Document:

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                                                                  EXECUTION COPY

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                          REGISTRATION RIGHTS AGREEMENT

                            Dated as of March 1, 2004

                                  By and Among

                                     AMERCO,
                                   as Issuer,

                           the GUARANTORS named herein

                                       and

                        CANPARTNERS INVESTMENTS IV, LLC,
                       DOUBLE BLACK DIAMOND OFFSHORE LDC,
                          BLACK DIAMOND OFFSHORE LTD.,
                             NEWSTART FACTORS, INC.,
                              SIL LOAN FUNDING LLC,
                        SATELLITE ASSET MANAGEMENT, L.P.
                                       and
                    SATELLITE CREDIT OPPORTUNITIES FUND, LTD.
                                  as Purchasers

                 9.0% Second Lien Senior Secured Notes due 2009

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                                TABLE OF CONTENTS

<TABLE>
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                                                                                      Page
<S>                                                                                   <C>
Section 1.     Definitions......................................................        1
Section 2.     Exchange Offer...................................................        4
Section 3.     Shelf Registration...............................................        6
Section 4.     Additional Interest..............................................        7
Section 5.     Registration Procedures..........................................        9
Section 6.     Registration Expenses............................................       16
Section 7.     Indemnification..................................................       16
Section 8.     Rule 144 and 144A................................................       20
Section 9.     Underwritten Registrations.......................................       20
Section 10.    Miscellaneous....................................................       20
        (a)    No Inconsistent Agreements.......................................       21
        (b)    Adjustments Affecting Registrable Notes..........................       21
        (c)    Amendments and Waivers...........................................       21
        (d)    Notices..........................................................       21
        (e)    Guarantors.......................................................       22
        (f)    Successors and Assigns...........................................       22
        (g)    Counterparts.....................................................       22
        (h)    Headings.........................................................       23
        (i)    Governing Law....................................................       23
        (j)    Severability.....................................................       23
        (k)    Securities Held by the Company or Its Affiliates.................       23
        (l)    Third-Party Beneficiaries........................................       23
        (m)    Attorneys' Fees..................................................       23
        (n)    Entire Agreement.................................................       23

SIGNATURES......................................................................      S-1
SCHEDULE A      ADDRESSES OF PURCHASERS
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                                       -i-
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                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (this "Agreement") is dated
as of March 1, 2004, by and among AMERCO, a Nevada corporation (the "Company"),
and each of the Guarantors (as defined herein) (the Company and the Guarantors
are referred to collectively herein as the "Issuers"), on the one hand, and
CANPARTNERS INVESTMENTS IV, LLC, DOUBLE BLACK DIAMOND OFFSHORE LDC, BLACK
DIAMOND OFFSHORE LTD., NEWSTART FACTORS, INC., SIL LOAN FUNDING LLC, SATELLITE
ASSET MANAGEMENT, L.P. and SATELLITE CREDIT OPPORTUNITIES FUND, LTD. (the
"Purchasers"), on the other hand.

                  This Agreement is entered into in connection with the Purchase
Agreement, dated as of March 1, 2004, by and among the Issuers and the
Purchasers (the "Purchase Agreement"), relating to the offering of $80,000,000
aggregate principal amount of the Company's 9.0% Second Lien Senior Secured
Notes due 2009 (including the guarantees thereof by the Guarantors, the
"Notes"). The Notes are a part of an issue of $200,000,000 of the Company's 9.0%
Second Lien Senior Secured Notes due 2009 (the "Second Lien Senior Secured
Notes"). The execution and delivery of this Agreement is a condition to the
Purchasers' obligation to purchase the Notes under the Purchase Agreement.

                  The parties hereby agree as follows:

         Section 1. Definitions

                  As used in this Agreement, the following terms shall have the
following meanings:

                  "action" shall have the meaning set forth in Section 7(c)
hereof.

                  "Additional Interest" shall have the meaning set forth in
Section 4(a) hereof.

                  "Additional Interest Payment Date" shall have the meaning set
forth in Section 4(b) hereof.

                  "Advice" shall have the meaning set forth in Section 5 hereof.

                  "Agreement" shall have the meaning set forth in the first
introductory paragraph hereof.

                  "Board of Directors" shall have the meaning set forth in
Section 5 hereof.

                  "Business Day" shall mean a day that is not a Legal Holiday.

                  "Company" shall have the meaning set forth in the introductory
paragraph hereof and shall also include the Company's permitted successors and
assigns.

                  "Commission" shall mean the Securities and Exchange
Commission.

                  "day" shall mean a calendar day.

<PAGE>

                  "Delay Period" shall have the meaning set forth in Section 5
hereof.

                  "Effectiveness Period" shall have the meaning set forth in the
second paragraph of Section 3(b) hereof.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated
thereunder.

                  "Exchange Notes" shall have the meaning set forth in Section
2(a) hereof.

                  "Exchange Offer" shall have the meaning set forth in Section
2(a) hereof.

                  "Exchange Offer Registration Statement" shall have the meaning
set forth in Section 2(a) hereof.

                  "Guarantors" means each of the Persons executing this
Agreement as a guarantor on the date hereof and each Person who executes and
delivers a counterpart of this Agreement hereafter pursuant to Section 10(e)
hereof.

                  "Holder" shall mean any holder of a Registrable Note or
Registrable Notes.

                  "Indenture" shall mean the Indenture, dated as of March 1,
2004, by and among the Issuers and Wells Fargo Bank, N.A., as trustee, pursuant
to which the Notes are being issued, as amended or supplemented from time to
time in accordance with the terms thereof.

                  "Initial Shelf Registration" shall have the meaning set forth
in Section 3(a) hereof.

                  "Inspectors" shall have the meaning set forth in Section 5(n)
hereof.

                  "Issue Date" shall mean March 15, 2004, the date of original
issuance of the Notes.

                  "Issuers" shall have the meaning set forth in the first
introductory paragraph hereof.

                  "Legal Holiday" shall mean a Saturday, a Sunday or a day on
which banking institutions in New York, New York are required by law, regulation
or executive order to remain closed.

                  "Losses" shall have the meaning set forth in Section 7(a)
hereof.

                  "Notes" shall have the meaning set forth in the second
introductory paragraph hereof.

                  "Participant" shall have the meaning set forth in
Section 7(a) hereof.

                  "Person" shall mean an individual, corporation, partnership,
joint venture association, joint stock company, trust, unincorporated limited
liability company, government or any agency or political subdivision thereof or
any other entity.

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<PAGE>

                  "Prospectus" shall mean the prospectus included in any
Registration Statement (including, without limitation, any prospectus subject to
completion and a prospectus that includes any information previously omitted
from a prospectus filed as part of an effective registration statement in
reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

                  "Purchasers" shall have the meaning set forth in the first
introductory paragraph hereof.

                  "Purchase Agreement" shall have the meaning set forth in the
second introductory paragraph hereof.

                  "Records" shall have the meaning set forth in Section 5(n)
hereof.

                  "Registrable Notes" shall mean each Note upon its original
issuance and at all times subsequent thereto and each Exchange Note as to which
Section 2(c)(iv) hereof is applicable upon original issuance and at all times
subsequent thereto, in each case until the earliest to occur of (i) a
Registration Statement (other than, with respect to any Exchange Note as to
which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration
Statement) covering such Note or, Exchange Note has been declared effective by
the Commission and such Note or, Exchange Note, as the case may be, has been
disposed of in accordance with such effective Registration Statement, (ii) such
Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or
Exchange Notes that may be resold without restriction under state and federal
securities laws, (iii) such Note or, Exchange Note, as the case may be, ceases
to be outstanding for purposes of the Indenture or (iv) such Note or, Exchange
Note has been sold in compliance with Rule 144 or is salable pursuant to Rule
144(k).

                  "Registration Default" shall have the meaning set forth in
Section 4(a) hereof.

                  "Registration Statement" shall mean any appropriate
registration statement of the Company covering any of the Registrable Notes
filed with the Commission under the Securities Act, and all amendments and
supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference or deemed to be
incorporated by reference therein.

                  "Rule 144" shall mean Rule 144 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission providing for offers and
sales of securities made in compliance therewith resulting in offers and sales
by subsequent holders that are not affiliates of an issuer of such securities
being free of the registration and prospectus delivery requirements of the
Securities Act.

                  "Rule 415" shall mean Rule 415 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission.

                                       -3-
<PAGE>

                  "Second Lien Senior Secured Notes" shall have the meaning set
forth in the second introductory paragraph hereof.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the Commission promulgated thereunder.

                  "Shelf Filing Event" shall have the meaning set forth in
Section 2(c) hereof.

                  "Shelf Registration" shall have the meaning set forth in
Section 3(b) hereof.

                  "Shelf Registration Statement" shall mean any Registration
Statement filed in connection with a Shelf Registration.

                  "Subsequent Shelf Registration" shall have the meaning set
forth in Section 3(b) hereof.

                  "TIA" shall mean the Trust Indenture Act of 1939, as amended.

                  "Trustee" shall mean the trustee under the Indenture and the
trustee (if any) under any indenture governing the Exchange Notes.

                  "Underwritten registration or underwritten offering" shall
mean a registration in which securities of the Company are sold to an
underwriter for reoffering to the public.

         Section 2. Exchange Offer

                  (a)      The Issuers shall (i) file a Registration Statement
(the "Exchange Offer Registration Statement") within 60 days after the Issue
Date with the Commission on an appropriate registration form with respect to a
registered offer (the "Exchange Offer") to exchange any and all of the
Registrable Notes for a like aggregate principal amount of notes (including the
guarantees with respect thereto, the "Exchange Notes") that are identical in all
material respects to the Notes (except that the Exchange Notes shall not contain
terms with respect to transfer restrictions or Additional Interest upon a
Registration Default), (ii) use their best efforts to cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act within
150 days after the Issue Date and (iii) use their best efforts to consummate the
Exchange Offer within 180 days after the Issue Date. Upon the Exchange Offer
Registration Statement being declared effective by the Commission, the Company
will offer the Exchange Notes in exchange for surrender of the Notes. The
Company shall keep the Exchange Offer open for not less than 20 Business Days
(or longer if required by applicable law) after the date notice of the Exchange
Offer is mailed to Holders.

                  Each Holder that participates in the Exchange Offer will be
required to represent to the Company in writing that (i) any Exchange Notes to
be received by it will be acquired in the ordinary course of its business, (ii)
it has no arrangement or understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Exchange Notes in
violation of the provisions of the Securities Act, (iii) it is not an affiliate
of the Issuer, as defined by rule 405 of the Securities Act, or if it is an
affiliate, it will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable, (iv) it is not
engaged in, and does

                                       -4-
<PAGE>

not intend to engage in, a distribution of Exchange Notes, and (v) such Holder
has full power and authority to transfer the Notes in exchange for the Exchange
Notes and that the Company will acquire good and unencumbered title thereto free
and clear of any liens, restrictions, charges or encumbrances and not subject to
any adverse claims.

