**CREDIT      AGREEMENT**

**dated      as of**

**May      31, 2006**

**among**

**U-HAUL      **
**LEASING**
**&      SALES CO.,**

**U-HAUL      CO. OF ARIZONA, **

**and**

**U-HAUL      INTERNATIONAL, INC.,**

**as      Borrowers**

**U-HAUL      INTERNATIONAL, INC.,**

**as      Servicer/Manager, Guarantor and Custodian**

**AMERCO,**

**as      Guarantor**

**BTMU      CAPITAL CORPORATION,**

**as      Lender**

**and**

**ORANGE      TRUCK TRUST 2006, **

**as      Collateral Agent**

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ARTICLE      I

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**TABLE          OF CONTENTS**

**(continued)**

**Page**

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**TABLE          OF CONTENTS**

**(continued)**

**Page**

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**TABLE          OF CONTENTS**

**(continued)**

**Page**

|   | -- |   |
|--------|----|--------|

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**TABLE            OF CONTENTS**

**(continued)**

**Page**

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*provided*
*provided*
*further*
*provided      further*

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*provided*
*provided      further, *

*provided*

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*plus*
*plus*
*minus*

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*provided*

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*The      Wall Street Journal*

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*provided,      however*

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*provided*
*provided*
*further*

*provided*

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*provided*
*provided*
*however*

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*provided*

*provided*

*prima      facie*
*provided*

***(c)***
*provided*

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*provided*

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|   | (i) | *first*,                to the payment of all interest, fees and expenses due and payable                under                this Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | *second*,                to the payment of amounts owing to the Hedge                Provider; |
|--------|------|------------------------------------------------------------------------------------------------|

|   | (iii) | *third*,                to the payment of Targeted Principal payable under this                Agreement; |
|--------|-------|-----------------------------------------------------------------------------------------------------------|

|   | (iv) | *fourth*,                to the payment in full of all other Obligations then due and payable                under                this Agreement; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | *fifth*,                to the Collection Sub-Account to be held until the next Payment Date                and                applied in accordance with this Section                5.03. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*provided*
*provided      further*

*provided*

*provided,      however*

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*provided*

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*provided*

*provided*

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*provided*

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*provided*

*provided*
*provided*

*provided*

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*Signature      Page Follows*

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| U-HAUL                LEASING & SALES CO., as a Borrower                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------------------|
|  By:                                                                                                                          |
| Name:                                                                                                                                   |
| Title:                                                                                                                                  |
|                                                                                                                                    |
|                                                                                                                                    |
|                                                                                                                                    |
| U-HAUL                CO. OF ARIZONA, as a Borrower                                                                                     |
|  By:                                                                                                                          |
| Name:                                                                                                                                   |
| Title:                                                                                                                                  |
|                                                                                                                                    |
|                                                                                                                                    |
|                                                                                                                                    |
| U-HAUL                INTERNATIONAL, INC., as a Borrower, as Servicer/Manager, Guarantor                and as                Custodian |
|  By:                                                                                                                          |
| Name:                                                                                                                                   |
| Title:                                                                                                                                  |
|  AMERCO,                as Guarantor                                                                                               |
|  By:                                                                                                                          |
| Name:                                                                                                                                   |
| Title:                                                                                                                                  |
|                                                                                                                                    |
|                                                                                                                                    |
|                                                                                                                                    |
|    BTMU                CAPITAL CORPORATION, as Lender                                                                    |
|  By:                                                                                                                          |
| Name:                                                                                                                                   |
| Title:                                                                                                                                  |
|                                                                                                                                    |
|                                                                                                                                    |
|                                                                                                                                    |
| ORANGE                TRUCK TRUST 2006, as Collateral Agent                                                                        |
| By:                Wells Fargo Bank Northwest, National Association, solely as                Trustee                                   |
|  By:                                                                                                                          |
| Name:                                                                                                                                   |
| Title:                                                                                                                                  |

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**ASSIGNMENT      AND ACCEPTANCE**

| Date                of Assignment:                   |   |
|-----------------------------------------------------------|--------|
| Legal                Name of Assignee:               |   |
| Legal                Name of Assignor:               |   |
| Assignee’s                Address for Notices  |   |

|  [_____________________]     |
|-----------------------------------|
| as                Assignor,       |
|  By:                    |
| Name:                             |
| Title:                            |
|  [_________________________] |
| as                Assignee,       |
|  By:                    |
| Name:                             |
| Title:                            |

----

----

*Borrowers*
*Agreement*

----

| U-HAUL                LEASING & SALES CO. |
|-----------------------------------------------|
|  By:                                |
| Name: Title:                        |
| U-HAUL                CO. OF ARIZONA          |
|  By:                                |
| Name: Title:                        |
| U-HAUL                INTERNATIONAL, INC.     |
|  By:                                |
| Name: Title:                        |

