Document:

Unassociated Document

Exhibit 10.5

 

 

	 

 

GS MORTGAGE SECURITIES CORPORATION II,

 

PURCHASER

 

and

 

JEFFERIES LOANCORE LLC,

 

SELLER

 

MORTGAGE LOAN PURCHASE AGREEMENT

 

Dated as of May 1, 2013

 

Series 2013-GCJ12

 

	 

 

  

  

  

 

This Mortgage Loan Purchase Agreement (“Agreement”), dated as of May 1, 2013, is between GS Mortgage Securities Corporation II, a Delaware corporation, as purchaser (the “Purchaser”), and Jefferies LoanCore LLC, a Delaware limited liability company, as seller (the “Seller”).

 

Capitalized terms used in this Agreement not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement, dated as of May 1, 2013 (the “Pooling and Servicing Agreement”), among the Purchaser, as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Situs Holdings, LLC, as operating advisor, Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), pursuant to which the Purchaser will transfer the Mortgage Loans (as defined herein), together with certain other mortgage loans, to a trust fund and certificates representing ownership interests in the Mortgage Loans, together with the other mortgage loans, will be issued by the trust fund (the “Trust Fund”).  In exchange for the Mortgage Loans and the other mortgage loans, the Trust Fund will issue to or at the direction of the Depositor certificates to be known as GS Mortgage Securities Trust 2013-GCJ12, Commercial Mortgage Pass-Through Certificates, Series 2013-GCJ12 (collectively, the “Certificates”).  For purposes of this Agreement, “Mortgage Loans” refers to the mortgage loans listed on Exhibit A and “Mortgaged Properties” refers to the properties securing such Mortgage Loans.

 

The Purchaser and the Seller wish to prescribe the manner of sale of the Mortgage Loans from the Seller to the Purchaser and in consideration of the premises and the mutual agreements hereinafter set forth, agree as follows:

 

SECTION 1     Sale and Conveyance of Mortgages; Possession of Mortgage File.  The Seller does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse (except as otherwise specifically set forth herein), all of its right, title and interest in and to the Mortgage Loans identified on Exhibit A to this Agreement (the “Mortgage Loan Schedule”) including all interest and principal received on or with respect to the Mortgage Loans after the Cut-Off Date (and, in any event, notwithstanding anything herein to the contrary, excluding payments of principal and interest first due on the Mortgage Loans on or before the Cut-Off Date and excluding any Loan Seller Defeasance Rights and Obligations with respect to the Mortgage Loans).  Upon the sale of the Mortgage Loans, the ownership of each related Note, the Seller’s interest in the related Mortgage represented by the Note and the other contents of the related Mortgage File will be vested in the Purchaser and immediately thereafter the Trustee, and the ownership of records and documents with respect to each Mortgage Loan prepared by or which come into the possession of the Seller shall immediately vest in the Purchaser and immediately thereafter the Trustee.  The Purchaser will sell certain of the Certificates (the “Public Certificates”) to the underwriters (the “Underwriters”) specified in the Underwriting Agreement, dated as of May 16, 2013 (the “Underwriting Agreement”), between the Purchaser and the Underwriters, and the Purchaser will sell certain of the Certificates (the “Private Certificates”) to the initial purchasers (the “Initial Purchasers” and, collectively with the Underwriters, the “Dealers”) specified in the Purchase Agreement, dated as of May 16, 2013 (the “Certificate Purchase Agreement”), between the Purchaser and Initial Purchasers.

 

  

  

  

 

The sale and conveyance of the Mortgage Loans is being conducted on an arms-length basis and upon commercially reasonable terms.  As the purchase price for the Mortgage Loans, the Purchaser shall pay, by wire transfer of immediately available funds, to the Seller or at the Seller’s direction $491,243,750.39, plus accrued interest on the Mortgage Loans from and including May  1, 2013 to but excluding the Closing Date (but subject to certain post-settlement adjustment for expenses incurred by the Underwriters and the Initial Purchasers on behalf of the Depositor and for which the Seller is specifically responsible).

 

The purchase and sale of the Mortgage Loans shall take place on the Closing Date.

 

SECTION 2     Books and Records; Certain Funds Received After the Cut-Off Date.  From and after the sale of the Mortgage Loans to the Purchaser, record title to each Mortgage and each Note shall be transferred to the Trustee subject to and in accordance with this Agreement.  Any funds due after the Cut-Off Date in connection with a Mortgage Loan received by the Seller shall be held in trust on behalf of the Trustee (for the benefit of the Certificateholders) as the owner of such Mortgage Loan and shall be transferred promptly to the Certificate Administrator.  All scheduled payments of principal and interest due on or before the Cut-Off Date but collected after the Cut-Off Date, and all recoveries and payments of principal and interest collected on or before the Cut-Off Date (only in respect of principal and interest on the Mortgage Loans due on or before the Cut-Off Date and principal prepayments thereon), shall belong to, and shall be promptly remitted to, the Seller.

 

The transfer of each Mortgage Loan shall be reflected on the Seller’s balance sheets and other financial statements as the sale of such Mortgage Loan by the Seller to the Purchaser.  The Seller intends to treat the transfer of each Mortgage Loan to the Purchaser as a sale for tax purposes.  Following the transfer of the Mortgage Loans by the Seller to the Purchaser, the Seller shall not take any actions inconsistent with the ownership of the Mortgage Loans by the Purchaser and its assignees.

 

The transfer of each Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the purchase of such Mortgage Loan by the Purchaser from the Seller.  The Purchaser intends to treat the transfer of each Mortgage Loan from the Seller as a purchase for tax purposes.  The Purchaser shall be responsible for maintaining, and shall maintain, a set of records for each Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan by the Seller to the Purchaser pursuant to this Agreement.

 

SECTION 3     Delivery of Mortgage Loan Documents; Additional Costs and Expenses.  (a)  The Purchaser hereby directs the Seller, and the Seller hereby agrees, such agreement effective upon the transfer of the Mortgage Loans contemplated herein, to deliver or cause to be delivered to the Custodian (on behalf of the Trustee), the Master Servicer and the Special Servicer, respectively, on the dates set forth in Section 2.01 of the Pooling and Servicing Agreement, all documents, instruments and agreements required to be delivered by the Purchaser, or contemplated to be delivered by the Seller (whether at the direction of the Purchaser or otherwise), to the Custodian, the Master Servicer and the Special Servicer, as applicable, with respect to the Mortgage Loans under Section 2.01 of the Pooling and Servicing

 

  

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Agreement, and meeting all the requirements of such Section 2.01 of the Pooling and Servicing Agreement; provided that the Seller shall not be required to deliver any draft documents, privileged communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations.

 

(b)           The Seller shall deliver to and deposit with (or cause to be delivered to and deposited with) the Master Servicer within five (5) Business Days after the Closing Date a copy of the Mortgage File and documents and records not otherwise required to be contained in the Mortgage File that (i) relate to the origination and/or servicing and administration of the Mortgage Loans, (ii) are reasonably necessary for the ongoing administration and/or servicing of the Mortgage Loans (including any asset summaries related to the Mortgage Loans that were delivered to the Rating Agencies in connection with the rating of the Certificates) or for evidencing or enforcing any of the rights of the holder of the Mortgage Loans or holders of interests therein and (iii) are in the possession or under the control of the Seller, together with (x) all unapplied Escrow Payments and reserve funds in the possession or under control of the Seller that relate to the Mortgage Loans and (y) a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan, provided that copies of any document in the Mortgage File and any other document, record or item referred to above in this sentence that constitutes a Designated Servicing Document shall be delivered to the Master Servicer on or before the Closing Date; provided that the Seller shall not be required to deliver any draft documents, privileged or other communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations.

