**E**
**X**
**ECUTI**
**O**
**N**
** **
**C**
**OPY**

**                                                                                                                          AMEND**
**E**
**D        AND R**
**E**
**STA**
**T**
**ED        CREDIT AGREEM**
**E**
**N**
**T**

**dated        as of **

**March        12, 2007 **

**among**

**U-HAUL        **
**L**
**EASING        & SAL**
**E**
**S        CO., U-HAUL CO. OF ARIZONA,**

**and**

**U-HAUL        **
**I**
**N**
**T**
**E**
**RNA**
**T**
**IONAL,        INC., **

**as        Borro**
**w**
**e**
**rs**

**U-HAUL        **
**I**
**N**
**T**
**E**
**RNA**
**T**
**IONAL,        INC., **

**as        Servicer/Manager and Guarantor**

**and**

**MERRI**
**L**
**L        LYNCH COMMERCIAL FINANCE CORP., **

**as        Lender**

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**TABLE        OF**
** **
**CONTENTS**

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**TABLE        OF**
** **
**CONTENTS**

**(continued)**

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**TABLE        OF**
** **
**CONTENTS**

**(continued)**

**                                                Page**

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**TABLE        OF**
** **
**CONTENTS**

**(continued)**

**                                                    Page**

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**Recitals**

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*provided*

*provided,        *

*however,        *
* *

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*The*
* *
*Wall*
* *
*Street*
* *
*Journal*
* *

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*provided,*
* *
*however*

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*provided*

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*provided        *

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*prima*
* *
*facie*
* *
*provided*
* *

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*provided*
* *

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*provided        *
* *

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*provided*
* *
*further*
* *

*provided*
* *

*provided,        *
* *
*h*
*owever*

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*provided        *
* *

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*provided*
* *

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*provided        *
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*provided*
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*provided*
* *

*provided*
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*provided*
* *

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*p*
*r*
*o*
*v*
*i*
*d*
*e*
*d*
* *

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*Signature        *
*P*
*age        Follow*
*s*

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**ASSIGNMENT**
** **
**AND**
** **
**ACCEP**
**TA**
**NCE**

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**GUARAN**
**T**
**EE**

**RECI**
**T**
**A**
**L**
**S**

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**[**
***Signature***
*** ***
***Page***
*** ***
***Follows***
**]**

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*Borrowers*

*Agreement*

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**M**
**o**
**nth**
**l**
**y        A**
**n**
**a**
**l**
**ysis**

