Document:

Security Agreement between U-Haul and HVB

    Exhibit
      10.91

    SECURITY
      AGREEMENT

     

     

    THIS
      SECURITY AGREEMENT (this “Security
      Agreement”),
      dated as of June
      6,
      2006, by and among U-Haul Leasing & Sales Co., a Nevada corporation, U-Haul
      Co. of Arizona, an Arizona corporation and U-Haul International, Inc., a Nevada
      corporation (collectively, the “Borrowers”),
      Bayerische Hypo- und Vereinsbank AG, New York Branch, (with its successors,
      indorsees, transferees and assigns, in such capacity, the “Administrative
      Agent”),
      on
      behalf of Bayerische Hypo- und Vereinsbank AG, New York Branch and
      other
      lenders party to the Credit Agreement (as defined herein) from time to time
      (each a “Lender”,
      and
      collectively, the “Lenders”)
      and the
      Hedge Provider.

     

    RECITALS

     

    A. Pursuant
      to a Credit Agreement, dated as of June
      6,
      2006 (the “Credit
      Agreement”),
      among
      the Borrowers, U-Haul International, Inc., as Servicer/Manager and Guarantor,
      the Administrative Agent and the Lenders, the Lenders have agreed to extend
      certain credit facilities to the Borrowers to finance the purchase of certain
      new Vehicles (as defined below), upon the terms and subject to the conditions
      set forth therein.

     

    B. Each
      Lender’s obligation to extend the credit facilities to the Borrowers under the
      Credit Agreement is subject, and
      the
      Hedge Provider’s obligation to enter into any Hedge is subject, among other
      conditions, to receipt by the Lenders and the Administrative Agent of this
      Security Agreement, duly executed by the Borrowers.

     

    AGREEMENT

     

    NOW,
      THEREFORE, in consideration of the above recitals and for other good and
      valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the Borrowers hereby agree with the Administrative Agent and
      the
      Lenders as follows: 

     

    1.  Definitions
      and Interpretation.

     

    (a) Definitions.
      When
      used in this Security Agreement, the following terms shall have the following
      respective meanings:

     

    “Account
      Bank”
means,
      as applicable, the Collection Account Bank or the Collection Sub-Account
      Bank.

     

    “Account
      Debtor”
shall
      have the meaning given to that term in subparagraph
      3(g)
      hereof.

     

    “Borrowers”
shall
      have the meaning given to that term in the introductory paragraph
      hereof.

     

    “Collateral”
shall
      have the meaning given to that term in paragraph
      2
      hereof.

     

    “Credit
      Agreement”
shall
      have the meaning given to that term in Recital
      A
      hereof.

     

    “Dealer
      List”
means
      a
      list in electronic format, delivered by or on behalf of the Borrowers to the
      Administrative Agent as updated from time to time in accordance with Section
      8.01(g) of the Credit Agreement.

     

    “Equipment”
shall
      have the meaning given to that term in Attachment
      1
      hereto.

     

    “Hedger
      Provider”
means
      HVB, as swap counterparty under the Hedge, or any other counterparty acceptable
      to the Lenders.

     

    “HVB”
shall
      mean Bayerische Hypo- und Vereinsbank AG, New York Branch.

     

    “Inventory”
shall
      have the meaning given to that term in Attachment
      1
      hereto.

     

    “Lenders”
shall
      have the meaning given to that term in the introductory paragraph
      hereof.

     

    “Loan
      Documents”
means
      the Credit Agreement, the Note, the Guarantee Agreement, the Collection
      Sub-Account Control Agreement, the Collection Account Control Agreement, the
      Fee
      Letter
      the
      Hedge Agreement and this Security Agreement.

     

    “Proceeds”
means
      all proceeds of, and all other profits, products, rentals or receipts, in
      whatever form, arising from the collection, sale, lease, exchange, assignment,
      licensing or other disposition of, or other realization upon, any Collateral,
      including, without limitation, all claims of the Borrowers against third parties
      for loss of, damage to or destruction of, or for proceeds payable under, or
      unearned premiums with respect to, policies of insurance in respect of, any
      Collateral, any payments with respect to a Warranty and all claims of the
      Borrowers against the provider of any such Warranty, and any condemnation or
      requisition payments with respect to any Collateral, in each case whether now
      existing or hereafter arising, provided that, with respect to any Vehicle,
      “Proceeds” shall not include any dealer commissions, licensing fees, maintenance
      costs and insurance expenses owing under the Dealership Contracts.

     

    “Receivables”
shall
      have the meaning given to that term in Attachment
      1
      hereto.

     

    “Secured
      Obligations”
means
      the obligations secured under this Security Agreement, including (a) all
      principal of and interest (including, without limitation, any interest which
      accrues after the commencement of any case, proceeding or other action relating
      to the bankruptcy, insolvency or reorganization of any Borrower, whether or
      not
      allowed or allowable as a claim in any such case, proceeding or other action)
      on
      any Loan to the Borrowers under the Credit Agreement; (b) all other liabilities,
      debts, obligations or amounts, howsoever arising, payable by the Borrowers
      to
      the Administrative Agent or the Lenders (whether evidenced by any note or
      instrument and whether for the payment of money), direct or indirect, absolute
      or contingent, due or to become due, now existing or hereafter arising, under
      the Credit Agreement or under any other Loan Document, including without
      limitation all interest, fees, charges, expenses, attorneys’ fees and
      accountants’ fees chargeable to the Borrowers or payable by the Borrowers
      thereunder; (c) any renewals or extensions of any of the foregoing; (d) all
      obligations owing to the Hedge Provider pursuant to any Hedge Agreement and
      (e)
      all other obligations of the Borrowers or their Affiliates under any Loan
      Document.

     

    “UCC”
shall
      mean the Uniform Commercial Code as in effect in the State of New York as of
      the
      date hereof.

     

    “Vehicle”
shall
      mean a new motor vehicle owned by any Borrower and constituting part of the
      Borrowers’ fleet of rental assets as identified on the Vehicle Schedule
      delivered by the Borrowers to the Administrative Agent and the Lenders under
      the
      Credit Agreement a copy of which is attached hereto as Attachment
      4
      (as the
      same may be updated from time to time).

     

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

     

    (b) Other
      Defined Terms.
      Unless
      otherwise defined herein, all other capitalized terms used herein and defined
      in
      the Credit Agreement shall have the respective meanings given to those terms
      in
      the Credit Agreement, and all terms defined in the UCC shall have the respective
      meanings given to those terms in the UCC. 

     

    (c) Other
      Interpretive Provisions.
      The
      rules of construction set forth in Section 1.02
      of the
      Credit Agreement shall, to the extent not inconsistent with the terms of this
      Security Agreement, apply to this Security Agreement and are hereby incorporated
      by reference.