 

SECTION 4     Treatment as a Security Agreement.  Pursuant to Section 1 hereof, the Seller has conveyed to the Purchaser all of its right, title and interest in and to the Mortgage Loans.  The parties intend that such conveyance of the Seller’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a purchase and sale and not a loan.  If such conveyance is deemed to be a pledge and not a sale, then the parties also intend and agree that the Seller shall be deemed to have granted, and in such event does hereby grant, to the Purchaser, a first priority security interest in all of its right, title and interest in, to and under the Mortgage Loans, all payments of principal or interest on such Mortgage Loans due after the Cut-Off Date, all other payments made in respect of such Mortgage Loans after the Cut-Off Date (and, in any event, excluding scheduled payments of principal and interest due on or before the Cut-Off Date) and all proceeds thereof, and that this Agreement shall constitute a security agreement under applicable law.  If such conveyance is deemed to be a pledge and not a sale, the Seller consents to the Purchaser hypothecating and transferring such security interest in favor of the Trustee and transferring the obligation secured thereby to the Trustee.

 

SECTION 5     Covenants of the Seller.  The Seller covenants with the Purchaser as follows:

 

(a)           it shall cause Anderson McCoy & Orta, P.C. to record and file in the appropriate public recording office for real property records or UCC financing statements, as appropriate (or, with respect to any assignments that the Certificate Administrator has agreed to record or file pursuant to the Pooling and Servicing Agreement, deliver to the Certificate Administrator for such purpose and cause the Certificate Administrator to record and file), the assignments of assignment of leases, rents and profits and the assignments of Mortgage and each

 

  

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related UCC-2 and UCC-3 financing statement referred to in the definition of Mortgage File from the Seller to the Trustee as and to the extent contemplated under Section 2.01(c) of the Pooling and Servicing Agreement.  All out of pocket costs and expenses relating to the recordation or filing of such assignments, assignments of Mortgage and financing statements shall be paid by the Seller.  If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, then the Seller shall prepare or cause the preparation of a substitute therefor or cure such defect or cause such defect to be cured, as the case may be, and the Seller shall record or file, or cause the recording or filing of, such substitute or corrected document or instrument or, with respect to any assignments that the Certificate Administrator has agreed to record or file pursuant to the Pooling and Servicing Agreement, deliver such substitute or corrected document or instrument to the Certificate Administrator (or, if the Mortgage Loan is then no longer subject to the Pooling and Servicing Agreement, the then holder of such Mortgage Loan);

 

(b)           as to each Mortgage Loan, if the Seller cannot deliver or cause to be delivered the documents and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) of the definition of “Mortgage File” in the Pooling and Servicing Agreement solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered for recordation or filing, as applicable, it shall forward to the Certificate Administrator a copy of the original certified by the Seller to be a true and complete copy of the original thereof submitted for recording.  The Seller shall cause each assignment referred to in Section (5)(a) above that is recorded and the file copy of each UCC-2 and UCC-3 assignment referred to in Section (5)(a) above to reflect that it should be returned by the public recording or filing office to the Certificate Administrator or its agent following recording (or, alternatively, to the Seller or its designee, in which case the Seller shall deliver or cause the delivery of the recorded original to the Certificate Administrator promptly following receipt); provided that, in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases, the Certificate Administrator shall obtain therefrom a certified copy of the recorded original.  On a monthly basis, at the expense of the Seller, the Certificate Administrator shall forward to the Master Servicer a copy of each of the aforementioned assignments following the Custodian’s receipt thereof;

 

(c)           it shall take any action reasonably required by the Purchaser, the Certificate Administrator, the Trustee or the Master Servicer in order to assist and facilitate the transfer of the servicing of the Mortgage Loans to the Master Servicer, including effectuating the transfer of any letters of credit with respect to any Mortgage Loan to the Master Servicer on behalf of the Trustee for the benefit of Certificateholders.  Prior to the date that a letter of credit with respect to any Mortgage Loan is transferred to the Master Servicer, the Seller will cooperate with the reasonable requests of the Master Servicer or Special Servicer, as applicable, in connection with effectuating a draw under such letter of credit as required under the terms of the related Loan Documents;

 

(d)           the Seller shall provide the Master Servicer the initial data with respect to each Mortgage Loan for the CREFC Financial File and the CREFC Loan Periodic Update File that are required to be prepared by the Master Servicer pursuant to the Pooling and Servicing Agreement and the Supplemental Servicer Schedule;

 

  

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(e)           if (during the period of time that the Underwriters are required, under applicable law, to deliver a prospectus related to the Public Certificates in connection with sales of the Public Certificates by an Underwriter or a dealer) the Seller has obtained actual knowledge of undisclosed or corrected information related to an event that occurred prior to the Closing Date, which event causes there to be an untrue statement of a material fact with respect to the Seller Information in the Prospectus Supplement dated May 17, 2013 relating to the Public Certificates, the annexes and exhibits thereto and the DVD delivered therewith, or the Offering Circular dated May 17, 2013 relating to the Private Certificates, the annexes and exhibits thereto and the DVD delivered therewith (collectively, the “Offering Documents”), or causes there to be an omission to state therein a material fact with respect to the Seller Information required to be stated therein or necessary to make the statements therein with respect to the Seller Information, in the light of the circumstances under which they were made, not misleading, then the Seller shall promptly notify the Dealers and the Depositor. If as a result of any such event the Dealers’ legal counsel determines that it is necessary to amend or supplement the Offering Documents in order to correct the untrue statement, or to make the statements therein, in the light of the circumstances when the Offering Documents are delivered to a purchaser, not misleading, or to make the Offering Documents in compliance with applicable law, the Seller shall (to the extent that such amendment or supplement solely relates to the Seller Information) at the expense of the Seller, do all things reasonably necessary to assist the Depositor to prepare and furnish to the Dealers, such amendments or supplements to the Offering Documents as may be necessary so that the Seller Information in the Offering Documents, as so amended or supplemented, will not contain an untrue statement, will not, in the light of the circumstances when the Offering Documents are delivered to a purchaser, be misleading and will comply with applicable law.  (All terms under this clause (d) and not otherwise defined in this Agreement shall have the meanings set forth in the Indemnification Agreement, dated as of May 16, 2013, among the Underwriters, the Initial Purchasers, the Seller and the Purchaser (the “Indemnification Agreement” and, together with this Agreement, the “Operative Documents”)); and

 

(f)           for so long as the Trust Fund is subject to the reporting requirements of the Exchange Act, the Seller shall provide the Depositor and the Certificate Administrator with any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure and any Form 8-K Disclosure Information indicated on Exhibit U, Exhibit V and Exhibit Z to the Pooling and Servicing Agreement within the time periods set forth in the Pooling and Servicing Agreement; provided that, in connection with providing Additional Form 10-K Disclosure and the Seller’s reporting obligations under Item 1119 of Regulation AB, upon reasonable request by the Seller, the Purchaser shall provide the Seller with a list of all parties to the Pooling and Servicing Agreement and any other Servicing Function Participant.