                  No securities other than the Exchange Notes shall be included
in the Exchange Offer Registration Statement.

                  Upon consummation of the Exchange Offer in accordance with
this Section 2, the Issuers shall have no further registration obligations other
than the Issuers' continuing registration obligations with respect to Notes as
to which clause (c)(iii) of this Section 2 applies or Exchange Notes as to which
clause (c)(iv) of this Section 2 applies.

                  (b)      In connection with the Exchange Offer, the Company
shall:

                  (1)      mail or cause to be mailed to each Holder entitled to
         participate in the Exchange Offer a copy of the Prospectus forming part
         of the Exchange Offer Registration Statement, together with an
         appropriate letter of transmittal and related documents;

                  (2)      utilize the services of a depositary for the Exchange
         Offer with an address in the Borough of Manhattan, The City of New
         York;

                  (3)      permit Holders to withdraw tendered Notes at any time
         prior to the close of business, New York time, on the last Business Day
         on which the Exchange Offer shall remain open; and

                  (4)      otherwise comply in all material respects with all
         applicable laws, rules and regulations.

                  As soon as practicable after the close of the Exchange Offer
the Company shall:

                  (1)      accept for exchange all Notes validly tendered and
         not validly withdrawn by the Holders pursuant to the Exchange Offer;

                  (2)      deliver or cause to be delivered to the Trustee for
         cancellation all Notes so accepted for exchange; and

                  (3)      cause the Trustee to authenticate and deliver
         promptly, to each such Holder of Notes, Exchange Notes equal in
         principal amount to the Registrable Notes of such Holder so accepted
         for exchange.

                  The Exchange Offer shall not be subject to any conditions,
other than that (i) the Exchange Offer does not violate applicable law or any
applicable interpretation of the staff of the Commission, (ii) no action or
proceeding shall have been instituted or threatened in any court or by any
governmental agency which might materially impair the ability of the Company to
proceed with the Exchange Offer and no material adverse development shall have
occurred in any such existing action or proceeding with respect to the Company
and (iii) all governmental approvals shall have been

                                       -5-
<PAGE>

obtained, which approvals the Company reasonably deems necessary for the
consummation of the Exchange Offer.

                  The Exchange Notes shall be issued under (i) the Indenture or
(ii) an indenture identical in all material respects to the Indenture (in either
case, with such changes as are necessary to comply with any requirements of the
Commission to effect or maintain the qualification thereof under the TIA) and
which, in either case, has been qualified under the TIA and shall provide that
the Exchange Notes shall not be subject to the transfer restrictions set forth
in the Indenture.

                  (c)      In the event that (i) any changes in law or the
applicable interpretations of the staff of the Commission do not permit the
Issuers to effect the Exchange Offer, (ii) for any reason the Exchange Offer is
not consummated within 180 days of the Issue Date, (iii) any Holder, other than
an Initial Purchaser, is prohibited by law or the applicable interpretations of
the staff of the Commission from participating in the Exchange Offer, or (iv) in
the case of any Holder who participates in the Exchange Offer, such Holder does
not receive Exchange Notes on the date of the exchange that may be sold without
restriction under state and federal securities laws (other than due solely to
the status of such Holder as an affiliate of any Issuer within the meaning of
the Securities Act) (each such event referred to in clauses (i) through (iv) of
this sentence, a "Shelf Filing Event"), then the Issuers shall promptly deliver
to the Holders and the Trustee written notice thereto and file a Shelf
Registration pursuant to Section 3 hereof.

         Section 3. Shelf Registration

                  If at any time a Shelf Filing Event shall occur, then:

                  (a)      Shelf Registration. The Issuers shall file with the
Commission a Registration Statement for an offering to be made on a continuous
basis pursuant to Rule 415 of the Securities Act covering all of the Registrable
Notes not exchanged in the Exchange Offer (the "Initial Shelf Registration").
The Issuers shall file the Initial Shelf Registration with the Commission as
promptly as practicable. The Initial Shelf Registration shall be on an
appropriate form permitting registration of such Registrable Notes for resale by
Holders in the manner or manners designated by them (including, without
limitation, one or more underwritten offerings). The Issuers shall not permit
any securities other than the Registrable Notes to be included in the Shelf
Registration or any Subsequent Shelf Registration (as defined below).

                  The Issuers shall use their reasonable best efforts (x) to
cause the Initial Shelf Registration to be declared effective under the
Securities Act on or prior to the 150th day after the date of the Shelf Filing
Event and (y) to keep the Initial Shelf Registration continuously effective
under the Securities Act for the period ending on the date which is two years
from the Issue Date, or such shorter period ending when all Registrable Notes
covered by the Initial Shelf Registration have been sold in the manner set forth
and as contemplated in the Initial Shelf Registration or, if applicable, a
Subsequent Shelf Registration (as may be extended pursuant to the last paragraph
of Section 5 hereof, the "Effectiveness Period"); provided, however, that the
Effectiveness Period in respect of the Initial Shelf Registration shall be
extended to the extent required to permit dealers to comply with the applicable
prospectus delivery requirements of the Securities Act and as otherwise provided
herein. The Company may suspend the effectiveness of the Shelf Registration
Statement by written notice to

                                       -6-
<PAGE>

the Holders (i) as a result of the filing of a post-effective amendment to the
Shelf Registration Statement to incorporate annual audited financial information
with respect to the Company where such post-effective amendment is not yet
effective and needs to be declared effective to permit Holders to use the
related Prospectus or (ii) for so long as permitted pursuant to the penultimate
paragraph of Section 5 hereof.

                  (b)      Withdrawal of Stop Orders; Subsequent Shelf
Registrations. If the Initial Shelf Registration or any Subsequent Shelf
Registration (as defined below) ceases to be effective for any reason at any
time during the Effectiveness Period (other than because of the sale of all of
the Notes registered thereunder), the Issuers shall use their reasonable best
efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof, and in any event shall within 30 days of such cessation
of effectiveness amend such Shelf Registration Statement in a manner to obtain
the withdrawal of the order suspending the effectiveness thereof, or file an
additional Shelf Registration Statement pursuant to Rule 415 covering all of the
Registrable Notes covered by and not sold under the Initial Shelf Registration
or an earlier Subsequent Shelf Registration (each, a "Subsequent Shelf
Registration"). If a Subsequent Shelf Registration is filed, the Issuers shall
use their reasonable best efforts to cause the Subsequent Shelf Registration to
be declared effective under the Securities Act as soon as practicable after such
filing and to keep such subsequent Shelf Registration continuously effective for
a period equal to the number of days in the Effectiveness Period less the
aggregate number of days during which the Initial Shelf Registration or any
Subsequent Shelf Registration was previously continuously effective. As used
herein the term "Shelf Registration" means the Initial Shelf Registration and
any Subsequent Shelf Registration.

                  (c)      Supplements and Amendments. The Issuers agree to
supplement or make amendments to the Shelf Registration Statement as and when
required by the rules, regulations or instructions applicable to the
registration form used for such Shelf Registration Statement or by the
Securities Act or rules and regulations thereunder for shelf registration, or if
reasonably requested by the Holders of a majority in aggregate principal amount
of the Registrable Notes covered by such Registration Statement or by any
underwriter of such Registrable Notes.

         Section 4. Additional Interest

                  (a)      The Issuers and the Purchasers agree that the Holders
will suffer damages if the Issuers fail to fulfill their obligations under
Section 2 or Section 3 hereof and that it would not be feasible to ascertain the
extent of such damages with precision. Accordingly, the Issuers agree, jointly
and severally, that if:

                  (i)      the Exchange Offer Registration Statement is not
         filed with the Commission on or prior to the 60th day following the
         Issue Date or, if that day is not a Business Day, the next day that is
         a Business Day,

                  (ii)     the Exchange Offer Registration Statement is not
         declared effective on or prior to the 150th day following the Issue
         Date or, if that day is not a Business Day, the next day that is a
         Business Day,

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<PAGE>

                  (iii)    the Exchange Offer is not consummated on or prior to
         the 180th day following the Issue Date, or, if that day is not a
         Business Day, the next day that is a Business Day; or

                  (iv)     the Shelf Registration Statement is required to be
         filed but is not declared effective on or prior to the 150th day
         following the date of the Shelf Filing Event, or, if that day is not a
         Business Day, the next day that is a Business Day, or is declared
         effective by such date but thereafter ceases to be effective or usable,
         except if the Shelf Registration ceases to be effective or usable as
         specifically permitted by the penultimate paragraph of Section 5 hereof

(each such event referred to in clauses (i) through (iv) a "Registration
Default," then additional cash interest ("Additional Interest") will accrue on
the Registrable Notes, as applicable. The rate of Additional Interest will be
0.25% per annum for the first 90-day period immediately following the occurrence
of a Registration Default, increasing by an additional 0.50% per annum with
respect to each subsequent 90-day period up to a maximum amount of Additional
Interest of 2.00% per annum, from and including the date on which any such
Registration Default shall occur to, but excluding, the earlier of (1) the date
on which all Registration Defaults have been cured or (2) the date on which all
the Registrable Notes otherwise become freely transferable by Holders other than
affiliates of the Issuers without further registration under the Securities Act.
If, after the cure of all Registration Defaults then in effect, there is a
subsequent Registration Default, the rate of Additional Interest for such
subsequent Registration Default shall initially be 0.25% per annum, regardless
of the rate in effect with respect to any prior Registration Default at the time
of cure of such Registration Default, which amount of Additional Interest shall
increase incrementally thereafter in the manner provided in the preceding
sentence (up to a maximum amount of Additional Interest of 2.00% per annum)
until such Registration Default is cured, with the effect that each subsequent
Registration Default shall be treated as if no prior Registration Default had
occurred.

                  Notwithstanding the foregoing, (1) the amount of Additional
Interest payable shall not increase because more than one Registration Default
has occurred and is pending and (2) a Holder of Notes or Exchange Notes who is
not entitled to the benefits of the Shelf Registration Statement (i.e., such
Holder has not elected to include information) shall not be entitled to
Additional Interest with respect to a Registration Default that pertains to the
Shelf Registration Statement.

                  (b)      So long as Notes remain outstanding, the Company
shall notify the Trustee within five Business Days after each and every date on
which an event occurs in respect of which Additional Interest is required to be
paid. Any amounts of Additional Interest due pursuant to clause (a) of this
Section 4 will be payable in cash quarterly on each March 15, June 15, September
15 and December 15 (each, an "Additional Interest Payment Date"), commencing
with the first such date occurring after any such Additional Interest commences
to accrue, to Holders of record on the March 1, June 1, September 1 and December
1 immediately preceding such dates. The amount of Additional Interest for
Registrable Notes will be determined by multiplying the applicable rate of
Additional Interest by the aggregate principal amount of all such Registrable
Notes outstanding on the Additional Interest Payment Date following such
Registration Default in the case of the first such payment of Additional
Interest with respect to a Registration Default (and thereafter at the next
succeeding Additional Interest Payment Date until the cure of such Registration
Default), multiplied by a fraction, the numerator of which is the number of days
such Additional Interest rate was applicable during such

                                       -8-
<PAGE>

period (determined on the basis of a 360-day year comprised of twelve 30-day
months and, in the case of a partial month, the actual number of days elapsed),
and the denominator of which is 360.

