Document:

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                                                                  EXECUTION COPY

                              SAC PARTICIPATION AND
                             SUBORDINATION AGREEMENT

         SAC PARTICIPATION AND SUBORDINATION AGREEMENT (the "Agreement"), dated
this 15th day of March, 2004, by and among SAC HOLDING CORPORATION, a Nevada
corporation ("SAC I"), SAC HOLDING II CORPORATION, a Nevada corporation ("SAC
II," and together with SAC I, collectively referred to as "SAC HOLDING"),
AMERCO, a Nevada corporation ("AMERCO"), U-HAUL INTERNATIONAL, INC., a Nevada
corporation ("U-Haul"), and LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee
(the "SAC Notes Trustee") under that certain Indenture (the "SAC Notes
Indenture") with respect to the 8.5% Senior Notes due 2014 of SAC Holding (the
"SAC Holding Senior Notes"). AMERCO, SAC Holding, U-Haul and the SAC Notes
Trustee are sometimes collectively referred to herein as the "Parties" and
individually as a "Party".

                                    RECITALS

         WHEREAS, on June 20, 2003, AMERCO filed a voluntary petition for relief
(the "AMERCO Case") under Chapter 11 of Title 11 of the United States Code (the
"Bankruptcy Code"), and on August 13, 2003, AMERCO Real Estate Company, a Nevada
corporation ("AREC"), filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (together with the AMERCO Case, the "Cases").

         WHEREAS, on October 6, 2003, AMERCO, AREC and SAC Holding (the
"Proponents") jointly filed a Joint Plan of Reorganization under Section 1121
(a) of the Bankruptcy Code (the "Plan") and a related disclosure statement (the
"Disclosure Statement") pursuant to Section 1125 of the Bankruptcy Code.

         WHEREAS, AMERCO, AREC, SAC Holding and the Official Committee of
Unsecured Creditors in the Cases (the "Committee") entered into a Plan Support
Agreement, dated November 12, 2003 (the "Original PSA"), including the AMERCO
Term Sheet attached thereto as Exhibit "A" and incorporated by reference therein
(the "Original Term Sheet"), concerning the restructuring (the "Restructuring")
of AMERCO and AREC (the "Debtors") and, in particular, the treatment of holders
of AMERCO Unsecured Claims (presently identified as Class 7 Claims under the
Plan).

         WHEREAS, pursuant to the Original PSA, on November 26, 2003, the
Proponents filed the First Amended Joint Plan of Reorganization (the "First
Amended Plan") and the Disclosure Statement Concerning the Debtors' First
Amended Joint Plan of Reorganization (the "First Amended Disclosure Statement"),
in order to reflect the agreed terms for the Restructuring as provided in the
Original PSA and the Original Term Sheet.

         WHEREAS, the First Amended Disclosure Statement was approved by the
United States Bankruptcy Court for the District of Nevada (the "Bankruptcy
Court") on December 12, 2003.

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         WHEREAS, the Debtors, SAC Holding, the Committee and certain individual
claimholders signatory thereto entered into an Amended and Restated Plan Support
Agreement, dated as of January 15, 2004 (the "Amended PSA"), including the
Amended and Restated Term Sheet attached thereto as Exhibit "A" and incorporated
by reference therein (the "Amended Term Sheet"), in order to modify the First
Amended Plan pursuant to a plan confirmation order to be entered by the
Bankruptcy Court incorporating the terms of the Amended PSA and the Amended Term
Sheet.

         WHEREAS, the First Amended Plan requires the execution and delivery of
this Agreement as a condition to the effectiveness thereof.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the promises and the mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree as follows:

         1.       Certain Defined Terms. The following terms shall have the
meanings herein specified. Such definitions shall be equally applicable to the
singular and plural forms of the terms defined. All terms used herein which are
not defined herein are defined in the SAC Notes Indenture and shall have the
meanings therein stated. Unless otherwise stated, any agreement, contract or
document defined or referred to herein shall mean such agreement, contract or
document and all schedules, exhibits and attachments thereto as in effect as of
the date hereof, as the same may thereafter be amended, supplemented or
otherwise modified from time to time in accordance with the terms thereof and of
the SAC Notes Indenture and including any agreement, contract or document in
substitution or replacement of any of the foregoing. Any reference to any Person
shall include its permitted successors and assigns in the capacity in which such
Person is referred to, and in the case of any Governmental Authority, any Person
or Persons succeeding to its functions and capacities.

         "Agreement to Indemnify" means an Agreement to Indemnify substantially
in the form of Exhibit D hereto.

         "Amended and Restated Promissory Notes" means the Existing SAC Holding
Notes which are modified and restated in the manner provided in Section 3(b)
hereof. References herein to the Amended and Restated Promissory Notes, and to
terms defined in the Amended and Restated Promissory Notes, shall be deemed to
be references to such Notes and terms as in effect on the Issue Date and without
giving effect to any modifications or supplements thereto after the Issue Date
except: (i) modifications to cure any ambiguity, defect or inconsistency that
does not adversely affect the interests of the Holders of SAC Holding Senior
Notes (as confirmed by an Officer's Certificate and Opinion of Counsel, as such
terms are defined in the SAC Notes Indenture), and (ii) to the extent expressly
agreed otherwise pursuant to a supplement to this Agreement executed in
accordance with the requirements of Article IX of the SAC Notes Indenture.

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         "Discharge" with respect to an obligation means the payment in full in
cash of the principal of, and interest and premium (if any) on, such obligation.
"Discharged" shall have the correlative meaning.

         "Effective Date" as defined in the First Amended Plan.

         "Existing SAC Holding Notes" as defined in the First Amended Plan.

         "Oxford Note" means that certain Promissory Note in the principal
amount of $10,000,000, dated May 7, 1999 from SAC Holding Corporation to Oxford
Life Insurance Company.

         "SAC Subsidiary Senior Debt" means any Indebtedness of a Subsidiary to
the extent outstanding as of the Issue Date, secured by Real Property owned by
such Subsidiary.

         2.       SAC Holding Senior Notes. On the Effective Date, SAC Holding
and the SAC Notes Trustee shall execute and deliver the SAC Notes Indenture,
which shall be in the form attached hereto as Exhibit "A". SAC Holding shall
take all such actions and deliver all such documents as shall be necessary or
appropriate to cause the SAC Holding Senior Notes, in the aggregate original
principal amount of $200,000,000 (the "SAC Notes Principal Amount"), to be
issued on the Effective Date in accordance with the terms of the SAC Notes
Indenture and the First Amended Plan.

         3.       Modification and Restatement of Existing SAC Holding Notes. In
consideration of the issuance by SAC Holding of the SAC Holding Senior Notes,
the Parties agree that the Existing SAC Holding Notes shall be modified and
restated effective as of the Effective Date as follows:

                  (a)      Reduction of Principal. The aggregate principal
amount of the Existing SAC Holding Notes shall be reduced by the SAC Notes
Principal Amount, applied as follows:

                           (i)      The principal amounts of those Existing SAC
Holding Notes identified on Schedule 3(a)(i) hereto shall be reduced to zero,
and such Existing SAC Holding Notes shall be cancelled and returned to SAC
Holding;

                           (ii)     The principal amounts of the Existing SAC
Holding Note identified on Schedule 3(a)(ii) hereto shall be reduced to the
restated principal amount provided on Schedule 3(a)(ii); and

                           (iii)    The principal amounts of the remaining
Existing SAC Holding Notes, as identified on Schedule 3(a)(iii) hereto, shall
remain unchanged.

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                  (b)      Modification of Terms. Each of the Existing SAC
Holding Notes (other than the Oxford Note) not cancelled as provided in Section
3(a)(i) above (the "Remaining Existing SAC Notes") shall be amended and restated
as follows: (i) the Remaining Existing SAC Note identified on Schedule 3(a)(ii)
shall be amended and restated in the form of the Fixed Rate Note attached hereto
as Exhibit "B-l"; and (ii) the Remaining Existing SAC Notes identified on
Schedule 3(a)(iii) shall be amended and restated in the form of the Amended and
Restated Promissory Note attached hereto as Exhibit "B-2" (as so amended and
restated, the "Subordinated Restated Notes"). The Remaining Existing SAC Notes
shall be delivered to SAC Holding in exchange for Amended and Restated
Promissory Notes in the applicable form and in the same principal amounts,
taking into account any reduction in principal pursuant to Section 3(a)(ii)
above.

                  (c)      SAC Subsidiary Senior Debt. As of the Effective Date,
SAC Holding's Subsidiaries will have outstanding obligations under the SAC
Subsidiary Senior Debt in the aggregate principal amount of $429,227,945. The
Amended PSA does not contemplate that such SAC Subsidiary Senior Debt will be
amended and restated and it will remain a secured, priority obligation of such
Subsidiaries.

         4.       Subordination of Subordinated Obligations. The Parties, on
their own behalf and on behalf of subsequent transferees of the Subordinated
Restated Notes, covenant and agree that the Indebtedness evidenced by, and the
payment of principal of and interest on, the Subordinated Restated Notes, and
the payment of any declared dividends or distributions to the shareholder of SAC
Holding (such Indebtedness, and dividends and distributions, being herein
collectively called "Subordinated Obligations"), shall be expressly made
subordinate and subordinated in right of payment, to the extent and in the
manner provided in this Section 4, to the prior Discharge of the SAC Holding
Senior Notes (such principal, interest and premium, including any interest
accruing or arising after the date of any filing by SAC Holding of any petition
in bankruptcy or the commencement of any bankruptcy, insolvency, or similar
proceedings with respect to SAC Holding, whether or not such interest is
allowable as a claim in any such proceeding, being herein collectively called
the "Senior Obligations"), provided that nothing herein shall prohibit payments
in respect of the Subordinated Obligations to the extent specifically permitted
under this Section 4.

                  (a)      Liquidation, Dissolution or Bankruptcy. Upon any
payment or distribution of assets or securities of SAC Holding of any kind or
character, whether in cash, property or securities, upon any dissolution or
winding-up or total or partial liquidation or reorganization of SAC Holding,
whether voluntary or involuntary, or in bankruptcy, insolvency, receivership or
other proceedings or upon an assignment for the benefit of creditors or any
other marshalling of the assets and liabilities of SAC Holding, all Senior
Obligations shall first be Discharged before any direct or indirect payments or
distributions, including, without limitation, by exercise of set-off, of any
cash, property or securities on account of principal of or interest on the
Subordinated Restated Notes, and including also any such payment or distribution
that may be payable or deliverable by reason of the payment of any other
indebtedness of SAC Holding being subordinated to the payment of the
Subordinated Obligations, and to that end the holders of the Senior Obligations
shall be entitled to receive (pro rata on the basis of the respective

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amounts of the Senior Obligations held by them) directly, for application to the
payment thereof (to the extent necessary to Discharge all Senior Obligations in
full after giving effect to any substantially concurrent payment or distribution
to or provision for payment to the holders of the Senior Obligations), any
payment or distribution of any kind or character, whether in cash, property or
securities, to which the holders of the Subordinated Restated Notes would be
entitled but for this Section 4.

                  (b)      Payment of Interest on Subordinated Restated Notes;
Distributions to Shareholder of SAC Holding.

                           (i)      For so long as not prohibited by Section
4(c) below, SAC Holding may continue to make all payments of Interest (as
defined in the Subordinated Restated Notes) required under the Subordinated
Restated Notes; provided, however, that for so long as the Senior Obligations
remain outstanding and have not been paid in full or discharged, (A) SAC Holding
shall make no payments under the Subordinated Restated Notes of Capital Proceeds
Contingent Interest (as defined in the Subordinated Restated Notes) or of
amounts which constitute Redemption Event Proceeds and (B) SAC Holding shall
make no payments under the Amended and Restated Promissory Notes unless SAC
Holding has remitted sufficient funds to the SAC Notes Trustee to make the next
quarterly interest payment on the SAC Holding Senior Notes.

                           (ii)     For so long as not prohibited by Section
4(c) below, SAC Holding may continue to make dividends or distributions to its
shareholder to the extent permitted under Section 4.16 of the SAC Notes
Indenture; provided, however, that for so long as the Senior Obligations remain
outstanding and have not been paid in full or discharged, SAC Holding shall make
no dividend or distribution to its shareholder of any amounts which represent
Net Capital Proceeds (as defined in the Subordinated Restated Notes) or of
amounts which constitute Redemption Event Proceeds.

                  (c)      Default on SAC Holding Senior Notes. SAC Holding may
not make any direct or indirect payment to any holder of the Subordinated
Obligations, upon acceleration or otherwise, if at the time of such payment
there exists (i) a Default (as defined in the SAC Notes Indenture) in the
payment of any amount owed under the Senior Obligations which has not been cured
or waived in writing, (ii) an Event of Default (as defined in the SAC Notes
Indenture) which has not been cured or waived in writing, (iii) any other
Default under the Senior Obligations that an officer of SAC Holding becomes
aware of and has not been cured or waived in writing within five days of such
awareness, or (iv) the filing or commencement with a court of competent
jurisdiction of an involuntary case under any Bankruptcy Law (as defined in the
SAC Notes Indenture) for relief against SAC Holding, which has not been
dismissed.

         For so long as there exists any Default under the Senior Obligations,
any Net Cash Flow Before Debt Service received by SAC Holding shall be delivered
to the SAC Notes Trustee and applied to redeem the Senior Obligations pursuant
to Section 3.08 of the SAC Notes Indenture.

                  (d)      Obligations of the Holders of Subordinated
Obligations. In the event that, notwithstanding the foregoing provisions of
Section 4 prohibiting such payment or distribution,

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any holder of Subordinated Obligations shall have received any payment or
distribution of any kind or character, whether in cash, property or securities,
by set-off or otherwise, at a time when such payment is prohibited, then and in
such event, such payment or distribution shall be received and held in trust by
such holders apart from their other assets and paid over or delivered to the SAC
Notes Trustee, who will distribute such funds to holders of the SAC Holding
Senior Notes remaining unpaid to the extent necessary to pay in full in cash the
Senior Obligations in accordance with their terms.

                  (e)      Subrogation. Upon the Discharge of all SAC Holding
Senior Notes, the holders of the Subordinated Restated Notes shall be subrogated
to the rights of the SAC Holding Senior Notes to receive payments or
distributions made to the holders of, or otherwise applied to payment of, the
SAC Holding Senior Notes pursuant to the provisions of this Section 4 and to the
rights of the holders of SAC Holding Senior Notes to receive payments or
distributions of assets of SAC Holding made on the SAC Holding Senior Notes
pursuant to the SAC Notes Indenture until the Subordinated Restated Notes shall
be Discharged. For the purposes of such subrogation, no payments or
distributions to holders of SAC Holding Senior Notes of any cash, property or
securities to which holders of the Subordinated Restated Notes would be entitled
except for the provisions of this Section 4, and no payment over pursuant to the
provisions of this Section 4 to holders of SAC Holding Senior Notes by the
holders of the Subordinated Restated Notes, shall, as between SAC Holding, its
creditors other than holders of the SAC Holding Senior Notes and the holders of
the Subordinated Restated Notes, be deemed to be payment by SAC Holding to or on
account of the SAC Holding Senior Notes, it being understood that the provisions
of this Section 4 are solely for the purpose of defining the relative rights of
the holders of the SAC Holding Senior Notes, on the one hand, and the holders of
the Subordinated Restated Notes, on the other hand.

         If following the Discharge of the Senior Obligations, any payment or
distribution to which the holders of the Senior Obligations would otherwise have
been entitled but for the provisions of this Section 4 shall have been applied,
pursuant to the provisions of this Section 4, to the payment of the Senior
Obligations, then and in each such case, the holders of the Senior Obligations
shall pay over and deliver any payments or distributions received by such
holders of the Senior Obligations in excess of the amount sufficient to pay all
Senior Obligations in full to the holders of the Subordinated Obligations.

                  (f)      Obligations of Company Under Subordinated Restated
Notes Unconditional. Nothing contained in this Section 4 is intended to or shall
impair, as between SAC Holding and the holders of the Subordinated Restated
Notes, the obligations of SAC Holding, which are absolute and unconditional, to
pay to the holders of the Subordinated Restated Notes the principal of and
interest on the Subordinated Restated Notes as and when the same shall become
due and payable in accordance with their terms, or is intended to or shall
affect the relative rights of the holders of the Subordinated Restated Notes and
creditors of SAC Holding other than the holders of the Senior Obligations.

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                  (g)      Reinstatement. The provisions of this Section 4 shall
continue to be effective or be reinstated, and the Senior Obligations shall not
be deemed to be paid in full, as the case may be, if at any time any payment of
any of the Senior Obligations is rescinded or must otherwise be returned by the
holder thereof upon the insolvency, bankruptcy or reorganization of SAC Holding
or otherwise, all as though such payment had not been made.

                  (h)      Reliance by Holders of SAC Holding Senior Notes on
Subordination Provisions. The Parties acknowledge and agree that the foregoing
subordination provisions are, and are intended to be, an inducement and a
consideration to each current and future holder of any SAC Holding Senior Notes
to acquire and continue to hold, or to continue to hold, such SAC Holding Senior
Notes, and such holder of SAC Holding Senior Notes shall be deemed conclusively
to have relied on such subordination provisions in acquiring and continuing to
hold, or in continuing to hold, such SAC Holding Senior Notes.

                  (i)      Limitation on Remedies. For so long as the Senior
Obligations remain outstanding and have not been Discharged, the holders of the
Subordinated Obligations shall not be entitled to (i) initiate any proceeding
for liquidation, dissolution or winding-up of SAC Holding, or for receivership,
insolvency, bankruptcy, reorganization or other similar proceeding relative to
SAC Holding or its property, (ii) accelerate the maturity of the Subordinated
Obligations, or enforce any other rights or remedies relating thereto
(including, without limitation instituting suit to recover any Interest (as
defined in the Amended and Restated Promissory Note) not paid when due under the
Amended and Restated Notes), unless the holders of the SAC Holding Senior Notes
have first accelerated such Notes, or (iii) pay or prepay any principal of or
interest on the Amended and Restated Promissory Notes prior to the respective
dates provided for in the Amended and Restated Promissory Notes; provided,
however, that this Section 4(i) will not be interpreted by the Parties hereto as
prohibiting the holders of the Subordinated Obligations from enforcing their
rights and remedies under this Agreement.

                  (j)      Notice by SAC Holding. SAC Holding shall give prompt
written notice to the holders of the Subordinated Restated Notes of any fact
known to SAC Holding which would prohibit the making of any payment on or in
respect of the Subordinated Restated Notes, but failure to give such notice
shall not affect the subordination of the Subordinated Restated Notes to the SAC
Holding Senior Notes provided in this Section 4. Nothing contained in this
Section 4(j) shall limit the right of the holders of SAC Holding Senior Notes to
recover payments as contemplated by this Section 4.

                  (k)      Proof of Claims. If the holders of the Subordinated
Obligations shall have failed to file claims or proofs of claim with respect to
the Subordinated Obligations earlier than 30 days prior to the deadline for any
such filing, the holders of the Subordinated Obligations shall execute and
deliver to the SAC Notes Trustee such powers of attorney, assignments or other
instruments as the SAC Notes Trustee may reasonably request to file such claims
or proofs of claim.

                  (l)      No Waiver of Subordination Provisions. No right of
the SAC Notes Trustee or any holder of Senior Obligations to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of SAC

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Holding or by any act or failure to act, in good faith, by the SAC Notes Trustee
or any holder of Senior Obligations, or by any non-compliance by SAC Holding
with the terms, provisions and covenants of this Agreement, regardless of any
knowledge thereof the SAC Notes Trustee or any holder of Senior Obligations may
have or be otherwise charged with.

         Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Obligations may, at any time and from time to time,
without the consent of or notice to the holders of the Subordinated Obligations,
without incurring responsibility to the holders of the Subordinated Obligations
and without impairing or releasing the subordination provided in this Section 4,
do any one or more of the following: (a) change the time, manner or place of
payment of Senior Obligations, or otherwise modify or supplement in any respect
any of the provisions of the SAC Note Indenture or any other instrument
evidencing or relating to any of the Senior Obligations; (b) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing Senior Obligations, (c) release any Person liable in any manner for the
collection of Senior Obligations; and (d) exercise or refrain from exercising
any rights against the SAC Holding and any other Person.

         5.       Payment of Expenses. In consideration of SAC Holding becoming
proponents of the Plan, entering into this Agreement and issuing the SAC Holding
Senior Notes, AMERCO shall:

                  (a)      reimburse to, or pay on behalf of, SAC Holding,
reasonable attorneys' fees incurred by SAC Holding in connection with the
preparation, negotiation and implementation of this Agreement, not to exceed
$500,000;

                  (b)      reimburse to, or pay on behalf of, SAC Holding, any
and all reasonable, direct out of pocket expenses (including reasonable
attorneys' and accountants fees and trustee's fees, but excluding the payment of
principal, premium, if any, and interest in respect of the SAC Holding Senior
Notes and any other amount payable by SAC Holding pursuant to the terms of the
SAC Note Indenture) incurred by SAC Holding in connection with its reporting or
other compliance obligations under the SAC Notes Indenture or this Agreement;
provided, however, that AMERCO shall not be obligated to reimburse or pay any
such expenses over and above an aggregate amount of $1 million for any
twelve-month period; and

                  (c)      enter into the Agreement to Indemnify.

         6.       No Amendment of Subordinated Notes. SAC Holding will not
amend, nor agree to amend, the provisions of Section 2 of the Subordinated
Restated Notes.

         7.       Shareholder Consent. On or before the Effective Date, SAC
Holding shall deliver or cause to be delivered to the other Parties hereto the
SAC Shareholder Consent attached hereto as Exhibit "C," duly executed by the
sole shareholder of SAC Holding.

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         8.       (a)      Delivery of AMERCO Reports. AMERCO agrees to timely
provide to SAC Holding all financial statements, reports and other information
of AMERCO required to be provided by SAC Holding to the SAC Notes Trustee
pursuant to Section 4.03 of the SAC Notes Indenture, including any inclusion of,
or reference to, such financial statements, reports and information as provided
in Section 4.03(b)(i), 4.03(b)(ii) or 4.03(b)(iii) in the SAC Notes Indenture.

         (b)      Separate Presentation. AMERCO agrees that so long as
SAC Holding is part of a consolidated group with AMERCO, to enable SAC Holding
to meet its obligations under Section 4.14(b)(v) of the SAC Notes Indenture,
AMERCO will comply with the applicable provisions of Section 4.14(b)(v) of the
SAC Notes Indenture.

         9.       Conditions. The obligations of the Parties hereunder are
conditioned upon the satisfaction or waiver of the following conditions:

                  (a)      Confirmation. The Bankruptcy Court shall have entered
an order (the "Confirmation Order") confirming the First Amended Plan on
substantially the same terms as presently contained therein, subject to
modification as provided in the Amended PSA and Amended Term Sheet;

                  (b)      Approval of Agreement. The Confirmation Order shall
contain an express approval by the Bankruptcy Court of this Agreement, supported
by findings of fact and conclusions of law consistent, in all material respects,
with the following:

                           (i)      that SAC Holding is solvent as the date of
the issuance of the SAC Holding Senior Notes and will not be rendered insolvent
as a result of the issuance of the SAC Holding Senior Notes;

                           (ii)     that SAC Holding has received, as part of
the transactions contemplated by this Agreement, reasonably equivalent value in
exchange for the issuance of the SAC Holding Senior Notes;

                           (iii)    that SAC Holding has acted in good faith and
has entered into this Agreement without any actual intent to hinder, delay, or
defraud its creditors;

                           (iv)     that, for purposes of Section 1145(a) for
the Bankruptcy Code only, SAC Holding is an affiliate of the Debtors; and

                           (v)      that the issuance of the SAC Holding Senior
Notes by SAC Holding is exempt from registration under section 5 of the
Securities Act of 1933 and any state

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or local law requiring registration for the offer or issuance of the SAC Holding
Senior Notes pursuant to Section 1145(a) of the Bankruptcy Code.

                  (c)      Effective Date. The Effective Date shall have
occurred on or before March 31, 2004.

         10.      Representations and Warranties. Each of the Parties represents
and warrants to each of the other Parties that the following statements are
true, correct and complete as of the date hereof:

                  (a)      It has all requisite power and authority to enter
into this Agreement and to carry out the transactions contemplated by, and
perform its respective obligations under, this Agreement.

                  (b)      The execution and delivery of this Agreement and the
performance of its obligations hereunder have been duly authorized by all
necessary action on its part; and the execution, delivery and performance of
this Agreement do not require the approval or consent of any shareholder or
other owner or the holder or trustee of any debt or other of its obligations
which has not been obtained.

                  (c)      This Agreement constitutes the valid and binding
obligation of it, enforceable against it in accordance with the terms hereof.

                  (d)      The execution, delivery and performance by it of this
Agreement do not and shall not (i) violate any provision of law, rule or
regulation applicable to it or any of its subsidiaries or its certificate of
incorporation or by-laws or those of any of its subsidiaries or (ii) conflict
with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any material contractual obligation to which it or any of
its subsidiaries is a party or under its certificate of incorporation or by-laws
or other organizational documents.

                  (e)      The execution, delivery and performance by it of this
Agreement do not and shall not require any registration or filing with, consent
or approval of, or notice to, or other action to, with or by, any Federal, state
or other governmental authority or regulatory body.

                  (f)      SAC Holding represents and warrants that the findings
of fact listed in Section 9(b) hereof are true and correct as of the date of
this Agreement.

         11.      Effectiveness; Amendments. This Agreement shall be effective
and binding immediately upon execution by all Parties hereto. This Agreement may
not be amended except by a writing executed by all Parties hereto. This
Agreement shall survive the Effective Date and

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remain in effect for so long as the SAC Holding Senior Notes remain outstanding
and not discharged in accordance with the terms of the SAC Notes Indenture.

         12.      Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York, without
regard to any conflicts of law provision that would require the application of
the law of any other jurisdiction.

         13.      Specific Performance. The Parties hereto acknowledge that the
damages resulting to a Party by reason of the breach of this Agreement by any
other Party would be extremely difficult to ascertain, that the non-breaching
party would suffer irreparable damage as a result of such breach, and that the
non-breaching Party would have no adequate remedy at law for such breach.
Accordingly, a non-breaching Party shall have the right to injunctive relief to
require specific performance of this Agreement by any breaching Party.

         14.      Notices. All notices and consents hereunder shall be in
writing and shall be deemed to have been duly given upon receipt if personally
delivered by courier service, messenger, telecopy, or by certified or registered
mail, postage prepaid return receipt requested, to the following addresses, or
such other addresses as may be furnished hereafter by notice in writing, to the
following parties:

         If to AMERCO:

         AMERCO
         1325 Airmotive Way, Suite 100
         Reno, NV 89502-3239
         Facsimile No.: (775) 688-6338
         Attn: Secretary

         with a copy to:

         Squire, Sanders & Dempsey L.L.P.
         Two Renaissance Square
         40 North Central Avenue, Suite 2700
         Facsimile No.: (602) 253-8129
         Attn: Christopher D. Johnson

         If to SAC Holding:

         SAC Holding Corporation
         SAC Holding II Corporation
         715 South Country Club Drive
         Mesa, Arizona 85210
         Facsimile No.: (480) 835-5478
         Attn: President

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         With a copy to:

         Torys LLP
         237 Park Avenue
         New York, New York 10017
         Facsimile No.: (212) 682-0200
         Attn: Miroslav M. Fajt

         If to the SAC Notes Trustee:

         Law Debenture Trust Company of New York
         767 Third Avenue, 31st Floor
         New York, NY 10017, (212) 750-7464
         Attn:

         15.      Representation by Counsel. Each Party acknowledges that it has
been represented by counsel in connection with this Agreement and the
transactions contemplated by this Agreement. Accordingly, any rule of law or any
legal decision that would provide any Party with a defense to the enforcement of
the terms of this Agreement against such Party based upon lack of legal counsel
shall have no application and is expressly waived.

         16.      Headings. The headings of the paragraphs and subparagraphs of
this Agreement are inserted for convenience only and shall not affect the
interpretation hereof.

         17.      Successors and Assigns. This Agreement is intended to bind and
inure to the benefit of the Parties and their respective permitted successors,
assigns, heirs, executors, administrators and representatives.

         18.      Several, Not Joint, Obligations. The agreements,
representations and obligations of the Parties under this Agreement are, in all
respects, several and not joint.

         19.      Prior Negotiations. This Agreement supersedes all prior
negotiations with respect to the subject matter hereof. To the extent any prior
negotiations, including the Amended PSA, are inconsistent with this Agreement or
the SAC Notes Indenture, the terms of this Agreement and the SAC Notes Indenture
will control.

         20.      Counterparts. This Agreement (and any modifications,
amendments, supplements or waivers in respect hereof) may be executed in one or
more counterparts by manual or facsimile signature, each of which shall be
deemed an original and all of which shall constitute one and the same Agreement.

                                       12

<PAGE>

         21.      Third-Party Beneficiaries. This Agreement shall be solely for
the benefit of the Parties and holders of the SAC Holding Senior Notes, and no
other person or entity shall be a third party beneficiary hereof.

                            [Signature Pages Follow]

                                       13

<PAGE>

         IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be
executed and delivered by its duly authorized officer as of the date first above
written.