 

SECTION 6     Representations and Warranties.

 

(a)           The Seller represents and warrants to the Purchaser as of the date hereof and as of the Closing Date that:

 

(i)            The Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware with full power and authority to own its assets and conduct its business, is duly qualified as a foreign organization in good standing in all jurisdictions to the extent such qualification is 

 

  

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necessary to hold and sell the Mortgage Loans or otherwise comply with its obligations under this Agreement except where the failure to be so qualified would not have a material adverse effect on its ability to perform its obligations hereunder, and the Seller has taken all necessary action to authorize the execution and delivery of, and performance under, the Operative Documents and has duly executed and delivered each Operative Document, and has the power and authority to execute, deliver and perform under each Operative Document and all the transactions contemplated hereby and thereby, including, but not limited to, the power and authority to sell, assign, transfer, set over and convey the Mortgage Loans in accordance with this Agreement;

 

(ii)           Assuming the due authorization, execution and delivery of this Agreement by the Purchaser, this Agreement will constitute a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforcement may be limited by (A) bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (C) public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification for securities laws liabilities;

 

(iii)           The execution and delivery of each Operative Document by the Seller and the performance of its obligations hereunder and thereunder will not conflict with any provision of any law or regulation to which the Seller is subject, or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions of any of the Seller’s organizational documents or any agreement or instrument to which the Seller is a party or by which it is bound, or any order or decree applicable to the Seller, or result in the creation or imposition of any lien on any of the Seller’s assets or property, in each case, which would materially and adversely affect the ability of the Seller to carry out the transactions contemplated by the Operative Documents;

 

(iv)           There is no action, suit, proceeding or investigation pending or, to the Seller’s knowledge, threatened against the Seller in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of the Mortgage Loans or the ability of the Seller to carry out the transactions contemplated by each Operative Document;

 

(v)           The Seller is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that, in the Seller’s good faith and reasonable judgment, is likely to materially and adversely affect the condition (financial or other) or operations of the Seller or its properties or might have consequences that, in the Seller’s good faith and reasonable judgment, is likely to materially and adversely affect its performance under any Operative Document;

 

(vi)           No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Seller of, 

 

  

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or compliance by the Seller with, each Operative Document or the consummation of the transactions contemplated hereby or thereby, other than those which have been obtained by the Seller; and

 

(vii)        The transfer, assignment and conveyance of the Mortgage Loans by the Seller to the Purchaser is not subject to bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction.

 

(b)          The Purchaser represents and warrants to the Seller as of the Closing Date that:

 

(i)           The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with full corporate power and authority to own its assets and conduct its business, is duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification, except where the failure to be so qualified would not have a material adverse effect on the ability of the Purchaser to perform its obligations hereunder, and the Purchaser has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has duly executed and delivered this Agreement, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby;

 

(ii)           Assuming the due authorization, execution and delivery of this Agreement by the Seller, this Agreement will constitute a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii)          The execution and delivery of this Agreement by the Purchaser and the performance of its obligations hereunder will not conflict with any provision of any law or regulation to which the Purchaser is subject, or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions of any of the Purchaser’s organizational documents or any agreement or instrument to which the Purchaser is a party or by which it is bound, or any order or decree applicable to the Purchaser, or result in the creation or imposition of any lien on any of the Purchaser’s assets or property, in each case which would materially and adversely affect the ability of the Purchaser to carry out the transactions contemplated by this Agreement;

 

(iv)          There is no action, suit, proceeding or investigation pending or, to the Purchaser’s knowledge, threatened against the Purchaser in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of this Agreement or any action taken in connection with the obligations of the Purchaser contemplated herein, or which would be likely to impair materially the ability of the Purchaser to perform under the terms of this Agreement;

 

  

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(v)           The Purchaser is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or other) or operations of the Purchaser or its properties or might have consequences that would materially and adversely affect its performance under any Operative Document; and

 

(vi)           No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Purchaser of or compliance by the Purchaser with this Agreement or the consummation of the transactions contemplated by this Agreement other than those that have been obtained by the Purchaser.

 

(c)           The Seller further makes the representations and warranties as to the Mortgage Loans set forth in Exhibit B to this Agreement as of the Cut-Off Date or such other date set forth in Exhibit B to this Agreement, which representations and warranties are subject to the exceptions thereto set forth in Exhibit C to this Agreement.

 

(d)           Pursuant to the Pooling and Servicing Agreement, if (i) any party thereto discovers or receives notice alleging that any document constituting a part of a Mortgage File has not been properly executed, is missing, contains information that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule, or does not appear to be regular on its face (each, a “Document Defect”), or discovers or receives notice alleging a breach of any representation or warranty of the Seller made pursuant to Section 6(c) of this Agreement with respect to any Mortgage Loan (a “Breach”) or (ii) the Special Servicer or the Purchaser receives a Repurchase Request, such party is required to give prompt written notice thereof to the Seller.

 

(e)           Pursuant to the Pooling and Servicing Agreement, the Special Servicer is required to determine whether any such Document Defect or Breach with respect to any Mortgage Loan materially and adversely affects, or such Document Defect is deemed in accordance with Section 2.03 of the Pooling and Servicing Agreement to materially and adversely affect, the value of the Mortgage Loan or any related REO Property or the interests of the Certificateholders therein (any such Document Defect shall constitute a “Material Document Defect” and any such Breach shall constitute a “Material Breach”).  If such Document Defect or Breach has been determined to be a Material Document Defect or Material Breach, then the Special Servicer will be required to give prompt written notice thereof to the Seller.  Promptly upon becoming aware of any such Material Document Defect or Material Breach (including through a written notice given by any party hereto, as provided above if the Document Defect or Breach identified therein is a Material Document Defect or Material Breach, as the case may be), the Seller shall, not later than 90 days from the earlier of the Seller’s discovery or receipt of notice of, and receipt of a demand to take action with respect to, such Material Document Defect or Material Breach, as the case may be (or, in the case of a Material Document Defect or Material Breach relating to a Mortgage Loan not being a “qualified mortgage” within the meaning of the REMIC Provisions, not later than 90 days from any party discovering such Material Document Defect or Material Breach, provided that, if such discovery is by any party other than the Seller, the Seller receives notice thereof in a timely manner), cure the same in all 

 

  