     

    2.  Grant
      of Security Interest.
      As
      security for the Secured Obligations, the Borrowers, jointly and severally,
      hereby pledge and assign to the Administrative Agent and its successors,
      indorsees, transferees and assigns, on behalf of the Lenders
      and the
      Hedge Provider, and grant to the Administrative Agent, on behalf of the
      Lenders
      and the
      Hedge Provider a security interest in all right, title and interest of the
      Borrowers in and to the property whether now owned or hereafter acquired
      described in Attachment
      1
      hereto,
      as such Attachment may be amended or supplemented from time to time after the
      date hereof by a supplemental Vehicle Schedule delivered by the Borrowers to
      the
      Administrative Agent,
      the
      Lenders and the Hedger Provider (collectively and severally, the “Collateral”),
      which
Attachment
      1
      is
      incorporated herein by this reference.

     

    3.  Representations
      and Warranties.
      The
      Borrowers, jointly and severally, represent and warrant to the Administrative
      Agent, on behalf of the Lenders
      and the
      Hedge Provider, as follows:

     

    (a)  Each
      of
      UHI and U-Haul Sales & Leasing Co. is a corporation duly authorized and
      validly existing and in good standing under the laws of the State of Nevada.
      U-Haul Co. of Arizona is a corporation duly authorized and validly existing
      and
      in good standing under the laws of the State of Arizona. Except as disclosed
      on
Attachment
      5,
      none of
      the Borrowers has (x) had any other corporate name during the past six years,
      (y) changed its identity or corporate structure in any way within the past
      six
      years, or (z) used or operated under any other names (including trade names
      or
      other similar names) during the past six years. The exact corporate name of
      each
      Borrower as it appears on its certificate of incorporation, and location of
      its
      chief executive office are as follows:

     

    (i) U-Haul
      International, Inc., 2727 N. Central Avenue, Phoenix, Arizona
      85004;

     

    (ii) U-Haul
      Co. of Arizona, 2727 N. Central Avenue, Phoenix, Arizona 85004; and

     

    (iii) U-Haul
      Leasing & Sales Co., 1325 Airmotive Way, Reno, Nevada 89502.

     

    (b)  The
      Borrowers are the legal and beneficial owner of the Collateral (or, in the
      case
      of after-acquired Collateral, at the time the Borrowers acquire rights in the
      Collateral, will be the legal and beneficial owner thereof). No other Person
      has
      (or, in the case of after-acquired Collateral, at the time a Borrower acquires
      rights therein, will have) any right, title, claim or interest (by way of Lien,
      purchase option or otherwise) in, against or to the Collateral, other than
      Permitted Encumbrances.

     

    (c)  All
      actions have been taken that are necessary under the UCC to perfect the
      Administrative Agent's interest in the Collateral. All actions have been taken
      that are necessary under applicable state vehicle titling and registration
      law
      to perfect the Borrowers’ interest in Vehicles constituting the
      Collateral.

     

    (d)  The
      Borrowers have not performed any acts which might prevent the Administrative
      Agent or the Lenders from enforcing any of the terms of this Security Agreement
      or which would limit the Administrative Agent or the Lenders in any such
      enforcement. Other than financing statements or other similar or equivalent
      documents or instruments with respect to the Security Interests and Permitted
      Encumbrances, no financing statement, mortgage, security agreement or similar
      or
      equivalent document or instrument covering all or any part of the Collateral
      is
      on file or of record in any jurisdiction in which such filing or recording
      would
      be effective to perfect a Lien on such Collateral.

     

    (e)  The
      Borrowers shall furnish to the Administrative Agent on or before the Closing
      Date lien search reports or other evidence satisfactory to the Administrative
      Agent that no liens prior to the lien of this Security Agreement shall exist
      with respect to any Collateral.

     

    (f)  All
      Equipment and Inventory are (i) located at the locations indicated in the most
      recent Dealer List delivered to the Administrative Agent, and have been
      consigned to the possession of a third-party dealer pursuant to the Dealership
      Contracts, except when such Equipment and Inventory have been rented to
      consumers in the ordinary course of the Borrowers’ business, as such list of
      locations may be updated by the Borrowers from time to time at the request
      of
      the Administrative Agent, (ii) in transit to such locations or (iii) in transit
      to a third party purchaser which will become obligated on a Receivable to a
      Borrower upon receipt. Except for Equipment and Inventory referred to in the
      preceding sentence, the Borrowers have exclusive possession and control of
      the
      Inventory and Equipment. All Equipment and Inventory has been acquired by the
      Borrowers in the ordinary course of the Borrowers’ business.

     

    (g)  Each
      Receivable is genuine and enforceable against the party obligated to pay such
      Receivable (an “Account
      Debtor”)
      free
      from any right of rescission, defense, setoff or discount. Each Receivable
      was
      originated in the ordinary course of the Borrowers’ business. 

     

    (h)  Each
      insurance policy maintained by the Borrowers in accordance with Section 8.07
      of
      the Credit Agreement is validly existing and is in full force and effect. The
      Borrowers are not in default in any material respect under the provisions of
      any
      such insurance policy, and there are no facts which, with the giving of notice
      or passage of time (or both), would result in such a default under any provision
      of any such insurance policy. Set forth in Attachment
      3
      hereto
      is a complete and accurate list of the insurance of the Borrowers in effect
      on
      the date of this Security Agreement required pursuant to Section 8.07 of the
      Credit Agreement showing as of such date, (i) the type of insurance carried,
      (ii) the name of the insurance carrier, and (iii) the amount of each type of
      insurance carried.

     

    (i)  The
      information set forth in each Dealer List delivered pursuant to Section 8.01(g)
      of the Credit Agreement is true, correct and accurate.

     

    4.  Covenants.
      The
      Borrowers, jointly and severally, hereby agree as follows:

     

    (a)  The
      Borrowers, at the Borrowers’ expense, shall promptly procure, execute and
      deliver to the Administrative Agent all documents, instruments and agreements
      and perform all acts which are necessary or desirable, or which the
      Administrative Agent or the Lenders may request, to establish, maintain,
      preserve, protect and perfect the Collateral, the Lien granted to the
      Administrative Agent therein and the first priority of such Lien or to enable
      the Administrative Agent to exercise and enforce its rights and remedies
      hereunder with respect to any Collateral.

     

    (b)  The
      Borrowers shall not use or permit any Collateral to be used in violation of
      (i)
      any provision of the Credit Agreement, this Security Agreement or any other
      Loan
      Document, (ii) any applicable Requirement of Law where such use might have
      a
      Material Adverse Effect, or (iii) any policy of insurance covering the
      Collateral.

     

    (c)  The
      Borrowers shall pay promptly when due all Taxes, all Liens and all other charges
      now or hereafter imposed upon, relating to or affecting any
      Collateral.

     

    (d)  Without
      thirty (30) days’ prior written notice to the Administrative Agent and the
      Lenders, no Borrower shall (i) change its jurisdiction of organization, or
      the
      office in which such Borrower’s books and records relating to Receivables or the
      originals of Dealership Contracts or Rental Company Contracts are kept, (ii)
      keep Collateral consisting of documents at any location other than the offices
      of UHI or U-Haul Co. of Arizona at 2727 N. Central Avenue, Phoenix, Arizona
      85004, or the offices of U-Haul Sales & Leasing Co. at 1325 Airmotive Way,
      Reno, Nevada 89502, or (iii) keep Collateral consisting of Equipment, Inventory
      or other goods at any location other than the locations permitted pursuant
      to
      Section 9.02 of the Credit Agreement.