                                       AMERCO, a Nevada corporation

                                       By: /s/ Gary V. Klinefelter
                                           -------------------------------------
                                           Gary V. Klinefelter
                                           Its Secretary

                                       SAC HOLDING CORPORATION, a Nevada
                                       corporation

                                       By: /s/ Mark V. Shoen
                                           -------------------------------------
                                           Mark V. Shoen
                                           Its President

                                       SAC HOLDING II CORPORATION,
                                       a Nevada corporation

                                       By: /s/ Mark V. Shoen
                                           -------------------------------------
                                           Mark V. Shoen
                                           Its President

                                       U-HAUL INTERNATIONAL, INC., a Nevada
                                       corporation

                                       By: /s/ Gary V. Klinefelter
                                           -------------------------------------
                                           Gary V Klinefelter
                                           Its  Secretary

                                       LAW DEBENTURE TRUST COMPANY OF NEW YORK,
                                       as Trustee for the Benefit of the
                                       Holders of the SAC Holding Senior Notes

                                       By: [ILLEGIBLE]
                                           -------------------------------------
                                             Its Authorized Officer

<PAGE>

                                Schedule 3(a)(i)

Promissory Note dated as of February 1, 1998 by SAC Holding Corporation to the
order of Nationwide Commercial Co. in the original principal amount of $100,000,
as amended (relating to real property owned by SAC Holding Corporation)

Promissory Note dated as of August 1, 2001 by SAC Holding Corporation to the
order of Nationwide Commercial Co. in the original principal amount of $110,000
(relating to real property owned by SAC Holding Corporation).

Promissory Note dated as of August 1, 2001 by SAC Holding Corporation to the
order of Nationwide Commercial Co. in the original principal amount of $430,000
(relating to real property owned by SAC Holding Corporation).

Promissory Note dated as of February 1, 1998 by SAC Holding Corporation to the
order of Nationwide Commercial Co. in the original principal amount of $400,000
(relating to real property owned by SAC Holding Corporation).

Promissory Note dated as of February 27, 1997 by SAC Holding Corporation to the
order of Nationwide Commercial Co. in the original principal amount of $14, 271,
115.19 and subsequently increased to $17,000,000, as amended (relating to the
real property owned by Three SAC Self-Storage Corporation).

Restated Consolidated Promissory Note dated as of June 30, 2003 by SAC Holding
Corporation to the order of Nationwide Commercial Co. in the original principal
amount of $3,103,687.15 (relating to the property owned by Four SAC Self-Storage
Corporation).

Promissory Note dated as of May 7, 1999 by SAC Holding Corporation to the order
of Nationwide Commercial Co. in the original principal amount of $50,000,000, as
amended (relating to real property owned by Six SAC Self-Storage Corporation,
Eight SAC Self-Storage Corporation, Nine SAC Self-Storage Corporation, Ten SAC
Self-Storage Corporation and Eleven SAC Self-Storage Corporation).

Promissory Note dated as of May 7, 1999 by SAC Holding Corporation to the order
of U-Haul International, Inc. in the original principal amount of $30,000,000,
as amended (relating to real property owned by Six SAC Self-Storage Corporation,
Eight SAC Self-Storage Corporation, Nine SAC Self-Storage Corporation, Ten SAC
Self-Storage Corporation and Eleven SAC Self-Storage Corporation).

Promissory Note dated as of August 20, 2000 by SAC Holding Corporation to the
order of U-Haul International, Inc. in the original principal amount of
$5,000,000, as amended (relating to the real property owned in fee by CST
Nominee, Inc. and beneficially by Securespace Limited Partnership).

Promissory Note dated as of March 22, 2001 by SAC Holding Corporation to the
order of Nationwide Commercial Co. in the original principal amount of
$30,000,000, as amended

                                       15

<PAGE>

(relating to the real property owned by Twelve SAC Self-Storage Corporation and
Thirteen SAC Self-Storage Corporation).

Promissory Note dated as of June 8, 2001 by SAC Holding Corporation to the order
of Nationwide Commercial Co. in the original principal amount of $25,000,000, as
amended (relating to the real property owned by Fourteen SAC Self-Storage
Corporation and Seventeen SAC Self-Storage corporation).

Promissory Note dated as of January 29, 2001 by SAC Holding Corporation to the
order of U-Haul International, Inc. in the original principal amount of
$10,500,000, as amended (relating to the real property owned by Fifteen SAC
Self-Storage Corporation and Sixteen SAC Self-Storage corporation).

Promissory Note dated as of June 30, 2003 by SAC Holding Corporation to the
order of Nationwide Commercial Co. in the original principal amount of
$58,000,000 (relating to the real property owned by Nineteen SAC SAC
Self-Storage Limited Partnership).

                                       16

<PAGE>

                                Schedule 3(a)(ii)

Restated Consolidated Promissory Note dated as of June 30, 2003 by SAC Holding
Corporation to the order of Nationwide Commercial Co. in the original principal
amount of $80,000,000 (relating to the property owned by Five SAC Self-Storage
Corporation)

         This Note shall be amended and restated in the form of the Fixed Rate
Note set forth on Exhibit B-l of the SAC Participation and Subordination
Agreement, and shall be issued to U-Haul International, Inc. and reduced to the
restated principal amount of up to $58,000,000.

                                       17

<PAGE>

                               Schedule 3(a)(iii)

Promissory Note dated as of December 20, 2001 by SAC Holding Corporation to the
order of U-Haul International, Inc. in the original principal amount of
$21,000,000 (relating to the real property owned by Eighteen SAC Self-Storage
Corporation)

Promissory Note dated as of January 11, 2002 by SAC Holding Corporation to the
order of U-Haul International, Inc. in the original principal amount of
$47,500,000 (relating to the real property owned by Twenty SAC Self-Storage
Corporation, Twenty-One SAC Self-Storage Corporation, Twenty-Two SAC
Self-Storage Corporation and Twenty-Three SAC Self-Storage Corporation)

Promissory Note dated as of March 7, 2002 by SAC Financial Corporation to the
order of U-Haul International, Inc. in the original principal amount of
$152,305,252 (relating to the real property owned by Twenty-Four SAC
Self-Storage Limited Partnership, Twenty-Five SAC Self-Storage Limited
Partnership, Twenty-Six SAC Self-Storage Limited Partnership and Twenty-Seven
SAC Self-Storage Limited Partnership) and shall be reduced to the restated
principal amount of up to $76,000,000.

                                       18

<PAGE>

                                   EXHIBIT "A"

                               SAC NOTES INDENTURE

                                       19

<PAGE>

                                  EXHIBIT "B-1"

                             FORM OF FIXED RATE NOTE

                                       20

<PAGE>

                                 PROMISSORY NOTE

Up to $58,000,000.00                                            Phoenix, Arizona
                                                                   March 1, 2004

         FOR VALUE RECEIVED, SAC Holding Corporation, a Nevada corporation
("Maker"), promises to pay to the order of U-Haul International, Inc., a Nevada
corporation ("Payee"), in lawful money of the United States, the principal sum
of up to Fifty-Eight Million and no/100ths Dollars ($58,000,000.00), together
with interest at the times and at the rates specified in this Note.

         1.       Interest. From the date hereof through and including the
Maturity Date (as hereinafter defined), interest ("Basic Interest") shall accrue
on the principal balance of this Note outstanding from time to time at the rate
of nine percent (9%) per annum ("Accrual Rate"). Notwithstanding the foregoing,
on the fifteenth calendar day of each month commencing on March 15, 2004 and
through the Maturity Date (as hereinafter defined), Maker shall pay to Payee
interest on the unpaid principal balance of this Note from time to time at the
rate of 2% per annum ("Pay Rate Interest"). The remainder of the Basic Interest
("Deferred Interest") shall be deferred and shall bear interest at the Accrual
Rate. At the election of Payee, Deferred Interest shall accrue either in cash or
in Additional Notes (as hereinafter defined). Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest. Interest shall
be calculated on the basis of a 360- day year and the actual number of days
elapsed.

         2.       Payments. Pay Rate Interest shall be paid on the fifteenth
calendar day of each month, until such time as the notes (the "Senior Notes")
under the Indenture with respect to 8.5% Senior Notes Due 2014 of SAC Holding
Corporation and SAC Holding II Corporation shall have been paid or satisfied in
full. Upon the full repayment or satisfaction of the Senior Notes, payments
hereunder shall continue to be made on the fifteenth calendar day of each month
but shall consist of principal and Pay Rate Interest, and such principal
payments shall be on the basis of a twenty-five year amortization. This Note
shall mature on the last day of the month that is the ten (10) year anniversary
of the full repayment or satisfaction of the Senior Notes (the "Maturity Date").
On the Maturity Date, all outstanding principal and interest (including Deferred
Interest) shall be due and payable.

         3.       Prepayment. This Note may be prepaid in whole or in part,
without penalty or premium.

         4.       Default Interest. During the existence of a Default (as
hereinafter defined), interest will accrue on the entire loan balance at the
rate of fifteen percent (15%) per annum commencing on the date the payment was
due and continuing until the delinquent payment is received by the Payee.

         5.       Default and Remedies.

<PAGE>

         a.       Default. The Maker will be in default under this Note if the
Maker fails, following the full repayment or satisfaction of the Senior Notes,
to make a payment of principal, interest, or other charge when due, which
failure to pay is not cured within five (5) business days after the due date
therefor.

         b.       Remedies. Upon a default as described in subparagraph 5.a
("Default"), Payee shall have the right to immediately accelerate the
obligations under this Note and all sums owing with respect to this Note will
immediately become due and payable.

6.       Unsecured. This Note and the obligations hereunder are unsecured.

7.       Waivers. The Maker, and any endorsers or guarantors of this Note,
severally waive diligence, presentment, protest, demand and all rights of offset
and also notice of protest, demand, dishonor, acceleration, intent to
accelerate, offset and nonpayment of this Note, and expressly agree that this
Note, or any payment under this Note, may be extended from time to time in the
Payee's sole discretion without notice, and consent to the acceptance of further
security or the release of any security for this Note, all without in any way
affecting the liability of the Maker and any endorsers or guarantors of this
Note. No extension of time for the payment of this Note, or any installment
hereof, made by agreement by the Payee with any person now or hereafter liable
for the payment of this Note, will affect the original liability of the Maker
under this Note, even if that person is not a party to such agreement. The Payee
may waive its rights to require performance of or compliance with any term,
covenant or condition of this Note only by express written waiver.

8.       Additional Note. At the request of Payee, Maker shall deliver to Payee
additional promissory notes (the "Additional Note") to evidence Maker's
indebtedness hereunder pursuant to the Deferred Interest. In such event, such
Deferred Interest shall be evidenced by such Additional Note and not pursuant to
the terms of this Note. Any such Additional Note shall contain economic terms
akin to those set forth herein.

9.       Maximum Legal Rate of Interest. All agreements between the Payee and
the Maker whether now existing or hereafter arising, are hereby limited so that
in no event will the interest charged under this Note or agreed to be paid to
the Payee exceed the maximum amount permissible under applicable law. If
interest otherwise payable to the Payee would exceed the maximum lawful amount,
the interest payable will be reduced to the maximum amount permitted under
applicable law.

11.      Miscellaneous.

         a.       Costs. The Maker will pay all costs, including, without
limitation, reasonable attorneys' fees, costs and expert fees incurred by the
Payee in collecting the sums due under this Note.

         b.       Modification. This Note may be modified only by a written
agreement executed by the person against whom the change, modification or waiver
is to be enforced.

                                       2

<PAGE>

         c.       Law. This Note will be governed by Arizona law, without regard
to the choice of law principles thereof.

         d.       Successors. The terms of this Note will inure to the benefit
of and bind the Maker and the Payee and its heirs, legal representatives and
successors and assigns.

         e.       Time. Time is of the essence with respect to all matters set
forth in this Note.

         f.       Destroyed Note. If this Note is destroyed, lost or stolen, the
Maker will deliver a new Note to the Payee on the same terms and conditions as
this Note with a notation of the unpaid principal and accrued and unpaid
interest in substitution of the prior Note. The Payee will furnish to the Maker
reasonable evidence that the Note was destroyed, lost or stolen and any security
or indemnity that may be reasonably required by the Maker in connection with the
replacement of this Note.

         IN WITNESS WHEREOF, the Maker has duly executed and delivered this Note
to the Payee as of the date and year first above written.

                                     Maker:

                                     SAC Holding Corporation, a Nevada
                                     corporation

                                     By:_______________________________________
                                         President

                                       3

<PAGE>

                                  EXHIBIT "B-2"
                       FORM OF SUBORDINATED RESTATED NOTES

                                       21

<PAGE>

 THIS INSTRUMENT IS SUBJECT TO THAT CERTAIN SAC PARTICIPATION AND SUBORDINATION
AGREEMENT (THE "PSA") DATED AS OF MARCH 15, 2004 AMONG SAC HOLDING CORPORATION,
    SAC HOLDING II CORPORATION (COLLECTIVELY, "SAC HOLDING"), AMERCO, U-HAUL
   INTERNATIONAL, INC., AND LAW DEBENTURE TRUST COMPANY OF NEW YORK, INC., AS
 TRUSTEE UNDER THAT CERTAIN INDENTURE WITH RESPECT TO THE 8.5% SENIOR NOTES DUE
                              2014 OF SAC HOLDING

                      AMENDED AND RESTATED PROMISSORY NOTE

Maximum principal amount of up to                      Dated as of March 1, 2004
$21,000,000.00

         FOR VALUE RECEIVED, the undersigned SAC Holding Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
U-Haul International, Inc. a Nevada corporation, ("Payee"), at the principal
office of the Payee at 2721 North Central Avenue, Phoenix, Arizona 85004 or at
such other place or places as Payee may from time to time designate in writing,
the principal sum of up to Twenty-One Million and no/100th Dollars
($21,000,000.00), or, if less, the aggregate unpaid principal amount of the Loan
made by Payee to Maker, with Interest on the principal balance outstanding from
time to time, all as hereinafter set forth.

         1.       Definitions. As used in this Note, each of the following terms
shall have the following meanings, respectively:

                  "Accrual Rate": shall mean the annual interest rate of nine
percent (9%).

                  "Additional Interest": shall mean and include both Cash Flow
Contingent Interest and Capital Proceeds Contingent Interest.

                  "Basic Interest": shall have the meaning given it in Section
2(a) below.

                  "Capital Proceeds Contingent Interest": shall have the meaning
given it in Section 2(h)(i) below.

                  "Cash Flow Contingent Interest": shall have the meaning given
it in Section 2(e) below.

                  "Catch-Up Payment": shall have the meaning given it in Section
2(d).

                  "Deferred Interest": shall have the meaning given it in
Section 2(a).

                  "GAAP": shall mean generally accepted accounting principles as
used and understood in the United States of America from time to time.

                  "Gross Receipts": shall mean, for any period all gross
receipts, revenues and income of any and every kind collected or received by or
for the benefit or account of Maker and the Property Owner during such period
arising from the ownership, rental, use, occupancy or

SACH (18)

                                       1

<PAGE>

operation of the Real Property. Gross Receipts shall include, without
limitation, all receipts from all tenants, licensees, customers and other
occupants and users of the Real Property, including, without limitation, rents,
security deposits and the like, interest earned and paid or credited on all
Maker's or the Property Owner's deposit accounts related to the Real Property,
all proceeds of rent or business interruption insurance, and the proceeds of all
casualty insurance and eminent domain awards to the extent not applied, or
reserved and applied within six (6) months after the creation of such reserve,
to the restoration of the Real Property. Gross Receipts shall include the dealer
commission payable from U-Haul International, Inc. (or affiliate thereof) to
Maker (or affiliate thereof) for the rental of U-Haul equipment at the Real
Property; provided however that such dealer commissions payable shall not be
included in Gross Receipts until the 15th day of the month following the month
in which such rental occurred, all in accordance with the customary procedure
for the payment of dealer commissions. Gross Receipts shall not include any
capital contributed to Maker or proceeds from any loan made to Maker or proceeds
from the sale of any Real Property. Any receipt included within Gross Receipts
in one period shall not be included within Gross Receipts for any other period
(i.e., no item of revenue or receipts shall be counted twice).

                  "Highest Lawful Rate": shall mean the maximum rate of interest
which the Payee is allowed to contract for, charge, take, reserve, or receive
under applicable law after taking into account, to the extent required by
applicable law, any and all relevant payments or charges hereunder.

                  "Interest": shall mean Basic Interest and Additional Interest.

                  "Loan": shall mean the unsecured loan in the amount of up to
$21,000,000.00 made by Payee to Maker and evidenced by this Note, or up to such
amount as may have been advanced by Payee to Maker from time to time.

                  "Management Fee": shall mean the fee paid to the Property
Manager pursuant to the Property Management Agreement.

                  "Maturity Date": shall mean the first to occur of: (i) the
Stated Maturity Date; (ii) the date on which the unpaid principal balance of,
and unpaid Interest on, this Note shall become due and payable on account of
acceleration by Payee and (iii) the date on which a Triggering Event occurs.

                  "Net Capital Proceeds": shall have the meaning given it in
Section 2(h)(iv) below.

                  "Net Cash Flow": shall mean, for any period, the amount by
which the Gross Receipts for such period exceed the sum of Interest paid during
such period and Operating Expenses paid for and with respect to such period; but
Net Cash Flow for any period shall not be less than zero.

                  "Net Cash Flow Before Debt Service": shall mean, for any
period, the amount by which the Gross Receipts for such period exceed the
Operating Expenses for and with respect to such period.

SACH (18)

                                        2

<PAGE>

                  "Note": shall mean this Amended and Restated Promissory Note
as it may be amended, modified, extended or restated from time to time, together
with all substitutions and replacements therefor.

                  "Operating Expenses": shall mean, for any period, all cash
expenditures of Maker and the Property Owner actually paid (and properly
payable) during such period for (i) real and personal property taxes on the Real
Property; (ii) principal and interest on the secured Real Property debt; (iii)
premiums for liability, property and other insurance on the Real Property; (iv)
the Management Fee; (v) sales and rental taxes relating to the Real Property;
and (vi) normal, reasonable and customary operating expenses of the Real
Property. In no event shall Operating Expenses include amounts distributed to
the partners or shareholder's of Maker or the Property Owner, any payments made
on the Loan or any other loan obtained by Maker, amounts paid out of any funded
reserve expressly approved by Payee, if any, non-cash expenses such as
depreciation, or any cost or expense related to the restoration of the Property
in the event of a casualty or eminent domain taking paid for from the proceeds
of insurance or an eminent domain award or any reserve funded by insurance
proceeds or eminent domain awards.

                  "Pay Rate": shall mean a rate per annum equal of two percent
(2.0%).

                  "Pay Rate Interest": shall mean the interest on the unpaid
principal balance of this Note from time to time outstanding at the Pay Rate.

                  "Person": shall mean any corporation, natural person, firm,
joint venture, general partnership, limited partnership, limited liability
company, trust, unincorporated organization, government or any department or
agency of any government.

                  "Property Manager": shall have the meaning given it in Section
6(f) below.

                  "Property Management Agreement": shall have the meaning given
such term in Section 6(f) below.

                  "Property Owner" means Eighteen SAC Self-Storage Corporation,
a Nevada corporation.

                  "Real Property" means the real property owned by Property
Owner from time to time.

                  "SAC Holding Senior Notes": shall mean the 8.5% Senior Notes
due 2014 of SAC Holding Corporation and SAC Holding II Corporation.

                  "SAC Notes Indenture": shall mean that certain Indenture with
respect to the SAC Holding Senior Notes.

                  "Sale": shall mean any direct or indirect sale, assignment,
transfer, conveyance,

SACH (18)

                                        3

<PAGE>

lease or disposition of any kind whatsoever of (i) the Real Property or any
portion thereof (excluding leases and licenses in the ordinary course of
business, the granting of easements, servitudes, rights-of-way, dedications and
like interests in the ordinary course of business and conveyances pursuant to
condemnations or eminent domain) or (ii) 25% or more (in the aggregate of all
such sales, assignments, transfers, conveyances or dispositions made at any time
or from time to time, taken together) of the equity interests in Property Owner.

                  "Stated Maturity Date": shall mean the earlier of (i) January
1, 2022 and (ii) from and after April 1, 2014, on demand by Payee.

                  "Triggering Event": shall have the meaning given it in Section
2(h)(ii) below.

                  2. Interest.

                  (a) Basic Merest Rate Prior to Maturity. From the date hereof
through and including the Maturity Date, interest ("Basic Interest") shall
accrue on the principal balance of this Note outstanding from time to time at
the Accrual Rate. Notwithstanding the foregoing, on the first business day of
each month commencing on March 1, 2004 and through the Maturity Date, Maker
shall pay to Payee Pay Rate Interest on the unpaid principal balance of this
Note. The remainder of the Basic Interest ("Deferred Interest") shall be
deferred and shall bear interest at the Accrual Rate, and shall be payable as
and at the time provided in Section 2(d) below. Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest.

                  All interest hereunder shall be payable monthly in arrears, on
the first business day of each month.

                  (b) Post-Maturity Basic Interest. From and after the Maturity
Date, Basic Interest shall accrue and be payable on the outstanding principal
balance hereof until paid in full at an annual rate equal to fifteen percent
(15%) and such interest shall be payable upon demand.

                  (c) Computations. All computations of interest and fees
payable hereunder shall be based upon a year of 360 days for the actual number
of days elapsed.

                  (d) Deferred Interest. Deferred Interest shall be paid as
follows:

                           (i) On each monthly date for the payment of Basic
Interest, Maker shall pay an amount, if any (the "Catch-Up Payment"), equal to
the lesser of (i) the aggregate outstanding Deferred Interest on the last day of
the month for which such payment is being made and (ii) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period;

                           (ii) All unpaid Deferred Interest shall be paid on
the Maturity Date; and

                           (iii) No payment of Deferred Interest may, when added
to all other payments of Interest or payments construed as interest, shall
exceed the Highest Lawful Rate.

SACH (18)

                                        4

<PAGE>

                  (e) Cash Flow Contingent Interest. In addition to Basic
Interest and Deferred Interest, on each date on which Basic Interest is payable
hereunder, Maker shall pay to Payee interest ("Cash Flow Contingent Interest")
in an amount equal to the amount (if any) by which (i) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period (each calculated
as of that date) exceeds (ii) the Catch-Up Payment paid on that date by Maker to
Payee.

                  (f) Statements: Adjustment of Payments. Within thirty (30)
days following the due date for each payment of Basic Interest, Maker shall,
upon the request of Payee, deliver to Payee a statement of operations of the
Real Property for the month or other period with respect to which such Basic
Interest is due, showing in reasonable detail and in a format approved by Payee
the respective amounts of, and the method of calculating Gross Receipts,
Operating Expenses, Net Cash Flow, Catch-Up Payment and Cash Flow Contingent
Interest for the preceding month, as well as (if requested by Payee) all data
reasonably necessary for the calculation of any such amounts. Maker shall keep
and maintain at all times full and accurate books of account and records
adequate to correctly reflect all such amounts. Such books and records shall be
available for at least five years after the end of the month to which they
relate. Payee shall have the right to inspect, copy and audit such books of
account and records during reasonable business hours, and upon prior reasonable
notice to Maker, for the purpose of verifying the accuracy of any payments made
on account of any interest payments made hereunder. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by Maker as being payable with respect
thereto.

                  (g) Prorations of Cash Flow Contingent Interest. All interest
shall be equitably prorated on the basis of a 360-day year for any partial month
in which the term of the Loan commences or in which the Note is paid in full.

                  (h) Capital Proceeds Contingent Interest.

                           (i) Capital Proceeds Contingent Interest Defined.
Subject to Section 2(i) hereof, Maker shall pay to Payee, in addition to Pay
Rate Interest, Deferred Interest and Cash Flow Contingent Interest, at the time
or times and in the manner hereinafter described, an amount equal to ninety
percent (90%) of the Net Capital Proceeds resulting from, or determined at the
time of, any of the Triggering Events described below (collectively, "Capital
Proceeds Contingent Interest").

                           (ii) Events Triggering Payment of Net Capital
Proceeds. Subject to Section 2(i) hereof, Capital Proceeds Contingent Interest
shall be due and payable concurrently with the occurrence of each and every one
of the following events (collectively "Triggering Events", and individually, a
"Triggering Event"):

                                    (A) Property Sale or Financing The closing
of any Sale or refinancing of the Real Property (any such event is hereinafter
collectively referred to as a "Sale or

SACH (18)

                                       5

<PAGE>

Financing");

                                    (B) Default Occurrence. The occurrence of
any Event of Default and the acceleration of the maturity of the Loan on account
thereof (hereinafter collectively referred to as a "Default Occurrence"); and

                                    (C) Maturity Occurrence. The occurrence of
the Maturity Date (the "Maturity Occurrence").

                           (iii) Notice of Triggering Event: Time for Payment of
Capital Proceeds Contingent Interest. Maker shall notify Payee of the occurrence
of a Triggering Event, and shall pay Payee the full amount of any applicable
Capital Proceeds Contingent Interest which is payable in connection therewith,
as follows:

                                    (A) In the case of any Sale or Financing or
the Maturity Occurrence, Maker shall give Payee written notice of any such
Triggering Event not less than forty-five (45) days before the date such
Triggering Event is to occur. Any Capital Proceeds Contingent Interest due Payee
on account of any Sale or Financing or the Maturity Occurrence shall be due and
payable to Payee within ninety (90) days of the date on which such Triggering
Event occurs.

                                    (B) In the case of a Default Occurrence, no
notice of such a Triggering Event need be given by Maker. In such event, payment
of any and all Capital Proceeds Contingent Interest on account of the Default
Occurrence shall be immediately due and payable upon acceleration of the
maturity of the Loan.

                           (iv) Determination of Net Capital Proceeds. Net
Capital Proceeds resulting from a Triggering Event shall be determined as
follows:

                                    (A) Net Capital Proceeds From Sale or
Financing. Except as provided in Section 2(h)(iv)(B) below, in the event of a
Sale or Financing, "Net Capital Proceeds" shall be the amount which is equal to:
(i) the Gross Capital Proceeds (as hereinafter defined) realized from the Real
Property minus (ii) the sum of: (aa) reasonable brokerage commissions (excluding
any payments to any affiliate of Maker to the extent such payments exceed those
which would have been due as commissions to a non-affiliate broker rendering
identical services), title insurance premiums, documentary transfer or stamp
taxes, mortgage taxes, environmental report fees, escrow fees and recording
charges, appraisal fees, reasonable attorneys' fees and costs, and sales taxes,
in each case actually paid or payable by Maker (or Property Owner) in connection
with the Sale or Financing, (bb) all payments of principal, Basic Interest and
Cash Flow Contingent Interest payable to Payee on account of this Note from the
proceeds of such Sale or Financing, and (cc) an amount equal to all payments of
principal, interest and yield maintenance and/or defeasance fees and expenses
due and payable on any senior loans, if any (including, without limitation the
SAC Holding Senior Notes), made from the proceeds of such Sale or Financing. For
purposes of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
proceeds of whatever form or nature payable directly or indirectly to or for the
benefit or account of Maker in connection with such Sale or Financing,
including, without limitation: cash, the outstanding balance of any

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financing which will remain as a lien or encumbrance against the Real Property
or any portion thereof following such Sale or Financing (but only in the case of
a Sale, and not in the case of an encumbrance), and the cash equivalent of the
fair market value of any non-cash consideration, including the present value of
any promissory note received as part of the proceeds of such Sale or Financing
(valued at a market rate of interest).

                                   (B) Net Capital Proceeds In Connection With a
Default or Maturity Occurrence. In the event of a Default Occurrence or the
Maturity Occurrence when no Sale or Financing has occurred, the "Net Capital
Proceeds" shall equal: (i) the fair market value of the Real Property determined
as of the date of such Triggering Event in accordance with Section 2(h)(v)
below, minus (ii) the sum of (aa) the outstanding principal balance, together
with accrued but unpaid Basic Interest on this Note and (bb) the outstanding
principal balance of, and accrued but unpaid interest on, the secured Real
Property debt.

                           (v) Determination of Fair Market Value. The fair
market value of the Real Property shall be determined for purposes of this Note
as follows:

                                   (A) Partial Sale. In the event of a Sale of
a portion of the Real Property, Payee shall select an experienced and reputable
appraiser to prepare a written appraisal report of the fair market value of the
Real Property in accordance with clause (C) below, and the appraised fair market
value submitted to Payee by such appraiser shall be conclusive for purposes of
this Note.

                                   (B) Other Occurrences. In all other
circumstances the fair market value of the Real Property shall be deemed to
equal the result of dividing the Net Cash Flow Before Debt Service for the
immediately preceding fiscal year by ten percent (10%). However, if the Net Cash
Flow Before Debt Service for the immediately preceding fiscal year has been
lowered because of unusually high Operating Expenses during such fiscal year the
fair market value of the Real Property may, at the option of the Maker be
determined by dividing by ten percent (10%) the mean average of the Net Cash
Flow Before Debt Service of the Real Property for the three immediately
preceding fiscal years of the Real Property.

                                   (C) Appraisal Standards and Assumptions. In
making any determination by appraisal of fair market value, the appraiser(s)
shall assume that the improvements then located on the Real Property constitute
the highest and best use of the property. If the Triggering Event is a Sale or
Financing, the appraiser(s) shall take the sales price into account, although
such sales price shall not be determinative of fair market value. Each appraiser
selected hereunder shall be an independent MAI-designated appraiser with not
less than ten years' experience in commercial real estate appraisal in the
general geographical area where the Real Property is located.

                           (vi) Statement, Books and Records. With each payment
of Capital Proceeds Contingent Interest, Maker shall furnish to Payee a
statement setting forth Maker's calculation of Net Capital Proceeds and Capital
Proceeds Contingent Interest and shall provide a detailed breakdown of all items
necessary for such calculation. For a period of five years after each payment

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of Capital Proceeds Contingent Interest, Maker shall keep and maintain full and
accurate books and records adequate to correctly reflect each such item. Said
books and records shall be available for Payee's inspection, copying and audit
during reasonable business hours following reasonable notice for the purpose of
verifying the accuracy of the payments made on account of Capital Proceeds
Contingent Interest. The costs of any such audit will be paid by Payee, except
that Maker shall pay all reasonable costs and expenses of any such audit which
discloses that any amount properly payable by Maker to Payee hereunder exceeded
by five percent (5%) or more the amount actually paid and initially reported by
maker as being payable with respect thereto.

