Document:

<PAGE>   1
                                                                   EXHIBIT 10.10

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                                ESCROW AGREEMENT

                                      among

                             ANC RENTAL CORPORATION

                                       and

                              LEHMAN BROTHERS INC.

                                       and

                        LEHMAN COMMERCIAL PAPER INC. and

                              THE BANK OF NEW YORK

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

                            dated as of June 30, 2000

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

<PAGE>   2

                                ESCROW AGREEMENT

                  Escrow Agreement (the "ESCROW AGREEMENT"), dated as of June
30, 2000, among ANC Rental Corporation, a Delaware corporation (the "COMPANY"),
Lehman Brothers Inc., a New York corporation ("LBI"), Lehman Commercial Paper
Inc., a New York corporation ("LCPI"), and The Bank of New York, a New York
banking corporation, as escrow agent (the "ESCROW AGENT").

                                    RECITALS

                  WHEREAS, the Company, LCPI, as Administrative Agent (the
"ADMINISTRATIVE AGENT"), LBI, as Arranger (the "ARRANGER"), and the Lenders
party thereto (the "LENDERS") have entered into an Amended and Restated Senior
Loan Agreement dated as of June 30, 2000 (the "SENIOR LOAN AGREEMENT") pursuant
to which the Lenders have agreed, inter alia, to make loans to the Company, in
an aggregate principal amount not to exceed $225,000,000 (the "LOANS"), subject
to the terms and conditions set forth in the Senior Loan Agreement.

                  WHEREAS, pursuant to Section 4.2(k) of the Senior Loan
Agreement, it is a condition to each Lender's obligation to provide the Loans
that, prior to or contemporaneously therewith: (i) this Escrow Agreement shall
have been executed and delivered by each of the parties hereto, (ii) the
Indenture in the form attached as Exhibit B to the Senior Loan Agreement (the
"INDENTURE") among the Company, the Guarantors listed in Schedule 6 thereto and
from time to time parties thereto and The Bank of New York, as trustee (the
"TRUSTEE") shall have been executed by each of the parties thereto and delivered
to the Escrow Agent to be held pursuant to this Escrow Agreement, (iii) Exchange
Notes to be issued in accordance with the Senior Loan Agreement (the "EXCHANGE
NOTES") shall have been authorized pursuant to the Indenture and delivered to
the Escrow Agent to be held pursuant to this Escrow Agreement, (iv) a warrant
agreement in the form attached as Exhibit D to the Senior Loan Agreement (the
"WARRANT AGREEMENT") between the Company and The Bank of New York, as warrant
agent (the "WARRANT AGENT") shall have been executed by each of the parties
thereto and delivered to the Escrow Agent to be held pursuant to this Escrow
Agreement; (v) the Debt Registration Rights Agreement (the "DEBT REGISTRATION
RIGHTS AGREEMENT") between the Company and LCPI in the form attached as Exhibit
C-2 to the Senior Loan Agreement shall have been executed by each of the parties
thereto and delivered to the Escrow Agent to be held pursuant to this Escrow
Agreement; (vi) the Equity Registration Rights Agreement (the "EQUITY
REGISTRATION RIGHTS AGREEMENT") between the Company and LCPI in the form
attached as Exhibit C-1 to the Senior Loan Agreement shall have been executed by
each of the parties thereto and delivered to the Escrow Agent to be held
pursuant to this Escrow Agreement; and (vii) the Company shall have executed and
delivered to the Escrow Agent warrants (the "WARRANTS") to purchase 7.5% of the
fully-diluted capital stock (including all series of preferred and common stock
(other than Disqualified Stock (as defined in the Indenture)) and all other
outstanding warrants, options or other convertible securities) pursuant to the
Warrant Agreement in each case as of the Spin-off Date (as defined below) of the
Company (calculated after giving effect to the exercise of the Warrants and all
other outstanding warrants, options or other convertible securities), in each
case as of the Spin-off Date (as defined below) to be held pursuant to this
Escrow Agreement.

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<PAGE>   3

                                    AGREEMENT

                  NOW, THEREFORE, the parties hereto agree as follows:

                  1. Delivery of Escrow Securities and Agreements.

                  (a) At or prior to the date of making the Loans (the "SPIN-OFF
DATE") to the Company, the Company shall deliver, or cause to be delivered to
the Escrow Agent executed copies of: (i) the Indenture; (ii) the Warrant
Agreement; (iii) this Escrow Agreement; (iv) the Debt Registration Rights
Agreement; (v) the Equity Registration Rights Agreement; (vi) executed Exchange
Notes, undated and unregistered as to payee or registered in blank, together
with an executed authentication order required by Section 2.6 of the Indenture
and an executed Officer's Certificate, dated the date of delivery, required by
Section 11.4(a) of the Indenture, in each case for the issuance of the Exchange
Notes in accordance with the Senior Loan Agreement; and (vii) duly authorized
and executed certificates, undated and registered in blank (the "WARRANT
CERTIFICATES"), representing the Warrants, together with written instructions to
countersign the Warrants required by Section 4 of the Warrant Agreement for the
issuance of the Warrants in accordance with this Escrow Agreement, as
contemplated by the Senior Loan Agreement and the Warrant Agreement.

                  (b) The Exchange Notes and the Warrants (collectively, the
"ESCROW SECURITIES") delivered to the Escrow Agent pursuant to this Escrow
Agreement shall be held in escrow and released therefrom on the terms and
conditions set forth herein. In no event shall the aggregate principal amount of
Exchange Notes delivered under this Agreement exceed the amount required by the
Indenture and the Senior Loan Agreement.

                  2. Release of Escrow Securities.

                  (a) Release of the Exchange Notes from Escrow. If at any time
and from time to time on or after the "Initial Maturity Date" (as defined in the
Senior Loan Agreement) the Escrow Agent receives a notice (and the Company
receives a copy of the notice) in the form of Exhibit A hereto from the
Administrative Agent, the Escrow Agent shall deliver to the Trustee, for
authentication and delivery to the holders of Loans who elect to exchange Loans
for Exchange Notes, an executed authentication order and an Exchange Note or
Exchange Notes, registered in the name of such person or persons designated by
the Administrative Agent and dated the date of the delivery thereof, in an
aggregate principal amount equal to the aggregate principal amount of Loans so
exchanged, together with a copy of the executed Indenture. Concurrently with the
delivery of any Exchange Notes to the Trustee pursuant to this Escrow Agreement,
the Escrow Agent shall deliver, or cause to be delivered to the Company, all
outstanding Loans then so exchanged. If necessary, the Company or the
Administrative Agent will obtain new CUSIP numbers for such Exchange Notes. The
Company agrees to deliver or cause to be delivered to the Trustee, promptly upon
its request, any Officers' Certificate or

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Opinion of Counsel required by the Trustee pursuant to Section 11.4 of the
Indenture in connection with the issuance of the Exchange Notes.

                  (b) Release of Warrants from Escrow.

                  The Warrants described herein shall be released in whole or in
part only through the procedures described in this Section 2(b).

                           (i) Release of Warrants in connection with High Yield
                  Securities (as defined in the Fee Letter dated May 11, 2000
                  among LBI, LCPI and the Company (the "Fee Letter")). Any or
                  all of the Warrants then remaining in escrow will be released
                  from escrow to the Administrative Agent at the request of the
                  Administrative Agent substantially in the form of Exhibit B
                  if, and only if, it shall be determined by the Administrative
                  Agent (and the Administrative Agent shall have provided a
                  written certification to such effect, with a copy to the
                  Company) that it is necessary to sell the High Yield
                  Securities at the time set forth in the Fee Letter with an
                  equity component in order to refinance any Loans and whether
                  or not any such Warrants have been earned pursuant to the
                  following "earn-in" provisions.

