Document:

PMA between U-Haul and PM Preferred Properties, LP.

    

    Exhibit
      10.84

    PROPERTY
      MANAGEMENT
      AGREEMENT

     

    THIS
      PROPERTY MANAGEMENT AGREEMENT (this
      "Agreement")
      is
      entered into as of June 25, 2005 among PM
      Preferred
      Properties, L.P., a Texas limited partnership ("Owner"),
      and
      the
      subsidiaries of U-Haul International, Inc. set forth on the signature page
      hereto (collectively, "Manager").

    RECITALS

    A.
      Owner
      owns the real property and self-storage related improvements thereon identified
      on Exhibit A hereto (hereinafter, collectively the "Property").

    B.
      Owner
      intends that the Property be rented on a space-by-space retail basis to
      corporations, partnerships, individuals and/or other entities for use as
      self-storage facilities.

    C.
      Owner
      desires that Manager manage the Property and Manager desires to act as the
      property manager for the Property, all in accordance with the terms and
      conditions of this Agreement and as more specifically designated on Exhibit
      A
      hereto.

    NOW,
      THEREFORE, in consideration
      of the mutual covenants herein contained, the parties hereto hereby agree as
      follows.

    1. 
      Employment.

    (a)
      Owner
      hereby retains Manager, and Manager agrees to act as manager of the Property
      upon the terms and conditions hereinafter set forth.

    (b)
      Owner
      acknowledges that Manager, and/or Manager affiliates, is in the business of
      managing self-storage facilities and businesses conducted thereat. including,
      but not limited to, the sale of packing supplies and rental of trucks and
      equipment both for its own account and for the account of others. It is hereby
      expressly agreed that notwithstanding this Agreement, Manager and such
      affiliates may continue to engage in such activities, may manage facilities
      other than those presently managed by Manager and its affiliates (whether or
      not
      such other facilities may be in direct or indirect competition with Owner)
      and
      may in the future engage in other business which may compete directly or
      indirectly with activities of Owner.

    (c)
      In
      the performance of its duties under this Agreement, Manager shall occupy
      the position of an independent contractor with respect to Owner.
      Nothing
      contained
      herein shall be
      construed as making the parties hereto (or any of them) partners or joint
venturors,
      nor construed as making Manager an employee of Owner.

    (d)
      Owner
      acknowledges and agrees that, with respect to those properties listed on Exhibit
      A hereto that are located within the State of Texas (collectively, the "Texas
      Properties"), that the Manager will subcontract the management of the Texas
      Properties to Private Mini Storage Manager, Inc., a Texas corporation (the
      "Texas Manager") on the terms and conditions set forth in the Property
      Management Agreement attached hereto as Exhibit C attached hereto.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2. 
      Duties
      and Authoritv of Manager.

    On
      Owner's behalf, and subject to the terms and conditions of this
      Agreement:

     

    (a) General
      Duties and Authority. Manager
      shall have the sole and exclusive duty and authority to fully manage the
      Property and supervise and direct the business and affairs associated or related
      to the daily operation thereof, to collect on behalf of Owner all revenues
      related to the Property, to pay on behalf of Owner all expenses of the Property
      (including payment of all debt service to the mortgage lender with respect
      to
      the Property and any other debt owed by Owner to any other lender or payee)
      and
      to execute on behalf of Owner such documents and instruments as, in the sole
      judgment of Manager, are reasonably necessary or advisable under the
      circumstances in order to fulfill Manager's duties hereunder. Such duties and
      authority shall include, without limitation, those set forth below.

    (b) Renting
      of the Property. Manager
      shall establish policies and procedures for the marketing activities for the
      Property, and shall advertise the Property through such media as Manager deems
      advisable, including, without limitation, advertising with the Yellow Pages.
      Manager's marketing activities for the Property shall be consistent with the
      scope and quality implemented by Manager and its affiliates at any other
      properties managed by Manager or its affiliates. Manager shall have the sole
      discretion, which discretion shall be exercised in good faith. to establish
      the
      terms and conditions of occupancy by the tenants of the Property, and Manager
      is
      hereby authorized to enter into rental agreements in the ordinary course of
      business on behalf and for the account of Owner (as its agent) with such
      tenants and to collect rent from such tenants on behalf and for the account
      of
      Owner. Manager may jointly advertise the Property with other properties owned
      or
      managed by Manager or its Affiliates, and in that event, Manager shall
      reasonably allocate the cost of such advertising among such
      properties.

    (c)
      Repair, Maintenance and Improvements. Manager shall make,
      execute, supervise and have control over the making and executing of all
      decisions concerning the acquisition of furniture, fixtures and supplies for
      the
      Property, and may purchase lease or otherwise acquire the same on behalf of
      Owner, as its agent. Manager shall make and execute, or supervise and have
      control over the making and executing of all decisions concerning the
      maintenance, repair, and landscaping of the Property, provided, however, that
      such maintenance, repair and landscaping shall be consistent with the
      maintenance, repair and landscaping implemented by Manager and its affiliates
      at
      any other properties managed by Manager or its affiliates. Manager shall, on
      behalf of Owner, negotiate and contract for the installation of all capital
      improvements related to the Property; provided, however, that Manager agrees
      to
      secure the prior written approval of Owner on all such expenditures in excess
      of
      any threshold amounts set forth in any loan documents set forth on Exhibit
      C
      hereto (collectively, "Loan Documents").

    (d)
      Personnel. Manager shall select all vendors, suppliers,
      contractors, subcontractors and employees with respect to the Property and
      shall
      hire, discharge and supervise all labor and employees required for the operation
      and maintenance of the Property. Any employees so hired shall be employees
      of
      Manager, and shall be carried on the payroll of Manager. Employees may include,
      but need not be limited to, on-site resident managers, on-site assistant
      managers, and relief managers located, rendering services, or performing
      activities on the Property in connection with its operation and management.
      The
      cost of employing such persons shall not exceed prevailing rates for comparable
      persons performing the same or similar

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    services
      with respect to real estate similar to the Property in the general vicinity
      of
      each respective Property. Manager shall be responsible for all legal and
      insurance requirements relating to its employees.

    (e)
      Service Agreements. Manager shall negotiate and execute on
      behalf of Owner such agreements which Manager deems necessary or advisable
      for
      the furnishing of utilities, services, concessions and supplies, for the
      maintenance, repair and operation of the Property and such other agreements
      which may benefit the Property or be incidental to the matters for which Manager
      is responsible hereunder.

    (f)
      Other Decisions. Manager shall make the decisions in connection
      with the day-to-day operations of the Property.

    (g)
      Regulations and Permits. Manager shall comply in all respects
      with any

    statute,
      ordinance, law, rule, regulation or order of any governmental or regulatory
      body, having jurisdiction over the Property (collectively, "Laws"), respecting
      the use of the Property or the maintenance or operation thereof. Manager shall
      apply for and obtain and maintain, on behalf of Owner, all licenses and permits
      required or advisable (in the reasonable judgment of Manager) in connection
      with
      the management and operation of the Property. Notwithstanding the foregoing,
      Manager, as agent for Owner, shall be permitted to contest any applicable Laws
      to the extent and pursuant to the same conditions that Owner is permitted to
      contest any Laws under the loan Documents.

    (h)
      Records and Reports of Disbursements and Collections. Manager
      shall establish, supervise, direct and maintain the operation of a system of
      record keeping and bookkeeping with respect to all receipts and disbursements
      in
      connection with the management and operation of the Property. The books, records
      and accounts shall be maintained at the offices of U-Haul International, Inc.
      ("UHI"), or at such other location as Manager shall determine from time to
      time,
      and shall be available and open to examination and audit by Owner its
      representatives, and, subject to the terms of the Loan Documents, any lender
      under any such Loan Documents or such lender's representative. On or before
      sixty (60) days after the close of each quarter, Manager shall cause to be
      prepared and delivered to Owner a statement on a per Property basis, of
      receipts, expenses and charges, together with a statement, on a per-Property
      basis, of the disbursements made by Manager during such period on Owner's
      behalf. Notwithstanding the foregoing, manager, as agent for Owner, shall
      maintain such books and records and furnish such financial reports and operating
      statements to Lender as required of Owner under the Loan Documents.

    (i)
      Collection. Manager shall be responsible for the billing and
      collection of all accounts receivable and for payment of all accounts payable
      with respect to the Property and shall be responsible for establishing policies
      and procedures to minimize the amount of bad debts.

    (j)
      Legal Actions. Manager shall cause to be instituted, on behalf
      and in its name as agent for Owner or in the name of Owner as appropriate,
      any
      and all legal actions or proceedings Manager deems necessary or advisable to
      collect charges, rent or other income due to Owner with respect to the Property
      and to oust or dispossess tenants or other persons

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    unlawfully
      in possession under any lease, license, concession agreement or otherwise,
      and
      to collect damages for breach thereof or default thereunder by such tenant,
      licensee, concessionaire or occupant, subject to any limitations on such actions
      set forth in the Loan Documents.

    (k)
      Insurance.
      Manager
      shall obtain and maintain (or cause to be obtained and maintained) in full
      force
      and effect the insurance with respect to the Property and the operation of
      Owner's and Manager's business operations thereat, and Manager's employees,
      as
      required by Owner and consistent with the Loan Documents.

    (I)
      Taxes.
      To the
      extent not impounded pursuant to the Loan Documents, Manager shall pay on behalf
      of Owner, prior to delinquency, all real estate taxes, personal property taxes,
      and all other taxes assessed to, or levied upon, the Property.

    (m) Limitations
      on ManagerAuthority.
      Notwithstanding anything to the contrary set forth in this Section 2, Manager
      shall not, without obtaining the prior consent of Owner, (i) rent storage space
      in the Property by written lease or agreement for a stated term in excess of
      one
      year unless such lease or agreement is terminable by the giving of not more
      than
      thirty (30) days written notice, (ii) alter the building or other structures
      of
      the Property in violation of the Loan Documents; (iii) make any other agreements
      which exceed a term of one year and are not terminable on thirty (30) day's
      notice at the will of Owner, without penalty, payment or surcharge; (iv) act
      in
      violation of any Law, or (v) operate or manage the Properties in any manner
      which will violate any term or condition or the Loan Documents.

    (n)
      Shared
      Expenses.
      Owner
      acknowledges that certain economies may be achieved with respect to certain
      expenses to be incurred by Manager on behalf of Owner hereunder if materials,
      supplies, insurance or services are purchased by Manager in quantity for use
      not
      only in connection with Owner's business at the Property but in connection
      with
      other properties owned or managed by Manager or its affiliates. Manager shall
      have the right to purchase such materials, supplies, insurance and/or services
      in its own name and charge Owner a pro rata allocable share of the cost of
      the
      foregoing for such materials, supplies, insurance or services received by Owner;
      provided, however, that the pro rata cost of such purchase to Owner shall not
      result in expenses that are either materially greater than the expenses of
      other
      "U-Haul branded" locations in the general vicinity of the applicable Property
      or
      greater than would otherwise be included at competitive prices and terms
      available in the area where the Property is located; and provided further,
      Manager shall give Owner and lender under the Loan Documents ("Lenders") access
      to records (at no cost to Owner or Lender) so Owner and Lender may review any
      such expenses incurred.

    (0)
      Deposit
      of Gross Revenues.
      All
      Gross Revenue (as hereinafter defined) shall be deposited by Manager unto bank
      accounts at local depository institutions and thereafter may be swept by UHI
      into a UHI concentration account. Manager shall assure that Owner's funds are
      tracked and segregated electronically from other UHI funds on a property by
      property basis. Any such funds of the Owner in the UHI concentration account
      shall be used solely to pay costs and expenses of the Properties as contemplated
      by this Agreement and shall otherwise be for the benefit of the Properties
      and
      Owner. No funds of Owner contained in the UHI concentration account may be
      used
      for the benefit of any property or person (including, without limitation, UHI
      and Manager) other than Owner and the Properties. Subject to the terms
      and

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    conditions
      of the Loan Documents, Gross Revenue of the Owner shall be applied first to
      the
      repayment of Owner's senior mortgage debt with respect to the Property and
      other
      requirements of Owner's senior mortgage loan agreements, and then to Manager
      in
      reimbursement of expenses and for management fees as provided under Section
      4
      below.

    (p)
      Obligations
      under Loan Documents and other Material Contracts. Manager
      shall take such actions as are necessary or appropriate under the circumstances
      to ensure that Owner is in compliance with the terms of the Loan Documents
      and
      any other material agreement relating to the Property to which Owner is a party.
      Nothing herein contained shall be deemed to obligate Manager to fund from its
      own resources any payments owed by Owner under the Loan Documents or otherwise
      be deemed to make Manager a direct obligor under the Loan Documents or other
      material contract of Owner.

    (q)
      Management
      Standard.
      Manager
      shall perform all of its obligations under this Agreement in a professional
      manner consistent with the standards it employs at all of its managed locations
      and in any event, consistent with the standard set forth in the Loan
      Documents.

    

    

          3.  
Duties
      of
      Owner. 
      Owner
      shall cooperate with Manager in the performance of Manager's duties under this
      Agreement and to that end, upon the request or Manager, to provide reasonable
      office space fix Manager employees on the premises of the Property (to the
      extent available) and to give Manager access to all files, books and records
      of
      Owner relevant to the Property. Owner shall not unreasonably withhold or delay
      any consent or authorization to Manager required or appropriate under this
      Agreement, subject to the conditions or the Loan Documents.

    4. Compensation
      of Manager.

    (a)
      Reimbursement of Expenses. Manager shall be entitled to
      reimbursement, on a monthly basis, for all out-of-pocket reasonable and
      customary expenses actually incurred by Manager in the discharge of its duties
      hereunder, including, without limitation, all expenses incurred on Owner's
      behalf pursuant to Section 2 of this Agreement, including the cost to Manager
      of
      the personnel pursuant to Section 2( d). Such expense reimbursement shall be
      the
      obligation of Owner, whether or not Gross Revenues are sufficient to pay such
      amounts.

    (b)
      Management Fee. Owner shall pay to Manager as the full amount
      due for the services herein provided a monthly fee (the "Management Fee") which
      shall be five percent (5%) of the Property's trailing twelve month Gross Revenue
      divided by twelve (12) ("Base Fee"), plus an annual incentive fee (the
      "Incentive Fee") based upon the performance of the Property as set forth on
      Exhibit B hereto. For purposes of this Agreement, the term "Gross Revenue"
      shall
      mean all receipts (excluding security deposits unless and until Owner recognizes
      the same as income) of Manager or Owner (whether or not received by Manager
      on
      behalf or for the account of Owner) arising from the operation of Owner's
      business at the Property, including without limitation, rental payments of
      self-storage customers at the Property, vending machine or concessionaire
      revenues, maintenance charges, if any, paid by the tenants of the Property
      in
      addition to basic rent and parking fees, if any. Gross Revenue shall be
      determined on a cash

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    basis.
      The Management Fee shall be paid promptly, in arrears within thirty (30) days
      of
      the end of each month.

    Except
      as
      provided in this Section 4, it is further understood and agreed that Manager
      shall not be entitled to additional compensation of any kind in connection
      with
      the performance by it of its duties under this Agreement.

     

    (c)
      Inspection
      of Books and Records.
      Owner
      shall have the right, upon prior reasonable notice to Manager, to inspect
      Manager's books and records with respect to the Property, to assure that proper
      fees and charges are assessed hereunder. Manager shall cooperate with any such
      inspection. Owner shall bear the cost of any such inspection; provided, however,
      that if it is ascertained that Manager has overcharged Owner by more than 5%
      in
      any given quarter, the cost of such inspection shall be borne by Manager.
      Manager shall promptly reimburse Owner for any overpayment.

    5. 
      Use
      of
      Trademarks, Service Marks and Related Items.

    (a)
      GJR
      Investments, Inc. ("GJR") hereby grants Manager, as its agent, the non-exclusive
      right to operate the Property under the name and flag of "Private Mini Storage"
      or any derivation thereof (collectively, "Private Mini"). Accordingly, in
      executing its duties hereunder, Manager shall have the non-exclusive right
      to
      use Private Mini signage, stationary, uniforms and the like as well as any
      name,
      mark, slogan, caricature, design or other trade or service mark incident to
      the
      foregoing. It is further understood and agreed that the Private Mini name and
      all such marks, slogans, caricatures, designs and other trade or service items
      shall remain and be at all times the sole and exclusive property of GJR, and
      that except as expressly provided in this Agreement, Manager shall have no
      right
      whatsoever therein.

     

    GJR
      has
      granted and may grant others the right to use Private Mini. Except as set forth
      herein, Manager acknowledges that GJR has the sole and exclusive right to
      license Private Mini. Manager further agrees that all use of Private Mini by
      Manager shall inure to the benefit of Private Mini. As between GJR and Manager,
      all rights not specifically granted to Manager are reserved to GJR. Manager
      shall cooperate with GJR, at GJR's expense in the execution, filing, and
      prosecution of any trademark or trade name applications that GJR may desire
      to
      file, and for that purpose Manager will supply to GJR, upon GJR 's written
      request and at GJR 's expense, such information as may be reasonably required.
      Manager shall inform GJR forthwith if Manager learns of any adoption, use,
      or
      registration of any trademark, trade name, or corporate name that could infringe
      or impair or tend to impair GJR's rights in Private Mini. Manager shall provide
      complete information and assistance to GJR concerning such infringements. Upon
      learning of such infringements, GJR shall be entitled, at its sole discretion
      and expense, to take such action, if any as GJR considers necessary or
      appropriate to enforce its rights, including without limitation, action to
      suppress or eliminate the infringements. Manager shall cooperate with GJR,
      and
      its attorneys and other authorized representatives, at GJR's expense, in any
      investigation or legal proceedings or action which GJR may deem desirable to
      protect its rights in Private Mini. Manager shall use commercially reasonable
      efforts to include the trademark notice on all product and other materials
      bearing any of Private Mini's trademarks, service marks or other protected
      logo.

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    (b)
      Notwithstanding the foregoing, Owner has the right, at Owner's sole cost and
      expense, to require that Manager operate the Property under the name and flag
      of
      U-Haul®. In the event Manager (or UHI) requires that the Properties (or any of
      them) be operated under the U-Haul ® name and flag, such conversion shall be at
      UHI's sole cost and expense. In such event, Owner acknowledges and agrees that
      the name, trademark and service mark "U-Haul", and related marks, slogans,
      caricatures, designs and other trade or service items (the "Manager
      Trade Marks") shall
      be
      utilized for the non-exclusive benefit of Owner in the rental and operation
      of
      the Property, and in comparable operations elsewhere. It is further understood
      and agreed that the name and all such marks, slogans, caricatures, designs
      and
      other trade or service items shall remain and be at all times the property
      of
      Manager and its affiliates, and that except as expressly provided in this
      Agreement, Owner shall have no right whatsoever therein. At the election and
      sale cost of Owner, Owner shall have the right to require Manager to convert
      the
      sign faces, stationary, uniforms and the like at the Property to the name
      "U-Haul." Upon
      termination of this Agreement at any time for any reason, all such use by and
      for the benefit of Owner of any such name, mark, slogan, caricature, design
      or
      other trade or service item in connection with the Property shall be terminated
      and any signs bearing any of the foregoing shall be removed from view and no
      longer used by Owner. It is understood and agreed that Manager will use and
      shall be unrestricted in its use of the U-Haul® name, mark, slogan caricature,
      design or other trade or service item in the management and operation of other
      storage facilities both during and after the expiration or termination of the
      term of this Agreement.

    6.
      Default
      Termination.

    (a)
      Any
      material failure by Manager or Owner (a “Defaulting
      Party”) to
      perform its duties or obligations hereunder (other than a default by Owner
      under
      Section 4 of this Agreement), which material failure is not cured within thirty
      (30) calendar days after receipt of written notice of such failure from the
      non-defaulting party, shall constitute an event of default hereunder; provided,
      howcver, the foregoing shall not constitute an event of default hereunder in
      the
      event the Defaulting Party commences cure of such material failure within such
      thirty (30) day period and diligently prosecutes the cure of such material
      failure thereafter but in no event shall such extended cure period exceed ninety
      (90) days from the date of receipt by the non-defaulting party of written notice
      of such material default; provided further, however that in the event such
      material failure constitutes a default under the terms of the Loan Documents
      and
      the cure period for such matter under the Loan Documents is shorter than the
      cure period specified herein, the cure period specified herein shall
      automatically shorten such that it shall match the cure period for such matter
      as specified under the Loan Documents. In addition, following notice to Manager
      of the existence of any such material failure by Manager, Owner and Lender
      shall
      each have the right to cure any such material failure by Manager, and any sums
      so expended in curing shall be owed by Manager to such curing party and may
      be
      offset against any sums owed to Manager under this Agreement.

    (b)
      Any
      material failure by Owner to perform its duties or obligations under Section
      4,
      which material failure is not cured within thirty (30) calendar days after
      receipt of written notice of such failure from Manager, shall constitute an
      event of default hereunder.

    (c)
      Upon
      an event of default hereunder, the non-defaulting party shall have the right
      to
      terminate this Agreement upon notice to the defaulting party.

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    (d)
      In
      addition to the foregoing, Manager shall have the right to terminate this
      Agreement, with or without cause, by giving not less than ninety (90) days'
      written notice to Owner pursuant to Section 14 hereof.

    (e)
      Upon
      termination of this Agreement, (x) Manager shall promptly return to Owner all
      monies, books, records and other materials held by Manager for or on behalf
      of
      Owner and shall otherwise cooperate with Owner to promote and ensure a smooth
      transition to the new manager and (y) Manager shall be entitled to receive
      its
      Management Fee and reimbursement of expenses through the effective date of
      such
      termination, including the reimbursement of any prepaid expenses for periods
      beyond the date of termination (such as Yellow Pages advertising).

    (f)
      Notwithstanding any provision of this Section 6 to the contrary, Manager shall
      not cease managing the Property until such time as a replacement property
      manager consistent with the requirements of the Loan Documents commences
      managing the Property.

    7. 
      Indemnification.
      To
      the
      fullest extent permissible under applicable law, Manager agrees to indemnify,
      defend, protect and hold the Owner harmless from any and all costs, expenses
      attorneys' fees, suits, liabilities, judgments, damages and claims in connection
      with the operation of
      the
      Property arising from the willful misconduct or negligence of Manager or any
      of
      Manager's affiliates or the breach by Manager of any term or provision of this
      Agreement.

     

    To
      the
      fullest extent permissible under applicable law, Owner agrees to indemnify,
      defend, protect and hold the Manager, its agents and employees harmless from
      any
      and all costs, expenses, attorneys' fees, suits, liabilities, judgments, damages
      and claims in connection with the operation of the Property arising from the
      willful misconduct or negligence of Owner or Owner's agents or employees.
      Owner's liability is expressly limited to actions arising out of affirmative
      acts by Owner, or Owner's agents, employees or contractors in connection with
      the operation, construction and development of the Property, any building
      defects associated with the Property, and any environmental problems of the
      Property arising prior to the date hereof.

     

    Notwithstanding
      the foregoing or any other provision of this Agreement, Owner hereby releases
      Manager from liability for and agrees to indemnify and hold harmless Manager,
      its
      agents and employees with respect to any and all claims, liability, costs and
      expenses of

    Manager,
      its agents and employees may incur in connection with the actions taken in
      the
      performance of their duties pursuant to the provisions of this Agreement,
      provided such action(s) is not unreasonably inconsistent with Manager's
      management policies with respect to other self-storage facilities it manages
      and
      is taken in good faith and in a manner reasonably believed to be in compliance
      with the terms of this Agreement and in the best interest of Owner; and provided
      further, that Owner shall have no obligation to indemnify Manager or any person
      for Manager's or any person's negligence or fraudulent actions.

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    8. 
      Assignment.
      Manager
      shall not assign this Agreement to any party without the consent of Owner,
      which consent shall not be unreasonably withheld; provided however, Manager
      shall have the right to assign this Agreement, or any portion thereof and any
      duties hereunder to any UHI affiliated entity or Private Mini Storage Manager,
      Inc., or its affiliates. Notwithstanding anything to the contrary contained
      herein, Manager shall not assign this Agreement except in accordance with,
      and
      consistent with, the terms and conditions of the Loan Documents.

     

    9. 
      Standard
      for Property Manager’s Responsibility. Manager
      shall perform its obligations hereunder according to industry standards, in
      good
      faith, and in a commercially reasonable manner.

     

    10. 
      Estoppel
      Certificate. Each
      of
      Owner and Manager agree to execute and deliver to one another, from time to
      time, within ten (10) business days of the requesting party's written request,
      a
      statement in writing certifying, to the extent true, that this Agreement is
      in
      full force and effect, and acknowledging that there are not, to such parties
      knowledge, any uncured defaults or specifying such defaults if they are claimed
      and any such other matters as may be reasonably requested by such requesting
      party.

     

    11.
      Term;
      Scope.

    Subject
      to earlier termination as provided in this Agreement, this Agreement shall
      have
      an initial term of ten years, provided however the Manager shall have the right
      to terminate this Agreement as to any individual Property at such time as the
      Loan Documents have terminated in accordance with the terms of the Loan
      Documents (for instance due to a significant casualty or condemnation) with
      respect to such individual Property.

     

    12. 
      Headings.
      The
      headings contained herein are for convenience of reference only and are not
      intended to define, limit or describe the scope or intent or any provision
      of
      this Agreement.

     

    13. 
      Governing
      Law. The
      validity of this Agreement, the construction of its terms and the interpretation
      of the rights and duties of the parties shall be governed by the internal laws
      of the State of Nevada.