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material respects (which cure shall include payment of any losses and Additional Trust Fund Expenses associated therewith) or, if such Material Document Defect or Material Breach, as the case may be, cannot be cured within such 90 day period, the Seller shall either (i) substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall any such substitution occur later than the second anniversary of the Closing Date) and pay the Master Servicer, for deposit into the Collection Account, any Substitution Shortfall Amount in connection therewith or (ii) repurchase the affected Mortgage Loan or any related REO Property (or the Trust Fund’s interest therein) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection Account; provided, however, that if (i) such Material Document Defect or Material Breach is capable of being cured but not within such 90 day period, (ii) such Material Document Defect or Material Breach is not related to any Mortgage Loan’s not being a “qualified mortgage” within the meaning of the REMIC Provisions and (iii) the Seller has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach within such 90 day period, then the Seller shall have an additional 90 days to complete such cure (or, in the event of a failure to so cure, to complete such repurchase of the related Mortgage Loan or substitute a Qualified Substitute Mortgage Loan as described above) it being understood and agreed that, in connection with the Seller’s receiving such additional 90 day period, the Seller shall deliver an Officer’s Certificate to the Trustee, the Special Servicer and the Certificate Administrator setting forth the reasons such Material Document Defect or Material Breach is not capable of being cured within the initial 90 day period and what actions the Seller is pursuing in connection with the cure thereof and stating that the Seller anticipates that such Material Document Defect or Material Breach will be cured within such additional 90 day period; and provided, further, that, if any such Material Document Defect is still not cured after the initial 90 day period and any such additional 90 day period solely due to the failure of the Seller to have received the recorded document, then the Seller shall be entitled to continue to defer its cure, substitution or repurchase obligations in respect of such Document Defect so long as the Seller certifies to the Trustee, the Special Servicer and the Certificate Administrator every 30 days thereafter that the Document Defect is still in effect solely because of its failure to have received the recorded document and that the Seller is diligently pursuing the cure of such defect (specifying the actions being taken), except that no such deferral of cure, substitution or repurchase may continue beyond the date that is 18 months following the Closing Date.  Any such repurchase of a Mortgage Loan shall be on a servicing released basis.  The Seller shall have no obligation to monitor the Mortgage Loans regarding the existence of a Breach or a Document Defect, but if the Seller discovers a Material Breach or Material Document Defect with respect to a Mortgage Loan, it will notify the Purchaser.

 

Subject to the Seller’s right to cure set forth above in this Section 6(e), and further subject to Sections 2.01(b) and 2.01(c) of the Pooling and Servicing Agreement, failure of the Seller to deliver the documents referred to in clauses (1), (2), (7), (8), (18) and (19) in the definition of “Mortgage File” in the Pooling and Servicing Agreement in accordance with this Agreement and the Pooling and Servicing Agreement for any Mortgage Loan shall be deemed a Material Document Defect; provided, however, that no Document Defect (except such deemed Material Document Defect described above) shall be considered to be a Material Document Defect unless the document with respect to which the Document Defect exists is required in connection with an imminent enforcement of the lender’s rights or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the 

 

  

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Mortgage Loan, establishing the validity or priority of any lien on any collateral securing the Mortgage Loan or for any immediate significant servicing obligation.

 

(f)           In connection with any repurchase or substitution of one or more Mortgage Loans pursuant to this Section 6, the Pooling and Servicing Agreement shall provide that the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer shall each tender to the repurchasing entity, upon delivery to each of them of a receipt executed by the repurchasing entity, all portions of the Mortgage File and other documents and all Escrow Payments and reserve funds pertaining to such Mortgage Loan possessed by it, and each document that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the repurchasing or substituting entity or its designee in the same manner, but only if the respective documents have been previously assigned or endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer and reconveyance of the Mortgage Loan and the security therefor to the Seller or its designee; provided that such tender by the Trustee shall be conditioned upon its receipt from the Master Servicer of a Request for Release and an Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied.

 

(g)           The representations and warranties of the parties hereto shall survive the execution and delivery and any termination of this Agreement and shall inure to the benefit of the respective parties, notwithstanding any restrictive or qualified endorsement on the Notes or Assignment of Mortgage or the examination of the Mortgage Files.

 

(h)           Each party hereto agrees to promptly notify the other party of any breach of a representation or warranty contained in Section 6(c) of this Agreement.  The Seller’s obligation to cure any Material Breach or Material Document Defect or to repurchase or substitute any affected Mortgage Loan pursuant to this Section 6 shall constitute the sole remedy available to the Purchaser in connection with a breach of any of the Seller’s representations or warranties contained in Section 6(c) of this Agreement or a Document Defect with respect to any Mortgage Loan.

 

(i)           The Seller shall promptly notify the Depositor if (i) the Seller receives a Repurchase Communication of a Repurchase Request (other than from the Depositor), (ii) the Seller repurchases or replaces a Mortgage Loan, (iii) the Seller receives a Repurchase Communication of a Repurchase Request Withdrawal (other than from the Depositor) or (iv) the Seller rejects or disputes any Repurchase Request.  Each such notice shall be given no later than the tenth (10th) Business Day after (A) with respect to clauses (i) and (iii) of the preceding sentence, receipt of a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, as applicable, and (B) with respect to clauses (ii) and (iv) of the preceding sentence, the occurrence of the event giving rise to the requirement for such notice, and shall include (1) the identity of the related Mortgage Loan, (2) the date (x) such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal was received, (y) the related Mortgage Loan was repurchased or replaced or (z) the Repurchase Request was rejected or disputed, as applicable, and (3) if known, the basis for (x) the Repurchase Request (as 

 

  

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asserted in the Repurchase Request) or (y) any rejection or dispute of a Repurchase Request, as applicable.

 

The Seller shall provide to the Depositor and the Certificate Administrator the Seller’s “Central Index Key” number assigned by the Securities and Exchange Commission and a true, correct and complete copy of the relevant portions of any Form ABS-15G that the Seller is required to file with the Securities and Exchange Commission with respect to the Mortgage Loans on or before the date that is five (5) Business Days before the date such Form ABS-15G is required to be filed with the Securities and Exchange Commission.

 

In addition, the Seller shall provide the Depositor, upon request, such other information in its possession as would permit the Depositor to comply with its obligations under Rule 15Ga-1 under the Exchange Act to disclose fulfilled and unfulfilled repurchase requests.  Any such information requested shall be provided as promptly as practicable after such request is made.

 

The Seller agrees that no 15Ga-1 Notice Provider will be required to provide information in a 15Ga-1 Notice that is protected by the attorney-client privilege or attorney work product doctrines.  In addition, the Seller hereby acknowledges that (i) any 15Ga-1 Notice provided pursuant to Section 2.03(a) of the Pooling and Servicing Agreement is so provided only to assist the Seller, the Depositor and their respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii)(A) no action taken by, or inaction of, a 15Ga-1 Notice Provider and (B) no information provided pursuant to Section 2.03(a) of the Pooling and Servicing Agreement by a 15Ga-1 Notice Provider shall be deemed to constitute a waiver or defense to the exercise of any legal right the 15Ga-1 Notice Provider may have with respect to this Agreement, including with respect to any Repurchase Request that is the subject of a 15Ga-1 Notice.

 

Each party hereto agrees that the receipt of a 15Ga-1 Notice or the delivery of any notice required to be delivered pursuant to this Section 6(i) shall not, in and of itself, constitute delivery of notice of, receipt of notice of, or knowledge of the Seller of, any Material Document Defect or Material Breach.

 

Each party hereto agrees and acknowledges that, as of the date of this Agreement, the “Central Index Key” number of the Trust Fund is 0001575190.

 

“Repurchase Communication” means, for purposes of this Section 6(i) only, any communication, whether oral or written, which need not be in any specific form.

 

SECTION 7     Review of Mortgage File.  The Purchaser shall require the Certificate Administrator pursuant to the Pooling and Servicing Agreement to review the Mortgage Files pursuant to Section 2.02 of the Pooling and Servicing Agreement and if it finds any document or documents not to have been properly executed, or to be missing or to be defective on its face in any material respect, to notify the Purchaser, which shall promptly notify the Seller.