                  (c)      The right to receive payment of Additional Interest
as provided herein shall be the exclusive remedy of any Holder arising out of or
related to any Registration Default.

         Section 5. Registration Procedures

                  In connection with the filing of any Registration Statement
pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations
to permit the sale of the securities covered thereby in accordance with the
intended method or methods of disposition thereof, and pursuant thereto and in
connection with any Registration Statement filed by the Issuers hereunder, each
of the Issuers shall:

                  (a)      Prepare and file with the Commission the Registration
         Statement or Registration Statements prescribed by Section 2 or 3
         hereof, and use their reasonable best efforts to cause each such
         Registration Statement to become effective and remain effective as
         provided herein; provided, however, that, if such filing is pursuant to
         Section 3 hereof before filing any Registration Statement or Prospectus
         or any amendments or supplements thereto, the Company shall furnish to
         and afford the Holders of the Registrable Notes covered by such
         Registration Statement their counsel (if such counsel is known to the
         Issuers) and the managing underwriters, if any, a reasonable
         opportunity to review copies of all such documents (including copies of
         any documents to be incorporated by reference therein and all exhibits
         thereto) proposed to be filed (in each case at least five Business Days
         prior to such filing or such later date as is reasonable under the
         circumstances). The Issuers shall not file any Registration Statement
         or Prospectus or any amendments or supplements thereto if the Holders
         of 75% in aggregate principal amount of the Registrable Notes covered
         by such Registration Statement, their counsel, or the managing
         underwriters, if any, shall reasonably object on a timely basis.

                  (b)      Prepare and file with the Commission such amendments
         and post-effective amendments to each Shelf Registration Statement as
         may be necessary to keep such Registration Statement continuously
         effective for the Effectiveness Period; cause the related Prospectus to
         be supplemented by any Prospectus supplement required by applicable
         law, and as so supplemented to be filed pursuant to Rule 424 (or any
         similar provisions then in force) promulgated under the Securities Act;
         and comply with the applicable provisions of the Securities Act and the
         Exchange Act with respect to the disposition of all securities covered
         by such Registration Statement as so amended or in such Prospectus as
         so supplemented in each case, in accordance with the intended methods
         of distribution set forth in such Registration Statement or Prospectus,
         as so amended. Other than during any a period specifically provided for
         in the penultimate paragraph of Section 5 with respect to a Shelf
         Registration Statement, the Issuers shall be deemed not to have used
         their reasonable best efforts to keep a Registration Statement
         effective if any Issuer voluntarily takes any action that would result
         in selling Holders of the Registrable Notes covered thereby not being
         able to sell such Registrable Notes during that period unless such
         action is required by applicable law or permitted by this Agreement.

                                       -9-
<PAGE>

                  (c)      If a Shelf Registration is filed pursuant to Section
         3 hereof, notify the selling Holders of Registrable Notes, their
         counsel (if such counsel is known to the Issuers) and the managing
         underwriters, if any, as promptly as possible, and, if requested by any
         such Person, confirm such notice in writing, (i) when a Prospectus or
         any Prospectus supplement or post-effective amendment has been filed,
         and, with respect to a Registration Statement or any post-effective
         amendment, when the same has become effective under the Securities Act
         (including in such notice a written statement that any Holder may, upon
         request, obtain, at the sole expense of the Company, one conformed copy
         of such Registration Statement or post-effective amendment including
         financial statements and schedules, documents incorporated or deemed to
         be incorporated by reference and exhibits), (ii) of the issuance by the
         Commission of any stop order suspending the effectiveness of a
         Registration Statement or of any order preventing or suspending the use
         of any preliminary prospectus or the initiation of any proceedings for
         that purpose, (iii) if at any time when a Prospectus is required by the
         Securities Act to be delivered in connection with sales of the
         Registrable Notes the representations and warranties of the Issuers
         contained in any agreement (including any underwriting agreement)
         contemplated by Section 5(m) hereof cease to be true and correct in all
         material respects, (iv) of the receipt by any of the Issuers of any
         notification with respect to the suspension of the qualification or
         exemption from qualification of a Registration Statement or any of the
         Registrable Notes for offer or sale in any jurisdiction, or the
         initiation or threatening of any proceeding for such purpose, (v) of
         the happening of any event, the existence of any condition or any
         information becoming known to any Issuer that makes any statement made
         in such Registration Statement or related Prospectus or any document
         incorporated or deemed to be incorporated therein by reference untrue
         in any material respect or that requires the making of any changes in
         or amendments or supplements to such Registration Statement, Prospectus
         or documents so that, in the case of the Registration Statement, it
         will not contain any untrue statement of a material fact or omit to
         state any material fact required to be stated therein or necessary to
         make the statements therein not misleading, and that in the case of the
         Prospectus, it will not contain any untrue statement of a material fact
         or omit to state any material fact required to be stated therein or
         necessary to make the statements therein, in the light of the
         circumstances under which they were made, not misleading, and (vi) of
         the Company's determination that a post-effective amendment to a
         Registration Statement would be appropriate.

                  (d)      Use their reasonable best efforts to prevent the
         issuance of any order suspending the effectiveness of a Registration
         Statement or of any order preventing or suspending the use of a
         Prospectus or suspending the qualification (or exemption from
         qualification) of any of the Registrable Notes for sale in any
         jurisdiction, and, if any such order is issued, to use their reasonable
         best efforts to obtain the withdrawal of any such order at the earliest
         practicable moment.

                  (e)      If a Shelf Registration is filed pursuant to Section
         3 hereof, and if reasonably requested by the managing underwriter or
         underwriters (if any) or the Holders of a majority in aggregate
         principal amount of the Registrable Notes covered by such Registration
         Statement, (i) promptly incorporate in such Registration Statement or
         Prospectus a prospectus supplement or post-effective amendment such
         information as the managing underwriter or underwriters (if any) or,
         such Holders (based upon advice of counsel) reasonably determine is
         required to be

                                      -10-
<PAGE>

         included therein and (ii) make all required filings of such prospectus
         supplement or such post-effective amendment as soon as practicable
         after the Company has received notification of the matters to be
         incorporated in such prospectus supplement or post-effective amendment;
         provided, however, that the Issuers shall not be required to take any
         action hereunder that would, in the written opinion of counsel to the
         Company, violate applicable laws.

                  (f)      If a Shelf Registration is filed pursuant to Section
         3 hereof, furnish to each selling Holder of Registrable Notes who so
         requests, their counsel (if such counsel is known to the Issuers) and
         each managing underwriter, if any, at the sole expense of the Issuers,
         one conformed copy of the Registration Statement or Registration
         Statements and each post-effective amendment thereto, including
         financial statements and schedules, and, if requested, all documents
         incorporated or deemed to be incorporated therein by reference and all
         exhibits.

                  (g)      If a Shelf Registration is filed pursuant to Section
         3 hereof, deliver to each selling Holder of Registrable Notes their
         respective counsel, and the underwriters, if any, at the sole expense
         of the Issuers, as many copies of the Prospectus or Prospectuses
         (including each form of preliminary prospectus) and each amendment or
         supplement thereto and any documents incorporated by reference therein
         as such Persons may reasonably request; and, subject to the last
         paragraph of this Section 5, the Issuers hereby consent to the use of
         such Prospectus and each amendment or supplement thereto by each of the
         selling Holders of Registrable Notes and the underwriters or agents, if
         any, and dealers (if any), in connection with the offering and sale of
         the Registrable Notes covered by such Prospectus and any amendment or
         supplement thereto.

                  (h)      Prior to any public offering of Registrable Notes
         under a Shelf Registration filed pursuant to Section 3 hereof, use
         their reasonable best efforts to register or qualify, and to cooperate
         with the selling Holders of Registrable Notes, the managing underwriter
         or underwriters, if any, and their respective counsel in connection
         with the registration or qualification (or exemption from such
         registration or qualification) of such Registrable Notes for offer and
         sale under the securities or Blue Sky laws of such jurisdictions within
         the United States as any selling Holder, or the managing underwriter or
         underwriters reasonably request; provided, however, that where
         Registrable Notes are offered other than through an underwritten
         offering, the Issuers agree to cause the Company's counsel to perform
         Blue Sky investigations and file registrations and qualifications
         required to be filed pursuant to this Section 5(h); use their
         reasonable best efforts to keep each such registration or qualification
         (or exemption therefrom) effective during the period such Registration
         Statement is required to be kept effective and do any and all other
         acts or things reasonably necessary or advisable to enable the
         disposition in such jurisdictions of such Registrable Notes covered by
         the applicable Registration Statement; provided, however, that no
         Issuer shall be required to (A) qualify generally to do business in any
         jurisdiction where it is not then so qualified, (B) take any action
         that would subject it to general service of process in any such
         jurisdiction where it is not then so subject or (C) subject itself to
         taxation in excess of a nominal dollar amount in any such jurisdiction
         where it is not then so subject.

                  (i)      If a Shelf Registration is filed pursuant to Section
         3 hereof, cooperate with the selling Holders of Registrable Notes and
         the managing underwriter or underwriters, if any, to

                                      -11-
<PAGE>

         facilitate the timely preparation and delivery of certificates
         representing Registrable Notes to be sold, which certificates shall not
         bear any restrictive legends and shall be in a form eligible for
         deposit with The Depository Trust Company; and enable such Registrable
         Notes to be in such denominations and registered in such names as the
         managing underwriter or underwriters, if any, or selling Holders may
         request at least five Business Days prior to any sale of such
         Registrable Notes.

                  (j)      Use their reasonable best efforts to cause the
         Registrable Notes covered by any Registration Statement to be
         registered with or approved by such other governmental agencies or
         authorities as may be reasonably necessary to enable the seller or
         sellers thereof or the underwriter or underwriters, if any, to
         consummate the disposition of such Registrable Notes, except as may be
         required solely as a consequence of the nature of such selling Holder's
         business, in which case the Issuers will cooperate in all reasonable
         respects with the filing of such Registration Statement and the
         granting of such approvals.

                  (k)      If a Shelf Registration is filed pursuant to Section
         3 hereof, upon the occurrence of any event contemplated by Section
         5(c)(v) or 5(c)(vi) hereof, as promptly as reasonably practicable
         prepare and (subject to Section 5(a) and the penultimate paragraph of
         this Section 5) file with the Commission, at the sole expense of the
         Issuers, a supplement or post-effective amendment to the Registration
         Statement or a supplement to the related Prospectus or any document
         incorporated or deemed to be incorporated therein by reference, or file
         any other required document so that, as thereafter delivered to the
         purchasers of the Registrable Notes being sold thereunder any such
         Prospectus will not contain an untrue statement of a material fact or
         omit to state a material fact required to be stated therein or
         necessary to make the statements therein, in the light of the
         circumstances under which they were made, not misleading.