     

    14. 
      Notices.
      Any
      notice required or permitted herein shall be in writing and shall be personally
      delivered or mailed first class postage prepaid or delivered by an overnight
      delivery service to the respective addresses of the parties set forth above
      on
      the first page of this Agreement, or to such other address as any party may
      give
      to the other in writing. Any notice required by this Agreement will be deemed
      to
      have been given when personally served or one day after delivery to an overnight
      delivery service or five days after deposit in the first class mail. Any notice
      to Owner shall be to the attention of Five SAC Self Storage Corporation, 715
      South Country Club

    9

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Drive,
      Mesa, AZ 85210, Attn: President and GJR Investments, Inc., 10575 Westoftice
      Drive, Houston. Texas 77042, Attn.: Doug Mulvaney. Any notice to Manager shall
      be to the attention of c/oU-Haul
      International, Inc. Legal Department, 2721 North Central Avenue, Phoenix, AZ
      85004, Attn: Jennifer M. Settles.

     

    15. 
      Severability.
      Should
      any term or provision hereof be deemed invalid, void or unenforceable either
      in
      its entirety or in a particular application, the remainder of this Agreement
      shall nonetheless remain in full force and effect and, if the subject term
      or
      provision is deemed to be invalid, void or unenforceable only with respect
      to a
      particular application, such term or provision shall remain in full force and
      effect with respect to all other applications.

     

    16. 
      Successors.
      This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their permitted assigns and successors in
      interest.

     

    17.
      Attorneys'
      Fees. If
      it
      shall become necessary for any party hereto to engage attorneys to institute
      legal action for the purpose of enforcing their respective rights hereunder
      or
      for the purpose of defending legal action brought by the other party hereto,
      the
      party or parties prevailing in such litigation shall be entitled to receive
      all
      costs, expenses and fees (including reasonable attorneys' fees) incurred by
      it
      in such litigation (including appeals).

     

    18.
      Counterparts.

    This
      Agreement may be executed in one or more counterparts, each of which
      shall

    be
      deemed
      an original, but all of which together shall constitute one and the same
      instrument.

    10

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the
      undersigned execute
      this
      Agreement as of the date
      set
      forth
      above.

    Owner:

     

    PM
      Partners,
      LP.,
      a
      Texas                            

    Limited
      Partnership

      

    By:
      SR
      Preferred Properties, Inc.,                     
 GJR
      Investments, Inc.,
      joins as to Section 5(a)                        
      a
        Texas
        corporation, its General Partner 

      By:_________                                By:
        __________

      Its:
        _________                                Its:
        __________               

       

       

      Manager:

      U-Haul
        Co. of South Carolina, Inc.,

      a
        South Carolina corporation

      By:___________

      Its:___________

       

      U-Haul
        Co. of North Carolina, Inc.

      a
        North Carolina Corporation

      By:___________

      Its:___________

       

      U-Haul
        Co. of Florida, Inc.,

      a
        Florida Corporation

      By:___________

      Its:___________

       

      U-Haul
        Co. of Georgia, Inc.,

      a
        Georgia corporation

      By:___________

      Its:___________

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      U-Haul
        Co. of Alabama, Inc.,

      an
        Alabama corporation

      By:____________

      Its:____________

       

      U-Haul
        Co. of Texas, Inc.,

      a
        Texas corporation

      By:____________

      Its:_____________

       

       

       

       

    

    
      	
              Atlantic                

            	
              9411
                Atlantic Blvd    

            	
              Jacksonvilee

            	
              Florida

            
	
              Austin

            	
              1032
                E 46th Street

            	
              Austin

            	
              Texas

            
	
              Belcher

            	
              2180
                S. Belcher

            	
              Largo
                (Tampa)

            	
              Florida

            
	
              Birmingham

            	
              540
                Valley Avenue

            	
              Birmingham

            	
              Alabama

            
	
              Bissonnet

            	
              10811
                Bissonnet

            	
              Houston

            	
              Texas

            
	
              Blanding    

            	
              8115
                Blanding Blvd

            	
              Jacksonville

            	
              Florida

            
	
              Burnett

            	
              6610
                Burnett Road

            	
              Austin

            	
              Texas

            
	
              Capital
                Circle

            	
              2554
                Capital Circle NE

            	
              Tallahasee

            	
              Florida

            
	
              Cedar
                Park

            	
              700
                S. Bell

            	
              Cedar
                Park

            	
              Texas

            
	
              Clairmont

            	
              2885
                Clairmont Rd NE

            	
              Atlanta

            	
              Georgia

            
	 Clearlake	 16250 Old Galveston Rd	 Webster	
              Texas

            
	
              Corpus
                Christi

            	
              5129
                Kostoryz

            	
              Corpus
                Christi

            	
              Texas

            
	
              Dairy
                Ashford

            	
              2415
                S. Dairy Ashford

            	
              Houston

            	
              Texas

            
	
              Dove
                Country

            	
              603
                FM 1092

            	
              Stafford

            	
              Texas

            
	
              Fort
                Jackson

            	
              5604
                Forest Drive

            	
              Columbia

            	
              South
                Carolina

            
	
              Ft.
                Walton

            	
              395
                Mary Esther Cut-Off

            	
              Ft.
                Walton

            	
              Florida

            
	
              Fuqua

            	
              12475
                Gulf Freeway

            	
              Houston

            	
              Texas

            
	
              Greenville

            	
              7043
                Greenville Avenue

            	
              Dallas

            	
              Texas

            
	 I-26
              @ WP	 3754
              Fernandina Rd	 Columbia	
              South
                Carolina

            
	 Lake
              Norman    	 19116
              Statesville Rd	 Cornelius	 North
              Carolina
	 Midtown	 2420
              Louisiana	 Houston	 Texas
	 Mobile	 3755
              Airport Blvd.	 Mobile	 Alabama
	 Mooresville	 304
              W. Plaza Dr.	 Mooresville	 North
              Carolina
	 New
              Port Richey	 6118
              U.S. Hwy 19 N.	 New
              Port Richey	 Florida
	 Ocala	 505
              S.W. 17th Street	 Ocala	 Florida
	 Pensacola	 7835
              N. Davis Highway	 Pensacola	 Florida
	 Phillips
              Highway	 3435
              Phillips Highway	 Jacksonville	 Florida
	 Piedmont	 2175
              Piedmont Rd	 Atlanta	 Georgia
	
              Pinellas
                Park

            	
              4015
                Park Blvd

            	
              Pinellas
                Park (Tampa)

            	
              Florida

            
	Plano
              New	
              3901
                Central Expressway

            	
              Plano

            	
              Texas

            
	Rogerdale	
              2890
                W. Sam Houston Pkwy

            	
              Houston

            	
              Texas

            
	
              Roper
                Mountain

            	
              24
                Roper Mountain Rd

            	
              Greenville

            	
              South
                Carolina

            
	 Sharon
              Road	 1400
              Sharon Rd West	 Charlotte	 North
              Carolina
	 Terrace
              Oaks	 3220
              W. FM 1960	 Houston	 Texas
	 Vestavia
              Hill	 1420
              Montgomery Highway	 Vestavia
              Hills	 Alabama
	 Voss
              Road	 2305
              S. Voss Road	 Houston	 Texas
	 Westoffice	 10575
              Westoffice Drive	 Houston	 Texas
	 Woodlands	 24540
              I-45	 Spring
              (Houston)	 Texas
	
              Wurzbach

            	
              3817
                Parkdale

            	
              San
                Antonio

            	
              Texas

            

    

    

    

    12

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Management
      Fee Incentives

    The
      following Incentive Fee shall be calculated and, if and to the extent earned,
      paid, annually after the end of each fiscal year of Owner:

     

    In
      the
      event that net operating income of the Property equals or exceeds 110% (but
      less
      than 120%) of principal and interest under all Loan Documents ("P&I") for
      the prior fiscal year being calculated, the Incentive Fee for such year shall
      be 1 % of the Property's Gross Revenue for such fiscal year.

     

    In
      the
      event that net operating income of the Property equals or exceeds 120% (but
      less
      than 130%) of P&I for the prior fiscal year being calculated, the Incentive
      Fee for such year shall be 2% of the Property's Gross Revenue for such
      year.

     

    In
      the
      event that net operating income of the Property equals or exceeds 130%) (but
      less than 140%) of P&I for the prior fiscal year being calculated, the
      Incentive Fee for such year shall be 3% of the Property's Gross Revenue for
      such
      fiscal year.

     

    In
      the
      event that net operating income of the Property equals or exceeds 140% (but
      less
      than 150%) of P&I for the prior fiscal year being calculated, the Incentive
      Fee for such year shall be 4% of the Property's Gross Revenue for such fiscal
      year.

     

    In
      the
      event that net operating income of the Property equals or exceeds 150% of
      P&I for the prior fiscal year being calculated the Incentive Fee for such
      year shall be 6% of the Property's Gross Revenue for such fiscal
      year

    13

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      C

    Sub-Management
      Agreement for Texas Properties

     

     

     

     

    14

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Friday,
      August 12,
      2005
9:36:39
      AM Page 1 of 2

    Printed
      by: Jennifer Settles Title: RE: submanagement agreement: uhaul

    From:

    Friday,
      August 12, 20059:18:51 AM Message

    <dlm@private-mini.com>

    Subject
      To:

    RE:
      submanagement agreement

    Jennifer
      Settles

    Cc:

    "Walter
      Pennington" <wep@private-minicom> dennis-
      o'connor@fc.uhaui.com

    Attachments:

    AttachO.
      html

    We
      managed the Texas properties through Thursday, August 4, 2005.
      Our
      submanagement agreement
      terminated that day, subject to only the payment of the management fees that
      we
      earned through that day. Walter Pennington has provided Dennis with a detail
      of
      those fees for his approval. We would appreciate prompt payment since our cash
      is tight. Thank you.

    Doug
      Mulvaney Private Mini Storage 10575 Westoffice Drive Houston, Tx 77042
      713-706-4531 - Office 7 J 3-628- 7640 - Cell

    7
      13-827-07 ! 0 - Fax

    Original
      Message-----

    From:
      Jennifer Settles rmailto:jennifer
      settles@uhaul.coml Sent:
      Friday, August 12, 2005 10:49 AM

    To:
      dlm@Drivate-minLcom

    Subject:
      submanagement agreement

    Doug
      -
      Can you
      please send me a quick email confirmation acknowledging the agreement of Private
      Mini Storage Manager, Inc. that the submanagement agreement for the Texas
      properties was terminated, and the effective date of such termination. Thanks.
      I
      just need to have this for my files. Jennifer

    Jennifer
      M. Settles U-Haullnternational, Inc, 2727 North Central Avenue Phoenix, AZ
      85004

    Ph.
      (602)
      263-6788 Fax (602) 263-6173

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      D

    Loan
      Documents

    For
      purposes of this Agreement, "Loan Documents" shall mean,
      collectively:

     

    -Loan
      Agreement between Owner and GMAC Commercial Mortgage Corporation dated on or
      about the date hereof, and all Loan Documents as defined therein, including
      without limitation the Lockbox Deposit Account Control Agreement.

     

    -
      The
      mezzanine loans made by the parent entities of Owner, in favor of GMAC
      Commercial Mortgage Corporation on or about the date hereof.

     

    -Promissory
      note made by Private Mini Storage Realty, L.P. to the order of AMERCO, dated
      on
      or about the date hereof, in the original face amount of approximately
      $55,500,000.

    15Credit agreement between U-Haul and BTMU

    Exhibit
      10.85

    

    

     

    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

     

    

    

     

    (New
      Truck Term Loan Facility)

     

    

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01.Defined
      Terms1

     

    Section
      1.02.Terms
      Generally14

     

    Section
      1.03.Accounting
      Terms; GAAP15

     

    ARTICLE
      II

     

    THE
      LOANS

     

    Section
      2.01.Commitments15

     

    Section
      2.02.The
      Note15

     

    Section
      2.03.Making
      the Loans16

     

    Section
      2.04.Repayment
      of Loans; Evidence of Debt16

     

    ARTICLE
      III

     

    SECURITY

     

    Section
      3.01.Security
      Interest17

     

    Section
      3.02.Release
      of Collateral17

     

    ARTICLE
      IV

     

    SERVICING
      AND MAINTENANCE

     

    Section
      4.01.Servicer/Manager;
      Monthly Settlement Report18

     

    Section
      4.02.Custody
      of Vehicle Files18

     

    Section
      4.03.Maintenance20

     

    ARTICLE
      V

     

    FEES,
      INTEREST, ACCOUNTS, PAYMENTS, ETC.

     

    Section
      5.01.Fees
      and
      Expenses20

     

    Section
      5.02.Interest
      on the Loans21

     

    Section
      5.03.Collections
      and Cash Flows21

     

    Section
      5.04.Payments
      to be Made23

     

    Section
      5.05.Optional
      Prepayments23

     

    Section
      5.06.[Reserved]24

     

    Section
      5.07.Illegality;
      Substituted Interest Rate, etc24

     

    Section
      5.08.Payments
      of Principal; Mandatory Prepayments24

     

    Section
      5.09.Increased
      Costs25

     

    Section
      5.10.Taxes26

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        TABLE
          OF CONTENTS

        (continued)

        Page

         

      

    

    ARTICLE
      VI

     

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      6.01.Organization;
      Powers27

     

    Section
      6.02.Authorization;
      Enforceability27

     

    Section
      6.03.Governmental
      Approvals; No Conflicts27

     

    Section
      6.04.Financial
      Condition; No Material Adverse Change27

     

    Section
      6.05.Properties;
      Liens and Licenses28

     

    Section
      6.06.Litigation
      Matters28

     

    Section
      6.07.Compliance
      with Laws and Agreements28

     

    Section
      6.08.Investment
      and Holding Company Status28

     

    Section
      6.09.Taxes28

     

    Section
      6.10.ERISA29

     

    Section
      6.11.Disclosure29

     

    Section
      6.12.The
      Collateral29

     

    Section
      6.13.Liens
      on
      the Collateral30

     

    Section
      6.14.Eligible
      Vehicle Collateral30

     

    Section
      6.15.Insurance30

     

    Section
      6.16.Labor
      Matters30

     

    Section
      6.17.Security
      Documents30

     

    Section
      6.18.Margin
      Regulations30

     

    ARTICLE
      VII

     

    CONDITIONS

     

    Section
      7.01.Effective
      Date30

     

    Section
      7.02.Each
      Loan32

     

    ARTICLE
      VIII

     

    AFFIRMATIVE
      COVENANTS

     

    Section
      8.01.Financial
      Statements and Other Information33

     

    Section
      8.02.Notices
      of Material Events34

     

    Section
      8.03.Information
      Regarding Collateral35

     

    Section
      8.04.Existence;
      Conduct of Business35

     

    Section
      8.05.Payment
      of Obligations35

     

    Section
      8.06.Maintenance
      of Properties and Fleet Owner Cash Flow35

     

    Section
      8.07.Insurance36

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        TABLE
          OF CONTENTS

        (continued)

        Page

         

      

    

    Section
      8.08.Books
      and
      Records; Inspection Rights36

     

    Section
      8.09.Compliance
      with Laws and Agreements36

     

    Section
      8.10.Use
      of
      Proceeds36

     

    Section
      8.11.Further
      Assurances36

     

    Section
      8.12.Casualty37

     

    Section
      8.13.Interest
      Rate Protection37

     

    ARTICLE
      IX

     

    NEGATIVE
      COVENANTS

     

    Section
      9.01.Change
      in
      Control37

     

    Section
      9.02.Use
      of
      Collateral37

     

    Section
      9.03.Negative
      Pledge38

     

    Section
      9.04.Limitations
      on Fundamental Changes38

     

    ARTICLE
      X

     

    EVENTS
      OF
      DEFAULT

     

    Section
      10.01.Events
      of
      Default38

     

    Section
      10.02.Consequences
      of an Event of Default40

     

    ARTICLE
      XI

     

    ACCELERATED
      AMORTIZATION EVENT

     

    Section
      11.01.Consequences
      of Accelerated Amortization Event41

     

    ARTICLE
      XII

     

    MISCELLANEOUS

     

    Section
      12.01.Notices41

     

    Section
      12.02.Waivers;
      Amendments42

     

    Section
      12.03.Expenses;
      Indemnity; Damage Waiver42

     

    Section
      12.04.Successors
      and Assigns43

     

    Section
      12.05.Survival45

     

    Section
      12.06.Counterparts;
      Integration; Effectiveness45

     

    Section
      12.07.Severability45

     

    Section
      12.08.Right
      of
      Setoff46

     

    Section
      12.09.Governing
      Law; Jurisdiction; Consent to Service of Process46

     

    Section
      12.10.Waiver
      of
      Jury Trial47

     

    Section
      12.11.Headings47

     

    Section
      12.12.Confidentiality47

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        TABLE
          OF CONTENTS

        (continued)

        Page

         

      

    

    Section
      12.13.Joint
      and
      Several Liability of the Borrowers47

     

    SCHEDULES:

    

    Schedule
      6.04 - Liabilities

    Schedule
      6.15 - Insurance

    

    EXHIBITS:

    Exhibit
      A Form
      of
      Assignment and Acceptance

    Exhibit
      B Form
      of
      Guarantee Agreement

    Exhibit
      C Form
      of
      Borrowing Request

    Exhibit
      D Form
      of
      Borrowing Base Certificate

    Exhibit
      E Form
      of
      Monthly Settlement Report

    Exhibit
      F Form
      of
      Note

    Exhibit
      G Pool
      Amortization Schedule

    Exhibit
      H [Reserved]

    Exhibit
      I Form
      of
      Dealership Contract

    Exhibit
      J Form
      of
      Rental Company Contract

    Exhibit
      K Wire
      Instructions

    

    

    ANNEXES

    

    Annex
      I-1 Eligibility
      Requirements

    Annex
      I-2 Equipment
      Specifications

    

    

    
      
        
          
            	
                     

                  	
                    --

                  	 

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          TABLE
            OF CONTENTS

          (continued)

          Page

           

        

      

    

    

     

    CREDIT
      AGREEMENT, dated as of May 31, 2006, (the "Agreement")
      among
U-HAUL
      LEASING & SALES CO.,
      a
      Nevada corporation, as a Borrower, U-HAUL CO. OF ARIZONA, an Arizona
      corporation, as a Borrower, U-HAUL INTERNATIONAL, INC., a Nevada corporation,
      as
      a Borrower, as Servicer/Manager and as Guarantor, AMERCO, as Guarantor and
      BTMU
      CAPITAL CORPORATION, a Delaware corporation, as Lender and ORANGE TRUCK TRUST
      2006, a Utah common law trust, as Collateral Agent.

     

    The
      parties hereto agree as follows:

     

    ARTICLE
      I  

     

    

     

    DEFINITIONS

     

    Section
      1.01.  Defined
      Terms.
      As used
      in this Agreement, the following terms have the meanings specified below:

     

    "Accelerated
      Amortization Event"
      means
      the Fleet Owner Cash Flow Ratio, at any time after the end of the 12th month
      following the end of the Drawdown Period, equals or exceeds 4.0.

     

    "Adjusted
      LIBO Rate"
      means,
      with respect to any Loan for any Interest Period, an interest rate per annum
      (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) LIBOR
      for such Interest Period multiplied by (b) the Statutory Reserve Rate.

     

    "Advance
      Rate"
      means,
      on any date of determination and for each Monthly Pool, the rate specified
      in
Exhibit
      G
      hereto.

     

    "Affiliate"
      means,
      with respect to a specified Person, another Person that directly, or indirectly
      through one or more intermediaries, Controls or is Controlled by or is under
      common Control with the Person specified.

     

    "AMERCO"
      means
      AMERCO, a Nevada corporation.

     

    "Applicable
      Margin"
      means,
      with respect to any Loan and any Interest Period, a rate equal to:

     

    (a) from
      the Closing Date through the initial twelve months following the end of Drawdown
      Period or any date on which the conditions specified in clause (b) or (c) are
      not satisfied, 1.75%; or 

     

    (b) at
      any time after the twelfth month following the end of the Drawdown Period,
      1.50%
      provided the following
      conditions are satisfied:

     

    (i) the
      Fleet
      Owner Cash Flow Ratio is less than 2.5;

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii) EBITDA
      of
      AMERCO for the preceding twelve calendar months as reported to the Lender and
      in
      a form satisfactory to the Lender is at least $300,000,000; and

     

    (iii) net
      income before preferred stock dividends of AMERCO for
      the
      preceding twelve calendar months (based upon the most recent audited annual
      or
      quarterly financial statements of AMERCO on file with the Securities and
      Exchange Commission)
      is at
      least $60 million; or

     

    (c)
      at
      any time after the twenty-fourth month following the end of the Drawdown Period,
      1.25% provided
      the following conditions are satisfied:

     

    (i) the
      Fleet
      Owner Cash Flow Ratio is less than 2.25; 

     

    (ii) EBITDA
      of
      AMERCO for the preceding twelve calendar months as
      reported to the Lender and in a form satisfactory to the Lender
      is at
      least $325,000,000;

     

    (iii) net
      income before preferred stock dividends of AMERCO for the preceding twelve
      calendar months (based
      upon the most recent audited annual or quarterly financial statements of AMERCO
      on file with the Securities and Exchange Commission)
      is at
      least $75 million; and

     

    (iv) the
      Fixed
      Charge Ratio
      of
      AMERCO is greater than 2.1;

     

    provided,
      that if
      an Accelerated Amortization Event has occurred and is continuing, the Applicable
      Margin will be increased by 1.00% per annum; provided further,
      that if
      an Event of Default has occurred and is continuing, the Applicable Margin will
      be increased by 2.00% per annum; provided
      further,
      that if
      the Borrowers elect to pledge additional Eligible Vehicle Collateral in
      accordance with Section 11.01 (a), then from and after the date of such
      election, the Applicable Margin shall be 2.00% per annum for the remaining
      term
      of the Facility.

     

    "Assignment
      and Acceptance"
      means
      an assignment and acceptance entered into by the Lender and an assignee (with
      the consent of the Borrowers and the Lender if required by Section 12.04),
      and
      accepted by the Lender, in the form of Exhibit
      A
      or any
      other form approved by the Lender.

     

    "Black
      Book Value"
      means
      the trade-in value as published by the National Automobile Dealers Association
      from time to time.

     

    "Board"
      means
      the Board of Governors of the Federal Reserve System of the United States of
      America.

     

    "Borrowers"
      means,
      collectively, jointly and severally, U-Haul Leasing & Sales Co., a Nevada
      corporation, U-Haul Co. of Arizona, an Arizona corporation and U-Haul
      International, Inc., a Nevada corporation.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Borrowing
      Base"
      means,
      on any date of determination and for each Monthly Pool, the aggregate Vehicle
      Facility Value of all Eligible Vehicle Collateral in such Monthly Pool as of
      such date; provided,
      if an
      Accelerated Amortization Event has occurred and is continuing, the Borrowing
      Base will be the lesser of (i) the product of (x) 80% and (y) the
      aggregate Black Book Value of the Eligible Vehicle Collateral in such Monthly
      Pool, or (ii) the Vehicle Facility Value; provided
      further, the
      Borrowing Base for any Monthly Pool shall be zero at the earliest to occur
      of
      (i) the end of the 72nd month following initial funding of such Monthly
      Pool or (ii) the Termination Date.

     

    "Borrowing
      Base Certificate"
      means
      an Officer’s Certificate of the Borrowers containing a calculation of the
      Borrowing Base, including a Vehicle Schedule, and substantially in the form
      of
Exhibit
      D
      or such
      other form as shall be approved by the Lender. 

     

    "Borrowing
      Base Deficiency"
      means,
      as of any date and with respect to any Loan or any proposed Loan, the amount,
      if
      any, by which the outstanding principal amount
      of such
      Loan exceeds or would exceed the Borrowing Base of the related Monthly
      Pool.

     

    "Borrowing
      Request"
      means a
      request by the Borrowers for a Loan in accordance with Section 2.03
and
      substantially in the form of Exhibit
      C
      or
such
      other
      form as shall be approved by the Lender.

     

    "BTMUCC"
      means
      BTMU Capital Corporation, a Delaware corporation.

     

    "Business
      Day"
      means
      any day that is not a Saturday, Sunday or other day on which commercial banks
      in
      New York, New York, Boston, Massachusetts, Reno, Nevada, or Phoenix, Arizona
      are
      authorized or required by law to remain closed.

     

    "Certificate
      of Title"
      means a
      certificate of title of a Vehicle issued in paper form by the relevant
      governmental department or agency in the jurisdiction in which the Vehicle
      is
      registered, or a record maintained by such governmental department or agency
      in
      the form of information stored in electronic media; provided,
      that to
      the extent that a certificate of title in paper form or such record stored
      on
      electronic media has not been issued or is not being maintained, the application
      (or copy thereof) for the foregoing.

     

    "Change
      in Control"
      means,
      with respect to any Borrower or AMERCO, (a) any "person" or "group" (within
      the
      meaning of Section 13(d) and 14(d) of the Exchange Act), other than Permitted
      Holders, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5
      under
      the Exchange Act), directly or indirectly, of 50%, or more, of the Capital
      Stock
      of such person having the right to vote for the election of members of the
      Board
      of Directors of such Person or (b) a majority of the members of the Board of
      Directors of AMERCO do not constitute Continuing Directors.