                           (ii) "Earn-In" of Warrants. In accordance with the
                  provisions of this Section 2(b)(ii), over time, the
                  Administrative Agent is entitled to receive, upon request to
                  the Warrant Agent, Warrants then remaining in escrow. The
                  number of Warrants to which the Administrative Agent will be
                  entitled to receive is a percentage of the Warrants initially
                  held in escrow, such percentage to increase over time and be
                  equal to the percentage set forth in Column B below,
                  determined by reference to the period of time following the
                  Spin Off Date set forth in Column A below.

<TABLE>
<CAPTION>
                              A                           B
                  DAYS AFTER SPIN-OFF DATE            PERCENTAGE
                  ------------------------            ----------
<S>                                                   <C>
                            366                         33 1/3%
                            395                         66 2/3%
                            425                            100%
</TABLE>

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<PAGE>   5

                           At the time when the Administrative Agent becomes
                  entitled to Warrants under this Section 2(b)(ii), it may
                  obtain release of those Warrants from escrow upon presentation
                  to the Warrant Agent of an executed countersignature order and
                  the receipt by the Escrow Agent of a written certification
                  substantially in the form of Exhibit C requesting the release
                  of up to the amounts permitted by this Section. Such written
                  certification may be presented on any date on or after such
                  release is permitted, so long as on such date any Loans and/or
                  Exchange Notes remain outstanding, and will entitle the
                  Administrative Agent to receive the number of Warrants subject
                  to release set forth above as of the date such written
                  certification is presented to the Warrant Agent.

                           (iii) Release Procedures. Upon receipt of a written
                  certification pursuant to Section 2(b)(i) or 2(b)(ii) from the
                  Administrative Agent, the Warrant Agent will present such
                  written certification to the Escrow Agent as contemplated by
                  the Escrow Agreement. Warrants released from escrow will be
                  registered in the name or names requested by the
                  Administrative Agent.

                           (iv) For purposes of clarity, the total number of
                  Warrants issued pursuant to Sections 2(b)(i) and 2(b)(ii)
                  collectively from time to time shall not exceed the amount
                  initially placed in escrow (subject to the anti-dilution
                  provisions as set forth in the Warrant Agreement).

                  (c) On the date (the "TERMINATION DATE") on which the Escrow
Agent receives a written notice in the form of Exhibit D hereto from the
Administrative Agent to the effect that all outstanding obligations with respect
to the Loans and Exchange Notes have been repaid in cash in their entirety, the
Escrow Agent shall return any Escrow Securities then held by it marked
"cancelled" as shall be specified in writing by the Administrative Agent and the
Company. The Administrative Agent agrees to deliver any such notice when all the
Loans and Exchange Notes have been so repaid.

                  (d) The Company will provide, or cause to be provided, to the
Escrow Agent and the Company all such information as the Escrow Agent may from
time to time reasonably request.

                  (e) The Arranger will provide, or cause to be provided, to the
Escrow Agent and the Company all information required to fill in the blanks on
the Exchange Notes and Warrants.

                  3. Responsibility of the Escrow Agent. The Company, the
Administrative Agent and each of the Lenders appoint and designate the Escrow
Agent as escrow agent for the purposes set forth herein, and the Escrow Agent
owes no duty to any other person or entity by

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reason of this Escrow Agreement. The Escrow Agent accepts the duties expressly
set forth in this Escrow Agreement and undertakes to perform only such duties
relating thereto as are specifically set forth herein. The Escrow Agent shall
have no duty to calculate or verify the calculation of any amounts, percentages
or ratios to be determined hereunder and shall be entitled to conclusively rely
on the amounts set forth in notices delivered to it hereunder. The parties
hereto agree that the following terms and conditions shall govern and control
with respect to the rights, duties, liabilities and immunities of the Escrow
Agent hereunder.

                  (a) The duties and obligations of the Escrow Agent shall be
determined solely by the express provisions of this Escrow Agreement, and no
implied covenants, duties or obligations (including, without limitation, any
duty to solicit the delivery of any Escrow Securities) shall be read into this
Escrow Agreement against the Escrow Agent, nor shall it have, or be deemed to
have, any duties or responsibilities under the provisions of any other
agreements (including without limitation the Senior Loan Agreement) between the
other parties hereto or any other Person.

                  (b) The Escrow Agent shall not be liable for any error of
judgment, or any action taken, suffered or omitted by it in good faith, or
mistake of fact or law, or for anything it may do or refrain from doing in
connection herewith or therewith, except its own gross negligence or willful
misconduct.

                  (c) The Escrow Agent may conclusively rely and shall be fully
authorized and protected in acting or refraining from acting in good faith in
reliance upon any written instruction, communication, notice, request,
resolution, direction, certificate, statement, approval, appraisal, promissory
note, share or warrant certificate or other paper or document (whether in its
original or facsimile form), not only as to its due execution and the validity
and effectiveness of its provision, but also as to the truth of any information
therein contained, which it in good faith believes to be genuine and to have
been presented by the proper party.

                  (d) The Escrow Agent may consult with counsel of its own
selection, auditors and other experts of its own choice and any opinion or
advice of counsel or of such auditors or other experts shall be full and
complete authorization and protection with respect to any action taken or
suffered or omitted by the Escrow Agent hereunder in good faith and in
accordance with such opinion or advice of counsel or of such auditors or other
experts within the area of their respective expertise.

                  (e) The Escrow Agent may execute any of its powers or
responsibilities hereunder and exercise any rights hereunder either directly or
by or through its agents or attorneys.

                  (f) The Escrow Agent shall not be responsible for and shall
not be under a duty to examine or pass upon, the validity, binding effect,
execution or sufficiency of this Escrow Agreement, the Escrow Securities or of
any agreement amendatory or supplemental hereto or

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thereto or the absence or presence of any liens or encumbrances on the property
held in escrow hereunder.

                  (g) The Escrow Agent shall be under no duty to prepare,
conduct or monitor any filing, recording or registration, re-filing,
re-recording or re-registration of this Escrow Agreement or of any agreement
amendatory hereof or of any instrument or assignment, conveyance or further
assurance, or to pay any taxes, fees or charges in connection therewith, or to
give any notice with respect thereto or to pay, inquire into or prepare, conduct
or monitor the payment of, or be under any duty in respect of or arising out of,
any tax or assessment or other governmental charge which may be levied or
assessed on the property held in escrow hereunder or any part thereof or any
confiscation of such property. No property held in escrow by the Escrow Agent
hereunder shall be subject to any set-off, counterclaim, recoupment or other
right which the Escrow Agent may have against any of the parties hereto (except
with respect to any payments to be made to the Escrow Agent hereunder) or
against any other Person for any reason whatsoever.

                  (h) If any controversy arises between the parties hereto or
with any third person with respect to the subject matter of the escrow described
herein, the Escrow Agent shall not be required to determine the outcome of same
or take any action in the premises, but may await the settlement of any such
controversy by final appropriate legal proceedings or otherwise as the Escrow
Agent may require, notwithstanding instructions to the contrary, and in such
event the Escrow Agent shall not be liable for interest or damages, except that
the Escrow Agent shall not deliver the Escrow Securities held in escrow
hereunder in any manner other than in accordance with Section 2 hereof, except
in accordance with a final unappealable order of a court of competent
jurisdiction.