----

| Monthly                  Analysis              |
|------------------------------------------------|
| New                  Truck Term Loan Facility  |
| Borrowing                  Base Analysis  |

| Monthly                  Pool #1: | [Date                  of Funding]  |                          |                          |                                    |
|-----------------------------------|-------------------------------------|-------------------------------|-------------------------------|-----------------------------------------|
| End                  of Month     | Number                  of Vehicles | Vehicle                  Cost | Advance                  Rate | Vehicle                  Facility Value |
| 1                                 |                                |                          | 98.33%                        |                                    |
| 2                                 |                                |                          | 96.67%                        |                                    |
| 3                                 |                                |                          | 95.00%                        |                                    |
| 4                                 |                                |                          | 93.33%                        |                                    |
| 5                                 |                                |                          | 91.67%                        |                                    |
| 6                                 |                                |                          | 90.00%                        |                                    |
| 7                                 |                                |                          | 88.33%                        |                                    |
| 8                                 |                                |                          | 86.67%                        |                                    |
| 9                                 |                                |                          | 85.00%                        |                                    |
| 10                                |                                |                          | 83.33%                        |                                    |
| 11                                |                                |                          | 81.67%                        |                                    |
| 12                                |                                |                          | 80.00%                        |                                    |
| 13                                |                                |                          | 78.75%                        |                                    |
| 14                                |                                |                          | 77.50%                        |                                    |
| 15                                |                                |                          | 76.25%                        |                                    |
| 16                                |                                |                          | 75.00%                        |                                    |
| 17                                |                                |                          | 73.75%                        |                                    |
| 18                                |                                |                          | 72.50%                        |                                    |
| 19                                |                                |                          | 71.25%                        |                                    |
| 20                                |                                |                          | 70.00%                        |                                    |
| 21                                |                                |                          | 68.75%                        |                                    |
| 22                                |                                |                          | 67.50%                        |                                    |
| 23                                |                                |                          | 66.25%                        |                                    |
| 24                                |                                |                          | 65.00%                        |                                    |
| 25                                |                                |                          | 63.75%                        |                                    |
| 26                                |                                |                          | 62.50%                        |                                    |
| 27                                |                                |                          | 61.25%                        |                                    |
| 28                                |                                |                          | 60.00%                        |                                    |
| 29                                |                                |                          | 58.75%                        |                                    |
| 30                                |                                |                          | 57.50%                        |                                    |
| 31                                |                                |                          | 56.25%                        |                                    |
| 32                                |                                |                          | 55.00%                        |                                    |
| 33                                |                                |                          | 53.75%                        |                                    |
| 34                                |                                |                          | 52.50%                        |                                    |
| 35                                |                                |                          | 51.25%                        |                                    |
| 36                                |                                |                          | 50.00%                        |                                    |
| 37                                |                                |                          | 49.50%                        |                                    |
| 38                                |                                |                          | 49.00%                        |                                    |
| 39                                |                                |                          | 48.50%                        |                                    |
| 40                                |                                |                          | 48.00%                        |                                    |
| 41                                |                                |                          | 47.50%                        |                                    |
| 42                                |                                |                          | 47.00%                        |                                    |
| 43                                |                                |                          | 46.50%                        |                                    |
| 44                                |                                |                          | 46.00%                        |                                    |
| 45                                |                                |                          | 45.50%                        |                                    |
| 46                                |                                |                          | 45.00%                        |                                    |
| 47                                |                                |                          | 44.50%                        |                                    |
| 48                                |                                |                          | 44.00%                        |                                    |
| 49                                |                                |                          | 43.58%                        |                                    |
| 50                                |                                |                          | 43.17%                        |                                    |
| 51                                |                                |                          | 42.75%                        |                                    |
| 52                                |                                |                          | 42.33%                        |                                    |
| 53                                |                                |                          | 41.92%                        |                                    |
| 54                                |                                |                          | 41.50%                        |                                    |
| 55                                |                                |                          | 41.08%                        |                                    |
| 56                                |                                |                          | 40.67%                        |                                    |
| 57                                |                                |                          | 40.25%                        |                                    |
| 58                                |                                |                          | 39.83%                        |                                    |
| 59                                |                                |                          | 39.42%                        |                                    |
| 60                                |                                |                          | 39.00%                        |                                    |
| 61                                |                                |                          | 38.67%                        |                                    |
| 62                                |                                |                          | 38.33%                        |                                    |
| 63                                |                                |                          | 38.00%                        |                                    |
| 64                                |                                |                          | 37.67%                        |                                    |
| 65                                |                                |                          | 37.33%                        |                                    |
| 66                                |                                |                          | 37.00%                        |                                    |
| 67                                |                                |                          | 36.67%                        |                                    |
| 68                                |                                |                          | 36.33%                        |                                    |
| 69                                |                                |                          | 36.00%                        |                                    |
| 70                                |                                |                          | 35.67%                        |                                    |
| 71                                |                                |                          | 35.33%                        |                                    |
| 72                                |                                |                          | 0.00%                         |                                    |