                           (viii) Negative Capital Proceeds Contingent Interest.
Notwithstanding any other provision of this Agreement, Payee shall not be
responsible or liable in any respect to Maker or any other Person for any
reduction in the fair market value of the Real Property or for any contingency,
condition or occurrence that might result in a negative number for Capital
Proceeds Contingent Interest. If at any time it is calculated, Capital Proceeds
Contingent Interest shall be a negative amount, no Capital Proceeds Contingent
Interest shall at that time be payable to Payee, but Payee shall in no way be
liable for any such negative amount and there shall be no deduction or offset
for such negative amount at any time when Capital Proceeds Contingent Interest
shall be subsequently calculated.

                  (i)      Limitation on Capital Proceeds Contingent Interest
while SAC Holding Senior Notes Remain Outstanding. Notwithstanding anything to
the contrary herein, in the event a Triggering Event takes place at any time
while all or any portion of the SAC Holding Senior Notes is outstanding, the
payment of any Capital Proceeds Contingent Interest on account of such
occurrence shall be deferred as hereinafter provided, and any amounts
constituting Excess Sale Proceeds or Excess Refinancing Proceeds under the SAC
Notes Indenture related to such occurrence shall be applied to redeem or
repurchase the SAC Holding Senior Notes, in accordance with the terms of the SAC
Notes Indenture, it being agreed that payment of Capital Proceeds Contingent
Interest is subordinate to the payment in full of the SAC Holding Senior Notes.
Subject to the terms of the SAC Notes Indenture and the PSA, Capital Proceeds
Contingent Interest shall be paid within five years of the occurrence of such
Triggering Event.

         3.       Usury Savings Clause. The provisions of this Section 3 shall
govern and control over any inconsistent provision contained in this Note. The
Payee hereof shall never be entitled to receive, collect, or apply as interest
hereon (for purposes of this Section 3, the word "interest" shall be deemed to
include Basic Interest, Additional Interest and any other sums treated as
interest under applicable law governing matters of usury and unlawful interest),
any amount in excess of the Highest Lawful Rate (hereinafter defined) and, in
the event the Payee ever receives, collects, or applies as interest any such
excess, such amount which would be excessive interest shall be deemed a partial
prepayment of principal and shall be treated hereunder as such; and, if the
principal of this Note is paid in full, any remaining excess shall forthwith be
paid to Maker. In determining whether or not the interest paid or payable, under
any specific contingency, exceeds the Highest Lawful Rate, Maker and the Payee
shall, to the maximum extent permitted under applicable law, (i) characterize
any nonprincipal payment as an expense, fee, or premium rather than as interest,
(ii) exclude voluntary prepayments and the effects thereof, and (iii) spread the
total amount of interest throughout the entire contemplated term of this Note;
provided, that if this Note is paid and

SACH(18)
                                       8

<PAGE>

performed in full prior to the end of the full contemplated term hereof, and if
the interest received for the actual period of existence hereof exceeds the
Highest Lawful Rate, the Payee shall refund to Maker the amount of such excess
or credit the amount of such excess against the principal of this Note, and, in
such event, the Payee shall not be subject to any penalties provided by any laws
for contracting for, charging, or receiving interest in excess of the Highest
Lawful Rate.

         4.       Payments.

                  (a)      Interest. Maker promises to pay to Payee Basic
Interest and Additional Interest the respective amounts, and at the respective
times provided in Section 2 hereinabove. No principal payments shall be due
hereunder except as required at the Maturity Date. Each payment of Basic
Interest (including without limitation, Deferred Interest) and Additional
Interest shall be payable in Phoenix, Arizona (or at any other place which Payee
may hereafter designate from time to time for such purpose in a notice duly
given to Maker hereunder), not later than noon, Pacific Standard Time, on the
date due thereof; and funds received after that hour shall be deemed to have
been received by the Payee on the next following business day. Whenever any
payment to be made under this Note shall be stated to be due on a date which is
not a business day, the due date thereof shall be extended to the next
succeeding business day, and interest shall be payable at the applicable rate
during such extension.

                  (b)      Principal. The principal amount of this Note,
together with all accrued but unpaid Interest, shall be due and payable upon the
Maturity Date.

                  (c)      Late Payment Charges. If any amount of Interest,
principal or any other charge or amount which becomes due and payable under this
Note is not paid and received by the Payee within five business days after the
date it first becomes due and payable, Maker shall pay to the Payee hereof a
late payment charge in an amount equal to five percent (5%) of the full amount
of such late payment, whether such late payment is received prior to or after
the expiration of the ten-day cure period set forth in Section 8(a). Maker
recognizes that in the event any payment hereunder (other than the principal
payment due upon Maturity Date, whether by acceleration or otherwise) is not
made when due, Payee will incur extra expenses in handling the delinquent
payment, the exact amount of which is impossible to ascertain, but that a charge
of five percent (5%) of the amount of the delinquent payment is a reasonable
estimate of the expenses reasonably anticipated to be so incurred.

                  (d)      Prepayment. Maker shall have the right to prepay this
Note, without penalty, in whole or in part, at any time in Maker's discretion.

         5.       Representations and Warranties of Maker. Maker represents and
warrants to Payee, as of the date hereof, that:

                  (a)      Due Authorization. Maker is a corporation duly
organized and validly existing under the laws of the state of its organization,
and has the power and authority to execute and deliver this Note and consummate
the transactions contemplated hereby;

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                                       9

<PAGE>

                  (b)      No Violation. Maker's execution, delivery and
performance of its obligations under this Note do not and will not violate the
articles of incorporation or by-laws of Maker and will not violate, conflict
with or constitute a default under any agreement to which Maker is a party;

                  (c)      Consents. No consents, approvals, filings, or notices
of, with or to any Person are required on the part of Maker in connection with
Maker's execution, delivery and performance of its obligations hereunder that
have not been duly obtained, made or given, as the case may be;

                  (d)      Enforceability. The Note is valid, binding and
enforceable in accordance with its terms, except as the enforceability hereof
may be limited by bankruptcy, insolvency, moratorium, reorganization or similar
laws relating to or affecting the enforcement of creditors' rights generally.

                  (e)      Place of Business. Maker's principal place of
business is located at 715 South Country Club Drive, Mesa, AZ 85210.

         6.       Affirmative Covenants. Maker hereby covenants and agrees that,
so long as any indebtedness under the Note remains unpaid, Maker shall:

                  (a)      Use of Proceeds. Use the proceeds of the Loan to
capitalize the Property Owner and/or for other lawful corporate purposes.

                  (b)      Inspection of Property; Books and Records;
Discussions. Keep proper books of record and account in which full, true and
correct entries in conformity with GAAP shall be made of all dealings and
transactions in relation to its business and activities and, upon reasonable
notice, permit representatives of Payee to examine and make abstracts from any
of its books and records at any reasonable time and as often as may reasonably
be desired by Payee and to discuss the business, operations, properties and
financial and other conditions of Maker with officers and employees of Maker and
with its independent certified public accountants. Such books and records shall
be available for at least five (5) years after the end of the relevant calendar
month. Payee shall have the right to inspect, copy and audit such books of
account and records at Payee's expense, during reasonable business hours, and
upon reasonable notice to Maker, for the purpose of verifying the accuracy of
any principal payments made. The costs of any such audit will be paid by Payee,
except that Maker shall pay all reasonable costs and expenses of any such audit
which discloses that any amount properly payable by Maker to Payee hereunder
exceeded by five percent (5%) or more the amount actually paid and initially
reported by Maker as being payable with respect thereto.

                  (c)      Notices. Give prompt written notice to Payee of (i)
any claims, proceedings or disputes (whether or not purportedly on behalf of
Maker) against, or to Maker's knowledge, threatened or affecting Maker or the
Real Property which, if adversely determined, could reasonably be expected to
have a material adverse effect on Maker (without in any way limiting the
foregoing, claims, proceedings, or disputes involving in the aggregate monetary
amounts in excess of $500,000 not fully covered by insurance shall be deemed to
be material). Additionally, Maker shall

SACH (18)

                                       10

<PAGE>

give prompt written notice to Payee of any fact known to Maker which would
prohibit the making of any payment on or in respect of this Note, but failure to
give such notice shall not affect any subordination of this Note to the SAC
Holding Senior Notes as provided in Section 2(i) hereof or otherwise.

                  (d)      Expenses. Pay all reasonable out-of-pocket expenses
(including fees and disbursements of counsel, including special local counsel)
of Payee, incident to any amendments, waivers and renewals of this Note.

                  (e)      Co-operation. Execute and deliver to Payee any and
all instruments, documents and agreements, and do or cause to be done from time
to time any and all other acts, reasonably deemed necessary or desirable by
Payee to effectuate the provisions and purposes of this Note.

                  (f)      Management Agreement. Cause or permit the Real
Property to be managed by subsidiaries of U-Haul International, Inc. or to be at
all times managed by a nationally recognized self-storage property management
company (the "Property Manager") approved by the Payee, which Property Manager
shall be employed pursuant to an agreement (the "Property Management Agreement")
approved by the Payee. In no event shall the fees paid (or required to be paid)
to the Property Manager exceed six percent (6%) of Gross Receipts for any time
period.

         7.       Negative Covenants. Maker hereby agrees that, as long as any
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

                  (a)      Indebtedness. Create, incur or assume any
Indebtedness except for: (i) the SAC Holding Senior Notes; (ii) the Loan; (iii)
Maker's contingent obligations under the secured Real Property debt (as the same
may be amended, extended or refinanced from time to time by mortgage loan, sale
leaseback transaction or otherwise) and the other senior mortgage loans extended
to subsidiaries or other affiliates of Maker (as the same may be amended,
extended or refinanced from time to time by mortgage loan, sale leaseback
transaction or otherwise); (iv) non- delinquent taxes; (v) unsecured debt
incurred in the ordinary course of business and (vi) other indebtedness owed to
Payee and its affiliates; provided, however, that for so long as the SAC Holding
Senior Notes are outstanding, Maker shall not incur any Indebtedness prohibited
by the terms of the SAC Notes Indenture.

                  (b)      No Bankruptcy Filing. To the extent permitted by law,
without the unanimous consent of the Board of Directors of the Maker (for these
purposes such Board of Directors will not include any committee thereof)
voluntarily file any petition for bankruptcy, reorganization, assignment for the
benefit of creditors or similar proceeding.

         8.       Event of Default; Remedies. Any one of the following
occurrences shall constitute an Event of Default under this Note:

                  (a)      The failure by the undersigned to make any payment of
principal or Interest

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                                       11

<PAGE>

upon this Note as and when the same becomes due and payable in accordance with
the provisions hereof, and the continuation of such failure for a period of ten
(10) days after receipt of notice thereof to the Maker;

                  (b)      Any representation, warranty or certification made by
Maker herein or in any report delivered to the Payee under or in connection with
this Note is materially inaccurate or incomplete as of the date made; provided,
however, that such inaccurate or incomplete representation, warranty or
certification is material and cannot be cured without material prejudice to the
Payee within 30 days written notice thereof to Maker;

                  (c)      The failure by Maker to perform any obligation under,
or the occurrence of any other default with respect to any provision of, this
Note other than as described in any of the other clauses of this Section 8, and
the continuation of such default for a period of 30 days after written notice
thereof to the Maker;

                  (d)      (i) Maker shall file, institute or commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (B)
seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or any substantial part of its assets, or Maker shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
filed, instituted or commenced against Maker any case, proceeding or other
action of a nature referred to in clause (i) above which (A) results in the
entry of any order for relief or any such adjudication or appointment, or (B)
remains undismissed undischarged for a period of 60 days; or (iii) there shall
be commenced against Maker any case, proceeding or other action seeking issuance
of a warrant of attachment, execution, distraint or similar process against all
or substantially all of its assets which results in the entry of an order for
any such relief which shall not have been vacated, discharged, stayed,
satisfied, or bonded to Payee's satisfaction pending appeal, within 60 days from
the first entry thereof; or (iv) Maker shall take any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the acts
described in any of the preceding clauses (i), (ii) or (iii); or (v) Maker shall
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due, or shall in writing admit that it is insolvent; or

                  (f)      one or more final judgments or orders that exceed $80
million in the aggregate (net of amounts bonded, covered by insurance or covered
by a binding agreement for indemnification from a third party) for the payment
of money have been entered by a court or courts of competent jurisdiction
against Maker and such judgment or judgments have not been satisfied, stayed,
annulled or rescinded within 60 days of being entered or, in the event such
judgments have been bonded to the extent required pending appeal, after the date
such judgments become non-appealable.

         Upon the occurrence of any Event of Default hereunder, the entire
unpaid principal balance of, and any unpaid Basic Interest and Additional
Interest then accrued on, this Note at the option of

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                                       12

<PAGE>

the Payee and without demand or notice of any kind to the undersigned or any
other person, shall, subject to the PSA, immediately become and be due and
payable in full; and the Payee shall have and may exercise any and all rights
and remedies available at law or in equity.

         9.       Offset. In addition to (and not in limitation of) any rights
of offset that the Payee hereof may have under applicable law, upon the
occurrence of any Event of Default hereunder the Payee hereof shall have the
right, immediately and without notice, to appropriate and apply to the payment
of this Note any and all balances, credits, deposits, accounts or moneys of the
Maker then or thereafter with or held by the Payee or an affiliate of Payee.

         10.      Allocation of Balances or of Payments. At any and all times
until this Note and all amounts hereunder (including principal, Interest, and
other charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Payee hereof may be allocated by the
Payee to principal, Interest or other charges or amounts as the Payee may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

         11.      Captions. Any headings or captions in this Note are inserted
for convenience of reference only, and they shall not be deemed to constitute a
part hereof, nor shall they be used to construe or interpret the provisions of
this Note.

         12.      Waiver.

                  (a)      Maker, for itself and for its successors, transferees
and assigns, hereby waives diligence, presentment and demand for payment,
protest, notice of protest and nonpayment, dishonor and notice of dishonor,
notice of the intention to accelerate, notice of acceleration, and all other
demands or notices of any and every kind whatsoever (except only for any notice
of default expressly provided for in Section 8 of this Note) and the undersigned
agrees that this Note and any or all payments coming due hereunder may be
extended from time to time in the sole discretion of the Payee hereof without in
any way affecting or diminishing their liability hereunder.

                  (b)      No extension of the time for the payment of this Note
or any payment becoming due or payable hereunder, which may be made by agreement
with any Person now or hereafter liable for the payment of this Note, shall
operate to release, discharge, modify, change or affect the original liability
under this Note, either in whole or in part, of the Maker if it is not a party
to such agreement.

                  (c)      No delay in the exercise of any right or remedy
hereunder shall be deemed a waiver of such right or remedy, nor shall the
exercise of any right or remedy be deemed an election of remedies or a waiver of
any other right or remedy. Without limiting the generality of the foregoing, the
failure of the Payee hereof promptly after the occurrence of any Event of
Default hereunder to exercise its right to declare the indebtedness remaining
unmatured hereunder to be immediately due and payable shall not constitute a
waiver of such right while such Event of Default continues nor a waiver of such
right in connection with any future Event of Default on the part of the
undersigned.

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         13.      Payment of Costs. The undersigned hereby expressly agrees that
upon the occurrence of any Event of Default under this Note, the undersigned
will pay to the Payee hereof, on demand, all reasonable costs of collection or
enforcement, including (but not limited to) all attorneys' fees, court costs,
and other costs and reasonable expenses incurred by the Payee hereof, on demand,
all reasonable costs of collection or enforcement, including (but not limited
to) all attorneys' fees, court costs, and other reasonable costs and expenses
incurred by the Payee hereof in connection with the protection of this Note,
whether or not any lawsuit is ever filed with respect thereto.

         14.      Unsecured Note. This Note is unsecured.

         15.      Notices. All notices, demands and other communications
hereunder to either party shall be made in writing and shall be deemed to have
been given when actually received or, if mailed, on the first to occur of actual
receipt or the third business day after the deposit thereof in the United States
mails, by registered or certified mail, postage prepaid, addressed as follows:

         If to the Maker:      SAC Holding Corporation
                               715 South Country Club Drive
                               Mesa, AZ 85210
                               Attention: President
                               Fax No.: 480-835-5478

         If to Payee :         U-Haul International, Inc.
                               2721 North Central Avenue
                               Phoenix, Arizona 85004
                               Attention: President

or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

         16.      Time of the Essence. Time is hereby declared to be of the
essence of this Note and of every part hereof.

         17.      Governing Law. This Note shall be governed by and construed in
accordance with the internal laws of the State of Arizona.

         18.      Jurisdiction. In any controversy, dispute or question arising
hereunder, the Maker consents to the exercise of jurisdiction over its person
and property by any court of competent jurisdiction situated in the State of
Arizona (whether it be a court of the State of Arizona, or a court of the United
States of America situated in the State of Arizona), and in connection
therewith, agrees to submit to, and be bound by, the jurisdiction of such court
upon Payee's mailing of process by registered or certified mail, return receipt
requested, postage prepaid, within or without the State of Arizona, to the Maker
at its address for receipt of notices under this Note.

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<PAGE>

         19.      PAYEE NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER
SHALL THE PAYEE OF THIS NOTE BE DEEMED TO BE A PARTNER OR A CO-VENTURER WITH
MAKER OR MAKER'S SUBSIDIARIES. MAKER SHALL NOT REPRESENT TO ANY PERSON THAT THE
MAKER AND THE PAYEE HEREOF ARE PARTNERS OR CO-VENTURERS.

         20.      JURY TRIAL. THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER
THIS NOTE, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED
OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR
ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS NOTE, AND AGREES
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.

         21.      Entire Agreement. This Note constitutes the entire agreement
between Maker and Payee. No representations, warranties, undertakings, or
promises whether written or oral, expressed or implied have been made by the
Payee or its agent unless expressly stated in this Note.

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                                       15

<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Note, pursuant to proper authority duly granted, as of the date and year first
above written.

                      SAC HOLDING CORPORATION
                      a Nevada corporation

                      By: ______________________________

                      Its:______________________________

SACH (18)

                                       16

<PAGE>

 THIS INSTRUMENT IS SUBJECT TO THAT CERTAIN SAC PARTICIPATION AND SUBORDINATION
AGREEMENT (THE "PSA") DATED AS OF MARCH 15, 2004 AMONG SAC HOLDING CORPORATION,
    SAC HOLDING II CORPORATION (COLLECTIVELY, "SAC HOLDING"), AMERCO, U-HAUL
   INTERNATIONAL, INC., AND LAW DEBENTURE TRUST COMPANY OF NEW YORK, INC., AS
         TRUSTEE UNDER THAT CERTAIN INDENTURE WITH RESPECT TO THE 8.5%
                      SENIOR NOTES DUE 2014 OF SAC HOLDING

                      AMENDED AND RESTATED PROMISSORY NOTE

Maximum principal amount of up to                      Dated as of March 1, 2004
$76,000,000.00

         FOR VALUE RECEIVED, the undersigned SAC Financial Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
U-Haul International, Inc. a Nevada corporation, ("Payee"), at the principal
office of the Payee at 2721 North Central Avenue, Phoenix, Arizona 85004 or at
such other place or places as Payee may from time to time designate in writing,
the principal sum of up to Seventy-Six Million and no/100th Dollars
($76,000,000.00), or, if less, the aggregate unpaid principal amount of the Loan
made by Payee to Maker, with Interest on the principal balance outstanding from
time to time, all as hereinafter set forth.

         1.       Definitions. As used in this Note, each of the following terms
shall have the following meanings, respectively:

                  "Accrual Rate": shall mean the annual interest rate of nine
percent (9%).

                  "Additional Interest": shall mean and include both Cash Flow
Contingent Interest and Capital Proceeds Contingent Interest.

                  "Basic Interest": shall have the meaning given it in Section
2(a) below.

                  "Capital Proceeds Contingent Interest": shall have the meaning
given it in Section 2(h)(i) below.

                  "Cash Flow Contingent Interest": shall have the meaning given
it in Section 2(e) below.

                  "Catch-Up Payment": shall have the meaning given it in Section
2(d).

                  "Deferred Interest": shall have the meaning given it in
Section 2(a).

                  "GAAP": shall mean generally accepted accounting principles as
used and understood in the United States of America from time to time.

                  "Gross Receipts": shall mean, for any period all gross
receipts, revenues and income of any and every kind collected or received by or
for the benefit or account of Maker and the Property Owner during such period
arising from the ownership, rental, use, occupancy or

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                                       1

<PAGE>

operation of the Real Property. Gross Receipts shall include, without
limitation, all receipts from all tenants, licensees, customers and other
occupants and users of the Real Property, including, without limitation, rents,
security deposits and the like, interest earned and paid or credited on all
Maker's or the Property Owner's deposit accounts related to the Real Property,
all proceeds of rent or business interruption insurance, and the proceeds of all
casualty insurance and eminent domain awards to the extent not applied, or
reserved and applied within six (6) months after the creation of such reserve,
to the restoration of the Real Property. Gross Receipts shall include the dealer
commission payable from U-Haul International, Inc. (or affiliate thereof) to
Maker (or affiliate thereof) for the rental of U-Haul equipment at the Real
Property; provided however that such dealer commissions payable shall not be
included in Gross Receipts until the 15th day of the month following the month
in which such rental occurred, all in accordance with the customary procedure
for the payment of dealer commissions. Gross Receipts shall not include any
capital contributed to Maker or proceeds from any loan made to Maker or proceeds
from the sale of any Real Property. Any receipt included within Gross Receipts
in one period shall not be included within Gross Receipts for any other period
(i.e., no item of revenue or receipts shall be counted twice).

                  "Highest Lawful Rate": shall mean the maximum rate of interest
which the Payee is allowed to contract for, charge, take, reserve, or receive
under applicable law after taking into account, to the extent required by
applicable law, any and all relevant payments or charges hereunder.

                  "Interest": shall mean Basic Interest and Additional Interest.

                  "Loan": shall mean the unsecured loan in the amount of up to
$76,000,000.00 made by Payee to Maker and evidenced by this Note, or up to such
amount as may have been advanced by Payee to Maker from time to time.

                  "Management Fee": shall mean the fee paid to the Property
Manager pursuant to the Property Management Agreement.

                  "Maturity Date": shall mean the first to occur of: (i) the
Stated Maturity Date; (ii) the date on which the unpaid principal balance of,
and unpaid Interest on, this Note shall become due and payable on account of
acceleration by Payee and (iii) the date on which a Triggering Event occurs.

                  "Net Capital Proceeds": shall have the meaning given it in
Section 2(h)(iv) below.

                  "Net Cash Flow": shall mean, for any period, the amount by
which the Gross Receipts for such period exceed the sum of Interest paid during
such period and Operating Expenses paid for and with respect to such period; but
Net Cash Flow for any period shall not be less than zero.

                  "Net Cash Flow Before Debt Service": shall mean, for any
period, the amount by which the Gross Receipts for such period exceed the
Operating Expenses for and with respect to such period.

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                  "Note": shall mean this Amended and Restated Promissory Note
as it may be amended, modified, extended or restated from time to time, together
with all substitutions and replacements therefor.

                  "Operating Expenses": shall mean, for any period, all cash
expenditures of Maker and the Property Owner actually paid (and properly
payable) during such period for (i) real and personal property taxes on the Real
Property; (ii) principal and interest on the secured Real Property debt; (iii)
premiums for liability, property and other insurance on the Real Property; (iv)
the Management Fee; (v) sales and rental taxes relating to the Real Property;
and (vi) normal, reasonable and customary operating expenses of the Real
Property. In no event shall Operating Expenses include amounts distributed to
the partners or shareholder's of Maker or the Property Owner, any payments made
on the Loan or any other loan obtained by Maker, amounts paid out of any funded
reserve expressly approved by Payee, if any, non-cash expenses such as
depreciation, or any cost or expense related to the restoration of the Property
in the event of a casualty or eminent domain taking paid for from the proceeds
of insurance or an eminent domain award or any reserve funded by insurance
proceeds or eminent domain awards.

                  "Pay Rate": shall mean a rate per annum equal of two percent
(2.0%).

                  "Pay Rate Interest": shall mean the interest on the unpaid
principal balance of this Note from time to time outstanding at the Pay Rate.

                  "Person": shall mean any corporation, natural person, firm,
joint venture, general partnership, limited partnership, limited liability
company, trust, unincorporated organization, government or any department or
agency of any government.

                  "Property Manager": shall have the meaning given it in Section
6(f) below.

                  "Property Management Agreement": shall have the meaning given
such term in Section 6(f) below.

                  "Property Owner" means, collectively, Twenty-Four SAC
Self-Storage Partnership, a Nevada limited partnership, Twenty-Five SAC
Self-Storage Partnership, a Nevada limited partnership, Twenty-Six SAC
Self-Storage Partnership, a Nevada limited partnership and Twenty-Seven SAC
Self-Storage Partnership, a Nevada limited partnership

                   "Real Property" means the real property owned by Property
Owner from time to time.

                  "SAC Holding Senior Notes": shall mean the 8.5% Senior Notes
due 2014 of SAC Holding Corporation and SAC Holding II Corporation.

                  "SAC Notes Indenture": shall mean that certain Indenture with
respect to the SAC Holding Senior Notes.

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                  "Sale": shall mean any direct or indirect sale, assignment,
transfer, conveyance, lease or disposition of any kind whatsoever of (i) the
Real Property or any portion thereof (excluding leases and licenses in the
ordinary course of business, the granting of easements, servitudes,
rights-of-way, dedications and like interests in the ordinary course of business
and conveyances pursuant to condemnations or eminent domain) or (ii) 25% or more
(in the aggregate of all such sales, assignments, transfers, conveyances or
dispositions made at any time or from time to time, taken together) of the
equity interests in Property Owner.

                  "Stated Maturity Date": shall mean the earlier of (i) January
1, 2022 and (ii) from and after April 1, 2014, on demand by Payee.

                  "Triggering Event": shall have the meaning given it in Section
2(h)(ii) below.

         2.       Interest.

                  (a)      Basic Interest Rate Prior to Maturity. From the date
hereof through and including the Maturity Date, interest ("Basic Interest")
shall accrue on the principal balance of this Note outstanding from time to time
at the Accrual Rate. Notwithstanding the foregoing, on the first business day of
each month commencing on March 1, 2004 and through the Maturity Date, Maker
shall pay to Payee Pay Rate Interest on the unpaid principal balance of this
Note. The remainder of the Basic Interest ("Deferred Interest") shall be
deferred and shall bear interest at the Accrual Rate, and shall be payable as
and at the time provided in Section 2(d) below. Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest.

                  All interest hereunder shall be payable monthly in arrears, on
the first business day of each month.

                  (b)      Post-Maturity Basic Interest. From and after the
Maturity Date, Basic Interest shall accrue and be payable on the outstanding
principal balance hereof until paid in full at an annual rate equal to fifteen
percent (15%) and such interest shall be payable upon demand.

                  (c)      Computations. All computations of interest and fees
payable hereunder shall be based upon a year of 360 days for the actual number
of days elapsed.

                  (d)      Deferred Interest. Deferred Interest shall be paid as
follows:

                           (i)      On each monthly date for the payment of
Basic Interest, Maker shall pay an amount, if any (the "Catch-Up Payment"),
equal to the lesser of (i) the aggregate outstanding Deferred Interest on the
last day of the month for which such payment is being made and (ii) ninety
percent (90%) of the result of subtracting from Net Cash Flow Before Debt
Service for that month an amount equal to twice the Pay Rate Interest for such
period;

                           (ii)     All unpaid Deferred Interest shall be paid
on the Maturity Date; and

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                           (iii)    No payment of Deferred Interest may, when
added to all other payments of Interest or payments construed as interest, shall
exceed the Highest Lawful Rate.

                  (e)      Cash Flow Contingent Interest. In addition to Basic
Interest and Deferred Interest, on each date on which Basic Interest is payable
hereunder, Maker shall pay to Payee interest ("Cash Flow Contingent Interest")
in an amount equal to the amount (if any) by which (i) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period (each calculated
as of that date) exceeds (ii) the Catch-Up Payment paid on that date by Maker to
Payee.

                  (f)      Statements; Adjustment of Payments. Within thirty
(30) days following the due date for each payment of Basic Interest, Maker
shall, upon the request of Payee, deliver to Payee a statement of operations of
the Real Property for the month or other period with respect to which such Basic
Interest is due, showing in reasonable detail and in a format approved by Payee
the respective amounts of, and the method of calculating Gross Receipts,
Operating Expenses, Net Cash Flow, Catch-Up Payment and Cash Flow Contingent
Interest for the preceding month, as well as (if requested by Payee) all data
reasonably necessary for the calculation of any such amounts. Maker shall keep
and maintain at all times full and accurate books of account and records
adequate to correctly reflect all such amounts. Such books and records shall be
available for at least five years after the end of the month to which they
relate. Payee shall have the right to inspect, copy and audit such books of
account and records during reasonable business hours, and upon prior reasonable
notice to Maker, for the purpose of verifying the accuracy of any payments made
on account of any interest payments made hereunder. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by Maker as being payable with respect
thereto.

                  (g)      Prorations of Cash Flow Contingent Interest. All
interest shall be equitably prorated on the basis of a 360-day year for any
partial month in which the term of the Loan commences or in which the Note is
paid in full.

                  (h)      Capital Proceeds Contingent Interest.