                  (l)      Prior to the effective date of the first Registration
         Statement relating to the Registrable Notes, (i) provide the Trustee
         with certificates for the Registrable Notes in a form eligible for
         deposit with The Depository Trust Company and (ii) provide a CUSIP
         number for the Registrable Notes.

                  (m)      In connection with any underwritten offering of
         Registrable Notes pursuant to a Shelf Registration, enter into an
         underwriting agreement as is customary in underwritten offerings of
         debt securities similar to the Notes and take all such other actions as
         are reasonably requested by the managing underwriter or underwriters in
         order to expedite or facilitate the registration or the disposition of
         such Registrable Notes and, in such connection, (i) make such
         representations and warranties to, and covenants with, the underwriters
         with respect to the business of the Company and its subsidiaries, as
         then conducted (including any acquired business, properties or entity,
         if applicable), and the Registration Statement, Prospectus and
         documents, if any, incorporated or deemed to be incorporated by
         reference therein, in each case, as are customarily made by issuers to
         underwriters in underwritten offerings of debt securities similar to
         the Notes, and confirm the same in writing if and when requested; (ii)
         use their best efforts to obtain the written opinions of counsel to the
         Company and written updates thereof in form, scope and substance
         reasonably satisfactory to the managing underwriter or underwriters,
         addressed to the underwriters covering the matters

                                      -12-
<PAGE>

         customarily covered in opinions requested in underwritten offerings and
         such other matters as may be reasonably requested by the managing
         underwriter or underwriters; (iii) use their best efforts to obtain
         "cold comfort" letters and updates thereof in form, scope and substance
         reasonably satisfactory to the managing underwriter or underwriters
         from the independent certified public accountants of the Company (and,
         if necessary, any other independent certified public accountants of any
         subsidiary of the Company or of any business acquired by the Issuers
         for which financial statements and financial data are, or are required
         to be, included or incorporated by reference in the Registration
         Statement), addressed to each of the underwriters, such letters to be
         in customary form and covering matters of the type customarily covered
         in "cold comfort" letters in connection with underwritten offerings;
         and (iv) if an underwriting agreement is entered into, the same shall
         contain indemnification provisions and procedures no less favorable
         than those set forth in Section 7 hereof (or such other provisions and
         procedures acceptable to Holders of a majority in aggregate principal
         amount of Registrable Notes covered by such Registration Statement and
         the managing underwriter or underwriters or agents) with respect to all
         parties to be indemnified pursuant to said Section; provided that the
         Issuers shall not be required to provide indemnification to any
         underwriter selected in accordance with the provisions of Section 9
         hereof with respect to information relating to such underwriter
         furnished in writing to the Company by or on behalf of such underwriter
         expressly for inclusion in such Registration Statement. The above shall
         be done at each closing under such underwriting agreement, or as and to
         the extent required thereunder.

                  (n)      If a Shelf Registration is filed pursuant to Section
         3 hereof, make available for inspection by any selling Holder of such
         Registrable Notes being sold, any underwriter participating in any such
         disposition of Registrable Notes, and any attorney, accountant or other
         agent retained by any such selling Holder or underwriter (collectively,
         the "Inspectors"), at the offices where normally kept, during
         reasonable business hours, all financial and other records, pertinent
         corporate documents and instruments of the Company and its subsidiaries
         (collectively, the "Records") as shall be reasonably necessary to
         enable them to exercise any applicable due diligence responsibilities,
         and cause the officers, directors and employees of the Company and its
         subsidiaries to supply all information reasonably requested by any such
         Inspector in connection with such Registration Statement and
         Prospectus. Each Inspector shall agree in writing that it will keep the
         Records confidential and that it will not disclose, or use in
         connection with any market transactions in violation of any applicable
         securities laws, any Records that the Company determines, in good
         faith, to be confidential and that it notifies the Inspectors in
         writing are confidential unless (i) the disclosure of such Records is
         necessary to avoid or correct a misstatement or omission in such
         Registration Statement or Prospectus, (ii) the release of such Records
         is ordered pursuant to a subpoena or other order from a court of
         competent jurisdiction, (iii) disclosure of such information is
         necessary or advisable in the opinion of counsel for an Inspector in
         connection with any action, claim, suit or proceeding, directly or
         indirectly, involving or potentially involving such Inspector and
         arising out of, based upon, relating to, or involving this Agreement or
         the Purchase Agreement, or any transactions contemplated hereby or
         thereby or arising hereunder or thereunder, or (iv) the information in
         such Records has been made generally available to the public; provided,
         however, that (A) each Inspector shall agree to use reasonable best
         efforts to provide notice to the Company of the potential disclosure of
         any information by such Inspector pursuant to

                                      -13-
<PAGE>

         clause (i), (ii) or (iii) of this sentence to permit the Issuers to
         obtain a protective order (or waive the provisions of this paragraph
         (n)) and (B) each such Inspector shall take such actions as are
         reasonably necessary to protect the confidentiality of such information
         (if practicable) to the extent such action is otherwise not
         inconsistent with, an impairment of or in derogation of the rights and
         interests of the Holder or any Inspector.

                  (o)      Provide an indenture trustee for the Registrable
         Notes or the Exchange Notes, as the case may be, and cause the
         Indenture or the trust indenture provided for in Section 2(a) hereof to
         be qualified under the TIA not later than the effective date of the
         Exchange Offer or the first Registration Statement relating to the
         Registrable Notes; and in connection therewith, cooperate with the
         trustee under any such indenture and the Holders of the Registrable
         Notes or Exchange Notes, as applicable, to effect such changes to such
         indenture as may be required for such indenture to be so qualified in
         accordance with the terms of the TIA; and execute, and use their
         reasonable best efforts to cause such trustee to execute, all documents
         as may be required to effect such changes, and all other forms and
         documents required to be filed with the Commission to enable such
         indenture to be so qualified in a timely manner.

                  (p)      Comply with all applicable rules and regulations of
         the Commission and make generally available to the Company's
         securityholders earnings statements satisfying the provisions of
         Section 11(a) of the Securities Act and Rule 158 thereunder (or any
         similar rule promulgated under the Securities Act) no later than 45
         days after the end of any 12-month period (or 90 days after the end of
         any 12-month period if such period is a fiscal year) (i) commencing at
         the end of any fiscal quarter in which Registrable Notes are sold to
         underwriters in a firm commitment or best efforts underwritten offering
         and (ii) if not sold to underwriters in such an offering, commencing on
         the first day of the first fiscal quarter of the Company after the
         effective date of a Registration Statement, which statements shall
         cover said 12-month periods consistent with the requirements of Rule
         158.

                  (q)      If the Exchange Offer is to be consummated, upon
         delivery of the Registrable Notes by Holders to the Company (or to such
         other Person as directed by the Company) in exchange for the Exchange
         Notes mark, or cause to be marked, on such Registrable Notes that such
         Registrable Notes are being cancelled in exchange for the Exchange
         Notes; provided that in no event shall such Registrable Notes be marked
         as paid or otherwise satisfied.

                  (r)      Use their reasonable best efforts to take all other
         steps reasonably necessary or advisable to effect the registration of
         the Exchange Notes and/or Registrable Notes covered by a Registration
         Statement contemplated hereby.

                  (s)      Upon consummation of the Exchange Offer, if so
         requested by the Trustee, obtain an opinion of counsel to the Issuers,
         in a form customary for underwritten transactions, addressed to the
         Trustee for the benefit of all Holders of Registrable Notes
         participating in the Exchange Offer that the Exchange Notes, the
         related guarantee and the related indenture constitute legal, valid and
         binding obligations of the Issuers, enforceable against the Issuers in
         accordance with their respective terms, subject to customary exceptions
         and qualifications.

                                      -14-
<PAGE>

                  The Company may require each seller of Registrable Notes as to
which any registration is being effected to furnish to the Company such
information regarding such seller and the distribution of such Registrable Notes
as the Company may, from time to time, reasonably request. The Company may
exclude from such registration the Registrable Notes of any seller if such
seller fails to furnish such information by the date set forth in the Company's
request; provided, however, that such request shall not afford such seller less
than ten (10) Business Days from the date of such seller's receipt of the
Company's request to furnish such information. In the event of such an
exclusion, the Issuers shall have no further obligation under this Agreement
(including, without limitation, the obligations under Section 4) with respect to
such seller or any subsequent Holder of such Registrable Notes. Each seller as
to which any Shelf Registration is being effected agrees to furnish promptly to
the Company all information required to be disclosed in order to make any
information previously furnished to the Company by such seller not materially
misleading.

                  If any such Registration Statement refers to any Holder by
name or otherwise as the holder of any securities of the Company, then such
Holder shall have the right to require (i) the insertion therein of language, in
form and substance reasonably satisfactory to such Holder, to the effect that
the holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the securities
covered thereby and that such holding does not imply that such Holder will
assist in meeting any future financial requirements of the Company, or (ii) in
the event that such reference to such Holder by name or otherwise is not
required by the Securities Act or any similar federal statute then in force, the
deletion of the reference to such Holder in any amendment or supplement to the
applicable Registration Statement filed or prepared subsequent to the time that
such reference ceases to be required.

                  Each Holder of Registrable Notes agrees by acquisition of such
Registrable Notes that, upon actual receipt of any notice from the Company (x)
of the happening of any event of the kind described in Section 5(c)(ii),
5(c)(iii), 5(c)(iv), or 5(c)(v) hereof, or (y) that the Board of Directors of
the Company (the "Board of Directors") has resolved that the disclosure of an
event, occurrence or other item at such time could reasonably be expected to
have a material adverse effect on the business, operations or prospects of the
Company and its subsidiaries or (z) that the Board of Directors determined, in
good faith, that disclosure relating to a material business transaction which
has not been publicly disclosed would jeopardize the success of such transaction
or that disclosure of the transaction is prohibited pursuant to the terms
thereto, then the Company may delay the filing or the effectiveness of the
Exchange Offer Registration Statement or the Shelf Registration Statement (if
not then filed or effective, as applicable) and shall not be required to
maintain the effectiveness thereof or amend or supplement the Exchange Offer
Registration Statement or the Shelf Registration, in all cases, for a period (a
"Delay Period") expiring upon the earlier to occur of (i) in the case of the
immediately preceding clause (x), such Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(k) hereof or until
it is advised in writing (the "Advice") by the Company that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments
or supplements thereto or (ii) in the case of the immediately preceding clause
(y) or (z), the date which is the earlier of (A) the date on which such
disclosure ceases to interfere with the Company's obligations to file or
maintain the effectiveness of any such Registration Statement pursuant to this
Agreement or (B) 60 days after the Company notifies the Holders of such good
faith determination. There shall not be more than 60 days of Delay Periods
during any 12-month period.