     

    (e)  For
      each
      of the Collection Sub-Account and the Collection Account, UHI shall (i) execute
      and deliver to the Account Bank a Collection Sub-Account Control Agreement
      and a
      Collection Account Control Agreement substantially in the form of Attachment
      2
      hereto
      and (ii) cause the Account Bank to execute and deliver to the Administrative
      Agent such account control agreements.

     

    (f)  Commencing
      from the date hereof, the Borrowers shall make or cause to be made all deposits
      required pursuant to Section 5.03 of the Credit Agreement, at the times so
      required.

     

    (g)  The
      Borrowers shall fully comply with any shifting control notice delivered pursuant
      to the Collection Account Control Agreement.

     

    (h)  The
      Borrowers shall appear in and defend any action or proceeding which may affect
      its title to or the Administrative Agent's interest in the
      Collateral.

     

    (i)  The
      Borrowers shall keep separate, accurate and complete records of the Collateral
      and shall provide the Administrative Agent with such records and such other
      reports and information relating to the Collateral as the Administrative Agent
      or each Lender may reasonably request from time to time.

     

    (j)  The
      Borrowers shall not surrender or lose possession of (other than to the Lenders),
      sell, encumber, lease, rent, option, or otherwise dispose of or transfer any
      Collateral or right or interest therein except in the ordinary course of the
      Borrowers’ business and as permitted in the Credit Agreement, and,
      notwithstanding any provision of the Credit Agreement, the Borrowers shall
      keep
      the Collateral free of all Liens except Permitted Encumbrances.

     

    (k)  The
      Borrowers shall collect, enforce and receive delivery of the Receivables in
      accordance with past practice until otherwise notified by the Administrative
      Agent.

     

    (l)  The
      Borrowers shall comply with all material Requirements of Law applicable to
      the
      Borrowers which relate to the production, possession, operation, maintenance
      and
      control of the Collateral.

     

    (m)  The
      Borrowers shall (i) maintain and keep in force public liability insurance of
      the
      types and in amounts customarily carried from time to time during the term
      of
      the Credit Agreement in its lines of business, such insurance to be carried
      with
      companies and in amounts satisfactory to the Administrative Agent, (ii) deliver
      to the Administrative Agent from time to time, as the Administrative Agent
      may
      request, schedules setting forth all insurance then in effect or copies of
      the
      applicable policies, and (iii) deliver to the Administrative Agent copies of
      each policy of insurance which replaces, or evidences the renewal of, each
      existing policy of insurance at least fifteen (15) days prior to the expiration
      of such policy. If required pursuant to Section 8.07 of the Credit Agreement,
      the Administrative Agent shall be named as additional insured on all liability
      insurance of the Borrowers with respect to any Collateral, and such policies
      shall contain such additional endorsements as shall be required by the
      Administrative Agent, including the endorsements specified in Attachment
      3
      hereto.
      Prior to the occurrence and the continuance of an Event of Default, all proceeds
      of any property insurance (whether maintained by any Borrower or a third party)
      paid as a result of any event or occurrence shall be paid to the Borrowers.
      All
      proceeds of any property insurance (whether maintained by any Borrower or a
      third party) paid after the occurrence and during the continuance of an Event
      of
      Default shall be paid to the Administrative Agent or the Collection Sub-Account
      to be held as Collateral and applied as provided in the Credit Agreement or,
      at
      the election of the Administrative Agent, returned to the
      Borrowers.

     

    (n) The
      Borrowers shall (i) promptly make any applicable claims under each applicable
      Warranty and (ii) deliver to the Administrative Agent from time to time, as
      the
      Administrative Agent may request, schedules setting forth all Warranties then
      in
      effect or copies of such Warranties, together with a schedule of all Vehicles
      covered by such Warranty. Prior to the occurrence and the continuance of an
      Event of Default, all cash proceeds of any Warranty shall be paid to the
      Borrowers. All cash proceeds of any Warranty paid after the occurrence and
      during the continuance of an Event of Default shall be paid to the Lenders
      or
      the Collection Sub-Account to be held as Collateral and applied as provided
      in
      the Credit Agreement or, at the election of the Lenders, returned to the
      Borrowers.

     

    5.  Authorized
      Action by Administrative Agent.
      The
      Borrowers hereby irrevocably appoint the Administrative Agent as their
      attorney-in-fact and agree that the Administrative Agent may perform (but the
      Administrative Agent shall not be obligated to and shall incur no liability
      to
      the Borrowers or any third party for failure so to do) any act which the
      Borrowers are obligated by this Security Agreement to perform, and to exercise
      such rights and powers as Borrowers might exercise with respect to the
      Collateral, including, without limitation, the right to (a) collect by legal
      proceedings or otherwise and endorse, receive and receipt for all dividends,
      interest, payments, proceeds and other sums and property now or hereafter
      payable on or on account of the Collateral; (b) enter into any extension,
      reorganization, deposit, merger, consolidation or other agreement pertaining
      to,
      or deposit, surrender, accept, hold or apply other property in exchange for
      the
      Collateral; (c) insure, process, preserve and enforce the Collateral; (d) make
      any compromise or settlement, and take any action it deems advisable, with
      respect to the Collateral; (e) pay any Indebtedness of any Borrower relating
      to
      the Collateral; (f) execute UCC financing statements and other documents,
      instruments and agreements required hereunder; (g) note any Borrower’s lien on
      certificates of title relating to the Collateral; provided,
      however,
      that
      the Administrative Agent may exercise such powers only after the occurrence
      and
      during the continuance of an Event of Default. The Borrowers agree to reimburse
      the Administrative Agent upon demand for all reasonable costs and expenses,
      including attorneys’ fees, that the Administrative Agent may incur while acting
      as the Borrowers’ attorney-in-fact hereunder, all of which costs and expenses
      are included in the Secured Obligations. The Borrowers agree that such care
      as
      the Administrative Agent gives to the safekeeping of its own property of like
      kind shall constitute reasonable care of the Collateral when in the
      Administrative Agent’s possession; provided,
      however,
      that
      Administrative Agent shall not be required to make any presentment, demand
      or
      protest, or give any notice and need not take any action to preserve any rights
      against any prior party or any other Person in connection with the Secured
      Obligations or with respect to the Collateral.