     

    "Change
      in Law"
      means
      (a) the adoption of any law, rule or regulation after the date of this
      Agreement, (b) any change in any law, rule or regulation or in the
      interpretation or application thereof by any Governmental Authority after the
      date of this Agreement or (c) compliance by the Lender (or, for purposes of
      Section 5.09(b), by any lending office of the Lender or by the Lender’s holding
      company) with any request, guideline or directive (whether or 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    not
      having the force of law) of any Governmental Authority made or issued after
      the
      date of this Agreement.

     

    "Closing
      Date"
      means
      May 31, 2006.

     

    "Code"
      means
      the Internal Revenue Code of 1986, as amended from time to time.

     

    "Collateral"
      has the
      meaning set forth in the Security Agreement.

     

    "Collateral
      Agent"
      means
      Orange Truck Trust 2006, in its capacity as collateral agent, on behalf of
      the
      Lender and its successors, indorsees, transferees and assigns pursuant to the
      Security Agreement.

     

    "Collection
      Account"
      means
      the account established with the Collection Account Bank in the name of UHI,
      subject to the Collection Account Control Agreement and bearing account No.
      707634663.

     

    "Collection Account
      Bank"
      means
      JPMorgan Chase Bank, N.A. and its successors, or another depositary institution
      mutually acceptable to the Lender and the Borrowers.

     

    "Collection
      Account Control Agreement"
      means
      that certain blocked account control agreement (shifting control), dated as
      of
      May 31, 2006, among the Collection Account Bank, UHI and the Collateral Agent,
      relating to the Collection Account.

     

    "Collection
      Sub-Account"
      means a
      sub-account of the Collection Account bearing account No. 707634697 at the
      Collection Sub-Account Bank in the name of UHI, within the sole dominion and
      control of the Collateral Agent.

     

    "Collection
      Sub-Account Bank"
      means
      JPMorgan Chase Bank, N.A., and its successors, or another depository institution
      acceptable to the Lender.

     

    "Collection
      Sub-Account Control Agreement"
      means
      that certain blocked account control agreement (automatic sweep/frozen account),
      dated as of May 31, 2006 among the Collection Account Bank, UHI and the
      Collateral Agent, relating to the Collection Sub-Account.

     

    "Collection
      Sub-Account Deposit"
      means
      for any Deposit Date or Loan Date, the deposit to be made by UHI into the
      Collection Sub-Account pursuant to Section 5.03(c), consisting of:

     

    (a) with
      respect to a deposit on a Deposit Date relating to the Payment Date next
      following such Deposit Date, an amount equal to the sum of (i) the Targeted
      Principal, if any, required to be paid on such Payment Date, (ii) all interest,
      fees and expenses due to be paid on such Payment Date with respect to the
      related Interest Period and (iii) all other Obligations due and payable on
      or
      prior to such Payment Date; and

     

    (b) with
      respect to a deposit on a Loan Date, an amount equal to the sum of (i) the
      additional amount monthly Targeted Principal, if any, required to be paid on
      the

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Payment
      Date next following the date of such Loan, (ii) all additional interest, fees
      and expenses due to be paid on such Payment Date with respect to the related
      Interest Period and (iii) any other additional Obligations on or prior to such
      Payment Date, in each case as a result of such new Loan.

     

    "Collection
      Sub-Account Failure"
      means
      the failure of UHI to make the required Collection Sub-Account Deposit by any
      Deposit Date or Loan Date, as applicable (or, if unrestricted funds are already
      on deposit in the Collection Sub-Account, the failure of UHI to deposit an
      amount sufficient such that the unrestricted funds on deposit in the Collection
      Sub-Account by such Deposit Date or Loan Date, as applicable, is at least equal
      to the required Collection Sub-Account Deposit), which failure shall continue
      unremedied for one Business Day.

     

    "Commitment"
      means,
      the commitment, of the Lender to make Loans hereunder up to the Facility
      Commitment Amount. 

     

    "Commonly
      Controlled Entity"
      means
      an entity, whether or not incorporated, which is under common control with
      a
      Loan Party within the meaning of Section 4001 of ERISA or is a part of a group
      which includes a Loan Party and which is treated as a single employer under
      Section 414(b) or (c) of the Code or, for the purposes of the Code, Section
      414(m) or (o) of the Code.

     

    "Concentration
      Account"
      means
      the account established with the Concentration Account Bank in the name of
      UHI
      bearing account No.42 4903.

     

    "Concentration
      Account Bank"
      means
      JPMorgan Chase Bank, N.A., and its successors, or another depositary institution
      mutually acceptable to the Lender and the Servicer/Manager.

     

    "Continuing
      Directors"
      means
      the directors of AMERCO on the Closing Date and each other director of AMERCO,
      if such other director’s nomination for election to the Board of Directors of
      AMERCO is recommended by a majority of the then Continuing
      Directors.

     

    "Control"
      means
      the possession, directly or indirectly, of the power to direct or cause the
      direction of the management or policies of a Person, whether through the ability
      to exercise voting power, by contract or otherwise. "Controlling"
      and
      "Controlled"
      have
      meanings correlative thereto.

     

    "Custodian"
      means
      the Servicer/Manager in its capacity as custodian pursuant to Section
      4.02.

     

    "Daily
      Collection Account Deposit Amount"
      means,
      on any Business Day, an amount equal to the product of (i) a fraction, the
      numerator of which is 1 and the denominator of which is 22, and (ii) an amount
      equal to the Fleet Owner Cash Flows for the previous calendar
      month.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Dealership
      Contract"
      means a
      U-Haul dealership contract between a Subsidiary of UHI, on one hand, and a
      named
      U-Haul dealer, on the other, substantially in the form attached as Exhibit
      I
      hereto,
      as the same may be updated from time to time by the Borrowers.

     

    "Default"
      means
      any event or condition which constitutes an Event of Default or which upon
      notice, lapse of time or both would, unless cured or waived, become an Event
      of
      Default.

     

    "Deposit
      Date"
      means,
      with respect to each Payment Date, the 11th calendar day of the preceding month,
      or if such day is not a Business Day, the next Business Day immediately
      following such calendar day.

     

    "Dollars"
      or
      "$"
      means
      the lawful money of the United States of America.

     

    "Drawdown
      Period"
      shall
      mean the period commencing on the Closing Date and ending on the earliest to
      occur of (i)  November 30, 2006; (ii) the date on which the aggregate
      principal amount of Loans made hereunder from time to time equals the Facility
      Commitment Amount; or (iii) the Termination Date on which an Event of Default
      has occurred.

     

    "Effective
      Date"
      means
      the date on which the conditions specified in Section 7.01 are satisfied (or
      waived in accordance with Section 12.02).

     

    "Eligible
      Vehicle Collateral"
      means,
      as of any date, a Vehicle pledged to the Collateral Agent under the Security
      Agreement as to which the conditions set forth on Annex
      I
      are
      satisfied as of such date.

     

    "ERISA"
      means
      the Employee Retirement Income Security Act of 1974, as amended from time to
      time.

     

    "ERISA
      Affiliate"
      means
      any trade or business (whether or not incorporated) that, together with any
      Borrowers, is treated as a single employer under Section 414(b) or (c) of the
      Code or, solely for purposes of Section 302 of ERISA and Section 412
      of the Code, is treated as a single employer under Section 414 of the
      Code.

     

    "ERISA
      Event"
      means
      (a) any "reportable event", as defined in Section 4043 of ERISA or the
      regulations issued thereunder with respect to a Plan (other than an event for
      which the 30-day notice period is waived); (b) the existence with respect to
      any
      Plan of an "accumulated funding deficiency" (as defined in Section 412 of
      the Code or Section 302 of ERISA), whether or not waived; (c) the filing
      pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of
      an application for a waiver of the minimum funding standard with respect to
      any
      Plan; (d) the incurrence by any Loan Party or any of its ERISA Affiliates of
      any
      liability under Title IV of ERISA with respect to the termination of any
      Plan; (e) the receipt by any Loan Party or any ERISA Affiliate from the PBGC
      or
      a plan administrator of any notice relating to an intention to terminate any
      Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence
      by any Loan Party or any of its ERISA Affiliates of any liability with respect
      to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan;
      or
      (g) the receipt by any Loan Party or any ERISA Affiliate of any notice, or
      the
      receipt by any Multiemployer Plan of any Loan Party or any ERISA Affiliate
      of
      any notice, concerning the 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    imposition
      of Withdrawal Liability or a determination that a Multiemployer Plan is, or
      is
      expected to be, insolvent or in reorganization, within the meaning of
      Title IV of ERISA.

     

    "Event
      of Default"
      has the
      meaning assigned to such term in Section 10.01.

     

    "Facility"
      means
      the committed loan facility offered by the Lender to the Borrowers pursuant
      to
      this Agreement.

     

    "Facility
      Commitment Amount"
      means
      $150,000,000. 

     

    "Financial
      Officer"
      means,
      with respect to any Person, the chief executive officer, the chief financial
      officer, principal accounting officer, treasurer, assistant treasurer or
      controller of such Person.

     

    "Fixed
      Charge Ratio"
      means,
      at any time, the ratio obtained by dividing (i) EBITDAR of AMERCO and its
      subsidiaries for the preceding twelve calendar months by (ii) the sum of
      (A) AMERCO'S lease expense for such twelve-month period plus (B) AMERCO's
      interest expenses for such twelve-month period.

     

    "Fleet
      Owner Agreement"
      means
      the Fleet Owner Contract - Rental Trucks, dated as of June 23, 2005, between
      U-Haul Leasing & Sales Co., as fleet owner, and UHI, as amended from time to
      time.

     

    "Fleet
      Owner Cash Flow"
      means,
      for any calendar month, the amounts payable to U-Haul Leasing & Sales Co.
      with respect to such calendar month pursuant to the Fleet Owner Agreement,
      which
      amount shall be the gross rental revenue collected from Eligible Vehicle
      Collateral during such month, plus
      all
      damage waiver amounts collected with respect to the Eligible Vehicle Collateral
      during such month, plus
      all
      payments collected with respect to a Warranty payment on the Eligible Vehicle
      Collateral during such month minus
      all
      dealer and marketing company commissions, licensing fees, maintenance costs,
      insurance expenses and other adjustments under the Dealership Contracts related
      to such Eligible Vehicle Collateral paid during such month.

     

    "Fleet
      Owner Cash Flow Determination Date"
      means,
      with respect to any Fleet Owner Cash Flows collected during any calendar month,
      the third Friday of the next succeeding calendar month, or if such day is not
      a
      Business Day, then the next succeeding Business Day.

     

    "Fleet
      Owner Cash Flow Ratio"
      means
      at any time, the ratio obtained by dividing (i) the aggregate amount of
      Outstanding Loans by (ii) Fleet Owner Cash Flow for the immediately
      preceding twelve-month period.

     

    "GAAP"
      means,
      subject to Section 1.03, generally accepted accounting principles in the United
      States of America.

     

    "Governmental
      Authority"
      means
      the government of the United States of America, any other nation or any
      political subdivision thereof, whether state or local, and any agency,
      authority, instrumentality, regulatory body, court, central bank or other entity
      exercising 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    executive,
      legislative, judicial, taxing, regulatory or administrative powers or functions
      of or pertaining to government.

     

    "Guarantee"
      of or
      by any Person (the "guarantor")
      means
      any obligation, contingent or otherwise, of the guarantor guaranteeing or having
      the economic effect of guaranteeing any Indebtedness or other obligation of
      any
      other Person (the "primary
      obligor")
      in any
      manner, whether directly or indirectly, and including any obligation of the
      guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
      funds for the purchase or payment of) such Indebtedness or other obligation
      or
      to purchase (or to advance or supply funds for the purchase of) any security
      for
      the payment thereof, (b) to purchase or lease property, securities or services
      for the purpose of assuring the owner of such Indebtedness or other obligation
      of the payment thereof, (c) to maintain working capital, equity capital or
      any
      other financial statement condition or liquidity of the primary obligor so
      as to
      enable the primary obligor to pay such Indebtedness or other obligation or
      (d)
      as an account party in respect of any letter of credit or letter of guaranty
      issued to support such Indebtedness or obligation; provided,
      that
      the term Guarantee shall not include endorsements for collection or deposit
      in
      the ordinary course of business.

     

    "Guarantee
      Agreement"
      means
      the Guarantee made by UHI and AMERCO in favor of the Lender, in the form of
      Exhibit B.

     

    "Guarantor"
      means
      each of UHI and AMERCO, as guarantors under the Guarantee
      Agreement.

     

    "Hedge"
      has the
      meaning specified in Section 7.01(m).

     

    "Hedge
      Breakage"
      means
      any amounts payable to the Hedge Provider in connection with the termination
      or
      reduction of the notional amount of a Hedge.

     

    "Hedge
      Provider"
      means
      The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as swap counterparty,
      or any other counterparty acceptable to the Lender.

     

    "Indebtedness"
      means,
      with respect to any Person, without duplication, (i) all obligations of such
      Person for borrowed money, (ii) all obligations of such Person evidenced by
      bonds, debentures, notes or similar instruments, (iii) all indebtedness of
      others secured by (or for which the holder of such Indebtedness has an existing
      right, contingent or otherwise, to be secured by) any Lien on property owned
      or
      acquired by such Person, whether or not the obligations secured thereby have
      been assumed (only to the extent of the fair market value of such asset if
      such
      Indebtedness has not been assumed by such Person), (iv) all Guarantees of such
      Person, (v) all capitalized lease obligations of such Person and (vi) all
      obligations of such Person as an account party in respect of letters of credit
      and similar instruments issued for the account of such Person.

     

    "Indemnitee"
      has the
      meaning set forth in Section 12.03(b).

     

    "Interest
      Period"
      means
      with respect to any Loan and Payment Date, (i) in the case of the
      first
      Payment
      Date for such Loan, the period from and including the related Loan 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Date
      to
      but excluding such first Payment Date and (ii) any other Payment Date,
the
      period from and including the immediately preceding Payment Date to but
      excluding such Payment Date. 

     

    "Interest
      Rate"
      means,
      with respect to any Loan and any Interest Period, subject to Sections 5.07
      and
      11.01, a rate (in each case computed on the basis
      of the
      actual number of days elapsed, but assuming a 360-day year) equal to LIBOR
      plus
      the Applicable Margin.

     

    "Lender"
      means
      BTMUCC, together with its successors, transferees and any assigns.

     

    "LIBOR"
      means,
      with respect to each Interest Period, the rate of interest per annum (rounded
      upwards, if necessary, to the nearest 1/100th
      of 1%)
      for Dollar deposits in London with a duration of one month, at or about 11:00
      a.m. on the related LIBOR Determination Date as such rate is specified on
      Bloomberg Money Markets Page BBAM, or, if such page ceases to display such
      information, then such other page as may replace it on that service for the
      purpose of display of such information, or, if such service ceases to display
      such information, then on Telerate Page 3750. If such rate cannot be determined,
      then LIBOR means, with respect to such Rate Period, the arithmetic mean of
      the
      rates of interest (rounded upwards, if necessary, to the nearest 1/100th of
      1%)
      offered to two prime banks in the London interbank market (selected by the
      Lender) of Dollar deposits with a duration of one month at or about
      11:00 a.m. on the related LIBOR Determination Date.

     

    "LIBOR
      Business Day"
      means a
      Business Day on which trading in Dollars is conducted by and between banks
      in
      the London interbank market.

     

    "LIBOR
      Determination Date"
      means,
      with respect to any Interest Period, the second LIBOR Business Day prior to
      the
      first day of such Interest Period.

     

    "Lien"
      means,
      with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
      hypothecation, encumbrance, charge or security interest in, on or of such asset,
      (b) the interest of a vendor or a lessor under any conditional sale agreement,
      capital lease or title retention agreement (or any financing lease having
      substantially the same economic effect as any of the foregoing) relating to
      such
      asset and (c) in the case of securities, any purchase option, call or similar
      right of a third party with respect to such securities.

     

    "Loan"
      means
      an advance made to the Borrowers by the Lender pursuant to this
      Agreement.

     

    "Loan
      Date"
      means
      any date on which a Loan is made to the Borrowers by the Lender pursuant to
      this
      Agreement.

     

    "Loan
      Documents"
      means
      this Agreement, the Note, the Guarantee Agreement, the Collection Account
      Control Agreement, the Collection Sub-Account Control Agreement, the Structuring
      Fee Letter, any Hedge and the Security Documents.

     

    "Loan
      Parties"
      means
      each Guarantor, the Servicer/Manager and the Borrowers.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Margin
      Stock"
      has the
      meaning set forth in Regulation U
      of the Board.

     

    "Material
      Adverse Change"
      means a
      material adverse change in the business, condition (financial or otherwise),
      operations, performance or properties of AMERCO or the Borrowers.

     

    "Material
      Adverse Effect"
      means a
      material adverse effect on (a) the business, condition (financial or otherwise),
      operations, performance or properties of AMERCO or the Borrowers, (b) the
      ability of any Borrower or any other Loan Party to perform any of its
      obligations under any Loan Document, (c) the legality, validity, binding effect
      or enforceability of this Agreement or any other Loan Document or (d) the
      Collateral or the first priority perfected security interest of the Collateral
      Agent in the Collateral.

     

    "Monthly
      Pool"
      means a
      pool of Eligible Vehicle Collateral designated by the Servicer/Manager as
      belonging to a specified pool and segregated by month of acquisition for the
      purpose of financing such pool with the proceeds of a single Loan
      hereunder.

     

    "Monthly
      Settlement Report"
      means a
      report substantially in the form set forth on Exhibit
      E.

     

    "Multiemployer
      Plan"
      means a
      multiemployer plan as defined in Section 4001(a)(3) of ERISA.

     

    "Net
      Proceeds"
      means,
      with respect to any casualty or condemnation event, (a) the cash proceeds
      received in respect of such event including (i) in the case of a casualty,
      insurance proceeds, and (ii) in the case of a condemnation or similar event,
      condemnation awards and similar payments, net of (b) the sum of all reasonable
      fees and out-of-pocket expenses paid by the Borrowers to third parties (other
      than Affiliates) in connection with such event.

     

    "Note"
      means
      the Note, dated the Closing Date, executed by the Borrowers, payable to the
      order of the Lender, in the maximum principal amount of the Facility Commitment
      Amount, in substantially the form of Exhibit F.

     

    "Obligations"
      means
      all obligations owing by the Borrowers under the Loan Documents.

     

    "Outstanding
      Loans"
      means,
      as of any date, the unpaid principal amount of all Loans outstanding hereunder
      on such date, after giving effect to all repayments of Loans and the making
      of
      new Loans on such date.

     

    "Participant"
      has the
      meaning set forth in Section 12.04(c).

     

    "Payment
      Date"
      means
      the 10th calendar day of each month, or if such day is not a Business Day,
      the
      next Business Day immediately following such calendar day, commencing with
      the
      first such date to occur in July 2006.

     

    "PBGC"
      means
      the Pension Benefit Guaranty Corporation referred to and defined in ERISA and
      any successor entity performing similar functions.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Permitted
      Encumbrances"
      means:

     

    (a)  Liens
      imposed by law for taxes, assessments, governmental charges or similar claims
      that are not yet due or are being contested in compliance with Section
      8.05;

     

    (b)  statutory
      or common law Liens of landlords and carriers, warehousemen, mechanics,
      suppliers, materialmen, repairmen and other similar Liens, arising in the
      ordinary course of business and securing obligations that are not yet delinquent
      or are being contested in compliance with Section 8.05;

     

    (c)  Liens
      incurred or deposits made in the ordinary course of business in connection
      with
      workers’ compensation, unemployment insurance and other types of social
      security;

     

    (d)  Liens
      incurred or deposits made to secure the performance of tenders, bids, leases,
      statutory or regulatory obligations, surety and appeal bonds, government
      contracts, performance and return-of-money bonds and other obligations of a
      like
      nature, in each case in the ordinary course of business, and a bank’s
      unexercised right of set-off with respect to deposits made in the ordinary
      course;

     

    (e)  judgment
      liens in respect of judgments that do not constitute an Event of Default under
      clause (j) of Section 10.01;

     

    (f)  interests
      of lessees under leases or subleases granted by the Borrowers as lessor that
      do
      not materially interfere with the ordinary course of business of the
      Borrowers;

     

    (g)  interests
      of licensees under licenses or sublicenses granted by the Borrowers as licensor
      that do not materially interfere with the ordinary course of business of the
      Borrowers;

     

    (h)  any
      interest or title of a lessor in any property subject to any capital or
      operating lease otherwise not entered into in violation of the Loan Documents
      or
      in any property not constituting Collateral; and

     

    (i)  any
      interest or title of a licensor in any property subject to any license otherwise
      not entered into in violation of the Loan Documents.

     

    "Permitted
      Holder"
      means
      Edward J. Shoen, Mark V. Shoen, James P. Shoen and their Family Members, and
      their Family Trusts. As used in this definition, "Family Member" means, with
      respect to any individual, the spouse and lineal descendants (including children
      and grandchildren by adoption) of such individual, the spouses of each such
      lineal descendants, and the lineal descendants of such Persons; and "Family
      Trusts" means, with respect to any individual, any trusts, limited partnerships
      or other entities established for the primary benefit of, the executor or
      administrator of the estate of, or other legal representative of, such
      individual.

     

    "Person"
      means
      any natural person, corporation, limited liability company, trust, joint
      venture, association, company, partnership, Governmental Authority or other
      entity.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Plan"
      means
      at a particular time, any employee benefit plan which is covered by Title IV
      of
      ERISA and in respect of which a Loan Party or a Commonly Controlled Entity
      is
      (or, if such plan were terminated at such time, would under Section 4069 of
      ERISA be deemed to be) an "employer" as defined in Section 3(5) of
      ERISA.

     

    "Prime
      Rate"
      means
      the rate of interest per annum published from time to time in the "Money Rates"
      column (or any successor column) of The
      Wall Street Journal
      as the
      prime rate or, if such rate shall cease to be so published or is not available
      for any reason, the rate of interest publicly announced from time to time by
      any
      "money center" bank based in New York City selected by the Lender for the
      purpose of quoting such rate, provided such commercial bank has a combined
      capital and surplus and undivided profits of not less than $500,000,000. Each
      change in the Prime Rate shall be effective from and including the date such
      change is published.

     

    "Purchase
      Order"
      means
      an approved purchase order of the Borrower which shall specifically identify
      the
      Vehicles being financed pursuant to the terms hereof.

     

    "Records
      Location List"
      has the
      meaning set forth in Section 4.02(d).

     

    "Related
      Parties"
      means,
      with respect to any specified Person, such Person's Affiliates and the
      respective directors, officers, employees, agents and advisors of such Person
      and such Person's Affiliates.

     

    "Rental
      Company Contract"
      means
      an agreement between UHI, on the one hand, and a regional marketing and
      administrative company Affiliate, on the other, substantially in the form
      attached as Exhibit
      J
      hereto,
      as the same may be updated from time to time by the Borrowers.

     

    "Requirement
      of Law"
      means,
      as to any Person, any law, statute, rule, treaty, regulation or determination
      of
      an arbitrator, court or other Governmental Authority, in each case applicable
      to
      or binding upon such Person or any of its properties or to which such Person
      or
      any of its properties may be bound or affected.

     

    "Security
      Agreement"
      means
      the Security and Collateral Agency Agreement, dated as of May 31, 2006, by
      and
      among the Borrowers, the Collateral Agent and the Lender.

     

    "Security
      Documents"
      means
      the Security Agreement, the Collection Account Control Agreement, the Collection
      Sub-Account Control Agreement and each financing statement, Certificate of
      Title, pledge, endorsement or other document or instrument delivered in
      connection therewith.

     

    "Servicer/Manager"
      shall
      mean UHI.

     

    "Statutory
      Reserve Rate"
      means a
      fraction (expressed as a decimal), the numerator of which is the number one
      and
      the denominator of which is the number one minus the aggregate of the maximum
      reserve percentages (including any marginal, special, emergency or supplemental
      reserves) expressed as a decimal established by the Board to which the Lender
      (if subject to regulation by the Board) is subject with respect to the Adjusted
      LIBO Rate, for eurocurrency funding (currently referred to as "Eurocurrency
      Liabilities" in Regulation D of the 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Board).
      Such reserve percentages shall include those imposed pursuant to such Regulation
      D. Loans shall be deemed to constitute eurocurrency funding and to be subject
      to
      such reserve requirements without benefit of or credit for proration, exemptions
      or offsets that may be available from time to time to the Lender under such
      Regulation D or any comparable regulation. The Statutory Reserve Rate shall
      be
      adjusted automatically on and as of the effective date of any change in any
      reserve percentage.

     

    "Structuring
      Fee Letter"
      means
      the letter agreement, dated as of the Closing Date, by and between the Borrowers
      and the Lender.

     

    "Subsidiary"
      means,
      as to any Person, a corporation, partnership or other entity of which shares
      of
      stock or other ownership interests having ordinary voting power (other than
      stock or such other ownership interests having such power only by reason of
      the
      happening of a contingency) to elect a majority of the board of directors or
      other managers of such corporation, partnership or other entity are at the
      time
      owned, or the management of which is otherwise controlled, directly or
      indirectly through one or more intermediaries, or both, by such
      Person.

     

    "Targeted
      Principal"
      means,
      with respect to any Deposit Date, an amount equal to the sum, for each Monthly
      Pool, of the difference, if any, between the outstanding principal amount of
      the
      Loan funding such Monthly Pool on such Deposit Date and the Borrowing Base
      of
      such Monthly Pool as of the related Payment Date, without giving effect to
      any
      amounts in the Sub-Account; provided,
      however,
      that
      upon the occurrence of an Event of Default, the Targeted Principal shall equal
      the principal balance of the Outstanding Loans.