                                      -15-
<PAGE>

Any Delay Period will not alter the obligations of the Company to pay Additional
Interest under the circumstances set forth in Section 4 hereof, except to the
extent specifically provided therein.

                  In the event of any Delay Period pursuant to clause (y) or (z)
of the preceding paragraph, notice shall be given as soon as practicable after
the Board of Directors makes such a determination of the need for a Delay Period
and shall state, to the extent practicable, an estimate of the duration of such
Delay Period and shall advise the recipient thereof of the agreement of such
Holder provided in the next succeeding sentence. Each Holder, by his acceptance
of any Registrable Note, agrees that during any Delay Period, each Holder will
discontinue disposition of any Registrable Notes covered by such Registration
Statement. The Effectiveness Period shall be extended by the number of days
during each such Delay Period.

         Section 6. Registration Expenses

                  All fees and expenses incident to the performance of or
compliance with this Agreement by the Issuers (other than any underwriting
discounts or commissions) shall be borne by the Issuers, whether or not the
Exchange Offer Registration Statement or any Shelf Registration is filed or
becomes effective or the Exchange Offer is consummated, including, without
limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of compliance with state securities or Blue Sky laws
(including, without limitation, fees and disbursements of counsel in connection
with Blue Sky qualifications of the Registrable Notes and determination of the
eligibility of the Registrable Notes for investment under the laws of such
jurisdictions (x) where the holders of Registrable Notes are located, in the
case of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the
case of a Shelf Registration)), (ii) printing expenses, including, without
limitation, expenses of printing certificates for Registrable Notes or Exchange
Notes in a form eligible for deposit with The Depository Trust Company and of
printing prospectuses if the printing of prospectuses is requested by the
managing underwriter or underwriters, if any, or by the Holders of a majority in
aggregate principal amount of the Registrable Notes included in any Registration
Statement (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Issuers and, in the case of a Shelf
Registration, reasonable fees and disbursements of one special counsel for all
of the sellers of the Registrable Notes, and disbursements of all independent
certified public accountants referred to in Section 5(m)(iii) hereof (including,
without limitation, the expenses of any special audit and "cold comfort" letters
required by or incident to such performance), (vi) Securities Act liability
insurance, if the Company desires such insurance, (vii) fees and expenses of all
other Persons retained by any of the Issuers, (viii) internal expenses of the
Issuers (including, without limitation, all salaries and expenses of officers
and employees of the Issuers performing legal or accounting duties), (ix) the
expense of any annual audit, (x) the fees and expenses incurred in connection
with the listing of the securities to be registered on any securities exchange,
and the obtaining of a rating of the securities, in each case, if applicable,
and (xi) the expenses relating to printing, word processing and distributing all
Registration Statements, underwriting agreements, indentures and any other
documents necessary in order to comply with this Agreement. Notwithstanding the
foregoing or anything to the contrary, each Holder shall pay all underwriting
discounts and commissions of any underwriters with respect to any Registrable
Notes sold by or on behalf of it.

         Section 7. Indemnification

                                      -16-
<PAGE>

                  (a)      Each Issuer, jointly and severally, agrees to
indemnify and hold harmless (i) each Holder of Registrable Notes, (ii) each
Person, if any, who controls any such Holder within the meaning of Section 15 of
the Securities Act or Section 20(a) of the Exchange Act, (iii) the agents,
employees, officers and directors of each Holder and (iv) the agents, employees,
officers and directors of any such controlling Person (each of the above Persons
listed in clauses (i), (ii), (iii) and (iv) of this Section 7(a), a
"Participant"), from and against any and all losses, liabilities, claims,
damages and expenses (including, but not limited to, reasonable attorneys' fees
and any and all reasonable out-of-pocket expenses actually incurred in
investigating, preparing or defending against any litigation, commenced or
threatened, or any claim whatsoever, or appearing as a third-party witness in
connection with any such loss, claim, damage, liability or action and any and
all reasonable amounts paid in settlement of any claim or litigation (in the
manner set forth in clause (c) below)) (collectively, "Losses") to which they or
any of them may become subject under the Securities Act, the Exchange Act or
otherwise insofar as such Losses (or actions in respect thereof) are caused by,
arise out of or are based upon:

                  (1) any untrue statement or alleged untrue statement made by
any Issuer contained in any application or any other document or any amendment
or supplement thereto executed by any Issuer based upon written information
furnished by or on behalf of any Issuer filed in any jurisdiction in order to
qualify the Notes under the securities or "Blue Sky" laws thereto or filed with
the Commission or any securities association or securities exchange (each, an
"Application");

                  (2) any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement (or any amendment thereto)
or Prospectus (as amended or supplemented if any of the Issuers shall have
furnished any amendments or supplements thereto) or any preliminary prospectus,

                  (3) any omission or alleged omission to state in any
Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if any of the Issuers shall have furnished any amendments or
supplements thereto) or any preliminary prospectus or any Application or any
other document or any amendment or supplement thereto, a material fact required
to be stated therein or necessary to make the statements therein, in the case of
the Prospectus, in the light of the circumstances under which they were made,
not misleading,

                  provided that (i) the foregoing indemnity shall not be
available to any Participant to the extent that such Losses are caused by any
untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with information relating to such Participant
furnished to the Company in writing by or on behalf of such Participant
expressly for use therein, and (ii) that the foregoing indemnity with respect to
any preliminary prospectus shall not inure to the benefit of any Participant
from whom the Person asserting such Losses purchased Registrable Notes if (x) it
is established in the related proceeding that such Participant failed to send or
give a copy of the Prospectus (as amended or supplemented if such Prospectus,
amendment or supplement was furnished to such Participant sufficient to allow
for a timely distribution prior to the written confirmation of such sale) to
such Person with or prior to the written confirmation of such sale, if required
by applicable law, and (y) the untrue statement or omission or alleged untrue
statement or omission was completely corrected in the Prospectus (as amended or
supplemented if amended or supplemented as aforesaid) and such Prospectus does
not contain any other untrue statement or omission or alleged untrue

                                      -17-
<PAGE>

statement or omission that was the subject matter of the related proceeding.
This indemnity agreement will be in addition to any liability that the Issuers
may otherwise have, including, but not limited to, liability under this
Agreement.

                  (b)      Each Participant agrees, severally and not jointly,
to indemnify and hold harmless (i) each Issuer, (ii) each Person, if any, who
controls any Issuer within the meaning of Section 15 of the Securities Act or
Section 20(a) of the Exchange Act, and each of their respective agents,
employees, officers and directors and (iii) the agents, employees, officers and
directors of any such controlling Person from and against any Losses to which
they or any of them may become subject under the Securities Act, the Exchange
Act or otherwise insofar as such Losses (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement (or any amendment thereto)
or Prospectus (as amended or supplemented if the Company shall have furnished
any amendments or supplements thereto) or any preliminary prospectus, or caused
by, arising out of or based upon any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in the case of the Prospectus, in the light of the
circumstances under which they were made, not misleading, in each case to the
extent, but only to the extent, that any such Loss arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with information relating to
such Participant furnished in writing to the Company by or on behalf of such
Participant expressly for use therein.

                  (c)      Promptly after receipt by an indemnified party under
subsection 7(a) or 7(b) above of notice of the commencement of any action, suit
or proceeding (collectively, an "action"), such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party under such
subsection, notify each party against whom indemnification is to be sought in
writing of the commencement of such action (but the failure so to notify an
indemnifying party shall not relieve such indemnifying party from any liability
that it may have under this Section 7 except to the extent that it has been
prejudiced in any material respect by such failure). In case any such action is
brought against any indemnified party, and it notifies an indemnifying party of
the commencement of such action, the indemnifying party will be entitled to
participate in such action, and to the extent it may elect by written notice
delivered to the indemnified party promptly after receiving the aforesaid notice
from such indemnified party, to assume the defense of such action with counsel
reasonably satisfactory to such indemnified party. Notwithstanding the
foregoing, the indemnified party or parties shall have the right to employ its
or their own counsel in any such action, but the reasonable fees and expenses of
such counsel shall be at the expense of such indemnified party or parties unless
(i) the employment of such counsel shall have been authorized in writing by the
indemnifying parties in connection with the defense of such action, (ii) the
indemnifying parties shall not have employed counsel to take charge of the
defense of such action within a reasonable time after notice of commencement of
the action, or (iii) the named parties to such action (including any impleaded
parties) include such indemnified party and the indemnifying party or parties
(or such indemnifying parties have assumed the defense of such action), and such
indemnified party or parties shall have reasonably concluded, after consultation
with counsel, that there may be defenses available to it or them that are
different from or additional to those available to one or all of the
indemnifying parties (in which case the indemnifying parties shall not have the
right to direct the defense of such action on behalf of the indemnified party or
parties), in any of which events such reasonable fees and expenses of counsel
shall be borne by the indemnifying parties. In no event shall the indemnifying
party be

                                      -18-
<PAGE>

liable for the reasonable fees and expenses of more than one counsel (together
with appropriate local counsel) at any time for all indemnified parties in
connection with any one action or separate but substantially similar or related
actions arising in the same jurisdiction out of the same general allegations or
circumstances. Any such separate firm for the Participants shall be designated
in writing by Participants who sold a majority in interest of Registrable Notes
sold by all such Participants and shall be reasonably acceptable to the Company
and any such separate firm for the Issuers, their affiliates, officers,
directors, representatives, employees and agents and such control Person of such
Issuers shall be designated in writing by such Issuers and shall be reasonable
acceptable to the Holders. An indemnifying party shall not be liable for any
settlement of any claim or action effected without its written consent, which
consent may not be unreasonably withheld. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release of
such indemnified party from all liability on claims that are the subject matter
of such proceeding.

                  (d)      In order to provide for contribution in circumstances
in which the indemnification provided for in this Section 7 is for any reason
held to be unavailable from the indemnifying party, or is insufficient to hold
harmless a party indemnified under this Section 7, each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of such aggregate Losses (i) in such proportion as is appropriate to reflect the
relative benefits received by each indemnifying party, on the one hand, and each
indemnified party, on the other hand, from the sale of the Notes to the
Purchasers or the resale of the Registrable Notes by such Holder, as applicable,
or (ii) if such allocation is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of each indemnified party, on
the one hand, and each indemnifying party, on the other hand, in connection with
the statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. The relative benefits received by the
Issuers, on the one hand, and each Participant, on the other hand, shall be
deemed to be in the same proportion as (x) the total proceeds from the sale of
the Notes to the Purchasers (net of discounts and commissions but before
deducting expenses) received by the Issuers are to (y) the total net profit
received by such Participant in connection with the sale of the Registrable
Notes. The relative fault of the parties shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the Issuers or such Participant and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission or alleged statement or omission or any other
equitable considerations appropriate in the circumstances.