     

    6.  Default
      and Remedies.
      The
      Borrowers shall be deemed in default under this Security Agreement upon the
      occurrence and during the continuance of an Event of Default, as that term
      is
      defined in the Credit Agreement. In addition to all other rights and remedies
      granted to the Lenders and the Administrative Agent by this Security Agreement,
      the Credit Agreement, the other Loan Documents, the UCC and other applicable
      Requirements of Law, the Administrative Agent may, upon the occurrence and
      during the continuance of any Event of Default, exercise any one or more of
      the
      following rights and remedies: (a) collect, receive, appropriate or realize
      upon
      the Collateral or otherwise foreclose or enforce the Administrative Agent’s
      security interests in any or all Collateral in any manner permitted by
      applicable Requirements of Law or in this Security Agreement; (b) notify any
      or
      all Account Debtors to make payments on Receivables directly to the
      Administrative Agent; (c) direct the Collection Account or the Collection
      Sub-Account Bank to liquidate the account(s) maintained by it, pay all amounts
      payable in connection therewith to the Administrative Agent and/or deliver
      any
      proceeds thereof to the Administrative Agent; (d) sell or otherwise dispose
      of
      any or all Collateral at one or more public or private sales, whether or not
      such Collateral is present at the place of sale, for cash or credit or future
      delivery, on such terms and in such manner as the Administrative Agent may
      determine; (e) require the Borrowers to assemble the Collateral and make it
      available to the Administrative Agent at a place to be designated by the
      Administrative Agent; (f) enter onto any property where any Collateral is
      located and take possession thereof with or without judicial process; and (g)
      prior to the disposition of the Collateral, store, process, repair or
      recondition any Collateral consisting of goods, perform any obligations and
      enforce any rights of the Borrowers or their Subsidiaries under any Dealership
      Contracts, any Rental Company Contracts or the Fleet Owner Agreement, or
      otherwise prepare and preserve Collateral for disposition in any manner and
      to
      the extent the Administrative Agent deems appropriate. In furtherance of the
      Administrative Agent's rights hereunder, the Borrowers hereby grant to the
      Administrative Agent an irrevocable, non-exclusive license (exercisable without
      royalty or other payment by the Lenders) to use, license or sublicense any
      patent, trademark, tradename, copyright or other intellectual property in which
      any Borrower now or hereafter has any right, title or interest, together with
      the right of access to all media in which any of the foregoing may be recorded
      or stored. In any case where notice of any sale or disposition of any Collateral
      is required, the Borrowers hereby agree that seven (7) days notice of such
      sale
      or disposition is reasonable.

     

    7.  Miscellaneous.

     

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

     

    (i)  if
      to any
      Borrower, to it at 1325 Airmotive Way, Reno, NV 89502-3239, Attention: Rocky
      Wardrip (Facsimile No. (775) 688-6338), with a copy to 2727 N. Central Avenue,
      Phoenix, AZ 85004, Attention: Jennifer Settles (Facsimile No. (602) 263-6173);
      

     

    (ii)  if
      to
      HVB, in
      its capacity as Lender or as Administrative Agent, to it at 150 East
      42nd
      Street
      New York, New York 10017, Attention: Michael Whitman/ Wayne Miller, (Facsimile
      No.(212)
      672-6023) with a copy to Ken Hamilton (Facsimile No. (212) 672-5530);
      and

     

    (iii)
       if
      to any
      other Lender (if any), to it at the address provided by such Lender pursuant
      to
      the Credit Agreement.

     

    Any
      party
      hereto may change its address or telecopy number for notices and other
      communications hereunder by notice to the other parties hereto. All notices
      and
      other communications given to any party hereto in accordance with the provisions
      of this Security Agreement shall be deemed to have been given on the date of
      receipt.

     

    (b)  Waivers;
      Amendments.
      No
      failure or delay by the Lenders or the Administrative Agent in exercising any
      right or power hereunder or under any other Loan Document shall operate as
      a
      waiver thereof, nor shall any single or partial exercise of any such right
      or
      power, or any abandonment or discontinuance of steps to enforce such a right
      or
      power, preclude any other or further exercise thereof or the exercise of any
      other right or power. The rights and remedies of the Lenders and the
      Administrative Agent hereunder and under the other Loan Documents are cumulative
      and are not exclusive of any rights or remedies that they would otherwise have.
      No waiver of any provision of any Loan Document or consent to any departure
      by
      any Loan Party therefrom shall in any event be effective unless the same shall
      be permitted by paragraph (b) of this Section, and then such waiver or consent
      shall be effective only in the specific instance and for the purpose for which
      given. Without limiting the generality of the foregoing, the making of a Loan
      shall not be construed as a waiver of any Default, regardless of whether the
      Lenders may have had notice or knowledge of such Default at the
      time.

     

    Neither
      this Security Agreement nor any other Loan Document nor any provision hereof
      or
      thereof may be waived, amended or modified except, in the case of this Security
      Agreement, pursuant to an agreement or agreements in writing entered into by
      the
      Borrowers, the Administrative Agent and the Lenders.

     

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

     

    (i)  The
      Administrative Agent may, without the consent of the Borrowers, assign all
      or a
      portion of its rights and obligations under this Security Agreement; and

     

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

     

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

     

    (e)  Survival.
      All
      covenants, agreements, representations and warranties made by the Loan Parties
      in the Loan Documents and in the certificates or other instruments delivered
      in
      connection with or pursuant to this Security Agreement or any other Loan
      Document shall be considered to have been relied upon by the other parties
      hereto and shall survive the execution and delivery of the Loan Documents and
      the making of any Loans, regardless of any investigation made by any such other
      party or on its behalf and notwithstanding that the Lenders or the
      Administrative Agent may have had notice or knowledge of any Default or
      incorrect representation or warranty at the time any credit is extended
      hereunder, and shall continue in full force and effect as long as the principal
      of or any accrued interest on any Loan or any fee or any other amount payable
      under this Security Agreement is outstanding and unpaid and so long as the
      Commitments have not expired or terminated. Notwithstanding any provision of
      this Security Agreement or any other Loan Document or any exercise by the
      Lenders or the Administrative Agent of any of its rights hereunder or thereunder
      (including, without limitation, any right to collect or enforce any Collateral).
      

     

    (f)  Borrowers’
      Continuing Liability.
      Notwithstanding any provision of this Security Agreement or any other Loan
      Document or any exercise by the Lenders or the Administrative Agent of any
      of
      its rights hereunder or thereunder (including, without limitation, any right
      to
      collect or enforce any Collateral), (i) the Borrowers and their Subsidiaries
      shall remain liable to perform their obligations and duties in connection with
      the Collateral (including, without limitation, the Fleet Owner Agreement, the
      Rental Company Contracts, the Dealership Contracts and all other agreements
      relating to the Collateral) and (ii) neither the Lenders nor the Administrative
      Agent shall assume any liability to perform such obligations and duties or
      to
      enforce any of the Borrowers’ rights in connection with the Collateral
      (including, without limitation, Fleet Owner Agreement, the Rental Company
      Contracts, the Dealership Contracts and all other agreements relating to the
      Collateral).

     

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

     

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

     

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

     

    (iii)  Each
      Borrower hereby irrevocably agrees that service of process in any such action
      or
      proceeding may be effected by mailing a copy thereof by registered or certified
      mail (or any substantially similar form of mail), postage prepaid, to such
      Borrower at its address set forth in Section 7(a) or at such other address
      of
      which the Administrative Agent and the Lenders shall have been notified pursuant
      thereto. Nothing in this Security Agreement or any other Loan Document will
      affect the right of any party to this Security Agreement to serve process in
      any
      other manner permitted by law.

     

    (h)  WAIVER
      OF JURY TRIAL.
      EACH
      PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
      INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT, ANY OTHER
      LOAN
      DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
      TORT OR ANY OTHER THEORY). THE BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT
      OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
      SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
      FOREGOING WAIVER.