     

    "Taxes"
      means
      with respect to any Person any and all present or future taxes, levies, imposts,
      duties, deductions, charges or withholdings imposed by any Governmental
      Authority, excluding such taxes (including income or franchise taxes) as are
      imposed on or measured by such Person’s net income.

     

    "Termination
      Date"
      means
      the earliest to occur of (i)  the date which is 72 months from the most
      recent Monthly Pool Funding or (ii)  the date on which an Event of Default
      occurs.

     

    "Transactions"
      means
      the execution, delivery and performance by each Loan Party of the Loan Documents
      to which it is to be a party, the borrowing of Loans and the use of the proceeds
      thereof.

     

    "UCC"
      means,
      unless otherwise stated, the Uniform Commercial Code as in effect in the State
      of New York as of the date hereof.

     

    "UHI"
      means
      U-Haul International, Inc., a Nevada corporation.

     

    "Vehicle"
      means a
      motor vehicle owned by one of the Borrowers and constituting part of the
      Borrowers’ fleet of rental assets.

     

    "Vehicle
      Collateral"
      has the
      meaning set forth in the Security Agreement.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Vehicle
      Cost"
      means
      the sum of (i) the acquisition cost to U-Haul Leasing & Sales Co. directly
      incurred in the purchase and assembly of the Eligible Vehicle Collateral as
      evidenced by one or more Purchase Orders submitted by Borrowers to Lender and
      (ii) any other costs directly incurred by Borrowers in the assembly of Eligible
      Vehicle Collateral; provided,
      that if
      a Vehicle is determined by the Servicer/Manager to be lost, stolen or destroyed
      in accordance with its usual and customary servicing practices, then the Vehicle
      Cost of such Vehicle shall be deemed to be zero; provided,
      further,
      that if
      the date on which a Vehicle is allocated to a Monthly Pool is more than 60
      days
      after the date on which such Vehicle was completed, the Vehicle Cost of such
      Vehicle shall be an amount mutually agreed upon by the Borrowers and
      Lender.

     

    "Vehicle
      Facility Value"
      means,
      on any date of determination, for any Eligible Vehicle Collateral or any Monthly
      Pool of Eligible Vehicle Collateral, the product of (i) the applicable
      Advance Rate for such date and such Monthly Pool, and (ii) the Vehicle Cost
      of such Vehicle or such Monthly Pool.

     

    "Vehicle
      Files"
      means,
      with respect to each Vehicle, (i) the original Certificate of Title (or an
      original or certified copy of the application for a Certificate of Title) and
      all related documents retained on file by the Servicer/Manager, in accordance
      with its usual and customary business practices, evidencing the ownership of
      the
      Vehicle and, from and after the date required pursuant to clause (vi) of
Annex
      I
      hereto,
      the Lien of the Collateral Agent; and (ii) any and all other documents that
      either of the Servicer/Manager or the Borrowers shall retain on file, in
      accordance with its usual and customary practices, relating to the Vehicle;
      provided,
      that to
      the extent consistent with its usual and customary practices, any of the
      foregoing items may, in lieu of a written document, be evidenced by a record
      or
      records consisting of information stored as a record on an electronic medium
      which is reproducible in perceivable form.

     

    "Vehicle
      Schedule"
      means
      the schedule of Vehicles pledged to the Collateral Agent pursuant to the
      Security Agreement, as the same may be updated from time to time by each
      Borrowing Base Certificate provided by the Borrowers to the Collateral Agent
      and
      the Lender.

     

    "Warranty"
      means
      any warranty with respect to any Vehicle or any component parts thereof, whether
      from the dealer, seller or manufacturer of such Vehicle or any third party
      warranty provider, relating to the merchantability of such Vehicle or parts
      or
      the life or performance of such Vehicle or parts and all available remedies
      thereunder, including payment, replacement, repair, substitution or other
      remedies.

     

    "Withdrawal
      Liability"
      means
      liability to a Multiemployer Plan as a result of a complete or partial
      withdrawal from such Multiemployer Plan, as such terms are defined in Part
      I of
      Subtitle E of Title IV of ERISA.

     

    Section
      1.02.  Terms
      Generally.
      The
      definitions of terms herein shall apply equally to the singular and plural
      forms
      of the terms defined. Whenever the context may require, any pronoun shall
      include the corresponding masculine, feminine and neuter forms. The words
      "include", "includes" and "including" shall be deemed to be followed by the
      phrase "without limitation." The word "will" shall be construed to have the
      same
      meaning and effect as 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    the
      word
      "shall." Unless the context requires otherwise (a) any definition of or
      reference to any agreement, instrument or other document herein shall be
      construed as referring to such agreement, instrument or other document as from
      time to time amended, supplemented or otherwise modified (subject to any
      restrictions on such amendments, supplements or modifications set forth herein),
      (b) any reference herein to any Person shall be construed to include such
      Person’s successors and assigns, (c) the words "herein", "hereof" and
      "hereunder", and words of similar import, shall be construed to refer to this
      Agreement in its entirety and not to any particular provision hereof, (d) all
      references herein to Articles, Sections, Exhibits and Schedules shall be
      construed to refer to Articles and Sections of, and Annexes, Exhibits and
      Schedules to, this Agreement and (e) the words "asset" and "property" shall
      be
      construed to have the same meaning and effect and to refer to any and all
      tangible and intangible assets and properties, including cash, securities,
      accounts, contract rights, licenses and intellectual property.

     

    Section
      1.03.  Accounting
      Terms; GAAP.
      Except
      as otherwise expressly provided herein, all terms of an accounting or financial
      nature shall be construed in accordance with GAAP, as in effect from time to
      time; provided
      that for
      purposes of determining compliance with any covenant set forth in Article VIII
      or Article IX, such terms shall be construed in accordance with GAAP as in
      effect on the date of this Agreement applied on a basis consistent with the
      application used in preparing the Borrowers' audited financial statements
      referred to in Section 8.01. If any change in accounting principles from those
      used in the preparation of the audited financial statements referred to in
      Section 8.01 hereafter occasioned by the promulgation of any rule, regulation,
      pronouncement or opinion by or required by the Financial Accounting Standards
      Board (or successors thereto or agencies with similar functions) would result
      in
      a change in the method of calculation of financial covenants, standards or
      terms
      found in Article I, Article VIII or Article IX, the parties hereto agree to
      enter into negotiations in order to amend such provisions so as to equitably
      reflect such changes with the desired result that the criteria for evaluating
      AMERCO’s financial condition will be the same after such change as if such
      change had not been made; provided,
      however,
      the
      parties hereto agree to construe all terms of an accounting or financial nature
      in accordance with GAAP as in effect prior to any such change in accounting
      principles until the parties hereto have ended the applicable provisions of
      this
      Agreement.

     

    ARTICLE
      II  

     

    

     

    THE
      LOANS

     

    Section
      2.01.  Commitments.
      Subject
      to the terms and conditions set forth herein, the Lender agrees to make Loans
      to
      the Borrowers during the Drawdown Period from time to time during the term
      of
      this Agreement in an aggregate principal amount not exceeding the Facility
      Commitment Amount. Each Loan will be related to a Monthly Pool and Loan Date
      pursuant to this Agreement. No Loan shall be made (i) on a day other than a
      Business Day, (ii) in an amount which would cause the Outstanding Loans to
      exceed the aggregate amount of the Facility Commitment Amount as of the proposed
      Loan Date, (iii) in an amount that would result in a Borrowing Base
      Deficiency or (iv) if the conditions precedent set forth in
      Section 7.02 have not been satisfied or waived. All Loans may be borrowed
      and repaid in accordance with 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    the
      terms
      of this Agreement. All Loans shall be full recourse to the Borrowers, jointly
      and severally.

     

    Section
      2.02.  The
      Note.

     

    (a)  The
      Borrowers hereby, jointly and severally, unconditionally promise to repay all
      Obligations outstanding hereunder when due. The obligation of the Borrowers
      to
      repay the Loans shall be evidenced by the Note. The Lender shall (i) record
      on its books the date and amount of each Loan to the Borrowers hereunder and
      (ii) prior to any transfer of the Note, endorse such information on the
      schedule attached to the Note or any continuation thereof. The failure of the
      Lender to make any such recordation shall not affect the obligations of the
      Borrowers hereunder or under the Note.

     

    (b)  The
      outstanding principal amount of the Loans shall be payable as set forth in
      Article V.
      The
      Borrowers shall pay interest on the outstanding principal amount of each Loan
      from the date each such Loan is made until the principal amount thereof is
      paid
      in full at the rates and pursuant to the terms set forth in Article V.
      The
      Borrowers shall pay the various fees and expenses set forth in, and pursuant
      to
      the terms of, Article V.

     

    Section
      2.03.  Making
      the Loans.
      

     

    (a)  To
      request a Loan, the Borrowers shall deliver to the Lender a completed Borrowing
      Request, together with a Borrowing Base Certificate calculating the Borrowing
      Base for the Monthly Pool requested to be funded by such Loan and all other
      Monthly Pools as of the prior Business Day not later than 3:00 p.m., New
      York City time, three (3) Business Days before the date of the proposed Loan;
      provided
      that the
      Borrowers may make not more than one (1) request for a Loan in any single
      calendar month. Each such Borrowing Request shall be irrevocable and shall
      be
      delivered by telecopy to the Lender of a written Borrowing Request in a form
      approved by the Lender and signed by the Borrowers.

     

    (b)  Each
      requested Loan shall relate to a single Monthly Pool, and shall be in an initial
      aggregate principal amount that is an integral multiple of $100,000 and not
      less
      than the lesser of (i) $25,000,000 and (ii) the difference between
      (x) the Facility Commitment Amount and (y) the sum of the initial
      principal balances for all Outstanding Loans; provided
      that in
      no event shall any loan be in an initial aggregate principal amount of less
      than
      $10,000,000.

     

    (c)  The
      Lender shall make each Loan to be made by it hereunder on the proposed date
      thereof by wire transfer of immediately available funds by 3:00 p.m., New York
      City time, to an account of the Borrowers designated by the Borrowers in the
      applicable Borrowing Request.

     

    Section
      2.04.  Repayment
      of Loans; Evidence of Debt.

     

    (a)  The
      Borrowers, jointly and severally, hereby unconditionally promise to pay to
      the
      Lender the then unpaid principal amount of each Loan as provided in
      Section 5.08. Any outstanding principal of, or accrued and unpaid interest
      on any Loans shall be due and payable in full on the Payment Date occurring
      in
      the 72nd month following the month in which such Loan was made.

     

    (b)  The
      Lender shall maintain in accordance with its usual practice an account or
      accounts evidencing the indebtedness of the Borrowers to the Lender resulting
      from each Loan, including the amounts of principal and interest payable and
      paid
      to the Lender from time to time hereunder.

     

    (c)  The
      Lender shall maintain accounts in which it shall record (i) the amount of each
      Loan made hereunder and the Interest Period applicable thereto, (ii) the amount
      of any principal or interest due and payable or to become due and payable from
      the Borrowers hereunder and (iii) the amount of any sum received by the Lender
      hereunder.

     

    (d)  The
      entries made in the accounts maintained pursuant to paragraph (b) or (c) of
      this
      Section shall be prima
      facie
      evidence
      of the existence and amounts of the obligations recorded therein; provided
      that the
      failure of the Lender to maintain such accounts or any error therein shall
      not
      in any manner affect the obligation of the Borrowers to repay the Loans in
      accordance with the terms of this Agreement.

     

    ARTICLE
      III  

     

    

     

    SECURITY

     

    Section
      3.01.  Security
      Interest.
      Pursuant to and under the Security Agreement, the Borrowers shall (as and to
      the
      extent provided in the applicable Security Document) pledge and grant to the
      Collateral Agent, as agent on behalf of the Lender, and its successors,
      indorsees, transferees and assigns, as security for the prompt and complete
      payment and performance when due (whether at the stated maturity, by
      acceleration or otherwise) of all or a portion of the Obligations (as specified
      in the applicable Security Document), a security interest in and assignment
      of
      all of the Borrowers’ right, title and interest in, to and under (but none of
      its obligations under) the Collateral described in the applicable Security
      Document, whether (with respect to amounts on deposit in the Collection Account
      or the Collection Sub-Account, and any "Receivables" or "Proceeds" comprising
      Collateral (each as defined in the Security Agreement) now existing or hereafter
      arising by the Borrowers and wherever located, all proceeds thereof and any
      other collateral described therein. The foregoing assignment does not constitute
      and is not intended to result in a creation or an assumption by the Collateral
      Agent or the Lender of any obligation of the Borrowers or any other Person
      in
      connection with any or all of the Collateral or under any agreement or
      instrument relating thereto. Anything herein to the contrary notwithstanding,
      (i)  the Servicer/Manager shall perform its services, duties and
      obligations with respect to the Collateral to the extent set forth in Article
      IV
      to the same extent as if this Agreement had not been executed, (ii) the
      exercise by the Collateral Agent, of any of its rights in, to or under the
      Collateral shall not release the Servicer/Manager from any of its duties or
      obligations relating to the Collateral and (iii)  neither the Collateral
      Agent nor the Lenders shall have any obligations or liability under the
      Collateral by reason of this Agreement, or be obligated to perform any of the
      obligations or duties of the Servicer/Manager thereunder or to take any action
      to collect or enforce any claim for payment assigned hereunder.

     

    Section
      3.02.  Release
      of Collateral.

     

    (a)  Except
      as
      otherwise set forth in the Security Agreement, the Liens created by the Security
      Agreement in favor of the Collateral Agent with respect to the Collateral shall
      terminate (i) with respect to any Collateral released pursuant to Section
      3.02(c), upon receipt by the Collateral Agent and the Lender of the certificate
      required by such Section, and (ii) with respect to all of the Collateral upon
      (A) payment in full of the Loans and all other Obligations due hereunder
      and (B) termination of the Facility. 

     

    (b)  Upon
      the
      release of Collateral as set forth in Section 3.02(a), upon the request of,
      and at the expense of the Borrowers, the Collateral Agent shall execute and
      file
      such releases or assignments of financing statements or, UCC termination
      statements and other documents and instruments as may be reasonably requested
      by
      the Borrowers to effectuate release of the Collateral. The Collateral Agent
      will
      not have legal title to any part of the released Collateral on and will have
      no
      further interest in or rights with respect to such Collateral.

     

    (c)  If
      no
      Accelerated Amortization Event, Default or Event of Default has occurred and
      is
      continuing, the Borrowers may without the consent of the Collateral Agent or
      the
      Lender obtain a release of any Vehicle that is Collateral from the lien of
      the
      Security Agreement, including in connection with the sales or disposition of
      such Vehicles; provided
      that in
      connection with any such release, the Borrowers provide to the Collateral Agent
      and the Lender (i) prior written notice of such release, including an attached
      Borrowing Base Certificate with a calculation of the Borrowing Base for each
      affected Monthly Pool and attached Vehicle Schedule (pro forma as of the date
      of
      such release) not less than three (3) Business Days before the date of such
      release, (ii) an officer’s certificate stating (A) no adverse selection was used
      in selecting the Vehicles to be released, (B) after giving effect to sale,
      no Borrowing Base Deficiency shall exist with respect to any Monthly Pool and
      detailing, if necessary, a deposit of cash into the Collection Sub-Account
      on
      such date representing a prepayment of principal in an amount necessary to
      cause
      no Borrowing Base Deficiency to exist, and (C) no Accelerated Amortization
      Event, Default or Event of Default exists on the Facility and (iii) if required,
      evidence of the deposit of cash into the Collection Sub-Account.

     

    ARTICLE
      IV  

     

    

     

    SERVICING
      AND MAINTENANCE

     

    Section
      4.01.  Servicer/Manager;
      Monthly Settlement Report.

     

    (a)  UHI
      will
      act as Servicer/Manager hereunder to provide administration and collection
      services with respect to the Fleet Owner Cash Flows, and to provide management
      and maintenance services with respect to the Vehicles constituting Collateral
      in
      accordance with its standard policies and procedures. UHI’s appointment as
      Servicer/Manager shall hereby continue in full force and effect until UHI is
      terminated as Servicer/Manager in writing by the Lender or until this Agreement
      shall be terminated. UHI hereby makes to the Lender, each representation and
      warranty made by it in its capacity as Servicer/Manager in each Loan Document,
      and each such representation and warranty is hereby incorporated herein by
      this
      reference.

     

    (b)  No
      termination of UHI as Servicer/Manager, and no appointment by the Lender of
      a
      successor Servicer/Manager, will become effective until the acceptance of

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    appointment
      by the successor Servicer/Manager is delivered in writing to all parties hereto.
      The Lender may terminate UHI as Servicer/Manager by written notice to all Loan
      Parties if (i) an Accelerated Amortization Event occurs or is continuing or
      (ii)
      a Default with respect to the Servicer/Manager occurs or is
      continuing.

     

    (c)  Not
      later
      than the second Business Day before the Payment Date of each month, the
      Servicer/Manager shall deliver to the Lender a Monthly Settlement Report
      (including a Borrowing Base Certificate for each Monthly Pool) relating to
      the
      preceding calendar month, which shall include Fleet Owner Cash Flow data from
      the second preceding calendar month.

     

    Section
      4.02.  Custody
      of Vehicle Files.

     

    (a)  The
      Collateral Agent and the Lender hereby revocably appoint UHI as Custodian of
      the
      Vehicle Files, and UHI hereby confirms its acceptance of such appointment,
      to
      act as the agent of the Collateral Agent and the Lender as Custodian of the
      Vehicle Files. Upon any sale or disposition of a Vehicle, UHI shall deliver
      the
      related Certificate of Title to the Person purchasing or otherwise acquiring
      the
      related Vehicle.

     

    (b)  On
      or
      before any Loan Date, UHI shall provide an officer’s certificate to the
      Collateral Agent and the Lender confirming (i) the number of Vehicle Files
      received and shall confirm that it has received the Certificate of Title
      pertaining to each Vehicle and (ii) that UHI has received all the documents
      and instruments necessary for UHI to act as the agent of the Collateral Agent
      and the Lender for the purposes set forth in this Section 4.02, including the
      documents referred to herein. The Collateral Agent and the Lender are hereby
      authorized to rely on such officer’s certificate. 

     

    (c)  UHI
      shall
      perform its duties as Custodian of the Vehicle Files in accordance with its
      usual and customary practices. UHI, in its capacity as Custodian, shall
      (i) hold the Vehicle Files for the use and benefit of the Collateral Agent
      and the Lender, and segregate such Vehicle Files from its other books, records
      and files and (ii) maintain accurate and complete accounts, records (either
      original execution documents or copies of such originally executed documents
      shall be sufficient) and computer systems pertaining to each Vehicle File.
      As
      Custodian of the Vehicle Files, UHI shall conduct, or cause to be conducted,
      periodic audits, which shall be performed not less frequently than UHI performs
      such audits of vehicles similarly situated with UHI, of the Vehicle Files held
      by it under this Agreement, and of the related accounts, records and computer
      systems, in such a manner as shall enable the Collateral Agent and the Lender
      to
      identify all Vehicle Files and such related accounts, records and computer
      systems and to verify, if the Collateral Agent or the Lender so elects, the
      accuracy of UHI’s record-keeping. UHI shall promptly report to the Collateral
      Agent and the Lender any material failure on its part to hold the Vehicle Files
      and maintain its accounts, records and computer systems as herein provided
      and
      promptly take appropriate action to remedy any such failure.

     

    (d)  UHI
      shall
      maintain, or cause to be maintained, in accordance with its usual and customary
      practices, a record of the location of the Vehicle Files relating to any Vehicle
      and the related accounts, records, and computer systems maintained by UHI or
      any
      third party under sub-contract with UHI (such record is hereinafter referred
      to
      as a "Records
      Location List").
      UHI
      shall maintain, or cause to be maintained, a separate Records Location List
      for
      the Collateral. 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    UHI
      may,
      with the consent of the Collateral Agent and the Lender, which consent may
      be
      withheld for any reason in the sole discretion of the Collateral Agent and
      the
      Lender, subcontract with third parties to perform the duties of Custodian of
      the
      Vehicle Files, in which case the name and address of the principal place of
      business of such third party, and the location of the offices of such third
      party where Vehicle Files are maintained, shall be specified on the applicable
      Records Location List. UHI shall make available, on five (5) Business Days’
written notice, to the Collateral Agent and the Lender, or their respective
      duly
      authorized representatives, attorneys, or auditors, a copy of the Records
      Location List with respect to the Collateral. UHI shall, at its own expense,
      maintain at all times while acting as Custodian and keep in full force and
      effect (i) fidelity insurance, (ii) theft of documents insurance, (iii)
      fire insurance and (iv) forgery insurance. All such insurance shall be in
      amounts, with standard coverage and subject to deductibles, as are customary
      for
      similar insurance typically maintained by Persons that act as custodian in
      similar transactions.

     

    (e)  UHI’s
      appointment as Custodian shall hereby continue in full force and effect until
      UHI, as Servicer/Manager, is terminated as custodian in writing by the
      Collateral Agent and the Lender or until this Agreement shall be terminated.
      

     

    (f)  As
      Custodian, UHI shall: (i) maintain continuous custody of the Vehicle Files
      in
      secure and fire resistant facilities; (ii) with respect to the Vehicle Files,
      (A) act exclusively as the Custodian for the benefit of the Collateral Agent
      and
      the Lender for so long as this Agreement is outstanding, and (B) hold all
      Vehicle Files for the exclusive use (notwithstanding clauses (iii) and (iv)
      below) and for the benefit of the Collateral Agent and the Lender; (iii) in
      the
      event that UHI is not the Custodian, to the extent UHI directs the Custodian
      in
      writing, deliver certain specified Vehicle Files to UHI to enable the
      Servicer/Manager to service the Vehicle Files pursuant to this Agreement; (iv)
      in the event that UHI is not the Custodian, upon one Business Day’s prior
      written notice, permit the Servicer/Manager, the Collateral Agent and the Lender
      to examine the Vehicle Files in the possession, or under the control, of the
      Custodian; (v) hold the Vehicle Files held by it in accordance with this
      Agreement on behalf of the Collateral Agent and the Lender, and maintain such
      accurate and complete accounts, records and computer systems pertaining to
      each
      Vehicle File as shall enable the Servicer/Manager to comply with this Agreement;
      (vi) in performing its duties as Servicer/Manager hereunder, act with reasonable
      care, using that degree of skill and attention that UHI exercises with respect
      to the files relating to all comparable Vehicles that UHI owns or services
      or
      holds for itself or others; (vii) (A) conduct, or cause to be conducted,
      periodic physical inspections of the Vehicle Files held by it under this
      Agreement and of the related accounts, records and computer systems, (B)
      maintain the Vehicle Files in such a manner as shall enable the
      Servicer/Manager, the Collateral Agent and the Lender, to verify the accuracy
      of
      UHI’s and the Servicer/Manager’s record keeping, (C) promptly report to the
      Collateral Agent and the Lender, any material failure on its part to hold the
      Vehicle Files and maintain its accounts, records and computer systems as herein
      provided and (D) promptly take appropriate action to remedy any such failure;
      (viii) maintain each Vehicle File at the address of UHI at 2727 N. Central
      Avenue, Phoenix, AZ 85004, or at such other location as shall be specified
      by
      the Collateral Agent or the Lender, by thirty (30) days’ prior written notice;
      (ix) permit the Collateral Agent, the Lender, or their respective duly
      authorized representatives, attorneys or auditors to inspect the Vehicle Files
      and the related accounts, records and computer systems maintained by UHI as
      such
      Persons may reasonably request; and (x) upon written request from the Collateral
      Agent or the Lender, release 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    as
      soon
      as practicable the Vehicle Files, or any or all documents in any Vehicle File,
      to the Collateral Agent, the Lender, or any of their respective agents or
      designees, as the case may be, at such place or places as Collateral Agent
      or
      the Lender may designate.

     

    Section
      4.03.  Maintenance.
      The
      Servicer/Manager shall maintain and preserve each Vehicle comprising Collateral
      in good working order and condition, ordinary wear and tear excepted, and comply
      at all times with the usual and customary maintenance and repair practices
      of
      UHI and its Affiliates for vehicles of similar type and use.

     

    ARTICLE
      V  

     

    

     

    FEES,
      INTEREST, ACCOUNTS, PAYMENTS, ETC.

     

    Section
      5.01.  Fees
      and Expenses.
      The
      Borrowers shall pay to the Lender, the following fully-earned and non-refundable
      fees in immediately available funds as set forth herein and in accordance with
      the terms of this Agreement:

     

    (a)  On
      the
      date hereof, a one-time facility structuring fee as defined in the Structuring
      Fee Letter; 

     

    (b)  On
      any
      date on which a prepayment of all or substantially all Outstanding Loans is
      made
      pursuant to Section 5.05 on or prior to a date which is forty-eight
      calendar months from the last day of the Drawdown Period, a prepayment fee
      in an
      amount equal to the product of (i) the Outstanding Loans on such date, and
      (ii)  1.00% (for the avoidance of doubt, no prepayment fee shall be owing
      due to the payment of Targeted Principal resulting from the loss of or damage
      to, a Vehicle in the ordinary course of Borrowers' business) together with
      any
      Hedge Breakage; and

     

    (c)  On
      the
      date hereof and thereafter promptly upon receipt of an invoice therefor, all
      legal and due diligence expenses of the Lender incurred in connection with
      this
      Facility.

     

    Section
      5.02.  Interest
      on the Loans.

