless the Trustee, the Administrative Agent, each Surety Party and
each Secured Party from any present or future claim for liability for any stamp
or any other similar tax, and any penalties or interest with respect thereto,
which may be assessed, levied or collected by any jurisdiction in connection
with this Trust Agreement, any Trust Security Document, the Trust Estate or any
Collateral. The obligations of the Company under this Section 4.4 shall survive
the termination of the other provisions of this Trust Agreement and the
resignation or removal of the Trustee hereunder.

            4.5 Filing Fees, Excise Taxes, Etc. The Company agrees to pay or to
reimburse the Trustee for any and all payments made by the Trustee in respect of
all search, filing, recording and registration fees, taxes, excise taxes and
other similar imposts which may be payable or determined to be payable in
respect of the execution and delivery of this Trust Agreement and each Trust
Security Document. The obligations of the Company under this Section 4.5 shall
survive the termination of the other provisions of this Trust Agreement and the
resignation or removal of the Trustee hereunder.

            4.6 Indemnification. The Company agrees to pay, indemnify, and hold
the Trustee, the Administrative Agent, the Indenture Trustee and each Surety
Party (and their respective directors, officers, agents and employees) harmless
from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses (including, without
limitation, the reasonable fees and expenses of counsel, advisors and agents) or
disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement (including the enforcement of this Section 4.6),
performance and administration of this Trust Agreement and the Trust Security
Documents, unless arising from the gross negligence or willful misconduct of the
indemnified party,

<PAGE>
                                                                              23

including for taxes in any jurisdiction in which the Trustee is subject to tax
by reason of actions hereunder or under the Trust Security Documents, unless
such taxes are imposed on or measured by compensation paid to the Trustee under
Section 4.3. In any suit, proceeding or action brought by the Trustee under or
with respect to any contract, agreement, interest or obligation constituting
part of the Collateral for any sum owing thereunder, or to enforce any
provisions thereof, the Company will save, indemnify and keep the Trustee, the
Administrative Agent, the Indenture Trustee, each Surety Party and the Secured
Parties harmless from and against all expense, loss or damage suffered by reason
of any defense, setoff, counterclaim, recoupment or reduction of liability
whatsoever of the obligor thereunder, arising out of a breach by any Obligor of
any obligation thereunder or arising out of any other agreement, indebtedness or
liability at any time owing to or in favor of such Obligor or its successors
from any Obligor, and all such obligations of the Company shall be and remain
enforceable against and only against the Company and shall not be enforceable
against the Trustee, the Administrative Agent, any Surety Party, the Indenture
Trustee or any Secured Party. The agreements in this Section 4.6 shall survive
the termination of the other provisions of this Trust Agreement and the
resignation or removal of the Trustee hereunder.

            4.7 Trustee's Lien. Notwithstanding anything to the contrary in this
Trust Agreement, as security for the payment of Trustee Fees (i) the Trustee is
hereby granted a Lien upon all Collateral prior to all Secured Parties and (ii)
the Trustee shall have the right to use and apply any of the funds held by the
Trustee in the Collateral Account to cover such Trustee Fees.

            4.8 Further Assurances. At any time and from time to time, upon the
written request of the Administrative Agent, any Surety Party, the Indenture
Trustee or the Trustee, and at the expense of the Company, each Obligor will
promptly execute and deliver any and all such further instruments and documents
and take such further action as is necessary or reasonably requested further to
perfect, or to protect the perfection of, the Liens and security interests
granted under the Trust Security Documents, including, without limitation, the
filing of any financing or continuation statements under the Uniform Commercial
Code in effect in any jurisdiction. In addition to the foregoing, at any time
and from time to time, upon the written request of the Trustee (which shall be
made only upon the written direction of the Administrative Agent or any Surety
Party), and at the expense of the Company, each Obligor will promptly execute
and deliver any and all such further instruments and documents and take such
further action as the Trustee has been so directed is necessary or reasonably
requested to obtain the full benefits of this Trust Agreement and the Trust
Security Documents and of the rights and powers herein and therein granted,
including, without limitation, the filing of any financing or continuation
statements under the Uniform Commercial Code in effect in any jurisdiction with
respect to the Liens and security interests granted by the Trust Security
Documents. Each Obligor also hereby authorizes the Trustee to sign and the
Administrative Agent, the Required Instructing Parties, any Surety Party or the
Trustee to file any such financing or continuation statements without the
signature of such Obligor to the extent permitted by applicable law.
Notwithstanding the foregoing, in no event shall the Trustee have any obligation
in respect of the perfection or continuation of perfection, the sufficiency or
validity of any security interest in or related to the Collateral or to prepare
or file any Uniform Commercial Code financing statements.

            4.9 Obligors. The Obligors agree, jointly and severally, to pay to
the Trustee any of the amounts payable to it pursuant to this Section 4 to the
extent not promptly paid by the Company.

<PAGE>
                                                                              24

                                   SECTION 5.
                                   THE TRUSTEE

            5.1 Acceptance of Trust. The Trustee, for itself and its successors,
hereby accepts the trusts created by this Trust Agreement upon the terms and
conditions hereof.

            5.2 Exculpatory Provisions. (a) The Trustee shall not be responsible
in any manner whatsoever for the correctness of any recitals, statements,
representations or warranties herein, all of which are made solely by the
Obligors. The Trustee makes no representations as to the value or condition of
the Trust Estate or any part thereof, or as to the title of the Obligors thereto
or as to the security afforded by this Trust Agreement or any Trust Security
Document, or as to the validity, execution (except its execution),
enforceability, legality or sufficiency of this Trust Agreement, the Trust
Security Documents or the Secured Obligations, and the Trustee shall incur no
liability or responsibility in respect of any such matters.

            (b) The Trustee shall not be required to ascertain or inquire as to
the performance by the Obligors of any of the covenants or agreements contained
herein or in any Trust Security Document or Secured Instrument. Whenever it is
necessary, or in the opinion of the Trustee advisable, for the Trustee to
ascertain the amount of Secured Obligations then held by Secured Parties, the
Trustee may rely on a certificate of the relevant Surety Party, in the case of
Surety Bond Obligations, or a certificate of the Administrative Agent, in the
case of Senior Loan Agreement Obligations, or a certificate of the Indenture
Trustee, in the case of Indenture Obligations, and, if the relevant Surety
Party, the Indenture Trustee or the Administrative Agent shall not give such
information to the Trustee, it shall not be entitled to receive distributions
hereunder (in which case distributions to those Persons who have supplied such
information to the Trustee shall be calculated by the Trustee using, for those
Persons who have not supplied such information, the list then most recently
delivered by the Company pursuant to Section 4.2), and the amount so calculated
to be distributed to the Person who fails to give such information shall be held
in trust for such Person until such Person does supply such information to the
Trustee, whereupon on the next Distribution Date the amount distributable to
such Person shall be recalculated using such information and distributed to it.
Subject to Section 3.6, nothing in the preceding sentence shall prevent any
Obligor from contesting any amounts claimed by any Secured Party in any
certificate so supplied.

            (c) The Trustee shall be under no obligation or duty to take any
action under this Trust Agreement or any Trust Security Document if taking such
action (i) would subject the Trustee to a tax in any jurisdiction where it is
not then subject to a tax or (ii) would require the Trustee to qualify to do
business in any jurisdiction where it is not then so qualified, unless the
Trustee shall receive security or indemnity satisfactory to it against such tax
(or equivalent liability), or any liability resulting from such qualification,
in each case as results from the taking of such action under this Trust
Agreement or any Trust Security Document.

            (d) Without limiting its fiduciary obligations to the Secured
Parties under this Agreement, the Trustee shall have the same rights with
respect to any Secured Obligation held by it as any other Secured Party and may
exercise such rights as though it were not the Trustee hereunder, and Wilmington
Trust Company may accept deposits from, lend money to, and generally engage in
any kind of banking or trust business with, any of the Obligors as if it were
not the Trustee hereunder.

<PAGE>
                                                                              25

            (e) The Trustee shall not be liable for any action taken or omitted
to be taken in accordance with this Trust Agreement or the Trust Security
Documents except for its own gross negligence or willful misconduct.

            5.3 Delegation of Duties. The Trustee may execute any of the trusts
or powers hereof and perform any duty hereunder either directly or by or through
agents or attorneys-in-fact. The Trustee shall be entitled to advice of counsel
concerning all matters pertaining to such trusts, powers and duties. The Trustee
shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it without gross negligence or willful misconduct.

            5.4 Reliance by Trustee. (a) Whenever in the administration of this
Trust Agreement or the Trust Security Documents the Trustee shall deem it
necessary or desirable that a factual matter be proved or established in
connection with the Trustee taking, suffering or omitting any action hereunder
or thereunder, such matter (unless other evidence in respect thereof is herein
specifically prescribed) may be deemed to be conclusively proved or established
by a certificate of a Responsible Officer delivered to the Trustee, and such
certificate shall be full warrant to the Trustee for any action taken, suffered
or omitted in reliance thereon, subject, however, to the provisions of Section
5.5.

            (b) The Trustee may consult with counsel, accountants and other
experts and any Opinion of Counsel or written advice of any such accountant or
other expert shall be full and complete authorization and protection in respect
of any action taken or suffered by it hereunder or under any Trust Security
Document in accordance therewith. The Trustee shall have the right at any time
to seek instructions concerning the administration of this Trust Agreement and
the Trust Security Documents from any court of competent jurisdiction.

            (c) The Trustee may rely, and shall be fully protected in acting,
upon any resolution, statement, certificate, instrument, opinion, report,
notice, request, consent, order, bond or other paper or document which it has no
reason to believe to be other than genuine and to have been signed or presented
by the proper party or parties or, in the case of cables, telecopies and
telexes, to have been sent by the proper party or parties. In the absence of its
own gross negligence or willful misconduct, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Trustee and
conforming to the requirements of this Trust Agreement.

            (d) The Trustee shall not be under any obligation to exercise any of
the rights or powers vested in the Trustee by this Trust Agreement and the Trust
Security Documents, at the request or direction of the Required Instructing
Parties or Required Secured Debt Parties, as applicable, pursuant to this Trust
Agreement or otherwise, unless the Trustee shall have been provided adequate
security and indemnity against the costs, expenses and liabilities which may be
incurred by the Trustee in compliance with such request or direction, including
such reasonable advances as may be requested by the Trustee.

            (e) Upon any application or demand by any of the Obligors (except
any such application or demand which is expressly permitted to be made orally)
to the Trustee to take or permit any action under any of the provisions of this
Trust Agreement or any Trust Security Document, the Company shall furnish to the
Trustee a certificate of a Responsible Officer stating that all conditions
precedent, if any, provided for in this Trust Agreement, in any relevant Trust
Security Document or in any Secured Instrument relating to the proposed action
have been complied with, and in the case of any such application or demand as to
which the furnishing of any document is specifically required by any provision
of this Trust Agreement, any Trust Security Document, or

<PAGE>
                                                                              26

Secured Instrument relating to such particular application or demand, such
additional document shall also be furnished.

            (f) Any Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate of a Responsible Officer or representations
made by a Responsible Officer in a writing filed with the Trustee.

            5.5 Limitations on Duties of Trustee. (a) Unless a Notice of
Acceleration is in effect, the Trustee shall be obligated to perform such duties
and only such duties as are specifically set forth in this Trust Agreement and
the Trust Security Documents, and no implied covenants or obligations shall be
read into this Trust Agreement or any Trust Security Document against the
Trustee. If and so long as a Notice of Acceleration is in effect, the Trustee
may, subject to the provisions of Section 2.5(b), exercise the rights and powers
vested in the Trustee by this Trust Agreement and the Trust Security Documents,
and shall not be liable with respect to any action taken, or omitted to be
taken, in accordance with the direction of the Required Instructing Parties (in
the case of actions in respect of the Shared Collateral) or the Required Secured
Debt Parties (in the case of actions in respect of the Other Collateral).

            (b) Except as herein otherwise expressly provided, the Trustee shall
not be under any obligation to take any action which is discretionary with the
Trustee under the provisions hereof or of any Trust Security Document except
upon the written request of the Required Instructing Parties (in the case of
actions in respect of the Shared Collateral) or the Required Secured Debt
Parties (in the case of actions in respect of the Other Collateral). The Trustee
shall make available for inspection and copying by the Administrative Agent, the
Indenture Trustee and each Surety Party each certificate or other paper
furnished to the Trustee by any of the Obligors under or in respect of this
Trust Agreement or any of the Collateral.

            (c) No provision of this Trust Agreement or of any Trust Security
Document shall be deemed to impose any duty or obligation on the Trustee to
perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal, or
in which the Trustee shall be unqualified or incompetent, to perform any such
act or acts or to exercise any such right, power, duty or obligation or if such
performance or exercise would constitute doing business by the Trustee in such
jurisdiction or impose a tax on the Trustee by reason thereof or to risk its own
funds or otherwise incur any financial liability in the performance of its
duties hereunder.

            5.6 Moneys to be Held in Trust. (a) All moneys received by the
Trustee under or pursuant to any provision of this Trust Agreement or any Trust
Security Document (except Trustee Fees) shall be held in trust for the purposes
for which they were paid or are held.

            (b) All certificates representing any Finance Company Equity
Interests received by the Trustee shall be continuously and physically held and
possessed by the Trustee at its offices within the State of Delaware.

            5.7 Resignation and Removal of the Trustee. (a) The Trustee may at
any time, by giving written notice to the Company, the Administrative Agent, the
Indenture Trustee and each Surety Party, resign and be discharged of the
responsibilities hereby created, such resignation to become effective upon (i)
the appointment of a successor Trustee, (ii) the acceptance of such appointment
by such successor Trustee and (iii) the approval of such successor Trustee
evidenced by one or more instruments signed by the Required Instructing Parties
or the Company, as the case may be. If no successor Trustee shall be appointed
and shall have accepted such appointment within 45

<PAGE>
                                                                              27

days after the Trustee gives the aforesaid notice of resignation, the Trustee,
the Company, the Administrative Agent, the Indenture Trustee any Surety Party or
any other Secured Party may apply to any court of competent jurisdiction to
appoint a successor Trustee to act until such time, if any, as a successor
Trustee shall have been appointed as provided in this Section 5.7. Any successor
so appointed by such court shall immediately and without further act be
superseded by any successor Trustee appointed by the Required Instructing
Parties as provided in Section 5.7(b). The Required Instructing Parties may, at
any time upon giving 30 days' prior written notice thereof to the Trustee, the
Administrative Agent, the Indenture Trustee and each Surety Party, remove the
Trustee and appoint a successor Trustee, such removal to be effective upon the
acceptance of such appointment by the successor; provided, that if no default
has occurred and is continuing under any Secured Instrument, any such removal of
the Trustee and appointment of a successor Trustee shall require the consent of
the Company, which consent shall not be unreasonably withheld. The Trustee shall
be entitled to Trustee Fees to the extent incurred or arising, or relating to
events occurring, before such resignation or removal.

            (b) If at any time the Trustee shall resign or be removed or
otherwise become incapable of acting, or if at any time a vacancy shall occur in
the office of the Trustee for any other cause, a successor Trustee may be
appointed by the Required Instructing Parties with the consent of the Company,
which consent shall not be unreasonably withheld. The powers, duties, authority
and title of the predecessor Trustee shall be terminated and cancelled without
procuring the resignation of such predecessor and without any other formality
(except as may be required by applicable law) than appointment and designation
of a successor in writing duly acknowledged and delivered to the predecessor,
the Company and the Secured Parties. Such appointment and designation shall be
full evidence of the right and authority to make the same and of all the facts
therein recited, and this Trust Agreement and the Trust Security Agreements
shall vest in such successor, without any further act, deed or conveyance, all
the estates, properties, rights, powers, trusts, duties, authority and title of
its predecessor; but such predecessor shall, nevertheless, on the written
request of the Required Instructing Parties, the Company, or the successor,
execute and deliver an instrument transferring to such successor all the
estates, properties, rights, powers, trusts, duties, authority and title of such
predecessor hereunder and under the Trust Security Documents and shall deliver
all Collateral held by it or its agents to such successor. Should any deed,
conveyance or other instrument in writing from any Obligor be required by any
successor Trustee for more fully and certainly vesting in such successor the
estates, properties, rights, powers, trusts, duties, authority and title vested
or intended to be vested in the predecessor Trustee, any and all such deeds,
conveyances and other instruments in writing shall, on request of such
successor, be executed, acknowledged and delivered by such Obligor. If such
Obligor shall not have executed and delivered any such deed, conveyance or other
instrument within 10 days after it received a written request from the successor
Trustee to do so, or if a Notice of Acceleration is in effect, the predecessor
Trustee may execute the same on behalf of such Obligor. Such Obligor hereby
appoints any predecessor Trustee as its agent and attorney to act for it as
provided in the next preceding sentence.