                  (i) If the Escrow Agent shall be uncertain as to its duties or
rights hereunder or shall receive instructions, claims or demands from any party
hereto which, in its opinion, conflict with any of the provisions of this Escrow
Agreement, it shall be entitled to seek advice from outside counsel and may
conclusively rely on such advice and may refrain from taking any action and its
sole obligation shall be to keep safely all property held in escrow until it
shall be directed otherwise in writing by all of the other parties hereto or by
a final order or judgment of a court of competent jurisdiction.

                  (j) Without limiting and in furtherance of the foregoing, the
Escrow Agent shall not be liable or responsible for any of the provisions of the
Loans or the Escrow Securities except for those expressly referred to herein.

                  (k) This Agreement is for the exclusive benefit of the parties
hereto and their respective successors hereunder, and shall not be deemed to
give, either express or implied, any legal or equitable right, remedy, or claim
to any other entity or person whatsoever.

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<PAGE>   8

                  (l) If at any time Escrow Agent is served with any judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process which in any way affects Escrow Property (including but
not limited to orders of attachment or garnishment or other forms of levies or
injunctions or stays relating to the transfer of Escrow Property), Escrow Agent
is authorized to comply therewith in any manner as it or its legal counsel of
its own choosing deems appropriate; and if Escrow Agent complies with any such
judicial or administrative order, judgment, decree, writ or other form of
judicial or administrative process, Escrow Agent shall not be liable to any of
the parties hereto or to any other person or entity even though such order,
judgment, decree, writ or process may be subsequently modified or vacated or
otherwise determined to have been without legal force or effect.

                  (m) Escrow Agent shall not incur any liability for not
performing any act or fulfilling any duty, obligation or responsibility
hereunder by reason of any occurrence beyond the control of Escrow Agent
(including but not limited to any act or provision of any present or future law
or regulation or governmental authority, any act of God or war, or the
unavailability of the Federal Reserve Bank wire or telex or other wire or
communication facility).

                  (n) In the event of any dispute between or conflicting claims
by or among the Depositors and/or any other person or entity with respect to any
Escrow Securities, Escrow Agent shall be entitled, in its sole discretion, to
refuse to comply with any and all claims, demands or instructions with respect
to such Escrow Securities so long as such dispute or conflict shall continue,
and Escrow Agent shall not be or become liable in any way to the Depositors for
failure or refusal to comply with such conflicting claims, demands or
instructions. Escrow Agent shall be entitled to refuse to act until, in its sole
discretion, either (i) such conflicting or adverse claims or demands shall have
been determined by a final order, judgment or decree of a court of competent
jurisdiction, which order, judgment or decree is not subject to appeal, or
settled by agreement between the conflicting parties as evidenced in a writing
satisfactory to Escrow Agent or (ii) Escrow Agent shall have received security
or an indemnity satisfactory to it sufficient to hold it harmless from and
against any and all Losses which it may incur by reason of so acting. Escrow
Agent may, in addition, elect, in its sole discretion, to commence an
interpleader action or seek other judicial relief or orders as it may deem, in
its sole discretion, necessary. The costs and expenses (including reasonable
attorneys' fees and expenses) incurred in connection with such proceeding shall
be paid by, and shall be deemed a joint and several obligation of, the
Depositors.

                  (o) Each Depositor hereby represents and warrants (a) that
this Escrow Agreement has been duly authorized, executed and delivered on its
behalf and constitutes its legal, valid and binding obligation and (b) that the
execution, delivery and performance of this Escrow Agreement by Depositor do not
and will not violate any applicable law or regulation.

                  (p) The Escrow Agent does not have any interest in the Escrow
Securities Deposited hereunder but is serving as escrow holder only and having
only possession thereof. The Company shall pay or reimburse the Escrow Agent
upon request for any transfer taxes or

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other taxes relating to the Escrow Securities incurred in connection herewith
and shall indemnify and hold harmless the Escrow Agent any amounts that it is
obligated to pay in the way of such taxes. Any payments of income from this
Escrow Account shall be subject to withholding regulations then in force with
respect to United States taxes. The parties hereto will provide the Escrow Agent
with appropriate W-9 forms for tax I.D., number certifications, or W-8 forms for
non-resident alien certifications. It is understood that the Escrow Agent shall
be responsible for income reporting only with respect to income earned on
investment of funds, if any, which are held in escrow and is not responsible for
any other reporting. This Section 3(p) and Section 7 hereof shall survive
notwithstanding any termination of this Escrow Agreement or the resignation of
the Escrow Agent.

                  4. Qualifications. The Escrow Agent shall at all times be The
Bank of New York (and its successors and assigns), or a bank, trust company or
corporation in good standing organized and doing business under the laws of the
United States of America or a State of the United States, and having combined
capital and surplus of not less than fifty million dollars ($50,000,000). If the
Escrow Agent shall at any time cease to have the foregoing qualifications, the
Escrow Agent shall resign within 30 days thereafter, such resignation to become
effective as provided in Section 5 hereof.

                  5. Removal and Resignation. The Escrow Agent and any successor
Escrow Agent may at any time be removed at the written direction of the
Administrative Agent and the Company. The Escrow Agent or any successor Escrow
Agent may at any time resign and be discharged of its obligations hereunder by
giving written notice to the Company and the Administrative Agent specifying the
date upon which it desires that such resignation shall take effect. Such removal
or resignation shall take effect on the date specified in the notice of removal
or resignation, which date shall not be earlier than 30 days after the giving of
the notice of removal or resignation unless previously a successor Escrow Agent
shall have been appointed pursuant to Section 6 hereof and shall have accepted
such appointment, in which event such removal or resignation shall take effect
immediately upon the acceptance by such successor Escrow Agent. The
Administrative Agent and the Company agree to take prompt steps to have a
successor Escrow Agent appointed in the manner hereinafter provided.

                  6. Appointment of Successor Agent. If at any time the Escrow
Agent 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 Escrow Agent for any
other cause, a successor Escrow Agent (duly qualified as provided in Section 4
hereof) shall be appointed by the Administrative Agent and the Company by an
instrument in writing delivered to the Escrow Agent within the time specified
below. Upon delivery of said instrument to and acceptance of said instrument by
the successor Escrow Agent, the resignation or removal of the Escrow Agent shall
become effective and such successor Escrow Agent shall become vested with all
the rights, powers, duties and obligations of its predecessor hereunder. If no
successor Escrow Agent shall have been appointed at the effective date of
resignation or within 30 days of a notice of removal, the Escrow Agent or any

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other party hereto may petition, at the expense of the Company, a court of
competent jurisdiction for the appointment of a successor.

                  7. Compensation, Reimbursement and Indemnification of Escrow
Agent. The Escrow Agent shall be entitled to compensation from the Company as
shall be agreed to in writing from time to time by the Company and the Escrow
Agent for all services rendered by it hereunder, as well as reimbursement from
the Company for all reasonable expenses, disbursements, advances and liabilities
incurred or made by the Escrow Agent hereunder (including the reasonable
compensation, expenses and disbursements of the Escrow Agent's agents and
counsel).