----

| Monthly                Analysis             |
|---------------------------------------------|
| New                Truck Term Loan Facility |
| Fleet                Owner Cash Flow   |

|                                                   |                                                                                  | TBD    | TBD    | TBD    | TBD    | TBD    | TBD    | TBD    | TBD    | TBD    | TBD    | TBD    | TBD    | 12                  Month Total |
|--------------------------------------------------------|---------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------------------------------|
| Fleet                  Owner Cash Flow                 |                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Commissionable                  Gross Revenue          | A                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Dealer                  & Marketing Co Commissions | B                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Fleetowner                  Commission                 | C                  =                  A - B                                           |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Damage                  Waiver and Other Adjustments   | D                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| No                  Number Fleetowner Commission       | E                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Warranty                  Payments                     | F                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Adjusted                  Fleetowner Commission        | G                  =                  C + D + E                  +                  F |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Maintenance                  & Repair Expense      | H                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Licensing                  Expense                     | I                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Liability                  Insurance Expense           | J                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Total                  Expenses                        | K                  =                  H + I + J                                       |   |   |   |   |   |   |   |   |   |   |   |   |                            |
|                                                   |                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |                            |
| Fleetowner                  Cash Flow                  | L                  =                  G - K                                           |   |   |   |   |   |   |   |   |   |   |   |   |                            |

----

|                              | Monthly                  Pool #1        | Monthly                  Pool #2        | Monthly                  Pool #3        | Monthly                  Pool #N        |                            |
|-----------------------------------|-----------------------------------------|-----------------------------------------|-----------------------------------------|-----------------------------------------|---------------------------------|
| Payment                  Date in: | Vehicle                  Facility Value | Vehicle                  Facility Value | Vehicle                  Facility Value | Vehicle                  Facility Value | Borrowing                  Base |
| TBD                               |                                    |                                    |                                    |                                    |                            |

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|  Monthly                  Analysis New                  Truck Term Loan Facility Eligibility                  Criteria and Minimum Fleet Owner Cash Flow Test  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                               | Amount  | Test  | Compliance  |
| 1)                  TTM Fleet Owner Cash Flow                                                                                                                                 |   |   |   |
| 2)                  Fleet Owner Cash Flow Ratio                                                                                                                               |   | Not                  to exceed 4.0x  | YES  |
| 3)                  Commitment Amount                                                                                                                                         | Up                  to $150,000,000  |   |   |
| 4)                  Borrowing Base                                                                                                                                            |   |   |   |
| 5)                  Current Outstanding Loans                                                                                                                                 |   | Not                  to exceed Borrowing Base  Not                  to exceed Commitment Amount  | YES  |
| 6)                  EBITDA of AMERCO for the preceding 12 calendar months                                                                                                     |   |   |   |
| 7)                  Net income before preferred stock dividends of AMERCO for the preceding                  12                  calendar months                              |   |   |   |
| 8)                  EBITDAR of AMERCO and its subsidiaries for the preceding 12 calendar                  months                                                              |   |   |   |
| 9)                  AMERCO'S lease and interest expenses for the preceding 12 calendar                  months                                                                |   |   |   |
| 10)                  Fixed Charge Ratio                                                                                                                                       |   |   |   |
|                                                                                                                                                                               |   |   |   |

| Payment                  Waterfall                                         |                      |
|---------------------------------------------------------------------------------|---------------------------|
| Fees,                  Interest, Expenses                                  | $                    |
| Targeted                  Principal                                        | $                    |
| All                  Other Obligations                                     | $                    |
| Total                  amount to be withdrawn from Collection Sub-Account  | $                    |

----

*"Borrowers"*
*Lender*

*ab      initio*

*Agreement*

----

**THIS      NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND BE GOVERNED BY, THE LAWS OF      THE      STATE OF NEW YORK.**

| U-HAUL                LEASING & SALES CO., as                a Borrower  |
|----------------------------------------------------------------------------------------|
|  By:                                                                              |
| Name:                 Title:                                                 |
| U-HAUL                CO. OF ARIZONA, as                a Borrower           |
|  By:                                                                              |
| Name:                 Title:                                                 |
| U-HAUL                INTERNATIONAL, INC. as                a Borrower       |
|  By:                                                                              |
| Name:                 Title:                                                 |