 

SECTION 8     Conditions to Closing.  The obligation of the Seller to sell the Mortgage Loans shall be subject to the Seller having received the purchase price for the 

 

  

-11-

  

 

Mortgage Loans as contemplated by Section 1 of this Agreement.  The obligations of the Purchaser to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:

 

(a)           Each of the obligations of the Seller required to be performed by it at or prior to the Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with and all of the representations and warranties of the Seller under this Agreement shall, subject to any applicable exceptions set forth on Exhibit C to this Agreement, be true and correct in all material respects as of the Closing Date or as of such other date as of which such representation is made under the terms of Exhibit B to this Agreement, and no event shall have occurred as of the Closing Date which would constitute a default on the part of the Seller under this Agreement, and the Purchaser shall have received a certificate to the foregoing effect signed by an authorized officer of the Seller substantially in the form of Exhibit D to this Agreement.

 

(b)           The Pooling and Servicing Agreement (to the extent it affects the obligations of the Seller hereunder), in such form as is agreed upon and acceptable to the Purchaser, the Seller, the Underwriters, the Initial Purchasers and their respective counsel in their reasonable discretion, shall be duly executed and delivered by all signatories as required pursuant to the terms thereof.

 

(c)           The Purchaser shall have received the following additional closing documents:

 

(i)            copies of the Seller’s Articles of Association, charter, by-laws or other organizational documents and all amendments, revisions, restatements and supplements thereof, certified as of a recent date by the Secretary of the Seller;

 

(ii)           a certificate as of a recent date of the Secretary of State of the State of Delaware to the effect that the Seller is duly organized, existing and in good standing in the State of Delaware;

 

(iii)          an officer’s certificate of the Seller in form reasonably acceptable to the Underwriters, the Initial Purchasers and each Rating Agency;

 

(iv)          an opinion of counsel of the Seller, subject to customary exceptions and carve-outs, in form reasonably acceptable to the Underwriters, the Initial Purchasers and each Rating Agency; and

 

(v)           a letter from counsel of the Seller substantially to the effect that (a) nothing has come to such counsel’s attention that would lead such counsel to believe that the agreed upon sections of the Primary Free Writing Prospectus, the Prospectus Supplement, the Preliminary Offering Circular or the Final Offering Circular (each as defined in the Indemnification Agreement), as of the date thereof or as of the Closing Date (or, in the case of the Primary Free Writing Prospectus or the Preliminary Offering Circular, solely as of the time of sale) contained or contain, as applicable, with respect to the Seller or the Mortgage Loans, any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein relating to the Seller or 

 

  

-12-

  

 

the Mortgage Loans, in the light of the circumstances under which they were made, not misleading and (b) the Seller Information (as defined in the Indemnification Agreement) in the Prospectus Supplement appears to be appropriately responsive in all material respects to the applicable requirements of Regulation AB.

 

(d)           The Public Certificates shall have been concurrently issued and sold pursuant to the terms of the Underwriting Agreement.  The Private Certificates shall have been concurrently issued and sold pursuant to the terms of the Certificate Purchase Agreement.

 

(e)           The Seller shall have executed and delivered concurrently herewith the Indemnification Agreement.

 

(f)           The Seller shall furnish the Purchaser, the Underwriters and the Initial Purchasers with such other certificates of its officers or others and such other documents and opinions to evidence fulfillment of the conditions set forth in this Agreement as the Purchaser and its counsel may reasonably request.

 

SECTION 9     Closing.  The closing for the purchase and sale of the Mortgage Loans shall take place at the office of Cadwalader, Wickersham & Taft LLP, New York, New York, at 10:00 a.m., on the Closing Date or such other place and time as the parties shall agree.

 

SECTION 10   Expenses.  The Seller will pay its pro rata share (the Seller’s pro rata portion to be determined according to the percentage that the aggregate principal balance as of the Cut-Off Date of all the Mortgage Loans represents as to the aggregate principal balance as of the Cut-Off Date of all the mortgage loans to be included in the Trust Fund) of all costs and expenses of the Purchaser in connection with the transactions contemplated herein, including, but not limited to: (i) the costs and expenses of the Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs and expenses of reproducing and delivering the Pooling and Servicing Agreement and this Agreement and printing (or otherwise reproducing) and delivering the Certificates; (iii) the reasonable and documented fees, costs and expenses of the Trustee, the Certificate Administrator and their respective counsel; (iv) the fees and disbursements of a firm of certified public accountants selected by the Purchaser and the Seller with respect to numerical information in respect of the Mortgage Loans and the Certificates included in the Prospectus, Preliminary Free Writing Prospectus, the Prospectus Supplement, the Preliminary Offering Circular, the Final Offering Circular and any related disclosure for the initial Form 8-K, including the cost of obtaining any “comfort letters” with respect to such items; (v) the costs and expenses in connection with the qualification or exemption of the Certificates under state securities or blue sky laws, including filing fees and reasonable fees and disbursements of counsel in connection therewith; (vi) the costs and expenses in connection with any determination of the eligibility of the Certificates for investment by institutional investors in any jurisdiction and the preparation of any legal investment survey, including reasonable fees and disbursements of counsel in connection therewith; (vii) the costs and expenses in connection with printing (or otherwise reproducing) and delivering the Registration Statement, Prospectus, Preliminary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular and Final Offering Circular and the reproducing and delivery of this Agreement and the furnishing to the Underwriters of such copies of the Registration Statement, Prospectus, Preliminary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular, Final Offering 

 

  

-13-

  

 

Circular and this Agreement as the Underwriters may reasonably request; (viii) the fees of the rating agency or agencies requested to rate the Certificates; (ix) the reasonable fees and expenses of Cadwalader, Wickersham & Taft LLP, as counsel to the Purchaser; and (x) the reasonable fees and expenses of Mayer Brown LLP, as counsel to the Underwriters and the Initial Purchasers.

 

SECTION 11   Severability of Provisions.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.  Furthermore, the parties shall in good faith endeavor to replace any provision held to be invalid or unenforceable with a valid and enforceable provision which most closely resembles, and which has the same economic effect as, the provision held to be invalid or unenforceable.

 

SECTION 12   Governing Law.  THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF.  THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

SECTION 13   Waiver of Jury Trial.  THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

SECTION 14   Submission to Jurisdiction.  EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

SECTION 15   No Third-Party Beneficiaries.  The parties do not intend the benefits of this Agreement to inure to any third party except as expressly set forth in Section 16.

 

  

-14-

  

 

SECTION 16   Assignment.  The Seller hereby acknowledges that the Purchaser has, concurrently with the execution hereof, executed and delivered the Pooling and Servicing Agreement and that, in connection therewith, it has assigned its rights hereunder to the Trustee for the benefit of the Certificateholders.  The Seller hereby acknowledges its obligations pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement.  This Agreement shall bind and inure to the benefit of and be enforceable by the Seller, the Purchaser and their permitted successors and assigns.  Any Person into which the Seller may be merged or consolidated, or any Person resulting from any merger, conversion or consolidation to which the Seller may become a party, or any Person succeeding to all or substantially all of the business of the Seller, shall be the successor to the Seller hereunder without any further act.  The warranties and representations and the agreements made by the Seller herein shall survive delivery of the Mortgage Loans to the Trustee until the termination of the Pooling and Servicing Agreement, but shall not be further assigned by the Trustee to any Person.

