11.2Other Interpretive Provisions
Section 11.3Accounting Terms and Principles
Section 11.4Payments
SCHEDULES
Schedule 1.1Commitments
Schedule 3.19Jurisdiction of Organization; Chief Executive Office
EXHIBITS
Exhibit 4.2(b)Form of Compliance Certificate
Exhibit 11.1(a)Form of Assignment
Exhibit 11.1(b)Form of Loan Notice
Exhibit 11.1(c)Form of Note
Exhibit 11.1(d)Form of Notice of Loan Prepayment
CREDIT AGREEMENT
This CREDIT AGREEMENT (including all exhibits and schedules hereto, as the same
may be amended, modified and/or restated from time to time, this "Agreement") is
entered into as of September 1, 2017, by and among AMERCO, a Nevada corporation
(the "Borrower"), BANK OF AMERICA, N.A., a national banking association ("Bank
of America"), as the administrative agent (the "Agent") for the several
financial institutions from time to time party to this Agreement as lenders
(collectively, the "Lenders" and individually each a "Lender").
W I T N E S S E T H:
WHEREAS, the Borrower has requested, and the Lenders have agreed to make
available to the Borrower, a revolving credit facility upon and subject to the
terms and conditions set forth in this Agreement to be used by the Borrower and
its Subsidiaries for general corporate purposes, including the financing of the
purchase of new Real Estate, the refinancing of existing Unencumbered Property
and the financing of improvements on existing and future Unencumbered Property;
WHEREAS,
the revolving loan credit facility set forth in this Agreement will be
unsecured, but entitled to the agreements and covenants set forth herein;
NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties hereto agree as follows:
ARTICLE I
THE CREDITS
SECTION 1.1
AMOUNTS AND TERMS OF COMMITMENTS.
(A)
SUBJECT TO THE TERMS AND CONDITIONS SET FORTH HEREIN, AND IN
RELIANCE UPON THE REPRESENTATIONS AND WARRANTIES OF THE BORROWER CONTAINED
HEREIN, EACH LENDER WITH A COMMITMENT SEVERALLY AND NOT JOINTLY AGREES TO MAKE
LOANS (EACH SUCH LOAN, A "LOAN" AND, COLLECTIVELY, THE "LOANS") TO THE BORROWER
FROM TIME TO TIME, ON ANY BUSINESS DAY DURING THE AVAILABILITY PERIOD, FOLLOWING
PROPER DELIVERY OF A LOAN NOTICE PURSUANT TO SECTION 1.5 HEREOF, IN AN AGGREGATE
AMOUNT NOT TO EXCEED AT ANY TIME OUTSTANDING THE AMOUNT OF SUCH LENDER'S
COMMITMENT; PROVIDED, HOWEVER, THAT AFTER GIVING EFFECT TO ANY BORROWING, (I)
THE AGGREGATE OUTSTANDING PRINCIPAL AMOUNT OF LOANS OF ALL LENDERS SHALL NOT
EXCEED THE AGGREGATE COMMITMENT AT SUCH TIME AND (II) THE AGGREGATE OUTSTANDING
PRINCIPAL AMOUNT OF LOANS OF ANY LENDER SHALL NOT EXCEED SUCH LENDER'S
COMMITMENT.
WITHIN THE LIMITS OF EACH LENDER'S COMMITMENT, AND SUBJECT TO THE
OTHER TERMS AND CONDITIONS HEREOF, THE BORROWER MAY BORROW UNDER THIS SECTION
1.1(A), PREPAY UNDER SECTIONS 1.7 OR 1.8, AND REBORROW UNDER THIS SECTION
1.1(A).
THE LOANS MAY BE BASE RATE LOANS OR EURODOLLAR RATE LOANS, AS FURTHER
PROVIDED HEREIN.
(B)
EACH LENDER'S COMMITMENT SHALL TERMINATE IMMEDIATELY AND
WITHOUT FURTHER ACTION ON THE MATURITY DATE.
DURING THE PERIOD FROM THE CLOSING
DATE TO BUT EXCLUDING THE MATURITY DATE, THE BORROWER MAY USE THE COMMITMENTS BY
BORROWING THE LOANS, PREPAYING THE LOANS IN WHOLE OR IN PART, AND