----

| Date                of Loan  | Amount                of Loan  | Date                of Payment/ Prepayment  | Amount                of Payment/ Prepayment  | Initialed                by  |
|----------------------------------------|-------------------------------------|-------------------------------------------------------|---------------------------------------------------------|-----------------------------------|
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |
|                                   |                                |                                                  |                                                    |                              |

----

| **Pool                Amortization Schedule**               |
|-------------------------------------------------------------|
| **(End                of)****Funding                Month** | **Advance                Rate****(%                of Vehicle Cost)** |
| 1                                                           | 98.33% |
| 2                                                           | 96.67% |
| 3                                                           | 95.00% |
| 4                                                           | 93.33% |
| 5                                                           | 91.67% |
| 6                                                           | 90.00% |
| 7                                                           | 88.33% |
| 8                                                           | 86.67% |
| 9                                                           | 85.00% |
| 10                                                          | 83.33% |
| 11                                                          | 81.67% |
| 12                                                          | 80.00% |
| 13                                                          | 78.75% |
| 14                                                          | 77.50% |
| 15                                                          | 76.25% |
| 16                                                          | 75.00% |
| 17                                                          | 73.75% |
| 18                                                          | 72.50% |
| 19                                                          | 71.25% |
| 20                                                          | 70.00% |
| 21                                                          | 68.75% |
| 22                                                          | 67.50% |
| 23                                                          | 66.25% |
| 24                                                          | 65.00% |
| 25                                                          | 63.75% |
| 26                                                          | 62.50% |
| 27                                                          | 61.25% |
| 28                                                          | 60.00% |
| 29                                                          | 58.75% |
| 30                                                          | 57.50% |
| 31                                                          | 56.25% |
| 32                                                          | 55.00% |
| 33                                                          | 53.75% |
| 34                                                          | 52.50% |
| 35                                                          | 51.25% |
| 36                                                          | 50.00% |
| 37                                                          | 49.50% |
| 38                                                          | 49.00% |
| 39                                                          | 48.50% |
| 40                                                          | 48.00% |
| 41                                                          | 47.50% |
| 42                                                          | 47.00% |
| 43                                                          | 46.50% |
| 44                                                          | 46.00% |
| 45                                                          | 45.50% |
| 46                                                          | 45.00% |
| 47                                                          | 44.50% |
| 48                                                          | 44.00% |
| 49                                                          | 43.58% |
| 50                                                          | 43.17% |
| 51                                                          | 42.75% |
| 52                                                          | 42.33% |
| 53                                                          | 41.92% |
| 54                                                          | 41.50% |
| 55                                                          | 41.08% |
| 56                                                          | 40.67% |
| 57                                                          | 40.25% |
| 58                                                          | 39.83% |
| 59                                                          | 39.42% |
| 60                                                          | 39.00% |
| 61                                                          | 38.67% |
| 62                                                          | 38.33% |
| 63                                                          | 38.00% |
| 64                                                          | 37.67% |
| 65                                                          | 37.33% |
| 66                                                          | 37.00% |
| 67                                                          | 36.67% |
| 68                                                          | 36.33% |
| 69                                                          | 36.00% |
| 70                                                          | 35.67% |
| 71                                                          | 35.33% |
| 72                                                          | 0.00% |

----

----

----

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| Account                No. | 521-11235                                          |
|----------------------------|----------------------------------------------------|
| Bank:                      | Bank                of America                     |
| Address:                   | 100                West 33rd                Street |
|                       | New                York, NY 10001                  |
| ABA                No.:    | 026-009-593                                        |
| Reference:                 | BTMU                Capital Corporation            |

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*provided*

----

**2006      GMC C5500 TRUCK**

**U-HAUL      JH TRUCK**

**EQUIPMENT      SPECIFICATIONS**

**MODEL**

**BODY      & CHASSIS**

**POWER      TRAIN**

**WHEELS      & TIRES**

**INTERIOR      OPTIONS**

**EXTERIOR      OPTIONS**

**OTHER      ADD-ONS **

**26'      VAN BOX SPECIFICATIONS**

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**2006      FORD E 450 TRUCK**

**U-HAUL      DC (50 STATE EMISSION CERTIFIED)**

**EQUIPMENT      SPECIFICATIONS**

**MODEL**

**BODY      & CHASSIS**

**POWER      TRAIN**

**WHEELS      & TIRES**

**INTERIOR      OPTIONS**

**EXTERIOR      OPTIONS**

**COLOR      SCHEME**

**OTHER      ADD-ONS**

**14’      VAN BOX SPECIFICATIONS**