     

    (a) Except
      as
      otherwise provided herein, each Loan shall bear interest on the outstanding
      principal amount thereof and on any due but unpaid interest, for each day from
      the date of the making of such Loan until the principal amount thereof and
      all
      interest thereon shall be paid in full. Interest on each Loan shall accrue
      during each related Interest Period at a rate per annum equal to the applicable
      Interest Rate for such Interest Period. The applicable Interest Rate for each
      Loan not repaid as of any Payment Date will be determined by the Lender and
      reset as of the first day of each successive Interest Period as determined
      in
      accordance with Section 5.02(e), and subject to Section 5.07.

     

    (b) Except
      as
      otherwise provided herein, all accrued and unpaid interest on each Loan as
      of
      the end of each Interest Period shall be payable in arrears on the related
      Payment Date during the term of this Agreement in accordance with
      Section 5.04(a). All accrued and unpaid interest shall be due and payable
      upon the occurrence of an Event of Default.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) If,
      by
      the terms of this Agreement or the Note, the Borrowers at any time is required
      or obligated to pay interest at a rate in excess of the maximum rate permitted
      by applicable law, the Interest Rate shall be deemed to be immediately reduced
      to such maximum rate and the portion of all prior interest payments in excess
      of
      such maximum rate shall be applied and shall be deemed to have been payments
      made in reduction of the principal amount due hereunder and under the
      Note.

     

    (d) All
      amounts of interest due hereunder shall be computed on the basis of the actual
      number of days elapsed in a year of 360 days, and in each case shall be
      payable for the actual number of days elapsed (including the first day but
      excluding the last day).

     

    (e) The
      Adjusted LIBO Rate will be determined by the Lender and communicated to the
      Borrowers on each LIBOR Determination Date, and each such determination shall
      be
      conclusive absent manifest error.

     

    Section
      5.03.  Collections
      and Cash Flows.
      

     

    (a) UHI
      shall
      have established and shall maintain the Collection Account and the Concentration
      Account. The Borrowers shall not change any Concentration Account or Collection
      Account, or open any new Concentration Account or Collection Account, into
      which
      any revenues related to the Collateral may be deposited without the prior
      written consent of the Lender; provided,
      that
      any such consent, with respect to any new or changed Concentration Account,
      shall not be unreasonably withheld by the Lender.

     

    (b) The
      Servicer/Manager shall deposit or cause to be deposited all gross collections,
      receipts and proceeds on all Collateral into the Concentration Account. Not
      later than 3:00 p.m., New York City time on each Fleet Owner Cash Flow
      Determination Date, the Servicer/Manager shall deposit or cause to be deposited
      into the Collection Account in immediately available funds, an amount equal
      to
      Fleet Owner Cash Flows and Hedge payments for the immediately preceding month,
      plus any other amounts that otherwise are or shall be part of the Collateral
      (to
      the extent not already deposited in full pursuant to Section 5.03(d), below).
      So
      long as no Accelerated Amortization Event, Default, Event of Default or
      Collection Sub-Account Failure shall have then occurred and be continuing,
      the
      funds deposited in the Collection Account pursuant to this Section 5.03(b)
      may
      be transferred on the same Business Day at the direction of UHI. Neither the
      Servicer/Manager nor any Borrower shall instruct the Concentration Account
      Bank
      in a manner inconsistent with this Section 5.03(b) or the Collection Account
      Control Agreement without the prior written consent of the Lender. 

     

    (c) UHI
      shall
      deposit into the Collection Sub-Account, (i) not later than each Deposit
      Date, the Collection Sub-Account Deposit for such month and (ii) not later
      than each Loan Date, the Collection Sub-Account Deposit for such Loan Date
      (or,
      in each case, an amount sufficient so that after such deposit, together with
      unrestricted funds already on deposit in the Collection Sub-Account, the total
      amount of unrestricted funds on deposit in the Collection Sub-Account would
      not
      be less than the Collection Sub-Account Deposit). The Collateral Agent shall,
      at
      the direction of the Lender, be entitled and is hereby authorized and directed
      by the Servicer/Manager and the Borrowers, to withdraw any amounts on deposit
      in
      the Collection Sub-Account on the next subsequent Payment Date and apply such
      amounts to the payment of 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    principal,
      interest and other Obligations due on such Payment Date in accordance with
      the
      directions provided by the Lender. So long as no Accelerated Amortization Event,
      Default, Event of Default, Collection Sub-Account Failure or Borrowing Base
      Deficiency shall have then occurred and be continuing, any excess funds in
      the
      Collection Sub-Account after such Payment Date shall be transferred on the
      same
      Business Day to the Collection Account.

     

    (d) Upon
      an
      Event of Default or a Collection Sub-Account Failure, not later than 3:00 p.m.,
      New York City time on each Business Day, the Servicer/Manager shall deposit
      or
      cause to be deposited into the Collection Account from funds on deposit in
      the
      Concentration Account, an amount equal to the Daily Collection Account Deposit
      Amount. In addition, upon an Event of Default or a Collection Sub-Account
      Failure, the Collateral Agent, may exercise its rights under the Collection
      Account Control Agreement, and thereafter, on any Payment Date (or at such
      times
      as the Collateral Agent may choose in its sole discretion) any amounts in the
      Collection Account and Collection Sub-Account shall be applied in the following
      order:

     

    
      	 	
              (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.

            

    

     

    Section
      5.04.  Payments
      to be Made.
      

     

    (a) The
      Borrowers shall make each payment (including principal of or interest on any
      Loan or other amounts) or deposit hereunder and under any other Loan Document
      not later than 3:00 p.m., New York City time, on each Deposit Date or Payment
      Date, as applicable, in immediately available funds, without setoff, defense
      or
      counterclaim (i) in the case of interest and Targeted Principal, on the Deposit
      Date immediately preceding the Payment Date that relates to the Interest Period
      for which such amount is owing, and (ii) in each other case on the date on
      which
      such amount is due. Each such payment shall be made to the Lender at such place
      as may be designated from time to time by the Lender in writing to the
      Borrowers. If any deposit or payment hereunder or under the Loans becomes due
      and payable on a day other than a Business Day, such amount shall be due and
      payable on the next succeeding Business Day. If the date for any deposit,
      payment or prepayment hereunder is extended by operation of law or otherwise,
      interest with respect thereto shall be payable at the then-applicable Interest
      Rate during such extension.

     

    (b) Except
      as
      otherwise expressly provided herein, whenever any payment (including principal
      of or interest on any Loan or other amounts) hereunder or under any other Loan
      Document shall become due, or otherwise would occur, on a day that is not a
      Business 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Day,
      such
      payment may be made on the next succeeding Business Day, and such extension
      of
      time shall in such case be included in the computation of interest, if
      applicable.

     

    (c) If
      on any
      Deposit Date, all or any portion of the amounts required to be deposited in
      the
      Sub-Account pursuant to Section 5.03(b) are not deposited by or on behalf of
      the
      Borrowers by the time specified in the first sentence of Section 5.04(a), then
      the Collateral Agent shall immediately have the right to take control of the
      Collection Account in accordance with the Collection Account Control Agreement.
      Such remedy shall be in addition to and not exclusive of any other remedies
      provided for under this Agreement.

     

    Section
      5.05.  Optional
      Prepayments.
      The
      Borrowers may prepay the Loans on any Payment Date, in whole or in part, subject
      to the requirements of this Section without penalty or premium (except as
      provided in Section 5.01(b)), on five days’ prior written notice to the Lender,
      provided that (i) the principal amount prepaid is at least $1,000,000
      (unless otherwise agreed to in writing by the Lender), (ii) Borrowers shall
      not
      prepay more than $5,000,000 in the aggregate in any twelve (12) month period
      (other than a payment of all obligations, in accordance with Section 5.01(b)),
      (iii) the Borrowers pay to the Lender, on the date of prepayment, accrued
      unpaid interest on the amount so prepaid and (iv) Borrowers shall pay any Hedge
      Breakage. The Borrowers may notify the Lender in writing that it has elected
      to
      terminate the Facility in connection with the prepayment in full of the Loans
      and all other outstanding Obligations. Upon such prepayment in full, together
      with payment in full the fee described in Section 5.01(b), and the termination
      of the Facility, the Lender’s interest in the Collateral shall be released in
      accordance with Section 3.02 and the Commitment of the Lender hereunder
      shall terminate. 

     

    Section
      5.06.  [Reserved].
      

     

    Section
      5.07.  Illegality;
      Substituted Interest Rate, etc.
      Notwithstanding any other provision hereof, if (i) any Requirement of Law
      or any change therein or in the interpretation or application thereof shall
      make
      it unlawful for the Lender to make or maintain any Loans at the Interest Rate
      or
      (ii) the Lender shall have determined (which determination shall be
      conclusive and binding upon the Borrowers) that, by reason of circumstances
      affecting the LIBOR interbank market, adequate and reasonable means do not
      exist
      for ascertaining the Interest Rate, then (a) the obligation of the Lender
      to make or maintain Loans at the Interest Rate shall be suspended and the Lender
      shall promptly notify the Borrowers thereof (by telephone confirmed in writing)
      and (b) each Loan then outstanding, if any, shall, from and including the
      commencement of the next Interest Period or at such earlier date as may be
      required by law, until payment in full thereof, bear interest at the rate per
      annum equal to the greater of the Prime Rate plus the Applicable Margin or
      the
      Interest Rate in effect on the date immediately preceding the date any event
      described in clause (i) or (ii) occurred. If subsequent to such suspension
      of the obligation of the Lenders to make or maintain the Loans at the Interest
      Rate, the circumstances described in clause (i) or (ii) of the preceding
      sentence, as applicable, no longer exist, the Lender shall so notify the
      Borrowers, and the obligation of the Lender to do so shall be reinstated
      effective as of the date the circumstances described in clause (i) or (ii),
      as applicable, no longer exist.

     

    Section
      5.08.  Payments
      of Principal; Mandatory Prepayments.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a) On
      each
      Payment Date, the Borrowers shall pay to the Lender, an amount equal to the
      Targeted Principal, if any, for such Payment Date.

     

    (b) If
      any
      Monthly Settlement Report reports that a Borrowing Base Deficiency exists as
      of
      such date with respect to any Monthly Pool, then the Borrowers shall no later
      than the next Business Day following delivery of such Monthly Settlement Report
      pay to the Lender an amount equal to the Borrowing Base Deficiency for such
      Monthly Pool on such date and any Hedge Breakage. If an item of Collateral
      included in the Borrowing Base and for which a Loan was advanced fails at any
      time to be acceptable to the Lender under the definition of Eligible Vehicle
      Collateral, as reasonably determined by the Lender in its sole discretion,
      the
      Vehicle Facility Value of such Collateral as of such date of determination
      will
      be deemed to be zero.

     

    (c) Upon
      discovery by any of the Loan Parties of a breach of any of the representations
      and warranties set forth in Section 6.14, the party discovering such breach
      shall give prompt written notice to the Borrowers and to the other parties.
      If
      such breach would, in and of itself, result in a Borrowing Base Deficiency
      with
      respect to any Monthly Pool, which Borrowing Base Deficiency is not cured by
      the
      next Business Day after the Borrowers discover or receive notice of such breach,
      the Borrowers shall, unless such breach shall have been cured in all material
      respects, remit to the Lender an amount equal to the amount of such Borrowing
      Base Deficiency, in the manner set forth in Section 5.08. The foregoing
      obligation shall apply to all representations and warranties of the Borrowers
      contained in Section 6.14 whether or not the Borrowers have knowledge of
      the breach at the time of the breach or at the time the representations and
      warranties were made. The Lender shall not have any duty to conduct an
      affirmative investigation as to the occurrence of any breach of any
      representations and warranties of the Borrowers set forth in Section 6.14
      that would require the Borrowers to remit any mandatory repayment pursuant
      to
      this Section.

     

    Section
      5.09.  Increased
      Costs.

     

    (a)  If
      any
      Change in Law shall: (i) impose, modify or deem applicable any reserve, special
      deposit or similar requirement against assets of, deposits with or for the
      account of, or credit extended by, the Lender (except any such reserve
      requirement reflected in the Adjusted LIBO Rate); or (ii) impose on the Lender
      or the London interbank market any other condition affecting this Agreement
      or
      Loans made by the Lender; and the result of any of the foregoing shall be to
      increase the cost to the Lender of making or maintaining any Loan (or of
      maintaining its obligation to make any such Loan) or to reduce the amount of
      any
      sum received or receivable by the Lender hereunder (whether of principal,
      interest or otherwise), then the Borrowers shall, jointly and severally, pay
      to
      the Lender such additional amount or amounts as will compensate the Lender
      for
      such additional costs incurred or reduction suffered.

     

    (b)  If
      the
      Lender determines that any Change in Law regarding capital requirements has
      or
      would have the effect of reducing the rate of return on the Lender’s capital or
      on the capital of the Lender’s holding company, as a consequence of this
      Agreement or the Loans made by the Lender to a level below that which the Lender
      or the Lender’s holding company could have achieved but for such Change in Law
      (taking into consideration the Lender’s policies and the policies of the
      Lender’s holding company with respect to capital 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    adequacy),
      then from time to time the Borrowers shall, jointly and severally, pay to the
      Lender such additional amount or amounts as will compensate the Lender or the
      Lender’s holding company for any such reduction suffered.

     

    (c)  A
      certificate of the Lender setting forth the amount or amounts necessary to
      compensate the Lender or its holding company, as the case may be, as specified
      in paragraph (a) or (b) of this Section and the basis therefor shall be
      delivered to the Borrowers by the Lender and shall be conclusive absent manifest
      error. The Borrowers shall pay the Lender the amount shown as due on any such
      certificate within 30 days after receipt thereof.

     

    (d)  Failure
      or delay on the part of the Lender to demand compensation pursuant to this
      Section shall not constitute a waiver of the Lender’s right to demand such
      compensation; provided
      that the
      Borrowers shall not be required to compensate the Lender pursuant to this
      Section for any increased costs or reductions incurred more than 90 days prior
      to the date that the Lender notifies the Borrowers of the Change in Law giving
      rise to such increased costs or reductions and of the Lender’s intention to
      claim compensation therefor; provided
      further
      that, if
      the Change in Law giving rise to such increased costs or reductions is
      retroactive, then the 90-day period referred to above shall be extended to
      include the period of retroactive effect thereof.

     

    Section
      5.10.  Taxes.

     

    (a)  Any
      and
      all payments by or on account of any obligation of the Borrowers hereunder
      or
      under any other Loan Document shall be made free and clear of and without
      deduction for any Taxes; provided
      that if
      the Borrowers shall be required to deduct any Taxes from such payments, then
      (i)
      the sum payable shall be increased as necessary so that after making all
      required deductions (including deductions applicable to additional sums payable
      under this Section) the Lender receives an amount equal to the sum it would
      have
      received had no such deductions been made, (ii) the Borrowers shall make such
      deductions and (iii) the Borrowers shall pay the full amount deducted to the
      relevant Governmental Authority in accordance with applicable law.

     

    (b)  The
      Borrowers shall, jointly and severally, indemnify the Lender, within 10 days
      after written demand therefor, for the full amount of any Taxes paid by the
      Lender on or with respect to any payment by or on account of any obligation
      of
      the Borrowers hereunder or under any other Loan Document (including Taxes
      imposed or asserted on or attributable to amounts payable under this Section)
      and any penalties, interest and reasonable expenses arising therefrom or with
      respect thereto, whether or not such Taxes were correctly or legally imposed
      or
      asserted by the relevant Governmental Authority. A certificate as to the amount
      of such payment delivered to the Borrowers by the Lender, shall be conclusive
      absent manifest error.

     

    (c)  As
      soon
      as practicable after any payment of Taxes by the Borrowers to a Governmental
      Authority, the Borrowers shall deliver to the Lender the original or a certified
      copy of a receipt issued by such Governmental Authority evidencing such payment,
      a copy of the return reporting such payment or other evidence of such payment
      reasonably satisfactory to the Lender.

     

    (d)  If
      the
      Lender determines, in its sole discretion, that it has received a refund of
      any
      Taxes as to which it has been indemnified by the Borrowers pursuant to this
      Section 5.10, it shall pay over such refund to the Borrowers (but only to the
      extent of indemnity payments made by the Borrowers under this Section 5.10
      with
      respect to the Taxes giving rise to such refund), net of all reasonable
      out-of-pocket expenses of the Lender and without interest (other than any
      interest paid by the relevant Governmental Authority with respect to such
      refund); provided,
      however,
      that
      the Borrowers, upon the request of the Lender, agrees to repay the amount paid
      over to the Borrowers (plus any penalties, interest or other charges imposed
      by
      the relevant Governmental Authority) to the Lender in the event the Lender
      is
      required to repay such refund to such Governmental Authority. Nothing contained
      in this Section 5.10 shall require the Lender to make available its tax returns
      (or any other information relating to its Taxes which it deems confidential)
      to
      the Borrowers or any other Person.

     

    (e)  Without
      prejudice to the survival of any other agreement of the Borrowers hereunder,
      the
      agreements and obligations of the Borrowers contained in this Section 5.10
      shall survive the termination of this Agreement.

     

    ARTICLE
      VI  

     

    

     

    REPRESENTATIONS
      AND WARRANTIES

     

    Each
      of
      the Loan Parties represents and warrants to the Collateral Agent and the Lender
      as of the Closing Date and on each Loan Date that:

     

    Section
      6.01.  Organization;
      Powers.
      Each of
      the Loan Parties is duly organized, validly existing and in good standing under
      the laws of its jurisdiction of incorporation, has all requisite corporate
      power
      and authority to carry on its business as now conducted and, except where the
      failure to do so, individually or in the aggregate, could not reasonably be
      expected to result in a Material Adverse Effect, is qualified to do business
      in,
      and is in good standing in, every jurisdiction where such qualification is
      required.

     

    Section
      6.02.  Authorization;
      Enforceability.
      The
      Transactions to be entered into by each Loan Party are within such Loan Party’s
      corporate, as the case may be, powers. The Transactions to be entered into
      by
      each Loan Party have been duly authorized by all necessary corporate and, if
      required, stockholder action. This Agreement has been duly executed and
      delivered by each Loan Party and constitutes, and each other Loan Document
      to
      which any Loan Party is to be a party, when executed and delivered by such
      Loan
      Party, will constitute, a legal, valid and binding obligation of such Loan
      Party
      (as the case may be), enforceable in accordance with its terms, subject to
      applicable bankruptcy, insolvency, reorganization, moratorium or other laws
      affecting creditors’ rights generally and subject to general principles of
      equity, regardless of whether considered in a proceeding in equity or at
      law.

     

    Section
      6.03.  Governmental
      Approvals; No Conflicts.
      The
      Transactions (a) do not require any consent or approval of, registration or
      filing with, or any other action by, any Governmental Authority, except such
      as
      have been obtained or made and are in full force and effect and except filings
      necessary to perfect Liens created under the Security Documents, (b) will
      not violate any applicable law or regulation or the charter, by-laws or other
      

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    organizational
      documents of any Loan Party or any order of any Governmental Authority,
      (c) will not violate or result in a default under any indenture, agreement
      or other instrument evidencing or governing any material indebtedness or any
      other material indenture, agreement or other instrument binding upon any Loan
      Party or its assets, or give rise to a right thereunder to require any payment
      to be made by any Loan Party, and (d) will not result in the creation or
      imposition of any Lien on any asset of any Loan Party, except Liens created
      under the Security Documents.

     

    Section
      6.04.  Financial
      Condition; No Material Adverse Change.

     

    (a)  UHI
      has
      heretofore furnished to the Lender the consolidated balance sheet and statements
      of income, equity and cash flows of AMERCO as of and for the fiscal year ended
      March 31, 2005, and the consolidated balance sheet and statements of income,
      stockholders equity and cash flows of AMERCO as of and for the fiscal quarter
      ended December 31, 2005, each certified by a Financial Officer of UHI or AMERCO.
      Such financial statements present fairly, in all material respects, the
      financial position and results of operations and cash flows of AMERCO as of
      such
      date and for such period in accordance with GAAP, subject to year end audit
      adjustments. As of the date hereof, no Loan Party has any liabilities in excess
      of $25,000,000 except as disclosed on Schedule 6.04.

     

    (b)  Since
      December 31, 2005, there has been no Material Adverse Change.

     

    Section
      6.05.  Properties;
      Liens and Licenses.

     

    (a)  Each
      of
      the Loan Parties has good title to, or valid leasehold interests in, or licenses
      of or easements for all the real and personal property material to its business,
      except for minor defects in title that do not interfere with its ability to
      conduct its business as currently conducted or to utilize such properties for
      their intended purposes, and none of such property is subject to any Lien other
      than Permitted Encumbrances.

     

    (b)  Each
      of
      the Loan Parties owns, or is licensed to use, all trademarks, trade names,
      copyrights, patents and other intellectual property material to its business,
      and the use thereof by the Loan Parties does not infringe upon the rights of
      any
      other Person, except for any such infringements that, individually or in the
      aggregate, could not reasonably be expected to result in a Material Adverse
      Effect.

     

    (c)  Each
      of
      the Loan Parties has all licenses and permits that are material to the business
      of such Loan Party. Each license or permit that is material to the business
      of
      the Loan Parties, is valid and in full force and effect, and each of the Loan
      Parties is in compliance in all material respects with the terms and conditions
      thereof.

     

    Section
      6.06.  Litigation
      Matters.
      There
      are no actions, suits or proceedings by or before any arbitrator or Governmental
      Authority pending against or, to the knowledge of any Loan Party, threatened
      against or affecting the Loan Parties (i) as to which there is a reasonable
      possibility of an adverse determination and that, if adversely determined,
      could
      reasonably be expected, individually or in the aggregate, to result in a
      Material Adverse Effect or (ii) that involve any of the Loan Documents or the
      Transactions.

     

    Section
      6.07.  Compliance
      with Laws and Agreements.
      Each of
      the Loan Parties is in compliance with all laws, regulations and orders of
      any
      Governmental Authority applicable to it or its property and all indentures,
      agreements and other instruments binding upon it or its property, except where
      the failure to do so, individually or in the aggregate, could not reasonably
      be
      expected to result in a Material Adverse Effect. No Default has occurred and
      is
      continuing. 

     

    Section
      6.08.  Investment
      and Holding Company Status.
      None of
      the Loan Parties is (a) an "investment company" as defined in, or subject to
      regulation under, the Investment Company Act of 1940 or (b) a "holding company"
      as defined in, or subject to regulation under, the Public Utility Holding
      Company Act of 1935.

     

    Section
      6.09.  Taxes.
      Each of
      the Loan Parties has timely filed or caused to be filed all Tax returns and
      reports required to have been filed and has paid or caused to be paid all Taxes
      required to have been paid by it, except (a) Taxes that are being contested
      in
      good faith by appropriate proceedings and for which the applicable Loan Party
      has set aside on its books adequate reserves or (b) the filing of local Tax
      returns and reports to the extent that the failure to do so, individually or
      in
      the aggregate, could not reasonably be expected to result in a Material Adverse
      Effect.

     

    Section
      6.10.  ERISA.
      Each
      Plan has been administered in compliance with all applicable laws except for
      such instances of noncompliance as have not resulted in and could not reasonably
      be expected to result in a Material Adverse Effect. No ERISA Event has occurred
      or is reasonably expected to occur that, when taken together with all other
      such
      ERISA Events for which liability is reasonably expected to occur, could
      reasonably be expected to result in a Material Adverse Effect. The present
      value
      of all accumulated benefit obligations under each Plan (based on the assumptions
      used for purposes of Statement of Financial Accounting Standards No. 87) did
      not, as of the date of the most recent financial statements of AMERCO reflecting
      such amounts, exceed the fair market value of the assets of such Plan, and
      the
      present value of all accumulated benefit obligations of all underfunded Plans
      (based on the assumptions used for purposes of Statement of Financial Accounting
      Standards No. 87) did not, as of the date of the most recent financial
      statements of AMERCO reflecting such amounts, exceed the fair market value
      of
      the assets of all such underfunded Plans.

     

    Section
      6.11.  Disclosure.
      Each of
      the Loan Parties has disclosed to the Lender all agreements, instruments and
      corporate or other restrictions to which any of the Loan Parties is subject
      that, individually or in the aggregate, could reasonably be expected to result
      in a Material Adverse Effect. None of the reports, financial statements,
      certificates or other information furnished by or on behalf of any Loan Party
      to
      the Lender in connection with the negotiation of this Agreement or any other
      Loan Document or delivered hereunder or thereunder, including any Monthly
      Settlement Report, contains any material misstatement of fact or omits to state
      any material fact necessary to make the statements therein, taken as a whole,
      in
      the light of the circumstances under which they were made, not misleading;
      provided
      that,
      with respect to projected financial information, each of the Loan Parties
      represents only that such information was prepared in good faith based upon
      assumptions believed to be reasonable at the time.

     

    Section
      6.12.  The
      Collateral.
      The
      Collateral is owned by the Person granting each security interest in such
      Collateral under any Security Document, free and clear of any Lien or other
      adverse claim except as contemplated under the Loan Documents. Each of the
      representations and warranties of the Loan Parties contained herein are true
      and
      correct. No agreements have been executed and delivered pursuant to which a
      Person pledges or grants, or purports to pledge or grant, any Lien, other than
      Permitted Encumbrances, on the Collateral to any Person other than the
      Collateral Agent.