                           (i)      Capital Proceeds Contingent Interest
Defined. Subject to Section 2(i) hereof, Maker shall pay to Payee, in addition
to Pay Rate Interest, Deferred Interest and Cash Flow Contingent Interest, at
the time or times and in the manner hereinafter described, an amount equal to
ninety percent (90%) of the Net Capital Proceeds resulting from, or determined
at the time of, any of the Triggering Events described below (collectively,
"Capital Proceeds Contingent Interest").

                           (ii)     Events Triggering Payment of Net Capital
Proceeds. Subject to Section 2(i) hereof, Capital Proceeds Contingent Interest
shall be due and payable concurrently with the occurrence of each and every one
of the following events (collectively "Triggering Events", and individually, a
"Triggering Event"):

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                                    (A)      Property Sale or Financing. The
closing of any Sale or refinancing of the Real Property (any such event is
hereinafter collectively referred to as a "Sale or Financing");

                                    (B)      Default Occurrence. The occurrence
of any Event of Default and the acceleration of the maturity of the Loan on
account thereof (hereinafter collectively referred to as a "Default
Occurrence"); and

                                    (C)      Maturity Occurrence. The occurrence
of the Maturity Date (the "Maturity Occurrence").

                           (iii)    Notice of Triggering Event: Time for Payment
of Capital Proceeds Contingent Interest. Maker shall notify Payee of the
occurrence of a Triggering Event, and shall pay Payee the full amount of any
applicable Capital Proceeds Contingent Interest which is payable in connection
therewith, as follows:

                                    (A)      In the case of any Sale or
Financing or the Maturity Occurrence, Maker shall give Payee written notice of
any such Triggering Event not less than forty-five (45) days before the date
such Triggering Event is to occur. Any Capital Proceeds Contingent Interest due
Payee on account of any Sale or Financing or the Maturity Occurrence shall be
due and payable to Payee within ninety (90) days of the date on which such
Triggering Event occurs.

                                    (B)      In the case of a Default
Occurrence, no notice of such a Triggering Event need be given by Maker. In such
event, payment of any and all Capital Proceeds Contingent Interest on account of
the Default Occurrence shall be immediately due and payable upon acceleration of
the maturity of the Loan.

                           (iv)     Determination of Net Capital Proceeds. Net
Capital Proceeds resulting from a Triggering Event shall be determined as
follows:

                                    (A)      Net Capital Proceeds From Sale or
Financing. Except as provided in Section 2(h)(iv)(B) below, in the event of a
Sale or Financing, "Net Capital Proceeds" shall be the amount which is equal to:
(i) the Gross Capital Proceeds (as hereinafter defined) realized from the Real
Property minus (ii) the sum of: (aa) reasonable brokerage commissions (excluding
any payments to any affiliate of Maker to the extent such payments exceed those
which would have been due as commissions to a non-affiliate broker rendering
identical services), title insurance premiums, documentary transfer or stamp
taxes, mortgage taxes, environmental report fees, escrow fees and recording
charges, appraisal fees, reasonable attorneys' fees and costs, and sales taxes,
in each case actually paid or payable by Maker (or Property Owner) in connection
with the Sale or Financing, (bb) all payments of principal, Basic Interest and
Cash Flow Contingent Interest payable to Payee on account of this Note from the
proceeds of such Sale or Financing, and (cc) an amount equal to all payments of
principal, interest and yield maintenance and/or defeasance fees and expenses
due and payable on any senior loans, if any (including, without limitation the
SAC Holding Senior Notes), made from the proceeds of such Sale or Financing. For
purposes of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
proceeds of whatever form or

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<PAGE>

nature payable directly or indirectly to or for the benefit or account of Maker
in connection with such Sale or Financing, including, without limitation: cash,
the outstanding balance of any financing which will remain as a lien or
encumbrance against the Real Property or any portion thereof following such Sale
or Financing (but only in the case of a Sale, and not in the case of an
encumbrance), and the cash equivalent of the fair market value of any non-cash
consideration, including the present value of any promissory note received as
part of the proceeds of such Sale or Financing (valued at a market rate of
interest).

                                    (B)      Net Capital Proceeds In Connection
With a Default or Maturity Occurrence. In the event of a Default Occurrence or
the Maturity Occurrence when no Sale or Financing has occurred, the "Net Capital
Proceeds" shall equal: (i) the fair market value of the Real Property determined
as of the date of such Triggering Event in accordance with Section 2(h)(V)
below, minus (ii) the sum of (aa) the outstanding principal balance, together
with accrued but unpaid Basic Interest on this Note and (bb) the outstanding
principal balance of, and accrued but unpaid interest on, the secured Real
Property debt.

                           (v)      Determination of Fair Market Value. The fair
market value of the Real Property shall be determined for purposes of this Note
as follows:

                                    (A)      Partial Sale. In the event of a
Sale of a portion of the Real Property, Payee shall select an experienced and
reputable appraiser to prepare a written appraisal report of the fair market
value of the Real Property in accordance with clause (C) below, and the
appraised fair market value submitted to Payee by such appraiser shall be
conclusive for purposes of this Note.

                                    (B)      Other Occurrences. In all other
circumstances the fair market value of the Real Property shall be deemed to
equal the result of dividing the Net Cash Flow Before Debt Service for the
immediately preceding fiscal year by ten percent (10%). However, if the Net Cash
Flow Before Debt Service for the immediately preceding fiscal year has been
lowered because of unusually high Operating Expenses during such fiscal year the
fair market value of the Real Property may, at the option of the Maker be
determined by dividing by ten percent (10%) the mean average of the Net Cash
Flow Before Debt Service of the Real Property for the three immediately
preceding fiscal years of the Real Property.

                                    (C)      Appraisal Standards and
Assumptions. In making any determination by appraisal of fair market value, the
appraiser(s) shall assume that the improvements then located on the Real
Property constitute the highest and best use of the property. If the Triggering
Event is a Sale or Financing, the appraiser(s) shall take the sales price into
account, although such sales price shall not be determinative of fair market
value. Each appraiser selected hereunder shall be an independent MAI-designated
appraiser with not less than ten years' experience in commercial real estate
appraisal in the general geographical area where the Real Property is located.

                           (vi)     Statement, Books and Records. With each
payment of Capital Proceeds Contingent Interest, Maker shall furnish to Payee a
statement setting forth Maker's calculation of

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Net Capital Proceeds and Capital Proceeds Contingent Interest and shall provide
a detailed breakdown of all items necessary for such calculation. For a period
of five years after each payment of Capital Proceeds Contingent Interest, Maker
shall keep and maintain full and accurate books and records adequate to
correctly reflect each such item. Said books and records shall be available for
Payee's inspection, copying and audit during reasonable business hours following
reasonable notice for the purpose of verifying the accuracy of the payments made
on account of Capital Proceeds Contingent Interest. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by maker as being payable with respect
thereto.

                           (viii)   Negative Capital Proceeds Contingent
Interest. Notwithstanding any other provision of this Agreement, Payee shall not
be responsible or liable in any respect to Maker or any other Person for any
reduction in the fair market value of the Real Property or for any contingency,
condition or occurrence that might result in a negative number for Capital
Proceeds Contingent Interest. If at any time it is calculated, Capital Proceeds
Contingent Interest shall be a negative amount, no Capital Proceeds Contingent
Interest shall at that time be payable to Payee, but Payee shall in no way be
liable for any such negative amount and there shall be no deduction or offset
for such negative amount at any time when Capital Proceeds Contingent Interest
shall be subsequently calculated.

                  (i)      Limitation on Capital Proceeds Contingent Interest
while SAC Holding Senior Notes Remain Outstanding. Notwithstanding anything to
the contrary herein, in the event a Triggering Event takes place at any time
while all or any portion of the SAC Holding Senior Notes is outstanding, the
payment of any Capital Proceeds Contingent Interest on account of such
occurrence shall be deferred as hereinafter provided, and any amounts
constituting Excess Sale Proceeds or Excess Refinancing Proceeds under the SAC
Notes Indenture related to such occurrence shall be applied to redeem or
repurchase the SAC Holding Senior Notes, in accordance with the terms of the SAC
Notes Indenture, it being agreed that payment of Capital Proceeds Contingent
Interest is subordinate to the payment in full of the SAC Holding Senior Notes.
Subject to the terms of the SAC Notes Indenture and the PSA, Capital Proceeds
Contingent Interest shall be paid within five years of the occurrence of such
Triggering Event.

         3.       Usury Savings Clause. The provisions of this Section 3 shall
govern and control over any inconsistent provision contained in this Note. The
Payee hereof shall never be entitled to receive, collect, or apply as interest
hereon (for purposes of this Section 3, the word "interest" shall be deemed to
include Basic Interest, Additional Interest and any other sums treated as
interest under applicable law governing matters of usury and unlawful interest),
any amount in excess of the Highest Lawful Rate (hereinafter defined) and, in
the event the Payee ever receives, collects, or applies as interest any such
excess, such amount which would be excessive interest shall be deemed a partial
prepayment of principal and shall be treated hereunder as such; and, if the
principal of this Note is paid in full, any remaining excess shall forthwith be
paid to Maker. In determining whether or not the interest paid or payable, under
any specific contingency, exceeds the Highest Lawful Rate, Maker and the Payee
shall, to the maximum extent permitted under applicable law, (i) characterize
any nonprincipal payment as an expense, fee, or premium rather than as interest,
(ii)

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exclude voluntary prepayments and the effects thereof, and (iii) spread the
total amount of interest throughout the entire contemplated term of this Note;
provided, that if this Note is paid and performed in full prior to the end of
the full contemplated term hereof, and if the interest received for the actual
period of existence hereof exceeds the Highest Lawful Rate, the Payee shall
refund to Maker the amount of such excess or credit the amount of such excess
against the principal of this Note, and, in such event, the Payee shall not be
subject to any penalties provided by any laws for contracting for, charging, or
receiving interest in excess of the Highest Lawful Rate.

         4.       Payments.

                  (a)      Interest. Maker promises to pay to Payee Basic
Interest and Additional Interest the respective amounts, and at the respective
times provided in Section 2 hereinabove. No principal payments shall be due
hereunder except as required at the Maturity Date. Each payment of Basic
Interest (including without limitation, Deferred Interest) and Additional
Interest shall be payable in Phoenix, Arizona (or at any other place which Payee
may hereafter designate from time to time for such purpose in a notice duly
given to Maker hereunder), not later than noon, Pacific Standard Time, on the
date due thereof; and funds received after that hour shall be deemed to have
been received by the Payee on the next following business day. Whenever any
payment to be made under this Note shall be stated to be due on a date which is
not a business day, the due date thereof shall be extended to the next
succeeding business day, and interest shall be payable at the applicable rate
during such extension.

                  (b)      Principal. The principal amount of this Note,
together with all accrued but unpaid Interest, shall be due and payable upon the
Maturity Date.

                  (c)      Late Payment Charges. If any amount of Interest,
principal or any other charge or amount which becomes due and payable under this
Note is not paid and received by the Payee within five business days after the
date it first becomes due and payable, Maker shall pay to the Payee hereof a
late payment charge in an amount equal to five percent (5%) of the full amount
of such late payment, whether such late payment is received prior to or after
the expiration of the ten-day cure period set forth in Section 8(a). Maker
recognizes that in the event any payment hereunder (other than the principal
payment due upon Maturity Date, whether by acceleration or otherwise) is not
made when due, Payee will incur extra expenses in handling the delinquent
payment, the exact amount of which is impossible to ascertain, but that a charge
of five percent (5%) of the amount of the delinquent payment is a reasonable
estimate of the expenses reasonably anticipated to be so incurred.

                  (d)      Prepayment. Maker shall have the right to prepay this
Note, without penalty, in whole or in part, at any time in Maker's discretion.

         5.       Representations and Warranties of Maker. Maker represents and
warrants to Payee, as of the date hereof, that:

                  (a)      Due Authorization. Maker is a corporation duly
organized and validly existing under the laws of the state of its organization,
and has the power and authority to execute and

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deliver this Note and consummate the transactions contemplated hereby;

                  (b)      No Violation. Maker's execution, delivery and
performance of its obligations under this Note do not and will not violate the
articles of incorporation or by-laws of Maker and will not violate, conflict
with or constitute a default under any agreement to which Maker is a party;

                  (c)      Consents. No consents, approvals, filings, or notices
of, with or to any Person are required on the part of Maker in connection with
Maker's execution, delivery and performance of its obligations hereunder that
have not been duly obtained, made or given, as the case may be;

                  (d)      Enforceability. The Note is valid, binding and
enforceable in accordance with its terms, except as the enforceability hereof
may be limited by bankruptcy, insolvency, moratorium, reorganization or similar
laws relating to or affecting the enforcement of creditors' rights generally.

                  (e)      Place of Business. Maker's principal place of
business is located at 715 South Country Club Drive, Mesa, AZ 85210.

         6.       Affirmative Covenants. Maker hereby covenants and agrees that,
so long as any indebtedness under the Note remains unpaid, Maker shall:

                  (a)      Use of Proceeds. Use the proceeds of the Loan to
capitalize the Property Owner and/or for other lawful corporate purposes.

                  (b)      Inspection of Property; Books and Records;
Discussions. Keep proper books of record and account in which full, true and
correct entries in conformity with GAAP shall be made of all dealings and
transactions in relation to its business and activities and, upon reasonable
notice, permit representatives of Payee to examine and make abstracts from any
of its books and records at any reasonable time and as often as may reasonably
be desired by Payee and to discuss the business, operations, properties and
financial and other conditions of Maker with officers and employees of Maker and
with its independent certified public accountants. Such books and records shall
be available for at least five (5) years after the end of the relevant calendar
month. Payee shall have the right to inspect, copy and audit such books of
account and records at Payee's expense, during reasonable business hours, and
upon reasonable notice to Maker, for the purpose of verifying the accuracy of
any principal payments made. The costs of any such audit will be paid by Payee,
except that Maker shall pay all reasonable costs and expenses of any such audit
which discloses that any amount properly payable by Maker to Payee hereunder
exceeded by five percent (5%) or more the amount actually paid and initially
reported by Maker as being payable with respect thereto.

                  (c)      Notices. Give prompt written notice to Payee of (i)
any claims, proceedings or disputes (whether or not purportedly on behalf of
Maker) against, or to Maker's knowledge, threatened or affecting Maker or the
Real Property which, if adversely determined, could reasonably be expected to
have a material adverse effect on Maker (without in any way limiting the
foregoing, claims, proceedings, or disputes involving in the aggregate monetary
amounts in excess of $500,000 not fully covered by insurance shall be deemed to
be material). Additionally, Maker shall

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give prompt written notice to Payee of any fact known to Maker which would
prohibit the making of any payment on or in respect of this Note, but failure to
give such notice shall not affect any subordination of this Note to the SAC
Holding Senior Notes as provided in Section 2(i) hereof or otherwise.

                  (d)      Expenses. Pay all reasonable out-of-pocket expenses
(including fees and disbursements of counsel, including special local counsel)
of Payee, incident to any amendments, waivers and renewals of this Note.

                  (e)      Co-operation. Execute and deliver to Payee any and
all instruments, documents and agreements, and do or cause to be done from time
to time any and all other acts, reasonably deemed necessary or desirable by
Payee to effectuate the provisions and purposes of this Note.

                  (f)      Management Agreement. Cause or permit the Real
Property to be managed by subsidiaries of U-Haul International, Inc. or to be at
all times managed by a nationally recognized self-storage property management
company (the "Property Manager") approved by the Payee, which Property Manager
shall be employed pursuant to an agreement (the "Property Management Agreement")
approved by the Payee. In no event shall the fees paid (or required to be paid)
to the Property Manager exceed six percent (6%) of Gross Receipts for any time
period.

         7.       Negative Covenants. Maker hereby agrees that, as long as any
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

                  (a)      Indebtedness. Create, incur or assume any
Indebtedness except for: (i) the SAC Holding Senior Notes; (ii) the Loan; (iii)
Maker's contingent obligations under the secured Real Property debt (as the same
may be amended, extended or refinanced from time to time by mortgage loan, sale
leaseback transaction or otherwise) and the other senior mortgage loans extended
to subsidiaries or other affiliates of Maker (as the same may be amended,
extended or refinanced from time to time by mortgage loan, sale leaseback
transaction or otherwise); (iv) non-delinquent taxes; (v) unsecured debt
incurred in the ordinary course of business and (vi) other indebtedness owed to
Payee and its affiliates; provided, however, that for so long as the SAC Holding
Senior Notes are outstanding, Maker shall not incur any Indebtedness prohibited
by the terms of the SAC Notes Indenture.

                  (b)      No Bankruptcy Filing. To the extent permitted by law,
without the unanimous consent of the Board of Directors of the Maker (for these
purposes such Board of Directors will not include any committee thereof)
voluntarily file any petition for bankruptcy, reorganization, assignment for the
benefit of creditors or similar proceeding.

         8.       Event of Default; Remedies. Any one of the following
occurrences shall constitute an Event of Default under this Note:

                  (a)      The failure by the undersigned to make any payment of
principal or Interest upon this Note as and when the same becomes due and
payable in accordance with the provisions

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hereof, and the continuation of such failure for a period of ten (10) days after
receipt of notice thereof to the Maker;

                  (b)      Any representation, warranty or certification made by
Maker herein or in any report delivered to the Payee under or in connection with
this Note is materially inaccurate or incomplete as of the date made; provided,
however, that such inaccurate or incomplete representation, warranty or
certification is material and cannot be cured without material prejudice to the
Payee within 30 days written notice thereof to Maker;

                  (c)      The failure by Maker to perform any obligation under,
or the occurrence of any other default with respect to any provision of, this
Note other than as described in any of the other clauses of this Section 8, and
the continuation of such default for a period of 30 days after written notice
thereof to the Maker;

                  (d)      (i) Maker shall file, institute or commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (B)
seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or any substantial part of its assets, or Maker shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
filed, instituted or commenced against Maker any case, proceeding or other
action of a nature referred to in clause (i) above which (A) results in the
entry of any order for relief or any such adjudication or appointment, or (B)
remains undismissed undischarged for a period of 60 days; or (iii) there shall
be commenced against Maker any case, proceeding or other action seeking issuance
of a warrant of attachment, execution, distraint or similar process against all
or substantially all of its assets which results in the entry of an order for
any such relief which shall not have been vacated, discharged, stayed,
satisfied, or bonded to Payee's satisfaction pending appeal, within 60 days from
the first entry thereof; or (iv) Maker shall take any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the acts
described in any of the preceding clauses (i), (ii) or (iii); or (v) Maker shall
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due, or shall in writing admit that it is insolvent; or

                  (f)      one or more final judgments or orders that exceed $80
million in the aggregate (net of amounts bonded, covered by insurance or covered
by a binding agreement for indemnification from a third party) for the payment
of money have been entered by a court or courts of competent jurisdiction
against Maker and such judgment or judgments have not been satisfied, stayed,
annulled or rescinded within 60 days of being entered or, in the event such
judgments have been bonded to the extent required pending appeal, after the date
such judgments become non-appealable.

         Upon the occurrence of any Event of Default hereunder, the entire
unpaid principal balance of, and any unpaid Basic Interest and Additional
Interest then accrued on, this Note at the option of the Payee and without
demand or notice of any kind to the undersigned or any other person, shall,

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subject to the terms of the PSA, immediately become and be due and payable in
full; and the Payee shall have and may exercise any and all rights and remedies
available at law or in equity.

         9.       Offset. In addition to (and not in limitation of) any rights
of offset that the Payee hereof may have under applicable law, upon the
occurrence of any Event of Default hereunder the Payee hereof shall have the
right, immediately and without notice, to appropriate and apply to the payment
of this Note any and all balances, credits, deposits, accounts or moneys of the
Maker then or thereafter with or held by the Payee or an affilate of Payee.

         10.      Allocation of Balances or of Payments. At any and all times
until this Note and all amounts hereunder (including principal, Interest, and
other charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Payee hereof may be allocated by the
Payee to principal, Interest or other charges or amounts as the Payee may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

         11.      Captions. Any headings or captions in this Note are inserted
for convenience of reference only, and they shall not be deemed to constitute a
part hereof, nor shall they be used to construe or interpret the provisions of
this Note.

         12.      Waiver.

                  (a)      Maker, for itself and for its successors, transferees
and assigns, hereby waives diligence, presentment and demand for payment,
protest, notice of protest and nonpayment, dishonor and notice of dishonor,
notice of the intention to accelerate, notice of acceleration, and all other
demands or notices of any and every kind whatsoever (except only for any notice
of default expressly provided for in Section 8 of this Note) and the undersigned
agrees that this Note and any or all payments coming due hereunder may be
extended from time to time in the sole discretion of the Payee hereof without in
any way affecting or diminishing their liability hereunder.

                  (b)      No extension of the time for the payment of this Note
or any payment becoming due or payable hereunder, which may be made by agreement
with any Person now or hereafter liable for the payment of this Note, shall
operate to release, discharge, modify, change or affect the original liability
under this Note, either in whole or in part, of the Maker if it is not a party
to such agreement.

                  (c)      No delay in the exercise of any right or remedy
hereunder shall be deemed a waiver of such right or remedy, nor shall the
exercise of any right or remedy be deemed an election of remedies or a waiver of
any other right or remedy. Without limiting the generality of the foregoing, the
failure of the Payee hereof promptly after the occurrence of any Event of
Default hereunder to exercise its right to declare the indebtedness remaining
unmatured hereunder to be immediately due and payable shall not constitute a
waiver of such right while such Event of Default continues nor a waiver of such
right in connection with any future Event of Default on the part of the
undersigned.

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         13.      Payment of Costs. The undersigned hereby expressly agrees that
upon the occurrence of any Event of Default under this Note, the undersigned
will pay to the Payee hereof, on demand, all reasonable costs of collection or
enforcement, including (but not limited to) all attorneys' fees, court costs,
and other costs and reasonable expenses incurred by the Payee hereof, on demand,
all reasonable costs of collection or enforcement, including (but not limited
to) all attorneys' fees, court costs, and other reasonable costs and expenses
incurred by the Payee hereof in connection with the protection of this Note,
whether or not any lawsuit is ever filed with respect thereto.

         14.      Unsecured Note. This Note is unsecured.

         15.      Notices. All notices, demands and other communications
hereunder to either party shall be made in writing and shall be deemed to have
been given when actually received or, if mailed, on the first to occur of actual
receipt or the third business day after the deposit thereof in the United States
mails, by registered or certified mail, postage prepaid, addressed as follows:

         If to the Maker:      SAC Holding Corporation
                               715 South Country Club Drive
                               Mesa, AZ 85210
                               Attention: President
                               Fax No.: 480-835-5478

         If to Payee :         U-Haul International, Inc.
                               2721 North Central Avenue
                               Phoenix, Arizona 85004
                               Attention: President

or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

         16.      Time of the Essence. Time is hereby declared to be of the
essence of this Note and of every part hereof.

         17.      Governing Law. This Note shall be governed by and construed in
accordance with the internal laws of the State of Arizona.

         18.      Jurisdiction. In any controversy, dispute or question arising
hereunder, the Maker consents to the exercise of jurisdiction over its person
and property by any court of competent jurisdiction situated in the State of
Arizona (whether it be a court of the State of Arizona, or a court of the United
States of America situated in the State of Arizona), and in connection
therewith, agrees to submit to, and be bound by, the jurisdiction of such court
upon Payee's mailing of process by registered or certified mail, return receipt
requested, postage prepaid, within or without the State of Arizona, to the Maker
at its address for receipt of notices under this Note.

         19.      PAYEE NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER
SHALL THE PAYEE OF THIS NOTE BE DEEMED TO BE A

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PARTNER OR A CO-VENTURER WITH MAKER OR MAKER'S SUBSIDIARIES. MAKER SHALL NOT
REPRESENT TO ANY PERSON THAT THE MAKER AND THE PAYEE HEREOF ARE PARTNERS OR
CO-VENTURERS.

         20.      JURY TRIAL. THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER
THIS NOTE, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED
OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR
ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS NOTE, AND AGREES
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.

         21.      Entire Agreement. This Note constitutes the entire agreement
between Maker and Payee. No representations, warranties, undertakings, or
promises whether written or oral, expressed or implied have been made by the
Payee or its agent unless expressly stated in this Note.

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         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Note, pursuant to proper authority duly granted, as of the date and year first
above written.

                                  SAC FINANCIAL CORPORATION
                                  a Nevada corporation

                                  By: ________________________________________

                                  Its:________________________________________

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 THIS INSTRUMENT IS SUBJECT TO THAT CERTAIN SAC PARTICIPATION AND SUBORDINATION
AGREEMENT (THE "PSA") DATED AS OF MARCH 15, 2004 AMONG SAC HOLDING CORPORATION,
    SAC HOLDING II CORPORATION (COLLECTIVELY, "SAC HOLDING"), AMERCO, U-HAUL
   INTERNATIONAL, INC., AND LAW DEBENTURE TRUST COMPANY OF NEW YORK, INC., AS
         TRUSTEE UNDER THAT CERTAIN INDENTURE WITH RESPECT TO THE 8.5%
                      SENIOR NOTES DUE 2014 OF SAC HOLDING

                      AMENDED AND RESTATED PROMISSORY NOTE

Maximum principal amount of up to                      Dated as of March 1, 2004
$47,500,000.00

         FOR VALUE RECEIVED, the undersigned SAC Holding Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
U-Haul International, Inc. a Nevada corporation, ("Payee"), at the principal
office of the Payee at 2721 North Central Avenue, Phoenix, Arizona 85004 or at
such other place or places as Payee may from time to time designate in writing,
the principal sum of up to Forty-Seven Million Five Hundred Thousand and
no/100th Dollars ($47,500,000.00), or, if less, the aggregate unpaid principal
amount of the Loan made by Payee to Maker, with Interest on the principal
balance outstanding from time to time, all as hereinafter set forth.

         1.       Definitions. As used in this Note, each of the following terms
shall have the following meanings, respectively:

         "Accrual Rate": shall mean the annual interest rate of nine percent
(9%).

         "Additional Interest": shall mean and include both Cash Flow Contingent
Interest and Capital Proceeds Contingent Interest.

         "Basic Interest": shall have the meaning given it in Section 2(a)
below.

         "Capital Proceeds Contingent Interest": shall have the meaning given it
in Section 2(h)(i) below.

         "Cash Flow Contingent Interest": shall have the meaning given it in
Section 2(e) below.

         "Catch-Up Payment": shall have the meaning given it in Section 2(d).

         "Deferred Interest": shall have the meaning given it in Section 2(a).

         "GAAP": shall mean generally accepted accounting principles as used and
understood in the United States of America from time to time.

         "Gross Receipts": shall mean, for any period all gross receipts,
revenues and income of any and every kind collected or received by or for the
benefit or account of Maker and the Property Owner during such period arising
from the ownership, rental, use, occupancy or operation of the Real Property.
Gross Receipts shall include, without limitation, all receipts from all tenants,

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licensees, customers and other occupants and users of the Real Property,
including, without limitation, rents, security deposits and the like, interest
earned and paid or credited on all Maker's or the Property Owner's deposit
accounts related to the Real Property, all proceeds of rent or business
interruption insurance, and the proceeds of all casualty insurance and eminent
domain awards to the extent not applied, or reserved and applied within six (6)
months after the creation of such reserve, to the restoration of the Real
Property. Gross Receipts shall include the dealer commission payable from U-Haul
International, Inc. (or affiliate thereof) to Maker (or affiliate thereof) for
the rental of U-Haul equipment at the Real Property; provided however that such
dealer commissions payable shall not be included in Gross Receipts until the
15th day of the month following the month in which such rental occurred, all in
accordance with the customary procedure for the payment of dealer commissions.
Gross Receipts shall not include any capital contributed to Maker or proceeds
from any loan made to Maker or proceeds from the sale of any Real Property. Any
receipt included within Gross Receipts in one period shall not be included
within Gross Receipts for any other period (i.e., no item of revenue or receipts
shall be counted twice).

         "Highest Lawful Rate": shall mean the maximum rate of interest which
the Payee is allowed to contract for, charge, take, reserve, or receive under
applicable law after taking into account, to the extent required by applicable
law, any and all relevant payments or charges hereunder.

         "Interest": shall mean Basic Interest and Additional Interest.

         "Loan": shall mean the unsecured loan in the amount of up to
$47,500,000.00 made by Payee to Maker and evidenced by this Note, or up to such
amount as may have been advanced by Payee to Maker from time to time.

         "Management Fee": shall mean the fee paid to the Property Manager
pursuant to the Property Management Agreement.

         "Maturity Date": shall mean the first to occur of: (i) the Stated
Maturity Date; (ii) the date on which the unpaid principal balance of, and
unpaid Interest on, this Note shall become due and payable on account of
acceleration by Payee and (iii) the date on which a Triggering Event occurs.

         "Net Capital Proceeds": shall have the meaning given it in Section
2(h)(iv) below.

         "Net Cash Flow": shall mean, for any period, the amount by which the
Gross Receipts for such period exceed the sum of Interest paid during such
period and Operating Expenses paid for and with respect to such period; but Net
Cash Flow for any period shall not be less than zero.

         "Net Cash Flow Before Debt Service": shall mean, for any period, the
amount by which the Gross Receipts for such period exceed the Operating Expenses
for and with respect to such period.

         "Note": shall mean this Amended and Restated Promissory Note as it may
be amended, modified, extended or restated from time to time, together with all
substitutions and replacements therefor.

