**CREDIT      AGREEMENT**

**dated      as of**

**June      6, 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**

**BAYERISCHE      HYPO- UND VEREINSBANK AG, NEW YORK BRANCH,**

**AND      OTHER LENDERS PARTY HERETO FROM TIME TO TIME**

**as      Lenders**

**and**

**BAYERISCHE      HYPO- UND VEREINSBANK AG, NEW YORK BRANCH,**

**as      Administrative Agent**

----

ARTICLE      I

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

----

**TABLE            OF CONTENTS**

**(continued)**

**Page**

*provided*
*provided*
*further*

*provided*

*plus*
*plus*
*minus*

*provided*

*provided,      however,*

*provided*
*provided*
*further*

*The      Wall Street Journal*

*provided,      however*

*provided*
*provided*
*further*

*provided*

*provided*
*provided*
*however*

*provided*

*provided*

*prima      facie*
*provided*

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

*provided*

|   | (i) | *first*,                to the payment of all interest, fees and expenses due and payable                to the                Lenders and the Administrative Agent, pro rata in accordance with                the                amounts owing under this Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (iii) | *third,*                to                the payment of Targeted Principal payable to the Lenders under this                Agreement, pro rata in accordance with their Lender Commitment                Percentages; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*provided*
*provided      further*

*provided*

*provided,      however*

*provided*

*provided*

*provided*

*provided*

*provided*

*provided*

*provided*
*provided*

*provided*

*Signature      Page Follows*

----

----

----

----

**ASSIGNMENT      AND ACCEPTANCE**

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

----

----

|   | Re: | $50,000,000                Credit Agreement |
|--------|-----|---------------------------------------------|

*Borrowers*
*Agreement*

----

----

| **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**                                            |   |   | **38.59%** |   |
| **62**                                            |   |   | **38.17%** |   |
| **63**                                            |   |   | **37.75%** |   |
| **64**                                            |   |   | **37.33%** |   |
| **65**                                            |   |   | **36.92%** |   |
| **66**                                            |   |   | **36.50%** |   |
| **67**                                            |   |   | **36.08%** |   |
| **68**                                            |   |   | **35.66%** |   |
| **69**                                            |   |   | **35.25%** |   |
| **70**                                            |   |   | **34.83%** |   |
| **71**                                            |   |   | **34.41%** |   |
| **72**                                            |   |   | **34.00%** |   |
| **73**                                            |   |   | **33.67%** |   |
| **74**                                            |   |   | **33.33%** |   |
| **75**                                            |   |   | **33.00%** |   |
| **76**                                            |   |   | **32.67%** |   |
| **77**                                            |   |   | **32.33%** |   |
| **78**                                            |   |   | **32.00%** |   |
| **79**                                            |   |   | **31.67%** |   |
| **80**                                            |   |   | **31.33%** |   |
| **81**                                            |   |   | **31.00%** |   |
| **82**                                            |   |   | **30.67%** |   |
| **83**                                            |   |   | **30.33%** |   |
| **84**                                            |   |   | **0.00%** |   |