            5.8 Status of Successor Trustee. Every successor Trustee appointed
pursuant to Section 5.7 shall be a bank or trust company in good standing and
having power to act as Trustee hereunder, incorporated under the laws of the
United States of America or any State thereof or the District of Columbia and
having its principal corporate trust office within the 48 contiguous States and
shall also have capital, surplus and undivided profits of not less than
$100,000,000, if there be such an institution with such capital, surplus and
undivided profits willing, qualified and able to accept the trust hereunder upon
reasonable or customary terms.

            5.9 Merger of the Trustee. Subject to Section 5.8, any corporation
into which the Trustee may be merged, or with which it may be consolidated, or
any corporation resulting from any

<PAGE>
                                                                              28

merger or consolidation to which the Trustee shall be a party, shall be Trustee
under this Trust Agreement and the Trust Security Documents without the
execution or filing of any paper or any further act on the part of the parties
hereto.

            5.10 Co-Trustee; Separate Trustee. (a) If at any time or times it
shall be necessary or prudent in order to conform to any law of any jurisdiction
in which any of the Collateral shall be located, or to avoid any violation of
law or imposition on the Trustee of taxes by such jurisdiction not otherwise
imposed on the Trustee, or the Trustee shall be advised by counsel, satisfactory
to it, that it is necessary or prudent in the interest of the Secured Parties,
or the Administrative Agent, the Indenture Trustee or any Surety Party shall in
writing so request the Trustee and the Obligors, or the Trustee shall deem it
desirable for its own protection in the performance of its duties hereunder or
under any Trust Security Document, the Trustee and each of the Obligors shall
execute and deliver all instruments and agreements necessary or proper to
constitute another bank or trust company, or one or more persons approved by the
Trustee and the Obligors, either to act as co-trustee or co-trustees of all or
any of the Collateral under this Trust Agreement or under any of the Trust
Security Documents, jointly with the Trustee originally named herein or therein
or any successor Trustee, or to act as separate trustee or trustees of any of
the Collateral. If any of the Obligors shall not have joined in the execution of
such instruments and agreements within 10 days after it receives a written
request from the Trustee to do so, or if a Notice of Acceleration is in effect,
the Trustee may act under the foregoing provisions of this Section 5.10(a)
without the concurrence of such Obligors and execute and deliver such
instruments and agreements on behalf of such Obligors. Each of the Obligors
hereby appoints the Trustee as its agent and attorney to act for it under the
foregoing provisions of this Section 5.10(a) in either of such contingencies.

            (b) Every separate trustee and every co-trustee, other than any
successor Trustee appointed pursuant to Section 5.7, shall, to the extent
permitted by law, be appointed and act and be such, subject to the following
provisions and conditions:

            (i) all rights, powers, duties and obligations conferred upon the
      Trustee in respect of the custody, control and management of moneys,
      papers or securities shall be exercised solely by the Trustee or any agent
      appointed by the Trustee;

            (ii) all rights, powers, duties and obligations conferred or imposed
      upon the Trustee hereunder and under the relevant Trust Security Document
      shall be conferred or imposed and exercised or performed by the Trustee
      and such separate trustee or separate trustees or co-trustee or
      co-trustees, jointly, as shall be provided in the instrument appointing
      such separate trustee or separate trustees or co-trustee or co-trustees,
      except to the extent that under any law of any jurisdiction in which any
      particular act or acts are to be performed the Trustee shall be
      incompetent or unqualified to perform such act or acts, or unless the
      performance of such act or acts would result in the imposition of any tax
      on the Trustee which would not be imposed absent such joint act or acts,
      in which event such rights, powers, duties and obligations shall be
      exercised and performed by such separate trustee or separate trustees or
      co-trustee or co-trustees;

            (iii) no power given hereby or by the relevant Trust Security
      Documents to, or which it is provided herein or therein may be exercised
      by, any such co-trustee or co-trustees or separate trustee or separate
      trustees shall be exercised hereunder or thereunder by such co-trustee or
      co-trustees or separate trustee or separate trustees except jointly with,
      or with the consent in writing of, the Trustee, anything contained herein
      to the contrary notwithstanding;

<PAGE>
                                                                              29

            (iv) no trustee hereunder shall be personally liable by reason of
      any act or omission of any other trustee hereunder; and

            (v) the Company and the Trustee, at any time by an instrument in
      writing executed by them jointly, may accept the resignation of or remove
      any such separate trustee or co-trustee and, in that case by an instrument
      in writing executed by them jointly, may appoint a successor to such
      separate trustee or co-trustee, as the case may be, anything contained
      herein to the contrary notwithstanding. If the Company shall not have
      joined in the execution of any such instrument within 10 days after it
      receives a written request from the Trustee to do so, or if a Notice of
      Acceleration is in effect, the Trustee shall have the power to accept the
      resignation of or remove any such separate trustee or co-trustee and to
      appoint a successor without the concurrence of the Company, the Company
      hereby appointing the Trustee its agent and attorney to act for it in such
      connection in such contingency. If the Trustee shall have appointed a
      separate trustee or separate trustees or co-trustee or co-trustees as
      above provided, the Trustee may at any time, by an instrument in writing,
      accept the resignation of or remove any such separate trustee or
      co-trustee and the successor to any such separate trustee or co-trustee
      shall be appointed by the Company and the Trustee, or by the Trustee alone
      pursuant to this Section 5.10(b).

            5.11 Treatment of Payee or Indorsee by Trustee; Representatives of
Secured Parties. (a) The Trustee may treat the registered holder or, if none,
the payee or indorsee of any promissory note or debenture evidencing a Secured
Obligation as the absolute owner thereof for all purposes and shall not be
affected by any notice to the contrary, whether such promissory note or
debenture shall be past due or not.

            (b) Any Person (other than the Administrative Agent, the Indenture
Trustee and any Surety Party) which shall be designated as the duly authorized
representative of one or more Secured Parties to act as such in connection with
any matters pertaining to this Trust Agreement or the Collateral shall present
to the Trustee such documents, including, without limitation, Opinions of
Counsel, as the Trustee may reasonably require, in order to demonstrate to the
Trustee the authority of such Person to act as the representative of such
Secured Parties (it being understood that (i) the holders of Senior Loan
Agreement Obligations are represented hereunder by the Administrative Agent, the
holders of the Indenture Obligations are represented hereunder by the Indenture
Trustee and the holders of the Surety Bond Obligations are represented hereunder
by the relevant Surety Party and (ii) such holders shall have no other rights
pursuant to this Section 5.11(b)). The authority of the Administrative Agent,
the Indenture Trustee and each Surety Party shall be demonstrated by their
inclusion as such in the lists from time to time delivered pursuant to Section
4.2.

                                   SECTION 6.
                                  MISCELLANEOUS

            6.1 Notices. Unless otherwise specified herein, all notices,
requests, demands or other communications given to any of the Obligors, the
Trustee, the Administrative Agent, the Indenture Trustee or any Surety Party
shall be given in writing or by facsimile transmission and shall be deemed to
have been duly given when personally delivered or when duly deposited in the
mails, registered or certified mail postage prepaid, or when transmitted by
facsimile transmission, addressed (i) if to any Obligor or the Trustee, to such
party at its address specified on the signature pages hereof or any other
address which such party shall have specified as its address for the purpose of

<PAGE>
                                                                              30

communications hereunder, by notice given in accordance with this Section 6.1 to
the party sending such communication or (ii) if to the Administrative Agent, the
Indenture Trustee or any Surety Party, to it at its address specified from time
to time in the list provided by the Company to the Trustee pursuant to Section
4.2; provided that any notice, request or demand to the Trustee shall not be
effective until received by the Trustee in writing or by facsimile transmission
in the corporate trust division at the office designated by it pursuant to this
Section 6.1.

            6.2 No Waivers. No failure on the part of the Trustee, any
co-trustee, any separate trustee, the Administrative Agent, the Indenture
Trustee, any Surety Party or any Secured Party to exercise, no course of dealing
with respect to, and no delay in exercising, any right, power or privilege under
this Trust Agreement or any Trust Security Document shall operate as a waiver
thereof nor shall any single or partial exercise of any such right, power or
privilege preclude any other or further exercise thereof or the exercise of any
other right, power or privilege.

            6.3 Amendments, Supplements and Waivers. (a) The Trustee and the
Obligors may, with the written consent of the Required Secured Debt Parties and
the Required Surety Parties and, to the extent such party holds Secured
Obligations, the Administrative Agent and Liberty, from time to time enter into
written agreements supplemental hereto or to any Trust Security Document for the
purpose of adding to, or waiving any provisions of, this Trust Agreement or any
Trust Security Document or changing in any manner the rights of the Trustee, the
Secured Parties or the Obligors hereunder or thereunder; provided that no such
supplemental agreement shall (i) amend, modify or waive any provision of this
Section 6.3 without the written consent of the Surety Parties, the
Administrative Agent and, if any Indenture Securities are outstanding, the
Indenture Trustee, (ii) except as provided in the next succeeding sentence,
reduce the percentages or change the numbers specified in the definition of
Required Instructing Parties, Required Secured Debt Parties, or Required Surety
Parties or amend, modify or waive any provision of Sections 2.10, 3.4, 3.5, 3.6,
4.6 or 6.10 or the definition of First Priority Secured Obligations, Second
Priority Secured Obligations, Third Priority Secured Obligations, Surety Bond or
Secured Obligations (or the definitions of any defined terms used in such
definitions) without the written consent of each Secured Party whose rights
would be adversely affected thereby or (iii) amend, modify or waive any
provision of Section 4 or 5 or alter the duties, rights or obligations of the
Trustee hereunder or under the Trust Security Documents without the written
consent of the Trustee. In addition, if the Administrative Agent shall advise
the Trustee in writing that the Required Secured Debt Parties have agreed with
the Company that additional indebtedness of the Company shall be secured by all
or any portion of the Collateral, and each Surety Party shall have given its
written consent thereto, the Trustee shall enter into such supplemental
agreements satisfactory to the Trustee with the Obligors as shall be reasonably
requested by the Administrative Agent, with the concurrence of each Surety
Party, to effect such agreement (which supplemental agreement may be in the form
of an amendment and restatement of this Trust Agreement). Any such supplemental
agreement shall be binding upon the Obligors, the Administrative Agent, the
Indenture Trustee, the Surety Parties, the Secured Parties and the Trustee and
their respective successors.

            (b) Without the consent of the Administrative Agent, the Indenture
Trustee, the Surety Parties or any other Secured Party, the Trustee and any of
the Obligors, at any time and from time to time, may enter into one or more
agreements supplemental hereto or to any Trust Security Document, in form
satisfactory to the Trustee, (i) to add to the covenants of such Obligor for the
benefit of the Secured Parties or to surrender any right or power herein
conferred upon such Obligor; (ii) to mortgage or pledge to the Trustee, or grant
a security interest in favor of the Trustee in, any property or assets as
additional security for the Secured Obligations; (iii) to cure any ambiguity, to
correct or supplement any provision herein or in any Trust Security Document
which may be defective or inconsistent with any other provision herein or
therein, or to make any other provision

<PAGE>
                                                                              31

with respect to matters or questions arising hereunder which shall not be
inconsistent with any provision hereof; provided that any such action
contemplated by this clause (iii) shall not adversely affect the interests of
the Secured Parties; or (iv) to add, delete or modify any provision herein to
the extent required by the U.S. Securities and Exchange Commission with respect
to the qualification of the Indenture under the Trust Indenture Act.

            (c) The Trustee may, but shall not be obligated to, enter into any
supplemental agreement pursuant to this Section 6.3 which would adversely affect
its interests hereunder.

            6.4 Headings. The table of contents and the headings of sections
have been included herein and in the Trust Security Documents for convenience
only and should not be considered in interpreting this Trust Agreement or the
Trust Security Documents.

            6.5 Severability. Any provision of this Trust Agreement which is
prohibited or unenforceable in any jurisdiction shall not invalidate 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.

            6.6 Successors and Assigns. This Trust Agreement shall be binding
upon and inure to the benefit of each of the parties hereto and their respective
successors and assigns and shall inure to the benefit of each of the Secured
Parties and their respective successors and assigns, and nothing herein is
intended or shall be construed to give any other Person any right, remedy or
claim under, to or in respect of this Trust Agreement or any Collateral.

            6.7 Currency Conversions. In calculating the amount of Secured
Obligations or Collateral proceeds for any purpose hereunder, including, without
limitation, voting or distribution purposes, the amount of any Secured
Obligation which is denominated in a currency other than Dollars shall be
converted by the Administrative Agent into Dollars at the spot rate for
purchasing Dollars with such currency as set forth in The Wall Street Journal on
the business day prior to the date on which such calculation is to be made.

            6.8 Governing Law. This Trust Agreement shall be governed by, and
construed and interpreted in accordance with, the laws of the State of New York.

            6.9 Counterparts. This Trust Agreement may be signed in any number
of counterparts with the same effect as if the signatures thereto and hereto
were upon the same instrument.

            6.10 Termination. (a) Upon (i) receipt by the Trustee from the
Administrative Agent, the Indenture Trustee and each of the Surety Parties of a
written direction (which direction shall be delivered upon the occurrence of the
applicable events described in Section 7.14(a) of the Collateral Agreement) to
cause the Liens created by Section 4.7 and by the Trust Security Documents to be
released and discharged and (ii) payment in full of all Trustee Fees, the
security interests created by Section 4.7 and by the Trust Security Documents
shall terminate forthwith and all right, title and interest of the Trustee in
and to the Collateral shall revert to the Obligors, their successors and
assigns.

            (b) Upon the termination of the Trustee's security interest and the
release of the Collateral in accordance with Section 6.10(a), the Trustee will
promptly, at the Company's written request and expense, (i) execute and deliver
to the Company such documents as the Company shall reasonably request to
evidence the termination of such security interest or the release of the

<PAGE>
                                                                              32

Collateral and (ii) deliver or cause to be delivered to the Obligors all
property of the Obligors then held by the Trustee or any agent thereof.

            (c) Upon receipt by the Trustee from the Company of a certificate of
the Company that all the Capital Stock of an Obligor has, or substantially all
of the assets of such Obligor have, been sold, transferred or otherwise disposed
of to a third party and that such sale does not violate any Secured Instrument
(which certificate shall be accompanied by a written statement from the
Administrative Agent that such sale is or will be in accordance with the Senior
Loan Agreement and a written statement from each Surety Party that such sale is
or will be in accordance with the Surety Bond Documents to which such Surety
Party is a party), (i) such Obligor and each Subsidiary of such Obligor which is
included in such sale (such Obligor and each such Subsidiary being referred to
herein as "Included Obligors") shall cease to be an Obligor hereunder or a party
to any Trust Security Document and shall be released from its obligations
pursuant hereto and thereto (without the need for any action by any party to
evidence the same), (ii) the security interests created by the Trust Security
Documents in the Capital Stock of such Included Obligors and in all right, title
and interest of such Included Obligors in the Collateral shall terminate, in
each case only with respect to such Included Obligors (without the need for any
action by any party to evidence the same), (iii) all right, title and interest
of the Trustee in and to the Collateral subject to such security interests shall
revert to such Included Obligors (or, in the case of the Capital Stock of any
Included Obligor, to the Obligor that granted a security interest therein
pursuant to the Trust Security Documents), their successors and assigns (without
the need for any action by any party to evidence the same) and (iv) any
obligations of such Included Obligors shall, unless otherwise expressly notified
by the Company to the Trustee, the Surety Parties and the Administrative Agent
in writing, cease to be Secured Obligations (without the need for any action by
any party to evidence the same). Upon any such termination, the Trustee will
promptly, at the Company's written request and at the Company's expense, (x)
execute and deliver to such Included Obligors such documents as the Company
shall reasonably request to evidence the termination of such security interest
or the release of such Collateral (including, without limitation, mortgage
releases in respect on any mortgage property included in such Collateral) and
(y) deliver or cause to be delivered to such Included Obligors all property of
such Included Obligors then held by the Trustee or any agent thereof and to the
Obligor that granted a security interest in Capital Stock of such Included
Obligors pursuant to the Trust Security Documents all such Capital Stock then
held by the Trustee.