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         "Operating Expenses": shall mean, for any period, all cash expenditures
of Maker and the Property Owner actually paid (and properly payable) during such
period for (i) real and personal property taxes on the Real Property; (ii)
principal and interest on the secured Real Property debt; (iii) premiums for
liability, property and other insurance on the Real Property; (iv) the
Management Fee; (v) sales and rental taxes relating to the Real Property; and
(vi) normal, reasonable and customary operating expenses of the Real Property.
In no event shall Operating Expenses include amounts distributed to the partners
or shareholder's of Maker or the Property Owner, any payments made on the Loan
or any other loan obtained by Maker, amounts paid out of any funded reserve
expressly approved by Payee, if any, non-cash expenses such as depreciation, or
any cost or expense related to the restoration of the Property in the event of a
casualty or eminent domain taking paid for from the proceeds of insurance or an
eminent domain award or any reserve funded by insurance proceeds or eminent
domain awards.

         "Pay Rate": shall mean a rate per annum equal of two percent (2.0%).

         "Pay Rate Interest": shall mean the interest on the unpaid principal
balance of this Note from time to time outstanding at the Pay Rate.

         "Person": shall mean any corporation, natural person, firm, joint
venture, general partnership, limited partnership, limited liability company,
trust, unincorporated organization, government or any department or agency of
any government.

         "Property Manager": shall have the meaning given it in Section 6(f)
below.

         "Property Management Agreement": shall have the meaning given such term
in Section 6(f) below.

         "Property Owner" means, collectively, Twenty SAC Self-Storage
Corporation, a Nevada corporation, Twenty-One SAC Self-Storage Corporation, a
Nevada corporation, Twenty-Two SAC Self-Storage Corporation, a Nevada
corporation and Twenty-Three SAC Self-Storage Corporation, a Nevada corporation.

         "Real Property" means the real property owned by Property Owner from
time to time.

         "SAC Holding Senior Notes": shall mean the 8.5% Senior Notes due 2014
of SAC Holding Corporation and SAC Holding II Corporation.

         "SAC Notes Indenture": shall mean that certain Indenture with respect
to the SAC Holding Senior Notes.

         "Sale": shall mean any direct or indirect sale, assignment, transfer,
conveyance, lease or disposition of any kind whatsoever of (i) the Real Property
or any portion thereof (excluding leases and licenses in the ordinary course of
business, the granting of easements, servitudes, rights-of-way, dedications and
like interests in the ordinary course of business and conveyances pursuant to
condemnations or eminent domain) or (ii) 25% or more (in the aggregate of all
such sales,

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<PAGE>

assignments, transfers, conveyances or dispositions made at any time or from
time to time, taken together) of the equity interests in Property Owner.

         "Stated Maturity Date": shall mean the earlier of (i) January 1, 2022
and (ii) from and after April 1, 2014, on demand by Payee.

         "Triggering Event": shall have the meaning given it in Section 2(h)(ii)
below.

         2.       Interest.

                  (a)      Basic Interest Rate Prior to Maturity. From the date
hereof through and including the Maturity Date, interest ("Basic Interest")
shall accrue on the principal balance of this Note outstanding from time to time
at the Accrual Rate. Notwithstanding the foregoing, on the first business day of
each month commencing on March 1, 2004 and through the Maturity Date, Maker
shall pay to Payee Pay Rate Interest on the unpaid principal balance of this
Note. The remainder of the Basic Interest ("Deferred Interest") shall be
deferred and shall bear interest at the Accrual Rate, and shall be payable as
and at the time provided in Section 2(d) below. Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest.

         All interest hereunder shall be payable monthly in arrears, on the
first business day of each month.

                  (b)      Post-Maturity Basic Interest. From and after the
Maturity Date, Basic Interest shall accrue and be payable on the outstanding
principal balance hereof until paid in full at an annual rate equal to fifteen
percent (15%) and such interest shall be payable upon demand.

                  (c)      Computations. All computations of interest and fees
payable hereunder shall be based upon a year of 360 days for the actual number
of days elapsed.

                  (d)      Deferred Interest. Deferred Interest shall be paid as
follows:

                           (i)      On each monthly date for the payment of
Basic Interest, Maker shall pay an amount, if any (the "Catch-Up Payment"),
equal to the lesser of (i) the aggregate outstanding Deferred Interest on the
last day of the month for which such payment is being made and (ii) ninety
percent (90%) of the result of subtracting from Net Cash Flow Before Debt
Service for that month an amount equal to twice the Pay Rate Interest for such
period;

                           (ii)     All unpaid Deferred Interest shall be paid
on the Maturity Date; and

                           (iii)    No payment of Deferred Interest may, when
added to all other payments of Interest or payments construed as interest, shall
exceed the Highest Lawful Rate.

                  (e)      Cash Flow Contingent Interest. In addition to Basic
Interest and Deferred Interest, on each date on which Basic Interest is payable
hereunder, Maker shall pay to Payee interest ("Cash Flow Contingent Interest")
in an amount equal to the amount (if any) by which (i)

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<PAGE>

ninety percent (90%) of the result of subtracting from Net Cash Flow Before Debt
Service for that month an amount equal to twice the Pay Rate Interest for such
period (each calculated as of that date) exceeds (ii) the Catch-Up Payment paid
on that date by Maker to Payee.

                  (f)      Statements; Adjustment of Payments. Within thirty
(30) days following the due date for each payment of Basic Interest, Maker
shall, upon the request of Payee, deliver to Payee a statement of operations of
the Real Property for the month or other period with respect to which such Basic
Interest is due, showing in reasonable detail and in a format approved by Payee
the respective amounts of, and the method of calculating Gross Receipts,
Operating Expenses, Net Cash Flow, Catch-Up Payment and Cash Flow Contingent
Interest for the preceding month, as well as (if requested by Payee) all data
reasonably necessary for the calculation of any such amounts. Maker shall keep
and maintain at all times full and accurate books of account and records
adequate to correctly reflect all such amounts. Such books and records shall be
available for at least five years after the end of the month to which they
relate. Payee shall have the right to inspect, copy and audit such books of
account and records during reasonable business hours, and upon prior reasonable
notice to Maker, for the purpose of verifying the accuracy of any payments made
on account of any interest payments made hereunder. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by Maker as being payable with respect
thereto.

                  (g)      Prorations of Cash Flow Contingent Interest. All
interest shall be equitably prorated on the basis of a 360-day year for any
partial month in which the term of the Loan commences or in which the Note is
paid in full.

                  (h)      Capital Proceeds Contingent Interest.

                           (i)      Capital Proceeds Contingent Interest
Defined. Subject to Section 2(i) hereof, Maker shall pay to Payee, in addition
to Pay Rate Interest, Deferred Interest and Cash Flow Contingent Interest, at
the time or times and in the manner hereinafter described, an amount equal to
ninety percent (90%) of the Net Capital Proceeds resulting from, or determined
at the time of, any of the Triggering Events described below (collectively,
"Capital Proceeds Contingent Interest").

                           (ii)     Events Triggering Payment of Net Capital
Proceeds. Subject to Section 2(i) hereof, Capital Proceeds Contingent Interest
shall be due and payable concurrently with the occurrence of each and every one
of the following events (collectively "Triggering Events", and individually, a
"Triggering Event"):

                                    (A)      Property Sale or Financing. The
closing of any Sale or refinancing of the Real Property (any such event is
hereinafter collectively referred to as a "Sale or Financing");

                                    (B)      Default Occurrence. The occurrence
of any Event of Default and the acceleration of the maturity of the Loan on
account thereof (hereinafter collectively referred

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<PAGE>

to as a "Default Occurrence"); and

                                    (C)      Maturity Occurrence. The occurrence
of the Maturity Date (the "Maturity Occurrence").

                           (iii)    Notice of Triggering Event: Time for Payment
of Capital Proceeds Contingent Interest. Maker shall notify Payee of the
occurrence of a Triggering Event, and shall pay Payee the full amount of any
applicable Capital Proceeds Contingent Interest which is payable in connection
therewith, as follows:

                                    (A)      In the case of any Sale or
Financing or the Maturity Occurrence, Maker shall give Payee written notice of
any such Triggering Event not less than forty-five (45) days before the date
such Triggering Event is to occur. Any Capital Proceeds Contingent Interest due
Payee on account of any Sale or Financing or the Maturity Occurrence shall be
due and payable to Payee within ninety (90) days of the date on which such
Triggering Event occurs.

                                    (B)      In the case of a Default
Occurrence, no notice of such a Triggering Event need be given by Maker. In such
event, payment of any and all Capital Proceeds Contingent Interest on account of
the Default Occurrence shall be immediately due and payable upon acceleration of
the maturity of the Loan.

                           (iv)     Determination of Net Capital Proceeds. Net
Capital Proceeds resulting from a Triggering Event shall be determined as
follows:

                                    (A)      Net Capital Proceeds From Sale or
Financing. Except as provided in Section 2(h)(iv)(B) below, in the event of a
Sale or Financing, "Net Capital Proceeds" shall be the amount which is equal to:
(i) the Gross Capital Proceeds (as hereinafter defined) realized from the Real
Property minus (ii) the sum of: (aa) reasonable brokerage commissions (excluding
any payments to any affiliate of Maker to the extent such payments exceed those
which would have been due as commissions to a non-affiliate broker rendering
identical services), title insurance premiums, documentary transfer or stamp
taxes, mortgage taxes, environmental report fees, escrow fees and recording
charges, appraisal fees, reasonable attorneys' fees and costs, and sales taxes,
in each case actually paid or payable by Maker (or Property Owner) in connection
with the Sale or Financing, (bb) all payments of principal, Basic Interest and
Cash Flow Contingent Interest payable to Payee on account of this Note from the
proceeds of such Sale or Financing, and (cc) an amount equal to all payments of
principal, interest and yield maintenance and/or defeasance fees and expenses
due and payable on any senior loans, if any (including, without limitation the
SAC Holding Senior Notes), made from the proceeds of such Sale or Financing. For
purposes of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
proceeds of whatever form or nature payable directly or indirectly to or for the
benefit or account of Maker in connection with such Sale or Financing,
including, without limitation: cash, the outstanding balance of any financing
which will remain as a lien or encumbrance against the Real Property or any
portion thereof following such Sale or Financing (but only in the case of a
Sale, and not in the case of an encumbrance), and the cash equivalent of the
fair market value of any non-cash consideration, including the present value of
any promissory note received as part of the proceeds of such Sale or

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Financing (valued at a market rate of interest).

                                    (B)      Net Capital Proceeds In Connection
With a Default or Maturity Occurrence. In the event of a Default Occurrence or
the Maturity Occurrence when no Sale or Financing has occurred, the "Net Capital
Proceeds" shall equal: (i) the fair market value of the Real Property determined
as of the date of such Triggering Event in accordance with Section 2(h)(v)
below, minus (ii) the sum of (aa) the outstanding principal balance, together
with accrued but unpaid Basic Interest on this Note and (bb) the outstanding
principal balance of, and accrued but unpaid interest on, the secured Real
Property debt.

                           (v)      Determination of Fair Market Value. The fair
market value of the Real Property shall be determined for purposes of this Note
as follows:

                                    (A)      Partial Sale. In the event of a
Sale of a portion of the Real Property, Payee shall select an experienced and
reputable appraiser to prepare a written appraisal report of the fair market
value of the Real Property in accordance with clause (C) below, and the
appraised fair market value submitted to Payee by such appraiser shall be
conclusive for purposes of this Note.

                                    (B)      Other Occurrences. In all other
circumstances the fair market value of the Real Property shall be deemed to
equal the result of dividing the Net Cash Flow Before Debt Service for the
immediately preceding fiscal year by ten percent (10%). However, if the Net Cash
Flow Before Debt Service for the immediately preceding fiscal year has been
lowered because of unusually high Operating Expenses during such fiscal year the
fair market value of the Real Property may, at the option of the Maker be
determined by dividing by ten percent (10%) the mean average of the Net Cash
Flow Before Debt Service of the Real Property for the three immediately
preceding fiscal years of the Real Property.

                                    (C)      Appraisal Standards and
Assumptions. In making any determination by appraisal of fair market value, the
appraiser(s) shall assume that the improvements then located on the Real
Property constitute the highest and best use of the property. If the Triggering
Event is a Sale or Financing, the appraisers) shall take the sales price into
account, although such sales price shall not be determinative of fair market
value. Each appraiser selected hereunder shall be an independent MAI-designated
appraiser with not less than ten years' experience in commercial real estate
appraisal in the general geographical area where the Real Property is located.

                           (vi)     Statement, Books and Records. With each
payment of Capital Proceeds Contingent Interest, Maker shall furnish to Payee a
statement setting forth Maker's calculation of Net Capital Proceeds and Capital
Proceeds Contingent Interest and shall provide a detailed breakdown of all items
necessary for such calculation. For a period of five years after each payment of
Capital Proceeds Contingent Interest, Maker shall keep and maintain full and
accurate books and records adequate to correctly reflect each such item. Said
books and records shall be available for Payee's inspection, copying and audit
during reasonable business hours following reasonable notice for the purpose of
verifying the accuracy of the payments made on account of Capital Proceeds

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Contingent Interest. The costs of any such audit will be paid by Payee, except
that Maker shall pay all reasonable costs and expenses of any such audit which
discloses that any amount properly payable by Maker to Payee hereunder exceeded
by five percent (5%) or more the amount actually paid and initially reported by
maker as being payable with respect thereto.

                           (viii)   Negative Capital Proceeds Contingent
Interest. Notwithstanding any other provision of this Agreement, Payee shall not
be responsible or liable in any respect to Maker or any other Person for any
reduction in the fair market value of the Real Property or for any contingency,
condition or occurrence that might result in a negative number for Capital
Proceeds Contingent Interest. If at any time it is calculated, Capital Proceeds
Contingent Interest shall be a negative amount, no Capital Proceeds Contingent
Interest shall at that time be payable to Payee, but Payee shall in no way be
liable for any such negative amount and there shall be no deduction or offset
for such negative amount at any time when Capital Proceeds Contingent Interest
shall be subsequently calculated.

                  (i)      Limitation on Capital Proceeds Contingent Interest
while SAC Holding Senior Notes Remain Outstanding. Notwithstanding anything to
the contrary herein, in the event a Triggering Event takes place at any time
while all or any portion of the SAC Holding Senior Notes is outstanding, the
payment of any Capital Proceeds Contingent Interest on account of such
occurrence shall be deferred as hereinafter provided, and any amounts
constituting Excess Sale Proceeds or Excess Refinancing Proceeds under the SAC
Notes Indenture related to such occurrence shall be applied to redeem or
repurchase the SAC Holding Senior Notes, in accordance with the terms of the SAC
Notes Indenture, it being agreed that payment of Capital Proceeds Contingent
Interest is subordinate to the payment in full of the SAC Holding Senior Notes.
Subject to the terms of the SAC Notes Indenture and the PSA, Capital Proceeds
Contingent Interest shall be paid within five years of the occurrence of such
Triggering Event.

         3.       Usury Savings Clause. The provisions of this Section 3 shall
govern and control over any inconsistent provision contained in this Note. The
Payee hereof shall never be entitled to receive, collect, or apply as interest
hereon (for purposes of this Section 3, the word "interest" shall be deemed to
include Basic Interest, Additional Interest and any other sums treated as
interest under applicable law governing matters of usury and unlawful interest),
any amount in excess of the Highest Lawful Rate (hereinafter defined) and, in
the event the Payee ever receives, collects, or applies as interest any such
excess, such amount which would be excessive interest shall be deemed a partial
prepayment of principal and shall be treated hereunder as such; and, if the
principal of this Note is paid in full, any remaining excess shall forthwith be
paid to Maker. In determining whether or not the interest paid or payable, under
any specific contingency, exceeds the Highest Lawful Rate, Maker and the Payee
shall, to the maximum extent permitted under applicable law, (i) characterize
any nonprincipal payment as an expense, fee, or premium rather than as interest,
(ii) exclude voluntary prepayments and the effects thereof, and (iii) spread the
total amount of interest throughout the entire contemplated term of this Note;
provided, that if this Note is paid and performed in full prior to the end of
the full contemplated term hereof, and if the interest received for the actual
period of existence hereof exceeds the Highest Lawful Rate, the Payee shall
refund to Maker the amount of such excess or credit the amount of such excess
against the principal of this Note, and, in such event, the Payee shall not be
subject to any penalties provided by any laws for

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                                       8

<PAGE>

contracting for, charging, or receiving interest in excess of the Highest Lawful
Rate.

         4.       Payments.

                  (a)      Interest. Maker promises to pay to Payee Basic
Interest and Additional Interest the respective amounts, and at the respective
times provided in Section 2 hereinabove. No principal payments shall be due
hereunder except as required at the Maturity Date. Each payment of Basic
Interest (including without limitation, Deferred Interest) and Additional
Interest shall be payable in Phoenix, Arizona (or at any other place which Payee
may hereafter designate from time to time for such purpose in a notice duly
given to Maker hereunder), not later than noon, Pacific Standard Time, on the
date due thereof; and funds received after that hour shall be deemed to have
been received by the Payee on the next following business day. Whenever any
payment to be made under this Note shall be stated to be due on a date which is
not a business day, the due date thereof shall be extended to the next
succeeding business day, and interest shall be payable at the applicable rate
during such extension.

                  (b)      Principal. The principal amount of this Note,
together with all accrued but unpaid Interest, shall be due and payable upon the
Maturity Date.

                  (c)      Late Payment Charges. If any amount of Interest,
principal or any other charge or amount which becomes due and payable under this
Note is not paid and received by the Payee within five business days after the
date it first becomes due and payable, Maker shall pay to the Payee hereof a
late payment charge in an amount equal to five percent (5%) of the full amount
of such late payment, whether such late payment is received prior to or after
the expiration of the ten-day cure period set forth in Section 8(a). Maker
recognizes that in the event any payment hereunder (other than the principal
payment due upon Maturity Date, whether by acceleration or otherwise) is not
made when due, Payee will incur extra expenses in handling the delinquent
payment, the exact amount of which is impossible to ascertain, but that a charge
of five percent (5%) of the amount of the delinquent payment is a reasonable
estimate of the expenses reasonably anticipated to be so incurred.

                  (d)      Prepayment. Maker shall have the right to prepay this
Note, without penalty, in whole or in part, at any time in Maker's discretion.

         5.       Representations and Warranties of Maker. Maker represents and
warrants to Payee, as of the date hereof, that:

                  (a)      Due Authorization. Maker is a corporation duly
organized and validly existing under the laws of the state of its organization,
and has the power and authority to execute and deliver this Note and consummate
the transactions contemplated hereby;

                  (b)      No Violation. Maker's execution, delivery and
performance of its obligations under this Note do not and will not violate the
articles of incorporation or by-laws of Maker and will not violate, conflict
with or constitute a default under any agreement to which Maker is a party;

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                  (c)      Consents. No consents, approvals, filings, or notices
of, with or to any Person are required on the part of Maker in connection with
Maker's execution, delivery and performance of its obligations hereunder that
have not been duly obtained, made or given, as the case may be;

                  (d)      Enforceability. The Note is valid, binding and
enforceable in accordance with its terms, except as the enforceability hereof
may be limited by bankruptcy, insolvency, moratorium, reorganization or similar
laws relating to or affecting the enforcement of creditors' rights generally.

                  (e)      Place of Business. Maker's principal place of
business is located at 715 South Country Club Drive, Mesa, AZ 85210.

         6.       Affirmative Covenants. Maker hereby covenants and agrees that,
so long as any indebtedness under the Note remains unpaid, Maker shall:

                  (a)      Use of Proceeds. Use the proceeds of the Loan to
capitalize the Property Owner and/or for other lawful corporate purposes.

                  (b)      Inspection of Property; Books and Records;
Discussions. Keep proper books of record and account in which full, true and
correct entries in conformity with GAAP shall be made of all dealings and
transactions in relation to its business and activities and, upon reasonable
notice, permit representatives of Payee to examine and make abstracts from any
of its books and records at any reasonable time and as often as may reasonably
be desired by Payee and to discuss the business, operations, properties and
financial and other conditions of Maker with officers and employees of Maker and
with its independent certified public accountants. Such books and records shall
be available for at least five (5) years after the end of the relevant calendar
month. Payee shall have the right to inspect, copy and audit such books of
account and records at Payee's expense, during reasonable business hours, and
upon reasonable notice to Maker, for the purpose of verifying the accuracy of
any principal payments made. The costs of any such audit will be paid by Payee,
except that Maker shall pay all reasonable costs and expenses of any such audit
which discloses that any amount properly payable by Maker to Payee hereunder
exceeded by five percent (5%) or more the amount actually paid and initially
reported by Maker as being payable with respect thereto.

                  (c)      Notices. Give prompt written notice to Payee of (i)
any claims, proceedings or disputes (whether or not purportedly on behalf of
Maker) against, or to Maker's knowledge, threatened or affecting Maker or the
Real Property which, if adversely determined, could reasonably be expected to
have a material adverse effect on Maker (without in any way limiting the
foregoing, claims, proceedings, or disputes involving in the aggregate monetary
amounts in excess of $500,000 not fully covered by insurance shall be deemed to
be material). Additionally, Maker shall give prompt written notice to Payee of
any fact known to Maker which would prohibit the making of any payment on or in
respect of this Note, but failure to give such notice shall not affect any
subordination of this Note to the SAC Holding Senior Notes as provided in
Section 2(i) hereof or otherwise.

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<PAGE>

                  (d)      Expenses. Pay all reasonable out-of-pocket expenses
(including fees and disbursements of counsel, including special local counsel)
of Payee, incident to any amendments, waivers and renewals of this Note.

                  (e)      Co-operation. Execute and deliver to Payee any and
all instruments, documents and agreements, and do or cause to be done from time
to time any and all other acts, reasonably deemed necessary or desirable by
Payee to effectuate the provisions and purposes of this Note.

                  (f)      Management Agreement. Cause or permit the Real
Property to be managed by subsidiaries of U-Haul International, Inc. or to be at
all times managed by a nationally recognized self-storage property management
company (the "Property Manager") approved by the Payee, which Property Manager
shall be employed pursuant to an agreement (the "Property Management Agreement")
approved by the Payee. In no event shall the fees paid (or required to be paid)
to the Property Manager exceed six percent (6%) of Gross Receipts for any time
period.

         7.       Negative Covenants. Maker hereby agrees that, as long as any
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

                  (a)      Indebtedness. Create, incur or assume any
Indebtedness except for: (i) the SAC Holding Senior Notes; (ii) the Loan; (iii)
Maker's contingent obligations under the secured Real Property debt (as the same
may be amended, extended or refinanced from time to time by mortgage loan, sale
leaseback transaction or otherwise) and the other senior mortgage loans extended
to subsidiaries or other affiliates of Maker (as the same maybe amended,
extended or refinanced from time to time by mortgage loan, sale leaseback
transaction or otherwise); (iv) non-delinquent taxes; (v) unsecured debt
incurred in the ordinary course of business and (vi) other indebtedness owed to
Payee and its affiliates; provided, however, that for so long as the SAC Holding
Senior Notes are outstanding, Maker shall not incur any Indebtedness prohibited
by the terms of the SAC Notes Indenture.

                  (b)      No Bankruptcy Filing. To the extent permitted by law,
without the unanimous consent of the Board of Directors of the Maker (for these
purposes such Board of Directors will not include any committee thereof)
voluntarily file any petition for bankruptcy, reorganization, assignment for the
benefit of creditors or similar proceeding.

         8.       Event of Default: Remedies. Any one of the following
occurrences shall constitute an Event of Default under this Note:

                  (a)      The failure by the undersigned to make any payment of
principal or Interest upon this Note as and when the same becomes due and
payable in accordance with the provisions hereof, and the continuation of such
failure for a period of ten (10) days after receipt of notice thereof to the
Maker;

                  (b)      Any representation, warranty or certification made by
Maker herein or in any report delivered to the Payee under or in connection with
this Note is materially inaccurate or incomplete as of the date made; provided,
however, that such inaccurate or incomplete

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<PAGE>

representation, warranty or certification is material and cannot be cured
without material prejudice to the Payee within 30 days written notice thereof to
Maker;

                  (c)      The failure by Maker to perform any obligation under,
or the occurrence of any other default with respect to any provision of, this
Note other than as described in any of the other clauses of this Section 8, and
the continuation of such default for a period of 30 days after written notice
thereof to the Maker;

                  (d)      (i) Maker shall file, institute or commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (B)
seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or any substantial part of its assets, or Maker shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
filed, instituted or commenced against Maker any case, proceeding or other
action of a nature referred to in clause (i) above which (A) results in the
entry of any order for relief or any such adjudication or appointment, or (B)
remains undismissed undischarged for a period of 60 days; or (iii) there shall
be commenced against Maker any case, proceeding or other action seeking issuance
of a warrant of attachment, execution, distraint or similar process against all
or substantially all of its assets which results in the entry of an order for
any such relief which shall not have been vacated, discharged, stayed,
satisfied, or bonded to Payee's satisfaction pending appeal, within 60 days from
the first entry thereof; or (iv) Maker shall take any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the acts
described in any of the preceding clauses (i), (ii) or (iii); or (v) Maker shall
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due, or shall in writing admit that it is insolvent; or

                  (f)      one or more final judgments or orders that exceed $80
million in the aggregate (net of amounts bonded, covered by insurance or covered
by a binding agreement for indemnification from a third party) for the payment
of money have been entered by a court or courts of competent jurisdiction
against Maker and such judgment or judgments have not been satisfied, stayed,
annulled or rescinded within 60 days of being entered or, in the event such
judgments have been bonded to the extent required pending appeal, after the date
such judgments become non-appealable.

         Upon the occurrence of any Event of Default hereunder, the entire
unpaid principal balance of, and any unpaid Basic Interest and Additional
Interest then accrued on, this Note at the option of the Payee and without
demand or notice of any kind to the undersigned or any other person, shall,
subject to the terms of the PSA, immediately become and be due and payable in
full; and the Payee shall have and may exercise any and all rights and remedies
available at law or in equity.

         9.       Offset. In addition to (and not in limitation of) any rights
of offset that the Payee hereof may have under applicable law, upon the
occurrence of any Event of Default hereunder the Payee hereof shall have the
right, immediately and without notice, to appropriate and apply to the payment

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<PAGE>

of this Note any and all balances, credits, deposits, accounts or moneys of the
Maker then or thereafter with or held by the Payee or an affilate of Payee.

         10.      Allocation of Balances or of Payments. At any and all times
until this Note and all amounts hereunder (including principal, Interest, and
other charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Payee hereof may be allocated by the
Payee to principal, Interest or other charges or amounts as the Payee may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

         11.      Captions. Any headings or captions in this Note are inserted
for convenience of reference only, and they shall not be deemed to constitute a
part hereof, nor shall they be used to construe or interpret the provisions of
this Note.

         12.      Waiver.

                  (a)      Maker, for itself and for its successors, transferees
and assigns, hereby waives diligence, presentment and demand for payment,
protest, notice of protest and nonpayment, dishonor and notice of dishonor,
notice of the intention to accelerate, notice of acceleration, and all other
demands or notices of any and every kind whatsoever (except only for any notice
of default expressly provided for in Section 8 of this Note) and the undersigned
agrees that this Note and any or all payments coming due hereunder may be
extended from time to time in the sole discretion of the Payee hereof without in
any way affecting or diminishing their liability hereunder.

                  (b)      No extension of the time for the payment of this Note
or any payment becoming due or payable hereunder, which may be made by agreement
with any Person now or hereafter liable for the payment of this Note, shall
operate to release, discharge, modify, change or affect the original liability
under this Note, either in whole or in part, of the Maker if it is not a party
to such agreement.

                  (c)      No delay in the exercise of any right or remedy
hereunder shall be deemed a waiver of such right or remedy, nor shall the
exercise of any right or remedy be deemed an election of remedies or a waiver of
any other right or remedy. Without limiting the generality of the foregoing, the
failure of the Payee hereof promptly after the occurrence of any Event of
Default hereunder to exercise its right to declare the indebtedness remaining
unmatured hereunder to be immediately due and payable shall not constitute a
waiver of such right while such Event of Default continues nor a waiver of such
right in connection with any future Event of Default on the part of the
undersigned.

         13.      Payment of Costs. The undersigned hereby expressly agrees that
upon the occurrence of any Event of Default under this Note, the undersigned
will pay to the Payee hereof, on demand, all reasonable costs of collection or
enforcement, including (but not limited to) all attorneys' fees, court costs,
and other costs and reasonable expenses incurred by the Payee hereof, on demand,
all reasonable costs of collection or enforcement, including (but not limited
to) all attorneys' fees, court costs, and other reasonable costs and expenses
incurred by the Payee hereof in connection with the

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<PAGE>

protection of this Note, whether or not any lawsuit is ever filed with respect
thereto.

         14.      Unsecured Note. This Note is unsecured.

         15.      Notices. All notices, demands and other communications
hereunder to either party shall be made in writing and shall be deemed to have
been given when actually received or, if mailed, on the first to occur of actual
receipt or the third business day after the deposit thereof in the United States
mails, by registered or certified mail, postage prepaid, addressed as follows:

         If to the Maker:      SAC Holding Corporation
                               715 South Country Club Drive
                               Mesa, AZ 85210
                               Attention: President
                               Fax No.: 480-835-5478

         If to Payee :         U-Haul International, Inc.
                               2721 North Central Avenue
                               Phoenix, Arizona 85004
                               Attention: President

or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

         16.      Time of the Essence. Time is hereby declared to be of the
essence of this Note and of every part hereof.

         17.      Governing Law. This Note shall be governed by and construed in
accordance with the internal laws of the State of Arizona.

         18.      Jurisdiction. In any controversy, dispute or question arising
hereunder, the Maker consents to the exercise of jurisdiction over its person
and property by any court of competent jurisdiction situated in the State of
Arizona (whether it be a court of the State of Arizona, or a court of the United
States of America situated in the State of Arizona), and in connection
therewith, agrees to submit to, and be bound by, the jurisdiction of such court
upon Payee's mailing of process by registered or certified mail, return receipt
requested, postage prepaid, within or without the State of Arizona, to the Maker
at its address for receipt of notices under this Note.