 

SECTION 17   Notices.  All communications hereunder shall be in writing and effective only upon receipt and (i) if sent to the Purchaser, will be mailed, hand delivered, couriered or sent by facsimile transmission to it at 200 West Street, New York, New York 10282, to the attention of Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe Osborne, fax number 212-291-5318, email: joe.osborne@gs.com, (ii) if sent to the Seller, will be mailed, hand delivered, couriered or sent by facsimile transmission or electronic mail and confirmed to it at Jefferies LoanCore LLC, c/o LoanCore Capital, 80 Field Point Road, Greenwich, Connecticut 06830, Attention: Perry Gershon, fax number: (203) 861-6006, with copies to Kaye Scholer LLP, 425 Park Avenue, New York, New York 10022, Attention: Stephen Gliatta, Esq., fax number: (212) 836-8689, and (iii) in the case of any of the preceding parties, such other address as may hereafter be furnished to the other party in writing by such parties.

 

SECTION 18   Amendment.  This Agreement may be amended only by a written instrument which specifically refers to this Agreement and is executed by the Purchaser and the Seller.  This Agreement shall not be deemed to be amended orally or by virtue of any continuing custom or practice.  No amendment to the Pooling and Servicing Agreement which relates to defined terms contained therein or to any obligations or rights of the Seller whatsoever shall be effective against the Seller unless the Seller shall have agreed to such amendment in writing.

 

SECTION 19   Counterparts.  This Agreement may be executed in any number of counterparts, and by the parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

SECTION 20   Exercise of Rights.  No failure or delay on the part of any party to exercise any right, power or privilege under this Agreement and no course of dealing between the Seller and the Purchaser shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  Except as set forth in 

 

  

-15-

  

 

Section 6(h) of this Agreement, the rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which any party would otherwise have pursuant to law or equity.  No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of either party to any other or further action in any circumstances without notice or demand.

 

SECTION 21   No Partnership.  Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto.  Nothing herein contained shall be deemed or construed as creating an agency relationship between the Purchaser and the Seller and neither party shall take any action which could reasonably lead a third party to assume that it has the authority to bind the other party or make commitments on such party’s behalf.

 

SECTION 22   Miscellaneous.  This Agreement supersedes all prior agreements and understandings relating to the subject matter hereof.  Neither this Agreement nor any term hereof may be waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the waiver, discharge or termination is sought.

 

SECTION 23   Further Assurances.  The Seller and Purchaser each agree to execute and deliver such instruments and take such further actions as any party hereto may, from time to time, reasonably request in order to effectuate the purposes and carry out the terms of this Agreement.

 

* * * * * *

 

  

-16-

  

 

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

 

	 	
GS MORTGAGE SECURITIES 

	 
	 	 	CORPORATION II	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

 

 

	 	
JEFFERIES LOANCORE LLC

	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

 

  

  

  

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

  

A-1

  

 

 

	
GSMS 2013-GCJ12 JLC Mortgage Loan Schedule

	  	  	  	  	  	  	  	  	  	
Original

	
Remaining

	
Control

	  	
Loan

	  	  	  	  	  	
Cut-Off Date

	
Mortgage

	
Term To

	
Number

	
Footnotes

	
Number

	
Property Name

	
Address

	
City

	
State

	
Zip Code

	
Balance ($)

	
Loan Rate (%)

	
Maturity (Mos.)

	
2

	  	
1

	
Queens Crossing

	
38-25 Main Street

	
Flushing

	
New York

	
11354

	
75,000,000

	
4.75000%

	
120

	
3

	  	
2

	
Eagle Ridge Village

	
26095 Kestrel Drive

	
Evans Mills

	
New York

	
13637

	
61,869,623

	
5.36000%

	
118

	
5

	  	
3

	
W Minneapolis

	
821 Marquette Avenue

	
Minneapolis

	
Minnesota

	
55402

	
51,000,000

	
5.46200%

	
120

	
10

	  	
4

	
Cabana Club Apartments

	
8680 Baymeadows Road East

	
Jacksonville

	
Florida

	
32256

	
32,150,000

	
4.61400%

	
119

	
14

	
1

	
5

	
Commerce Park

	
  Various

	
Danbury

	
Connecticut

	
06810

	
25,871,928

	
4.90000%

	
116

	
17

	  	
6

	
Merage Tampa Hotel Portfolio

	  	  	  	  	
23,417,139

	
4.45000%

	
58

	
17.01

	  	
6.01

	
Residence Inn - Northpointe

	
2101 Northpointe Parkway

	
Lutz

	
Florida

	
33558

	  	  	  
	
17.02

	  	
6.02

	
Courtyard by Marriott - Oldsmar

	
4014 Tampa Road

	
Oldsmar

	
Florida

	
34677

	  	  	  
	
17.03

	  	
6.03

	
Residence Inn - Oldsmar

	
4012 Tampa Road

	
Oldsmar

	
Florida

	
34677

	  	  	  
	
18

	  	
7

	
Bryan Apartments

	  	  	  	  	
23,000,000

	
4.84500%

	
120

	
18.01

	  	
7.01

	
Willow Oaks Apartments

	
3902 East 29th Street

	
Bryan

	
Texas

	
77802

	  	  	  
	
18.02

	  	
7.02

	
Riverstone Apartments

	
2301 Broadmoor Drive

	
Bryan

	
Texas

	
77802

	  	  	  
	
20

	  	
8

	
Adara Apartment Portfolio

	  	  	  	  	
22,311,678

	
4.86000%

	
119

	
20.01

	  	
8.01

	
Timberlake Apartments

	
8226 East 60th Street Circle

	
Sarasota

	
Florida

	
34243

	  	  	  
	
20.02

	  	
8.02

	
Madison Pointe Apartments

	
503 Southwest Parkway

	
College Station

	
Texas

	
77840

	  	  	  
	
22

	  	
9

	
Fairplain Plaza

	
M-139 and Fairplain Drive

	
Benton Harbor

	
Michigan

	
49022

	
18,750,000

	
4.85000%

	
120

	
23

	  	
10

	
DoubleTree El Paso

	
600 North El Paso Street

	
El Paso

	
Texas

	
79901

	
16,250,000

	
4.67100%

	
120

	
27

	  	
11

	
Coral Springs Trade Center

	
2800-2920 North University Drive

	
Coral Springs

	
Florida

	
33065

	
14,424,396

	
4.98000%

	
117

	
32

	  	
12

	
Imperial Chase

	
25510 Brookhaven Street

	
Spring

	
Texas

	
77386

	
9,462,604

	
4.73000%

	
117

	
34

	  	
13

	
Brickyard Tower

	
1245 East Brickyard Road

	
Salt Lake City

	
Utah

	
84106

	
9,000,000

	
4.78600%

	
120

	
35

	  	
14

	
Pine Hill Apartments

	
500 Manda Lane

	
Wheeling

	
Illinois

	
60090

	
8,965,189

	
6.19200%

	
116

	
39

	  	
15

	
North Heights Plaza

	
8282 Troy Pike

	
Huber Heights

	
Ohio

	
45424

	
7,750,000

	
4.64000%

	
120

	
42

	  	
16

	
Bennett Street Retail

	
2100, 2110 and 2118 Peachtree Road

	
Atlanta

	
Georgia

	
30309

	
7,116,362

	
5.15000%

	
56

	
45

	  	
17

	
Iron Gate Apartments

	
11, 15, 19, 33, 37 Briar Street

	
Glen Ellyn

	
Illinois

	
60137

	
6,750,000

	
5.56900%

	
120

	
48

	  	
18

	
Woods on the Fairway

	
8311 FM 1960 Road East

	
Humble

	
Texas

	
77346

	
6,236,299

	
4.96000%

	
117

	
52

	  	
19

	
Werner MHP Portfolio

	  	  	  	  	
5,500,000

	
4.91300%

	
120

	
52.01

	  	
19.01

	
Flamingo Village

	
130 Diamond Drive

	
Pasco

	
Washington

	
99301

	  	  	  
	