            (d) If any of the Collateral shall be sold, transferred or otherwise
disposed of by any Obligor in a transaction permitted by the Secured Instruments
(including without limitation, pursuant to Section 6.5 of the Senior Loan
Agreement and Section 4.10 of the Indenture), then the Collateral Trustee, at
the request and sole expense of such Obligor, shall execute and deliver to such
Obligor all releases or other documents reasonably necessary or desirable for
the release of the Liens created hereby and by the other Trust Security
Documents on such Collateral; provided that the Company shall have delivered to
the Trustee, at least ten Business Days prior to the date of the proposed
release, a written request for release identifying the relevant Obligor,
together with (i) a certification by the Company stating that such transaction
is in compliance with all Secured Instruments and the other Loan Documents and
(ii) a written confirmation by the Administrative Agent that such release is
permitted by the Senior Loan Agreement and a written confirmation by each Surety
Party that such sale is permitted by the Surety Bond Documents to which such
Surety Party is a party.

            (e) This Trust Agreement shall terminate when the security interest
granted under the Trust Security Documents has terminated and the Collateral has
been released; provided that the provisions of Sections 4.3, 4.4, 4.5 and 4.6
shall survive any such termination.

<PAGE>
                                                                              33

            (f) The Trustee will, at any time, upon the written instruction of
the Administrative Agent and the Surety Parties, at the sole expense of the
relevant Obligor, execute and deliver to the relevant Obligor all releases or
other documents reasonably necessary or desirable for any release contemplated
above in this Section 6.10 of the Liens created by the Trust Security Documents
on the Collateral specified by the Administrative Agent in such instruction.

            (g) Except as permitted by the foregoing provisions of this Section
6.10, no Collateral shall be released from the Trust Estate without the consent
of the Administrative Agent and the Surety Parties.

            6.11 New Obligors. During the term of this Trust Agreement, one or
more additional Subsidiaries that become guarantors pursuant to the terms of any
Secured Instrument shall become a party to this Trust Agreement by executing an
assumption agreement, substantially in the form of Exhibit B, whereupon such
Subsidiary shall become an Obligor for all purposes and to the same extent as if
originally a party hereto and shall be bound by and entitled to the benefits of
this Trust Agreement.

            6.12 Inspection by Regulatory Agencies. The Trustee shall make
available, and shall cause each custodian and agent acting on its behalf in
connection with this Trust Agreement to make available, all Collateral in such
Person's possession at all times for inspection by any regulatory agency having
jurisdiction over an Obligor to the extent required by such regulatory agency in
its discretion at the expense of such Obligor.

            6.13 Confidentiality. The Trustee agrees to keep confidential any
written information (a) provided to it by or on behalf of the Company or any of
its Subsidiaries pursuant to or in connection with the Trust Agreement or any
Trust Security Document or (b) obtained by the Trustee based on a review of the
books and records of the Company or any of its Subsidiaries; provided that
nothing herein shall prevent the Trustee from disclosing any such information
(i) to the Administrative Agent, the Indenture Trustee, any Surety Party or any
Lender, (ii) to its employees, directors, agents, attorneys, accountants and
other professional advisors, (iii) upon the request or demand of any
Governmental Authority having jurisdiction over the Trustee or as shall be
required pursuant to any Requirement of Law, (iv) in response to any order of
any court or other Governmental Authority or as may otherwise be required
pursuant to any Requirement of Law, (v) in connection with any litigation to
which the Trustee is a party, (vi) which has been publicly disclosed other than
in breach of the Trust Agreement, or (vii) to the extent reasonably necessary,
in connection with the exercise of any remedy hereunder.

            6.14 Submission to Jurisdiction; Waivers. Each Obligor hereby
irrevocably and unconditionally:

            (a) submits for itself and its property in any legal action or
      proceeding relating to this Trust Agreement and the other Trust Security
      Documents to which it is a party, or for recognition and enforcement of
      any judgment in respect thereof, to the non-exclusive general jurisdiction
      of the Courts of the State of New York, the courts of the United States of
      America for the Southern District of New York, and appellate courts from
      any thereof;

            (b) to the extent permitted by applicable law, consents that any
      such action or proceeding may be brought in such courts and waives any
      objection that it may now or hereafter have to the venue of any such
      action or proceeding in any such court or that such action or proceeding
      was brought in an inconvenient court and agrees not to plead or claim the
      same;

<PAGE>
                                                                              34

            (c) agrees that service of process in any such action or proceeding
      may be effected by mailing a copy thereof by registered or certified mail
      (or any substantially similar form of mail), postage prepaid, to such
      Obligor at its address set forth in Section 6.1 or at such other address
      of which the Trustee shall have been notified pursuant thereto;

            (d) agrees that nothing herein shall affect the right to effect
      service of process in any other manner permitted by law or shall limit the
      right to sue in any other jurisdiction; and

            (e) waives, to the maximum extent not prohibited by law, any right
      it may have to claim or recover in any legal action or proceeding referred
      to in this section any special, exemplary, punitive or consequential
      damages.

            6.15 The Indenture Trustee, the Holders and the Indenture
Securities.

            (a) On the date hereof, the Indenture remains in escrow and no
Indenture Securities have been issued. Until such date on which any Indenture
Securities are issued and notice of such issuance has been given to the Trustee
pursuant to Section 4.2, then, notwithstanding references in this Trust
Agreement to the Indenture, the Indenture Securities and the Holders, (i)
neither the Indenture Trustee nor any Holder shall have any rights, powers or
duties hereunder, (ii) no notices to, or other communication with, the Indenture
Trustee or any Holder shall be required hereunder and (iii) and no consent or
other action on the part of the Indenture Trustee or any Holder shall be
required or permitted hereunder.

            (b) Upon the issuance of any Indenture Securities, the Company, ANC
Financial LP, the Administrative Agent and the Trustee shall enter into and
execute an amendment and restatement of the Collateral and Control Agreement
pursuant to which the Administrative Agent shall take such actions necessary to
assign to the Trustee the security interests granted pursuant to Section 2 of
the Collateral and Control Agreement, and to transfer to the Trustee its rights
and responsibilities thereunder.

            6.16 Intercreditor Agreements; Authorization to Trustee in Respect
of Certain Agreements. (a) Notwithstanding anything in this Agreement to the
contrary, the rights of the Trustee and each other Secured Party hereunder are
subject to (i) in respect of Corporate Collateral, the Intercreditor Agreement,
(ii) (to the extent the Trustee is granted perfected security interests in the
Vehicle Collateral and executes the Fleet Intercreditor Agreement) in respect of
Fleet Collateral consisting of Vehicle Collateral, the Fleet Intercreditor
Agreement and (iii) in respect of Fleet Collateral consisting of the Finance
Company Equity Interests, the MBIA Consent, the Ambac Consent and the Letter
Agreement, in each case to the extent provided therein. Each of the Secured
Parties hereby acknowledges, by its acceptance of the benefits under this
Agreement, that the provisions contained in each of the Intercreditor Agreement,
the Fleet Intercreditor Agreement (if and when such Fleet Intercreditor
Agreement is executed by such Secured Party or a trustee acting on its behalf),
the MBIA Consent, the Ambac Consent and the Letter Agreement are binding upon it
as if it were a party thereto and may be enforced against it by any other party
thereto.

            (b) Each Secured Party hereby agrees that to the extent any of the
Surety Bond Obligations, Indenture Obligations or Senior Loan Agreement
Obligations, as applicable, owed to such Secured Party are (i) secured by cash
provided by an Obligor to or for the benefit of such Secured Party or its
affiliates, or (ii) backed by a letter of credit provided for the account of an
Obligor and for the benefit of such Secured Party or its affiliates to provide
credit support for such Surety Bond Obligations, Indenture Obligations or Senior
Loan Agreement Obligations, as applicable (the foregoing described in clauses
(i) and (ii), collectively, the "Secured Party Credit

<PAGE>
                                                                              35

Support"), then such Secured Party shall, prior to accepting any distributions
made pursuant to this Agreement, make a demand, and take commercially reasonable
actions (for not longer than 60 days) to collect against such Secured Party
Credit Support to satisfy the applicable Secured Obligations.

            (c) Under no circumstances will any payments made by AutoNation,
Inc. to Liberty under that certain Indemnification Agreement between AutoNation,
Inc. and Liberty, dated the date hereof (as amended, supplemented or otherwise
modified from time to time except for any provision of any such amendment,
supplement or modification which would have the effect of increasing the amount
set forth in the definition of Maximum Amount in such Indemnification Agreement
on the date hereof), alter, modify, delay or constitute a credit or an offset in
respect of or reduce (i) any amounts owed by any Obligor to any Surety Party, or
(ii) the amount of losses suffered by any Surety Party, or (iii) the amount of
any Surety Bond Obligations, or (iv) any rights or interests that any Surety
Party has against the Company or any Obligor, or that any Surety Party has in
the Collateral, any proceeds thereof, or any distributions of the same.

            (d) Each of the Secured Parties hereby authorizes, by its acceptance
of the benefits under this Agreement, and instructs the Trustee to execute and
deliver each of the Collateral Agreement, the Intercreditor Agreement, the
Master Collateral Agency Agreement Supplement, the MBIA Consent, the Ambac
Consent, the Letter Agreement and the Burlingame Mortgage.

            6.17 Further Assurances; Absolute Obligations to Grant Lien on
Vehicle Collateral. In the event that any Obligor enters into a new credit
protection or similar facility which replaces its current liquidity facility (a)
in its entirety, or (b) in a manner that either (X) increases the size of such
liquidity facility or (Y) adds any liquidity facility lenders, then
simultaneously with entering into such new facility, such Obligor shall grant to
the Trustee for the benefit of the Secured Parties a perfected security interest
in the Vehicle Collateral pursuant to the Master Collateral Agency Agreement and
the Master Collateral Agency Agreement Supplement.

            6.18 WAIVERS OF JURY TRIAL. THE TRUSTEE AND EACH OF THE OBLIGORS
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS TRUST AGREEMENT OR ANY OTHER TRUST SECURITY
DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

<PAGE>
                                                                              36

            IN WITNESS WHEREOF, the parties hereto have caused this Trust
Agreement to be duly executed by their respective authorized officers as of the
day and year first written above.

                             ANC RENTAL CORPORATION

                             By: /s/ James H. Grady
                                 ------------------------------------
                                 Name:  James H. Grady
                                 Title: Vice President

                             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/ James H. Grady
                                 ------------------------------------
                                 Name:  James H. Grady
                                 Title: Vice President

<PAGE>

                             ALAMO RENT-A-CAR, LLC

                             By: /s/ James H. Grady
                                 ------------------------------------
                                 Name:  James H. Grady
                                 Title: Vice President

                             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/ James H. Grady
                                 ------------------------------------
                                 Name:  James H. Grady
                                 Title: Vice President

                             Address for Notices:
                             ANC Rental Corporation
                             200 South Andrews Avenue
                             Fort Lauderdale, FL 33301
                             Attn: Howard D. Schwartz
                             Fax: 954-320-4158
                             With a copy to:
                             Attn: Leland Wilson
                             Fax: 954-320-4530

                             WILMINGTON TRUST COMPANY,
                              as Trustee

                             By: /s/ Bruce L. Bisson
                                 ------------------------------------
                                 Name:  Bruce L. Bisson
                                 Title: Vice President

                             Address for Notices:
                             Rodney Square North
                             1100 North Market Street
                             Wilmington DE 19890
                             Attn: Corporate Trust Administration
                             Fax:  302-651-8882

<PAGE>

                                                                         ANNEX I

                            Trust Security Documents

1.    Collateral and Control Agreement.

2.    Collateral Agreement

3.    Master Collateral Agency Agreement Supplement and Master Collateral Agency
      Agreement

4.    Burlingame Mortgage

<PAGE>

                                                                      SCHEDULE I

                              Existing Surety Bonds

<PAGE>

                                                                       EXHIBIT A

                         FORM OF NOTICE OF ACCELERATION

                                                             [Date]

To:   Wilmington Trust Company, as Trustee

Re:   Trust Agreement, dated as of August 30, 2001 (as amended, the "Trust
      Agreement"), among ANC Rental Corporation (the "Company"), the
      subsidiaries of the Company parties thereto (together with the Company,
      the "Obligors") and Wilmington Trust Company, as Trustee.

      [The [Senior Loan Agreement Obligations] [Surety Bond Obligations owing to
the undersigned Surety Party] [Indenture Obligations] have not been paid in full
at the stated final maturity and any applicable grace period has expired.] [An
Event of Default has occurred under the provisions of the [Senior Loan
Agreement] [ANC Liberty Agreement] [Indenture] and, as a result thereof, the
[Senior Loan Agreement Obligations] [Indenture Obligations] [have become due and
payable prior to the stated maturity thereof] [Surety Party [issued a demand to
be placed in funds or discharged pursuant to paragraph 5 of a Contract of
Indemnity which demand is not satisfied when due] [withdrew a prior deferral of
a demand to be placed in funds or discharged pursuant to paragraph 5 of a
Contract of Indemnity] [a default has occurred under the provisions of the
relevant Secured Instrument and, as a result,] [all Senior Loan Agreement
Obligations] [all Indenture Obligations] [all Surety Bond Obligations]
[outstanding under such Secured Instrument have become immediately due and
payable and have not been paid]].

      Terms defined in the Trust Agreement and used herein shall have the
meanings given to them in the Trust Agreement.

                                    [LEHMAN COMMERCIAL PAPER INC.,
                                      as Administrative Agent]
                                    [____________________, as
                                      Surety Party]

                                    By:________________________________________
                                       Name:
                                       Title:

                                    [THE BANK OF NEW YORK, as Indenture Trustee]

                                    By:________________________________________
                                       Name:
                                       Title:
<PAGE>

                                                                       EXHIBIT B

                          FORM OF ASSUMPTION AGREEMENT

            ASSUMPTION AGREEMENT, dated as of ________ __, __, made by
_________________, a _________________ corporation (the "New Obligor") in favor
of Wilmington Trust Company, a national banking association, as Trustee under
the Trust Agreement referred to below (in such capacity, the "Trustee"). All
capitalized terms not defined herein shall have the meanings ascribed to them in
the Trust Agreement.

                              W I T N E S S E T H:

            WHEREAS, ANC Rental Corporation, a Delaware corporation (the
"Company"), certain subsidiaries of the Company (together with the Company, the
"Obligors") and the Trustee have entered into the Trust Agreement, dated as of
August 30, 2001 (as amended, supplemented or otherwise modified from time to
time, the "Trust Agreement"); and

            WHEREAS, the New Obligor desires to become a party to the Trust
Agreement in accordance with Section 6.11 of the Trust Agreement;

            NOW, THEREFORE, IT IS AGREED:

            1. Trust Agreement. By executing and delivering this Assumption
Agreement, the New Obligor hereby becomes a party to the Trust Agreement as an
"Obligor" thereunder and, without limiting the foregoing, hereby expressly
assumes all obligations and liabilities of an "Obligor" thereunder.

            2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

            IN WITNESS WHEREOF, the undersigned has caused this Assumption
Agreement to be duly executed and delivered as of the date first above written.

                                            [NEW OBLIGOR]

                                            By: _______________________________
                                                Name:
                                                Title:

                                            Address for Notices:
                                            Attn:
                                            Fax:<PAGE>
                                                                    EXHIBIT 4.47

                                                                  EXECUTION COPY

                                    AGREEMENT

      Agreement, dated as of August 30, 2001, between Liberty Mutual Insurance
Company, solely in its capacity as surety ("Liberty"), and ANC Rental
Corporation ("ANC" or the "Company").