                  The Company agrees to indemnify the Escrow Agent (and any
predecessor Escrow Agent) for, and to hold it harmless from and against, any
loss, liability, claims, actions, damages or expenses (including reasonable
expenses and disbursements of its agents and counsel) incurred without gross
negligence or willful misconduct on the part of the Escrow Agent arising out of
or in connection with its entering into this Escrow Agreement and carrying out
its duties hereunder, including the costs and expenses of defending itself
against any claim or liability in the premises.

                  The provisions of this Section 7 shall survive the termination
of this Escrow Agreement.

                  8. Termination. This Escrow Agreement shall terminate on the
Termination Date.

                  9. Notices. Except as otherwise expressly provided herein, all
demands, notices, consents, requests and other documents authorized or required
to be given to any party to this Escrow Agreement shall be given in writing and
either personally served on an officer of such party or mailed by registered or
certified first class mail, postage prepaid, return receipt requested, or sent
by facsimile (with a copy sent by first class mail promptly thereafter),
addressed as follows:

                  if to the Escrow Agent:

                           The Bank of New York
                           101 Barclay Street
                           21 West
                           New York, New York 10286
                           Attention:
                           Facsimile No:  (212)

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                  if to the Company:

                           ANC Rental Corporation
                           200 South Andrews Avenue
                           Fort Lauderdale, Florida  33301
                           Attention: Kathleen Hyle
                           Facsimile No.:  (954) 320-4135

                  with a copy to:

                           Fried, Frank, Harris, Shriver & Jacobson
                           One New York Plaza
                           New York, New York  10004
                           Attention:  Valerie Ford Jacob
                           Facsimile No.:  (212) 859-8589

                  if to Lehman Brothers Inc.:

                           3 World Financial Center
                           New York, New York 10285
                           Attention:  Andrew Keith
                           Facsimile No.:  (212) 526-4059

                  with a copy to:

                           Simpson Thacher & Bartlett
                           425 Lexington Avenue
                           New York, New York 10017
                           Attention: Andrew Keller
                           Facsimile No.:  (212) 455-2502

                  if to Lehman Commercial Paper Inc.:

                           c/o Lehman Brothers Inc.
                           3 World Financial Center
                           New York, New York 10285
                           Attention:  Andrew Keith
                           Facsimile No.:  (212) 526-4059

                                      -10-
<PAGE>   12

                  with a copy to:

                           Simpson Thacher & Bartlett
                           425 Lexington Avenue
                           New York, New York 10017
                           Attention: Andrew Keller
                           Facsimile No.:  (212) 455-2502

                  Any party may change its address by specifying in writing a
new address for such notices to each of the other parties hereto.

                  10. Successors and Assigns; Amendments and Modifications. This
Escrow Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns and shall not inure to the
benefit of any third party except for any holder of Loans who is not a party to
this Escrow Agreement. This Escrow Agreement may not be amended or modified in
any respect without the express written consent of the Company, the Escrow Agent
and the Administrative Agent.

                  11. Severability. In case any one or more provisions contained
in this Escrow Agreement shall be invalid, illegal or unenforceable in any
respect in any jurisdiction, the validity, legality and enforceability of the
remaining provisions contained herein shall not be in any way affected or
impaired thereby and such provision shall be ineffective in such Jurisdiction
only to the extent of such invalidity, illegality or unenforceability.

                  12. New York Law; Submission to Jurisdiction; Waiver of Jury
Trial. THIS ESCROW AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY SUBMITS TO THE
NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY
FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS ESCROW
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN
SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS ESCROW AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

                                      -11-
<PAGE>   13

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

                  14. No Waiver. No course of dealing, nor any delay on the part
of any party hereto in exercising any rights hereunder, or any failure to
exercise the same, shall operate as a waiver of such or any other rights.

                  15. Descriptive Headings. The descriptive headings of the
several sections of this Escrow Agreement are inserted for convenience only and
do not constitute a part of this Escrow Agreement.

                                      -12-
<PAGE>   14

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

                                    ANC RENTAL CORPORATION

                                    By: /s/  Leland F. Wilson
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    LEHMAN BROTHERS INC.

                                    By:  /s/  Thomas P. Durney
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    LEHMAN COMMERCIAL PAPER INC.

                                    By  /s/  G. Andrew Keith
                                        ----------------------------------------
                                        Name: G. Andrew Keith
                                        Title:  Authorized Signatory

                                    THE BANK OF NEW YORK,
                                    as Escrow Agent

                                    By: Annette Kos
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      -13-
<PAGE>   15

Agreed:

Lehman Commercial Paper, Inc.
-----------------------------,
as Administrative Agent

By: G. Andrew Keith
   ---------------------------
   Name: G. Andrew Keith
   Title: Authorized Signatory

                                      -14-
<PAGE>   16

                                               Exhibit A to the Escrow Agreement

                          LEHMAN COMMERCIAL PAPER INC.
                            3 World Financial Center
                            New York, New York 10285

                                     [Date]

The Bank of New York
101 Barclay Street
21 West
New York, New York 10286

Attention:

                  Re:      Escrow Agreement dated as of June 30, 2000

Ladies and Gentlemen:

                  Reference is hereby made to the Indenture and to Section 2(a)
of the Escrow Agreement dated as of June 30, 2000 (the "Escrow Agreement") among
ANC Rental Corporation, Lehman Brothers Inc., Lehman Commercial Paper Inc. and
The Bank of New York, as Escrow Agent. Capitalized terms used herein and not
defined shall have the meanings assigned to them in the Escrow Agreement.

                  The undersigned hereby notifies you that Loans remained
outstanding on the Initial Maturity Date. You are hereby requested to
authenticate the Exchange Notes, as Trustee, pursuant to the escrowed
authentication order and to deliver to the undersigned, for the benefit of each
holder of Loans designated on the schedule attached hereto, an Exchange Note or
Exchange Notes, in an amount or amounts, and registered in the name of such
person or persons, as designated in the schedule attached hereto, together with
a copy of the executed Indenture at the time of such presentation and exchange.
All Exchange Notes delivered by you to the undersigned shall be dated _______,
shall bear interest at the rate of ___% and shall accrue interest from the date
as set forth in Section 2.3 of the Indenture.

                                    Sincerely yours,

                                    LEHMAN COMMERCIAL PAPER INC.

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

cc: ANC RENTAL CORPORATION

                                      -15-
<PAGE>   17

                                    Schedule

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
           Loans                                 Exchange Notes
--------------------------------------------------------------------------------
                  Principal                                          Principal
   Holder           Amount               Registered to                 Amount
--------------------------------------------------------------------------------
                                                        Tax
                                                   Identification
                                 Name     Address      Number
--------------------------------------------------------------------------------
<S>               <C>            <C>      <C>      <C>                <C>

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

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

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

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

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

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

--------------------------------------------------------------------------------
</TABLE>

                                      -16-
<PAGE>   18

                                               Exhibit B to the Escrow Agreement

LEHMAN BROTHERS INC.
3 World Financial Center
New York, New York 10285

                                     [Date]

The Bank of New York
101 Barclay Street
21 West
New York, New York 10286

Attention:

                 Re: Escrow Agreement dated as of June 30, 2000

Ladies and Gentlemen:

                  Reference is hereby made to the Warrant Agreement and to
Section 2(b) of the Escrow Agreement dated as of June 30, 2000 (the "Escrow
Agreement") among ANC Rental Corporation, Lehman Brothers Inc. ("Lehman"),
Lehman Commercial Paper Inc. ("LCPI") and The Bank of New York, as Escrow Agent.
Capitalized terms used herein and not defined shall have the meanings assigned
to them in the Escrow Agreement.