52.02

	  	
19.02

	
Triple T

	
6439 West Myrtle Avenue

	
Glendale

	
Arizona

	
85301

	  	  	  
	
52.03

	  	
19.03

	
Forest Park

	
27901 Norris Road

	
Bozeman

	
Montana

	
59718

	  	  	  
	
54

	
2

	
20

	
Cedar Hill Apartments

	
Various

	
Washington

	
District of Columbia

	
20019 & 20020

	
5,050,000

	
5.19800%

	
120

	
57

	  	
21

	
Village at Waterford

	
13530 Waterford Place

	
Midlothian

	
Virginia

	
23112

	
4,861,397

	
4.48000%

	
114

	
59

	  	
22

	
MainStay Suites - Texas Medical Center

	
3134 Old Spanish Trail

	
Houston

	
Texas

	
77054

	
4,717,079

	
5.52000%

	
117

	
62

	  	
23

	
Station at Vinings

	
2810 Paces Ferry Road Southeast

	
Atlanta

	
Georgia

	
30339

	
4,495,320

	
5.77000%

	
119

	
64

	  	
24

	
Greg Street Commerce Center

	
910-1092 Greg Street & 1105-1285 Marietta Way

	
Sparks

	
Nevada

	
89431

	
4,302,408

	
4.85000%

	
118

 

  

  

  

 

	
GSMS 2013-GCJ12 JLC Mortgage Loan Schedule

	  	  	  
	  	  	  	  	  	
Remaining

	  	  	  	
Crossed With

	
Control

	  	
Loan

	  	  	
Amortization Term

	
Subservicing

	
Servicing

	
Mortgage

	
Other Loans

	
Number

	
Footnotes

	
Number

	
Property Name

	
Maturity Date

	
(Mos.)

	
Fee Rate (%)

	
Fee Rate (%)

	
Loan Seller

	
(Crossed Group)

	
2

	  	
1

	
Queens Crossing

	
5/6/2023

	
360

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
3

	  	
2

	
Eagle Ridge Village

	
3/6/2023

	
358

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
5

	  	
3

	
W Minneapolis

	
5/6/2023

	
360

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
10

	  	
4

	
Cabana Club Apartments

	
4/6/2023

	
360

	
0.04000%

	
0.01000%

	
JLC

	
NAP

	
14

	
1

	
5

	
Commerce Park

	
1/6/2023

	
356

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
17

	  	
6

	
Merage Tampa Hotel Portfolio

	
3/6/2018

	
298

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
17.01

	  	
6.01

	
Residence Inn - Northpointe

	  	  	  	  	  	  
	
17.02

	  	
6.02

	
Courtyard by Marriott - Oldsmar

	  	  	  	  	  	  
	
17.03

	  	
6.03

	
Residence Inn - Oldsmar

	  	  	  	  	  	  
	
18

	  	
7

	
Bryan Apartments

	
5/6/2023

	
360

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
18.01

	  	
7.01

	
Willow Oaks Apartments

	  	  	  	  	  	  
	
18.02

	  	
7.02

	
Riverstone Apartments

	  	  	  	  	  	  
	
20

	  	
8

	
Adara Apartment Portfolio

	
4/6/2023

	
299

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
20.01

	  	
8.01

	
Timberlake Apartments

	  	  	  	  	  	  
	
20.02

	  	
8.02

	
Madison Pointe Apartments

	  	  	  	  	  	  
	
22

	  	
9

	
Fairplain Plaza

	
5/6/2023

	
330

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
23

	  	
10

	
DoubleTree El Paso

	
5/6/2023

	
240

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
27

	  	
11

	
Coral Springs Trade Center

	
2/6/2023

	
297

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
32

	  	
12

	
Imperial Chase

	
2/6/2023

	
357

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
34

	  	
13

	
Brickyard Tower

	
5/6/2023

	
360

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
35

	  	
14

	
Pine Hill Apartments

	
1/6/2023

	
356

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
39

	  	
15

	
North Heights Plaza

	
5/6/2023

	
360

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
42

	  	
16

	
Bennett Street Retail

	
1/6/2018

	
356

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
45

	  	
17

	
Iron Gate Apartments

	
5/6/2023

	
360

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
48

	  	
18

	
Woods on the Fairway

	
2/6/2023

	
357

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
52

	  	
19

	
Werner MHP Portfolio

	
5/6/2023

	
300

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
52.01

	  	
19.01

	
Flamingo Village

	  	  	  	  	  	  
	
52.02

	  	
19.02

	
Triple T

	  	  	  	  	  	  
	
52.03

	  	
19.03

	
Forest Park

	  	  	  	  	  	  
	
54

	
2

	
20

	
Cedar Hill Apartments

	
5/6/2023

	
300

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
57

	  	
21

	
Village at Waterford

	
11/6/2022

	
354

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
59

	  	
22

	
MainStay Suites - Texas Medical Center

	
2/6/2023

	
297

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
62

	  	
23

	
Station at Vinings

	
4/6/2023

	
359

	
0.00000%

	
0.02000%

	
JLC

	
NAP

	
64

	  	
24

	
Greg Street Commerce Center

	
3/6/2023

	
358

	
0.00000%

	
0.02000%

	
JLC

	
NAP

 

	
1

	
Commerce Park includes 15 buildings all located in Danbury, CT: (i) a 60,000 sf building located at 37 Apple Ridge Road, (ii)a 72,710 sf building located at 7 Commerce Drive, (iii) a 83,930 sf building located at 4 Old Newtown Road, (iv) two buildings totaling 46,401 sf located at 6-16 Finance Drive, (v) a 30,000 sf building located at 14 Commerce Drive (vi) a 26,904 sf building located at 20 Commerce Drive, (vii) a 15,800 sf building located at 22 Eagle Road, (viii) a 15,065 sf building located at 10 Eagle Road, (ix) a 3,494 sf building located at 1 Eagle Road, (x) a 10,000 sf building located at 4 Eagle Road, (xi) a 8,100 sf building located at 19 Eagle Road, (xii) a 7,000 sf building located at 3 Commerce Drive,  (xiii) a 5,000 sf building located at 18 Commerce Drive, (xiv) a 3,600 sf building located at 17 Eagle Road; each of which are 100% occupied.

	
2

	
Cedar Hill Apartments includes (i) a 100.0% occupied, three-story, 18-unit apartment building built/renovated in 1942/2012 and located at 1300-1302 Morris Road Southeast, (ii) a 93.8% occupied, four-building, three-story, 48-unit apartment complex built in 1964 and located at 2941, 2944, 2951 and 2954 Nash Place Southeast and (iii) a 100.0% occupied three-story, 29-unit apartment building built in 1965 and located at 2020 19th Place Southeast.