      WHEREAS, ANC, as Indemnitor, executed General Agreements of Indemnity,
Commercial Surety, in favor of Liberty on August 4, 2000 and on October 31,
2000, copies of which are annexed hereto as Exhibit "A" (hereafter collectively
"Indemnity Agreements"); and

      WHEREAS, prior to March 1, 2001, and then again as of June 11, 2001,
Liberty required, among other things, that ANC post cash collateral in
accordance with the terms of the Indemnity Agreements, including paragraph "5"
thereunder; and

      WHEREAS, based upon ANC's offer to partially collateralize Liberty, on
March 1, 2001 Liberty temporarily deferred its aforesaid request while expressly
reserving the right at any time to renew it or take such further or other action
as Liberty deemed necessary; and

      WHEREAS, notwithstanding the foregoing, ANC has requested that Liberty
issue, extend, renew, continue, increase and/or permit to remain outstanding and
refrain from canceling Liberty Bonds; and

      WHEREAS, Liberty is unwilling to issue, extend, renew, continue, increase
and/or permit to remain outstanding and refrain from canceling any Liberty Bonds
except upon the following terms and conditions; and

      WHEREAS, ANC (i) is concurrently entering into that certain Trust
Agreement, dated as of August 30, 2001, among ANC, the subsidiaries of ANC
parties thereto and Wilmington Trust Company, as Trustee (as amended, modified
or supplemented from time-to-time, in accordance with its terms, the "Trust
Agreement"), that certain Collateral Agreement, dated as of August 30, 2001,
among ANC, the subsidiaries of ANC parties thereto, Wilmington Trust Company, as
Collateral Trustee ("Collateral Trustee"), Liberty and Lehman Commercial Paper
Inc. ("LCPI") (as amended, modified or supplemented from time-to-time, in
accordance with its terms, the "Collateral Agreement"), and that certain Deed of
Trust, dated as of August 30, 2001, of Alamo Rent-A-Car, LLC (the "Deed of
Trust"), and (ii) may in the future enter into a Financing Source and
Beneficiary Supplement to the Fourth Amended and Restated Master Collateral
Agency Agreement, in form satisfactory to Liberty (as amended, modified or
supplemented from time-to-time, in accordance with its terms, the "Beneficiary
Supplement") (the Trust Agreement, the Collateral Agreement, the Deed of Trust
and, once executed, the Beneficiary Supplement, and any related documentation,
as amended, modified or supplemented from time-to-time, in accordance with its
terms, collectively, the "Security Documentation");

      NOW, THEREFORE, in consideration of the mutual agreements set forth
herein, the parties hereto agree as follows:

<PAGE>

      1. Definitions

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

      "AIG Group" means American International Group.

      "ANC Group" means ANC and any and all of its direct or indirect, wholly or
partially owned subsidiaries.

      "AutoNation" means AutoNation, Inc., a Delaware corporation.

      "AutoNation Indemnification Agreement" means the Indemnification Agreement
which may be executed and delivered by AutoNation in favor of Liberty Mutual
Insurance Company, in the event ANC elects to proceed pursuant to Section
4.4(a)(i)(B), relating to the New AIG Retro Bonding, which Indemnification
Agreement shall be in form and substance acceptable to Liberty in its sole and
absolute discretion.

      "Borrowing Base Revolving Credit Facility" means the $175 million secured
credit facility pursuant to the Amended and Restated Credit Agreement, dated as
of June 30, 2000, as amended on August 29, 2000, March 29, 2001 and June 26,
2001, among ANC, the lenders party thereto, Congress Financial Corporation
(Florida), as administrative agent, and others, including any related notes,
guarantees, collateral documents, instruments and agreements executed in
connection therewith, each as they may be amended in accordance with this
Agreement.

      "Capital Lease Obligation": means with respect to any Person at the time
any determination thereof is to be made, the amount of the liability of such
Person in respect of a capital lease that would at such time be required to be
capitalized on a balance sheet of such Person in accordance with GAAP.

      "Collateral" initially means the Corporate Collateral and the Finance
Company Equity Interests and, upon the grant to the Collateral Trustee for the
benefit of Liberty and Lehman Brothers of a perfected security interest in the
Vehicle Collateral, shall mean the Corporate Collateral and the Fleet
Collateral.

      "Confidential Agreements" has the meaning specified in Section 5(g) of
this Agreement.

      "Corporate Collateral" has the meaning specified in the Collateral
Agreement.

      "Excess Amount" has the meaning specified in Section 9.5(a) of this
Agreement.

      "Finance Company Equity Interests" has the meaning specified in the
Collateral Agreement.

      "Financing Leases" shall have the meaning specified in the Collateral
Agreement.

      "Fleet Collateral" means the Finance Company Equity Interests and the
Vehicle Collateral.

      "Future Obligor" has the meaning specified in Section 2.2 of this
Agreement.

                                       2
<PAGE>

      "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants, the statements and pronouncements of
the Financial Accounting Standards Board and such other statements by such other
entities as have been approved by a significant segment of the accounting
profession, which are applicable (1) at the date hereof and (2) with respect to
periodic reporting requirements, as in effect from time to time.

      "Hedging Obligations": means, with respect to any Person, the net payment
obligations of such Person under: (a) interest rate swap agreements, interest
rate cap and floor agreements and interest rate collar agreements; (b) foreign
exchange contracts and currency swap agreements; and (c) other agreements or
arrangements in the ordinary course of business designed to protect such Person
against fluctuations in commodity prices, interest rates or current exchange
rates.

      "Indenture" means the indenture, dated as of June 30, 2001, among the
Company, the subsidiary guarantors named therein and the Indenture Trustee, as
amended in accordance with this Agreement, and in any event including any
amendment required by the SEC in connection with the qualification under the
Trust Indenture Act.

      "Insolvency Proceeding" means any case, proceeding or other action
commenced by or against any member of the ANC Group: (a) under any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, including without limitation,
under Title 11 of the United States Code, seeking to have an order for relief
entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent,
or seeking a reorganization, arrangement, adjustment, winding up, liquidation,
dissolution, composition or other relief with respect to it or its assets or its
debts; or (b) seeking to make a general assignment for the benefit of its
creditors, or seeking appointment of a receiver, trustee, custodian, conservator
or other similar official for it for all or any substantial part of its assets.

      "Intercreditor Agreement" means the Amended and Restated Intercreditor
Agreement, dated as of August 30, 2001, among Congress Financial Corporation
(Florida), as Administrative Agent under the Borrowing Base Revolving Credit
Facility, Lehman Commercial Paper Inc., as Administrative Agent under the
Supplemental Revolving Loan Credit Facility, Liberty, Wilmington Trust Company,
as the trustee under the Trust Agreement, Lehman Commercial Paper Inc., as
Administrative Agent under the Senior Loan Agreement, ANC and certain members of
the ANC Group, as the same now exists and may hereafter be amended, supplemented
or otherwise modified from time to time.

      "Lehman Brothers" means Lehman Brothers Inc., Lehman Commercial Paper
Inc., and any of their subsidiaries, parents, affiliates, successors or assigns.

      "Liberty Bond" refers to any surety bond, undertaking, recognizance,
instrument of guarantee or other surety obligation issued heretofore or
hereafter by Liberty, or issued by another at the behest of Liberty and upon
which Liberty has any liability, including liability as co-surety or reinsurer,
for the benefit of, on behalf of, or at the request of any ANC Group member.

      "Lien" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise

                                       3
<PAGE>

perfected under applicable law (including any conditional sale or other title
retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in any asset and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or
equivalent statutes) of any jurisdiction).

      "Limiting Provisions" means, when used in Section 8.10, (i) Section 4.12
of the Indenture, (ii) the definition of "ANC/Liberty Agreement" in the 15th
Amendment to the Senior Loan Agreement, (iii) the changes to Section 7.13 and
7.14 of the Borrowing Base Revolving Credit Facility contained in the Third
Amendment to the Borrowing Base Revolving Credit Facility, (iv) the addition of
Section 7.3(r) to the Borrowing Base Revolving Credit Facility contained in the
third Amendment to the Borrowing Base Revolving Credit Facility, (v) the changes
to Sections 6.13 and 6.14 of the Supplemental Revolving Credit Facility
contained in the 3rd Amendment to the Supplemental Revolving Credit Facility,
and (vi) Section 5.1 of the AutoNation Indemnification Agreement, in the case of
each of (i) through (vi) above, in the forms attached hereto as Annex I.

      "Minimum Unencumbered Fleet Equity" means the dollar amount by which the
fair market value of the Vehicles in the ANC Group's fleet exceeds the value of
the obligations secured thereby (exclusive of security interests created under
the Security Documentation).

      "Permitted Liens" means:

            (a) Liens on the assets of any member of the ANC Group to secure
      Hedging Obligations (consistent with the borrowing base limitations
      imposed by the Security Documentation), provided that the Liens are
      secured only by property or assets that secure the indebtedness relating
      to the Hedging Obligation;

            (b) Liens on property, assets or equity interests of a Person
      existing at the time such Person is merged into or consolidated with any
      member of the ANC Group; provided that such Liens were in existence prior
      to the contemplation of such merger or consolidation and do not extend to
      any assets other than those of the Person merged into or consolidated with
      a member of the ANC Group; and provided further that such Liens do not
      reduce the priority of Liberty's security interests in any ANC Group
      assets;

            (c) to the extent not covered by (b) above, Liens on property
      existing at the time of the acquisition thereof by any member of the ANC
      Group; provided that such Liens were in existence prior to the
      contemplation of such acquisition and only extend to the property so
      acquired; and provided further that such Liens do not reduce the priority
      of Liberty's security interests in any ANC Group assets;

            (d) Liens existing on the date hereof that have been disclosed to
      Liberty in the form of lien search results;

            (e) Liens in favor of any Restricted Entity, including Liens
      securing indebtedness or other obligations of a member of the ANC Group
      owing to any Restricted Entity;

            (f) Liens to secure the performance of statutory obligations, and,
      to the extent granted in accordance with this Agreement: surety or appeal
      bonds, performance bonds and

                                       4
<PAGE>

deposits to secure the performance of government contracts incurred in the
ordinary course of business consistent with past practice;

            (g) Liens for taxes, assessments or governmental charges or claims
      that are not yet delinquent or that are being contested in good faith by
      appropriate proceedings; provided that any reserve or other appropriate
      provision as shall be required to conform with GAAP shall have been made
      therefor;

            (h) Liens to secure indebtedness under Capital Lease Obligations or
      purchase money indebtedness covering only the assets acquired with such
      indebtedness, to the extent incurred in the ordinary course of business
      consistent with past practice;

            (i) Liens imposed by law, such as carriers', warehousemen's,
      mechanics', landlords', materialmen's, repairmen's or other like Liens, in
      each case, arising in the ordinary course of business consistent with past
      practice in respect of obligations not overdue for a period in excess of
      60 days or which are being contested in good faith by appropriate
      proceedings promptly instituted and diligently prosecuted; provided that
      any reserve or other appropriate provision as shall be required to conform
      with GAAP shall have been made therefor;

            (j) easements, rights-of-way, minor survey exceptions, zoning and
      similar restrictions and other similar encumbrances or title defects
      incurred, or leases or subleases granted to others, in the ordinary course
      of business, which do not in any case materially detract from the value of
      the property subject thereto or do not interfere with or adversely affect
      in any material respect the ordinary conduct of the business of any member
      of the ANC Group;

            (k) Liens in favor of customs and revenue authorities to secure
      payment of customs duties in connection with the importation of goods in
      the ordinary course of business and other similar Liens arising in the
      ordinary course of business consistent with past practice;

            (l) Liens (other than any Lien imposed by the Employee Retirement
      Income Security Act of 1974, as amended, or any rule or regulation
      promulgated thereunder) incurred or deposits made in the ordinary course
      of business in connection with workers' compensation, unemployment
      insurance, and other types of social security benefits or obligations,
      public or statutory obligations or other obligations of a like general
      nature incurred in the ordinary course of business consistent with past
      practice;

            (m) Liens (not in respect of indebtedness) arising from financing
      statements filed under the Uniform Commercial Code for informational
      purposes with respect to leases incurred in the ordinary course of
      business consistent with past practice;

            (n) Liens in connection with the incurrence of Vehicle Indebtedness
      consisting of floating charges on the personal property of Foreign
      Subsidiaries; provided that such Liens secure, in the aggregate, no more
      than the equivalent of $100;

            (o) Liens created under the Security Documentation;

                                       5
<PAGE>

            (p) Subject to Section 6.15, Liens securing Vehicle Indebtedness
      incurred in the ordinary course of business consistent with past practice,
      but excluding Liens on Finance Company Equity Interests;

            (q) Liens to secure loans extended to finance tenant improvements
      (to the extent of such tenant improvements and to the extent not bonded by
      Liberty Bonds), used in connection with the concession agreement or permit
      subject to such Liens;

            (r) all Liens securing the Borrowing Base Revolving Credit Facility
      and the Supplemental Revolving Credit Facility, which shall not include
      Liens on Fleet Collateral;

            (s) Liens on assets of any member of the ANC Group to the extent
      necessary to secure Senior Secured Indebtedness otherwise permitted by
      Sections 6 and 7 hereof;

            (t) Liens securing indebtedness incurred to refinance indebtedness
      that was previously permitted to be so secured, provided that any such
      Lien is limited to all or part of the same property or assets (plus
      improvements, accessions, proceeds or dividends or distributions in
      respect thereof to the extent otherwise permitted by this Agreement) that
      secured (or under the written arrangements under which the original Lien
      arose, could secure) the indebtedness being refinanced or is in respect of
      property that is secured for a Permitted Lien hereunder, provided that in
      any event such refinanced indebtedness shall not be in an amount greater
      than the indebtedness being refinanced; and

            (u) other Liens so long as the aggregate outstanding amount of the
      obligation secured thereby does not exceed $250,000.

      "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, government
or any agency or political subdivision thereof or any other entity.

      "Premium and Deductible Surety Bond Coverage" means any Surety Bond
Coverage that secures and/or guarantees the obligation of the principal to its
insurer to post collateral and/or to pay retrospective premiums and/or otherwise
to indemnify, pay for losses, or pay premiums or other charges, as the case may
be.

      "Relevant Provisions" has the meaning specified in Section 13.7 of this
Agreement.

      "Restricted Entity" means any member of the ANC Group (i) in whose assets
Liberty has been granted, or under the terms of the Security Documentation
should have been granted, a security interest, (ii) all or at least a majority
of whose equity interest has been, or under the terms of the Security
Documentation should have been pledged to Collateral Trustee for the benefit of
Liberty and delivered to the Collateral Trustee or its bailee, or (iii) for
whose benefit or on whose behalf or request Liberty has provided a Liberty Bond.

      "Restricted Location" means any place of business, operating facility,
location or point-of-sale of any Surety Bond Party as to which the Surety Bond
Party's agreement(s) or other obligations of any kind are guaranteed, secured or
are otherwise the subject of any Liberty Bond.

                                       6
<PAGE>

      "Senior Secured Indebtedness" means any indebtedness of any ANC Group
member which is secured by any assets or property of any ANC Group member on a
senior priority basis (to the extent permitted by this Agreement and the
Security Documentation) to the security interests granted to the Collateral
Trustee under the Collateral Agreement and which is not by its terms
subordinated or junior in right of payment to the obligations of any ANC Group
Member to Liberty under the Surety Bond Documents and the Security
Documentation. For purposes of this Agreement, Senior Secured Indebtedness shall
not include Vehicle Indebtedness, Capital Lease Obligations, purchase money
security indebtedness, guarantees of permitted secured debt in the ordinary
course of business, acquired secured debt to the extent the acquisition of the
underlying assets is not prohibited by this Agreement, any indebtedness under
the Senior Loan Agreement and the Indenture, and any indebtedness which
refinances but does not exceed in amount any of the foregoing.

      "Senior Loan Agreement" means the Amended and Restated Senior Loan
Agreement, dated as of June 30, 2000, among ANC, the lenders party thereto and
Lehman Commercial Paper Inc., as Administrative Agent, as amended through the
date hereof and as may be further amended in accordance with this Agreement.

      "Supplemental Revolving Credit Facility" means the $40 million secured
credit facility pursuant to the Amended and Restated Credit Agreement, dated as
of June 30, 2000, as amended on August 29, 2000, March 29, 2000 and June 26,
2001, among ANC, the lenders party thereto, Lehman Commercial Paper Inc., as
Administrative Agent, and others, including any related notes, guarantees,
security documentation, instruments and agreements executed in connection
therewith, as each is amended in accordance with this Agreement.