**A**
**g**
**ed        Truck Re**
**vo**
**l**
**v**
**ing        F**
**a**
**cility**

**B**
**o**
**rr**
**o**
**wing**
** **
**Base        An**
**a**
**lysis**

**B**
**o**
**rr**
**o**
**wing**
** **
**Base        C**
**a**
**lculati**
**o**
**n**

| 14                    years       | DC       | 1993       | $2,500        | 1,121                                                                    | $2,802,500                                                                       | 65%       | $1,821,625                                                                                                           |
|-----------------------------------|----------|------------|---------------|--------------------------------------------------------------------------|----------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------------------|
|  13                    years |  DC |  1994 |  $3,500  |  4,144                                                              |  $14,504,000                                                                |  65% |  $9,427,600                                                                                                     |
|  12                    years |  DC |  1995 |  $4,500  |  1,709                                                              |  $7,690,500                                                                 |  65% |  $4,998,825                                                                                                     |
|  11                    years |  DC |  1996 |  $5,000  |  3,644                                                              |  $18,220,000                                                                |  65% |  $11,843,000                                                                                                    |
|  10                    years |  DC |  1997 |  $5,500  |  3,511                                                              |  $19,310,500                                                                |  65% |  $12,551,825                                                                                                    |
|  9 years                |  DC |  1998 |  $6,000  |  1,802                                                              |  $10,812,000                                                                |  65% |  $7,027,800                                                                                                     |
|  8 years                |  DC |  1999 |  $6,500  |  2,879                                                              |  $18,713,500                                                                |  65% |  $12,163,775                                                                                                    |
|  13                    years |  EL |  1994 |  $4,500  |  3,446                                                              |  $15,507,000                                                                |  65% |  $10,079,550                                                                                                    |
|  10                    years |  EL |  1997 |  $5,500  |  1,397                                                              |  $7,683,500                                                                 |  65% |  $4,994,275                                                                                                     |
|  9 years                |  EL |  1998 |  $6,500  |  3,858                                                              |  $25,077,000                                                                |  65% |  $16,300,050                                                                                                    |
|  7 years                |  EL |  2000 |  $9,000  |  551                                                                |  $4,959,000                                                                 |  65% |  $3,223,350                                                                                                     |
|  14                    years |  GH |  1993 |  $3,500  |  2,065                                                              |  $7,227,500                                                                 |  65% |  $4,697,875                                                                                                     |
|  13                    years |  GH |  1994 |  $4,500  |  252                                                                |  $1,134,000                                                                 |  65% |  $737,100                                                                                                       |
|  12                    years |  GH |  1995 |  $5,500  |  1,172                                                              |  $6,446,000                                                                 |  65% |  $4,189,900                                                                                                     |
|  8 years                |  GH |  1999 |  $8,500  |  239                                                                |  $2,031,500                                                                 |  65% |  $1,320,475                                                                                                     |
|  7 years                |  GH |  2000 |  $9,500  |  226                                                                |  $2,147,000                                                                 |  65% |  $1,395,550                                                                                                     |
|  7                    years  |  JH |  2000 |  $10,750 |  182                                                                |  $1,956,500                                                                 |  65% |  $1,271,725                                                                                                     |
|                              |     |       |          |  **                          32,198** |                             $166,222,000 |      |                                   $108,044,300 |

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*“Borrowers”*

*Lende*
*r*

*ab        initio*

*Agreemen*
*t*

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**THIS        **
** **
**NOTE        **
** **
**SHALL        **
** **
**BE        **
** **
**CONSTRUED        **
** **
**I**
**N        **
** **
**ACCORDANCE        **
** **
**W**
**ITH,        **
** **
**AND        **
** **
**BE        GOVERNED **

**BY,        THE LAWS OF**
** **
**THE        STATE OF NEW**
** **
**YORK.**

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| **Truck                      Age**  | **Model                      Type** |
|-------------------------------------|-------------------------------------|
| **(in                      years)** | **EL**                              | **D****C** | **GH** | **JH** |
| 5.5                                 | $12,400                             |   |   | $14,000 |
| 6.0                                 | $10,950                             |   |   | $13,000 |
| 6.5                                 | $9,500                              | $7,000 | $10,000 | $12,000 |
| 7.0                                 | $9,000                              | $7,000 | $9,500 | $10,750 |
| 7.5                                 | $8,500                              | $7,000 | $9,000 | $9,500 |
| 8.0                                 | $7,750                              | $6,500 | $8,500 | $8,750 |
| 8.5                                 | $7,000                              | $6,000 | $8,000 | $8,000 |
| 9.0                                 | $6,500                              | $6,000 | $7,500 | $7,500 |
| 9.5                                 | $6,000                              | $6,000 | $7,000 | $7,000 |
| 10.0                                | $5,500                              | $5,500 | $7,000 | $7,000 |
| 10.5                                | $5,000                              | $5,000 | $7,000 |   |
| 11.0                                | $5,000                              | $5,000 | $6,500 |   |
| 11.5                                | $5,000                              | $5,000 | $6,000 |   |
| 12.0                                | $5,000                              | $4,500 | $5,500 |   |
| 12.5                                | $5,000                              | $4,000 | $5,000 |   |
| 13.0                                | $4,500                              | $3,500 | $4,500 |   |
| 13.5                                | $4,000                              | $3,000 | $4,000 |   |
| 14.0                                | $3,500                              | $2,500 | $3,500 |   |
| 14.5                                | $3,000                              | $2,000 | $3,000 |   |
| 15.0                                | $2,500                              | $2,000 | $2,500 |   |
| 15.5                                | $2,000                              | $2,000 | $2,000 |   |
| 16.0                                | $2,000                              | $2,000 | $2,000 |   |
| 16.5                                |                                | $2,000 | $2,000 |   |

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*provided*
* *

*provided*