     

    With
      respect to the Borrowers, the Security Agreement is effective to create in
      favor
      of the Collateral Agent, a legal, valid and enforceable security interest in
      the
      Collateral and, upon the filing of the necessary financing statements in the
      offices specified in the Security Agreement, or the filing of liens on Vehicles
      in the offices specified in the Security Agreement, as applicable, the interest
      of the Collateral Agent in the Collateral will be perfected under Article 9
      of the UCC as in effect on the date hereof in the applicable jurisdiction or
      the
      applicable state motor vehicle law, as applicable, prior to and enforceable
      against all creditors of and purchasers from the Borrowers and all other Persons
      whatsoever (other than the Collateral Agent and its successors and assigns).
      On
      or prior to the date each Loan is made hereunder and each recomputation of
      the
      Borrowing Base, all financing statements and other documents required to be
      recorded or filed in order to perfect and protect the Collateral Agent’s
      interests in the Collateral against all creditors of and purchasers from the
      Borrowers and all other Persons whatsoever will have been duly filed in each
      filing office necessary for such purpose and all filing fees and taxes, if
      any,
      payable in connection with such filings shall have been paid in
      full.

     

    Section
      6.13.  Liens
      on the Collateral.
      Effective immediately upon the Closing Date, and on each Loan Date, (a) no
      effective financing statement or other similar instrument covering any
      Collateral is on file in any recording office, and (b) no Lien covering any
      Vehicle constituting Collateral is noted on the Certificate of Title of such
      Vehicle or on file in any title recording office, in each case other than in
      favor of the Collateral Agent.

     

    Section
      6.14.  Eligible
      Vehicle Collateral.
      As of
      the date of each Borrowing Request, all Vehicles set forth in the Vehicle
      Schedule to be delivered with each Borrowing Request are Eligible Vehicle
      Collateral.

     

    Section
      6.15.  Insurance.
      Schedule 6.15 sets forth a description of all insurance maintained by or on
      behalf of the Loan Parties as of the date of this Agreement including all
      policies covering the Collateral. As of the date of this Agreement, all premiums
      in respect of such insurance have been paid.

     

    Section
      6.16.  Labor
      Matters.
      As of
      the date hereof, there are no strikes, lockouts or slowdowns against any Loan
      Party pending or, to the knowledge of any of the Loan Parties, threatened.
      The
      hours worked by and payments made to employees of the Loan Parties have not
      been
      in violation of the Fair Labor Standards Act or any other applicable Federal,
      state, local or foreign law dealing with such matters. All payments due from
      any
      Loan Party, or for which any claim may be made against any Loan Party, on
      account of wages and employee health and welfare insurance and other benefits,
      have been paid or accrued as a liability on the books of the applicable Loan
      Party. The consummation of the Transactions will 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    not
      give
      rise to any right of termination or right of renegotiation on the part of any
      union under any collective bargaining agreement to which any Loan Party is
      bound.

     

    Section
      6.17.  Security
      Documents.
      The
      representations and warranties in each Security Document are true and
      correct.

     

    Section
      6.18.  Margin
      Regulations.
      No
      proceeds of any Loan will be used, directly or indirectly, by the Loan Parties
      for the purpose of purchasing or carrying any Margin Stock or for the purpose
      of
      reducing or retiring any Indebtedness which was originally incurred to purchase
      or carry Margin Stock. No part of the proceeds of any Loan will be used, whether
      directly or indirectly, and whether immediately, incidentally or ultimately,
      for
      any purpose that entails a violation of, or that is inconsistent with, the
      provisions of the Regulations of the Board, including Regulation T, U or
      X.

     

    ARTICLE
      VII  

     

    

     

    CONDITIONS

     

    Section
      7.01.  Effective
      Date.
      The
      obligations of the Lender to make the initial Loan hereunder shall not become
      effective until the date on which each of the following conditions is satisfied
      (or waived in accordance with Section 12.02):

     

    (a)  The
      Lender shall have received from each party hereto either (i) a counterpart
      of
      this Agreement signed on behalf of such party or (ii) written evidence
      satisfactory to the Lender (which may include telecopy transmission of a signed
      signature page of this Agreement) that such party has signed a counterpart
      of
      this Agreement.

     

    (b)  The
      Lender shall have received a favorable written opinion of counsel to the Loan
      Parties addressed to the Lender the Collateral Agent and the Hedge Provider,
      dated the Closing Date and addressing such matters relating to the Loan Parties,
      the Loan Documents and the Transactions as the Lender shall reasonably request,
      (in each case in form and substance reasonably satisfactory to the Lender)
      including, without limitation, opinions of counsel regarding general corporate
      matters, due authorization and execution, delivery, no conflict of laws or
      contracts and no material litigation with respect to each Loan Party.
      Additionally, Lender shall have received a favorable written opinion of outside
      counsel to the Loan Parties addressed to the Lender, the Collateral Agent and
      the Hedge Provider, dated the Closing Date and addressing matters as to
      enforceability under New York law as well as the creation, perfection and
      priority of security interests in the Collateral (in each case in form and
      substance reasonably satisfactory to the Lender).

     

    (c)  The
      Lender shall have received such documents and certificates as the Lender or
      its
      counsel may reasonably request relating to the organization, existence and
      good
      standing of each Loan Party, the authorization of the Transactions and
      incumbency of signatories to the Loan Documents and any other legal matters
      relating to each Loan Party, the Loan Documents or the Transactions, all in
      form
      and substance satisfactory to the Lender and its counsel.

     

    (d)  The
      Lender shall have received a certificate, dated the Closing Date and signed
      by
      the Chief Executive Officer, President, a Vice President or a Financial Officer
      of each Loan Party, confirming compliance with the conditions set forth in
      paragraphs (a), (b) and (c) of Section 7.02 and that no Material Adverse Change
      has occurred which has not been disclosed to the Lender.

     

    (e)  The
      Lender shall be satisfied that all fees and other amounts due and payable to
      them hereunder on or prior to the Effective Date, including, to the extent
      invoiced, reimbursement or payment of all legal fees and expenses and all other
      expenses required to be reimbursed or paid by the Loan Parties hereunder or
      under any other Loan Document, have been paid or will be paid on the Effective
      Date.

     

    (f)  The
      Lender shall be reasonably satisfied with the corporate and legal structure
      and
      capitalization of each Loan Party, including the charter and by-laws of each
      Loan Party and each agreement or instrument evidencing material
      Indebtedness.

     

    (g)  The
      Lender shall have received counterparts of the Guarantee Agreement signed on
      behalf of each Loan Party thereto.

     

    (h)  The
      Collateral Agent and the Lender shall have received (i) counterparts of the
      Security Documents (other than Certificates of Title) signed on behalf of the
      Loan Party that is a party thereto and (ii) evidence satisfactory to the Lender
      that all documents and instruments, including UCC financing statements and
      Certificates of Title with respect to all Vehicles constituting Collateral,
      required by law or reasonably requested by the Lender to be filed, registered
      or
      recorded to create or perfect the Liens intended to be created under the
      Security Documents, and to protect the ownership interests of the Borrowers
      in
      (and the Liens of the Security Documents on) all Collateral, have been so filed,
      registered or recorded.

     

    (i)  The
      Lender shall have received (i) the results of a search (at Borrower's expense)
      of the UCC (or equivalent) filings made with respect to the Borrowers in the
      jurisdictions contemplated by the Security Agreement as of a date reasonably
      close to the Closing Date and otherwise acceptable to the Lender in its sole
      reasonable discretion and (ii) copies of the financing statements (or similar
      documents) disclosed by such search and evidence reasonably satisfactory to
      the
      Lender that the Liens indicated by such financing statements (or similar
      documents) are either Permitted Encumbrances or have been released.

     

    (j)  The
      Lender shall have received evidence satisfactory to it that the insurance
      required to be maintained by the Borrowers pursuant to Section 8.07 is in
      effect, and such insurance policies shall be in form, substance and insured
      amount satisfactory to the Lender.

     

    (k)  The
      Lender shall have received an original Note, executed and delivered by the
      Borrowers.

     

    (l)  The
      Lender (i) shall have been given access to the management, records, books of
      account, contracts and properties of the Loan Parties and shall have received
      such financial, business and other information regarding the Loan Parties as
      the
      Lender shall have 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    reasonably
      requested and (ii) shall have completed their due diligence review of the Loan
      Parties and shall be reasonably satisfied with the results of such
      review.

     

    (m)  The
      Borrowers shall have entered into one or more forward-starting swap agreements
      to limit Borrowers’ interest rate exposure (each, a "Hedge")
      and
      shall have assigned the Borrowers' rights to receive payments under such Hedge
      to Lender. Each such Hedge shall have been entered into with the Hedge
      Provider.

     

    The
      Lender shall notify the Borrowers of the Effective Date, and such notice shall
      be conclusive and binding. Notwithstanding the foregoing, the obligations of
      the
      Lender to make Loans hereunder shall not become effective unless each of the
      foregoing conditions is satisfied (or waived pursuant to Section 12.02) at
      or
      prior to 3:00 p.m., New York City time, on June 15, 2006 (and, in the event
      such
      conditions are not so satisfied or waived, the Facility shall terminate at
      such
      time).

     

    Section
      7.02.  Each
      Loan.
      The
      obligation of the Lender to make a Loan is subject to the satisfaction of the
      following conditions:

     

    (a)  At
      the
      time of and immediately after giving effect to such Loan, the representations
      and warranties of the Loan Parties set forth in this Agreement and the other
      Loan Documents shall be true and correct in all respects on and as of the date
      of such Loan (or, in the case of any representation and warranty that expressly
      relates to an earlier date, on and as of such earlier date).

     

    (b)  At
      the
      time of and immediately after giving effect to such Loan, no Accelerated
      Amortization Event, Default, Event of Default, Borrowing Base Deficiency or
      Collection Sub-Account Failure shall have occurred and be
      continuing.

     

    (c)  No
      Material Adverse Change shall have occurred.

     

    (d)  The
      Borrowers shall have delivered to the Lender (i) a Borrowing Request and a
      Borrowing Base Certificate, for each Monthly Period, calculated as of a date
      not
      more recent than three (3) Business Days prior to the date of the related
      Borrowing Request, in connection with such Loan showing no Borrowing Base
      Deficiency; (ii) a certificate of the type required by Section 4.02(b), if
      applicable and (iii) one or more Purchase Orders identifying the Vehicles in
      such Monthly Pool and such other information necessary to determine Vehicle
      Cost, each in a form satisfactory to Lender.

     

    Each
      Loan
      shall be deemed to constitute a representation and warranty by the Borrowers
      on
      the date thereof as to the matters specified in paragraphs (a), (b) and (c)
      of
      this Section 7.02.

     

    ARTICLE
      VIII  

     

    

     

    AFFIRMATIVE
      COVENANTS

     

    Until
      the
      Commitments have expired or been terminated and the principal of and interest
      on
      each Loan and all fees and other amounts payable hereunder shall have been
      paid
      in full, each of the Loan Parties covenants and agrees with the Collateral
      Agent
      and the Lender that:

     

    Section
      8.01.  Financial
      Statements and Other Information.
      The
      Loan Parties shall furnish to the Lender:

     

    (a)  within
      90
      days after the end of each fiscal year of AMERCO, the audited consolidated
      balance sheet of AMERCO (or, if any of the Loan Parties shall cease to be
      consolidated with AMERCO for financial accounting purposes, of each such Loan
      Party, as applicable) and its consolidated subsidiaries and related statements
      of operations, stockholders’ equity and cash flows as of the end of and for such
      year, setting forth in each case in comparative form the figures for the
      previous fiscal year, all reported on by BDO Seidman, LLP or other independent
      public accountants of recognized national standing (without a "going concern"
      or
      like qualification or exception and without any qualification or exception
      as to
      the scope of such audit) to the effect that such financial statements present
      fairly in all material respects the financial condition and results of
      operations of AMERCO (or, if any of the Loan Parties shall cease to be
      consolidated with AMERCO for financial accounting purposes, of each such Loan
      Party, as applicable) and its consolidated subsidiaries on a consolidated basis
      in accordance with GAAP consistently applied;

     

    (b)  within
      45
      days after the end of each of the first three fiscal quarters of each fiscal
      year of AMERCO, the consolidated balance sheet of AMERCO (or, if any of the
      Loan
      Parties shall cease to be consolidated with AMERCO for financial accounting
      purposes, of each such Loan Party, as applicable) and related statements of
      operations and cash flows as of the end of and for such fiscal quarter and
      the
      then elapsed portion of the fiscal year, setting forth in each case in
      comparative form the figures for the corresponding period or periods of (or,
      in
      the case of the balance sheet, as of the end of) the previous fiscal year,
      all
      certified by one of its Financial Officers as presenting fairly in all material
      respects the financial condition and results of operations of AMERCO (or, if
      any
      of the Loan Parties shall cease to be consolidated with AMERCO for financial
      accounting purposes, of each such Loan Party, as applicable) and its
      consolidated subsidiaries on a consolidated basis in accordance with GAAP
      consistently applied, subject to normal year-end audit adjustments and the
      absence of footnotes;

     

    (c)  concurrently
      with any delivery of AMERCO’s (or a Loan Party’s, as applicable) financial
      statements under clause (a) and (b) above, a certificate of a Financial
      Officer of each of the Loan Parties (i) certifying as to whether a Default
      has
      occurred and, if a Default has occurred, specifying the details thereof and
      any
      action taken or proposed to be taken with respect thereto and (ii) stating
      whether any change in GAAP or in the application thereof that materially affects
      AMERCO’s (or a Loan Party’s, as applicable) consolidated financial statements
      accompanying such certificate (it being understood that any change that would
      affect compliance with any covenant set forth herein or the Applicable Rate
      shall be considered material) has occurred since the date of AMERCO’s (or a Loan
      Party’s, as applicable) audited financial statements referred to in Section 6.04
      and, if any such change has occurred, specifying the effect of such change
      on
      the financial statements accompanying such certificate;

     

    (d)  concurrently
      with any delivery of financial statements under clause (a) above, a
      certificate of the accounting firm that reported on such financial statements
      stating whether they obtained knowledge during the course of their examination
      of such financial statements of any Default (which certificate may be limited
      to
      the extent required by accounting rules or guidelines);

     

    (e)  promptly
      after the same become publicly available, copies of all periodic and other
      reports, proxy statements and other materials filed by AMERCO or any Loan Party
      with the Securities and Exchange Commission, or any Governmental Authority
      succeeding to any or all of the functions of said Commission, or with any
      national securities exchange, or financial information or other material
      information distributed by AMERCO or any Loan Party to its stockholders
      generally, as the case may be;

     

    (f)  promptly
      following any request therefor, such other information regarding the operations,
      business affairs and financial condition of AMERCO or any Loan Party, or
      compliance with the terms of any Loan Document, as the Lender may reasonably
      request; and

     

    (g)  provided
      that Lender is unable to obtain such other information from a publicly available
      source, promptly following any request therefore, on a quarterly basis, a report
      of the name and location of all Persons that rent Vehicles on behalf of the
      Borrowers and their Affiliates in the ordinary course of business pursuant
      to a
      Dealership Contract, as of the date of such report (which report shall also
      be
      furnished to the Collateral Agent).

     

    Section
      8.02.  Notices
      of Material Events.

     

    (a)  Each
      Loan
      Party shall furnish to the Lender written notice of the following promptly
      upon
      obtaining knowledge thereof:

     

    (i)  the
      occurrence of any Default or Accelerated Amortization Event;

     

    (ii)  the
      filing or commencement of any action, suit or proceeding by or before any
      arbitrator or Governmental Authority against or affecting any Loan Party or
      any
      Affiliate thereof that, if adversely determined, could reasonably be expected
      to
      result in a Default or a Material Adverse Effect; and

     

    (iii)  any
      other
      development that results in, or could reasonably be expected to result in,
      a
      Default or a Material Adverse Effect.

     

    (b)  Each
      notice delivered under this Section shall be accompanied by a statement of
      a
      Financial Officer or other executive officer of any of the Loan Parties setting
      forth the details of the event or development requiring such notice and any
      action taken or proposed to be taken with respect thereto.

     

    Section
      8.03.  Information
      Regarding Collateral.
      Each of
      the Loan Parties shall furnish to the Collateral Agent and the Lender prompt
      written notice of any change (i) in corporate name of the Borrowers or in any
      trade name used to identify any Loan Party in the conduct of its business or
      in
      the ownership of its properties, (ii) in the jurisdiction where any Loan Party
      is located for the purposes of the UCC, or any Vehicle constituting Collateral
      has been titled with the applicable state agency or department, or in which
      all
      UCC financing statements and other appropriate filings, recordings or
      registrations, containing a description of the Collateral have been filed of
      record in each governmental, municipal or other appropriate office in such
      jurisdiction to the extent necessary to perfect the security interests under
      the
      Security Documents, (iii) in the identity or corporate structure of any Loan
      Party or (iv) in the Federal Taxpayer Identification Number of any Loan Party.
      No Loan Party shall effect or permit 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    any
      change referred to in the preceding sentence unless all filings have been made
      under the UCC or otherwise that are required in order for the Lender to continue
      at all times following such change to have a valid, legal and perfected security
      interest in all the Collateral.

     

    Section
      8.04.  Existence;
      Conduct of Business.
      Each
      Loan Party shall do or cause to be done all things necessary to preserve, renew
      and keep in full force and effect its legal existence and the rights, licenses,
      permits, privileges and franchises material to the conduct of its
      business.

     

    Section
      8.05.  Payment
      of Obligations.
      Each
      Loan Party shall pay its Indebtedness and other obligations, including Tax
      liabilities, before the same shall become delinquent or in default, except
      where
      (i) the validity or amount thereof is being contested in good faith by
      appropriate proceedings, (ii) such Loan Party has set aside on its books
      adequate reserves with respect thereto in accordance with GAAP, (iii) such
      contest effectively suspends collection of the contested obligation and the
      enforcement of any Lien securing such obligation and (iv) the failure to make
      payment pending the resolution of such contest could not reasonably be expected
      to result in a Material Adverse Effect.

     

    Section
      8.06.  Maintenance
      of Properties and Fleet Owner Cash Flow.
      Each
      Loan Party shall keep and maintain all Collateral, and all other property
      material to the conduct of its business in good working order and condition,
      ordinary wear and tear excepted. U-Haul Leasing & Sales Co. shall (i)
      maintain the Fleet Owner Agreement in effect as a valid and existing obligation
      of itself and its marketing Affiliates, (ii) update the Fleet Owner Agreement
      from time to time as appropriate to reflect changes in the marketing Affiliates
      party to the various Dealership Contracts and Rental Company Contracts and
      (iii)
      not without the prior written consent of the Lender, amend or otherwise modify
      the Fleet Owner Agreement in a manner that would materially and adversely effect
      the amount of Fleet Owner Cash Flows payable to U-Haul Leasing & Sales Co.
      thereunder.

     

    Section
      8.07.  Insurance.
      The
      Loan Parties shall, at their own expense, maintain at all times and keep in
      full
      force and effect policies of insurance with respect to the properties of the
      Loan Parties constituting Collateral, including general and vicarious liability
      insurance (including bodily injury coverage) related to the Vehicles (updated
      from time to time to reflect any changes to the Vehicles constituting
      Collateral) in such amounts, against such risks and with such terms (including
      deductibles, limits of liability and loss payment provisions) as are required
      by
      applicable law and consistent with industry standards. All such insurance
      policies shall be in form, substance and insured amount satisfactory to the
      Lender, with standard coverage and subject to deductibles and with reputable
      insurance companies, as may be reasonably required by the Lender. If the Lender
      or the Collateral Agent shall determine that a Material Adverse Change has
      occurred or if an Event of Default shall have occurred, then within five
      Business Days after delivery by the Lender or the Collateral Agent to the
      Borrowers of a written request therefor, the Borrowers shall cause each of
      the
      Lender and Collateral Agent to be named as an additional insured under all
      such
      liability insurance policies.

     

    Section
      8.08.  Books
      and Records; Inspection Rights.
      Each
      Loan Party shall keep proper books of record and account in which full, true
      and
      correct entries are 

     

    Section
      8.09.  made
      of
      all Collateral and transactions contemplated by this Agreement. Each Loan Party
      shall permit any representatives designated by the Lender, at the Borrowers’
expense, upon reasonable prior notice, to visit and inspect its properties,
      to
      examine and make extracts from its books and records, and to discuss its
      affairs, finances and condition with its officers and independent accountants,
      all at such reasonable times and as often as reasonably requested. Any such
      inspection shall be subject to the confidentiality restrictions set forth in
      Section 12.12.

     

    Section
      8.10.  Compliance
      with Laws and Agreements.
      Each
      Loan Party shall comply with all laws, rules, regulations and orders of any
      Governmental Authority (including ERISA) applicable to it or its property and
      all indentures, agreements and other instruments binding upon it or its
      property, except where the failure to do so, individually or in the aggregate,
      could not reasonably be expected to result in a Material Adverse
      Effect.

     

    Section
      8.11.  Use
      of
      Proceeds.
      The
      proceeds of the Loans shall be used solely for to finance the purchase and
      assembly of Eligible Vehicle Collateral (including the manufacture of the van
      box of any Vehicle comprising Eligible Vehicle Collateral) occurring during
      the
      60 days immediately preceding the date of such Loan.

     

    Section
      8.12.  Further
      Assurances.
      Each
      Loan Party shall, and shall cause each other Loan Party to, execute any and
      all
      further documents, financing statements, agreements and instruments, and take
      all such further actions (including the filing and recording of financing
      statements, Certificates of Title and other documents), which may be required
      under any applicable law, or which the Lender may reasonably request, to
      effectuate the transactions contemplated by the Loan Documents or to grant,
      preserve, protect or perfect the Liens created or intended to be created by
      the
      Security Documents or the validity or priority of any such Lien, all at the
      expense of the Loan Parties. Each Loan Party also agrees to provide to the
      Collateral Agent and the Lender upon request, evidence reasonably satisfactory
      to the Lender as to the perfection and priority of the Liens created or intended
      to be created by the Security Documents.

     

    Section
      8.13.  Casualty.

     

    (a)  Each
      Loan
      Party shall furnish to the Lender prompt notice of any casualty or other damage
      to any portion of the Collateral having a value in excess of $75,000 or the
      commencement of any action or proceeding for the taking of any Collateral or
      any
      part thereof or interest therein by condemnation or similar
      proceeding.

     

    (b)  If
      any
      event described in paragraph (a) of this Section results in Net Proceeds
      (whether in the form of insurance proceeds, or otherwise), the Lender is
      authorized to collect such Net Proceeds and, if received by a Loan Party, such
      Net Proceeds shall be deposited in the Collection Sub-Account. All such Net
      Proceeds retained by or paid over to the Lender shall be held by the Lender
      and
      released from time to time to pay the costs of repairing, restoring or replacing
      the affected property in accordance with the terms of this Agreement and the
      applicable provisions of the Security Documents, subject to the provisions
      of
      the Security Documents regarding application of such Net Proceeds during a
      Default or an Event of Default.

     

    (c)  If
      any
      Net Proceeds retained by the Lender or deposited in the Collection Sub-Account
      as provided above continue to be held by the Lender on the date that any
      prepayment is due pursuant to Section 5.08 in respect of the event
      resulting in such Net Proceeds, then such Net Proceeds shall be applied to
      prepay Loans as provided in Section 5.08.

     

    Section
      8.14.  Interest
      Rate Protection.
      The
      Borrowers agree to consult from time to time with the Lender regarding the
      advisability of entering into swaps, caps or other interest rate hedging
      agreements to limit the Borrowers’ exposure to interest payable under this
      Agreement and to develop a hedging strategy mutually agreeable to the Borrowers
      and the Lender.

     

    ARTICLE
      IX  

     

    

     

    NEGATIVE
      COVENANTS

     

    Until
      the
      Commitments have expired or terminated and the principal of and interest on
      each
      Loan and all fees payable hereunder have been paid in full, each of the Loan
      Parties covenants and agrees with the Collateral Agent and the Lender
      that:

     

    Section
      9.01.  Change
      in Control.
      No Loan
      Party shall permit, consent to or acquiesce to any Change in Control without
      the
      prior written consent of Lender. 

     

    Section
      9.02.  Use
      of
      Collateral.
      

     

    (a)  Except
      as
      otherwise provided in clause (b) of this Section 9.02, no Loan Party shall
      permit any tangible asset constituting Collateral to be located (i) outside
      the United States or Canada, (ii) outside the possession of the Borrowers or
      its
      Affiliates, except, with respect to Vehicles, when (A) consigned to the
      possession of a third party dealer pursuant to a Dealership Contract rented
      to
      consumers in the ordinary course of Borrowers’ business or, (B) in transit
      to such locations, or (C) in transit to a third party purchaser who will
      become obligated on a receivable upon receipt, (iii) on any property not owned
      by the Borrowers, except, with respect to Vehicles, when rented in the ordinary
      course of Borrowers’ business.

     

    (b)  This
      Section 9.02 shall not be construed to prohibit (i) the return of any asset
      constituting Collateral to the vendor thereof or to third parties for repairs,
      services, modifications or other similar purposes or (ii) the storage of any
      asset constituting Collateral in any warehouse or similar facility.

     

    Section
      9.03.  Negative
      Pledge.
      No Loan
      Party shall, directly or indirectly, create, incur, assume or suffer to exist
      any Lien upon any Collateral, except for Permitted Encumbrances.