      "Surety Bond" means a Liberty Bond.

      "Surety Bond Account Party" has the meaning specified in the Trust
Agreement.

      "Surety Bond Coverage" refers to (a) the issuance of any surety bond,
undertaking, recognizance, instrument of guarantee or other surety obligation,
(b) the increase of the penal sum of any such obligation, and (c) the renewal,
continuation or replacement of any such obligation in anticipation of, upon, or
following its expiration, cancellation or renewal. Use of the word "coverage"
does not indicate that suretyship constitutes, or is related to, insurance.

      "Surety Bond Documents" means, in respect of each Surety Bond, (a) such
Surety Bond, (b) the underlying contract(s), agreement(s), undertaking(s),
obligation(s) or statute(s) to which such Surety Bond relates, (c) any Contract
of Indemnity and Surety Bond Guarantee, and (d) this Agreement, as each such
document may be amended or modified in accordance with its terms.

      "Surety Bond Guarantee" means the Surety Bond Guarantee and Assumption
Agreement, of even date herewith, as amended from time-to-time.

      "Surety Bond Guarantee Parties" means those Persons now or in the future
party to the Surety Bond Guarantee.

      "Surety Bond Party" has the meaning specified in the Trust Agreement.

                                       7
<PAGE>

      "Vehicle Indebtedness" means indebtedness of the members of the ANC Group
incurred to finance, refinance or lease, directly or indirectly, Vehicles (but
only to the extent actually used to finance, refinance or lease Vehicles).

      "Vehicles" means all now owned or hereafter acquired cars, trucks,
trailers, construction and earth-moving equipment and other vehicles covered by
a certificate of title law of any state, and all tires and other appurtenances
thereto.

      "Vehicle Collateral" means all Vehicles subject to Financing Leases
pursuant to which any of National Car Rental System, Inc., Spirit Rent-A-Car,
Inc. (currently d/b/a Alamo) or Alamo Rent-A-Car, LLC or their successors is the
lessee, and which Vehicles are included in the Lessee Grantor Master Collateral
under and as defined in the Master Collateral Agency Agreement.

      1.2   (a) The words "hereof," "herein" and "hereunder" and words of
      similar import when used in this Agreement shall refer to this Agreement
      as a whole and not to any particular provision of this Agreement, and
      Section, Schedule, Annex and Exhibit references are to this Agreement
      unless otherwise specified.

            (b) The meanings given to terms defined herein shall be equally
      applicable to both the singular and plural forms of such terms.

      2. Indemnity Agreements and Subsidiaries

      2.1 ANC acknowledges and agrees that (a) the Indemnity Agreements and
other Surety Bond Documents continue in full force and effect in accordance with
all of their terms and conditions, and it hereby reaffirms, ratifies and
confirms its obligations and Liberty's rights thereunder, and (b) by entering
into this Agreement Liberty has not, and shall not be deemed to have, waived or
modified in any way any of its rights or privileges under the Indemnity
Agreements or the other Surety Bond Documents. ANC acknowledges that all demands
made to date by Liberty under the Indemnity Agreements have been and shall be
deemed to have been properly made and transmitted.

      2.2 ANC shall cause each member of the ANC Group that is identified now or
hereafter as an "Obligor" in either of the Trust Agreement or the Collateral
Agreement, and any member of the ANC Group which may be formed or acquired in
the future and which is required to execute any Assumption Agreement under
Section 5.13 of the Senior Loan Agreement (or its successor provisions), or any
direct or indirect domestic subsidiary (other than finance companies) of ANC
which hereafter has assets of more than $100,000 (a "Future Obligor"), to
execute a form of Assumption, Ratification and Amendment to general Agreement of
Indemnity satisfactory to Liberty and pursuant to which each such subsidiary
and/or affiliate shall become obligated to Liberty under the terms of the
Indemnity Agreements equally with the "Indemnitor" named therein with respect to
each and every Liberty Bond heretofore or hereafter issued, together with such
corporate resolutions or other pertinent documents as Liberty shall reasonably
require.

      3. Collateral

      3.1 ANC confirms and acknowledges that it is contemporaneously granting to
Liberty a security interest in the Collateral described in, and certain other
rights and protections specified in,

                                       8
<PAGE>

the Security Documentation. ANC acknowledges that Liberty may, with respect to
any Liberty Bonds, and in the exercise of its underwriting standards and
judgment, demand or request further or additional cash or letter of credit
collateral, in accordance with the terms of the Indemnity Agreements.

      3.2 Subject to Section 6.16(b) of the Trust Agreement, any cash or letter
of credit collateral pledged or delivered to Liberty subsequent to the date
hereof shall be in addition to, and not in lieu of, the Collateral granted,
pledged and delivered to the Collateral Trustee under the terms of the
Collateral Agreement for the benefit of Liberty.

      3.3 Liberty acknowledges that prior to the date hereof, ANC procured
Letter of Credit No. SM416270 issued by First Union National Bank for the
benefit of Liberty as cash collateral in the amount of $1,000,000. Liberty
agrees that on the date on which any and all of the security interests granted
to Liberty with respect to Corporate Collateral and Finance Company Equity
Interests under the Security Documentation have been perfected for more than 91
days without commencement of any Insolvency Proceeding, such Letter of Credit
shall be returned by Liberty for cancellation; provided that (u) no Event of
Default under this Agreement has occurred, (v) no party to the Trust Agreement
has issued or is entitled to issue a Notice of Acceleration as defined
thereunder, (w) no default, claim or demand upon any Liberty Bond remains
uncured for ten days and for which cash or letter of credit collateral
satisfactory to Liberty has not been posted or delivered within ten days
following written demand for same by Liberty to ANC, (x) at least ten business
days' prior written notice of the proposed return for cancellation is
transmitted to Liberty, (y) the proposed return for cancellation would not
violate the provisions of any covenant, promise, guarantee, pledge or other
contractual obligation to which any member of the ANC Group is bound, as
certified in writing by ANC's Chief Financial Officer, and (z) ANC has matched
or exceeded its year-to-date financial projections for both operating income and
net income (attached hereto as Exhibit F) through and including the most
recently completed calendar month prior to the proposed return for cancellation,
as certified in writing by ANC's Chief Financial Officer. However, nothing
herein will prohibit Liberty from drawing down on such Letter of Credit on or
before the return thereof.

      3.4 ANC represents that it has delivered letter of credit collateral in
the form of Letter of Credit No. SM416169, issued by First Union National Bank
for the benefit of Metro Washington (Reagan) Airport in the amount of $715,440.
Liberty consents to the termination or withdrawal of such letter of credit by
ANC (provided the beneficiary thereof consents thereto) and agrees that upon the
perfection of the security interest in the Corporate Collateral and the Finance
Company Equity Interests granted to Collateral Trustee under the Security
Documentation, it will issue Surety Bond Coverage on behalf of ANC and in favor
of Metro Washington (Reagan) Airport in an amount equal to such letter of credit
and subject to the other terms specified in Exhibit B, which will secure the
same obligation secured by such letter of credit, and Liberty agrees to execute
whatever documentation the obligee may reasonably require in order to confirm
Liberty's aforesaid consent. However, the terms of paragraphs 4.1(c) and (d) and
4.2 hereof shall in all respects apply to such requested Surety Bond Coverage.

                                       9
<PAGE>

      4. Surety Bond Coverage

      4.1  (a) ANC has presented to Liberty for underwriting review its
      requests for Surety Bond Coverage to be issued, bound or made effective
      through September 30, 2001, which requested Surety Bond Coverage is set
      forth in the attached Exhibits C, D and E. Exhibit D contains a list of
      such bond requests representing ANC's most pressing bonding needs, and
      Exhibit E contains a list of such bond requests representing ANC's
      intermediately pressing bonding needs. Exhibit C contains a list of all
      other requests for Surety Bond Coverage through September 30, 2001.

            (b) ANC shall present its requests for Surety Bond Coverage for any
      particular calendar quarter (commencing with the calendar quarter
      beginning on October 1, 2001) to Liberty in writing no later than the last
      business day of the first month of the prior calendar quarter. Liberty
      confirms that it has received such requests for the calendar quarter
      beginning October 1, 2001. Liberty will thereafter provide its
      underwriting determinations (subject to the provisions of subparagraph (c)
      below) concerning such requests no later than thirty days following
      Liberty's receipt of ANC's financial disclosures under paragraph 5 hereof
      for the period ending on the last day of the first month of said prior
      calendar quarter. By way of example only, if ANC's requests for Surety
      Bond Coverage to be issued or bound during the calendar quarter beginning
      on October 1, 2001 were to be submitted to Liberty no later than July 31,
      2001, and if Liberty received ANC's paragraph 5 financial disclosures for
      the period ending on July 31, 2001 (including the financials for the month
      of July) no later than August 10, 2001, then Liberty would advise ANC of
      its underwriting determinations with respect to such requests no later
      than September 9, 2001. Nothing herein prohibits or prevents Liberty from
      earlier advising ANC of its underwriting determinations.

            (c) So long as any Liberty Bond remains unissued or ineffective, any
      underwriting determination advice furnished by Liberty to ANC with respect
      to any requested Surety Bond Coverage shall remain contingent and
      executory, and may be reversed, altered, amended, conditioned or modified
      at Liberty's sole discretion, due to any of the following events,
      occurrences or factors: (i) any failure by ANC to perform its obligations
      pursuant to paragraph 5 hereof subsequent to the date of the underwriting
      advice; (ii) any change in Liberty's underwriting determination subsequent
      to the date of the underwriting advice based upon Liberty's continuing
      underwriting analysis and judgment as to ANC's performance,
      creditworthiness or risk, or as to the risk presented by any requested
      Liberty Bond, or (iii) the occurrence subsequent to the date of the
      underwriting advice, or Liberty's discovery following the date of the
      underwriting advice, of a default under this Agreement or the Security
      Documentation, or of any default by any member of the ANC Group under any
      of the Surety Bond Documents.

            (d) Notwithstanding the other provisions of paragraph 4.1, Liberty
      will not issue, extend, renew, continue or increase any Liberty Bonds
      until Liberty and its counsel have been provided with written evidence
      (acceptable to Liberty) of the perfection of all security interests in the
      Corporate Collateral and Finance Company Equity Interests granted to the
      Collateral Trustee for the benefit of Liberty and LCPI. Without limiting
      the preceding sentence, Liberty agrees (subject to Sections 4.1(c) and
      4.2) to issue the surety bonds specified (i) on Exhibit D, (ii) on Exhibit
      E, and (iii) on Exhibit C (but only to the extent

                                       10
<PAGE>

      such Exhibit C bonds (I) are not duplicated on Exhibit D and Exhibit E and
      (II) become due for renewal or extension on or before the date of this
      Agreement), in each case as promptly as practicable after receiving
      written evidence (acceptable to Liberty in its sole and absolute
      discretion) of the perfection of the Corporate Collateral and the Finance
      Company Equity Interests. All other requests for Surety Bond Coverage set
      forth in Exhibit C remain subject to Liberty's underwriting determination
      and advice pursuant to Section 4.1(b).

            (e) Liberty agrees to review and consider ANC's bona fide, emergency
      requests for surety bonds (and to notify ANC of its underwriting decision)
      within five business days of receiving such request. Each such request
      will be subject to Liberty's underwriting discretion, and Liberty shall be
      under no obligation to approve any such request or issue bonds in response
      thereto.

      4.2 Except as expressly provided in paragraph 4.4 hereinbelow, nothing set
forth in this Agreement is intended, or shall be deemed, (a) to constitute an
agreement, promise or representation of any kind that Liberty will issue,
continue, renew, extend, increase or permit to remain in effect and/or refrain
from canceling any and/or all Liberty Bonds, or (b) to alter or amend in any way
the provisions of paragraph "11" of the Indemnity Agreements, entitled "Decline
Execution." Nothing set forth in this Agreement, in the Security Documentation
or any other document pertaining in any way to Liberty shall, or shall be deemed
to, create a committed surety bond facility or surety bond credit line of any
kind or in any amount in favor of ANC or any other Person or entity, and ANC
expressly warrants and represents that it has not received and has not relied
upon any agreement or representation, whether oral or written, to the contrary.
Nothing set forth in this Agreement shall, or shall be deemed to, waive,
diminish, impair, condition or delay any rights of Liberty under, or arising out
of or in connection with, any particular Liberty Bond (including but not limited
to rights of cancellation or non-renewal), or any rights or remedies of Liberty
which have arisen or shall arise in equity, under applicable law, under the
Surety Bond Documents, under the Indemnity Agreements or otherwise, including,
without limitation, rights or remedies of reimbursement, exoneration, equitable
subrogation or equitable lien. ANC further acknowledges that no Person employed
by or acting on behalf of Liberty has authority to commit or bind Liberty, other
than in writing, in any manner contrary to this paragraph 4.2.

      4.3 Should another Surety Bond Coverage provider agree to replace all but
not less than all Liberty Bonds such that Liberty is satisfied in its sole
discretion that Liberty shall have no residual or future risk under or with
respect to any Liberty Bond, then Liberty, at the request and expense of ANC,
shall assign all security granted to it or for its benefit under the terms of
the Trust Agreement and the Collateral Agreement to or for the benefit of such
substitute Surety Bond Coverage provider or, at the request of ANC, shall
terminate such security interest; provided that such substitute Surety Bond
Coverage provider must, as a precondition to such replacement (i) have a rating
of not less than "A-" by A.M. Best or "A" by Standard & Poor's, (ii) be rated as
at least a financial size class XII by A.M. Best, (iii) have "paid up capital
and surplus" that exceeds by at least a factor of ten (10) the aggregate total
penal sums of those Liberty Bonds which are to be replaced and/or assumed by
such substitute Surety Bond Coverage provider, (iv) be listed pursuant to 31
U.S.C. Sections 9304 through 9308 by the U.S. Department of the Treasury as a
surety and shall have an "underwriting limitation" as defined and calculated
under 31 CFR Section 223.10 and as published by the U.S. Department of the
Treasury sufficient to issue each surety bond required to be replaced and/or
assumed by such substitute Surety Bond Coverage provider, and (v) at ANC's

                                       11
<PAGE>

cost, prepare, execute and deliver such documents and agreements as Liberty may
reasonably require (including assumption and release agreements and
indemnification and hold-harmless agreements (including for the costs of
enforcing the indemnification and hold-harmless) in favor of Liberty) to assure
that all risks, including residual and future, have been effectively transferred
to such substitute Surety Bond Coverage provider. Upon the fulfillment of the
conditions set forth in the foregoing provisos, Liberty agrees that, at ANC's
cost, it will take all reasonable actions and execute all reasonable
documentation (including without limitation security agreements, financing
statements, UCC filings and amendments to such filings) requested by ANC or such
substitute Surety Bond Coverage provider in order to assign all of its security
interests to such substitute Surety Bond Coverage provider or terminate its
security interests. However, nothing set forth herein shall be construed to
compel Liberty to (a) assign any indemnification agreement executed by
AutoNation in favor of Liberty, as described in paragraph 4.4, below without the
consent of AutoNation, or (b) act or fail to act in a manner contrary to or in
violation of any applicable law, rule, regulation, order, decree, contract,
agreement, instrument or other written or oral arrangement binding upon or
applicable to Liberty. No transfer or assignment of Liberty's security interests
in the Corporate Collateral will be effective unless and until the intended
transferee or assignee thereof agrees in writing to be bound by the terms and
conditions of the Intercreditor Agreement.