                  In accordance with the release provisions of Section 2(b) of
the Escrow Agreement among Lehman, LCPI and the Company, dated as of May 11,
2000, the undersigned hereby notifies you that Lehman has determined that in
order to sell High Yield Securities it is necessary to countersign the Warrants,
as Warrant Agent, pursuant to the escrowed countersigning order and to deliver
to the purchasers thereof all or a portion of the Warrants originally placed in
escrow pursuant to the Escrow Agreement. You are hereby requested to release to
the undersigned ___ % of such Warrants, taking into effect anti-dilution
adjustments in the Warrant Agreement, originally placed in escrow pursuant to
the Escrow Agreement, registered in the name of such person or persons
designated in the schedule attached hereto. The undersigned certifies that the
number of such Warrants, taking into account other Warrants released from escrow
prior to the date hereof, does not exceed the number of Warrants authorized for
release under section 2(b)(iv) of the Warrant Agreement.

                                    Sincerely yours,

                                    LEHMAN BROTHERS INC.

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

                                      -17-
<PAGE>   19

                                               Exhibit C to the Escrow Agreement

                              LEHMAN BROTHERS INC.
                            3 World Financial Center
                            New York, New York 10285

                                     [Date]

The Bank of New York
101 Barclay Street
21 West
New York, New York 10286

Attention:

                  Re:  Escrow Agreement dated as of June 30, 2000

Ladies and Gentlemen:

                  Reference is hereby made to the Warrant Agreement and to
Section 2(b) of the Escrow Agreement dated as of June 30, 2000 the ("Escrow
Agreement") among ANC Rental Corporation, Lehman Brothers Inc., Lehman
Commercial Paper Inc. and The Bank of New York, as Escrow Agent. Capitalized
terms used herein and not defined shall have the meanings assigned to them in
the Escrow Agreement.

                  The undersigned hereby notifies you that __ days after the
Spin-Off Date Loans and/or Exchange Notes remained outstanding. You are hereby
requested to countersign the Warrants, as Warrant Agent, pursuant to the
escrowed countersigning order and to release to the undersigned ___% of the
Warrants originally placed in escrow (taking into effect anti-dilution
adjustments in the Warrant Agreement) pursuant to the Escrow Agreement,
registered in the name of such person or persons designated in the schedule
attached hereto. All Warrants delivered by you to the undersigned shall be dated
____________. The undersigned certifies that the number of such Warrants, taking
into account other Warrants released from escrow prior to the date hereof, does
not exceed the number of Warrants authorized for release under section 2(b)(iv)
of the Warrant Agreement.

                                    Sincerely yours,

                                    LEHMAN BROTHERS INC.

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

                                      -18-
<PAGE>   20

                                    Schedule

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                    Warrants
--------------------------------------------------------------------------------
                                                                Percent
                                                               of Warrants
                                                               Originally
                                                                Placed In
                    Registered to                                 Escrow
--------------------------------------------------------------------------------
                                            Tax
                                      Identification
    Name           Address                 Number
--------------------------------------------------------------------------------
<S>               <C>                 <C>                        <C>

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

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

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

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

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

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

--------------------------------------------------------------------------------
</TABLE>

                                      -19-
<PAGE>   21

                                               Exhibit D to the Escrow Agreement

LEHMAN BROTHERS INC.
3 World Financial Center
New York, New York 10285

                                     [Date]

The Bank of New York
101 Barclay Street
21 West
New York, New York 10286

Attention:

                 Re: Escrow Agreement dated as of June 30, 2000

Ladies and Gentlemen:

                  Reference is hereby made to Section 2(c) of the Escrow
Agreement dated as of June 30, 2000 (the "Escrow Agreement") among ANC Rental
Corporation, Lehman Brothers Inc., Lehman Commercial Paper Inc. and The Bank of
New York, as Escrow Agent. Capitalized terms used herein and not defined shall
have the meanings assigned to them in the Escrow Agreement.

                  The undersigned hereby notifies you that the Loans have been
paid in full prior to the Maturity Date. You are hereby requested to release the
Warrants and the Exchange Notes remaining in escrow to the Company, together
with the Warrant Agreement and the Indenture.

                                    Sincerely yours,

                                    LEHMAN BROTHERS INC.

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

                                      -20-<PAGE>   1
                                                                   EXHIBIT 10.11

================================================================================

                              SUBSIDIARY GUARANTEE

                                     made by

                                 Subsidiaries of

                             ANC RENTAL CORPORATION

                                   in favor of

                          LEHMAN COMMERCIAL PAPER INC.

                            Dated as of June 30, 2000

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                               PAGE
                                                                                                               ----

<S>         <C>                                                                                                  <C>
SECTION  1.  DEFINED TERMS........................................................................................1
         1.1      Definitions.....................................................................................1
         1.2      Other Definitional Provisions...................................................................2

SECTION  2.  GUARANTEE............................................................................................2
         2.1      Guarantee.......................................................................................2
         2.2      Right of Contribution...........................................................................3
         2.3      No Subrogation..................................................................................3
         2.4      Amendments, etc. with respect to the Obligations................................................4
         2.5      Guarantee Absolute and Unconditional............................................................4
         2.6      Reinstatement...................................................................................5
         2.7      Payments........................................................................................5

SECTION  3.  REPRESENTATIONS AND WARRANTIES.......................................................................5

SECTION  4.  COVENANTS............................................................................................5

SECTION  5.  MISCELLANEOUS........................................................................................5
         5.1      Amendments in Writing...........................................................................5
         5.2      Notices.........................................................................................5
         5.3      No Waiver by Course of Conduct; Cumulative Remedies.............................................6
         5.4      Enforcement Expenses; Indemnification...........................................................6
         5.5      Successors and Assigns..........................................................................6
         5.6      Set-Off.........................................................................................7
         5.7      Counterparts....................................................................................7
         5.8      Severability....................................................................................7
         5.9      Section Headings................................................................................7
         5.10     Integration.....................................................................................7
         5.11     GOVERNING LAW...................................................................................7
         5.12     Submission To Jurisdiction; Waivers.............................................................7
         5.13     Acknowledgements................................................................................8
         5.14     Additional Guarantors...........................................................................8
         5.15     Release of Guarantors...........................................................................9
         5.16     WAIVER OF JURY TRIAL............................................................................9

</TABLE>

                                      -i-
<PAGE>   3

                  SUBSIDIARY GUARANTEE, dated as of June 30, 2000, made by each
of the signatories hereto (together with any other entity that may become a
party hereto as provided herein, the "GUARANTORS"), in favor of LEHMAN
COMMERCIAL PAPER INC., as administrative agent on behalf of the Lenders pursuant
to the Amended and Restated Senior Loan Agreement, dated as of June 30, 2000 (as
amended, supplemented or otherwise modified from time to time, the "LOAN
AGREEMENT"), among ANC RENTAL CORPORATION, a Delaware corporation (the
"BORROWER") and Lehman Brothers Inc. as arranger, Lehman Commercial Paper Inc.
as syndication agent and Lehman Commercial Paper Inc. as administrative agent.