                  (e)      The parties agree that it would not be just and
equitable if contribution pursuant to this Section 7 were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to above. Notwithstanding the provisions
of this Section 7, (i) in no case shall any Participant be required to
contribute any amount in excess of the amount by which the net profit received
by such Participant in connection with the sale of the Registrable Notes exceeds
the amount of any damages that such Participant has otherwise been required to
pay by reason of any untrue or alleged untrue statement or omission or alleged
omission and (ii) no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the

                                      -19-
<PAGE>

Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. Any party entitled to contribution will,
promptly after receipt of notice of commencement of any action against such
party in respect of which a claim for contribution may be made against another
party or parties under this Section 7, notify such party or parties from whom
contribution may be sought, but the omission to so notify such party or parties
shall not relieve the party or parties from whom contribution may be sought from
any obligation it or they may have under this Section 7 or otherwise, except to
the extent that it has been prejudiced in any material respect by such failure;
provided, however, that no additional notice shall be required with respect to
any action for which notice has been given under this Section 7 for purposes of
indemnification. Anything in this section to the contrary notwithstanding, no
party shall be liable for contribution with respect to any action or claim
settled without its written consent, provided, however, that such written
consent was not unreasonably withheld.

         Section 8. Rule 144 and 144A

                  The Issuers covenant that they will file the reports required,
if any, to be filed by them under the Securities Act and the Exchange Act and
the rules and regulations adopted by the Commission thereunder in a timely
manner in accordance with the requirements of the Securities Act and the
Exchange Act and, if at any time the Issuers are not required to file such
reports, they will, upon the request of any Holder or beneficial owner of
Registrable Notes, make available such information necessary to permit sales
pursuant to Rule 144 or 144A under the Securities Act. The Issuers further
covenant that for so long as any Registrable Notes remain outstanding they will
take such further action as any Holder of Registrable Notes may reasonably
request from time to time to enable such Holder to sell Registrable Notes
without registration under the Securities Act within the limitation of the
exemptions provided by (a) Rule 144(k) or 144A under the Securities Act, as such
Rules may be amended from time to time, or (b) any similar rule or regulation
hereafter adopted by the Commission.

         Section 9. Underwritten Registrations

                  If any of the Registrable Notes covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will manage the offering will
be selected by the Holders of 75% of the aggregate principal amount of such
Registrable Notes included in such offering; provided, however, that such
selection shall be subject to the approval of the Company, which approval shall
not be unreasonably withheld.

                  No Holder of Registrable Notes may participate in any
underwritten registration hereunder if such Holder does not (a) agree to sell
such Holder's Registrable Notes on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) complete and execute all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements.

         Section 10. Miscellaneous

                                      -20-
<PAGE>

                  (a)      No Inconsistent Agreements. The Issuers have not, as
of the date hereof, and shall not, after the date of this Agreement, enter into
any agreement with respect to any of their securities that is inconsistent with
the rights granted to the Holders of Registrable Notes in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not conflict with and are not inconsistent with, in any
material respect, the rights granted to the holders of any of the Issuers' other
issued and outstanding securities under any such agreements. The Issuers have
not entered and will not enter into any agreement with respect to any of their
securities which will grant to any Person piggy-back registration rights with
respect to any Registration Statement required hereunder.

                  (b)      Adjustments Affecting Registrable Notes. The Issuers
shall not, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the
Holders of Registrable Notes to include such Registrable Notes in a registration
undertaken pursuant to this Agreement.

                  (c)      Amendments and Waivers. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given except pursuant to a
written agreement duly signed and delivered by (i) the Company (on behalf of all
Issuers) and (ii) the Holders of not less than 75% of the aggregate principal
amount of the then outstanding Registrable Notes; provided, however, that
Section 7 and this Section 10(c) may not be amended, modified or supplemented
except pursuant to a written agreement duly signed and delivered by the Company
(on behalf of all Issuers) and each Holder (including any Person who was a
Holder of Registrable Notes disposed of pursuant to any Registration Statement)
affected by any such amendment, modification, waiver or supplement.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
Holders of Registrable Notes whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect, impair,
limit or compromise the rights of other Holders of Registrable Notes may be
given by Holders of at least 75% of the aggregate principal amount of the
Registrable Notes being sold pursuant to such Registration Statement.

                  (d)      Notices. All notices and other communications
(including, without limitation, any notices or other communications to the
Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or telecopier:

                  (i)      if to a Holder of the Registrable Notes at the most
         current address of such Holder set forth on the records of the
         registrar under the Indenture.

                  (ii)     if to the Issuers, at the address as follows:

                                      AMERCO
                                      c/o U-Haul International, Inc.
                                      2727 North Central Avenue
                                      Phoenix, Arizona 85004
                                      Attention:  General Counsel
                                      Fax: (602) 263-6173

                                      -21-
<PAGE>

                                      With a copy to:

                                      Squire, Sanders & Dempsey L.L.P.
                                      Two Renaissance Square
                                      40 North Central Avenue
                                      Phoenix, Arizona 85004
                                      Attention:  Christopher D. Johnson, Esq.
                                      Fax: (602) 353-8129

                  (iii)    if to any Purchaser, at the address for such
         Purchaser set forth on Schedule A hereto:

                                      with a copy to:

                                      Sidley Austin Brown & Wood LLP
                                      555 West Fifth Street
                                      Los Angeles, California  90013
                                      Attention:  Gary Cohen, Esq.
                                      Fax: (213) 896-6600

                  All such notices and communications shall be deemed to have
been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt
is acknowledged by the recipient's telecopier machine, if telecopied; and on the
next Business Day, if timely delivered to an air courier guaranteeing overnight
delivery.

                  Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee at
the address and in the manner specified in such Indenture.

                  (e)      Guarantors. So long as any Registrable Notes remain
outstanding, the Issuers shall cause each Person that becomes a guarantor of the
Second Lien Senior Secured Notes under the Indenture to execute and deliver a
counterpart to this Agreement which subjects such Person to the provisions of
this Agreement as a Guarantor. Each of the Guarantors agrees to join the Company
in all of its undertakings hereunder to effect the Exchange Offer for the
Exchange Notes and the filing of any Shelf Registration Statement required
hereunder.

                  (f)      Successors and Assigns. This Agreement shall inure to
the benefit of and be binding upon the successors and assigns of each of the
parties hereto and the Holders; provided, however, that this Agreement shall not
inure to the benefit of or be binding upon a successor or assign of a Holder
unless and to the extent such successor or assign holds Registrable Notes.

                  (g)      Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

                                      -22-
<PAGE>

                  (h)      Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                  (i)      GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

                  (j)      Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

                  (k)      Securities Held by the Company or Its Affiliates.
Whenever the consent or approval of Holders of a specified percentage of
Registrable Notes is required hereunder, Registrable Notes held by the Company
or any of its affiliates (as such term is defined in Rule 405 under the
Securities Act) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.

                  (l)      Third-Party Beneficiaries. Holders and beneficial
owners of Registrable Notes are intended third-party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons. No other Person
is intended to be, or shall be construed as, a third-party beneficiary of this
Agreement.

                  (m)      Attorneys' Fees. As between the parties to this
Agreement, in any action or proceeding brought to enforce any provision of this
Agreement, or where any provision hereof is validly asserted as a defense, the
successful party shall be entitled to recover reasonable attorneys' fees
actually incurred in addition to its costs and expenses and any other available
remedy.

                  (n)      Entire Agreement. This Agreement, together with the
Purchase Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein and any and all prior
oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders
on the one hand and the Issuers on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or
successors in interest with respect to the subject matter hereof and thereof are
merged herein and replaced hereby.

                                      -23-
<PAGE>

                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above.

                                      AMERCO

                                      By: /s/ Gary V. Klinefelter
                                          ________________________________
                                          Name: Gary V. Klinefelter
                                          Title: Secretary

                                       S-1
<PAGE>

                                      GUARANTORS:

                                      AMERCO REAL ESTATE COMPANY, a Nevada
                                      corporation

                                      AMERCO REAL ESTATE SERVICES, INC. a Nevada
                                      corporation

                                      AMERCO REAL ESTATE COMPANY OF ALABAMA,
                                      INC., an Alabama corporation

                                      AMERCO REAL ESTATE COMPANY OF TEXAS,
                                      INC. a Texas corporation

                                      ONE PAC COMPANY, a Nevada corporation

                                      TWO PAC COMPANY, a Nevada corporation

                                      THREE PAC COMPANY, a Nevada corporation

                                      FOUR PAC COMPANY, a Nevada corporation

                                      FIVE PAC COMPANY, a Nevada corporation

                                      SIX PAC COMPANY, a Nevada corporation

                                      SEVEN PAC COMPANY, a Nevada corporation

                                      EIGHT PAC COMPANY, a Nevada corporation

                                      NINE PAC COMPANY, a Nevada corporation

                                      TEN PAC COMPANY, a Nevada corporation

                                      ELEVEN PAC COMPANY, a Nevada corporation

                                      TWELVE PAC COMPANY, a Nevada corporation

                                      FOURTEEN PAC COMPANY, a Nevada corporation

                                      FIFTEEN PAC COMPANY, a Nevada corporation

                                      SIXTEEN PAC COMPANY, a Nevada corporation

                                      SEVENTEEN PAC COMPANY, a Nevada
                                      corporation

                                      NATIONWIDE COMMERCIAL CO., an Arizona
                                      corporation

                                      PF&F HOLDINGS CORPORATION, a Delaware
                                      corporation

                                       S-2
<PAGE>

                                      YONKERS PROPERTY CORPORATION, a New
                                      York corporation

                                      By: /s/ Carlos Vizcarra
                                          __________________________________
                                             Carlos Vizcarra, President

                                       S-3
<PAGE>

                                      EMOVE, INC., a Nevada corporation

                                      WEB TEAM ASSOCIATES, INC. a Nevada
                                      corporation

                                      By: /s/ Thomas Tollison
                                         __________________________________
                                             Thomas Tollison, Secretary

                                       S-4
<PAGE>

                                      U-HAUL INSPECTIONS, LTD., a British
                                      Columbia corporation

                                      By: /s/ Wolfgang Bromba
                                          ___________________________________
                                             Wolfgang Bromba, Secretary

                                       S-5
<PAGE>

                U-HAUL INTERNATIONAL, INC., a Nevada
                corporation

                A & M ASSOCIATES, INC., an Arizona
                corporation

                U-HAUL SELF-STORAGE CORPORATION, a Nevada
                corporation

                U-HAUL SELF-STORAGE MANAGEMENT (WPC),
                INC., a Nevada corporation

                U-HAUL BUSINESS CONSULTANTS, INC., an
                Arizona corporation

                U-HAUL LEASING & SALES CO., a Nevada corporation

                U-HAUL CO. OF ALABAMA, INC., an Alabama corporation

                U-HAUL CO. OF ALASKA, an Alaska corporation

                U-HAUL CO. OF ARIZONA, an Arizona corporation

                U-HAUL CO. OF ARKANSAS, an Arkansas
                corporation

                U-HAUL CO. OF CALIFORNIA, a California
                corporation

                U-HAUL CO. OF COLORADO, a Colorado
                corporation

                U-HAUL CO. OF CONNECTICUT, a Connecticut
                corporation

                U-HAUL CO. OF DISTRICT OF COLUMBIA, INC.,
                a District of Columbia corporation