      4.4   (a) ANC has requested that Liberty issue Surety Bond Coverage in
      the form of new, previously unissued Premium and Deductible Surety Bond
      Coverage in the approximate aggregate penal sum of $38.5 million in favor
      of member companies of AIG (such requested Premium and Deductible Surety
      Bond Coverage hereafter referred to as the "New AIG Retro Bonding").
      Notwithstanding Section 4.1(d), Liberty agrees that it will issue the New
      AIG Retro Bonding as promptly as reasonably practicable after the
      following terms and conditions are met: (i) such New AIG Retro Bonding
      shall be fully collateralized by, at ANC's option, either (A) cash
      collateral (or letter of credit, at Liberty's option) in the full amount
      of such New AIG Retro Bonding, which cash or letter of credit collateral
      shall be specifically identified as supporting such bonds exclusively and,
      subject to Section 6.16(b) of the Trust Agreement, shall be in addition
      to, and not in lieu of, the Collateral (which Collateral also shall secure
      such bonds), or (B) both (1) cash collateral (or letter of credit, at
      Liberty's option) in an amount not less than $9 million, which cash or
      letter of credit collateral shall be specifically identified as supporting
      such bonds exclusively and<3>, subject to Section 6.16(b) of the Trust
      Agreement, shall be in addition to, and not in lieu of, the Collateral
      (which Collateral also shall secure such bonds), and (2) the AutoNation
      Indemnification Agreement, it being understood that the indemnity provided
      pursuant to the AutoNation Indemnification Agreement (x) shall be
      secondary to the aforesaid cash or letter of credit collateral as well as,
      for a limited period of time, to the Collateral granted under the
      Collateral Agreement, and (y) shall be in a maximum amount equal to the
      difference between the amount of cash or letter of credit collateral
      posted by ANC and the amount of the New AIG Retro Bonding, but shall not
      (in the case of (y)) exceed the amount of $29.5 million; (ii) AIG shall,
      simultaneously with the issuance by Liberty and delivery to AIG of the New
      AIG Retro Bonding, formally release and deliver to Liberty Indemnity
      Agreement Bond Nos. 15004548 and 15008426 (previously issued by Liberty on
      behalf of ANC's former corporate parent, Republic Industries, Inc., prior
      to AIG's release of the obligations of Republic Industries, Inc. to AIG
      which were the subject of such bonds), which bonds shall be marked
      "cancelled" under the signature of an

                                       12
<PAGE>

      authorized officer of AIG; and (iii) the conditions of subsections (i) and
      (ii) of this section are complied with no later than 30 days after the
      date hereof.

            (b) In addition to the preconditions to the issuance of the New AIG
      Retro Bonding set forth in section 4.4(a), ANC agrees that so long as such
      New AIG Retro Bonding remains in effect, regardless of the penal sum of
      such bonding in effect at any time, and/or until all risk undertaken by
      Liberty (whether residual or future) under or in connection with such New
      AIG Retro Bonding has been, in Liberty's sole and absolute discretion,
      conclusively terminated, ANC shall at all times (i) in the event the
      collateralization option described in Section 4.4(a)(i)(A) is elected by
      ANC, maintain and otherwise cause to be continually in full force and
      effect the cash or letter of credit collateral required by that option in
      the full amount of such New AIG Retro Bonding; (ii) in the event the
      collateralization option described in Section 4.4(a)(i)(B) is elected by
      ANC, then (A) ANC shall maintain and otherwise cause to be continually in
      full force and effect cash or letter of credit collateral supporting such
      New AIG Retro Bonding in an amount not less that $ 9 million; (B) no later
      than 75 days prior to each and every date upon which the Maximum Amount
      payable under the AutoNation Indemnification Agreement is scheduled to
      decrease in accordance with its terms, ANC shall deliver to Liberty cash
      or letter of credit collateral (at Liberty's option) in an amount equal to
      or exceeding the amount of such scheduled decrease; (C) no later than 91
      days prior to either (1) any renewal date of any part of the New AIG Retro
      Bonding or (2) the effective date of any increase in bond collateral
      requested by AIG, ANC shall deliver to Liberty additional cash or letter
      of credit collateral (at the option of Liberty) in an amount equal to the
      difference between (x) the amount of the aggregate penal sum of the New
      AIG Retro Bonding that is requested as of the renewal date or the
      effective date of the bond increase demand from AIG, and (y) the sum of
      (a) the Maximum Amount payable under the AutoNation Indemnification
      Agreement as of such renewal date or such effective date, and (b) all cash
      or letter of credit collateral held by Liberty specifically to secure the
      New AIG Retro Bonding as of that date which is 92 days prior to such
      renewal date or such effective date; (D) within six (6) business days of
      written demand by Liberty, ANC shall deliver such additional cash (or, at
      Liberty's option, letter or credit) collateral to secure the New AIG Retro
      Bonding as Liberty, in its sole discretion, shall determine is required to
      assure that the amount of such cash or letter of credit collateral held by
      Liberty, taken together with the then applicable Maximum Amount payable
      under the AutoNation Indemnification Agreement (and without regard to the
      value at any time of any of the Collateral pledged to the Collateral
      Trustee) is sufficient to fully collateralize Liberty's obligations and
      risk under the New AIG Retro Bonding, provided that, at such times as
      Liberty, in its sole discretion, deems appropriate and within a reasonable
      time following written demand from ANC, and so long as no event has
      occurred which but for notice or the passage of time would constitute an
      Event of Default hereunder (a "Default") that remains uncured or that has
      not been waived in writing, Liberty shall return to ANC or shall surrender
      that part of such cash or letter or credit collateral as Liberty, in its
      sole discretion, shall agree constitutes an excess of collateral above and
      beyond the amounts required hereunder; and (E) if ANC delivers additional
      cash (or, at Liberty's option, letter of credit) collateral above and
      beyond the amounts required hereunder designated as collateral to secure
      the New AIG Retro Bonding, then (1) so long as no Default under this
      Agreement has occurred, and (2) effective as of the date when Liberty's
      possession of or interest in such additional cash or letter of credit
      collateral has been perfected for more than 91 days without

                                       13
<PAGE>

      commencement of any Insolvency Proceeding, then Liberty shall treat such
      additional cash and/or letter of credit collateral as L/C Collateral under
      the terms of the AutoNation Indemnification Agreement.

            (c) ANC agrees, on behalf of itself and the other members of the ANC
      Group (including their respective successors, assigns, representatives and
      trustees), that any payments made by AutoNation to Liberty under the terms
      of the AutoNation Indemnification Agreement shall not be deemed to reduce
      the amount due from ANC or any other member of the ANC Group to Liberty or
      to any of Liberty's affiliates under the Indemnity Agreements or under any
      other Surety Bond Documents; or to reduce any sums secured by the
      Collateral.

      5. Monthly Reporting

      ANC agrees to provide disclosure to Liberty of all material financial
information on a monthly basis, or as soon as the information is reasonably
available if available on a more frequent basis than monthly, but in no event
later than within one business day of such information's being supplied to any
other lender, creditor or bond provider (or any affiliate thereof) (each a
"Report Recipient") by or on behalf of any member of the ANC Group. Such
material financial information shall include, at the minimum, the following
information:

            (a) monthly and year-to-date operating results;

            (b) monthly and year-to-date operating results compared to ANC's
      business plan attached hereto as Exhibit F;

            (c) accounts receivable aging, detail and summary;

            (d) income statements and balance sheets on a monthly and
      year-to-date basis;

            (e) detail and summary fleet valuation and indebtedness information
      prepared by ANC in the ordinary course of business for, or otherwise
      provided to any other Report Recipient;

            (f) updated forecasts, projections or business plans for the balance
      of the then-current year and the next following year prepared for, or
      otherwise provided to any other Report Recipient;

            (g) information as to any past or pending events or transactions
      that are material to ANC, any Restricted Entity or any Restricted
      Location; provided that ANC shall not be obligated by this subsection to
      deliver confidentiality agreements, financial advisory engagement letters,
      financial advisory fee letters, non-binding letters of interest, bids,
      commitment letters for commercial lending or high yield financings, or
      non-binding letters of intent, each to the extent they are by their terms
      confidential (collectively, "Confidential Agreements"); and

                                       14
<PAGE>

            (h) any other or similar material information or material data that
      ANC has furnished to any other Report Recipient; provided that ANC shall
      not be obligated by this subsection to deliver Confidential Agreements.

      With respect to information regarding ANC's results for the months of
March, June and September each year, ANC must provide such information to
Liberty no later than the earliest of the date on which ANC publicizes such
information, the date ANC conducts any "analysts' conference" concerning such
information, the date ANC provides such information to any other Report
Recipient or the date on which ANC's Form 10-Q for the prior quarter is filed
with the Securities and Exchange Commission. With respect to information
regarding ANC's results for the month of December each year, ANC must provide
such information no later than the earliest of the date on which ANC publicizes
such information, the date ANC conducts its "analysts' conference" regarding
such information, the date ANC provides such information to any other Report
Recipient, or the date on which ANC's Form 10-K for the prior fiscal year is
filed with the Securities and Exchange Commission.

      6. Negative Covenants

      Subject only to the exceptions specifically provided in Section 7 below,
without the prior written consent of Liberty, ANC shall not, and shall cause
each other member of the ANC Group not, to directly or indirectly, in one or a
series of transactions:

      6.1 Sell, lease, transfer or otherwise dispose of or encumber (other than
encumbering via Permitted Liens) the properties and assets, real or personal,
now or hereafter acquired by any member of the ANC Group except for (i) the
sale, lease, transfer or other disposition or encumbrance of Vehicles disposed
of in the ordinary course of business consistent with past practice, (ii) the
sale of the real property listed on Schedule 6.1A hereto as part of ANC's
pending sale/leaseback transactions, (iii) the sale, lease, transfer or other
disposition or encumbrance of the real property listed on Schedule 6.1B hereto,
(iv) the transfer of assets between and among Restricted Entities, from members
of the ANC Group who are not Restricted Entities to members of the ANC Group who
are Restricted Entities, and between and among members of the ANC Group who are
not Restricted Entities, (v) the arm's-length, bona fide franchising of new or
existing Spirit Rent-A-Car (currently d/b/a Alamo) rental locations in the
ordinary course of business consistent with industry practice in an aggregate
amount not to exceed 30% of the total asset value of all such locations as of
June 30, 2001, to the extent not involving the transfer of ownership in or any
irrevocable right to use intellectual property, (vi) the sale or other
disposition in the ordinary course of business consistent with past practice of
other demonstrably obsolete equipment, which sales or dispositions shall count
against the calculations in (vii) below, and (vii) the sale or other disposition
or encumbrance in the ordinary course of business consistent with past practice
of assets or properties (excluding Restricted Locations and any intellectual
property) in any 12-month period worth not more than $500,000 individually or
$5,000,000 in the aggregate. Notwithstanding the foregoing exceptions, no member
of the ANC Group shall sell, lease, transfer, franchise or otherwise dispose of
or encumber any Restricted Location, or any interest whatsoever in any of the
operating, concession or similar agreements relating to a Restricted Location,
without the prior written consent of Liberty; provided that nothing in this
Section 6.1 shall limit the right or ability of the Administrative Agent under
the Borrowing Base Revolving Credit Facility to foreclose upon and sell any
Corporate Collateral.

                                       15
<PAGE>

      6.2 Change or alter in any material respect the nature of the business of
the ANC Group (or the National, Alamo or Sprit Rent-A-Car (currently d/b/a
Alamo) operating units) from the nature of the business engaged in by it on the
date hereof.

      6.3 Enter into any arrangement, directly or indirectly, with any Person
whereby any ANC Group member shall sell or transfer any property, whether real
or personal, other than the Vehicles and the real estate listed on Schedule 6.1A
or Schedule 6.1B, whether now owned or hereafter acquired, if at the time of
such sale or disposition such ANC Group member intends to lease or otherwise
acquire the right to use or possess (except by purchase) such property or like
property for a substantially similar purpose, unless the disposition of property
is permitted by Section 6.1 hereof.

      6.4 Permit any change in the accounting policies and procedures of any
member of the ANC Group, including a change in fiscal year; provided, however,
that any policy or procedure required to be changed by the FASB (or other board
or committee of the FASB) in order to comply with GAAP may be so changed.

      6.5 (a) Merge or consolidate with, or sell, assign, sell a majority of the
voting equity interests (directly or through convertible or exchangeable
instruments) in, lease, sublease or otherwise dispose of all or substantially
all of the assets whether now or hereafter acquired) of a member of the ANC
Group, or (b) acquire all or substantially all of the assets or the business of
any other Person unless such acquisition does not decrease the net worth of the
ANC Group and does not reduce the net asset value of the Restricted Entities,
other than purchases or acquisitions of franchised locations in the ordinary
course of business consistent with past practice, or (c) liquidate, wind up or
dissolve or suffer any liquidation or dissolution, except that any member of the
ANC Group may merge or consolidate with and into any other member of the ANC
Group that is a Restricted Entity, any member of the ANC Group may transfer or
dispose of assets or properties to a Restricted Entity, and any member of the
ANC Group which is not a Restricted Entity may merge or consolidate with or into
or transfer or dispose of assets or properties to any other member of the ANC
Group which is also not a Restricted Entity.

      6.6 Prepay, defease, purchase, redeem, retire or otherwise acquire any
subordinated debt.

      6.7 Except to the extent permitted by any security issued in compliance
with Section 6.14, declare any dividend (other than payment in kind dividends)
on, or make any payment on account of, or set apart assets for a sinking or
other analogous fund for the purchase, redemption, defeasance, retirement or
other acquisition of, any shares of any class of stock of or equity interests in
any member of the ANC Group, whether now or hereafter outstanding, or make any
other distribution in respect thereof, either directly or indirectly, whether in
cash, securities or property or in obligations of any member of the ANC Group or
in any combination thereof; provided that this Section 6.7 shall not prohibit or
prevent (A) dividends and distributions among Restricted Entities, or by any
member of the ANC Group to any Restricted Entity, or by any member of the ANC
Group which is not a Restricted Entity to any other member of the ANC Group
which is also not a Restricted Entity; (B) the redemption by either Post
Retirement Liability Management, Inc., a Florida corporation, or Rental
Liability Management, Inc., a Florida corporation, of the shares of AON to the
extent required pursuant to the charter documents (as in effect on the date
hereof) of such corporations, for cash consideration not to exceed $1.886
million in the aggregate; and (c)

                                       16
<PAGE>

repurchases of capital stock deemed to occur upon the exercise of stock options
by directors and employees, to the extent those shares of capital stock
represent a portion of the cashless exercise price of such stock options.

      6.8 Take or omit to take any action which could reasonably be expected to
have the result of impairing the security interest in any property subject to a
security interest in favor of the Collateral Trustee or Liberty.

      6.9 During any period in which there is an Event of Default to Liberty,
incur any secured indebtedness (other than pursuant to the Borrowing Base
Revolving Credit Facility, to the extent contemplated by Section 6.16) or issue
any asset-backed notes or bonds, either publicly or privately; provided that for
a period of seven days beyond the grace period otherwise provided in Section 10,
ANC may continue to incur secured debt (i) pursuant to its commercial paper
facility to the extent and in the amounts necessary to pay its mandatory and
absolute obligations to dealerships for vehicles actually delivered to ANC's
possession and (ii) pursuant to working capital borrowings under the
international credit facilities listed on Schedule 6.9, but only to the extent
not secured by the Corporate Collateral or the Vehicle Collateral.

      6.10 Incur, permit, guarantee or suffer to exist any Senior Secured
Indebtedness (other than under the Borrowing Base Revolving Credit Facility and
the Supplemental Revolving Credit Facility, to the extent not limited by Section
6.16), except (i) to the extent permitted under Section 7, and (ii) that ANC may
without receiving consent from Liberty replace in its entirety its current
Borrowing Base Revolving Credit Facility and Supplemental Revolving Credit
Facility (including the Intercreditor Agreement) with another first priority
asset based credit facility in a maximum amount not to exceed $175 million;
provided that simultaneously with and as a precondition to the execution of the
replacement first priority asset based credit facility (including any
intercreditor agreement), ANC shall have delivered to Liberty, as general
collateral for any and all Surety Bond Obligations, a letter of credit (in form,
substance and from a source reasonably acceptable to Liberty and in effect for
the duration of such new intercreditor and subordination agreement) in the
amount of $20 million; provided, that any such intercreditor agreement shall
contain the same provisions as set forth in the Intercreditor Agreement, other
than non-substantive changes to reflect the new replacement first priority asset
based credit facility.

      6.11 Create, or suffer to exist, any mortgage, lien or other encumbrance
on any real property, except for (i) those existing of record on the date
hereof, (ii) in the case of a mortgage, except for those disclosed to Liberty in
writing, or (iii) except for Liens described in clause (j), (o) or (r) of the
definition of "Permitted Liens.".

      6.12 Make, accept, agree to, consent to, or implement any changes,
amendments, modifications or supplement to the Senior Loan Agreement or the
Collateral and Control Agreement (as defined in the Collateral Agreement), the
Indenture Documents, or enter into any separate agreement(s) covering the same
or substantially similar subject matter thereof; provided that Liberty's consent
to such changes, amendments, modifications or supplements shall not be
unreasonably withheld.