         19.      PAYEE NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER
SHALL THE PAYEE OF THIS NOTE BE DEEMED TO BE A PARTNER OR A CO-VENTURER WITH
MAKER OR MAKER'S SUBSIDIARIES. MAKER SHALL NOT REPRESENT TO ANY PERSON THAT THE
MAKER AND THE PAYEE HEREOF ARE PARTNERS OR CO-VENTURERS.

         20.      JURY TRIAL. THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT

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<PAGE>

TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS
UNDER THIS NOTE, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR
THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS
NOTE, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY.

         21.      Entire Agreement. This Note constitutes the entire agreement
between Maker and Payee. No representations, warranties, undertakings, or
promises whether written or oral, expressed or implied have been made by the
Payee or its agent unless expressly stated in this Note.

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<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Note, pursuant to proper authority duly granted, as of the date and year first
above written.

                                     SAC HOLDING CORPORATION
                                     a Nevada corporation

                                     By: ______________________________________

                                     Its: _____________________________________

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<PAGE>

                                   EXHIBIT "C"

                             SAC SHAREHOLDER CONSENT

         For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the undersigned, pursuant to that certain SAC
Participation and Subordination Agreement dated March 15, 2004 (the
"Agreement"), by and among SAC Holding, AMERCO, U-Haul International, Inc. and
the SAC Notes Trustee, the undersigned (the sole shareholder of SAC Holding)
hereby consents to the execution delivery and performance of the Agreement by
SAC Holding in accordance with its terms, and expressly consents to and agrees
to be bound by the provisions of Section 4 of the Agreement which limit or
prohibit the payment of dividends or distributions to the shareholder of SAC
Holding, as amended from time to time in accordance with the Agreement, to the
full extent as though the undersigned was a party thereto.

         The undersigned acknowledges that the Parties to the Agreement are
expressly and reasonably relying upon this Consent in entering into and
performing their obligations under the Agreement.

         Capitalized terms used but not defined herein shall have the meanings
provided for such terms in the Agreement.

                                       22

<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Consent as of the 15th day of March, 2004.

                                       BLACKWATER INVESTMENTS, INC., a
                                       Nevada corporation

                                       By: /s/ Mark V.Shoen
                                           -------------------------------------
                                               Mark V.Shoen
                                       Its: President

<PAGE>

                                   EXHIBIT "D"
                             AGREEMENT TO INDEMNIFY

         THIS AGREEMENT TO INDEMNIFY (this "Agreement") is dated as of March 15,
2004 and is by AMERCO, a Nevada corporation ("Indemnitor") in favor of the
Indemnified Persons (as defined below).

         WHEREAS, as consideration for SAC Holding Corporation and SAC Holding
II Corporation being proponents of the Amended Joint Plan of Reorganization of
AMERCO and Amerco Real Estate Company, as the same may be amended from time to
time (the "Plan"), and the undertaking by such entities of the transactions
required or contemplated thereby, Indemnitor desires to indemnify the
Indemnified Persons as provided herein, and the Indemnified Persons require such
indemnification from AMERCO.

         NOW THEREFORE, it is agreed that Indemnitor shall pay, indemnify,
defend, and hold SAC Holding Corporation, a Nevada corporation, SAC Holding II
Corporation, a Nevada corporation, Mark V. Shoen and Charlene Shoen, husband and
wife, individuals, and each of their respective officers, directors, employees,
agents, and attorneys-in-fact (if any) (each, an "Indemnified Person" and
collectively, the "Indemnified Persons") harmless (to the fullest extent
permitted by law) from and against any and all claims, demands, suits, actions,
investigations, proceedings, and damages, and all reasonable attorneys fees and
disbursements and other costs and expenses actually incurred in connection
therewith (as and when they are incurred and irrespective of whether suit is
brought), at any time asserted against, imposed upon, or incurred by any of them
(a) in connection with or as a result of or related to the execution, delivery,
enforcement or performance of any agreement required or contemplated by the Plan
(including, without limitation, the SAC Holdings Senior Notes Indenture (as
defined in the Plan), the SAC Holdings Participation and Subordination Agreement
(as defined in the Plan) and the Amended and Restated SAC Holding Notes (as
defined in the SAC Holdings Senior Notes Indenture)) and (b) with respect to any
investigation, litigation, or proceeding related to any agreement required or
contemplated by the Plan (including, without limitation, the SAC Holdings Senior
Notes Indenture, the SAC Holdings Participation and Subordination Agreement and
the Amended and Restated SAC Holding Notes), or the use of the proceeds under
any of the foregoing (irrespective of whether any Indemnified Person is a party
thereto), or any act, omission, event, or circumstance in any manner related
thereto (all the foregoing, collectively, the "Indemnified Liabilities"). The
foregoing to the contrary notwithstanding, Indemnitor shall have no obligation
to any Indemnified Person under this Agreement with respect to any otherwise
Indemnified Liability (i) arising out of or in connection with any payment
default or other default under the SAC Holdings Participation and Subordination
Agreement, the Amended and Restated SAC Holding Notes and the SAC Holdings
Senior Note Indenture, other than any default resulting primarily from the
failure of the Indemnitor to comply with any contractual obligation to which it
is subject, or (ii) that a court of competent jurisdiction finally determines to
have resulted from the gross negligence or willful misconduct of such
Indemnified Person.

         This Agreement shall survive the termination of all agreements required
or contemplated under the Plan (including, without limitation, the SAC Holdings
Senior Notes Indenture, the SAC Holdings Participation and Subordination
Agreement and the Amended and Restated SAC

<PAGE>

Holding Notes), and the repayment of the obligations thereunder. If any
Indemnified Person makes any payment to any other Indemnified Person with
respect to an Indemnified Liability as to which Indemnitor was required to
indemnify the Indemnified Person receiving such payment, the Indemnified Person
making such payment is entitled to be indemnified and reimbursed by Indemnitor
with respect thereto.

                            [Signature Page Follows]

<PAGE>

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

                                           AMERCO, a Nevada corporation

                                           By: /s/ Gary V. Klinefelter
                                               --------------------------------
                                                Gary V. Klinefelter
                                           Its: Secretary<PAGE>

================================================================================

                             INTERCREDITOR AGREEMENT

                            dated as of March 1, 2004

                                 by and between

                             WELLS FARGO BANK, N.A.,
                      as Note Collateral Agent and Trustee

                                       and

                           WELLS FARGO FOOTHILL, INC.,
                             as Loan Agreement Agent

================================================================================
<PAGE>

                             INTERCREDITOR AGREEMENT

                  This INTERCREDITOR AGREEMENT, dated as of March 1, 2004 (as
the same may be amended, modified, restated or supplemented from time to time,
this "Agreement"), is by and between: (i) WELLS FARGO BANK, N.A., as "Trustee"
under the Indenture (as defined below) for the benefit of the Holders from time
to time of the Note Obligations (as defined below) (in such capacity, and
together with any successor thereto in such capacity, the "Note Collateral
Agent" or the "Trustee"), and (ii) WELLS FARGO FOOTHILL, INC., as
"Administrative Agent" under the Loan Agreement (as defined below) for the
benefit of the holders from time to time of the Priority Lien Obligations (as
defined below) (in such capacity, and together with any successor thereto in
such capacity, the "Loan Agreement Agent").

                                    RECITALS

                  WHEREAS, pursuant to that certain Loan and Security Agreement,
dated as of even date herewith, entered into by AMERCO, a Nevada corporation
("AMERCO"), each of its subsidiaries party thereto as "Borrowers" (together with
AMERCO, the "Borrowers" and each a "Borrower"), the Lenders (as defined below)
party thereto and the Loan Agreement Agent (such loan and security agreement, as
amended, restated, modified, supplemented or renewed (the "Loan Agreement") or
as refunded, replaced (whether upon or after termination or otherwise) or
refinanced (including by means of sales of debt securities to institutional
investors) in whole or in part from time to time pursuant to a Permitted
Refinancing, the "Replacement Loan Agreement"), the Borrowers and the Guarantors
(as defined in the Loan Agreement) (collectively, the "Grantors") have entered
into, and may in the future enter into, the Priority Lien Security Documents
pursuant to which the Grantors have granted, or will grant, the Loan Agreement
Agent a first priority security interest in the Collateral; and

                  WHEREAS, pursuant to that certain Indenture, dated of even
date herewith (as the same may be amended, restated, modified, supplemented,
renewed, refunded, replaced or refinanced from time to time, the "Indenture"),
by and among AMERCO, the Guarantors (as defined in the Indenture) and the Note
Collateral Agent, the Grantors have entered into, or may in the future enter
into, the Note Security Documents pursuant to which the Grantors have granted,
or will grant, the Note Collateral Agent a security interest in the Collateral,
which security interest is subordinate to the security interest of the Priority
Liens; and

                  WHEREAS, pursuant to Section 11.05 of the Indenture, by
acceptance of its Notes, each Holder has agreed to be bound by this Agreement;
and

                  WHEREAS, the parties hereto desire to enter into this
Agreement to confirm their relative rights with respect to the Collateral as
provided in this Agreement;

                  NOW THEREFORE, in consideration of the premises, covenants and
agreements as herein set forth and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
hereby agree as follows:

<PAGE>

                                   AGREEMENT

                                   ARTICLE 1.
                                  DEFINITIONS

                  For purposes of this Agreement, the terms listed in this
Article 1 shall have the respective meanings set forth in this Article 1:

                  "Affiliate" means, as applied to any Person, any other Person
who, directly or indirectly, controls, is controlled by, or is under common
control with, such Person. For purposes of this definition, "control" means the
possession, directly or indirectly, of the power to direct the management and
policies of a Person, whether through the ownership of Stock, by contract, or
otherwise.

                  "Agreement" has the meaning specified in the preamble hereof.

                  "AMERCO" has the meaning specified in the recitals hereof.

                  "Bankruptcy Law" means Title 11, U.S. Code or any similar
federal or state law for the relief of debtors.

                  "Borrowers" and "Borrower" have the respective meanings set
forth in the recitals hereof.

                  "Business Day" means any day that is not a Saturday, Sunday,
or other day on which banks are authorized or required to close in the State of
California.

                  "Capital Lease" means a lease that is required to be
capitalized for financial reporting purposes in accordance with GAAP.

                  "Cash Equivalents" means (a) marketable direct obligations
issued or unconditionally guaranteed by the United States of America or issued
by any agency thereof and backed by the full faith and credit of the United
States of America, in each case maturing within 1 year from the date of
acquisition thereof, (b) marketable direct obligations issued by any state of
the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within 1 year from the date of
acquisition thereof and, at the time of acquisition, having one of the 2 highest
ratings obtainable from either Standard & Poor's Rating Group ("S&P") or Moody's
Investors Service, Inc. ("Moody's"), (c) commercial paper maturing no more than
270 days from the date of creation thereof and, at the time of acquisition,
having a rating of at least A-1 from S&P or at least P-1 from Moody's, (d)
certificates of deposit or bankers' acceptances maturing within 1 year from the
date of acquisition thereof issued by any bank organized under the laws of the
United States of America or any state thereof having at the date of acquisition
thereof combined capital and surplus of not less than $250,000,000, (e) demand
deposit accounts maintained with any bank organized under the laws of the United
States of America or any state thereof so long as the amount maintained with any
individual bank is less than or equal to $100,000 and is insured by the Federal
Deposit Insurance Corporation, and (f) investments in money market funds
substantially all of whose assets are invested in the types of assets described
in clauses (a) through (e) above.

                                       2
<PAGE>

                  "Collateral" means all present and future properties and
assets of AMERCO or any other Grantor upon which a security interest is granted
to secure the Priority Lien Obligations and/or the Note Obligations pursuant to
the Priority Lien Security Documents and the Note Security Documents,
respectively.

                  "Credit Bid Rights" means, in respect of any order relating to
a sale of assets in any Insolvency or Liquidation Proceeding, that:

                  (1)      such order grants the Holders of Notes (individually
         and in any combination) the right to bid at the sale of such assets and
         the right to offset such Holders' claims secured by Note Liens upon
         such assets against the purchase price of such assets if:

                           (a)      the bid of such Holders is the highest bid
                  or otherwise determined by the court to be the best offer at
                  the sale; and

                           (b)      the bid of such Holders includes a cash
                  purchase price component payable at the closing of the sale in
                  an amount that would be sufficient on the date of the closing
                  of the sale, if such amount were applied to such payment on
                  such date, to Discharge all unpaid Priority Lien Obligations
                  (except Unasserted Contingent Obligations) and to satisfy all
                  liens entitled to priority over the Priority Liens that attach
                  to the proceeds of the sale, and such order requires or
                  permits such amount to be so applied; and

                  (2)      such order allows the claims of the Holders of Notes
         in such Insolvency or Liquidation Proceeding to the extent required for
         the grant of such rights.

                  "Default" means an event, condition, or default that, with the
giving of notice, the passage of time, or both, would be, as applicable, a Loan
Agreement Event of Default or a Note Event of Default.

                  "Default Notice" has the meaning specified in Section 3.3(b)
hereof.

                  "Discharge of the Priority Lien Obligations" means termination
of all commitments to extend credit under the Loan Agreement or the Replacement
Loan Agreement that would constitute Priority Lien Debt, payment in full in cash
of the principal of and interest and premium (if any) on all Priority Lien Debt
(except undrawn letters of credit), discharge or cash collateralization (at the
lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the
aggregate undrawn amount required for release of liens under the terms of the
applicable Priority Lien Document) of all letters of credit outstanding under
any Priority Lien Debt, and payment in full in cash of all other Priority Lien
Obligations (except Unasserted Contingent Obligations) that are outstanding and
unpaid at the time the Priority Lien Debt is paid in full in cash. "Discharge"
and "Discharged" shall have the correlative meaning.

                  "Enforcement Action" means the exercise of any right or remedy
with respect to any Collateral (including any right of set-off) or the taking of
any action to enforce, collect or realize upon any Collateral, including,
without limitation, the exercise of any right, remedy or action to:

                                       3
<PAGE>

                  (1) take possession of or control over any Collateral (other
than the Pledged Collateral);

                  (2) exercise any collection rights in respect of any
Collateral or retain any proceeds of accounts and other obligations receivable
paid to it directly by any account debtor;

                  (3) exercise any right of set-off against any property subject
to any Priority Lien;

                  (4) foreclose upon any Collateral or take or accept any
transfer of title in lieu of foreclosure upon any Collateral;

                  (5) enforce any claim to the proceeds of insurance upon any
Collateral;

                  (6) deliver any notice, claim or demand relating to the
Collateral to any Person (including any securities intermediary, depositary bank
or landlord) in the possession or control of any Collateral or acting as bailee,
custodian or agent for any holder of Priority Liens in respect of any
Collateral;

                  (7) otherwise enforce any remedy available upon default for
the enforcement of any Lien upon the Collateral;

                  (8) deliver any notice for any of the foregoing purposes or
commence any proceeding for any of the foregoing purposes; or

                  (9) file, or join in the filing of, any Insolvency or
Liquidation Proceeding or seek relief in any Insolvency or Liquidation
Proceeding permitting it to do any of the foregoing.

                  "Event of Default" means either a Loan Agreement Event of
Default or a Note Event of Default.

                  "GAAP" means generally accepted accounting principles as in
effect from time to time in the United States of America, consistently applied.

                  "Grantors" has the meaning specified in the recitals hereof.

                  "Guarantee" means a guarantee other than by endorsement of
negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

                                       4
<PAGE>

                  "Hedge Agreement" means any and all agreements, or documents
now existing or hereafter entered into by any Grantor that provide for an
interest rate, credit, commodity or equity swap, cap, floor, collar, forward
foreign exchange transaction, currency swap, cross currency rate swap, currency
option, or any combination of, or option with respect to, these or similar
transactions, for the purpose of hedging any Grantor's exposure to fluctuations
in interest or exchange rates, loan, credit exchange, security or currency
valuations or commodity prices.

                  "Holder" means a Person in whose name a Note is registered.

                  "Indebtedness" means (a) all obligations for borrowed money,
(b) all obligations evidenced by bonds, debentures, notes, or other similar
instruments and all reimbursement or other obligations in respect of letters of
credit, bankers acceptances, interest rate swaps, or other financial products,
(c) all obligations as a lessee under Capital Leases, (d) all obligations or
liabilities of others secured by a Lien on any asset of a Person or its
Subsidiaries, irrespective of whether such obligation or liability is assumed,
(e) all obligations to pay the deferred purchase price of assets (other than
trade payables incurred in the ordinary course of business and repayable in
accordance with customary trade practices), (f) all obligations under Hedge
Agreements, and (g) any obligation guaranteeing or intended to guarantee
(whether directly or indirectly guaranteed, endorsed, co-made, discounted, or
sold with recourse) any obligation of any other Person that constitutes
Indebtedness under any of clauses (a) through (f) above.

                  "Indenture" has the meaning specified in the recitals hereof.

                  "Insolvency or Liquidation Proceeding" means:

                  (1)      any case commenced by or against any Grantor under
         any Bankruptcy Law, any other proceeding for the reorganization,
         recapitalization or adjustment or marshalling of the assets or
         liabilities of any Grantor, any receivership or assignment for the
         benefit of creditors relating to any Grantor or any similar case or
         proceeding relative to any Grantor or its creditors, as such, in each
         case whether or not voluntary;

                  (2)      any liquidation, dissolution, marshalling of assets
         or liabilities or other winding up of or relating to any Grantor, in
         each case whether or not voluntary and whether or not involving
         bankruptcy or insolvency; or

                  (3)      any other proceeding of any type or nature in which
         substantially all claims of creditors of any Grantor are determined and
         any payment or distribution is or may be made on account of such
         claims.

                  "Lenders" means, at any time, the parties then holding (or
committed to provide) loans, letters of credit or other extensions of credit or
obligations that constitute (or when provided will constitute) Priority Lien
Obligations.

                  "Lien" means any interest in an asset securing an obligation
owed to, or a claim by, any Person other than the owner of the asset,
irrespective of whether (a) such interest shall be based on the common law,
statute, or contract, (b) such interest shall be recorded or perfected, and (c)
such interest shall be contingent upon the occurrence of some future event or
events or the existence of some future circumstance or circumstances, without
limiting the generality of

                                       5
<PAGE>

the foregoing, the term "Lien" includes the lien or security interest arising
from a mortgage, deed of trust, encumbrance, pledge, hypothecation, assignment,
deposit arrangement, security agreement, conditional sale or trust receipt, or
from a lease, consignment, or bailment for security purposes and also including
reservations, exceptions, encroachments, easements, rights-of-way, covenants,
conditions, restrictions, leases, and other title exceptions and encumbrances
affecting estates or interests in real property.

                  "Loan Agreement" has the meaning specified in the recitals
hereof.

                  "Loan Agreement Agent" has the meaning specified in the
preamble hereof.

                  "Loan Agreement Event of Default" has the meaning specified in
Section 8 of the Loan Agreement or, if applicable, the comparable section of the
Replacement Loan Agreement.

                  "Net Proceeds" means, with respect to any asset disposition by
AMERCO or any other Grantor or any proceeds from casualty insurance received by
AMERCO or any other Grantor or any issuance by AMERCO or any other Grantor of
Stock, the aggregate amount of cash or Cash Equivalents received for such assets
or Stock, net of (a) reasonable and customary transaction costs and expenses,
(b) transfer taxes (including sales and use taxes), (c) amounts payable to
holders of applicable Permitted Liens (as defined in the Loan Agreement or the
Replacement Loan Agreement) to the extent that such Permitted Liens (as defined
in the Loan Agreement or the Replacement Loan Agreement), if any, are senior in
priority to the Priority Liens, (d) an appropriate reserve for income taxes in
accordance with GAAP, and (e) appropriate amounts to be provided as a reserve
against liabilities or otherwise held in escrow in association with any such
disposition, in each case clauses (a) though (e) to the extent the amounts so
deducted are properly attributable to such transaction and payable (or reserved)
by AMERCO or any other Grantor in connection with such disposition or loss or
the issuance of Stock, including, without limitation, reasonable and customary
commissions and underwriting discounts, to a Person that is not an Affiliate of
AMERCO or such other Grantor.

                  "Note Collateral Agent" has the meaning specified in the
preamble hereof.

                  "Note Debt" means the $200,000,000 aggregate principal amount
of the Notes issued under the Indenture on the date of the Indenture and all
other Obligations in respect thereof.

                  "Note Documents" means, collectively, the Indenture, the
Notes, the Note Guarantees, the Note Purchase Agreement, the Registration Rights
Agreement, the Note Security Documents, this Agreement and all agreements
binding on any Grantor related thereto.

                  "Note Event of Default" has the meaning specified in Section
6.01 of the Indenture.

                  "Note Guarantees" means, collectively, each Guarantee by a
Grantor (other than AMERCO) of the Note Obligations.

                                       6
<PAGE>

                  "Note Lien" means a Lien granted pursuant to a Note Security
Document by any Grantor to the Note Collateral Agent (or any other Holder, or
representative of Holders, of Note Obligations) upon any property or assets of
such Grantor to secure Note Obligations.

                  "Note Obligations" means Note Debt and all other Obligations
in respect thereof, including, without limitation, any fees, indemnification or
reimbursement obligations owing to the Holders, the Trustee or the Note
Collateral Agent under the Note Documents.

                  "Note Purchase Agreement" means the Note Purchase Agreement,
dated as of March 1, 2004, among AMERCO, the guarantors party thereto and
certain Holders of Notes.

                  "Note Security Documents" means the Indenture and one or more
related security agreements, pledge agreements, collateral assignments,
mortgages, collateral agency agreements, control agreements, deeds of trust or
other grants or transfers for security executed and delivered by any Grantor
creating (or purporting to create) a Note Lien upon Collateral in favor of any
Holder or Holders of Note Debt, or any trustee, agent or representative acting
for any such Holder, including, without limitation, the Note Collateral Agent,
as security for any Note Obligations, in each case, as amended, modified,
renewed, restated or replaced, in whole or in part, from time to time, in
accordance with its terms.

                  "Notes" means the 9.0% Second Lien Senior Secured Notes due
2009.

                  "Obligations" means:

                  (1)      any principal (including reimbursement obligations
         with respect to letters of credit whether or not drawings have been
         made thereon), interest (including any interest accruing at the then
         applicable rate provided in any applicable Secured Debt Document after
         the maturity of the Indebtedness thereunder or during the existence of
         an Event of Default and any reimbursement obligations therein and
         interest accruing at the then applicable rate provided in any
         applicable Secured Debt Document after the filing of any petition in
         bankruptcy, or the commencement of any insolvency, reorganization or
         like proceeding, whether or not a claim for post-filing or
         post-petition interest is allowed in such proceeding), penalties, fees,
         indemnifications, reimbursements, damages and other liabilities payable
         under the Secured Debt Documents (including any fees and expenses
         accruing after the filing of a petition in bankruptcy, or the
         commencement of any insolvency, reorganization or like proceeding,
         whether or not a claim for post-filing or post-petition interest is
         allowed in such proceeding);

                  (2)      the obligation to pay an amount equal to all damages
         that a court shall determine any holder of the applicable Secured Debt
         has suffered by reason of a breach by the applicable obligor thereunder
         of any obligation, covenant or undertaking with respect to any
         applicable Secured Debt Document;

                  (3)      any net obligations of the obligor under any
         applicable Secured Debt Document to any holder of Secured Debt (or any
         representative on its behalf) or any Affiliate thereof under any
         interest hedge agreement or foreign exchange agreement; and

                                       7
<PAGE>

                  (4)      all other "Obligations" (as defined in the Loan
         Agreement, the Replacement Loan Agreement and the Indenture, as
         applicable).

                  "Officer" means, with respect to any Person, the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer,
the Controller, the Secretary or any Vice-President of such Person.

                  "Officers' Certificate" means a certificate signed on behalf
of AMERCO by two Officers of AMERCO, one of whom must be the principal executive
officer, the principal financial officer, the treasurer or the principal
accounting officer of AMERCO.

                  "Opinion of Counsel" means an opinion in a form reasonably
satisfactory to the Trustee from legal counsel who is reasonably acceptable to
the Trustee. The counsel may be an employee of or counsel to AMERCO, any
Subsidiary of AMERCO or the Trustee.

                  "Permitted Refinancing" means any refinancing of the Priority
Lien Debt provided that: (a) the documents effecting such refinancing do not
directly prohibit the making of payments on the Note Debt; and (b) the senior
lenders party to such Permitted Refinancing become parties to this Agreement or
execute an agreement with the Holders of Note Obligations on substantially
identical terms as this Agreement.

                  "Person" means any natural person, corporation, limited
liability company, limited partnership, general partnership, limited liability
partnership, joint venture, trust, land trust, business trust, or other
organization, irrespective of whether it is a legal entity, and any government
and agency or political subdivision thereof.

                  "Pledged Collateral" means any tangible property in the
possession of the Priority Lien Collateral Agent (or its agents or bailees) in
which a security interest is perfected by such possession, including, without
limitation, any investment property, cash collateral account, deposit account,
electronic chattel paper or letter of credit rights or other Collateral as to
which the Priority Lien Collateral Agent (or its agents or bailees) has control
and in which a security interest is perfected by such control. For purposes of
this Agreement, the terms "investment property", "deposit account", "electronic
chattel paper" and "letter of credit rights" shall have the meanings given such
terms in the New York Uniform Commercial Code, as in effect on the date hereof.

                  "Priority Lien" means a Lien granted pursuant to a Priority
Lien Security Document by any Grantor to Priority Lien Collateral Agent or to
any holder, or representative of holders, of Priority Lien Obligations upon any
property or assets of such Grantor to secure Priority Lien Obligations; and
"Priority Liens" means, collectively, all such Liens.

                  "Priority Lien Collateral Agent" means the Loan Agreement
Agent or, after all Priority Lien Obligations in respect of the Loan Agreement
have been Discharged, if applicable, the Replacement Loan Agreement Agent.

                  "Priority Lien Debt" means the principal amount of any
Indebtedness incurred under the Loan Agreement or the Replacement Loan Agreement
and all other Obligations in

                                       8
<PAGE>

respect thereof, including, without limitation, any such Indebtedness incurred
in any Insolvency or Liquidation Proceeding; provided that the principal amount
of such Indebtedness under the Loan Agreement or the Replacement Loan Agreement
constituting Priority Lien Debt shall at no time exceed $575,000,000 less
mandatory permanent prepayments and permanent reductions in the Revolving
Commitment (as defined in the Loan Agreement or Replacement Loan Agreement) plus
advances made pursuant to the Loan Agreement or Replacement Loan Agreement to
pay expenses of the Lenders (including expenses accruing after the commencement
of any Insolvency or Liquidation Proceeding, whether or not a claim for
post-filing or post-petition expenses is allowed in such proceeding), advances
made to protect or preserve the Collateral, advances made to pay interest
(including interest accruing under Section 2.6(c) of the Loan Agreement or a
comparable section of the Replacement Loan Agreement and interest accruing after
the commencement of any Insolvency or Liquidation Proceeding, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding)
and advances made pursuant to the Loan Agreement or the Replacement Loan
Agreement to pay fees under the Loan Agreement or the Replacement Loan Agreement
(including fees accruing after the commencement of any Insolvency or Liquidation
Proceeding, whether or not a claim for post-filing or post-petition fees are
allowed in such proceeding).

                  "Priority Lien Documents" means the Loan Agreement or the
Replacement Loan Agreement and the Priority Lien Security Documents and all
other agreements governing, securing or relating to any Priority Lien
Obligations.

                  "Priority Lien Obligations" means the Priority Lien Debt and
all other Obligations of any Grantor in respect thereof under the Priority Lien
Documents.

                  "Priority Lien Security Documents" means the Loan Agreement or
the Replacement Loan Agreement and one or more related security agreements,
pledge agreements, collateral assignments, mortgages, deeds of trust or other
grants or transfers for security executed and delivered by any Grantor creating
(or purporting to create) a Lien upon Collateral in favor of any holder or
holders of Priority Lien Debt, or any trustee, agent or representative acting
for any such holders, including, without limitation, the Priority Lien
Collateral Agent, as security for any Priority Lien Obligations, in each case,
as amended, modified, renewed, restated or replaced in whole or in part, from
time to time, in accordance with its terms.

                  "Registration Rights Agreement" means the Registration Rights
Agreement dated as of March 1, 2004 between AMERCO and certain Holders of Notes
party thereto.

                  "Replacement Loan Agreement" has the meaning specified in the
recitals hereto.

                  "Replacement Loan Agreement Agent" means the Person who
becomes the "Administrative Agent" under any loan agreement entered into
pursuant to a Permitted Refinancing.

                  "Secured Debt" means Note Debt and Priority Lien Debt.

                  "Secured Debt Document" means the Note Documents and the
Priority Lien Documents.

                                       9
<PAGE>

                  "Standstill Period" means a period of time commencing on the
date of delivery of a Default Notice and ending on the earlier of:

                  (1)      the date 180 days following the date of such Default
                           Notice or, if there has occurred a Standstill Period
                           or Standstill Periods within the immediately
                           preceding 365 day period, the date 180 days (less the
                           number of days in the portion of any Standstill
                           Period occurring during the immediately preceding 365
                           day period) following the date of such Default
                           Notice, or

                  (2)      the date the Note Event of Default which is the
                           subject of such Default Notice has been cured or
                           waived in writing by the Trustee or the Holders.