     

    (i) Headings.
      Section
      and subsection headings used herein are for convenience of reference only,
      are
      not part of this Security Agreement and shall not affect the construction of,
      or
      be taken into consideration in interpreting, this Security
      Agreement.

     

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

     

    (k) Third
      Party Beneficiary.
      Each
      Borrower acknowledges and agrees that each Lender is an intended beneficiary
      of
      this Security Agreement.

     

    [Signature
      Page Follows]

     

    
      
        
          1

             

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    

     

    IN
      WITNESS WHEREOF, the Borrowers have caused this Security Agreement to be
      executed as of the day and year first above written.

     

    U-HAUL
      LEASING & SALES CO.

     

    

     

    By:       

    Name: 

    Title: 

    

    U-HAUL
      CO. OF ARIZONA

     

    

     

    By:       

    Name: 

    Title: 

    

    U-HAUL
      INTERNATIONAL, INC.

     

    

     

    By:       

    Name: 

    Title: 

    

    BAYERISCHE
      HYPO- UND VEREINSBANK AG, NEW YORK BRANCH, as Administrative Agent

     

    

     

    By:       

    Name: 

    Title: 

    

    

     

    By:       

    Name: 

    Title: 

    

    

     

    

     

    
      
        
          [Signature
            Page for Security Agreement]

          

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    ATTACHMENT
      1

     

    To
      Security Agreement

     

    COLLATERAL
      DESCRIPTION

     

    All
      right, title and interest of the Borrowers, whether now owned or hereafter
      acquired, in and to the following:

     

    (a) All
      equipment as defined in the UCC listed on the accompanying Vehicle Schedule,
      as
      the same may be updated from time to time pursuant to the Credit Agreement,
      including, without limitation, all Vehicles, together with all additions and
      accessions thereto and replacements therefor (collectively, the “Equipment”);

     

    (b) All
      inventory as defined in the UCC listed on the accompanying Vehicle Schedule,
      as
      the same may be updated from time to time pursuant to the Credit Agreement,
      including, without limitation, all Vehicles, together with all additions and
      accessions thereto, replacements therefor, products thereof and documents
      therefor (collectively, the “Inventory”);
      

     

    (c) All
      amounts receivable with respect to Fleet Owner Cash Flows and with respect
      to
      sales of Vehicles to third parties (the “Receivables”);

     

    (d) The
      Dealership Contracts, the Rental Company Contracts, the Fleet Owner
      Agreement
      in each
      case to the extent the rights under such agreements relate to any Vehicle
      constituting Equipment, and any Warranty;

     

    (e) The
      Collection Account, and all cash on deposited therein from time to
      time;

     

    (f) The
      Collection Sub-Account, and all cash deposited therein from time to time;

     

    (g) All
      payments owing to the Borrowers with respect to a Hedge; and

     

    All
      Proceeds of the foregoing (including, without limitation, whatever is receivable
      or received when Collateral or proceeds is sold, collected, exchanged, returned,
      substituted or otherwise disposed of, whether such disposition is voluntary
      or
      involuntary, including rights to payment and return premiums and insurance
      proceeds under insurance with respect to any Collateral, and all rights to
      payment with respect to any cause of action affecting or relating to the
      Collateral).

     

    

     

    
      
        
          [1]-

             

        

         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    ATTACHMENT
      2

     

    To
      Security Agreement

     

    FORM
      OF

     

    COLLECTION
      ACCOUNT CONTROL AGREEMENT

     

    AND
      COLLECTION SUB- ACCOUNT CONTROL AGREEMENT

     

    

     

    

     

    

     

    
      
        
          [2]-

             

        

         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    ATTACHMENT
      3

     

    To
      Security Agreement

     

    INSURANCE
      AND

     

    INSURANCE
      ENDORSEMENTS

     

    If
      required pursuant to Section 8.07 of the Credit Agreement, each of the liability
      insurance policies of the Borrowers shall contain substantially the following
      endorsements:

     

    (a) Bayerische
      Hypo- und Vereinsbank AG, New York Branch (the “Administrative
      Agent”)
      shall
      be named as additional insured.

     

    (b) In
      respect of the interests of the Administrative Agent in the policies, the
      insurance shall not be invalidated by any action or by inaction of any Borrower
      or by any Person having temporary possession of the property covered thereby
      (the “Property”)
      while
      under contract with any Borrower to perform maintenance, repair, alteration
      or
      similar work on the Property, and shall insure the interests of the
      Administrative Agent regardless of any breach or violation of any warranty,
      declaration or condition contained in the insurance policy by any Borrower
      or
      the Administrative Agent or any other additional insured (other than by such
      additional insured, as to such additional insured) or by any Person having
      temporary possession of the Property while under contract with any Borrower
      to
      perform maintenance, repair, alteration or similar work on the
      Property.

     

    (c) If
      the
      insurance policy is cancelled for any reason whatsoever, or substantial change
      is made in the coverage that affects the interests of the Administrative Agent,
      or if the insurance coverage is allowed to lapse for non-payment of premium,
      such cancellation, change or lapse shall not be effective as to the
      Administrative Agent for 30 days (or 10 days in the case of non-payment of
      premium) after receipt by the Administrative Agent of written notice from the
      insurer of such cancellation, change or lapse.

     

    (d) The
      Administrative Agent shall not have any obligation or liability for premiums,
      commissions, assessments, or calls in connection with the
      insurance.

     

    (e) The
      insurer shall waive any rights of set-off or counterclaim or any other
      deduction, whether by attachment or otherwise, that it may have against the
      Administrative Agent.

     

    (f) The
      insurance shall be primary without right of contribution from any other
      insurance that may be carried by the Administrative Agent with respect to its
      interests in the Property.

     

    (g) The
      insurer shall waive any right of subrogation against the Administrative
      Agent.

     

    (h) All
      provisions of the insurance, except the limits of liability, shall operate
      in
      the same manner as if there were a separate policy covering each insured
      party.

     

    

     

    
      
        
          [3]-
            

             

        

         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    ATTACHMENT
      4

     

    To
      Security Agreement

     

    VEHICLE
      SCHEDULE

     

    

     

    [On
      file
      with HVB]

     

    
      
        
          [4]-

             

        

         

      

      
         

        
          

        

      

      
         

        
          

        

      

    

    ATTACHMENT
      5

     

    To
      Security Agreement

     

    SCHEDULE
      OF PRIOR NAMES, TRADE NAMES, PRIOR CORPORATE

     

    STRUCTURES,
      ETC.

     

    

    
      	
              COMPANY

            	
              FORMER
                NAMES

              (1998
                - Present)

            	
              CHANGES
                TO CORPORATE STRUCTURE

              (1998
                - Present)

            	
              FICTITIOUS
                NAMES

              (1998
                - Present)

            
	
              U-Haul
                International, Inc.

            	
              None

            	
              None

            	
              None

            
	
              U-Haul
                Leasing & Sales Co.