      6.13 (a) Make, accept, agree to, consent to, or implement any changes,
amendments, modifications or supplement to, or otherwise take any action that
would have the effect of changing

                                       17
<PAGE>

any definition contained or used within, the Security Documentation or the
Surety Bond Documents, except to the extent specifically permitted therein; or
(b) increase above $175 million the aggregate maximum amount that may be
borrowed or otherwise extended pursuant to the Borrowing Base Revolving Credit
Facility and the Supplemental Revolving Credit Facility.

      6.14 Issue any equity security or instrument convertible into or
exchangeable for any equity security of any member of the ANC Group (other than
(a) common stock, LLC interests and limited partnership interests, not having
rights to cash, issued to Restricted Entities in the ordinary course of business
consistent with past practice for bona fide corporate or tax structuring
purposes, (b) common stock not having any rights to cash payments not shared by
all holders of ANC's publicly traded common stock, and (c) options granted
pursuant to ANC's existing or future board-approved employee stock option plans,
exercisable for such common stock) unless such security or instrument expressly
and irrevocably provides by its terms that any right of the holder or beneficial
owner thereof to any cash or cash equivalent, whether by or upon liquidation,
redemption, dividend, interest, premium, penalty, default or delay payment,
indemnification or otherwise, is in all respects junior and subordinate to the
rights of all senior, secured creditors.

      6.15 Until after such time as ANC has granted to Liberty (or Liberty,
together with Lehman) perfected security interests in the Vehicle Collateral,
grant to any other Person any interest in, or lien or encumbrance upon, the
Vehicle Collateral; provided that ANC shall be permitted to grant first priority
security interests in the Vehicle Collateral solely for the purpose of financing
its vehicle fleet in the ordinary course of business consistent with past
practice, but only to the extent ANC remains in compliance with Section 9.4.

      6.16  (a) Borrow any amounts under the Borrowing Base Revolving Credit
Facility on and after the date that is 31 days after the date the Administrative
Agent under the Borrowing Base Revolving Credit Facility has received a Liberty
Default Notice of an Event of Default that has occurred by reason of the events
or circumstances identified in Section 10(ii), (iii), (vii) or (ix) hereof so
long as such Event of Default has not been waived or cured or has not otherwise
ceased to exist, or

      (b) Borrow any amounts under the Borrowing Base Revolving Credit Facility
such that the aggregate principal amount of loans under the Borrowing Base
Revolving Credit Facility outstanding at any one time during 19 day time period
referred to below exceeds $10 million (plus the principal amount of loans
outstanding under the Borrowing Base Revolving Credit Facility at the time the
Administrative Agent under the Borrowing Base Revolving Credit Facility received
a Liberty Default Notice of such an Event of Default), for a period of 19 days
commencing on the date the Administrative Agent under the Borrowing Base
Revolving Credit Facility receives a Liberty Default Notice of an Event of
Default that has occurred by reason of the events or circumstances identified in
Section 10(i), (iv), (v), (vi) or (viii) hereof so long as such Event of Default
has not been waived or cured or has not otherwise ceased to exist, or

      (c) Borrow any amounts under the Borrowing Base Revolving Credit Facility
on and after the date that is 19 days after the date the Administrative Agent
under the Borrowing Base Revolving Credit Facility has received a Liberty
Default Notice of an Event of Default that has occurred by reason of the events
or circumstances identified in Section 10(i), (iv), (v), (vi) or (viii)

                                       18
<PAGE>

hereof is continuing so long as such Event of Default has not been waived or
cured or has not otherwise ceased to exist.

      (d) Notwithstanding anything to the contrary contained in paragraphs (a),
(b) and (c) of this Section 6.16, ANC or any member of the ANC Group may, to the
extent permitted by and subject to the terms and conditions contained in the
Borrowing Base Revolving Credit Facility, at any time after an Event of Default
has occurred and is continuing that has not been waived or cured or has not
otherwise ceased to exist, borrow under the Borrowing Base Revolving Credit
Facility with respect to which Lender has received a Liberty Default Notice so
that the outstanding principal amount of loans under the Borrowing Base
Revolving Credit Facility does not exceed $2,000,000 at any one time outstanding
(plus the principal amount of loans outstanding under the Borrowing Base
Revolving Credit Facility at the time the Administrative Agent under the
Borrowing Base Revolving Credit Facility received a Liberty Default Notice) for
purposes of protecting, preserving and defending the collateral securing the
Borrowing Base Revolving Credit Facility, which borrowing must be approved by
the Administrative Agent; provided, that (i) nothing contained in this Agreement
shall limit, restrict or impair the ability of Administrative Agent to exercise
any of its rights or remedies under the Borrowing Base Revolving Credit Facility
before, on or after an Event of Default, (ii) any such loans or advances
borrowed by ANC or any member of the ANC Group or made by Administrative Agent
under the Borrowing Base Revolving Credit Facility shall not give rise to any
liabilities of the Administrative Agent under the Borrowing Base Revolving
Credit Facility to Liberty or any other Surety Bond Party or otherwise to permit
Liberty or any Surety Bond Party to pursue any action or make any claim against
the Administrative Agent under the Borrowing Base Revolving Credit Facility, and
(iii) the principal amount of any such loans or advances on the books and
records of Administrative Agent under the Borrowing Base Revolving Credit
Facility shall be conclusive evidence of the amount of such loans or advances
absent manifest error. Nothing contained herein shall be construed to limit,
except as provided in Section 9.5, the right of ANC or any member of the ANC
Group to borrow under the Borrowing Base Revolving Credit Facility at any time
that no Event of Default exists hereunder. The Administrative Agent under the
Borrowing Base Revolving Credit Facility is relying upon the provisions of this
Section 6.16 and Section 13.7 in providing future financing to ANC and any
member of the ANC Group and the provisions of this Section 6.16 and Section 13.7
will be binding upon Liberty and any Surety Bond Party and their respective
successors and assigns and inure to the benefit of the Administrative Agent
under the Borrowing Base Revolving Credit Facility and its successors and
assigns. The provisions of this Section 6.16 and Section 13.7 cannot be changed,
modified or terminated, except by written agreement signed by the Administrative
Agent under the Borrowing Base Revolving Credit Facility. The term "Liberty
Default Notice" shall mean a written notice from Liberty received by the
Administrative Agent under the Borrowing Base Revolving Credit Facility of the
occurrence of an Event of Default hereunder (after giving effect to any
applicable cure period) and sent so long as such Event of Default has not been
waived or cured or has not otherwise ceased to exist.

      6.17 Enter into any oral or written agreement, contract, side-letter or
arrangement (a) limiting ANC's ability to agree to modifications, changes or
amendments to this Agreement, (b) impairing Liberty's rights, remedies or
privileges hereunder, or (c) having an adverse impact on ANC's ability to
perform its obligations hereunder.

                                       19
<PAGE>

      7. Limited Exceptions to Negative Covenants

      7.1 Notwithstanding the provisions of paragraph "6" above, and, provided
that (v) no Event of Default under this Agreement has occurred, (w) no party to
the Trust Agreement has issued a Notice of Acceleration as defined thereunder,
(x) no default, claim or demand upon any Liberty Bond remains uncured for ten
days and for which cash or letter of credit collateral satisfactory to Liberty
has not been posted or delivered within ten days following written demand for
same by Liberty to ANC, (y) with respect to (c) below, at least ten business
days' prior written notice of the proposed transaction is transmitted to
Liberty, and (z) the proposed transaction would not violate the provisions of
any covenant, promise, guarantee, pledge or other contractual obligation to
which any member of the ANC Group is bound, then ANC may incur hereafter further
or additional Senior Secured Indebtedness as follows:

            (a) [INTENTIONALLY LEFT BLANK]

            (b) [INTENTIONALLY LEFT BLANK]

            (c) secured indebtedness in favor of Bank of Montreal (or its
      successors) of up to CDN $25 million secured by non-Fleet Collateral
      assets of National Car Rental (Canada) Inc. located within Canada only;
      provided that substantially identical irrevocable consents and agreements
      to permit such indebtedness have been provided under the Borrowing Base
      Revolving Credit Facility and the Supplemental Revolving Credit Facility.

            (d) Nothing contained in Section 7.1 shall limit or affect the
      ability of ANC to incur further or additional Senior Secured Indebtedness
      under the Borrowing Base Revolving Credit Facility or the Supplemental
      Revolving Credit Facility in accordance with the terms hereof.

      7.2 [INTENTIONALLY LEFT BLANK]

      7.3 In the event Liberty declines any request for Surety Bond Coverage by
ANC, ANC and/or any Obligor under the terms of the Collateral Agreement may
provide a security interest to any other entity that actually provides such
Surety Bond Coverage, but only upon the following terms and conditions:

            (a) If such Surety Bond Coverage, when issued, will completely
      assume an existing surety risk under a Liberty Bond such that Liberty is
      satisfied in its sole discretion that it has no residual or future risk
      under such Liberty Bond, then the new Surety Bond Coverage provider may be
      granted a security interest as, and to the extent, provided in the Trust
      Agreement and the Collateral Agreement, as a Surety Party;

            (b) If such Surety Bond Coverage, when issued, will provide Surety
      Bond Coverage for a risk not previously bonded under a Liberty Bond, then
      the provider of the new Surety Bond Coverage may be granted a security
      interest in the assets of the members of the ANC Group senior to the
      security interests granted to the Collateral Trustee under the Collateral
      Agreement (provided that, any such senior priority security interest does
      not violate the borrowing restrictions set forth in Section 6 and in
      paragraph 7.1 hereinabove and consent of the Collateral Trustee and any
      required beneficiaries under the Collateral

                                       20
<PAGE>

      Agreement and the Trust Agreement shall have been obtained and all such
      parties shall have agreed in writing to subordinate to such new Surety
      Bond Provider), or may be collateralized with cash or letters of credit;
      provided, further, that Liberty has a right of first refusal to issue such
      Surety Bond Coverage on the same terms and conditions and with the same
      collateral. Liberty shall, within five (5) business days of receiving
      written notice from ANC describing the terms of the requested alternative
      Surety Bond Coverage and the proposed security, respond in writing to ANC
      whether it agrees to issue such Surety Bond Coverage on such terms.

      7.4 Liberty agrees that any member of the ANC Group may, in addition to
the real estate on Schedule 6.1A, sell real estate after the date hereof (to the
extent permitted by the other agreements to which ANC and/or the proposed seller
are party or bound) up to the amount of cash or letter of credit collateral
actually posted or delivered by ANC pursuant to paragraph 4.4 hereinabove;
provided that the use of the proceeds of such sale, whether directly or
indirectly, are used only for (a) general and ordinary business operating
expenses consistent with past practice, and any permanent prepayment of the
borrowings outstanding under the Borrowing Base Revolving Credit Facility or the
Supplemental Revolving Credit Facility required in consequence of such sale of
real estate, or any presently existing debt with predetermined repayment dates,
to the extent listed on Schedule 7.4A or the Eurodollar notes listed on Schedule
7.4B; and further provided that such proceeds shall not be used, whether
directly or indirectly, (1) to prepay, retire or secure any debt or obligation
of ANC under the Senior Loan Agreement, or (2) to prepay, retire or secure any
other debt or obligation of ANC to Lehman Brothers Inc. or its affiliates, or to
creditors senior to Liberty or to Lehman Brothers Inc. or its affiliates, (3)
redeem or repurchase equity interests in ANC or any of its subsidiaries or
affiliates (unless permitted by Section 6.7) or (4) secure any obligation or
undertaking of ANC to AutoNation in connection with the indemnity to be provided
by AutoNation pursuant to paragraph 4.4 hereof.

      8. Representations and Warranties.

      ANC represents and warrants as follows:

      8.1 Each ANC Group member maintains a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management's general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain asset accountability, (iii)
access to assets is permitted only in accordance with management's general or
specific authorization and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.

      8.2 Neither ANC, nor any director, officer, agent, employee or other
Person acting on behalf of any ANC Group member has, in the course of acting
for, or on behalf of, ANC or any ANC Group member, directly or indirectly used
any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expenses relating to political activity; directly or indirectly made
any direct or indirect unlawful payment to any foreign or domestic government or
party official or employee from corporate funds; violated or is in violation of
any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or
any similar treaties of the United States; or

                                       21
<PAGE>

directly or indirectly made any bribe, rebate, payoff, influence payment,
kickback or other unlawful payment to any foreign or domestic government or
party official or employee.

      8.3 Except as set forth on Schedule 8.3 or as reflected in ANC's most
recent 10-K or 10-Q, none of the officers or directors of any ANC Group member
is presently a party to any transaction with any ANC Group member (other than
for services as employees, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, or director or, to the knowledge of
ANC, any corporation, partnership, trust or other entity in which any officer or
director has a substantial interest or is an officer, director, trustee or
partner.

      8.4 There are no liabilities of any ANC Group member, other than
liabilities disclosed on Schedule 8.4 or reflected in ANC's most recent 10-K or
10-Q that would or reasonably could have a Material Adverse Effect.

      8.5 There are no facts pertaining to any ANC Group member which affect
adversely and materially any ANC Group member or which are likely in the future
to affect adversely and materially any ANC Group member, and which have not been
disclosed in this Agreement, Schedule 8.5, or ANC's most recent 10-K or 10-Q.

      8.6 No ANC Group member is in default of (or has received a notice or
declaration of default in respect of) any obligation, whether created or
existing, under contract, statute or otherwise, which is secured or guaranteed
by any Liberty Bond.

      8.7 Subsequent to the completion of the pending sale/leaseback
transactions being concluded by ANC and/or certain of its subsidiaries with
Cardinal Financial, ANC can draw no more than $108,581,000 in the aggregate
under the terms of the Borrowing Base Revolving Credit Facility and the
Supplemental Revolving Credit Facility, by reason of the application of the
Borrowing Formulae to the remaining assets of ANC and those of its subsidiaries
whose assets are used as the basis for such calculations.

      8.8 ANC has agreed to no signed termsheet, and to no letter of intent or
other contract, agreement or arrangement in respect of a strategic transaction,
sale or business combination involving any member of the ANC Group. Since March
1, 2001 ANC has not directly or indirectly granted, or agreed to grant, any
interest in the Vehicle Collateral (other than as would be permitted by the
proviso to Section 6.15) to any party other than the Trustee, for the benefit of
Liberty and Lehman Commercial Paper, Inc.

      8.9 Any action, transaction, event or circumstance which would have
required any member of the ANC Group to obtain the permission, consent, approval
or waiver of or from Liberty had this Agreement been in effect as of and
following June 7, 2001, is disclosed and described on Schedule 8.9.

      8.10 Except as provided in the Limiting Provisions, ANC has not entered
into any oral or written agreement, contract, side-letter or arrangement (a)
limiting ANC's ability to agree to modifications, changes or amendments to this
Agreement, (b) impairing Liberty's rights, remedies

                                       22
<PAGE>

or privileges hereunder, or (c) having an adverse impact on ANC's ability to
perform its obligations hereunder.

      9. Affirmative Covenants

      9.1 ANC agrees that any transaction or arrangement between or among any of
the ANC Group members, on the one hand, and any affiliate thereof, on the other
hand (other than an ANC Group member), shall be effected on an arms' length
basis in accordance with customary commercial practice and, except with respect
to compensation, benefits and grants of options and stock to employees, officers
and directors, any such transaction or series of transactions in excess of $5
million shall be approved by a majority of ANC's outside directors.

      9.2 ANC shall, at ANC's cost, do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as Liberty may
reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated hereby.

      9.3 Liberty shall have the rights and remedies set forth in this
Agreement, the Trust Agreement, the Collateral Agreement, the Indemnity
Agreements or other Surety Bond Documents, and all rights and remedies which
Liberty has been granted at any time under any other agreement or contract and
all of the rights which Liberty has under any law or regulation or in equity.
Any person having any rights under any provision of this Agreement shall be
entitled to enforce such rights specifically (without posting a bond or other
security), to recover damages by reason of any breach of any provision of this
Agreement and to exercise all other rights granted by law. All of Liberty's
rights and remedies, whether existing at law, in equity, by contract or
otherwise, shall be cumulative. Any delay or failure by Liberty to enforce the
provisions of this Agreement shall not be deemed a waiver of its rights or
remedies hereunder.