                  "Stock" means all shares, options, warrants, interests,
participations, or other equivalents (regardless of how designated) of or in a
Person, whether voting or nonvoting, including common stock, preferred stock, or
any other "equity security" (as such term is defined in Rule 3a11-1 of the
General Rules and Regulations promulgated by the United States Securities and
Exchange Commission (and any successor thereto) under the Securities Exchange
Act of 1934, as in effect from time to time).

                  "Subsidiary" of a Person means a corporation, partnership,
limited liability company, or other entity in which that Person directly or
indirectly owns or controls the shares of Stock having ordinary voting power to
elect a majority of the board of directors (or appoint other comparable
managers) of such corporation, partnership, limited liability company, or other
entity; provided, however, that, except for purposes of Section 3.8 hereof, the
following entities shall not be deemed to be Subsidiaries of any Grantor
hereunder: (1) Private Mini Storage Realty, L.P., a Texas limited partnership;
(2) PM Preferred Properties, L.P., a Texas limited partnership; (3) SAC Holding
Corporation, a Nevada corporation, SAC Holding II Corporation, a Nevada
corporation, Montreal Holding Corporation, a Nevada corporation, and each of
their respective subsidiaries, whether now existing or hereafter formed; (4)
Self-Storage International Holding Corporation, a Nevada corporation, and any
subsidiary thereof, whether now existing or hereafter formed; (5) Republic
Western Insurance Company, an Arizona corporation, and each of its subsidiaries;
(6) Oxford Life Insurance Company, an Arizona corporation, and each of its
subsidiaries; (7) Storage Realty, L.L.C., a Texas limited liability company; (8)
INW Company, a Washington corporation; (9) EJOS, Inc., an Arizona corporation;
(10) Japal, Inc., a Nevada corporation; (11) M.V.S., Inc., a Nevada corporation;
(12) Pafran, Inc., a Nevada corporation; (13) Sophmar, Inc., a Nevada
corporation; (14) Picacho Peak Investments Co., a Nevada corporation; and (15)
any subsidiary of AMERCO formed under the laws of a jurisdiction outside of the
United States and Canada.

                  "Trustee" has the meaning specified in the recitals hereof.

                  "Unassorted Contingent Obligations" means, at any time,
Obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities (except (i) the principal of and interest and premium (if any)
on, and fees relating to, any Indebtedness, (ii) contingent obligations to
reimburse the issuer of an outstanding letter of credit for amounts that may be
drawn or paid thereunder and (iii) any such contingent claims or demands as to
which the

                                       10
<PAGE>

Priority Lien Collateral Agent or any holder of Priority Lien Obligations has
then notified AMERCO) in respect of which no claim or demand for payment has
been made at such time.

                                   ARTICLE 2.
                         REPRESENTATIONS AND WARRANTIES

         Section 2.1 Representations and Warranties of Note Collateral Agent.
The Note Collateral Agent represents, warrants, acknowledges and agrees on
behalf of itself and any Holders of the Note Obligations on the date hereof that
(1) it is authorized to enter into this Agreement on behalf of itself and each
Holder of Note Obligations, (2) it has the corporate power and authority and the
legal right to execute and deliver and perform its obligations under this
Agreement and has taken all necessary corporate action to authorize its
execution, delivery and performance of this Agreement, and (3) this Agreement
constitutes a legal, valid and binding obligation of the Note Collateral Agent.

         Section 2.2 Representations and Warranties of Loan Agreement Agent. The
Loan Agreement Agent represents, warrants, acknowledges and agrees on behalf of
itself and the Lenders under the Loan Agreement on the date hereof that (1) it
is authorized to enter into this Agreement on behalf of itself and such Lenders,
(2) it has the corporate power and authority and the legal right to execute and
deliver and perform its obligations under this Agreement and has taken all
necessary corporate action to authorize its execution, delivery and performance
of this Agreement, and (3) this Agreement constitutes a legal, valid and binding
obligation of the Loan Agreement Agent.

                                   ARTICLE 3.
                             INTERCREDITOR RELATIONS

         Section 3.1 Agreement for the Benefit of Holders of Priority Liens. The
Trustee and the Note Collateral Agent agree, and each Holder of Notes by
accepting a Note agrees, that, so long as any Priority Lien Obligations exist
that have not been Discharged, (1) the Note Liens are, to the extent and in the
manner provided in this Article 3, junior and subordinate in ranking to all
Priority Liens, whenever granted or attaching, upon any present or future
Collateral, (2) the Priority Liens, whenever granted or attaching, upon any
present or future Collateral, will be prior and senior to the Note Liens, (3)
they will not at any time contest the validity, perfection, priority or
enforceability of the Priority Lien Obligations, the Priority Liens or the
Priority Lien Documents or the Liens and security interests of the Priority Lien
Collateral Agent in the Collateral securing the Priority Lien Obligations and
(4) they will not take or assert any Lien on, or security interest in, any
assets of any Grantor or any Affiliate of a Grantor to secure the Note
Obligations unless the Priority Lien Collateral Agent also has a superior Lien
on, and security interest in, such assets to secure the Priority Lien
Obligations.

         Section 3.2 Ranking. Notwithstanding (a) anything to the contrary
contained in the Note Security Documents, (b) the time of incurrence of any
Secured Debt, (c) the time, order or method of attachment of the Note Liens or
the Priority Liens, (d) the time or order of filing or recording of financing
statements or other documents filed or recorded to perfect any Lien upon any
Collateral, (e) the time of taking possession or control over any Collateral,
(f) the rules for determining priority under the Uniform Commercial Code or any
other law governing relative

                                       11
<PAGE>

priorities of secured creditors, (g) that any Priority Lien may not have been
perfected, (h) that any Priority Lien may be or have become subordinated, by
equitable subordination or otherwise, to any other Lien, or (i) any other
circumstance of any kind or nature whatsoever, whether similar or dissimilar to
any of the foregoing, so long as any Priority Lien Obligations exist that have
not been Discharged, the Note Liens will in all circumstances be junior and
subordinate in ranking to all Priority Liens, whenever granted, upon any present
or future Collateral, and the Priority Liens, whenever granted, upon any present
or future Collateral to the extent the Priority Liens secure the Priority Lien
Obligations will be prior and superior to the Note Liens.

         Section 3.3 Restriction on Enforcement of Note Liens.

                  (a)      Subject to clauses (1) through (4) below, Section
3.3(b) and Section 3.14, so long as any Priority Lien Obligations exist that
have not been Discharged, the holders of Priority Liens will have the exclusive
right to enforce, foreclose, collect or realize upon any Collateral consistent
with the provisions of the Priority Lien Security Documents and applicable law;
provided, however, that, prior to or concurrent with the taking of any such
Enforcement Action, the Priority Lien Collateral Agent shall endeavor to deliver
written notice to the Note Collateral Agent that such Enforcement Action has
been commenced, provided that the Priority Lien Collateral Agent shall have no
liability to the Holders for failure to give any notice which is not otherwise
expressly required by applicable law, and the failure to give any notice to the
Note Collateral Agent or the Holders shall not constitute a default under this
Agreement or render ineffective any provision of this Agreement. The Trustee and
the Holders of Notes will not authorize or instruct the Note Collateral Agent,
and the Note Collateral Agent will not, and will not authorize or direct any
Person acting for it, the Trustee or any Holder of Note Obligations, to take any
Enforcement Action, except that, in any event, any Enforcement Action may be
taken, authorized or instructed by the Note Collateral Agent:

                           (1)      as necessary to perfect, or maintain the
         perfection or priority of, a Lien upon any Collateral by any method of
         perfection except through possession or control; provided, however,
         that, in the event that the Priority Lien Collateral Agent, after
         written notice from the Trustee or the Note Collateral Agent to do so,
         fails to perfect its Priority Liens against any Collateral for which
         possession or control is required in order to perfect such Liens, then
         the Note Collateral Agent may take control or possession of such
         Collateral in order to perfect its Lien in accordance with applicable
         law, provided, further, that the Note Collateral Agent shall also hold
         any such Collateral for the benefit of the Priority Lien Collateral
         Agent and the Lenders consistent with Article 3 hereof;

                           (2)      as necessary to prove, preserve or protect
         (but not enforce) the Note Liens, in each case, subject to the
         provisions of the Note Security Documents;

                           (3)      with respect to any filing by any Person of
         an Insolvency or Liquidation Proceeding, the filing of any claim in or
         the taking of any other action not inconsistent with the express
         provisions of this Agreement, required by applicable law with respect
         to such Insolvency or Liquidation Proceeding, including filing any
         necessary responsive or defensive pleadings in opposition to any
         motion, claim, adversary proceeding or other pleadings (i) in order to
         prevent any Person (other than the Priority Lien Collateral Agent or
         Lenders) from seeking to foreclose on the Collateral or to

                                       12
<PAGE>

         supersede any claim thereto of the Holders of the Note Obligations, the
         Trustee or the Note Collateral Agent or (ii) in opposition to any
         motion, claim, adversary proceeding or other pleading made by any
         Person objecting to or otherwise seeking the disallowance of the claims
         of the Holders of the Note Obligations, the Trustee or the Note
         Collateral Agent; or

                           (4)      to exercise Credit Bid Rights with respect
         to the Note Debt at any sale or foreclosure of Collateral.

                  (b)      If a Note Event of Default has occurred under the
Indenture and the Holders of Note Obligations have accelerated or demanded
payment of the Note Obligations or delivered written notice to AMERCO that a
Note Event of Default based on AMERCO's failure to make a payment of principal
or interest as and when due has occurred and is continuing in accordance with
the terms of the Indenture, the Note Collateral Agent may give the Priority Lien
Collateral Agent written notice (each, a "Default Notice") thereof, specifying
the nature of the Note Event of Default in reasonable detail, and the Priority
Lien Collateral Agent's receipt of which shall commence a Standstill Period as
against the Note Collateral Agent. If the Note Event of Default is continuing at
the expiration of the Standstill Period, and if the Priority Lien Collateral
Agent has not, prior to the expiration of such Standstill Period, notified the
Note Collateral Agent that the Priority Lien Collateral Agent has commenced and
is diligently and in good faith pursuing one or more Enforcement Actions, then
(and only then), upon an additional written notice to the Priority Lien
Collateral Agent, the Note Collateral Agent may, subject to the Lien priority
set forth in this Agreement and prior application of the proceeds of the
Collateral (less the Note Collateral Agent's reasonable expenses, if any, in
obtaining such proceeds) to the Priority Lien Obligations, as provided herein,
take one or more Enforcement Actions.

                  (c)      None of the rights and remedies otherwise available
to the holders of Priority Liens in respect of the foreclosure or other
enforcement of Priority Liens and none of the other rights and remedies of the
holders of Priority Liens and Priority Lien Obligations under the Priority Lien
Documents will be impaired, restricted or affected by this Article 3 or any
actions taken by the holders of Priority Liens hereunder which are not in
violation of the terms of this Agreement.

                  (d)      At any time any Priority Lien Obligations exist that
have not been Discharged:

                           (1)      the Priority Lien Collateral Agent will have
         the sole right to adjust settlement of all insurance claims and
         condemnation awards in the event of any covered loss, theft,
         destruction or condemnation of any Collateral and all claims under
         insurance constituting Collateral, subject to the terms of the Priority
         Lien Security Documents;

                           (2)      all proceeds of insurance on or constituting
         Collateral and all condemnation awards resulting from a taking of any
         Collateral will inure to the benefit of, and will be paid to, the
         holders of the Priority Liens; and

                           (3)      the Note Collateral Agent will cooperate, if
         necessary and as reasonably requested by the Priority Lien Collateral
         Agent, in effecting the payment of

                                       13
<PAGE>

         insurance proceeds to the Priority Lien Collateral Agent. If the Note
         Collateral Agent unreasonably fails to do so, each of the Priority Lien
         Collateral Agent and the holder of any Priority Lien is hereby
         irrevocably authorized and empowered, with full power of substitution,
         to execute and deliver any documents or instruments in the name of the
         Note Collateral Agent reasonably required to effect the payment of
         insurance proceeds to the Priority Lien Collateral Agent.

                  (e)      Subject to Section 3.14, so long as there are any
Priority Lien Obligations existing that have not been Discharged, none of the
Holders of Notes, the Trustee or the Note Collateral Agent will:

                           (1)      request judicial relief, in an Insolvency or
         Liquidation Proceeding or in any other court, that would hinder, delay,
         limit or prohibit the lawful exercise or enforcement of any right or
         remedy otherwise available to the holders of Priority Liens in respect
         of Priority Liens or that would limit, invalidate, avoid or set aside
         any Priority Lien or Priority Lien Security Document or subordinate the
         Priority Liens to the Note Liens or grant the Priority Liens equal
         ranking to the Note Liens;

                           (2)      oppose or otherwise contest any motion for
         relief from the automatic stay or from any injunction against
         foreclosure or enforcement of Priority Liens made by any holder of
         Priority Liens in any Insolvency or Liquidation Proceeding;

                           (3)      oppose or otherwise contest any lawful
         exercise by any holder of Priority Liens of the right to credit bid
         Priority Lien Debt at any sale in foreclosure of Priority Liens;

                           (4)      oppose or otherwise contest any other
         request for judicial relief made in any court by any holder of Priority
         Liens relating to the lawful enforcement of any Priority Lien;

                           (5)      request relief from the automatic stay in
         any Insolvency or Liquidation Proceeding; or

                           (6)      challenge the enforceability, perfection or
         the validity of the Priority Lien Obligations or the Priority Liens.

         Section 3.4 Receipt of Payments by Trustee, Note Collateral Agent or
Noteholders.

                  (a)      Payments of money (or Cash Equivalents) constituting
proceeds of property other than Collateral, received by the Trustee, the Note
Collateral Agent or any Holder of Note Obligations, shall not be governed by or
subject to the provisions of this Agreement and any such payment may be retained
to be applied in accordance with the terms of the Indenture.

                  (b)      Except for payments received pursuant to Section
3.4(c) hereof, payments of money (or Cash Equivalents) constituting proceeds of
Collateral made by any Grantor to the Trustee, the Note Collateral Agent, or any
Holder of Note Obligations (including, without limitation, payments and
prepayments made for application to Note Obligations under the Indenture, or any
other Note Documents) at any time when any Priority Lien Obligations exist

                                       14
<PAGE>

that have not been Discharged shall not be subject to the provisions of this
Agreement or otherwise affected by the provisions of Article 3 (other than
Section 3.10) hereof, and any such permitted payments received by the Trustee,
the Note Collateral Agent or the Holders of Note Obligations shall be free from
the Priority Liens and all other Liens thereon except the Note Liens.

                  (c)      Payments of money (or Cash Equivalents) constituting
proceeds of Collateral made by any Grantor to the Trustee, the Note Collateral
Agent or any Holder of Note Obligations (including, without limitation, payments
and prepayments made for application to Note Obligations under the Indenture or
any other Note Documents) at any time when the Priority Lien Obligations exist
that have not been Discharged, and after either (i) the commencement of any
Insolvency or Liquidation Proceeding; or (ii) the Trustee or the Note Collateral
Agent has received written notice from the Priority Lien Collateral Agent
stating that a Loan Agreement Event of Default has occurred and is continuing
and the Priority Lien Debt has become due and payable in full (whether at
maturity, upon acceleration or otherwise), shall be held by the Trustee or the
Note Collateral Agent for the account of the holder of Priority Liens and
remitted to the Priority Lien Collateral Agent upon demand by the Priority Lien
Collateral Agent. To the extent provided by applicable law, the Note Liens will
remain attached to and, subject to this Article 3, enforceable against all
proceeds so held or remitted.

         Section 3.5 Insolvency or Liquidation Proceedings.

                  (a)      The provisions of this Article 3 will be applicable
both before and after the filing of any petition by or against any Grantor under
any insolvency or Bankruptcy Law and all converted or succeeding cases in
respect thereof, and all references herein to any Grantor shall be deemed to
apply to the trustee for such Grantor and such Grantor as a
debtor-in-possession. The relative rights of holders of Secured Debt in or to
any distributions from or in respect of any Collateral or proceeds of Collateral
shall continue after the filing of such petition on the same basis as prior to
the date of such filing, subject to any court order approving the financing of,
or use of cash collateral by, any Grantor as debtor-in-possession. If, in any
Insolvency or Liquidation Proceeding and at any time any Priority Lien
Obligations exist that have not been Discharged, all of the Lenders (or such
number of the Lenders as may have the power to bind all of them):

                           (1)      consent to any order for use of cash
         collateral or agree to the extension of any Priority Lien Debt
         (including, without limitation, any debtor-in- possession financing) to
         any Grantor;

                           (2)      consent to any order granting any priming
         lien, replacement lien, cash payment or other relief on account of
         Priority Lien Obligations as adequate protection (or its equivalent)
         for the interests of the holders of Priority Liens in the property
         subject to such Priority Liens;

                           (3)      consent to any order approving post-petition
         financing pursuant to Section 364 of the United States Bankruptcy Code
         (including, without limitation, any "roll-up" of Priority Lien
         Obligations); or

                                       15
<PAGE>

                           (4)      consent to any order relating to a sale of
         assets of any Grantor that:

                                    (i)      provides, to the extent the sale is
                  to be free and clear of Liens, that all Priority Liens and
                  Note Liens shall attach to the proceeds of the sale; and

                                    (ii)     grants Credit Bid Rights to the
                  Holders of Notes to the extent the Note Collateral Agent is
                  not prohibited from receiving Credit Bid Rights under
                  applicable law,

then, the Holders of Notes, the Trustee and the Note Collateral Agent will not
oppose or otherwise contest the entry of such order.

                  (b)      The Holders of Notes, the Trustee and the Note
Collateral Agent will not file or prosecute in any Insolvency or Liquidation
Proceeding any motion for adequate protection or for relief from the automatic
stay (in each case, or any comparable request for relief) based upon their
interests in the Collateral under the Note Liens, except that:

                           (1)      they, or any of them, may freely seek and
         obtain relief granting a junior lien co-extensive in all respects with,
         but subordinated (as set forth in this Article 3) in all respects to,
         all Liens granted in such Insolvency or Liquidation Proceeding to the
         holders of Priority Lien Obligations; or

                           (2)      they may assert rights consistent with this
         Agreement in connection with the confirmation of any plan of
         reorganization or similar dispositive restructuring plan (other than to
         the extent such plan provides for the liquidation of assets or
         properties of any Grantor); and

                           (3)      they may freely seek and obtain any relief
         upon a motion for adequate protection or for relief from the automatic
         stay (in each case, or any comparable relief), without any condition or
         restriction whatsoever, at any time when no Priority Lien Obligations
         exist that have not been Discharged.

                  (c)      If, in any Liquidation or Insolvency Proceeding, debt
obligations of the reorganized debtor secured by Liens upon any property of the
reorganized debtor are distributed, both on account of Priority Lien Obligations
and on account of the Note Obligations, then, to the extent the debt obligations
distributed on account of the Priority Lien Obligations and on account of the
Note Obligations are secured by Liens upon the same property, the provisions of
this Article 3 will survive the distribution of such debt obligations pursuant
to such plan and will apply with like effect to the Liens securing such debt
obligations.

                  (d)      The Holders of Notes, the Trustee and the Note
Collateral Agent will not assert or enforce, at any time when any Priority Lien
Obligations exist that have not been Discharged, any claim under Section 506(c)
of the United States Bankruptcy Code senior to or on a parity with the Priority
Liens for costs or expenses of preserving or disposing of any Collateral.

                                       16
<PAGE>

         Section 3.6 Release of Collateral or Note Guarantees upon Sale or Other
Disposition.

                  (a)      If, at any time when any Priority Lien Obligations
exist that have not been Discharged, AMERCO delivers an Officers' Certificate to
the Trustee and the Note Collateral Agent stating that:

                           (1)      any specified Collateral, or all Stock owned
         by any Grantor in a Subsidiary which, directly or indirectly through
         another Subsidiary, owns such Collateral, is sold, transferred or
         otherwise disposed of:

                                             (A)      by the owner of such
Collateral to a Person other than a Grantor in a transaction permitted under
both the Priority Lien Documents and the Indenture; provided, however, that the
Priority Lien Collateral Agent shall remit to the Note Collateral Agent the
proceeds, if any, of such disposition remaining at any time when no Priority
Lien Obligations exist that have not been Discharged or as ordered by a court of
competent jurisdiction; or

                                             (B)      during the existence of
any Loan Agreement Event of Default that has occurred and is continuing to the
extent the Priority Lien Collateral Agent has consented to such sale; provided,
however, that the Priority Lien Collateral Agent shall remit to the Note
Collateral Agent the proceeds, if any, of such distribution remaining at any
time when no Priority Lien Obligations exist that have not been Discharged or as
ordered by a court of competent jurisdiction; and

                           (2)      either all Priority Lien Obligations have
         been Discharged or all Priority Liens (not including the proceeds
         payable to the Priority Lien Collateral Agent pursuant to clause (1)(B)
         above), as the case may be, will be forever released and discharged
         upon such sale, transfer or other disposition,

then (whether or not any Insolvency or Liquidation Proceeding is pending at the
time) the Note Liens upon such Collateral (not including the proceeds payable to
the Note Collateral Agent pursuant to clause (1)(B) above) will automatically be
released and discharged as and when and to the extent such Liens securing
Priority Lien Obligations are released and discharged.

                  (b)      If, at any time when any Priority Lien Obligations
exist that have not been Discharged, AMERCO delivers an Officers' Certificate to
the Trustee and the Note Collateral Agent stating that:

                           (1)      all or substantially all Stock owned by any
         Grantor in any Subsidiary (a "Sold Subsidiary") is sold, transferred or
         otherwise disposed of (whether directly by transfer of Stock issued by
         the Sold Subsidiary or indirectly by transfer of Stock of other
         Subsidiaries which, directly or indirectly, own Stock issued by the
         Sold Subsidiary):

                                             (A)      by the owner of such Stock
to a Person other than any Grantor in a transaction permitted under the Priority
Lien Documents and the Indenture; provided, however, that the Priority Lien
Collateral Agent shall remit to the Note Collateral Agent the proceeds, if any,
of such disposition remaining at any time when no Priority Lien

                                       17
<PAGE>

Obligations exist that have not been Discharged or as ordered by a court of
competent jurisdiction; or

                                             (B)      during the existence of
any Loan Agreement Event of Default to the extent the Priority Lien Collateral
Agent has consented to such sale, transfer or disposition; provided, however,
that the Priority Lien Collateral Agent shall remit to the Note Collateral Agent
the proceeds, if any, of such distribution remaining at any time when no
Priority Lien Obligations exist that have not been Discharged or as ordered by a
court of competent jurisdiction; and

                           (2)      either all Priority Lien Obligations have
         been Discharged or each Guarantee of Priority Lien Obligations made by
         the Sold Subsidiary and all Priority Liens upon property of the Sold
         Subsidiary (not including the proceeds payable to the Priority Lien
         Collateral Agent payable pursuant to clause (1)(B) above) will be
         forever released and discharged upon such sale, transfer or other
         disposition,

then (whether or not any Insolvency or Liquidation Proceeding is pending at the
time) the Note Guarantee made by such Sold Subsidiary, the Note Lien on the
Stock of such Subsidiary and all Note Liens upon the property of such Sold
Subsidiary will automatically be released and discharged as and when and to the
extent such guarantees of Priority Lien Obligations and Liens securing Priority
Lien Obligations (not including the proceeds payable to the Note Collateral
Agent pursuant to clause (1)(B) above) are released and discharged.

                  (c)      Upon delivery to the Trustee and the Note Collateral
Agent of an Officers' Certificate stating that any release of Note Liens has
become effective pursuant to Section 3.6(a) or 3.6(b), the Note Collateral Agent
will promptly execute and deliver to the Priority Lien Collateral Agent and
AMERCO an instrument confirming such release on customary terms and without any
recourse, representation, warranty or liability whatsoever. If the Note
Collateral Agent unreasonably fails to do so, the Priority Lien Collateral Agent
is hereby irrevocably authorized and empowered, with full power of substitution,
to execute and deliver such instrument in the name of the Note Collateral Agent.

                  (d)      Except as permitted in Section 3.6(a) and (b) above,
nothing herein shall be construed or deemed to permit the release of Note Liens
upon the Collateral without the express, written consent of the Holders of Note
Obligations.

         Section 3.7 Amendment of Note Security Documents.

                  (a)      At any time when any Priority Lien Obligations exist
that have not been Discharged, the Note Collateral Agent will not enter into,
and the Trustee and the Holders of Notes will not authorize or direct, any
amendment of or supplement to any Note Security Document relating to any
Collateral that would make such Note Security Document more burdensome in any
material respect with the comparable provisions of the Priority Lien Security
Documents relating to such Collateral, and no such amendment or supplement will
be enforceable. For the purposes of this Section 3.7(a), (i) no inconsistency
reflected in the Note Security Documents delivered in connection with the
issuance of the Notes, as compared with the comparable provisions of the
applicable Priority Lien Security Documents then in effect, will

                                       18
<PAGE>

be subject to the provisions of this Section 3.7(a), and (ii) any provision
granting rights or powers to the Note Collateral Agent that are not granted to
the holders of Priority Liens securing Priority Lien Obligations will be deemed
materially more burdensome and be ineffective until the Prior Lien Obligations
have been Discharged.

                  (b)      No amendment, supplement, waiver or change otherwise
permitted by this Agreement in respect of the Priority Lien Documents will be
prohibited or in any manner restricted or affected by, or by reason of, the
provisions of this Article 3.

                  (c)      Notwithstanding Section 3.7(a) or (b), without the
consent of any Holder of Notes, the Grantors, or any of them, and the Trustee
may, with the consent of the Note Collateral Agent, amend or supplement this
Agreement to:

                           (1)      cure any ambiguity, defect or inconsistency;
         or

                           (2)      make any change that would provide any
         additional rights or benefits to the Holders of Notes or that does not
         (in the Trustee's good faith discretion) adversely affect the rights
         under this Agreement of any such Holder.

         Section 3.8 Waiver of Certain Subrogation, Marshalling, Appraisal and
Valuation Rights.

                  (a)      To the fullest extent permitted by law, so long as
there are any Priority Lien Obligations that have not been Discharged, the
Holders of Notes, the Trustee and the Note Collateral Agent agree not to assert
or enforce (provided that upon Discharge of all Priority Lien Obligations, to
the extent available under applicable law, the ability to enforce such rights
shall be automatically reinstated):

                           (1)      any right of subrogation to the rights or
         interests of holders of Priority Liens (or any claim or defense based
         upon impairment of any such right of subrogation);

                           (2)      any right of marshalling accorded to a
         junior lienholder, as against the holders of Priority Liens (as
         priority lienholders), under equitable principles; or

                           (3)      any statutory right of appraisal or
         valuation accorded under any applicable state law to a junior
         lienholder in a proceeding to foreclose on a Priority Lien.

                  (b)      Without in any way limiting the generality of the
foregoing and subject to the provisions of the Loan Agreement or, if applicable,
the Replacement Loan Agreement, each holder of Priority Lien Obligations or
Priority Liens may at any time and from time to time, without the consent of or
notice to any Holder of Note Obligations, or Note Liens, without incurring any
responsibility or liability to any Holder of Note Obligations, or Note Liens,
and without in any manner prejudicing, affecting or impairing the ranking
agreements and other obligations set forth in this Article 3:

                           (1)      make loans and advances to AMERCO or any of
         its Subsidiaries or issue, guaranty or obtain letters of credit for
         account of AMERCO or any of its

                                       19
<PAGE>

         Subsidiaries or otherwise extend credit to AMERCO or any of its
         Subsidiaries, in any amount (up to the maximum principal amount of the
         Priority Lien Debt) and on any terms, whether pursuant to a commitment
         or as a discretionary advance and whether or not any Default or failure
         of condition is then continuing;

                           (2)      change the manner, place or terms of payment
         or extend the time of payment of, or renew or alter, compromise,
         accelerate, extend or refinance, any Priority Lien Obligations or any
         agreement, guaranty, Lien or obligation of AMERCO or any of its
         Subsidiaries or any other person or entity in any manner related
         thereto, or otherwise amend, supplement or change in any manner any
         Priority Lien Obligations or Priority Liens or any such agreement,
         guaranty, lien or obligation;

                           (3)      increase or reduce the amount of any
         Priority Lien Obligation (up to the maximum principal amount of the
         Priority Lien Debt) or the interest, premium, fees or other amounts
         payable in respect thereof;

                           (4)      release or discharge any Priority Lien
         Obligation or any guaranty thereof or any agreement or obligation of
         AMERCO or any of its Subsidiaries or any other person or entity with
         respect thereto (provided, however, that such release or discharge of a
         Priority Lien shall not require the release or discharge of the
         corresponding Note Lien except as provided in Section 3.6);

                           (5)      take or fail to take any Priority Lien or
         any other collateral security for any Priority Lien Obligation or take
         or fail to take any action which may be necessary or appropriate to
         ensure that any Priority Lien is duly enforceable or perfected or
         entitled to priority as against any other Lien or to ensure that any
         proceeds of any property subject to any Priority Lien are applied to
         the payment of any Priority Lien Obligation;

                           (6)      release, discharge or permit the lapse of
         any or all Priority Liens;

                           (7)      exercise or enforce, in any manner, order or
         sequence, or fail to exercise or enforce, any right or remedy against
         any Grantor or any collateral security or any other person, entity or
         property in respect of any Priority Lien Obligation or any Priority
         Lien or any right or power under this Article 3, and apply any payment
         or proceeds of Collateral to the Priority Lien Obligations in any order
         of application; or

                           (8)      sell, exchange, release, foreclose upon or
         commence any Enforcement Action with any property that may at any time
         be subject to any Priority Lien.