     

    Section
      9.04.  Limitations
      on Fundamental Changes.
      No Loan
      Party shall, directly or indirectly, enter into any merger, consolidation or
      amalgamation, or liquidate, wind up or dissolve itself (or suffer any
      liquidation or dissolution), or convey, sell, lease, assign, transfer or
      otherwise dispose of, all or substantially all of its property, business or
      assets, or make any material change in its present method of conducting
      business, except:

     

    (a)  any
      Subsidiary of a Loan Party may be merged or consolidated with or into such
      Loan
      Party (provided that such Loan Party shall be the continuing or surviving
      corporation); or

     

    (b)  any
      merger, consolidation or amalgamation, or liquidation, winding up or dissolution
      that would not reasonably be expected (i) to materially and adversely affect
      the
      rights of the Lender and the Collateral Agent hereunder, or (ii) to have a
      Material Adverse Effect.

     

    ARTICLE
      X  

     

    

     

    EVENTS
      OF
      DEFAULT

     

    Section
      10.01.  Events
      of Default.
      An
      "Event
      of Default"
      shall
      mean the occurrence and continuation of one or more of the following events
      or
      conditions:

     

    (a)  the
      Borrowers, any Guarantor or the Servicer/Manager shall fail to pay or deposit
      any principal of or interest (including any Borrowing Base Deficiency pursuant
      to Article V, but not including any monthly Collection Sub-Account Deposit)
      on any Loan or any fee or any other amount payable under this Agreement, within
      one Business Day of when same shall become due and payable, whether at the
      due
      date thereof or at a date fixed for prepayment thereof or otherwise; or the
      Borrowers or the Servicer/Manager shall fail to deposit to the Collection
      Account any Daily Collection Account Deposit Amount on the date and time such
      deposit is required to be made pursuant to Section 5.03(d);

     

    (b)  any
      representation or warranty made or deemed made by or on behalf of any Loan
      Party
      in or in connection with any Loan Document or any amendment or modification
      thereof or waiver thereunder, or in any report, certificate, financial statement
      or other document furnished pursuant to or in connection with any Loan Document
      or any amendment or modification thereof or waiver thereunder, shall prove
      to
      have been incorrect in any respect when made or deemed made; 

     

    (c)  any
      Loan
      Party shall fail to observe or perform any covenant, condition or agreement
      contained in Sections 8.02, 8.07 and Article IX of this Agreement, and such
      failure shall continue unremedied for a period of three (3) days after knowledge
      thereof by any Loan Party;

     

    (d)  any
      Loan
      Party shall fail to observe or perform any covenant, condition or agreement
      contained in any Loan Document, and such failure shall continue unremedied
      for a
      period of thirty (30) days after notice thereof from the Lender to the
      Borrowers, except those certain covenants, conditions or agreements listed
      in
      subsection 10.01(c) above;

     

    (e)  any
      Loan
      Party shall fail to make any payment (whether of principal or interest and
      regardless of amount) in respect of any Indebtedness in excess of $10,000,000,
      when and as the same shall become due and payable (after giving effect to any
      period of grace expressly applicable thereto);

     

    (f)  any
      event
      or condition occurs that results in any Indebtedness in excess of $10,000,000
      becoming due prior to its scheduled maturity or that enables or permits (after
      giving 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    effect
      to
      any period of grace expressly applicable thereto) the holder or holders of
      any
      material Indebtedness or any trustee or agent on its or their behalf to cause
      any material indebtedness to become due, or to require the prepayment,
      repurchase, redemption or defeasance thereof, prior to its scheduled maturity;
      provided
      that
      this clause (f) shall not apply to secured Indebtedness that becomes due as
      a
      result of the voluntary sale or transfer of the property or assets securing
      such
      Indebtedness;

     

    (g)  an
      involuntary proceeding shall be commenced or an involuntary petition shall
      be
      filed seeking (i) liquidation, reorganization or other relief in respect of
      AMERCO, UHI or any of the Borrowers, or its debts, or of a substantial part
      of
      its assets, under any Federal, state or foreign bankruptcy, insolvency,
      receivership or similar law now or hereafter in effect or (ii) the
      appointment of a receiver, trustee, custodian, sequestrator, conservator or
      similar official for AMERCO, UHI or the Borrowers, or for a substantial part
      of
      its assets, and, in any such case, such proceeding or petition shall continue
      undismissed for 60 days or an order or decree approving or ordering any of
      the
      foregoing shall be entered;

     

    (h)  any
      of
      the Loan Parties shall (i) voluntarily commence any proceeding or file any
      petition seeking liquidation, reorganization or other relief under any Federal,
      state or foreign bankruptcy, insolvency, receivership or similar law now or
      hereafter in effect, (ii) consent to the institution of, or fail to contest
      in a
      timely and appropriate manner, any proceeding or petition described in clause
      (g) of this Article, (iii) apply for or consent to the appointment of a
      receiver, trustee, custodian, sequestrator, conservator or similar official
      for
      AMERCO, UHI or any of the Borrowers or for a substantial part of its assets,
      (iv) file an answer admitting the material allegations of a petition filed
      against it in any such proceeding, (v) make a general assignment for the benefit
      of creditors or (vi) take any action for the purpose of effecting any of the
      foregoing;

     

    (i)  AMERCO,
      UHI or any of the Borrowers shall become unable, admit in writing its inability
      or fail generally to pay its debts as they become due;

     

    (j)  one
      or
      more judgments or decrees shall be entered against any Loan Party involving
      in
      the aggregate a liability (not paid or fully covered by insurance) of $5,000,000
      or more, and all such judgments or decrees shall not have been vacated,
      discharged, stayed or bonded pending appeal within 60 days from the entry
      thereof;

     

    (k)  any
      Lien
      on any portion of the Vehicle Collateral having a Vehicle Facility Value equal
      to or greater than 2% of the Outstanding Loans at such time, or on any portion
      of any other Collateral, purported to be created under the Security Documents
      shall cease to be, or shall be asserted by any Loan Party not to be, a valid
      and
      perfected Lien on the applicable Collateral, with the priority required by
      the
      Security Documents and that could individually or in the aggregate have a
      Material Adverse Effect on such Vehicle Collateral or the interests of the
      Lender in such Vehicle Collateral or such other Collateral under the Loan
      Documents, except as a result of the sale or other disposition of the applicable
      Collateral in a transaction permitted under the Loan Documents;

     

    (l)  the
      Guarantee Agreement shall cease to be in full force and effect, or any Guarantor
      shall make an assertion to such effect in any judicial proceeding;
      and

     

    (m)  an
      ERISA
      Event that when taken together with all other ERISA Events that have occurred,
      could reasonably be expected to result in a Material Adverse
      Effect.

     

    Section
      10.02.  Consequences
      of an Event of Default.
      If an
      Event of Default specified in Section 10.01 hereof shall occur and be
      continuing, then, and in every such event (other than an event with respect
      to
      the Borrowers described in clause (f), (g) or (h) of Section 10.01), the
      Facility provided by this Agreement shall immediately terminate, and the
      Outstanding Loans, together with accrued and unpaid interest thereon, and all
      other Obligations, shall immediately become due and payable, without
      presentment, demand, protest or other notice of any kind, all of which are
      hereby waived by the Borrowers; and in case of any event with respect to the
      Borrowers, AMERCO or UHI described in clause (f), (g) or (h) of
      Section 10.01, the Facility provided by this Agreement shall automatically
      and immediately terminate, and the Outstanding Loans, together with accrued
      and
      unpaid interest thereon, and all other Obligations, shall immediately become
      due
      and payable, without presentment, demand, protest or other notice of any kind,
      all of which are hereby waived by the Borrowers. Further, if an Event of Default
      specified in Section 10.01 hereof shall occur and be continuing, then, and
      in
      every such event the Collateral Agent shall have the right to collect, receive,
      appropriate or realize upon the Collateral or otherwise foreclose or enforce
      Collateral Agent’s security interests in any or all Collateral in any manner
      permitted by the Security Agreement. Additionally, if an Event of Default shall
      have occurred and be continuing, no monies on deposit in the Collection Account
      shall be released until all outstanding Obligations are paid in full. Further,
      if an Event of Default shall occur and be continuing, then, and in every such
      event the Lender shall have the right to draw upon the Guarantee.
      Notwithstanding the foregoing, if an Event of Default shall occur and be
      continuing, each of the Collateral Agent and the Lender may pursue any remedies
      available to it in order to seek repayment of all outstanding Obligations in
      full.

     

    

     

    ARTICLE
      XI  

     

    

     

    ACCELERATED
      AMORTIZATION EVENT

     

    Section
      11.01.  Consequences
      of Accelerated Amortization Event.
      

     

    (a)  Within
      a
      reasonable (at the discretion of the Lender) period of time following an
      Accelerated Amortization Event, the Borrowers may elect, upon prior written
      notice to the Lender, to pledge additional Eligible Vehicle Collateral under
      the
      Security Agreement and allocate such Eligible Vehicle Collateral to one or
      more
      Monthly Pools, without borrowing additional amounts hereunder, to satisfy the
      Fleet Owner Cash Flow Ratio requirement and avoid an Accelerated Amortization
      Event; provided,
      that if
      the Borrowers elect to pledge additional Eligible Vehicle Collateral in
      accordance with this Section 11.01 (a), then from and after the date of such
      election, the Interest Rate on all Outstanding Loans shall be LIBOR plus 2.00%
      per annum for the remaining term of the Facility. 

     

    (b)  Upon
      the
      occurrence of an Accelerated Amortization Event, (i) the Borrowing Base shall
      be
      reduced as provided herein; and (ii) the Lender may draw upon the 

     

    (c)  Guarantee
      (if needed) to pay down the Outstanding Loans and avoid a Borrowing Base
      Deficiency. 

     

    ARTICLE
      XII  

     

    

     

    MISCELLANEOUS

     

    Section
      12.01.  Notices.
      Except
      in the case of notices and other communications expressly permitted to be given
      by telephone, all notices and other communications provided for herein shall
      be
      in writing and shall be delivered by hand or overnight courier service, mailed
      by certified or registered mail or sent by telecopy, as follows:

     

    (a)  if
      to
      U-Haul Leasing & Sales Co., to it at 1325 Airmotive Way, Reno, NV
      89502-3239, Attention: Rocky Wardrip (Facsimile No. (775)
      688-6338);

     

    (b)  if
      to
      UHI, in any capacity, or U-Haul Co. of Arizona, to such party at 2727 N. Central
      Avenue, Phoenix, AZ 85004, Attention: Jennifer Settles (Facsimile No. (602)
      263-6173); 

     

    (c)  if
      to
      AMERCO, to it at 1325 Airmotive Way, Ste. 100, Reno, Nevada 89502-3239,
      Attention: Rocky Wardrip (Facsimile No. (775) 688-6338);

     

    (d)  if
      to the
      Lender, to it at 111 Huntington Avenue, Suite 400, Boston, MA 02199-8001,
      Attention: Senior Vice President - Portfolio Administration (Facsimile No.
      (617)
      345-1444); and

     

    (e)  if
      to the
      Collateral Agent, to it at Wells Fargo Bank Northwest, National Association,
      299
      South Main Street, 12th Floor, Salt Lake City, Utah 84111, Attention: Corporate
      Lease Group (Facsimile No. (801) 246-5053).

     

    Any
      party
      hereto may change its address or telecopy number for notices and other
      communications hereunder by notice to the other parties hereto. All notices
      and
      other communications given to any party hereto in accordance with the provisions
      of this Agreement shall be deemed to have been given on the date of receipt.
      All
      payments hereunder shall be made in accordance with the wire instructions
      specified on Exhibit
      K
      hereto,
      or to such other payment address as may be specified in writing by the
      applicable payee party to the other parties hereto.

     

    Section
      12.02.  Waivers;
      Amendments.

     

    (a)  No
      failure or delay by the Collateral Agent or the Lender in exercising any right
      or power hereunder or under any other Loan Document shall operate as a waiver
      thereof, nor shall any single or partial exercise of any such right or power,
      or
      any abandonment or discontinuance of steps to enforce such a right or power,
      preclude any other or further exercise thereof or the exercise of any other
      right or power. The rights and remedies of the Collateral Agent and the Lender
      hereunder and under the other Loan Documents are cumulative and are not
      exclusive of any rights or remedies that they would otherwise have. No waiver
      of
      any provision of any Loan Document or consent to any departure by any Loan
      Party
      therefrom shall in any 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    event
      be
      effective unless the same shall be permitted by paragraph (b) of this Section,
      and then such waiver or consent shall be effective only in the specific instance
      and for the purpose for which given. Without limiting the generality of the
      foregoing, the making of a Loan shall not be construed as a waiver of any
      Default, regardless of whether the Lender may have had notice or knowledge
      of
      such Default at the time.

     

    (b)  Neither
      this Agreement nor any provision hereof may be waived, amended or modified
      except pursuant to an agreement or agreements in writing entered into by the
      Loan Parties, the Collateral Agent and the Lender.

     

    Section
      12.03.  Expenses;
      Indemnity; Damage Waiver.

     

    (a)  The
      Borrowers shall pay (i) all costs and expenses incurred by the Lender, including
      the reasonable fees, charges and disbursements of counsel for the Lender, in
      connection with the negotiation, preparation, execution and delivery of the
      Loan
      Documents (including expenses incurred in connection with its due diligence
      activities) and (ii) all costs and expenses incurred by the Lender or the
      Collateral Agent, including the reasonable fees, charges and disbursements
      of
      any counsel for the Lender or the Collateral Agent, in connection with
      (A) the enforcement or protection of its rights in connection with the Loan
      Documents, including its rights under this Section, or in connection with the
      Loans made hereunder, including all such costs and expenses incurred during
      any
      workout, restructuring or negotiations in respect of such Loans, and (B) in
      the
      case of the Lender, the administration of, and any amendments, modifications,
      waivers or supplements of or to the provisions of, any of the Loan
      Documents.

     

    (b)  The
      Borrowers shall indemnify the Lender, the Collateral Agent and the Related
      Parties of any of the foregoing Persons (each such Person being called an
      "Indemnitee")
      against, and hold each Indemnitee harmless from, any and all losses, claims,
      damages, liabilities and related expenses, including the reasonable fees,
      charges and disbursements of any counsel for any Indemnitee, incurred by or
      asserted against any Indemnitee arising out of, in connection with, or as a
      result of (i) the execution or delivery of any Loan Document or any other
      agreement or instrument contemplated hereby, the performance by the parties
      to
      the Loan Documents of their respective obligations thereunder or the
      consummation of the Transactions or any other transactions contemplated hereby,
      (ii) any Loan or the use of the proceeds therefrom, (iii) the noting of the
      lien
      of the Collateral Agent on the Certificate of Title of any item of Vehicle
      Collateral, (iv) the titling or retitling of any item of Vehicle
      Collateral, (v) the manufacture, purchase, acceptance, nonacceptance,
      rejection, ownership, delivery, lease, possession, use, operation, condition,
      sale, return or other disposition of any item of Vehicle Collateral, or (vi)
      any
      actual or prospective claim, litigation, investigation or proceeding relating
      to
      any of the foregoing, whether based on contract, tort or any other theory and
      regardless of whether any Indemnitee is a party thereto; provided
      that
      such indemnity shall not, as to any Indemnitee, be available to the extent
      that
      such losses, claims, damages, liabilities or related expenses have resulted
      from
      the gross negligence or willful misconduct of such Indemnitee.

     

    (c)  To
      the
      extent permitted by applicable law, the Borrowers shall not assert, and each
      of
      them hereby waives, any claim against any Indemnitee, on any theory of
      liability, for special, indirect, consequential or punitive damages (as opposed
      to direct or actual damages) 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    arising
      out of, in connection with, or as a result of, this Agreement or any agreement
      or instrument contemplated hereby, the Transactions, any Loan or the use of
      the
      proceeds thereof.

     

    (d)  All
      amounts due under this Section shall be payable not later than 30 days after
      written demand therefor.

     

    Section
      12.04.  Successors
      and Assigns.

     

    (a)  The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns permitted hereby,
      except that a Loan Party may not assign or otherwise transfer any of its rights
      or obligations hereunder without the prior written consent of the Lender (and
      any attempted assignment or transfer by any Loan Party without such consent
      shall be null and void). Nothing in this Agreement, expressed or implied, shall
      be construed to confer upon any Person (other than the parties hereto, their
      respective successors and assigns permitted hereby and, to the extent expressly
      contemplated hereby, the Related Parties of the Lender) any legal or equitable
      right, remedy or claim under or by reason of this Agreement.

     

    (b)  The
      Lender may, without the consent of the Loan Parties, assign all or a portion
      of
      its rights and obligations under this Agreement (including all or a portion
      of
      its Commitment and the Loans at the time owing to it); provided
      that (i)
      except in the case of an assignment to an Affiliate of BTMUCC or its successors
      or assigns, or an assignment of the entire remaining amount of the Lender’s
      Commitment or entire remaining Loans, the amount of the Commitment and Loans
      of
      the assigning Lender subject to each such assignment (determined as of the
      date
      the Assignment and Acceptance with respect to such assignment is delivered
      by
      the assigning Lender) shall not be less than $5,000,000 unless the Borrowers
      otherwise consent, (ii) each partial assignment shall be made as an
      assignment of a proportionate part of all the assigning Lender’s rights and
      obligations under this Agreement, except that this clause (ii) shall not be
      construed to prohibit the assignment of a proportionate part of all of the
      assigning Lender’s rights and obligations in respect of (A) Loans, (B) Loans
      separately from (or without assigning) Commitments or (C) Commitments separately
      from (or without assigning) Loans, (iii) the parties to each assignment
      shall execute and deliver an Assignment and Acceptance, and (iv) the
      assignee, if it shall not be a Lender hereunder prior to such assignment, shall
      deliver to the Borrowers its notice and payment information. From and after
      the
      effective date specified in each Assignment and Acceptance the assignee
      thereunder shall be a party hereto and, to the extent of the interest assigned
      by such Assignment and Acceptance, have the rights and obligations of a Lender
      under this Agreement, and the assigning Lender thereunder shall, to the extent
      of the interest assigned by such Assignment and Acceptance, be released from
      its
      obligations under this Agreement (and, in the case of an Assignment and
      Acceptance covering all of the assigning Lender’s rights and obligations under
      this Agreement, the Lender shall cease to be a party hereto but shall continue
      to be entitled to the benefits of Sections 5.07, 5.09, 5.10 and 12.03). Any
      assignment or transfer by the Lender of rights or obligations under this
      Agreement that does not comply with this paragraph shall be treated for purposes
      of this Agreement as a sale by the Lender of a participation in such rights
      and
      obligations in accordance with paragraph (c) of this Section.

     

    (c)  The
      Lender may, without the consent of the Loan Parties, sell participations to
      one
      or more Persons (a "Participant")
      in all
      or a portion of the Lender’s rights and obligations under this Agreement
      (including all or a portion of its Commitments and the Loans owing to it);
      provided
      that (i)
      the Lender’s obligations under this Agreement shall remain unchanged, (ii) the
      Lender shall remain solely responsible to the other parties hereto for the
      performance of such obligations and (iii) the Loan Parties shall continue to
      deal solely and directly with the Lender in connection with the Lender’s rights
      and obligations under this Agreement. Any agreement or instrument pursuant
      to
      which the Lender sells such a participation shall provide that the Lender shall
      retain the sole right to enforce the Loan Documents and to approve any
      amendment, modification or waiver of any provision of the Loan Documents;
provided
      that
      such agreement or instrument may provide that the Lender will not, without
      the
      consent of the Participant, agree to any amendment, modification or waiver
      to
      any of the Loan Documents that would adversely affect such Participant. The
      Loan
      Parties agree that each Participant shall be entitled to the benefits of
      Sections 5.07, 5.09 and 5.10 to the same extent as if it were a Lender and
      had
      acquired its interest by assignment pursuant to paragraph (b) of this Section
      provided that such Participant agrees to be subject to Sections 5.10(d) as
      though it was a Lender. To the extent permitted by law, each Participant also
      shall be entitled to the benefits of Section 12.08 as though it were a
      Lender.

     

    (d)  The
      Lender may at any time pledge or assign a security interest in all or any
      portion of its rights under this Agreement to secure obligations of the Lender,
      including any pledge or assignment to secure obligations to a Federal Reserve
      Bank, and this Section shall not apply to any such pledge or assignment of
      a
      security interest; provided
      that no
      such pledge or assignment of a security interest shall release the Lender from
      any of its obligations hereunder or substitute any such pledgee or assignee
      for
      the Lender as a party hereto.

     

    (e)  The
      Collateral Agent may, with the consent of the Lender and without the consent
      of
      the Loan Parties, assign all or a portion of its rights and obligations under
      this Agreement.

     

    Section
      12.05.  Survival.
      All
      covenants, agreements, representations and warranties made by the Loan Parties
      in the Loan Documents and in the certificates or other instruments delivered
      in
      connection with or pursuant to this Agreement or any other Loan Document shall
      be considered to have been relied upon by the other parties hereto and shall
      survive the execution and delivery of the Loan Documents and the making of
      any
      Loans, regardless of any investigation made by any such other party or on its
      behalf and notwithstanding that the Lender may have had notice or knowledge
      of
      any Default or incorrect representation or warranty at the time any credit
      is
      extended hereunder, and shall continue in full force and effect as long as
      the
      principal of or any accrued interest on any Loan or any fee or any other amount
      payable under this Agreement is outstanding and unpaid and so long as the
      Commitments have not expired or terminated. The provisions of Sections 5.09,
      5.10 and 12.03 and Article XI shall survive and remain in full force and effect
      regardless of the consummation of the transactions contemplated hereby, the
      repayment of the Loans, the expiration or termination of the Commitments or
      the
      termination of this Agreement or any provision hereof.

     

    Section
      12.06.  Counterparts;
      Integration; Effectiveness.
      This
      Agreement may be executed in counterparts (and by different parties hereto
      on
      different 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    counterparts),
      each of which shall constitute an original, but all of which when taken together
      shall constitute a single contract. This Agreement, the other Loan Documents
      and
      any separate letter agreements with respect to fees payable to the Lender
      constitute the entire contract among the parties relating to the subject matter
      hereof and supersede any and all previous agreements and understandings, oral
      or
      written, relating to the subject matter hereof. Except as provided in Section
      7.01(a), this Agreement shall become effective when it shall have been executed
      by the Lender and when the Lender shall have received counterparts hereof which,
      when taken together, bear the signatures of each of the other parties hereto,
      and thereafter shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assigns. Delivery of an executed
      counterpart of a signature page of this Agreement by telecopy shall be effective
      as delivery of a manually executed counterpart of this Agreement.

     

    Section
      12.07.  Severability.
      Any
      provision of this Agreement held to be invalid, illegal or unenforceable in
      any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such invalidity, illegality or unenforceability without affecting the validity,
      legality and enforceability of the remaining provisions hereof; and the
      invalidity of a particular provision in a particular jurisdiction shall not
      invalidate such provision in any other jurisdiction.

     

    Section
      12.08.  Right
      of Setoff.
      If an
      Event of Default shall have occurred and be continuing, the Lender and each
      of
      its Affiliates is hereby authorized at any time and from time to time, to the
      fullest extent permitted by law, to set off and apply any and all deposits
      (general or special, time or demand, provisional or final) at any time held
      and
      other obligations at any time owing by the Lender or Affiliate to or for the
      credit or the account of the Borrowers against any of and all the obligations
      of
      the Borrowers now or hereafter existing under this Agreement held by the Lender,
      irrespective of whether or not the Lender shall have made any demand under
      this
      Agreement and although such obligations may be unmatured. The rights of the
      Lender under this Section are in addition to other rights and remedies
      (including other rights of setoff) which the Lender may have.

     

    Section
      12.09.  Governing
      Law; Jurisdiction; Consent to Service of Process.

     

    (a)  THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF
      THE
      STATE OF NEW YORK.

     

    (b)  Each
      of
      the Servicer/Manager, each Guarantor and each Borrower hereby irrevocably and
      unconditionally submits, for itself and its property, to the nonexclusive
      jurisdiction of the Supreme Court of the State of New York sitting in New York
      County and of the United States District Court of the Southern District of
      New
      York, and any appellate court from any thereof, in any action or proceeding
      arising out of or relating to any Loan Document, or for recognition or
      enforcement of any judgment, and each of the parties hereto hereby irrevocably
      and unconditionally agrees that all claims in respect of any such action or
      proceeding may be heard and determined in such New York State or, to the extent
      permitted by law, in such Federal court. Each of the parties hereto agrees
      that
      a final judgment in any such action or proceeding shall be conclusive and may
      be
      enforced in other jurisdictions by suit on the judgment or in any other manner
      provided by law. Nothing in this Agreement or any other Loan 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Document
      shall affect any right that the Lender may otherwise have to bring any action
      or
      proceeding relating to this Agreement or any other Loan Document against the
      Borrowers or its properties in the courts of any jurisdiction.

     

    (c)  Each
      of
      the Servicer/Manager, each Guarantor and each Borrower hereby irrevocably and
      unconditionally waives, to the fullest extent it may legally and effectively
      do
      so, any objection which it may now or hereafter have to the laying of venue
      of
      any suit, action or proceeding arising out of or relating to this Agreement
      or
      any other Loan Document in any court referred to in paragraph (b) of this
      Section. Each of the parties hereto hereby irrevocably waives, to the fullest
      extent permitted by law, the defense of an inconvenient forum to the maintenance
      of such action or proceeding in any such court.

     

    (d)  Each
      of
      the Servicer/Manager, each Guarantor and each Borrower hereby irrevocably agrees
      that service of process in any such action or proceeding may be effected by
      mailing a copy thereof by registered or certified mail (or any substantially
      similar form of mail), postage prepaid, to such Person at its address set forth
      in Section 12.01 or at such other address of which the Lender shall have been
      notified pursuant thereto. Nothing in this Agreement or any other Loan Document
      will affect the right of any party to this Agreement to serve process in any
      other manner permitted by law.