                              W I T N E S S E T H:

                  WHEREAS, pursuant to the Loan Agreement, the Lenders agreed to
make the Loans to the Borrower upon the terms and subject to the conditions set
forth therein;

                  WHEREAS, the Borrower is a member of an affiliated group of
companies that includes each other Guarantor;

                  WHEREAS, the proceeds of the Loans will be used in part to
enable the Borrower to make valuable transfers to one or more of the other
Guarantors in connection with the operation of their respective businesses;

                  WHEREAS, the Borrower and the other Guarantors are engaged in
related businesses, and each Guarantor will derive substantial direct and
indirect benefit from the making of the Loans under the Loan Agreement; and

                  WHEREAS, it is a condition precedent to the obligation of the
Lenders to make the Loans that the Guarantors shall have executed and delivered
this Guarantee to the Lenders;

                  NOW, THEREFORE, in consideration of the premises and to induce
the Lenders to enter into the Loan Agreement and to make the Loans, each
Guarantor hereby agrees with the Lenders as follows:

                            SECTION 1. DEFINED TERMS

                  1.1 DEFINITIONS. (a) Unless otherwise defined herein, terms
defined in the Loan Agreement and used herein shall have the meanings given to
them in the Loan Agreement.

                  (b) The following terms shall have the following meanings:

                  "GUARANTEE": this Subsidiary Guarantee, as the same may be
         amended, supplemented or otherwise modified from time to time.

                                      -1-
<PAGE>   4

                  "OBLIGATIONS": the collective reference to the unpaid
         principal of and interest on the Loans and all other obligations and
         liabilities of the Borrower to the Lenders (including, without
         limitation, interest accruing at the then applicable rate provided in
         the Loan Agreement after the maturity of the Loans and interest
         accruing at the then applicable rate provided in the Loan Agreement
         after the filing of any petition in bankruptcy, or the commencement of
         any insolvency, reorganization or like proceeding, relating to the
         Borrower, if 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
         Loan Agreement, this Guarantee or the other Loan Documents, or any
         other document made, delivered or given in connection therewith, in
         each case whether on account of principal, interest, fees, indemnities,
         costs, expenses or otherwise (including, without limitation, all
         reasonable fees and disbursements of counsel to the Lenders that are
         required to be paid by the Borrower pursuant to the terms of any of the
         foregoing agreements).

                  1.2 OTHER DEFINITIONAL PROVISIONS. The words "hereof,"
"herein", "hereto" and "hereunder" and words of similar import when used in this
Guarantee shall refer to this Guarantee as a whole and not to any particular
provision of this Guarantee, and Section and Schedule references are to this
Guarantee unless otherwise specified.

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

                              SECTION 2. GUARANTEE

                  2.1 GUARANTEE. (a) The Guarantors hereby, jointly and
severally, unconditionally and irrevocably, guarantee to the Lenders and their
respective successors, indorsees, transferees and assigns, the prompt and
complete payment and performance by the Borrower when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations.

                  (b) Anything herein or in any other Loan Document to the
contrary notwithstanding, the maximum liability of each Guarantor hereunder and
under the other Loan Documents shall in no event exceed the amount which can be
guaranteed by such Guarantor under applicable federal and state laws, including
laws relating to the insolvency of debtors, fraudulent conveyance or transfer or
laws affecting the rights of creditors generally (after giving effect to the
right of contribution established in Section 2.2).

                  (c) Each Guarantor agrees that the Obligations may at any time
and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or
affecting the rights and remedies of the Lenders hereunder.

                  (d) The guarantee contained in this Section 2 shall remain in
full force and effect until all the Obligations and the obligations of each
Guarantor under the guarantee contained in this Section 2 shall have been
satisfied by payment in full.

                                      -2-
<PAGE>   5
 (e) No payment made by the Borrower, any of the Guarantors, any other guarantor
or any other Person or received or collected by the Lenders from the Borrower,
any of the Guarantors, any other guarantor or any other Person by virtue of any
action or proceeding or any set-off or appropriation or application at any time
or from time to time in reduction of or in payment of the Obligations shall be
deemed to modify, reduce, release or otherwise affect the liability of any
Guarantor hereunder which shall, notwithstanding any such payment (other than
any payment made by such Guarantor in respect of the Obligations or any payment
received or collected from such Guarantor in respect of the Obligations), remain
liable for the Obligations up to the maximum liability of such Guarantor
hereunder until the Obligations are paid in full.

                  2.2 RIGHT OF CONTRIBUTION. Each Guarantor hereby agrees that
to the extent that a Guarantor shall have paid more than its proportionate share
of any payment made hereunder, such Guarantor shall be entitled to seek and
receive contribution from and against any other Guarantor hereunder which has
not paid its proportionate share of such payment. Each Guarantor's right of
contribution shall be subject to the terms and conditions of Section 2.3. The
provisions of this Section 2.2 shall in no respect limit the obligations and
liabilities of any Guarantor to the Lenders, and each Guarantor shall remain
liable to the Lenders for the full amount guaranteed by such Guarantor
hereunder.

                  2.3 NO SUBROGATION. Notwithstanding any payment made by any
Guarantor hereunder or any set-off or application of funds of any Guarantor by
the Lenders, no Guarantor shall be entitled to be subrogated to any of the
rights of the Lenders against the Borrower or any other Guarantor or any
collateral security or guarantee or right of offset held by the Lenders for the
payment of the Obligations, nor shall any Guarantor seek or be entitled to seek
any contribution or reimbursement from the Borrower or any other Guarantor in
respect of payments made by such Guarantor hereunder, until all amounts owing to
the Lenders by the Borrower on account of the Obligations are paid in full. If
any amount shall be paid to any Guarantor on account of such subrogation rights
at any time when all of the Obligations shall not have been paid in full, such
amount shall be held by such Guarantor in trust for the Lenders, segregated from
other funds of such Guarantor, and shall, forthwith upon receipt by such
Guarantor, be turned over to the Lenders in the exact form received by such
Guarantor (duly indorsed by such Guarantor to the Lenders, if required), to be
applied against the Obligations, whether matured or unmatured, in such order as
the Lenders may determine.

                                      -3-
<PAGE>   6

                  2.4 AMENDMENTS, ETC. WITH RESPECT TO THE OBLIGATIONS. Each
Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against any Guarantor and without notice to or further
assent by any Guarantor, any demand for payment of any of the Obligations made
by the Lenders may be rescinded by the Lenders and any of the Obligations
continued, and the Obligations, or the liability of any other Person upon or for
any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by the Lenders, and the Loan Agreement and the other
Loan Documents and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in
part, as the Lenders may deem advisable from time to time, and any collateral
security, guarantee or right of offset at any time held by the Lenders for the
payment of the Obligations may be sold, exchanged, waived, surrendered or
released. The Lenders shall have no obligation to protect, secure, perfect or
insure any Lien at any time held by them as security for the Obligations or for
the guarantee contained in this Section 2 or any property subject thereto.