                U-HAUL CO. OF FLORIDA, a Florida corporation

                U-HAUL CO. OF GEORGIA, a Georgia corporation

                U-HAUL OF HAWAII, INC., a Hawaii corporation

                U-HAUL CO. OF IDAHO, INC., an Idaho corporation

                U-HAUL CO. OF IOWA, INC., an Iowa corporation

                U-HAUL CO. OF ILLINOIS, INC., an Illinois
                corporation

                U-HAUL CO. OF INDIANA, INC., an Indiana
                corporation

                U-HAUL CO. OF KANSAS, INC., a Kansas
                corporation

                U-HAUL CO. OF KENTUCKY, a Kentucky
                corporation

                U-HAUL CO. OF LOUISIANA, a Louisiana
                corporation

                                       S-6
<PAGE>

                           U-HAUL CO. OF MASSACHUSETTS AND OHIO,
                           INC., a Massachusetts corporation

                           U-HAUL CO. OF MARYLAND, INC., a Maryland
                           corporation

                           U-HAUL CO. OF MAINE, INC., a Maine
                           corporation

                           U-HAUL CO. OF MICHIGAN, a Michigan
                           corporation

                           U-HAUL CO. OF MINNESOTA, a Minnesota
                           corporation

                           U-HAUL COMPANY OF MISSOURI, a Missouri
                           corporation

                           U-HAUL CO. OF MISSISSIPPI, a Mississippi
                           corporation

                           U-HAUL CO. OF MONTANA, INC., a Montana
                           corporation

                           U-HAUL CO. OF NORTH CAROLINA, a North
                           Carolina corporation

                           U-HAUL CO. OF NORTH DAKOTA, a North Dakota
                           corporation

                           U-HAUL CO. OF NEBRASKA, a Nebraska
                           corporation

                           U-HAUL CO. OF NEVADA, INC., a Nevada
                           corporation

                           U-HAUL CO. OF NEW HAMPSHIRE, INC., a New
                           Hampshire corporation

                           U-HAUL CO. OF NEW JERSEY, INC. a New
                           Jersey corporation

                           U-HAUL CO. OF NEW MEXICO, INC., a New
                           Mexico corporation

                           U-HAUL CO. OF NEW YORK, INC., a New York
                           corporation

                           U-HAUL CO. OF OKLAHOMA, INC., an Oklahoma
                           corporation

                           U-HAUL CO. OF OREGON, an Oregon corporation

                           U-HAUL CO. OF PENNSYLVANIA, a Pennsylvania
                           corporation

                           U-HAUL CO. OF RHODE ISLAND, a Rhode Island
                           corporation

                           U-HAUL CO. OF SOUTH CAROLINA, INC. a South
                           Carolina corporation

                                       S-7
<PAGE>

                          U-HAUL CO. OF SOUTH DAKOTA, INC., a South
                          Dakota corporation

                          U-HAUL CO. OF TENNESSEE, a Tennessee
                          corporation

                          U-HAUL CO. OF TEXAS, a Texas corporation

                          U-HAUL CO. OF UTAH, INC., a Utah corporation

                          U-HAUL CO. OF VIRGINIA, a Virginia corporation

                          U-HAUL CO. OF WASHINGTON, a Washington
                          corporation

                          U-HAUL CO. OF WISCONSIN, INC., a Wisconsin
                          corporation

                          U-HAUL CO. OF WEST VIRGINIA, a West
                          Virginia corporation

                          U-HAUL CO. OF WYOMING, INC., a Wyoming
                          corporation

                          U-HAUL CO. (CANADA) LTD. U-HAUL CO.
                          (CANADA) LTEE, AN Ontario corporation

                          By: /s/ Gary V. Klinefelter
                              ___________________________________
                                  Gary V. Klinefelter, Secretary

                                       S-8
<PAGE>

                                      BLACK DIAMOND OFFSHORE LTD.
                                      By: Carlson Capital, L.P.,
                                          its investment advisor

                                          By: Asgard Investment Corp.,
                                              its general partner

                                              By: [ILLEGIBLE]
                                                  --------------------------
                                                  Name:
                                                  Title:

                                      DOUBLE BLACK DIAMOND OFFSHORE LDC
                                      By: Carlson Capital, L.P.,
                                          its investment advisor

                                          By: Asgard Investment Corp.,
                                              its general partner

                                              By: [ILLEGIBLE]
                                                  --------------------------
                                                  Name:
                                                  Title:

                                      CANPARTNERS INVESTMENTS IV, LLC

                                      By: /s/ Scott A. Imbach
                                          ----------------------------------
                                          Name:  Scott A. Imbach
                                          Title: Authorized Signatory

                                      NEWSTART FACTORS, INC.

                                      By: /s/ John Dianne
                                          -----------------------------------
                                          Name:  John Dianne
                                          Title: Managing Director

                                       S-9
<PAGE>

                                      SATELLITE ASSET MANAGEMENT, L.P.,
                                      as investment manager on behalf of
                                      its managed funds and accounts

                                      By: /s/ Brian Kriftcher
                                          __________________________________
                                          Name:  Brian Kriftcher
                                          Title: Chief Operating Officer and
                                                 Principal

                                      SATELLITE CREDIT OPPORTUNITIES FUND, LTD.
                                      By: Satellite Asset Management, L.P.,
                                          its investment manager

                                          By: /s/ Brian Kriftcher
                                              _______________________________
                                              Name:  Brian Kriftcher
                                              Title: Chief Operating Officer and
                                                     Principal

                                      SIL LOAN FUNDING LLC

                                      By: /s/ Jason Trala
                                          ___________________________________
                                          Name:  Jason Trala
                                          Title: Attorney in fact

                                      S-10
<PAGE>

                                   SCHEDULE A

                             ADDRESSES OF PURCHASERS

Canpartners Investments IV, LLC
9665 Wilshire Boulevard, Suite 200
Beverly Hills, California 92012

Black Diamond Offshore, Ltd.
c/o Carlson Capital, L.P.
2100 McKinney Ave., Suite 1600
Dallas, Texas 75201
Attention: Lana Beeter

Double Black Diamond Offshore LDC
c/o Carlson Capital, L.P.
2100 McKinney Ave., Suite 1600
Dallas, Texas 75201
Attention: Lana Beeter

Newstart Factors, Inc.
2 Stamford Plaza, Suite 1501
Stamford, Connecticut 06901
Attention: John Dionne, Managing Director

Satellite Asset Management, L.P.
623 Fifth Ave., 20th Floor
New York, New York 10022
Attention: Brian Kriftcher, Chief Operating Officer

Satellite Credit Opportunities Fund, Ltd.
623 Fifth Ave., 20th Floor
New York, New York 10022
Attention: Brian Kriftcher, Chief Operating Officer

SIL Loan Funding LLC
600 Steamboat Road
Greenwich, Connecticut 06830
Attention: Ed Mule, Managing Director<PAGE>

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

<PAGE>

CUSIP No. 023586 AJ 9

ISIN No. US023586AJ94

                 9.0% Second Lien Senior Secured Notes due 2009

No. 1                                                               $120,000,000

                                     AMERCO

promises to pay to CEDE & CO. or registered assigns, the principal sum of One
Hundred Twenty Million Dollars on March 15, 2009. The reference date for this
Note is March 1, 2004. The Issue Date for this Note is March 15, 2004

Interest Payment Dates: March 15, June 15, September 15 and December 15

Record Dates: March 1, June 1, September 1 and December 1

<PAGE>

         IN WITNESS WHEREOF, AMERCO, a Nevada corporation, has caused this Note
to be signed manually or by facsimile by its duly authorized officer.

Date: March 15, 2004

                                     AMERCO

                                     By: _____________________________________
                                         Name:
                                         Title:

<PAGE>

         This is one of the Notes referred to in the within-mentioned Indenture:

Dated: March 15, 2004

                                     WELLS FARGO BANK, N.A., as Trustee

                                     By: _____________________________________
                                         Name:
                                         Title:

<PAGE>

                                 [BACK OF NOTE]

                 9.0% SECOND LIEN SENIOR SECURED NOTES DUE 2009

         Capitalized terms used herein shall have the meanings assigned to them
in the Indenture referred to below unless otherwise indicated.

         INTEREST. AMERCO, a Nevada corporation (the "Company"), promises to pay
interest on the principal amount of this Note at 9.0% per annum from March 15,
2004 until paid in full. The Company will pay interest quarterly in arrears on
March 15, June 15, September 15 and December 15 of each year, or if any such day
is not a Business Day, on the next succeeding Business Day (each, an "Interest
Payment Date"). Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing Default in the payment of
interest, and if this Note is authenticated between a record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided, further, that
the first Interest Payment Date shall be June 15, 2004.

         Interest will be computed on the basis of a 360-day year of four 90-day
quarters, or during any partial quarter, on the basis of a 360-day year for the
actual number of days elapsed.

         Upon the occurrence and during the continuation of an Event of Default
and in any event from and after the maturity hereof, the principal amount of
this Note and all other Obligations owing under the Note Documents (whether
overdue premium or installments of interest or otherwise) shall bear, and the
Company shall pay from time to time on demand, interest at a rate per annum that
is two percentage points (2.0%) in excess of the per annum rate otherwise
applicable hereunder and the other Note Documents.

         In addition to and not in substitution of the foregoing, Additional
Interest shall accrue, and the Company shall pay the same as and when due, in
accordance with the Indenture and the other Note Documents.

         METHOD OF PAYMENT. The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the
close of business on the March 1, June 1, September 1 or December 1 next
preceding the Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. The Notes will
be payable as to principal, premium, if any, and interest at the office or
agency of the Company maintained for such purpose within or without the City and
State of New York, or, at the option of the Company, payment of interest may be
made by check mailed to the Holders at their addresses set forth in the register
of Holders, and provided that payment by wire transfer of immediately available
funds will be required with respect to principal of, premium, if any, and
interest on all Global Notes and all other Notes the Holders of which shall have
provided wire transfer instructions to the Company or the Paying Agent at least
ten Business Days prior to the applicable payment date. Such payment shall be in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

         AGENT AND REGISTRAR. Initially, Wells Fargo Bank, N.A., the Trustee
under the Indenture, will act as Paying Agent and Registrar. The Company may
change the Paying Agent

<PAGE>

or Registrar only with the prior written consent of the Required Holders and
notice in writing to the Trustee. The Company or any of its Subsidiaries may act
in any such capacity.

