EX-10.72 14 a2092465zex-10_72.txt EXHIBIT 10.72 EXHIBIT 10.72 FIRST AMENDMENT TO ASSET AND STOCK PURCHASE AGREEMENT FIRST AMENDMENT TO ASSET AND STOCK PURCHASE AGREEMENT, dated as of September 10, 2002 (the "FIRST AMENDMENT"), by and among Budget Group, Inc., a Delaware corporation ("SELLER"), the Subsidiaries of Seller listed on SCHEDULE 1 (collectively with Seller, "SELLER PARTIES"), Cendant Corporation, a Delaware corporation ("PARENT"), and Cherokee Acquisition Corporation, a Delaware corporation ("BUYER"). WHEREAS, Parent, Cherokee and Seller Parties have entered into the Asset and Stock Purchase Agreement, dated as of August 22, 2002 (the "PURCHASE AGREEMENT"); and WHEREAS, Parent, Cherokee and Seller Parties desire to amend the Purchase Agreement as set forth herein. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows: 1. DEFINED TERMS. Capitalized terms used but not defined in this First Amendment shall have the respective meanings assigned thereto in the Purchase Agreement. 2. AMENDMENT TO THE PURCHASE AGREEMENT. (a) The definition of the term "Cash Purchase Price" in SECTION 1.1 OF THE PURCHASE AGREEMENT is hereby amended by replacing "$107,500,000" with "$110,000,000." (b) SECTION 2.5(a)(vi) OF THE PURCHASE AGREEMENT is hereby amended by adding", or on account of the fees and expenses, including the fees and expenses of attorneys and professionals, of the Indenture Trustees of (i) the 9 1/8% Senior Notes Due 2006, (ii) the 6.85% Convertible Subordinated Notes, Series B, Due 2007 and (iii) the Remarketable Term Income Deferrable Equity Securities Due 2028" after the words "Additional DIP Asset-Backed Financing" in the fourteenth line thereof. (c) SECTION 8.6(b)(i) OF THE PURCHASE AGREEMENT is hereby amended by adding the following proviso at the end of such Section: "; PROVIDED, FURTHER, that if Buyer terminates this Agreement pursuant to SECTIONS 8.3(a) or 8.3(b) and Buyer's recovery is not limited to $3,500,000 by virtue of the immediately preceding proviso (i) or (ii) above, Buyer shall be entitled to receive (A) 23.34% of the Termination Amount (I.E., $ 3,500,000) within two Business Days of such termination and (B) 76.66% of the Termination Amount (I.E., $11,500,000) upon the closing of an Alternative Transaction or (C) if no Alternative Transaction closes, such additional amount, not to exceed $11,500,000, as the Bankruptcy Court determines pursuant to a Final Order compensates Buyer and Parent for their reasonable pre-Petition and post-Petition attorneys', accountants' and financial advisors' fees and expenses) incurred in connection with the transaction contemplated by this Agreement (including their due diligence with respect to the Debtors, the Acquired Assets and the Assumed Liabilities, the drafting and negotiation of this Agreement (including the schedules and exhibits hereto and the Seller Parties Disclosure Schedule) and the Ancillary Agreements), such reasonableness to be determined from the point of view of a reasonable potential buyer of the Acquired Business after taking into account the actual payment of the $3,500,000 referred to above." 3. CONTINUING EFFECT OF PURCHASE AGREEMENT. Except as specifically amended pursuant to this First Amendment, the provisions of the Purchase Agreement are and shall remain in full force. 4. COUNTERPARTS. This First Amendment may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and the executed counterparts taken together shall be deemed to be one originally executed document. 5. GOVERNING LAW. Except to the extent the mandatory provisions of the Bankruptcy Code apply, this First Amendment shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and to be performed entirely in such state without regard to principles of conflicts or choice of laws or any other law that would make the laws of any other jurisdiction other than the State of New York applicable hereto. [Remainder of this page intentionally left blank] 2 IN WITNESS WHEREOF, Parent, Cherokee and Seller Parties have caused this First Amendment to be signed by their respective officers thereunto duly authorized, all as of the date first written above. BUDGET GROUP, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President CHEROKEE ACQUISITION CORPORATION By: /s/ Eric J. Bock ------------------------------ Name: Eric J. Bock Tile: Secretary CENDANT CORPORATION By: /s/ Eric J. Bock ------------------------------ Name: Eric J. Bock Title: Executive Vice President, Law and Corporate Secretary BGI AIRPORT PARKING, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 3 BGI SHARED SERVICES, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BGI SHARED SERVICES, LLC By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President VEHICLE RENTAL ACCESS COMPANY, LLC By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President PREMIER CAR RENTAL LLC By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 4 AUTO RENTAL SYSTEMS, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President RYDER TRS, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President RYDER MOVE MANAGEMENT, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President MASTERING THE MOVE REALTY, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 5 THE MOVE SHOP, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President RYDER RELOCATION SERVICES, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET STORAGE CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET RENT A CAR CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 6 CONTROL RISK CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President PHILIP JOCOBS INSURANCE AGENCY, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET RENT-A-CAR INTERNATIONAL, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET CAR SALES, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 7 TCS PROPERTIES, LLC By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President IN MOTORS VI, LLC By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President VALCAR RENTAL CAR SALES, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President DIRECTORS ROW MANAGEMENT COMPANY, LLC By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 8 TEAM CAR SALES OF SOUTHERN CALIFORNIA, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President TEAM CAR SALES OF SAN DIEGO, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President TEAM CAR SALES OF RICHMOND, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President TEAM CAR SALES OF PHILADEPHIA, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 9 TEAM CAR SALES OF DAYTON, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President TEAM CAR SALES OF CHARLOTTE, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President WARREN WOOTEN FORD, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President PAUL WEST FORD, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 10 CARSON CHRYSLER PLYMOUTH DODGE JEEP EAGLE, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET SALES CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President RESERVATION SERVICES, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President TEAM REALTY SERVICES, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 11 TEAM HOLDINGS CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET RENT-A-CAR SYSTEMS, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET-RENT-A-CAR OF ST.LOUIS, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUNGET-RENT-A-CAR OF THE MIDWEST, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 12 BVM, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President DAYTON AUTO LEASE COMPANY, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President MOSIANT CAR SALES, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President NYRAC INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 13 BUDGET RENT A CAR CARIBE CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET FLEET FINANCE CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President TRANSPORTATION AND STORAGE ASSOCIATES By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BRAC CREDIT CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 14 TEAM FLEET SERVICES CORPORATION By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET RENT A CAR ASIA-PACIFIC, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President BUDGET RENT A CAR OF JAPAN, INC. By: /s/ Robert L. Aprati ------------------------------ Name: Robert L. Aprati Title: Executive Vice President 15