                  2.5 GUARANTEE ABSOLUTE AND UNCONDITIONAL. Each Guarantor
waives any and all notice of the creation, renewal, extension or accrual of any
of the Obligations and notice of or proof of reliance by the Lenders upon the
guarantee contained in this Section 2 or acceptance of the guarantee contained
in this Section 2; the Obligations, and any of them, shall conclusively be
deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon the guarantee contained in this Section 2;
and all dealings between the Borrower and any of the Guarantors, on the one
hand, and the Lenders, on the other hand, likewise shall be conclusively
presumed to have been had or consummated in reliance upon the guarantee
contained in this Section 2. Each Guarantor waives to the extent permitted by
law diligence, presentment, protest, demand for payment and notice of default or
nonpayment to or upon the Borrower or any of the Guarantors with respect to the
Obligations. Each Guarantor understands and agrees that the guarantee contained
in this Section 2 shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (a) the validity or enforceability of the
Loan Agreement or any other Loan Document, any of the Obligations or any other
collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Lenders, (b) any defense,
set-off or counterclaim (other than a defense of payment or performance) which
may at any time be available to or be asserted by the Borrower or any other
Person against the Lenders, or (c) any other circumstance whatsoever (with or
without notice to or knowledge of the Borrower or such Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal
discharge of the Borrower for the Obligations, or of such Guarantor under the
guarantee contained in this Section 2, in bankruptcy or in any other instance.
When making any demand hereunder or otherwise pursuing its rights and remedies
hereunder against any Guarantor, the Lenders may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and
remedies as they may have against the Borrower, any other Guarantor or any other
Person or against any collateral security or guarantee for the Obligations or
any right of offset with respect thereto, and any failure by the Lenders to make
any such demand, to pursue such other rights or remedies or to collect any
payments from the Borrower, any other Guarantor or any other Person or to
realize upon any such collateral security or guarantee or to exercise any such
right of offset, or any release of the Borrower, any other Guarantor or any
other Person or any such collateral security, guarantee or right of offset,
shall not relieve any Guarantor of any obligation or liability hereunder, and
shall not impair or affect the rights and remedies, whether express, implied or
available as a matter of law, of the Lenders against any Guarantor. For the
purposes hereof, "demand" shall include the commencement and continuance of any
legal proceedings.

                                      -4-
<PAGE>   7

                  2.6 REINSTATEMENT. The guarantee contained in this Section 2
shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Obligations is rescinded or
must otherwise be restored or returned by the Lenders upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Borrower or any
Guarantor, or upon or as a result of the appointment of a receiver, intervenor
or conservator of, or trustee or similar officer for, the Borrower or any
Guarantor or any substantial part of its property, or otherwise, all as though
such payments had not been made.

                  2.7 PAYMENTS. Each Guarantor hereby guarantees that payments
hereunder will be paid to the Lenders without set-off or counterclaim in Dollars
at the Payment Office specified in the Loan Agreement.

                    SECTION 3. REPRESENTATIONS AND WARRANTIES

                  To induce the Lenders to enter into the Loan Agreement and to
make the Loans thereunder, each Guarantor hereby represents and warrants to the
Lenders that the representations and warranties set forth in Section 3 of the
Loan Agreement as they relate to such Guarantor or to the Loan Documents to
which such Guarantor is a party, each of which is hereby incorporated herein by
reference, are true and correct, and the Lenders shall be entitled to rely on
each of them as if they were fully set forth herein, PROVIDED that each
reference in each such representation and warranty to the Borrower's knowledge
shall, for the purposes of this Section 3, be deemed to be a reference to such
Guarantor's knowledge.

                              SECTION 4. COVENANTS

                  Each Guarantor covenants and agrees with the Lenders that,
from and after the date of this Guarantee until the Obligations shall have been
paid in full, such Guarantor shall take, or shall refrain from taking, as the
case may be, each commercially reasonable action that is necessary to be taken
or not taken, as the case may be, so that no Default or Event of Default is
caused by the failure to take such action or to refrain from taking such action
by such Guarantor.

                            SECTION 5. MISCELLANEOUS

                  5.1 AMENDMENTS IN WRITING. None of the terms or provisions of
this Guarantee may be waived, amended, supplemented or otherwise modified except
in accordance with Section 9.1 of the Loan Agreement.

                  5.2 NOTICES. All notices, requests and demands to or upon the
Lenders or any Guarantor hereunder shall be effected in the manner provided for
in Section 9.2 of the Loan Agreement; PROVIDED that any such notice, request or
demand to or upon any Guarantor shall be addressed to such Guarantor at its
notice address set forth on SCHEDULE 1.

                                      -5-
<PAGE>   8

                  5.3 NO WAIVER BY COURSE OF CONDUCT; CUMULATIVE REMEDIES. The
Lenders shall not by any act (except by a written instrument pursuant to Section
5.1), delay, indulgence, omission or otherwise be deemed to have waived any
right or remedy hereunder or to have acquiesced in any Default or Event of
Default. No failure to exercise, nor any delay in exercising, on the part of the
Lenders, any right, power or privilege hereunder shall operate as a waiver
thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. A waiver by the Lenders of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any
right or remedy which the Lenders would otherwise have on any future occasion.
The rights and remedies herein provided are cumulative, may be exercised singly
or concurrently and are not exclusive of any other rights or remedies provided
by law.

                  5.4 ENFORCEMENT EXPENSES; INDEMNIFICATION. (a) Each Guarantor
agrees to pay, or reimburse the Lenders for, all its costs and expenses incurred
in collecting against such Guarantor under the guarantee contained in Section 2
or otherwise enforcing or preserving any rights under this Guarantee and the
other Loan Documents to which such Guarantor is a party, including, without
limitation, the reasonable fees and disbursements of counsel to the Lenders.

                  (b) Each Guarantor agrees to pay, and to save the Lenders
harmless from, any and all liabilities with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other taxes which may be
payable or determined to be payable in connection with any of the transactions
contemplated by this Guarantee.

                  (c) Each Guarantor agrees to pay, and to save the Lenders
harmless from, any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever with respect to the execution, delivery, enforcement,
performance and administration of this Guarantee to the extent the Borrower
would be required to do so pursuant to Section 9.5 of the Loan Agreement.

         (d) The agreements in this Section shall survive repayment of the
Obligations and all other amounts payable under the Loan Agreement and the other
Loan Documents.

                  5.5 SUCCESSORS AND ASSIGNSY. This Guarantee shall be binding
upon the successors and assigns of each Guarantor and shall inure to the benefit
of the Lenders and their respective successors and assigns; PROVIDED that no
Guarantor may assign, transfer or delegate any of its rights or obligations
under this Guarantee without the prior written consent of the Lenders; provided
that nothing herein shall prevent any Guarantor from merging or consolidating
into or with, or transferring all or substantially all of its assets to, any
other entity in accordance with the Loan Agreement.

                                      -6-
<PAGE>   9

                  5.6 SET-OFF. Each Guarantor hereby irrevocably authorizes the
Lenders at any time and from time to time while an Event of Default shall have
occurred and be continuing, without notice to such Guarantor or any other
Guarantor, any such notice being expressly waived by each Guarantor, to set-off
and appropriate and apply any and all deposits (general or special, time or
demand, provisional or final), in any currency, and any other credits,
indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by the Lenders to or for the credit or the account of such Guarantor, or
any part thereof in such amounts as the Lenders may elect, against and on
account of the obligations and liabilities of such Guarantor to the Lenders
hereunder and claims of every nature and description of the Lenders against such
Guarantor, in any currency, whether arising hereunder, under the Loan Agreement,
any other Loan Document or otherwise, as the Lenders may elect, whether or not
the Lenders have made any demand for payment and although such obligations,
liabilities and claims may be contingent or unmatured. The Lenders shall notify
such Guarantor promptly of any such set-off and the application made by the
Lenders of the proceeds thereof, PROVIDED that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of the
Lenders under this Section are in addition to other rights and remedies
(including, without limitation, other rights of set-off) which the Lenders may
have.