         INDENTURE. The Company issued the Notes under an Indenture dated as of
March 1, 2004 ("Indenture") between the Company, the Guarantors listed on the
signature page therein (the "Guarantors") and the Trustee. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
Sections 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The
Notes are obligations of the Company limited to $200,000,000 in aggregate
principal amount.

         OPTIONAL REDEMPTION.

         The Company shall not have the option to redeem the Notes pursuant to
this Section 3.07 prior to March 16, 2005. On or after March 16, 2005, the
Company shall have the option to redeem the Notes, in whole or in part, at the
redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest thereon to the applicable redemption
date, if redeemed during the 12-month period beginning on March 16 of the years
indicated below;

<TABLE>
<CAPTION>
Year                      Percentage
----                      ----------
<S>                       <C>
2005                       105.50%

2006                       104.50%

2007                       101.00%

2008 and thereafter        100.00%
</TABLE>

         Any such optional redemption shall be made pursuant to the provisions
of Sections 3.01 through 3.06 of the Indenture.

         MANDATORY REDEMPTION.

         Neither the Company nor the Guarantors shall be required to make
mandatory redemption or sinking fund payments with respect to the Notes.

         NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30
days but not more than 60 days before the redemption date to each Holder whose
Notes are to be redeemed at its registered address. On and after the redemption
date interest ceases to accrue on Notes or portions thereof called for
redemption.

         MATURITY. To the extent not sooner redeemed, accelerated, or otherwise
due and payable in accordance herewith or the other Note Documents, the
outstanding principal balance hereof, all accrued and unpaid interest thereon,
and all other Obligations owing under the Note Documents, shall be due and
payable on February 27, 2009.

<PAGE>

         DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $1. The transfer of Notes may be registered
and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture. The Company
need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Company need not exchange or register the transfer
of any Notes for a period of 15 days before a selection of Notes to be redeemed
or during the period between a record date and the succeeding Interest Payment
Date.

         PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated
as its owner for all purposes.

         AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the
Indenture, the Note Guarantees or the Notes may be amended or supplemented with
the consent of the Holders of at least a majority in principal amount of the
then outstanding Notes, and any existing default or compliance with any
provision of the Indenture, the Note Guarantees or the Notes may be waived with
the consent of the Holders of a majority in principal amount of the then
outstanding Notes. Without the consent of any Holder of a Note, the Indenture,
the Note Guarantees or the Notes may be amended or supplemented to cure any
ambiguity, defect or inconsistency; to provide for uncertificated Notes in
addition to or in place of certificated Notes; to release any Guarantor from any
of its obligations under its Note Guarantee or the Indenture (to the extent
permitted by the Indenture); to make any change that does not materially
adversely affect the legal rights hereunder of any Holder of the Notes; or to
comply with requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the Trust Indenture Act.

         DEFAULTS AND REMEDIES. Events of Default include: (i) default for 5
days in the payment when due of interest or additional interest, if any, on the
Notes; (ii) default in payment when due of principal of the Notes when the same
becomes due and payable at maturity, upon redemption, upon purchase, upon
acceleration or otherwise; (iii) failure by the relevant Note Party to comply
with any of its agreements or covenants described under Sections 4.08, 4.11(b),
4.12, 4.16, 4.17, 11.07, 11.09 (except to the extent applicable under (xx)
below), 11.12, 11.17 or Article V of the Indenture; (iv) failure by the relevant
Note Party to comply with any of its agreements or covenants in Sections 4.04,
4.06, 4.07, 4.09, 4.10, 4.11(a), 4.13, 4.15, 4.19 and 11.10 of the Indenture and
such failure continues for a period of 20 Business Days; (v) failure by a Note
Party to comply with any covenants or agreements contained in the Indenture or
in any of the other Note Documents (giving effect to any grace periods, cure
periods, or required notices, if any, expressly provided for in such Note
Documents); in each case, other than any such covenant or agreement that is the
subject to another Event of Default, and such failure continues for a period of
20 Business Days; (vi) if any material portion of any Note Party's assets is
attached, seized, subjected to a writ or distress warrant, levied upon, or comes
into the possession of any third Person; (vii) if any Note Party is enjoined,
restrained, or in any way prevented by court order from continuing to conduct
all or any material part of its business affairs; (viii) if a notice of Lien,
levy, or assessment, individually or in the aggregate in an amount of $500,000
or greater, is filed of record with respect to any Note Party's assets by the
United States or Canada,

<PAGE>

or any department, agency, or instrumentality thereof, or by any state,
province, territory, county, municipal, or governmental agency, or if any taxes
or debts owing at any time hereafter to any one or more of such entities becomes
a Lien, whether choate or otherwise, upon any Borrower's or any of its
Subsidiaries' assets and the same is not paid on the payment date thereof; (ix)
if a judgment or other claim becomes a Lien or encumbrance upon any material
portion of any Note Party's properties or assets; (x) if there is a default in
any material agreement to which any Note Party is a party including, without
limitation, any Material Contract, Affiliate Contract or any material contract
with any of SAC Holding, SSI, PMSR or PM Preferred (other than the New AMERCO
Notes and the Synthetic Leases) or any other Indebtedness in excess of
$1,000,000, and such default (a) occurs at the final maturity of the obligations
thereunder, or (b) results in the acceleration of the maturity of the applicable
Note Party's obligations thereunder; (xi) except as otherwise set forth in the
Reorganization Plan or as otherwise permitted by the Indenture, if any Note
Party makes any payment on account of Indebtedness that has been contractually
subordinated in right of payment to the payment of the Obligations of the Note
Parties under the Notes and the other Note Documents; (xii) if the obligation of
any Guarantor under the Guaranty Agreement or its Note Guarantee is limited or
terminated by operation of law or by such Guarantor thereunder; (xiii) if the
Indenture or any other Note Document that purports to create a Lien, shall, for
any reason, fail or cease to create a valid and perfected, except to the extent
permitted by the terms thereof, Lien on or security interest (each, second in
priority only to the first priority security interests granted to Bank Lenders'
Agent pursuant to the New Credit Agreement and the other Loan Documents (as
defined in the New Credit Agreement)) in the Collateral covered thereby; (xiv)
if any provision of any Note Document shall at any time for any reason be
declared to be null and void, or the validity or enforceability thereof shall be
contested by any Note Party, or a proceeding shall be commenced by any Note
Party, or by any Governmental Authority having jurisdiction over any Note Party,
seeking to establish the invalidity or unenforceability thereof, or any Note
Party shall deny that any Note Party has any liability or obligation purported
to be created under any Note Document; (xv) if suit or action is commenced
against the Trustee and/or any Note Holder and, as to any suit or action brought
by any Person other than the Note Parties or an officer or employee of the Note
Parties, is continued without dismissal for 30 days after service thereof on the
Trustee, that asserts, by or on behalf of the Note Parties, any claim or legal
or equitable remedy which seeks subordination of the claim or Lien of the
Trustee and/or any Note Holder hereunder or under any other Note Document; (xvi)
if any Note Party shall file any application in support of, or shall otherwise
fail to contest in good faith, a suit or action of the type set forth in clause
(xvi) above filed by any Person other than a Borrower or an officer or employee
of Borrowers; (xvii) if an Insolvency Proceeding is commenced by or against any
Note Party, or any of its Subsidiaries (other than INW), and any of the
following events occur: (a) the applicable Note Party or the Subsidiary consents
to the institution of the Insolvency Proceeding against it, (b) the petition
commencing the Insolvency Proceeding is not timely controverted, (c) the
petition commencing the Insolvency Proceeding is not dismissed within 45
calendar days of the date of the filing thereof, (d) an interim trustee is
appointed to take possession of all or any substantial portion of the properties
or assets of, or to operate all or any substantial portion of the business of,
any Note Party or any of its Subsidiaries, or (e) an order for relief shall have
been entered therein; (xviii) (1) if any event of default occurs under any New
AMERCO Note Document or any of the Synthetic Leases; (2) if any holder of New
AMERCO Notes contests that the Obligations hereunder constitute "Senior
Indebtedness" under the New AMERCO Note Indenture; or (3) any event of default
occurs under the New Credit Agreement of any other Loan Document (as defined in
the New Credit Agreement); (xix) failure by the Note Parties to register
substantially all of the Certificates of Title pursuant to

<PAGE>

Section 11.01(c) of the Indenture within 180 days after the Issue Date; (xx)
failure by the Note Parties to deliver the Mortgages, related fixture filings
and Mortgage Policies pursuant to Section 11.01(a) and, as applicable, Section
11.09 of the Indenture within 60 days after the Issue Date, or (xxi) if any
material misstatement or material misrepresentation exists now or hereafter in
any warranty, representation, statement, or Record made to the Holders by any
Borrower, its Subsidiaries, or any officer, employee, agent, or director of any
Borrower or any of its Subsidiaries. If any Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the then outstanding Notes may declare all the Notes to be due and payable.
Notwithstanding the foregoing, in the case of an Event of Default arising from
certain events of bankruptcy or insolvency, all outstanding Notes will become
due and payable without further action or notice. Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Notes notice of any continuing Default (except
a Default relating to the payment of principal or interest) if it determines
that withholding notice is in their interest. The Holders of a majority in
aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing
Default and its consequences under the Indenture except a continuing Default in
the payment of interest on, premium and Additional Interest, if any, or the
principal of, the Notes. The Company is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Company is
required upon becoming aware of any Default, to deliver to the Trustee a
statement specifying such Default.

         TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or
its Affiliates, as if it were not the Trustee.

         NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator
or stockholder of the Company or any Guarantor, as such, shall not have any
liability for any obligations of the Company or any Guarantor under the Notes,
the Note Guarantees or the Indenture or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for the issuance of the Notes and the Guarantees.

         COUNTERPART. The signatories to this Note may sign in counterpart.

         AUTHENTICATION. This Note shall not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent.

         ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (=-Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

         CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as

<PAGE>

printed on the Notes or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon.

         The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to:

                  AMERCO
                  1325 Airmotive Way, Suite 100
                  Reno, Nevada 89502-3239
                  Attention: Assistant Treasurer

<PAGE>

                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: __________________________________
                                                (Insert assignee's legal name)

________________________________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________
(Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

Date: ______________________

                              Your Signature: __________________________________
                                              (Sign exactly as your name appears
                                                  on the face of this Note)

Signature Guarantee*:  ________________________

* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

<PAGE>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

         The following exchanges of a part of this Global Note for an interest
in another Global Note or for a Definitive Note, or exchanges of a part of
another Global Note or Definitive Note for an interest in this Global Note, have
been made:

<TABLE>
<CAPTION>
                       Amount of           Amount of         Principal Amount     Signature of
                      decrease in         increase in         of this Global       authorized
                    Principal Amount    Principal Amount      Note following     officer of the
                     of this Global      of this Global     such decrease (or    Trustee or Note
Date of Exchange          Note                Note              increase)           Custodian
----------------    ----------------    ----------------    -----------------    ---------------
<S>                 <C>                 <C>                 <C>                  <C>
</TABLE>

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