                  (c)      No exercise, delay in exercising or failure to
exercise any right arising under this Article 3, no act or omission of any
holder of Priority Liens or Priority Lien Obligations in respect of AMERCO or
any of its Subsidiaries or any other person or entity or any collateral security
for any Priority Lien Obligation or any right arising under this Article 3, no
change, impairment, or suspension of any right or remedy of any holder of any
Priority Liens or Priority Lien Obligations, and no other lawful act, failure to
act, circumstance, occurrence or event which, but for this provision, would or
could act as a release or exoneration of any obligation under this Article 3
will in any way affect, decrease, diminish or impair any of the

                                       20
<PAGE>

ranking agreements and other obligations of the Holders of Notes, the Trustee
and the Note Collateral Agent set forth in this Article 3.

                  (d)      The Lenders, the Priority Lien Collateral Agent and
the other holders of Priority Liens or Priority Lien Obligations will not have
any duty whatsoever, express or implied, fiduciary or otherwise, to any Holder
of Note Obligations or Note Liens.

                  (e)      To the maximum extent permitted by law, each of the
Holders of Notes, the Trustee and the Note Collateral Agent waives any claim it
may have against the Lenders, the Priority Lien Collateral Agent or any other
holder of Priority Liens or Priority Lien Obligations with respect to or arising
out of any action or failure to act on the part of the Lenders, the Priority
Lien Collateral Agent or any other holder of Priority Liens or Priority Lien
Obligations or their respective directors, officers, employees or agents with
respect to any exercise of rights or remedies in respect of the Priority Liens
or the Priority Lien Obligations or under the Priority Lien Documents or any
transaction relating to the Collateral. Neither any Lender nor any Priority Lien
Collateral Agent nor any other holder of Priority Liens or Priority Lien
Obligations nor any of their respective directors, officers, employees or agents
will be liable for failure to demand, collect or realize upon any of the
Collateral or for any delay in doing so, except to the extent arising out of the
gross negligence or willful misconduct (as determined by a final judgment of a
court of competent jurisdiction) of such Lender, Priority Lien Collateral Agent
or other holder or its directors, officers, employees or agents, or will be
under any obligation to sell or otherwise dispose of any Collateral upon the
request of AMERCO or any other Grantor or upon the request of any Holder of Note
Obligations, or Note Liens or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof.

                  (f)      The holders of Priority Liens and Priority Lien
Obligations, on the one hand, and the Holders of Note Obligations, or Note
Liens, on the other hand, shall each be responsible for keeping themselves
informed of the financial condition of AMERCO and its Subsidiaries and all other
circumstances bearing upon the risk of nonpayment of the Priority Lien
Obligations or Note Obligations. Neither the holders of Priority Liens and
Priority Lien Obligations, nor the Priority Lien Collateral Agent, on the one
hand, nor the Holders of Note Obligations or Note Liens, nor the Trustee, on the
other hand, shall have any duty to advise the other party of information
regarding such condition or circumstances or, except as otherwise expressly
provided herein, as to any other matter. If any holder of Priority Liens or
Priority Lien Obligations or any Priority Lien Collateral Agent on the one hand,
or the Holders of Note Obligations or Note Liens , on the other hand, in their
respective discretion, undertake at any time or from time to time to provide any
such information to the other party, such first party shall be under no
obligation to provide any similar information on any subsequent occasion, to
provide any additional information, to undertake any investigation, or to
disclose any information which, pursuant to accepted or reasonable commercial
finance practice, it wishes to maintain confidential.

         Section 3.9 Limitation on Certain Relief and Defenses.

                  (a)      No action taken or omitted for the benefit of the
holders of Priority Liens by AMERCO or any of its Subsidiaries in breach of any
covenant set forth in the Indenture will constitute a defense to the enforcement
of the provisions of this Article 3 by such holders in

                                       21
<PAGE>

accordance with the terms of this Article 3, if, when such action was taken or
omitted, such holders received and in good faith relied on an Officers'
Certificate or Opinion of Counsel to the effect that such action was permitted
under the Indenture. No action taken or omitted for the benefit of the holders
of the Note Liens by AMERCO or any of its Subsidiaries in breach of any covenant
set forth in the Priority Lien Documents will constitute a defense to the
enforcement of the provisions of this Article 3 by such holders in accordance
with the terms of this Article 3, if, when such action was taken or omitted,
such holders received and in good faith relied on an Officers' Certificate of
Opinion of Counsel to the effect that such action was permitted under the
Priority Lien Documents.

                  (b)      The Note Liens will not be forfeited, invalidated,
discharged or otherwise affected or impaired by any breach of any obligation of
the Holders of Notes, the Trustee or the Note Collateral Agent set forth in this
Article 3.

                  (c)      The Priority Liens will not be forfeited,
invalidated, discharged or otherwise affected or impaired by any breach of any
obligation of the Priority Lien Collateral Agent set forth in this Article 3.

         Section 3.10 Reinstatement.

                  (a)      If the payment of any amount applied to any Priority
Lien Obligations secured by any Priority Liens is later avoided or rescinded
(including by settlement of any claim for avoidance or rescission) or otherwise
set aside, then:

                           (1)      to the fullest extent lawful, all claims for
         the payment of such amount as Priority Lien Obligations and, to the
         extent securing such claims, all such Priority Liens will be reinstated
         and entitled to the benefits of this Article 3; and

                           (2)      if a Discharge of the Priority Lien
         Obligations became effective prior to such reinstatement, the
         contractual priority of the Priority Liens so reinstated, as set forth
         in Section 3.2, will be concurrently reinstated on the date and to the
         extent such Priority Liens are reinstated, beginning on such date, as
         though no Priority Lien Obligations or Priority Liens had been
         outstanding at any time prior to such date, and will remain effective
         until the claims secured by the reinstated Priority Liens are
         Discharged;

provided that AMERCO shall deliver forthwith an Officers' Certificate, and/or
the Priority Lien Collateral Agent or any holder of Priority Lien Obligations
may deliver a written notice, to the Note Collateral Agent and the Trustee
stating that Priority Lien Obligations have been reinstated and identifying the
Priority Lien Obligations so reinstated. If this Agreement shall have been
terminated prior to such reinstatement of the Priority Liens, this Agreement
shall be reinstated in full force and effect, and such prior termination shall
not diminish, release, discharge, impair or otherwise affect the obligations of
the parties hereto from such date of reinstatement.

                  (b)      Notwithstanding the foregoing, no:

                           (1)      action to enforce Note Liens at any time
         prior to the date of any reinstatement pursuant to Section 3.10(a) (or,
         if later, the date on which the Officers'

                                       22
<PAGE>

         Certificate or written notice referred to in Section 3.10(a) is
         delivered to the Trustee and the Note Collateral Agent);

                           (2)      receipt or collection of Collateral or any
         other property by the Holders of Notes, the Trustee or the Note
         Collateral Agent at any time prior to the date of any such
         reinstatement (or, if later, the date on which the Officers'
         Certificate or written notice referred to in Section 3.10(a) is
         delivered to the Trustee and the Note Collateral Agent);

                           (3)      application of any Collateral or other
         property to the payment of Note Obligations at any time prior to the
         date of any such reinstatement (or, if later, the date on which the
         Officers' Certificate or written notice referred to in Section 3.10(a)
         is delivered to the Trustee and the Note Collateral Agent); or

                           (4)      other action taken or omitted by the Holders
         of Notes, the Trustee or the Note Collateral Agent or other event
         occurring at any time prior to the date of any such reinstatement (or,
         if later, the date on which the Officers' Certificate or written notice
         referred to in Section 3.10(a) is delivered to the Trustee and the Note
         Collateral Agent),

will, if it was permitted at such time under this Article 3 without giving
effect to any subsequent reinstatement under Section 3.10(a), (1) constitute a
breach of any obligation of the Holders of Notes, the Trustee or the Note
Collateral Agent under this Article 3 or (2) subject to Section 3.10(c), give
rise to any right, claim or interest whatsoever enforceable by any holder of
Priority Liens or Priority Lien Obligations or by any other Person.

                  (c)      Notwithstanding any contrary provision in Section 3.4
or this Section 3.10, in the case of clauses (2) and (3) of Section 3.10(b), any
Net Proceeds received by, or on behalf of, the Trustee, the Note Collateral
Agent or any Holder of Notes, prior to the date of reinstatement of the Priority
Lien Obligations, from any receipt, collection or application of, or any other
Enforcement Action of any kind taken against, Collateral less than 91 days after
the date on which the applicable Priority Lien Obligation was paid in full shall
be turned over to the Priority Lien Collateral Agent for application to the
Priority Lien Obligations in accordance with this Agreement; and provided that
the Trustee and the Note Collateral Agent, as applicable, shall not be required
to distribute any such Net Proceeds to any Holder of Notes until such 91st day.
Notwithstanding the foregoing, to the extent any case is commenced by or against
any Grantor under any Bankruptcy Law within 91 days after the date on which the
Priority Lien Obligations are paid in full, such Net Proceeds received prior to
the commencement of the case shall be held by the Trustee or the Note Collateral
Agent until the earlier of (i) the date on which any plan of reorganization or
any similar dispositive restructuring plan in respect of the case is confirmed,
(ii) the date on which the Priority Lien Collateral Agent receives an order from
the bankruptcy court reasonably satisfactory to it stating that the Discharge of
the Priority Lien Obligations shall not be avoided or rescinded, (iii) the date
on which any of the Priority Lien Obligations are avoided or rescinded, in which
case such Net Proceeds shall be turned over to the Priority Lien Collateral
Agent for application to the Priority Lien Obligations in accordance with this
Agreement (to the extent not prohibited by the bankruptcy court) or (iv) the
entry of an order of the bankruptcy court directing the application of such Net
Proceeds. In the event that any such

                                       23
<PAGE>

Net Proceeds are turned over to the Priority Lien Collateral Agent, the Note
Debt and Note Liens shall be thereupon reinstated to the extent of the amount of
the Net Proceeds turned over to the Priority Lien Collateral Agent.

         Section 3.11 Amendment: Waiver.

                  (a)      No amendment or supplement to the provisions of this
Article 3 will:

                           (1)      be effective unless set forth in a writing
         signed by the Trustee and the Note Collateral Agent with the consent of
         the Holders of at least a majority in principal amount at maturity of
         the Notes; and

                           (2)      become effective at any time any Priority
         Lien Obligations exist that have not been Discharged unless such
         amendment or supplement is consented to in a writing signed by the
         Priority Lien Collateral Agent acting upon the direction or with the
         consent of the holders of the applicable percentage (as required under
         the Loan Agreement or the Replacement Loan Agreement) in principal
         amount of all Priority Lien Debt then outstanding or committed under
         the Loan Agreement or the Replacement Loan Agreement, voting as a
         single class.

                  Any such amendment or supplement that imposes any obligation
upon the Note Collateral Agent or adversely affects the rights of the Note
Collateral Agent in its individual capacity at any time when the Trustee is not
the Note Collateral Agent will become effective only with the consent of the
Note Collateral Agent.

                  (b)      No waiver of any of the provisions of this Article 3
will in any event be effective unless set forth in a writing signed and
consented to, as required for an amendment under this Section 3.11, by the party
to be bound thereby.

         Section 3.12 Enforcement.

                  (a)      Except as otherwise set forth in this Section 3.12,
the provisions of this Article 3 are intended for the sole benefit of, and may
be enforced solely by, the holders of Priority Liens and Priority Lien
Obligations granted and outstanding from time to time; provided, however, that:

                           (1)      the definition of "Priority Lien Debt" is
         intended for the benefit of both the holders of Priority Liens and
         Priority Lien Obligations granted and outstanding from time to time and
         AMERCO; and

                           (2)      the provisions of Section 3.16 are intended
         for the sole benefit of, and may be enforced solely by, the Holders of
         Note Liens and Note Obligations granted and outstanding from time to
         time (or by the Note Collateral Agent on their behalf).

                  (b)      The rights of the Holders of Notes and the Note
Collateral Agent set forth in Sections 3.3, 3.5 and 3.10 are intended for the
sole benefit of the Holders of Notes and the Note Collateral Agent and may be
enforced only by the Holders of Notes or by the Note Collateral Agent.

                                       24
<PAGE>

                  (c)      The obligations of the Holders of Notes, the Trustee
and the Note Collateral Agent set forth in Sections 3.3, 3.4, 3.5, 3.6, 3.7,
3.8, 3.9 and 3.10:

                           (1)      are intended for the sole benefit of the
         holders of Priority Lien Obligations and may be enforced only by the
         holders of Priority Lien Obligations or by the Priority Lien Collateral
         Agent; and

                           (2)      will terminate, unconditionally and (subject
         only to Section 3.10) forever, upon either of (a) Discharge of the
         Priority Lien Obligations or (b) the release of the Note Liens in whole
         as provided under Section 11.04 of the Indenture.

                  (d)      No right to enforce the ranking agreements or any
other obligation set forth in this Article 3 may be impaired by any act or
failure to act by AMERCO, the Trustee or any Holder of Notes or by the failure
of AMERCO, the Trustee or any Holder of Notes to comply with this Agreement.

                  (e)      The obligations of the holders of Priority Lien Debt
and the Priority Lien Collateral Agent and the Holders of Notes, the Trustee and
the Note Collateral Agent under this Article 3 are continuing obligations that
may be terminated only by an amendment that becomes effective as set forth in
Section 3.11.

                  (f)      Except for the Persons identified in this Section
3.12, to the extent and as to the obligations set forth in this Section 3.12, no
other Person will be entitled to rely on, have the benefit of or be entitled to
enforce the lien ranking agreements or any other obligation set forth in this
Article 3.

         Section 3.13 Notes, Note Guarantees and Other Note Obligations Not
Subordinated. The provisions of this Article 3 are intended solely to set forth
the relative ranking, as Liens, of the Note Liens as against the Priority Liens.
Neither the Notes, the Note Guarantees and other Note Obligations nor, except as
otherwise provided in this Article 3, the exercise or enforcement of any right
or remedy for the payment or collection thereof (other than the restrictions
with respect to the enforcement of remedies against the Collateral as set forth
in this Article 3) are intended to be, or will ever be by reason of the
provisions of this Article 3, in any respect subordinated, deferred, postponed,
restricted or prejudiced.

         Section 3.14 Relative Rights. This Article 3 defines the relative
rights, as lienholders, of Holders of Note Liens and holders of Priority Liens.
Nothing in this Agreement will:

                           (1)      impair, as between AMERCO and Holders of
         Notes, the obligation of AMERCO, which is absolute and unconditional,
         to pay principal of, premium and interest, if any, on the Notes in
         accordance with their terms or to perform any other obligation of
         AMERCO or any other Grantor under the Note Documents;

                           (2)      affect the relative rights of Holders of
         Notes and creditors of any Grantor (other than holders of Priority
         Liens);

                           (3)      restrict the right of any Holder of Notes to
         sue for payments that are then due and owing (but not enforce any
         judgment in respect thereof against any

                                       25
<PAGE>

         Collateral other than the enforcement of any judgment in respect of any
         other action not specifically prohibited by Sections 3.3 or 3.5);

                           (4)      prevent the Trustee, the Note Collateral
         Agent or any Holder of Notes from exercising against any Grantor any of
         its other available remedies upon a Note Event of Default not
         specifically prohibited by Sections 3.3 or 3.5; or

                           (5)      restrict the right of the Trustee, the Note
         Collateral Agent or any Holder of Notes from taking any lawful action
         in an Insolvency or Liquidation Proceeding not specifically prohibited
         by Sections 3.3 or 3.5.

                  If any Grantor fails because of this Article 3 to perform any
obligation binding upon it under any Note Document, the failure is still a Note
Event of Default.

         Section 3.15 Bailee for Perfection.

                  (a)      The Priority Lien Collateral Agent shall hold the
Pledged Collateral in its possession or control (or in the possession or control
of its agents or bailees) as bailee for the Note Collateral Agent solely for the
purpose of perfecting the security interest granted in such Pledged Collateral
pursuant to the Note Security Documents, subject to the terms and conditions of
this Agreement; provided that, solely for purposes of perfecting Liens in cash
collateral accounts, deposit accounts, electronic chattel paper and letter of
credit rights included in the Collateral, the Priority Lien Collateral Agent
agrees to act as agent for the Note Collateral Agent. The Priority Lien
Collateral Agent and Note Collateral Agent agree that if the Priority Lien
Collateral Agent shall enter into a control agreement with respect to any
security account or deposit account, the Note Collateral Agent will be given
notice by the Company and may also become a party thereto in order to perfect
its security interest in such accounts. If and to the extent such control
agreements provide for the right of either the Priority Lien Collateral Agent or
the Note Collateral Agent to give notice or direction to the depository or
intermediary, as applicable, with respect to such accounts, the Note Collateral
Agent hereby agrees that it will not give any such notice or direction to any
such depository or intermediary unless and until all Priority Lien Obligations
have been Discharged. Borrowers and the Note Collateral Agent agree to exercise
reasonable efforts to name or otherwise establish the Note Collateral Agent as
secondary collateral agent with respect to Collateral upon which Liens are
perfected by means other than notice. The Priority Lien Collateral Agent agrees
to reasonably cooperate with any specific requests made by Borrowers in the
event that the consent of the Priority Lien Collateral Agent may be required in
connection therewith.

                  (b)      So long as any Priority Lien Obligations exist that
have not been Discharged, the Priority Lien Collateral Agent shall be entitled
to deal with the Pledged Collateral in accordance with the terms of the Priority
Lien Documents and this Agreement.

                  (c)      The Priority Lien Collateral Agent shall not have any
obligation whatsoever to Note Collateral Agent, the Trustee or the Holders of
any Notes or other Note Lien Obligations to assure that the Pledged Collateral
is genuine or owned by any Grantor or otherwise or to preserve rights or
benefits of any Person except as expressly set forth in this Section 3.15. The
duties or responsibilities of the Priority Lien Collateral Agent under this

                                       26
<PAGE>

Section 3.15 shall be limited solely to holding the Pledged Collateral as bailee
for the Note Collateral Agent for purposes of perfecting the Lien therein held
by the Note Collateral Agent to secure Note Obligations. The Priority Lien
Collateral Agent shall not have any obligation to the Note Collateral Agent, the
Trustee or any Holder of Note Debt to care for, protect or insure any Pledged
Collateral or to ensure that the Lien on such Pledged Collateral has been
properly or sufficiently created or entitled to any particular priority.

                  (d)      The Priority Lien Collateral Agent shall not have, by
reason of the Note Security Documents, the Note Documents, this Agreement or any
other document or instrument, a fiduciary relationship in respect of the Note
Collateral Agent, the Trustee or the Holders of Notes or any other Note
Obligations. Neither the Note Collateral Agent nor the Trustee shall have, by
reason of the Priority Lien Documents or this Agreement or any other document or
instrument, a fiduciary relationship in respect of the Priority Lien Collateral
Agent or the Lenders.

         Section 3.16 Delivery of Collateral and Proceeds of Collateral. If all
Priority Lien Obligations have been Discharged, the Priority Lien Collateral
Agent shall, to the extent permitted by applicable law, deliver to (1) the Note
Collateral Agent (if Note Liens and Note Lien Obligations then remain
outstanding), or (2) such other Person as a court of competent jurisdiction may
otherwise direct, (a) any Collateral held by, or on behalf of, the Priority Lien
Collateral Agent or any holder of Priority Lien Obligations, and (b) all
proceeds of Collateral held by, or on behalf of, the Priority Lien Collateral
Agent or any holder of Priority Lien Obligations, whether arising out of an
action taken to enforce, collect or realize upon any Collateral or otherwise.
Such Collateral and such proceeds shall be delivered without recourse and
without any representation or warranty whatsoever as to the enforceability,
perfection, priority or sufficiency of any Lien securing or guaranty or other
supporting obligation for any Priority Lien Debt or Priority Lien Obligations,
together with any necessary endorsements or as a court of competent jurisdiction
may otherwise direct.

         Section 3.17 Termination of Agreement. Except and to the extent
provided in Section 3.10 hereof, this Agreement shall terminate automatically
and be of no further force or effect upon the earlier to occur of (i) release of
all Priority Liens or (ii) all Priority Lien Obligations have been Discharged.
In that event, and at such time that the Note Obligations are still outstanding
and the Note Security Documents are in effect, the Priority Lien Collateral
Agent shall (and AMERCO and its Subsidiaries so consent and agree) (a) turn over
any remaining cash of the Borrowers in excess of the Priority Lien Debt to the
Note Collateral Agent, (b) if at such time the Priority Lien Collateral Agent
continues to hold any certificates representing shares of stock, instruments or
chattel paper included in the Collateral or to hold any other Collateral, the
Priority Lien Collateral Agent shall turn over such certificates, instruments
and chattel paper and such other Collateral to the Note Collateral Agent to be
held by it under the Note Security Documents, and (c) the Priority Lien
Collateral Agent shall cooperate, in such reasonable respects as are requested
by the Note Collateral Agent, with the Note Collateral Agent and AMERCO to
substitute the Note Collateral Agent for the Priority Lien Collateral Agent with
respect to each account control agreement with respect to deposit accounts that
constitute Collateral. In no event shall the Note Collateral Agent have any
liability for the acts or omissions of the Priority Lien Collateral Agent, nor
shall the Priority Lien Collateral Agent have any liability for the acts or
omissions of the Note Collateral Agent.

                                       27
<PAGE>

                                   ARTICLE 4.
                                  MISCELLANEOUS

         Section 4.1 Amendments, Modifications, and Waivers; Cumulative
Remedies. No amendment, modification or waiver of any provision of this
Agreement shall be effective unless the same shall be in writing and signed by
each of the parties hereto, and then such amendment, modification or waiver
shall be effective only in the specific instance and for the specific purpose
for which it is given. No failure to exercise, nor any delay in exercising, on
the part of any party of, 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. The rights and remedies
provided herein are cumulative, may be exercised singly or concurrently and are
not exclusive of any other rights or remedies provided by law.

         Section 4.2 Indenture References. Notwithstanding anything to the
contrary in this Agreement, any references contained herein to any Section,
clause, paragraph, definition or other provision of the Indenture (including any
definition contained therein) shall be deemed to be a reference to such Section,
clause, paragraph, definition or other provision as in effect on the date of
this Agreement; provided that any reference to any such Section, clause,
paragraph or other provision shall refer to such Section, clause, paragraph or
other provision of the Indenture (including any definition contained therein) as
amended or modified from time to time if such amendment or modification has been
(1) made in accordance with the Indenture and (2) at any time any Priority Lien
Obligations exist that have not been Discharged, approved in a writing delivered
to the Trustee and the Note Collateral Agent by, or on behalf of, the requisite
holders of Priority Lien Obligations as are needed under the terms of the
applicable Priority Lien Documents to approve such amendment or modification.

         Section 4.3 Successors and Assigns. The provisions of this Agreement
shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns, including, without limitation, any person or
entity that succeeds to the role of the Note Collateral Agent or the Priority
Lien Collateral Agent.

         Section 4.4 Notices. All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when received, or, in the case of telecopy notice,
when received and confirmed by telephone, addressed as follows:

                  If to the Note Collateral Agent or the Trustee:

                           Wells Fargo Bank, N.A.
                           Corporate Trust Services
                           Sixth & Marquette; N9303-120
                           Minneapolis, MN 55479
                           Attn: Timothy P. Mowdy, Assistant Vice President
                           Facsimile: 612-667-9825

                                       28
<PAGE>

                  If to the Loan Agreement Agent:

                           Wells Fargo Foothill, Inc.
                           2450 Colorado Avenue
                           Suite 3000W
                           Santa Monica, California 90404
                           Attn: Specialty Finance Division Manager
                           Telecopier No. 310.453.7444

                  With copies to:

                           Chris D. Molen, Esq.
                           Paul, Hastings, Janofsky & Walker LLP
                           600 Peachtree Street, N.E. Suite 2400
                           Atlanta, Georgia 30308
                           Telecopier No.: (404) 815-2424
                           Telephone No.: (404) 815-2210

                  Any party may hereafter notify the other parties hereto of a
change in its notice address.

         Section 4.5 Counterparts. This Agreement may be executed in one or more
duplicate counterparts and when signed by all of the parties listed below shall
constitute a single binding agreement.

         Section 4.6 Governing Law; Consent to Jurisdiction and Venue. THIS
AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA. EACH OF THE PARTIES HERETO HEREBY CONSENTS
AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK CITY SHALL HAVE
NON-EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES AMONG
THE PARTIES HERETO PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF
OR RELATING TO THIS AGREEMENT, PROVIDED THAT THE PARTIES HERETO ACKNOWLEDGE THAT
ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF
NEW YORK CITY AND, PROVIDED. FURTHER, THAT NOTHING IN THIS AGREEMENT SHALL BE
DEEMED OR OPERATE TO PRECLUDE THE PRIORITY LIEN COLLATERAL AGENT FROM BRINGING
SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON ANY
SECURITY FOR THE PRIORITY LIEN OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER
COURT ORDER IN FAVOR OF SUCH PRIORITY LIEN COLLATERAL AGENT. EACH OF THE PARTIES
HERETO EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY
ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH OF THE PARTIES HERETO
HEREBY WAIVES ANY OBJECTION WHICH IT MAY

                                       29
<PAGE>

HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON
CONVENIENS. EACH OF THE PARTIES HERETO HEREBY WAIVES PERSONAL SERVICE OF THE
SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY
REGISTERED OR CERTIFIED MAIL ADDRESSED TO IT AT THE ADDRESS SET FORTH HEREIN,
AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH
PARTY'S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S.
MAILS, PROPER POSTAGE PREPAID.

         Section 4.7 Mutual Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN
CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY
RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE
STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES
DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.
THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL
SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY
IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE PARTIES ARISING OUT OF,
CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
BETWEEN THEM IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS RELATED
THERETO.

         Section 4.8 Specific Performance. In addition to the provisions of
Section 3.16, the parties hereto agree that irreparable damage would occur, and
that monetary damages would not be a sufficient remedy, in the event that any of
the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached (or threatened to be breached). Each
of the parties shall be entitled to, and no other party hereto shall, directly
or indirectly, oppose or otherwise contest any motion or other legal action
brought to:

                           (1)      obtain, an injunction or injunctions or
         other equitable relief as a remedy to prevent breaches (or threatened
         breaches) of this Agreement; and

                           (2)      enforce specifically the terms and
         provisions of this Agreement in any court of the United States or any
         state having jurisdiction, without proof of actual damages or a
         requirement that bond be posted.

                  The remedies described in this Agreement are in addition to
any other remedy to which any of the parties is entitled at law or in equity or
otherwise.

         Section 4.9 Entire Agreement. This Agreement integrates all the terms
and conditions mentioned herein or incidental hereto and supersedes all oral
negotiations and prior writings in respect to the subject matter hereof. In the
event of any conflict between the terms, conditions and provisions of this
Agreement and any such agreement, document or instrument, the terms, conditions
and provisions of this Agreement shall prevail.

                                       30
<PAGE>

         Section 4.10 Severability. In case any one or more of the provisions
contained or incorporated by reference in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby, and the parties hereto shall enter into good faith
negotiations to replace the invalid, illegal or unenforceable provision with a
view to obtaining the same commercial effect as this Agreement would have had if
such provision had been legal, valid and enforceable.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       31
<PAGE>

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

                                      WELLS FARGO FOOTHILL, INC.
                                      as Loan Agreement Agent

                                      By: /s/ Rhonda Noell
                                         --------------------------------
                                         Name: Rhonda Noell
                                              ---------------------------
                                         Title: SVP

                                      WELLS FARGO BANK, N.A., as Note Collateral
                                      Agent and Trustee

                                      By: /s/ Timothy P. Mowdy
                                         ---------------------------------
                                         Name: Timothy P. Mowdy
                                              ----------------------------
                                         Title: Assistant Vice President
                                               ---------------------------

INTERCREDITOR AGREEMENT

<PAGE>

                              CONSENT AND AGREEMENT

                 The undersigned are not party to, nor beneficiary of, the
Intercreditor Agreement. Each of the undersigned hereby acknowledges receipt of
a copy of the foregoing Intercreditor Agreement as of the date thereof and
further acknowledges the terms and provisions thereof and agrees not to take any
action which is inconsistent with, or to contest or challenge the validity of,
any term or provision thereof, and agrees that its successors and assigns shall
be bound by the foregoing.

                                     AMERCO REAL ESTATE COMPANY, a
                                     Nevada Corporation

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

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

                                     AMERCO REAL ESTATE SERVICES, INC.,
                                     a Nevada 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

INTERCREDITOR AGREEMENT

<PAGE>

                                     NATIONWIDE COMMERCIAL CO., an
                                     Arizona corporation

                                     YONKERS PROPERTY CORPORATION, a
                                     New York corporation

                                     PF & F HOLDINGS CORPORATION, a
                                     Delaware corporation

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

INTERCREDITOR AGREEMENT

<PAGE>

                                     EMOVE, INC., a Nevada corporation

                                     WEB TEAM ASSOCIATES, INC., a Nevada
                                     corporation

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

INTERCREDITOR AGREEMENT

<PAGE>

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

                                     By: /s/ Wolfgang Bromha
                                         ---------------------------------------
                                         Wolfgang Bromha, Secretary

INTERCREDITOR AGREEMENT

<PAGE>

                                     AMERCO, a Nevada corporation

                                     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 ALASKA, an Alaska
                                     corporation

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

                                     U-HAUL CO. OF ARKANSAS, a Arkansas
                                     corporation

                                     U-HAUL CO. OF ARIZONA, an Arizona
                                     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

INTERCREDITOR AGREEMENT

<PAGE>

                                     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

                                     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

INTERCREDITOR AGREEMENT

<PAGE>

                                     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

                                     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

INTERCREDITOR AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]