            	
              None

            	
              None

            	
              None

            
	
              U-Haul
                Co. of Arizona

            	
              None

            	
              None

            	
              U-Haul
                Co. of Southern Arizona

              U-Haul
                Co. of Western Arizona

              U-Haul
                Co. of Eastern Arizona

            

    

    

    

     

    
      
        
          [5]-Guarantee between U-Haul and HVB

     

    Exhibit
      10.92

    GUARANTEE

     

    GUARANTEE,
      dated as of June
      6,
      2006, made by U-HAUL INTERNATIONAL, INC. (the “Guarantor”),
      in
      favor of BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH and other lenders
      party
      to
      the Credit Agreement from time to time the “Lenders”
and
      the
“Lender
      Parties”)
      and
      BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH, as administrative agent
      (the “Administrative
      Agent”
and
      together with the Lenders, the “Lender
      Parties”),
      parties to the Credit Agreement referred to below.

     

    RECITALS

     

    Pursuant
      to the Credit Agreement, dated as of June
      6,
      2006 (as amended, supplemented or otherwise modified from time to time, the
      “Credit
      Agreement”),
      among
      U-HAUL SALES & LEASING CO., U-HAUL CO. OF ARIZONA and U-HAUL INTERNATIONAL,
      INC. (each, a “Borrower”
and
      collectively, the “Borrowers”),
      the
      Guarantor, BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH as
      Administrative Agent and the Lenders, the Lenders have agreed to make loans
      to
      the Borrowers upon the terms and subject to the conditions set forth therein,
      such loans to be evidenced by the Note issued by the Borrowers thereunder.
      The
      Borrowers are members of an affiliated group of corporations that includes
      the
      Guarantor. The Borrowers and the Guarantor are engaged in related businesses,
      and the Guarantor will derive substantial direct and indirect benefit from
      the
      making of the loans. It is a condition precedent to the obligation of the
      Lenders to make the loans to the Borrowers under the Credit Agreement that
      the
      Guarantor hereto shall have executed and delivered this Guarantee to the Lender
      Parties.

     

    NOW,
      THEREFORE, in consideration of the premises and to induce the Lenders to enter
      into the Credit Agreement and make the loans to the Borrowers, under the Credit
      Agreement, the Guarantor hereby agrees with the Lender Parties as
      follows:

     

    Defined
      Terms.

     

    Unless
      otherwise defined herein, terms defined in the Credit Agreement and used herein
      shall have the meanings given to them in the Credit Agreement.

     

    The
      words
“hereof,” “herein” and “hereunder” and words of similar import when used in this
      Guarantee shall refer to this Guarantee as a whole and not to any particular
      provision of this Guarantee, and section and paragraph references are to this
      Guarantee unless otherwise specified.

     

    The
      meanings given to terms defined herein shall be equally applicable to both
      the
      singular and plural forms of such terms.

     

    

     

    Guarantee.

     

    The
      Guarantor hereby, unconditionally and irrevocably, guarantees to the Lender
      Parties and their respective successors, indorsees, transferees and assigns,
      the
      prompt and complete payment and performance by each of U-Haul Sales &
Leasing Co. and U-Haul Co. of Arizona (each, an “Affiliate
      Borrower”
and
      collectively, the “Affiliate
      Borrowers”)
      of its
      obligations under the Loan Documents, whether at stated maturity, by
      acceleration or otherwise.

     

    Anything
      herein or in any other Loan Document to the contrary notwithstanding, the
      maximum liability of the Guarantor hereunder and under the other Loan Documents
      shall in no event exceed the amount which can be guaranteed by the Guarantor
      under applicable federal and state laws relating to the insolvency of
      debtors.

     

    The
      Guarantor further agrees to pay any and all expenses (including, without
      limitation, all fees and disbursements of counsel) which may be paid or incurred
      by any Lender Party in enforcing, or obtaining advice of counsel in respect
      of,
      any rights with respect to, or collecting, any or all of the Obligations and/or
      enforcing any rights with respect to, or collecting against, the Guarantor
      under
      this Guarantee. This Guarantee shall remain in full force and effect until
      the
      Obligations are paid in full and the Commitments are terminated, notwithstanding
      that from time to time prior thereto the Affiliate Borrowers, individually
      or
      collectively, may be free from any Obligations.

     

    The
      Guarantor agrees that the Obligations may at any time and from time to time
      exceed the amount of the liability of the Guarantor hereunder without impairing
      this Guarantee or affecting the rights and remedies of any Lender Party
      hereunder.

     

    No
      payment or payments made by any Borrower, the Guarantor, any other guarantor
      or
      any other Person or received or collected by any Lender Party from any Borrower,
      the Guarantor, any other guarantor or any other Person by virtue of any action
      or proceeding or any set-off or appropriation or application at any time or
      from
      time to time in reduction of or in payment of the Obligations shall be deemed
      to
      modify, reduce, release or otherwise affect the liability of the Guarantor
      hereunder which shall, notwithstanding any such payment or payments other than
      payments made by the Guarantor in respect of the Obligations or payments
      received or collected from the Guarantor in respect of the Obligations, remain
      liable for the Obligations up to the maximum liability of the Guarantor
      hereunder until the Obligations are paid in full and the Commitments are
      terminated.

     

    The
      Guarantor agrees that whenever, at any time, or from time to time, it shall
      make
      any payment to the Lender Parties on account of its liability hereunder, it
      will
      notify the Lender Parties in writing that such payment is made under this
      Guarantee for such purpose..

     

    Right
      of Set-off.
      The
      Guarantor hereby irrevocably authorizes each Lender Party at any time and from
      time to time without notice to the Guarantor, any such notice being expressly
      waived by the Guarantor, to set-off and appropriate and apply any and all
      deposits (general or special, time or demand, provisional or final), in any
      currency, and any other credits, indebtedness or claims, in any currency, in
      each case whether direct or indirect, absolute or contingent, matured or
      unmatured, at any time held or owing by such Lender Party to or for the credit
      or the account of the Guarantor, or any part thereof in such amounts as such
      Lender Party may elect, against and on account of the obligations and
      liabilities of the Guarantor to such Lender Party hereunder and claims of every
      nature and description of such Lender Party against the Guarantor, in any
      currency, whether arising hereunder, under the Credit Agreement, the Note,
      any
      Loan Documents or otherwise, as such Lender Party may elect, whether or not
      such
      Lender Party has made any demand for payment and although such obligations,
      liabilities and claims may be contingent or unmatured. Each Lender Party shall
      notify the Guarantor promptly of any such set-off and the application made
      by
      such Lender Party, provided
      that the
      failure to give such notice shall not affect the validity of such set-off and
      application. The rights of each Lender Party under this Section are in addition
      to other rights and remedies (including, without limitation, other rights of
      set-off) which each Lender Party may have.