     

    Section
      12.10.  WAIVER
      OF JURY TRIAL.
      EACH
      PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
      INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT
      OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR
      ANY
      OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
      OR
      ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
      OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
      WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
      INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
      AND CERTIFICATIONS IN THIS SECTION.

     

    Section
      12.11.  Headings.
      Article
      and Section headings and the Table of Contents used herein are for convenience
      of reference only, are not part of this Agreement and shall not affect the
      construction of, or be taken into consideration in interpreting, this
      Agreement.

     

    Section
      12.12.  Confidentiality.
      The
      Lender and the Collateral Agent each agree to maintain the confidentiality
      of
      the Information (as defined below) and not use the Information for any purpose
      not contemplated by this Agreement, except that Information may be disclosed
      (a)
      to its and its Affiliates’ directors, officers, employees and agents, including
      accountants, legal counsel and other advisors (it being understood that the
      Persons to whom such disclosure is made will be informed of the confidential
      nature of such Information and instructed to keep such Information
      confidential), (b) to the extent requested by any regulatory authority, (c)
      to
      the extent required by applicable laws or regulations or by any 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    subpoena
      or similar legal process, (d) to any other party to this Agreement, (e) in
      connection with the exercise of any remedies hereunder or any suit, action
      or
      proceeding relating to this Agreement or any other Loan Document or the
      enforcement of rights hereunder or thereunder, (f) subject to an agreement
      containing provisions substantially the same as those of this Section, to any
      assignee of or Participant in, or any prospective assignee of or Participant
      in,
      any of its rights or obligations under this Agreement, (g) with the consent
      of
      UHI or the Borrowers or (h) to the extent such Information (i) becomes publicly
      available other than as a result of a breach of this Section or
      (ii) becomes available to the Lender or the Collateral Agent, as
      applicable, on a nonconfidential basis from a source other than UHI or the
      Borrowers. For the purposes of this Section, "Information"
      means
      all information received from UHI or the Borrowers relating to UHI or the
      Borrowers or its business, other than any such information that is publicly
      available or available to the Lender or the Collateral Agent, as applicable
      on a
      nonconfidential basis prior to disclosure by UHI or the Borrowers, provided
      that
      such information is identified at the time of delivery as confidential. Any
      Person required to maintain the confidentiality of Information as provided
      in
      this Section shall be considered to have complied with its obligation to do
      so
      if such Person has exercised the same degree of care to maintain the
      confidentiality of such Information as such Person would accord to its own
      confidential information.

     

    Section
      12.13.  Joint
      and Several Liability of the Borrowers.
      Each
      Borrower acknowledges and agrees that, whether or not specifically indicated
      as
      such in a Loan Document, all Obligations shall be joint and several Obligations
      of each individual Borrower, and in furtherance of such joint and several
      Obligations, each Borrower hereby irrevocably and unconditionally guarantees
      the
      payment of all Obligations of each other Borrower. Each Borrower hereby
      acknowledges and agrees that such Borrower shall be jointly and severally liable
      to the Lender and the Collateral Agent for all representations, warranties,
      covenants, obligations and indemnities of the Borrowers hereunder.

     

    [Signature
      Page Follows]

     

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed by their respective authorized officers as of the day and year first
      above written.

     

    
      	
              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:

            

    

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    Schedule
      6.04

     

    Liabilities
      (in excess of $25,000,000)

     

    1.
       U-Haul
      International, Inc. is the guarantor of all obligations under that Amended
      and
      Restated Credit Agreement among Amerco Real Estate Company, Amerco Real Estate
      Company of Texas, Inc., Amerco Real Estate Company of Alabama, Inc., U-Haul
      Co.
      of Florida, U-Haul International, Inc. and Merrill Lynch Commercial Finance
      Corp., dated as of June 8, 2005 in the amount of $465 million.

     

    2. U-Haul
      International, Inc. is the guarantor of certain obligations under the $240
      million, in aggregate amount, of CMBS loans originated by Merrill Lynch Mortgage
      Lending, Inc. to affiliates of U-Haul International, Inc., dated June 8,
      2005.

     

    3. U-Haul
      International, Inc. is the guarantor of certain obligations under the $240
      million, in aggregate amount, of CMBS loans originated by Morgan Stanley
      Mortgage Capital, Inc. to affiliates of U-Haul International, Inc., dated June
      8, 2005.

     

    4. U-Haul
      Leasing & Sales Co. is the lessee under a Master Equipment Lease, between
      AIG Commercial Equipment Finance, Inc., as lessor and U-Haul Leasing & Sales
      Co., dated March 29, 2005, in the amount of $42,818,676.35.

     

    5. U-Haul
      Leasing & Sales Co. is the lessee under a Master Equipment Lease, between
      Banc of America Leasing & Capital, LLC, as lessor and U-Haul Leasing &
Sales Co., dated December 19, 1997, in the amount of
      $54,696,396.62.

     

    6. U-Haul
      Leasing & Sales Co. is the lessee under a Master Equipment Lease, between
      General Electric Capital Corporation, as lessor and U-Haul Leasing & Sales
      Co., dated October 22, 2004, in the amount of $90,950,539.06.

     

    7. U-Haul
      Leasing & Sales Co. is the lessee under a Master Equipment Lease, between
      Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services
      Inc., as lessor and U-Haul Leasing & Sales Co., dated April 30, 2004,
      in the amount of $40,875,369.22.

     

    8. U-Haul
      Leasing & Sales Co., U-Haul Co. of Arizona and U-Haul International, Inc.
      are borrowers pursuant to a Credit Agreement between such parties, U-Haul
      International, Inc. as guarantor and Merrill Lynch Commercial Finance
      Corporation, as lender, dated as of June 28, 2005, in an amount up to
      $150,000,000.

     

    9. U-Haul
      Leasing & Sales Co., U-Haul Co. of Arizona and U-Haul International, Inc.
      are borrowers pursuant to a Credit Agreement between such parties, U-Haul
      International, Inc. as guarantor and Merrill Lynch Commercial Finance
      Corporation, as lender, dated as of November 10, 2005, in an amount up to
      $150,000,000.

     

    10. U-Haul
      Leasing is lessee under a Master Equipment Lease, between Chase Equipment
      Leasing, Inc. as Lessor and U-Haul Leasing & Sales Co., dated June 17, 1999,
      in the amount of $38,764,463.17.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11. U-Haul
      Leasing is lessee under a Master Equipment Lease, between National City Leasing
      Corporation, as Lessor and U-Haul Leasing & Sales Co., dated December 15,
      1999, in the amount of $30,638,189.26.

     

    12. Obligations
      as Guarantor under that certain Promissory Note dated August 12, 2005 in the
      maximum amount of up to $50,000,000 (of which $20,000,000 has currently been
      drawn) made by AREC Holdings, LLC and UHIL Holdings, LLC in favor of Morgan
      Stanley Mortgage Capital, Inc.

     

    

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    Schedule
      6.15

     

    INSURANCE
      POLICIES

    AMERCO
      Insurance Program

     

    
      Liability
        and Business Auto

      

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A

     

    [FORM
      OF
      ASSIGNMENT AND ACCEPTANCE]

     

    ASSIGNMENT
      AND ACCEPTANCE

     

    Reference
      is made to the Credit Agreement, dated as of May 31, 2006 (as the same may
      be
      amended, supplemented or otherwise modified from time to time, the "Credit
      Agreement"),
      among
      U-HAUL LEASING & SALES CO., a Nevada corporation, U-HAUL INTERNATIONAL,
      INC., a Nevada corporation, AMERCO, a Nevada corporation, BTMU CAPITAL
      CORPORATION, a Delaware corporation, and ORANGE TRUCK TRUST 2006, a Utah common
      law trust. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to such terms in the Credit Agreement.

     

    1.  The
      assignor named below (the "Assignor")
      sells
      and assigns, without recourse, to the assignee named below (the "Assignee"),
      and
      the Assignee hereby purchases and assumes, without recourse, from the Assignor,
      effective as of the Effective Date set forth below, the interests set forth
      below (the "Assigned
      Interest")
      in the
      Assignor’s rights and obligations under the Credit Agreement, including, without
      limitation, the percentages and amounts set forth on the reverse hereof of
      (a)
      the Commitments of the Assignor on the Effective Date and (b) the Loans owing
      to
      the Assignor that are outstanding on the Effective Date. The Assignee hereby
      acknowledges receipt of a copy of the Credit Agreement. From and after the
      Effective Date (a) the Assignee shall be a party to and be bound by the
      provisions of the Credit Agreement and, to the extent of the interests assigned
      by this Assignment and Acceptance, have the rights and obligations of a Lender
      thereunder and under the Loan Documents and (b) the Assignor shall, to the
      extent of the interests assigned by this Assignment and Acceptance, relinquish
      its rights and be released from its obligations under the Credit Agreement
      (and
      in the event that this Assignment and Acceptance covers all or the remaining
      portion of the Assignor’s rights and obligations under the Credit Agreement, the
      Assignor shall cease to be a party thereto but shall continue to be entitled
      to
      the benefits of Sections 5.09, 5.10 and 12.05 thereof, as well as to any fees
      accrued for its account and not yet paid).

     

    2.  This
      Assignment and Acceptance is being delivered to the Assignor and the Borrowers,
      together with, if the Assignee is organized under the laws of a jurisdiction
      outside the United States, the forms specified in Section 5.10 of the Credit
      Agreement, duly completed and executed by such Assignee.

     

    3.  This
      Agreement and Acceptance shall be governed by, and construed in accordance
      with,
      the laws of the State of New York.

     

    
      	
              Date
                of Assignment:

               

            	 
	
              Legal
                Name of Assignee:

               

            	 
	
              Legal
                Name of Assignor:

               

            	 
	
              Assignee’s
                Address for Notices

               

            	 

    

    Effective
      Date of Assignment (may not be fewer than five Business Days after the Date
      of
      Assignment):

     

    The
      terms
      set forth above are hereby agreed to:

     

    
      	
               

              [_____________________]

            
	
              as
                Assignor,

            
	
               

              By: 

            
	
              Name:

            
	
              Title:

            
	
               

              [_________________________]

            
	
              as
                Assignee,

            
	
               

              By: 

            
	
              Name:

            
	
              Title:

            

    

    

    
      
        
            A-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B

     

    [FORM
      OF
      GUARANTEE AGREEMENT]

     

    

    

    
      
        
            B-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C

     

    FORM
      OF
      BORROWING REQUEST

     

    _____________,
      20__

     

    BTMU
      Capital Corporation

     

    111
      Huntington Avenue

     

    Suite
      400

     

    Boston,
      MA 02199-8001

     

    Attention:
      [________]

     

    Re: $150,000,000
      Credit Agreement

     

    Ladies
      and Gentlemen:

     

    The
      undersigned are Responsible Officers of U-Haul Leasing & Sales Co., U-Haul
      Co. of Arizona and U-Haul
      International, Inc. (collectively,
      the "Borrowers"),
      and
      are authorized to execute and deliver this Borrowing Request on behalf of the
      Borrowers pursuant to the
      Credit Agreement, dated as of May 31, 2006 (as amended, supplemented or modified
      from time to time, the "Agreement"),
      among
      the Borrowers, U-Haul International, Inc., as Servicer/Manager and Guarantor,
      AMERCO, as Guarantor, BTMU Capital Corporation, as Lender and Orange Truck
      Trust
      2006, as Collateral Agent.
      Capitalized terms not otherwise defined herein have the meanings ascribed
      thereto in the Agreement. The Borrowers hereby request that a Loan be made
      under
      the Agreement on __________, 20__ in the amount of $__________. In connection
      with the foregoing, the undersigned hereby certifies, on behalf of the
      Borrowers, as follows:

     

    (i) Each
      of
      the representations and warranties contained in Article Six of the Agreement
      is
      true and correct in all respects on and as of the date hereof as though made
      as
      of the date hereof and on the date of the Loan requested hereby, immediately
      after giving effect to the such Loan.

     

    (ii) No
      Default, Event of Default or Accelerated Amortization Event has occurred and
      is
      occurring. No Default, Event of Default, Accelerated Amortization Event,
      Borrowing Base Deficiency or Collection Sub-Account Failure will exist as a
      result of making the requested Loan.

     

    (iii) Attached
      hereto as Schedule I is a copy of the Borrowing Base Certificate calculated
      as
      of ______, 20__, together
      with an
      accompanying Vehicle Schedule.

     

    (iv) Attached
      hereto as Schedule II is the confirmation of receipt of the Custodian required
      pursuant to Section 4.02(b) of the Agreement, if applicable.

     

    (v) Attached
      hereto as Schedule III is a calculation showing the Collection Sub-Account
      Deposit, if any, required in connection with the requested Loan.

     

    (vi) No
      Material Adverse Change has occurred since [__________], 2006.

     

    
      
         C-

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      information supplied in the Schedules hereto is accurate as of the dates
      specified therein.

     

    
      	
              U-HAUL
                LEASING & SALES CO.

            
	
               

              By:
                 

            
	
              Name:

               

              Title:

               

            
	
              U-HAUL
                CO. OF ARIZONA

            
	
               

              By:
                 

            
	
              Name:

               

              Title:

               

            
	
              U-HAUL
                INTERNATIONAL, INC.

            
	
               

              By:
                 

            
	
              Name:

               

              Title:

               

            

    

    

    

    
      
        
            C-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    [FORM
      OF
      BORROWING BASE CERTIFICATE]

     

      
        	
                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%

              	 

      

    

    

    
      
        
            D-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      E

     

    

    [FORM
      OF
      MONTHLY SETTLEMENT REPORT]

     

    
      	
              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

              	 	 	 	 	 	 	 	 	 	 	 	 	 

      

    

    
      
          E-

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	 	
                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

              	 	 	 	 	 

      

    

    
      
          E-

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	
                 

                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

                 

              	
                $
                  

                 

              

      

    

    

    
      
        
            E-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      NOTE

     

    NOTE

     

    $_______________________________________________,
      2006

     

    FOR
      VALUE
      RECEIVED, U-Haul Leasing & Sales Co., a Nevada corporation, U-Haul Co. of
      Arizona, an Arizona corporation and U-Haul International, Inc., a Nevada
      Corporation (collectively, the "Borrowers"),
      jointly and severally, hereby unconditionally promise to pay to
      _______________________, (the "Lender"),
      by
      wire transfer to the Collection Sub-Account or to such other location or account
      in the United States as the Lender shall specify to the Borrower from time
      to
      time, in Federal or other immediately available funds in lawful money of the
      United States the maximum principal amount of ________________________________
      ($______________) or, if less, the aggregate unpaid principal amount of all
      Loans made to the Borrower pursuant to the Agreement (as defined herein) in
      installments in such amounts and on such dates as are determined pursuant to
      the
      Agreement. 

     

    The
      Borrowers, jointly and severally, promise to pay interest on the unpaid
      principal amount of all Loans made by the Lender hereunder
      and
      under the Agreement from time to time from the date each such Loan is made
      until
      payment in full thereof, in like money at the rates and on the dates set forth
      in the Agreement.

     

    To
      the
      extent not due prior to such time, the entire unpaid principal balance of this
      Note, together with accrued unpaid interest, shall be due and payable upon
      the
      occurrence of an Event of Default.

     

    The
      Lender shall (i) record on its books the
      date and
      amount of each Loan made by the Lender to the Borrower hereunder and (ii) prior
      to any transfer of this Note (or, at the discretion of the Lender, at any other
      time), endorse such information on the schedule attached hereto or any
      continuation thereof. The failure of the Lender to make any such recordation
      shall not affect the obligations of the Borrowers under this Note or the
      Agreement.

     

    This
      Note
      may be assigned or participated only in accordance with Section 12.04(b) of
      the
      Agreement. Any purported assignment or participation of this Note in violation
      of such Section shall be null and void ab
      initio.

     

    This
      Note
      is the Note referred to in and is entitled to the benefits and subject to the
      terms of, the Credit Agreement, dated as of May 31, 2006 (as amended,
      supplemented or modified from time to time, the "Agreement"),
      among
      the Borrowers, U-Haul International, Inc., as Servicer/Manager and Guarantor,
      AMERCO, as Guarantor, the Lender and Orange Truck Trust 2006, as Collateral
      Agent. The Agreement contains, among other things, provisions for acceleration
      of the maturity hereof upon the occurrence of certain stated events and also
      for
      prepayments on account of the principal hereof prior to the maturity hereof
      upon
      the terms and conditions specified therein.

     

    
      
          F-

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Except
      as
      otherwise specified in the Agreement, presentment, demand, protest and all
      other
      notices of any kind are hereby expressly waived
      by the
      Borrowers.

     

    Capitalized
      terms used herein that are not otherwise defined shall have the meanings
      ascribed thereto in the 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:

               

            

    

    
      
          F-

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      TO NOTE

     

    
      	
              Date
                of

               

              Loan

               

            	
              Amount
                of Loan

               

            	
              Date
                of Payment/

               

              Prepayment

               

            	
              Amount
                of Payment/

               

              Prepayment

               

            	
              Initialed
                by

               

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    

    
      
        
            F-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      G

     

    

    POOL
      AMORTIZATION SCHEDULE

     

    
      	
              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%

            

    

    

    

    
      
        
            G-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      H

     

    

    [RESERVED]

     

    

    
      
        
            H-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      I

     

    

    [FORM
      OF
      DEALERSHIP CONTRACT]

     

    

    

    
      
        
            I-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      J

     

    

    [FORM
      OF
      RENTAL COMPANY CONTRACT]

     

    

    

    
      
        
           J-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      K

     

    

    WIRE
      INSTRUCTIONS

     

    

    To
      Lender:

     

    
      	
              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

            

    

    

    To
      Borrowers:

     

    JP
      Morgan
      Chase

    Phoenix,
      AZ

    ABA#
      1221
      0002 4

    For
      benefit of: U-Haul

    Account
      #
      424903

    

     

    
      
        
           K-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    ANNEX
      I

     

    ELIGIBILITY
      REQUIREMENTS

     

    As
      of any
      date of determination, a Vehicle constitutes Eligible Vehicle Collateral if
      such
      Vehicle meets all of the requirements set forth below:

     

    (i)  such
      Vehicle is a new motor vehicle with the specifications attached hereto as Annex
      I-2 or as may be otherwise agreed by the Lender in writing, comprising part
      of
      Borrowers’ "U-Move" fleet;

     

    (ii)  such
      Vehicle is in good working condition and the Servicer/Manager has performed
      all
      maintenance on such Collateral in accordance with industry
      standards;

     

    (iii)  such
      Vehicle had not been acquired by Borrowers more than 60 days prior to the date
      on which such Vehicle is first added to a Monthly Pool hereunder;

     

    (iv)  the
      Vehicle Cost for each Vehicle does not exceed $39,000 for each new GMC C5500
      regular cab and chassis 2 wheel drive model JH truck and $25,750 for each new
      Ford E-450 cutaway 2 wheel drive model EL8 truck;

     

    (v)  such
      Vehicle is, when not rented by a consumer in the ordinary course of Borrowers’
business, located at U-Move rental locations in the United States;

     

    (vi)  the
      Collateral Agent has a legal, valid and enforceable security interest in such
      Vehicle and the interest of the Collateral Agent in the Collateral is perfected
      under the applicable state motor vehicle law, prior to and enforceable against
      all creditors of and purchasers from the Borrowers and all other Persons
      whatsoever (other than the Lender and its successors and assigns);
      and

     

    (vii)  the
      Certificate of Title for such Vehicle has been amended or reissued to note
      the
      Lien of "ORANGE TRUCK TRUST 2006, AS COLLATERAL AGENT" in the manner prescribed
      in the applicable jurisdiction, (B) if necessary to perfect in any jurisdiction,
      the lien of the Collateral Agent shall be identified on a notice of lien or
      other filing made in the appropriate state motor vehicle filing office, and
      (C)
      all applicable fees in connection with the activities described in the foregoing
      clauses (A) and (B) shall be paid in full; provided,
      that
      notwithstanding clause (A), with respect to those jurisdictions that have a
      twenty-five (25) character limitation when noting the names of lien holders,
      such Certificates of Title shall note a Lien in favor of "ORANGE TRUCK TRUST
      2006" or such other formulation acceptable to the Collateral Agent;
      and

     

    (viii)  such
      Vehicle conforms to any additional specifications as agreed to by Borrowers
      and
      Lender.

     

    Capitalized
      terms used herein that are not otherwise defined shall have the meanings
      ascribed thereto in the Agreement to which this Annex I is
      attached.

     

    

     

    
      
        
          Annex
            I-

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    ANNEX
      I-2

     

    2006
      GMC C5500 TRUCK

    

    U-HAUL
      JH TRUCK

    

    EQUIPMENT
      SPECIFICATIONS

    

    

    MODEL

    C5500
      LOPRO Cab & Chassis, 2 WD

    

    BODY
      & CHASSIS

    20,000
      lbs. GVWR

    Front/Rear
      Stabilizer Bars

    Hydraulic
      4-Wheel Disc Channel ABS System

    

    POWER
      TRAIN

    50
      State
      Emission Certified

    Vortec
      8100 V8 Gas Engine

    Electronic
      Fuel Injection

    Super
      Engine Cooling

    Allison
      2200 Series Automatic Transmission w/ OD

    Power
      Steering

    

    WHEELS
      & TIRES

    (6)
      LT245/70R19.5 Premium Front and Rear “XZE” Tires

    (6)
      19.5
      X 6.75 Steel Wheels

    

    INTERIOR
      OPTIONS

    Air
      Conditioning

    AM/FM
      Clock Radio

    Cloth
      Bench Seat w/ Outboard Seating and Integral Headrests

    Driver’s
      Side Airbag

    

    EXTERIOR
      OPTIONS

    Grill
      and
      Front Bumper Painted Argent

    Sealed
      Beam Halogen Headlamps

    Dual
      Outside Mirrors 

    

    OTHER
      ADD-ONS 

    Michelin
      or Goodyear Brand Tires

    Steel
      Valves and Steel Caps

    57
      Gallon
      Fuel Tank

    Auxiliary
      Transmission Oil Cooler

    2
      yr
      Unlimited Mile Warranty

    5yr/50K
      mile Emission Warranty.

    5yr
      Allison 2200 Series Transmission Warranty

    

     

    26'
      VAN BOX SPECIFICATIONS

    1580
      (Approximately) Cubic Feet Capacity

    Fiberglass
      Reinforced Plywood (FRP) Construction

    Rounded
      Aluminum Extruded Corners for Improved Structural Strength and
      Aerodynamics

    Aluminum
      Floor and Roof

    Class
      3
      Frame Mounted Hitch

    Rollup
      Rear Door

    Aluminum
      Ramp

    Tie
      Downs
      and Rub Rails 

    LED
      Lighting Package

    

    
      
        
          Annex
            I-2-1

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    

    2006
      FORD E 450 TRUCK

    

    U-HAUL
      DC (50 STATE EMISSION CERTIFIED)

    

    EQUIPMENT
      SPECIFICATIONS

    

    

    MODEL

    E
      450
      Commercial Cutaway Cab & Chassis, 158" WB, 2 WD

    

    BODY
      & CHASSIS

    14,050
      lbs. GVWR

    Front
      Stabilizer Bars w/ HD Front and Rear Shocks

    Power
      Brakes with Front and Rear ABS

    

    POWER
      TRAIN

    50
      State
      Emission Certified

    6.8
      Liter
      V10 Gas Engine

    Electronic
      Fuel Injection

    Tow
      Haul
      Auto Start

    Super
      Engine Cooling

    Electronic
      5-Speed Automatic Transmission

    Power
      Steering

    

    WHEELS
      & TIRES

    (6)
      LT225/75R16E Front and Rear Tires

    (6)
      4
      Hand Hole 16X6 Steel Wheels

    

    INTERIOR
      OPTIONS

    Air
      Conditioning

    AM/FM
      Clock Radio

    Cloth
      Bench Seat w/ Outboard Seating and Integral Headrests

    Driver
      and Passenger Air Bags with Deactivation button

    

    EXTERIOR
      OPTIONS

    Grill
      and
      Front Bumper Painted Argent

    Sealed
      Beam Halogen Headlamps

    Dual
      Electric Horns

    Dual
      Velvac Mirrors - Installed by U-Haul

    

    COLOR
      SCHEME

    U-Haul
      Special Paint 107

    

    

    

    

    

    

    OTHER
      ADD-ONS

    Goodyear
      or Michelin Brand Tires

    Steel
      Valves and Plastic Caps

    37
      Gallon
      Aft-of-Axle Mounted Fuel Tank

    Delete
      Jack Assembly and Tools

    Delete
      Roof Marker

    Delete
      Interior Rear View Mirrors

    Dana
      Axle
      with Vent Tube Extension

    Auxiliary
      Transmission Oil Cooler

    3
      yr/36,000 Mile Bumper to Bumper Warranty

    5
      yr/50,000 Mile Emission Defect Warranty

    5
      yr
      Corrosion Warranty

    

    14’
      VAN BOX SPECIFICATIONS

    Approximately
      720 Cubic Feet Capacity

    Fiberglass
      Reinforced Plywood (FRP) Construction

    Rounded
      Aluminum Extruded Corners for Improved Structural Strength and
      Aerodynamics

    Flat
      Aluminum Floor without Wheel Wells

    6000
      lb
      Frame Mounted Hitch

    Rollup
      Rear Door

    Convenient
      Work Saving Ramp

    Tie
      Down
      and Rub Rails for Added Cargo Protection

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]