      9.4 ANC shall at all times maintain Minimum Unencumbered Fleet Equity of
at least $460 million.

      9.5   (a) In the event that ANC borrows money pursuant to the Borrowing
Base Revolving Credit Facility using borrowing base formulae other than those
attached hereto as Exhibit G (the "Borrowing Formulae") then, to the extent ANC
actually borrows amounts (exclusive of up to $2 million in loans outstanding
from time to time to the extent permitted by Section 6.16(d)) in excess of the
amounts it otherwise would be permitted to borrow had the Borrowing Formulae
applied (the total of such amount being the "Excess Amount"), simultaneously
with and as a condition to such borrowing, upon the prior written request of
Liberty, ANC shall deliver to Liberty (as general collateral supporting any and
all Surety Bond Obligations) collateral equal to 25% of such excess, as provided
in Section 9.5(b).

      (b) As long as the Excess Amount is either (i) not more than $10 million
or (ii) not outstanding for more than 10 consecutive days (or more than 21 days
in any 30 day period), even if the Excess Amount is less than $10 million, then
ANC has the option to collateralize Liberty (in lieu of the letter of credit it
would otherwise be obligated to post) by depositing cash equal to 25% of the
Excess Amount into Liberty's account no. ______ at Fleet Bank ("Excess Amount

                                       23
<PAGE>

Account"), such Excess Amount Account and all funds therein to be under the
exclusive dominion of Liberty. However, if at any time the Excess Amount either
exceeds (X) $10 million or (Y) is outstanding for more than 10 consecutive days
(or more than 21 days in any 30 period), regardless of amount, then ANC must
immediately deliver to Liberty a letter of credit as general collateral for all
Surety Bond Obligations (on terms and from a bank acceptable to Liberty) in an
amount equal to 25% of the entire Excess Amount, such letter of credit not to be
returned until the Excess Amount equals zero for five (5) business days, and
then only if there is no Default. Assuming there is no Default, Liberty will
return to ANC from the Excess Amount Account (I) in the event the Excess Amount
is reduced to zero, all funds after such zero balance has been maintained for
two business days, (II) in the event the Excess Amount is reduced (but not to
zero), funds equal to the amount of such reduction, after such reduction has
been maintained for two business days, and (III) in the event the Excess Amount
is replaced in its entirety with such letter of credit, all funds within 2
business days of Liberty's receipt of such letter of credit. Nothing in this
Section 9.5(b) shall require Liberty to return a letter of credit to ANC more
than once per business week, or require Liberty to return funds to ANC from the
Excess Amount Account more than once per business week. In the event ANC does
not timely exercise its option to provide to Liberty cash in lieu of a letter of
credit, then ANC must provide to Liberty such letter of credit.

      10. Events of Default.

      If any of the following events (each an "Event of Default") shall occur
and be continuing (A) for 5 days in the case of (i), (iii) or (ix) below, (B)
for 5 days from the date of ANC's discovery of such event (it being agreed that
ANC has an affirmative obligation to inform Liberty of the existence of such an
event promptly upon ANC's discovery of its existence), in the case of (ii), (v),
(vi) or (vii) below, and (C) at any time in the case of (iv) or (viii) below:

            (i)   default or failure in the payment of any amounts due, or the
                  performance of any obligation or thing (including without
                  limitation the performance of any covenant, including without
                  limitation the covenants contained in Section 4.4 and 13.13 of
                  this Agreement) to be done, under the Surety Bond Documents or
                  Security Documentation; or

            (ii)  any representation or warranty made or deemed made by any ANC
                  Group member herein or in any other Security Documentation or
                  Surety Bond Document or which is contained in any certificate,
                  document or financial or other statement furnished by it at
                  any time under or in connection with this Agreement or any
                  such other Security Documentation or Surety Bond Document
                  shall have been incorrect in any material respect on or as of
                  the date made or deemed made; or

            (iii) failure by any ANC Group member to pay final judgments
                  aggregating in excess of $5.0 million (excluding amounts
                  covered by insurance), which judgments are not paid,
                  discharged or stayed for a period of 30 days; or

            (iv)  (a) any ANC Group member which is or should be a Surety Bond
                  Guarantee Party shall commence any case, proceeding or other
                  action (I) under any existing or future law of any
                  jurisdiction, domestic or foreign, relating to

                                       24
<PAGE>

                  bankruptcy, insolvency, reorganization or relief of debtors,
                  seeking to have an order for relief entered with respect to
                  it, or seeking to adjudicate it a bankrupt or insolvent, or
                  seeking reorganization, arrangement, adjustment, winding-up,
                  liquidation, dissolution, composition or other relief with
                  respect to it or its debts, or (II) seeking appointment or a
                  receiver, trustee, custodian, conservator or other similar
                  official for it or for all or any substantial part of its
                  assets, or any ANC Group member which is or should be a Surety
                  Bond Guarantee Party shall make a general assignment for the
                  benefit of its creditors; or (b) there shall be commenced
                  against any ANC Group member which is or should be a Surety
                  Bond Guarantee Party any case, proceeding or other action of a
                  nature referred to in clause (a) above which (I) results in
                  the entry of an order for relief or any such adjudication or
                  appointment or (II) remains undismissed, undischarged or
                  unbonded for a period of 45 days; or (c) there shall be
                  commenced against ANC or any ANC Group member which is or
                  should be a Surety Bond Guarantee Party any case, proceeding
                  or other action seeking issuance of a warrant of attachment,
                  execution, distraint or similar process against all or any
                  substantial part of its assets which results in the entry of
                  an order for any such relief which shall not have been
                  vacated, discharged, or stayed or bonded pending appeal within
                  45 days from the entry thereof; or (d) any ANC Group member
                  which is or should be a Surety Bond Guarantee Party shall take
                  any action in furtherance of, or indicating its consent to,
                  approval of, or acquiescence in, any of the acts set forth in
                  clause (a), (b), or (c) of this subparagraph (iv); or (e) ANC
                  or any ANC Group member which is or should be a Surety Bond
                  Guarantee Party shall be generally unable to, or shall admit
                  in writing its inability to, pay its debts as they become due;
                  or

            (v)   either (a) any Subsidiary Surety Guarantee shall cease, for
                  any reason, to be in full force and effect (other than
                  pursuant to the terms hereof or thereof) or any Subsidiary
                  Surety Guarantor shall so assert in writing or (b) the
                  subordination provisions applicable to the AutoNation
                  Subordinated Debt shall cease for any reason to be in effect,
                  or AutoNation, any Surety Party or any affiliate of any Surety
                  Party shall so assert; or

            (vi)  any Security Documentation shall cease, for any reason (other
                  than by reason of Liberty's consent) to be in full force and
                  effect or any Surety Party or any affiliate of any Surety
                  Party shall so assert, or any lien created by any of the
                  Security Documentation shall cease to be enforceable and of
                  the same effect and priority purported to be created thereby;
                  or

            (vii) any default under or acceleration prior to any maturity or
                  payment due date on any mortgage, indenture, instrument, bond
                  or other document under which there may be issued or by which
                  there may be secured or evidenced any indebtedness or Surety
                  Bond Obligation owed by any member of the ANC Group, whether
                  now or hereafter existing, provided that the amount of such
                  indebtedness or Surety Bond Obligation exceeds $5,000,000, in
                  the aggregate; or

                                       25
<PAGE>

           (viii) solely in the event ANC enters into a new credit protection
                  or similar facility which replaces its current liquidity
                  facility (a) in its entirety, or (b) in a manner that either
                  (X) increases the size of such liquidity facility or (Y) adds
                  any liquidity facility lenders, the failure to grant Liberty a
                  perfected security interest (junior only to the security
                  interests permitted by the proviso to Section 6.15) in the
                  Vehicle Collateral simultaneously therewith; or

            (ix)  the Company's common stock is no longer listed on the Nasdaq
                  Stock Market, the New York Stock Exchange or the American
                  Stock Exchange (collectively, the "Approved Markets");

then, and in any such event, (I) if such event is an Event of Default specified
in paragraph (iv) of this Section with respect to ANC, then immediately, and
(II) if such event is any other Event of Default, then by notice to ANC: Liberty
may declare the March 1, 2001 temporary deferral of Liberty's January 5, 2001
demand letter, and/or the June 19, 2001 temporary deferral of Liberty's June 11,
2001 demand letter, to be terminated and withdrawn, deem ANC and applicable ANC
Group members to be in breach of paragraph "5" of the Indemnity Agreements, and
immediately enforce, without the necessity of any further notice period or
demand (including any specified by paragraph "5" of the Indemnity Agreements),
the provisions thereof. Without limiting the foregoing, Liberty shall have the
right, but not the obligation, either in conjunction with or instead of the
foregoing, to exercise any rights or remedies available to it at law, in equity,
under any contact or agreement or otherwise, including without limitation under
the Surety Bond Documents. Except as expressly provided above in this paragraph,
presentment, demand, protest and all other notices of any kind are hereby
expressly waived.

      11. Fees and Expenses

      ANC agrees to reimburse Liberty at the signing of this Agreement and the
related Trust Agreement and Collateral Agreement for Liberty's costs, fees and
expenses incurred, including but not limited to the fees and expenses of
attorneys, consultants and other outside experts, in connection with the
investigation of ANC following Liberty's demand under paragraph "5" of the
Indemnity Agreements and in connection with negotiating and entering into this
Agreement, the Trust Agreement, the Collateral Agreement and all other documents
and agreements appurtenant thereto.

      12. Termination

      This agreement shall terminate upon the earlier to occur of (1) 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
(or the bonds are all cash collateralized or backed by letters of credit in a
form and issued by institutions acceptable to Liberty in Liberty's sole
discretion, in which Liberty's rights have been vested for in excess of
ninety-one days without the commencement of any Insolvency Proceeding), or (2)
such time that the parties agree in writing to terminate this agreement.
Notwithstanding the foregoing, at such time as (a) the maximum penal amount or
amounts of obligations under all Liberty Bonds (no part of which shall
constitute Premium and Deductible Surety Bond Coverage) shall be less than $50
million and (b) ANC's unsecured, unsubordinated corporate debt is rated not
lower than "BBB-" by Standard & Poor's or

                                       26
<PAGE>

"Baa3" by Moody's, then in such event the provisions of Sections 5, 6 and 9 of
this Agreement (and any Event of Default related thereto) shall terminate if and
only if ANC has shares of common stock listed on one of the Approved Markets at
such time.

      13. Miscellaneous

      13.1 This agreement may be executed by one or more of the parties to this
agreement on any number of separate counterparts (including by facsimile
transmission), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

      13.2 Any provision of this agreement which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without, to the extent permitted by law,
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not, to the extent permitted by law,
invalidate or render unenforceable such provision in any other jurisdiction.

      13.3 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAW OF THE STATE OF 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 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. ANC 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 ANC. ANC HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY SUCH
ACTION.

      13.4 Liberty agrees that, with respect to any fiscal year following
December 31, 2001, Liberty will review and consider without obligation any
business plan submitted to it by ANC for such year. Liberty acknowledges that in
connection with any particular contemplated transaction, ANC may request, but
Liberty shall not be obligated to agree to, alterations or enhancements to these
terms based on ANC's then-existing needs.

      13.5 With respect to any obligations or action to be performed by any ANC
Group member on a particular date or within a specified period, time is of the
essence.

      13.6 No waiver by Liberty of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of Liberty to exercise any
right hereunder in any manner impair the exercise of any such right accruing to
it thereafter.

      13.7 This Agreement shall be binding upon and inure to the benefit of the
parties and their successors and permitted assigns. This Agreement may not be
amended except by a writing signed by both Liberty and ANC. The Relevant
Provisions may not be amended in a manner having an

                                       27
<PAGE>

adverse impact on the Borrowing Base Revolving Credit Facility, directly or
indirectly, without the prior written consent of the Administrative Agent under
the Borrowing Base Revolving Credit Facility. As used in this Section 13.7, the
"Relevant Provisions" shall mean the following provisions hereof: (i) the
definitions of the "Borrowing Base Revolving Credit Facility," the "Borrowing
Formulae," the "Corporate Collateral," (it being agreed that the Administrative
Agent has no rights or interests in any existing or future Fleet Collateral, or
any provision of this Agreement to the extent pertaining to such Fleet
Collateral, and such provisions may be amended, modified, altered or changed
without the Administrative Agent's consent) the "Excess Amount," the
"Intercreditor Agreement" and the "Supplemental Revolving Credit Facility;" (ii)
the proviso to the last sentence of Section 6.1; (iii) the parenthetical clause
in Section 6.9; (iv) Section 6.10; (v) the $175 million cap in clause (b) of
Section 6.13; (vi) Section 6.16; (vii) Section 7.1(d); (viii) Section 9.5(a);
(ix) Section 10, to the extent it adversely affects Section 6.16, (x) Section
13.7, (xi) clause "r" in the definition of "Permitted Liens", (xii) the
reference in clause (iii) of Section 6.11 to clause "r" in the definition of
"Permitted Liens" and (xiii) Sections 3.1 and 3.2 to the extent they deal with
Corporate Collateral. ANC shall not enter into any oral or written agreement,
contract, side-letter or arrangement (x) limiting ANC's ability to agree to
modifications, changes or amendments to the Borrowing Base Revolving Credit
Facility, (y) impairing the Administrative Agent's rights, remedies or
privileges thereunder, or (z) having an adverse impact on ANC's ability to
perform its obligations thereunder. The Company may not assign this Agreement or
any rights or obligations hereunder without the prior written consent of Liberty
(which consent may be withheld in Liberty's sole discretion).

      13.8 This Agreement is intended for the benefit of the parties hereto and
their respective permitted successors and assigns and is not for the benefit of,
nor may any provision hereof be enforced by, any other person.

      13.9 The representations and warranties (which are given only as of the
date of this Agreement) and the agreements and covenants of the Company
contained herein shall survive the execution of this Agreement.

      13.10 The Company acknowledges and agrees that irreparable damage to
Liberty would occur in the event that any of the provisions of this Agreement or
the Security Documentation were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that Liberty shall be
entitled to an injunction or injunctions to prevent or cure breaches of the
provisions of this Agreement or the Security Documentation and to enforce
specifically the terms and provisions hereof and thereof, this being in addition
to any other remedy to which Liberty may be entitled by law or equity.

      13.11 Simultaneously with execution of this Agreement, ANC shall deliver
to Liberty (i) from Lehman Commercial Paper Inc., a consent to ANC's execution
of this Agreement, and (ii) from AutoNation, Inc., a Subordination Agreement,
each in form and substance acceptable to Liberty.

      13.12 Liberty agrees that, during the effectiveness of this Agreement, it
will continue to abide by its confidentiality obligations contained in the March
1, 2001 letter from Jim Rudnik to Howard Schwartz, notwithstanding any earlier
termination provisions provided therein.

                                       28
<PAGE>

      13.13 Prior to the date of this Agreement, ANC delivered to Liberty, as
general collateral for any and all Surety Bond Obligations, letters of credit in
the amount of $3.25 million. Simultaneous with the execution of this Agreement,
ANC is delivering to Liberty, as general collateral for any and all Surety Bond
Obligations, an additional letter of credit in the amount of $1.75 million. On
or before December 31, 2001, ANC will deliver to Liberty, as general collateral
for any and all Surety Bond Obligations, an additional letter of credit in the
amount of $5 million. Each of these letters of credit is, subject to Section
6.16(b) of the Trust Agreement, in addition to, and not in lieu of, the
Collateral granted pursuant to the Collateral Agreement.

                           [SIGNATURE PAGE TO FOLLOW]

                                       29
<PAGE>

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

                                     ANC RENTAL CORPORATION

                                     By: /s/ Howard D. Schwartz
                                         ------------------------------------
                                         Name:  Howard D. Schwartz
                                         Title: Sr. Vice President, General
                                                Counsel and Secretary

                                     LIBERTY MUTUAL INSURANCE
                                     COMPANY, solely in its capacity as surety

                                     By: /s/ Matt Haydon
                                         ------------------------------------
                                         Name:  Matt Haydon
                                         Title: Vice President, Liberty Bond
                                                Services, a division of LMIC

                                       30

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