     

    No
      Subrogation.
      Notwithstanding any payment or payments made by the Guarantor hereunder or
      any
      set-off or application of funds of the Guarantor by any Lender Party, the
      Guarantor shall not be entitled to be subrogated to any of the rights of any
      Lender Party against the Affiliate Borrowers or any other guarantor or any
      collateral security or guarantee or right of offset held by any Lender Party
      for
      the payment of the Obligations, nor shall the Guarantor seek or be entitled
      to
      seek any contribution or reimbursement from the Affiliate Borrowers or any
      other
      guarantor in respect of payments made by the Guarantor hereunder, until all
      amounts owing to the Lender Parties by the Affiliate Borrowers on account of
      the
      Obligations are paid in full and the Commitments are terminated. If any amount
      shall be paid to the Guarantor on account of such subrogation rights at any
      time
      when all of the Obligations shall not have been paid in full, such amount shall
      be held by the Guarantor in trust for the Lender Parties, segregated from other
      funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor,
      be
      turned over to the Lender Parties in the exact form received by the Guarantor
      (duly indorsed by the Guarantor to each Lender Party, if required), to be
      applied against the Obligations, whether matured or unmatured, in such order
      as
      the Lender Parties may determine.

     

    Amendments,
      etc. with respect to the Obligations; Waiver of Rights.
      The
      Guarantor shall remain obligated hereunder notwithstanding that, without any
      reservation of rights against the Guarantor and without notice to or further
      assent by the Guarantor, (a) any demand for payment of any of the Obligations
      made by any Lender Party may be rescinded by such party and any of the
      Obligations continued, (b) the Obligations, or the liability of any other party
      upon or for any part thereof, or any collateral security or guarantee therefor
      or right of offset with respect thereto, may, from time to time, in whole or
      in
      part, be renewed, extended, amended, modified, accelerated, compromised, waived,
      surrendered or released by the Lender Parties, (c) the Credit Agreement, the
      Note and the other Loan Documents and any other documents executed and delivered
      in connection therewith may be amended, modified, supplemented or terminated,
      in
      whole or in part, as the Lender Parties may deem advisable from time to time,
      and (d) any collateral security, guarantee or right of offset at any time held
      by any Lender Party for the payment of the Obligations may be sold, exchanged,
      waived, surrendered or released. No Lender Party shall have any obligation
      to
      protect, secure, perfect or insure any Lien at any time held by it as security
      for the Obligations or for this Guarantee or any property subject thereto.
      When
      making any demand hereunder against the Guarantor, each Lender Party may, but
      shall be under no obligation to, make a similar demand on the Affiliate
      Borrowers or any other guarantor, and any failure by any Lender Party to make
      any such demand or to collect any payments from the Affiliate Borrowers or
      any
      such other guarantor or any release of an Affiliate Borrower or such other
      guarantor shall not relieve the Guarantor of its obligations or liabilities
      hereunder, and shall not impair or affect the rights and remedies, express
      or
      implied, or as a matter of law, of any Lender Party against the Guarantor.
      For
      the purposes hereof “demand” shall include the commencement and continuance of
      any legal proceedings.

     

    Guarantee
      Absolute and Unconditional.
      The
      Guarantor waives (i) any and all notice of the creation, renewal, extension
      or
      accrual of any of the Obligations, (ii)notice of or proof of reliance by each
      Lender Party upon this Guarantee and (iii) acceptance of this Guarantee by
      any
      Lender Party. The Obligations, and any of them, shall conclusively be deemed
      to
      have been created, contracted or incurred, or renewed, extended, amended or
      waived, in reliance upon this Guarantee; and all dealings between the Affiliate
      Borrowers and the Guarantor, on the one hand, and the Lender Parties and the
      Affiliate Borrowers, on the other hand, likewise shall be conclusively presumed
      to have been had or consummated in reliance upon this Guarantee. The Guarantor
      waives diligence, presentment, protest, demand for payment and notice of default
      or nonpayment to or upon the Affiliate Borrowers or the Guarantor with respect
      to the Obligations. The Guarantor understands and agrees that this Guarantee
      shall be construed as a continuing, absolute and unconditional guarantee of
      payment without regard to (a) the validity, regularity or enforceability of
      the
      Credit Agreement, the Note or any other Loan Document, any of the Obligations
      or
      any other collateral security therefor or guarantee or right of offset with
      respect thereto at any time or from time to time held by any Lender Party,
      (b)
      any defense, set-off or counterclaim (other than a defense of payment of
      performance) which may at any time be available to or be asserted by the
      Affiliate Borrowers against any Lender Party, or (c) any other circumstance
      whatsoever (with or without notice to or knowledge of any Affiliate Borrower
      or
      the Guarantor) which constitutes, or might be construed to constitute, an
      equitable or legal discharge of any Affiliate Borrower for the Obligations,
      or
      of the Guarantor under this Guarantee, in bankruptcy or in any other instance.
      When pursuing its rights and remedies hereunder against the Guarantor, each
      Lender Party may, but shall be under no obligation to, pursue such rights and
      remedies as it may have against any Affiliate Borrower or any other Person
      or
      against any collateral security or guarantee for the Obligations or any right
      of
      offset with respect thereto, and any failure by any Lender Party to pursue
      such
      other rights or remedies or to collect any payments from any Affiliate Borrower
      or any such other Person or to realize upon any such collateral security or
      guarantee or to exercise any such right of offset, or any release of any
      Affiliate Borrower or any such other Person or any such collateral security,
      guarantee or right of offset, shall not relieve the Guarantor of any liability
      hereunder, and shall not impair or affect the rights and remedies, whether
      express, implied or available as a matter of law, of such Lender Party against
      the Guarantor. This Guarantee shall remain in full force and effect and be
      binding in accordance with and to the extent of its terms upon the Guarantor
      and
      the successors and assigns thereof, and shall inure to be benefit of each Lender
      Party, and its respective successors, indorsees, transferees and assigns, until
      all the Obligations and the obligations of the Guarantor under this Guarantee
      shall have been satisfied by payment in full and the Commitments shall be
      terminated, notwithstanding that from time to time during the term of the Credit
      Agreement the Affiliate Borrowers, individually or collectively, may be free
      from any Obligations.

     

    Reinstatement.
      This
      Guarantee shall continue to be effective, or be reinstated, as the case may
      be,
      if at any time payment, or any part thereof, of any of the Obligations is
      rescinded or must otherwise be restored or returned by the Lender Parties upon
      the insolvency, bankruptcy, dissolution, liquidation or reorganization of any
      Affiliate Borrower or the Guarantor, or upon or as a result of the appointment
      of a receiver, intervenor or conservator of, or trustee or similar officer
      for,
      any Affiliate Borrower or the Guarantor or any substantial part of its property,
      or otherwise, all as though such payments had not been made.

     

    Not
      Affected by Bankruptcy.
      Notwithstanding any modification, discharge or extension of the Obligations
      or
      any amendment, modification, stay or cure of each Lender Party's rights which
      may occur in any bankruptcy or reorganization case or proceeding against any
      Affiliate Borrower, whether permanent or temporary, and whether or not assented
      to by each Lender Party, the Guarantor hereby agrees that it shall be obligated
      hereunder to pay and perform the Obligations and discharge its other obligations
      in accordance with the terms of the Obligations and the terms of this Guarantee.
      The Guarantor understands and acknowledges that, by virtue of this Guarantee,
      it
      has specifically assumed any and all risks of a bankruptcy or reorganization
      case or proceeding with respect to any or all Affiliate Borrowers. Without
      in
      any way limiting the generality of the foregoing, any subsequent modification
      of
      the Obligations in any reorganization case concerning any Affiliate Borrower
      shall not affect the obligation of the Guarantor to pay and perform the
      Obligations in accordance with the original terms thereof.