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

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

                  5.9 SECTION HEADINGS. The Section headings used in this
Guarantee are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

                  5.10 INTEGRATION. This Guarantee and the other Loan Documents
represent the agreement of the Guarantors and the Lenders with respect to the
subject matter hereof and thereof, and there are no promises, undertakings,
representations or warranties by the Lenders relative to subject matter hereof
and thereof not expressly set forth or referred to herein or in the other Loan
Documents.

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

                  5.12 SUBMISSION TO JURISDICTION; WAIVERS. Each Guarantor
hereby irrevocably and unconditionally:

                  (a) submits for itself and its property in any legal action or
proceeding relating to this Guarantee and the other Loan 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) 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;

                                      -7-
<PAGE>   10

                  (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
Guarantor at its address referred to in Section 5.2 or at such other address of
which the Lenders 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.

                  5.13 ACKNOWLEDGEMENTS. Each Guarantor hereby acknowledges
that:

                  (a) it has been advised by counsel in the negotiation,
execution and delivery of this Guarantee and the other Loan Documents to which
it is a party;

                  (b) the Lenders have no fiduciary relationship with or duty to
any Guarantor arising out of or in connection with this Guarantee or any of the
other Loan Documents, and the relationship between the Guarantors, on the one
hand, and the Lenders, on the other hand, in connection herewith or therewith is
solely that of debtor and creditor; and

                  (c) no joint venture is created hereby or by the other Loan
Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Guarantors and the Lenders.

                  5.14 ADDITIONAL GUARANTORS. If and only to the extent required
by Section 6.12 of the Loan Agreement, the Company shall cause any of its
Restricted Subsidiaries to become a Guarantor for all purposes of this Guarantee
by executing and delivering an Assumption Agreement in the form of Annex 1
hereto.

                                      -8-
<PAGE>   11

                  5.15 RELEASE OF GUARANTORS. In the event of a sale or other
disposition of all or substantially all of the assets of any Guarantor, by way
of merger, consolidation or otherwise, or a sale or other disposition of all of
the capital stock of any Guarantor, in each case to a Person that is not (either
before or after giving effect to such transactions) a Subsidiary of the Company,
then such Guarantor (in the event of a sale or other disposition, by way of
merger, consolidation or otherwise, of all of the capital stock of such
Guarantor) or the corporation acquiring the property (in the event of a sale or
other disposition of all or substantially all of the assets of such Guarantor)
will be released and relieved of any obligations under its Subsidiary Guarantee;
PROVIDED that the Net Proceeds of such sale or other disposition are applied in
accordance with the applicable provisions of the Loan Agreement, including
without limitation Section 6.5 of the Loan Agreement. Upon delivery by the
Company to the Administrative Agent of an Officers' Certificate and an Opinion
of Counsel to the effect that such sale or other disposition was made by the
Company in accordance with the provisions of the Loan Agreement, including
without limitation Section 6.5 of the Loan Agreement, the Administrative Agent
shall execute any documents reasonably required in order to evidence the release
of any Guarantor from its obligations under its Subsidiary Guarantee.

         Any Guarantor not released from its obligations under its Subsidiary
Guarantee shall remain liable for the full amount of principal of and interest
on the Notes and for the other obligations of any Guarantor under this Indenture
as provided in this Subsidiary Guarantee.

         Subject to Section 2.6, each Guarantor will be released from all
liability hereunder concurrently with the repayment in full of all amounts owed
under the Loan Agreement and the Loans.

                  5.16 WAIVER OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE
OF THE BENEFITS HEREOF, EACH LENDER, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS
GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

                                      -9-
<PAGE>   12

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

                                 ALAMO RENT-A-CAR (CANADA), INC.
                                 ALAMO RENT-A-CAR, LLC
                                 LIABILITY MANAGEMENT COMPANIES
                                     HOLDING, INC.
                                 NATIONAL CAR RENTAL LICENSING, INC.
                                 NATIONAL CAR RENTAL SYSTEM, INC.
                                 REPUBLIC GUY SALMON PARTNER, INC.
                                 REPUBLIC INDUSTRIES AUTOMOTIVE
                                     RENTAL GROUP (BELGIUM) INC.
                                 SPIRIT RENT-A-CAR, INC.

                                 By: /s/ LELAND F. WILSON
                                     -----------------------------------
                                         Leland F. Wilson
                                         Vice President and Treasurer

                                 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.
                                 NCR AFFILIATE SERVICER, INC.
                                 NCRAS MANAGEMENT, LP
                                      By:  NCRAS-GP, Inc., its general partner
                                 NCRAS-GP, INC.
                                 SRAC MANAGEMENT, LP
                                      By:  SRAC-GP, Inc., its general partner
                                 SRAC-GP, INC.
                                 SRAC-TM, INC.

                                 By: /s/ O. MASON HURST
                                     -----------------------------------
                                         O. Mason Hurst, II
                                         Vice President and Assistant Secretary

                                      -10-
<PAGE>   13

                                                                    SCHEDULE 1

                         NOTICE ADDRESSES OF GUARANTORS

Except otherwise noted the Notice Address of all Guarantors is:

200 South Andrews Avenue
Fort Lauderdale, Florida  33301

Spirit Rent-A-Car, Inc.
29100 Aurora Road
Solon, Ohio  44139

National Car Rental Licensing, Inc.
208 St. James Avenue
Goose Creek, S.C.  29445

                                      -11-
<PAGE>   14

                                                                    Annex 1 to
                                                          SUBSIDIARY GUARANTEE

                  ASSUMPTION AGREEMENT, dated as of ____ __, 2000 made by
______________________________, a ______________ corporation (the "ADDITIONAL
GUARANTOR"), in favor of LEHMAN COMMERCIAL PAPER INC., as administrative agent
on behalf of the Lenders pursuant to the Loan Agreement referred to below. All
capitalized terms not defined herein shall have the meaning ascribed to them in
such Loan Agreement.

                              W I T N E S S E T H :

                  WHEREAS, ANC Rental Corporation (the "BORROWER") and the
Lenders have entered into a Amended and Restated Senior Loan Agreement, dated as
of June 30, 2000 (as amended, supplemented or otherwise modified from time to
time, the "LOAN AGREEMENT");

                  WHEREAS, in connection with the Loan Agreement, the Borrower
and certain of its Subsidiaries (other than the Additional Guarantor) have
entered into the Subsidiary Guarantee, dated as of June 30, 2000 (as amended,
supplemented or otherwise modified from time to time, the "GUARANTEE") in favor
of the Lenders;

                  WHEREAS, the Loan Agreement requires the Additional Guarantor
to become a party to the Guarantee; and

                  WHEREAS, the Additional Guarantor has agreed to execute and
deliver this Assumption Agreement in order to become a party to the Guarantee;

                  NOW, THEREFORE, IT IS AGREED:

                  1. GUARANTEE. By executing and delivering this Assumption
Agreement, the Additional Guarantor, as provided in Section 5.14 of the
Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder
with the same force and effect as if originally named therein as a Guarantor
and, without limiting the generality of the foregoing, hereby expressly assumes
all obligations and liabilities of a Guarantor thereunder. The information set
forth in Annex 1-A hereto is hereby added to the information set forth in
Schedule 1 to the Guarantee. The Additional Guarantor hereby represents and
warrants that each of the representations and warranties contained in Section 3
of the Guarantee is true and correct on and as the date hereof (after giving
effect to this Assumption Agreement) as if made on and as of such date.

                  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.

                                      -1-

<PAGE>   15

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

                                  [ADDITIONAL Guarantor]

                                   By:
                                      Name:
                                      Title:

                                      -2-

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