----

----

|                                  | **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** |
| **September                  2006**   |                                        |                                        |                                        |                                        |                                |
| **October                  2006**     |                                        |                                        |                                        |                                        |                                |
| **November                  2006**    |                                        |                                        |                                        |                                        |                                |
| **December                  2006**    |                                        |                                        |                                        |                                        |                                |
| **January                  2007**     |                                        |                                        |                                        |                                        |                                |
| **February                  2007**    |                                        |                                        |                                        |                                        |                                |
| **March                  2007**       |                                        |                                        |                                        |                                        |                                |
| **April                  2007**       |                                        |                                        |                                        |                                        |                                |
| **May                  2007**         |                                        |                                        |                                        |                                        |                                |
| **June                  2007**        |                                        |                                        |                                        |                                        |                                |
| **July                  2007**        |                                        |                                        |                                        |                                        |                                |
| **August                  2007**      |                                        |                                        |                                        |                                        |                                |
| **September                  2007**   |                                        |                                        |                                        |                                        |                                |
| **October                  2007**     |                                        |                                        |                                        |                                        |                                |
| **November                  2007**    |                                        |                                        |                                        |                                        |                                |
| **December                  2007**    |                                        |                                        |                                        |                                        |                                |
| **January                  2008**     |                                        |                                        |                                        |                                        |                                |
| **February                  2008**    |                                        |                                        |                                        |                                        |                                |
| **March                  2008**       |                                        |                                        |                                        |                                        |                                |
| **April                  2008**       |                                        |                                        |                                        |                                        |                                |
| **May                  2008**         |                                        |                                        |                                        |                                        |                                |
| **June                  2008**        |                                        |                                        |                                        |                                        |                                |
| **July                  2008**        |                                        |                                        |                                        |                                        |                                |
| **August                  2008**      |                                        |                                        |                                        |                                        |                                |
| **September                  2008**   |                                        |                                        |                                        |                                        |                                |
| **October                  2008**     |                                        |                                        |                                        |                                        |                                |
| **November                  2008**    |                                        |                                        |                                        |                                        |                                |
| **December                  2008**    |                                        |                                        |                                        |                                        |                                |
| **January                  2009**     |                                        |                                        |                                        |                                        |                                |
| **February                  2009**    |                                        |                                        |                                        |                                        |                                |
| **March                  2009**       |                                        |                                        |                                        |                                        |                                |
| **April                  2009**       |                                        |                                        |                                        |                                        |                                |
| **May                  2009**         |                                        |                                        |                                        |                                        |                                |
| **June                  2009**        |                                        |                                        |                                        |                                        |                                |
| **July                  2009**        |                                        |                                        |                                        |                                        |                                |
| **August                  2009**      |                                        |                                        |                                        |                                        |                                |
| **September                  2009**   |                                        |                                        |                                        |                                        |                                |
| **October                  2009**     |                                        |                                        |                                        |                                        |                                |
| **November                  2009**    |                                        |                                        |                                        |                                        |                                |
| **December                  2009**    |                                        |                                        |                                        |                                        |                                |
| **January                  2010**     |                                        |                                        |                                        |                                        |                                |
| **February                  2010**    |                                        |                                        |                                        |                                        |                                |
| **March                  2010**       |                                        |                                        |                                        |                                        |                                |
| **April                  2010**       |                                        |                                        |                                        |                                        |                                |
| **May                  2010**         |                                        |                                        |                                        |                                        |                                |
| **June                  2010**        |                                        |                                        |                                        |                                        |                                |
| **July                  2010**        |                                        |                                        |                                        |                                        |                                |
| **August                  2010**      |                                        |                                        |                                        |                                        |                                |
| **September                  2010**   |                                        |                                        |                                        |                                        |                                |
| **October                  2010**     |                                        |                                        |                                        |                                        |                                |
| **November                  2010**    |                                        |                                        |                                        |                                        |                                |
| **December                  2010**    |                                        |                                        |                                        |                                        |                                |
| **January                  2011**     |                                        |                                        |                                        |                                        |                                |
| **February                  2011**    |                                        |                                        |                                        |                                        |                                |
| **March                  2011**       |                                        |                                        |                                        |                                        |                                |
| **April                  2011**       |                                        |                                        |                                        |                                        |                                |
| **May                  2011**         |                                        |                                        |                                        |                                        |                                |
| **June                  2011**        |                                        |                                        |                                        |                                        |                                |
| **July                  2011**        |                                        |                                        |                                        |                                        |                                |
| **August                  2011**      |                                        |                                        |                                        |                                        |                                |
| **September                  2011**   |                                        |                                        |                                        |                                        |                                |
| **October                  2011**     |                                        |                                        |                                        |                                        |                                |
| **November                  2011**    |                                        |                                        |                                        |                                        |                                |
| **December                  2011**    |                                        |                                        |                                        |                                        |                                |
| **January                  2012**     |                                        |                                        |                                        |                                        |                                |
| **February                  2012**    |                                        |                                        |                                        |                                        |                                |
| **March                  2012**       |                                        |                                        |                                        |                                        |                                |
| **April                  2012**       |                                        |                                        |                                        |                                        |                                |
| **May                  2012**         |                                        |                                        |                                        |                                        |                                |
| **June                  2012**        |                                        |                                        |                                        |                                        |                                |
| **July                  2012**        |                                        |                                        |                                        |                                        |                                |
| **August                  2012**      |                                        |                                        |                                        |                                        |                                |
| **September                  2012**   |                                        |                                        |                                        |                                        |                                |
| **October                  2012**     |                                        |                                        |                                        |                                        |                                |
| **November                  2012**    |                                        |                                        |                                        |                                        |                                |
| **December                  2012**    |                                        |                                        |                                        |                                        |                                |
| **January                  2013**     |                                        |                                        |                                        |                                        |                                |
| **February                  2013**    |                                        |                                        |                                        |                                        |                                |
| **March                  2013**       |                                        |                                        |                                        |                                        |                                |
| **April                  2013**       |                                        |                                        |                                        |                                        |                                |
| **May                  2013**         |                                        |                                        |                                        |                                        |                                |
| **June                  2013**        |                                        |                                        |                                        |                                        |                                |
| **July                  2013**        |                                        |                                        |                                        |                                        |                                |
| **August                  2013**      |                                        |                                        |                                        |                                        |                                |

----

| **Monthly                  Analysis**                                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **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 $50,000,000**  |   |   |
| **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)                  EBITDAR of AMERCO for the preceding 12 calendar                  months**                                                       |   |   |   |
| **8)                  Net income before preferred stock dividends of AMERCO for the preceding                  12                  calendar months**  |   |   |   |
| **9)                  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.**

----

| 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                                                  | 38.59% |
| 62                                                  | 38.17% |
| 63                                                  | 37.75% |
| 64                                                  | 37.33% |
| 65                                                  | 36.92% |
| 66                                                  | 36.50% |
| 67                                                  | 36.08% |
| 68                                                  | 35.66% |
| 69                                                  | 35.25% |
| 70                                                  | 34.83% |
| 71                                                  | 34.41% |
| 72                                                  | 34.00% |
| 73                                                  | 33.67% |
| 74                                                  | 33.33% |
| 75                                                  | 33.00% |
| 76                                                  | 32.67% |
| 77                                                  | 32.33% |
| 78                                                  | 32.00% |
| 79                                                  | 31.67% |
| 80                                                  | 31.33% |
| 81                                                  | 31.00% |
| 82                                                  | 30.67% |
| 83                                                  | 30.33% |
| 84                                                  | 0.00% |

----

**LENDER      INFORMATION**

|   |     Lender                                      |     Notice                Address                                                                                                                                                                    |     Wire                Instructions                                                                                                                                                                                                                                                                                                  |
|--------|---------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Bayerische                Hypo- und Vereinsbank AG, New York Branch | Attention:                Michael Whitmanemail:                michael_whitman@hvbamericas.com Attention:                Michael Whitman150                East 42nd Street New                York, New York 10017 | Account                No.  A/C                594-012033-4055-01Bank:  Federal                Reserve Bank of New YorkIn                Favor of: Bayerische                Hypo- und Vereinsbank AG, New York BranchABA                No.: 026008808Reference: U-HaulRe:  Michael                Whitman  |
|   |                                                                |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                      |

----

----

----

----