     

    Payments.
      The
      Guarantor hereby guarantees that payments hereunder will be paid to each Lender
      Party without set-off or counterclaim in U.S. Dollars at the office of each
      Lender Party, as applicable, as specified in Section 12.01 of the Credit
      Agreement.

     

    Notices.
      All
      notices, requests and demands to or upon each Lender Party or the Guarantor
      to
      be effective shall be in writing (or by telex, fax or similar electronic
      transfer confirmed in writing) and shall be deemed to have been duly given
      or
      made (1) when delivered by hand or (2) if given by mail, when deposited in
      the
      mails by certified mail, return receipt requested, or (3) if by telex, fax
      or
      similar electronic transfer, when sent and receipt has been confirmed, addressed
      as follows:

     

    if
      to
      Bayerische Hypo- und Vereinsbank AG, New York Branch, as Lender or as
      Administrative Agent, at its address or transmission number for notices as
      provided in Section 12.01 of the Credit Agreement;

     

    if
      to any
      other Lender, at its address or transmission number for notices as provided
      in
      Section 12.01 of the Credit Agreement; and

     

    if
      to the
      Guarantor, at its address or transmission number for notices set forth under
      its
      signature below.

     

    Each
      Lender Party and the Guarantor may change its address and transmission numbers
      for notices by notice in the manner provided in this Section.

     

    Severability.
      Any
      provision of this Guarantee which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    Integration.
      This
      Guarantee represents the agreement of the Guarantor with respect to the subject
      matter hereof and there are no promises or representations by any Lender Party
      relative to the subject matter hereof not reflected herein.

     

    Amendments
      in Writing; No Waiver; Cumulative Remedies.
      

     

    None
      of
      the terms or provisions of this Guarantee may be waived, amended, supplemented
      or otherwise modified except by a written instrument executed by the Guarantor
      and each Lender Party, provided that any provision of this Guarantee may be
      waived by the Lender Parties in a letter or agreement executed by the Lender
      Parties or by telex or facsimile transmission from the Lender
      Parties.

     

    Each
      Lender Party shall not by any act (except by a written instrument pursuant
      to
      Section 13(a) hereof), delay, indulgence, omission or otherwise be deemed to
      have waived any right or remedy hereunder or to have acquiesced in any default
      or Event of Default or in any breach of any of the terms and conditions hereof.
      No failure to exercise, nor any delay in exercising, on the part of any Lender
      Party, any right, power or privilege hereunder shall operate as a waiver
      thereof. No single or partial exercise of any right, power or privilege
      hereunder shall preclude any other or further exercise thereof or the exercise
      of any other right, power or privilege. A waiver by any Lender Party of any
      right or remedy hereunder on any one occasion shall not be construed as a bar
      to
      any right or remedy which such Lender Party would otherwise have on any future
      occasion.

     

    The
      rights and remedies herein provided are cumulative, may be exercised singly
      or
      concurrently and are not exclusive of any other rights or remedies provided
      by
      law.

     

    Section
      Headings.
      The
      section headings used in this Guarantee are for convenience of reference only
      and are not to affect the construction hereof or be taken into consideration
      in
      the interpretation hereof.

     

    Successors
      and Assigns.
      This
      Guarantee shall be binding upon the successors and assigns of the Guarantor
      and
      shall inure to the benefit of each Lender Party and its successors and
      assigns.

     

    GOVERNING
      LAW.
      THIS
      GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH, THE LAW OF THE STATE OF NEW YORK.

     

    Submission
      To Jurisdiction; Waivers.
      The
      Guarantor hereby irrevocably and unconditionally:

     

    submits
      for itself and its property in any legal action or proceeding relating to this
      Guarantee and the other Loan Documents to which it is a party, or for
      recognition and enforcement of any judgment in respect thereof, to the
      non-exclusive general jurisdiction of the courts of the State of New York,
      the
      courts of the United States of America for the Southern District of New York,
      and appellate courts from any thereof;

     

    consents
      that any such action or proceeding may be brought in such courts and waives
      any
      objection that it may now or hereafter have to the venue of any such action
      or
      proceeding in any such court or that such action or proceeding was brought
      in an
      inconvenient court and agrees not to plead or claim the same;

     

    agrees
      that service of process in any such action or proceeding may be effected by
      mailing a copy thereof by registered or certified mail (or any substantially
      similar form of mail), postage prepaid, to the Guarantor at its address set
      forth under its signature below or at such other address of which the Lender
      Parties shall have been notified pursuant hereto;

     

    agrees
      that nothing herein shall affect the right to effect service of process in
      any
      other manner permitted by law or shall limit the right to sue in any other
      jurisdiction; and

     

    waives,
      to the maximum extent not prohibited by law, any right it may have to claim
      or
      recover in any legal action or proceeding referred to in this Section any
      special, exemplary, punitive or consequential damages.

     

    Acknowledgments.
      The
      Guarantor hereby acknowledges that:

     

    it
      has
      been advised by counsel in the negotiation, execution and delivery of this
      Guarantee and the other Loan Documents to which it is a party;

     

    no
      Lender
      shall have any fiduciary relationship with or duty to the Guarantor arising
      out
      of or in connection with this Guarantee or any of the other Loan Documents
      to
      which it is a party, and the relationship between the Guarantor and the
Affiliate
      Borrowers
      on the
      one hand, and the Guarantor and the Lender Parties, on the other hand, in
      connection herewith or therewith is solely that of debtor and creditor;
      and

     

    no
      joint
      venture is created hereby or by the other Loan Documents or otherwise exists
      by
      virtue of the transactions contemplated hereby among the Guarantor, the
Affiliate
      Borrowers,
      and
      any Lender Party.

     

    WAIVER
      OF JURY TRIAL.
      EACH
      GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY
      LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE OR ANY OTHER LOAN DOCUMENT
      AND FOR ANY COUNTERCLAIM THEREIN.

     

    

     

    [Signature
      Page Follows]

     

    

     

    

     

    IN
      WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly
      executed and delivered by its duly authorized officer as of the day and year
      first above written.

     

    U-HAUL
      INTERNATIONAL, INC.

     

    By: ______________________

     

    Name:

     

    Title:

     

    Address
      for Notices:

     

    2727
      North Central Avenue

     

    Phoenix,
      Arizona 85004

     

    Tel: (775)
      688-6300

     

    Fax: (775)
      688-6338

    

    
      	
               

              Date:
                June 6, 2006

               

              ACCEPTED
                AND AGREED:

               

              BAYERISCHE
                HYPO- UND VEREINSBANK AG, NEW YORK BRANCH, as the Administrative
                Agent, on
                behalf of itself and each Lender

               

              By: ______________________

              Name:

              Title:

               

              By: ______________________

              Name:

              Title:

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