BY AND AMONG



                               BUDGET GROUP, INC.



                                       AND



                          CERTAIN OF ITS SUBSIDIARIES,



                               CENDANT CORPORATION





                                       AND





                        CHEROKEE ACQUISITION CORPORATION



                           DATED AS OF AUGUST 22, 2002



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







                                TABLE OF CONTENTS







                                                                                                         Page

                                                                                                         ----

                                                                                                        

                                                   ARTICLE 1

                                                  DEFINITIONS



Section 1.1    Defined Terms................................................................................1

Section 1.2    Other Definitional and Interpretive Matters.................................................19



                                                   ARTICLE 2

                                   PURCHASE AND SALE OF THE ACQUIRED ASSETS



Section 2.1    Purchase and Sale of Acquired Assets........................................................20

Section 2.2    Consideration...............................................................................20

Section 2.3    Acquired Assets.............................................................................20

Section 2.4    Excluded Assets.............................................................................25

Section 2.5    Assumed Liabilities.........................................................................26

Section 2.6    Excluded Liabilities........................................................................27

Section 2.7    Closing.....................................................................................29

Section 2.8    Deliveries by Seller Parties................................................................29

Section 2.9    Deliveries by Buyer.........................................................................30

Section 2.10   Cure Costs..................................................................................31

Section 2.11   Transition and Support Arrangements for Retained Business...................................31



                                                   ARTICLE 3

                               REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES



Section 3.1    Organization and Qualification..............................................................32

Section 3.2    Capitalization of the Acquired Companies....................................................32

Section 3.3    Corporate Power and Authority...............................................................33

Section 3.4    Conflicts; Consents and Approvals...........................................................33

Section 3.5    Title to Property; Adequacy of Assets.......................................................34

Section 3.6    SEC Filings; Seller Financial Statements....................................................35

Section 3.7    Vehicles, Etc...............................................................................37

Section 3.8    Absence of Changes..........................................................................38

Section 3.9    No Undisclosed Liabilities..................................................................38

Section 3.10   Accounts Receivable; Accounts Payable.......................................................39

Section 3.11   Affiliate Transactions......................................................................40

Section 3.12   Compliance with Laws........................................................................40

Section 3.13   Litigation..................................................................................40

Section 3.14   Corporate Locations; Permits; Etc...........................................................41

Section 3.15   Contracts...................................................................................41

Section 3.16   Real Estate.................................................................................46

Section 3.17   Airport Concessions.........................................................................47

Section 3.18   Employee; Employee Benefit Matters..........................................................48




 

 

	

		

		

		
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