 

 

  

  

  

 

EXHIBIT B

 

MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

  

B-1

  

 

 

MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

	
(1)

	
Whole Loan; Ownership of Mortgage Loans.  Each Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan.  At the time of the sale, transfer and assignment to Depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Seller), participation or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement.  Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to Depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan.

 

	
(2)

	
Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Mortgage Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (i) as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (ii) that certain provisions in such Loan Documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the limitations set forth in clause (i) above) such limitations or unenforceability will not render such Loan Documents invalid as a whole or materially interfere with the Mortgagee’s realization of the principal benefits and/or security provided thereby (clauses (i) and (ii) collectively, the “Standard Qualifications”).

 

Except as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Loan Documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of the Mortgage Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Loan Documents.

 

	
(3)

	
Mortgage Provisions.  The Loan Documents for each Mortgage Loan contain provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security 

 

  

B-2

  

 

	
 

	
intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject to the limitations set forth in the Standard Qualifications.

 

	
(4)

	
Mortgage Status; Waivers and Modifications.  Since origination and except by written instruments set forth in the related Mortgage File (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially interferes with the security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan.

 

	
(5)

	
Lien; Valid Assignment.  Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases to the Trust Fund constitutes a legal, valid and binding assignment to the Trust Fund.  Each related Mortgage and Assignment of Leases is freely assignable without the consent of the related Mortgagor.  Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to paragraph (6) set forth on Exhibit C (each such exception, a “Title Exception”)), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-Off Date, to the Seller’s knowledge, is free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below), and, to the Seller’s knowledge and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below).  Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements is required in order to effect such perfection.

 

	
(6)

	
Permitted Liens; Title Insurance.  Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal amount of such Mortgage

 

  

B-3

  

 

	
 

	
Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; and (f) if the related Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; provided that none of which items (a) through (g), individually or in the aggregate, materially and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the Mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”).  Except as contemplated by clause (f) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage.  Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Seller thereunder and no claims have been paid thereunder. Neither the Seller, nor to the Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy.

 

	
(7)

	
Junior Liens.  It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens, except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmens liens (which are the subject of the representation in paragraph (5) above), and equipment and other personal property financing).  Except as set forth on Exhibit B-30-1, the Seller has no knowledge of any mezzanine debt secured directly by interests in the related Mortgagor.

 

	
(8)

	
Assignment of Leases and Rents.  There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications.  The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for 

 

  

B-4

  

 

	
 

	
the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

 

	
(9)

	
UCC Filings.  If the related Mortgaged Property is operated as a hospitality property, the Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, have been submitted in proper form for filing and/or recording), UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Mortgage Loan documents or any other personal property leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be.  Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above.  No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements are required in order to effect such perfection.

 

	
(10)

	
Condition of Property.  Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within thirteen months of the Cut-Off Date.

 

An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than thirteen months prior to the Cut-Off Date.  To the Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

 

	
(11)

	
Taxes and Assessments.  All taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-Off Date have become delinquent in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon.  For purposes of this representation and warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

 

  

B-5

  

 

	
(12)

	
Condemnation.  As of the date of origination and to the Seller’s knowledge as of the Cut-Off Date, there is no proceeding pending, and, to the Seller’s knowledge as of the date of origination and as of the Cut-Off Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged Property.

 

	
(13)

	
Actions Concerning Mortgage Loan.  As of the date of origination and to the Seller’s knowledge as of the Cut-Off Date, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgagor’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the Mortgage Loan documents or (f) the current principal use of the Mortgaged Property.

 

	
(14)

	
Escrow Deposits.  All escrow deposits and payments required to be escrowed with Mortgagee pursuant to each Mortgage Loan are in the possession, or under the control, of the Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with Mortgagee under the related Loan Documents are being conveyed by the Seller to Depositor or its servicer.

 

	
(15)

	
No Holdbacks.  The principal amount of the Mortgage Loan stated on the Mortgage Loan Schedule has been fully disbursed as of the Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Mortgagor or other considerations determined by Seller to merit such holdback).

 

	
(16)

	
Insurance.  Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s Ratings Service (collectively the “Insurance Rating Requirements”), in an amount (subject to a customary deductible) not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property.

 

  

B-6

  

 

Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Loan Documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).

 

If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as “a Special Flood Hazard Area”, the related Mortgagor  is required to maintain insurance  in the maximum amount available under the National Flood Insurance Program.

 

If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms.

 

The Mortgaged Property is covered, and required to be covered pursuant to the related Loan Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate.

 

An architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the scenario expected limit (“SEL”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-”  by Standard & Poor’s Ratings Service in an amount not less than 100% of the SEL.

 

The Loan Documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage Loan, the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.

 

  

B-7

  

 

All premiums on all insurance policies referred to in this section required to be paid as of the Cut-Off Date have been paid, and such insurance policies name the Mortgagee under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of the Trustee.  Each related Mortgage Loan obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the Mortgagee to maintain such insurance at the Mortgagor’s reasonable cost and expense and to charge such Mortgagor for related premiums.  All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the Mortgagee of termination or cancellation arising because of nonpayment of a premium and at least 30 days prior notice to the Mortgagee of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by Seller.

 

	
(17)

	
Access; Utilities; Separate Tax Lots.  Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access  via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created.

 

	
(18)

	
No Encroachments.  To Seller’s knowledge based solely on surveys obtained in connection with origination and the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.  No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.  No improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements obtained with respect to the Title Policy.

 

  

B-8

  

 

	
(19)

	
No Contingent Interest or Equity Participation.  No Mortgage Loan has a shared appreciation feature, any other contingent interest feature or a negative amortization feature or an equity participation by Seller.

 

	
(20)

	
REMIC.  The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including buildings and structural components thereof, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).  If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto.  Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2).  All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

 

	
(21)

	
Compliance with Usury Laws.  The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury.

 

	
(22)

	
Authorized to do Business.  To the extent required under applicable law, as of the Cut-Off Date or as of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as applicable) the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.

 

	
(23)

	
Trustee under Deed of Trust.  With respect to each Mortgage which is a deed of trust, as of the date of origination and, to the Seller’s knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in 

 

  

B-9

  

 

	
 

	
the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee.

 

	
(24)

	
Local Law Compliance.  To the Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial and multifamily mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located on or forming part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan and as of the Cut-Off Date, other than those which (i) are insured by the Title Policy or a law and ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged Property.  The terms of the Loan Documents require the Mortgagor to comply in all material respects with all applicable governmental regulations, zoning and building laws.

 

	
(25)

	
Licenses and Permits.  Each Mortgagor covenants in the Loan Documents that it shall keep all material licenses, permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to the Seller’s knowledge based upon any of a letter from any government authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial and multifamily mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.  The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.

 

	
(26)

	
Recourse Obligations.  The Loan Documents for each Mortgage Loan provide that such Mortgage Loan (a) becomes full recourse to the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by the Mortgagor; (ii) Mortgagor or guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Loan Documents; and (b) contains provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage Loan, (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively, 

 

  

B-10

  

 

	
 

	
the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Loan Documents; or (v) commission of intentional material physical waste at the Mortgaged Property.

 

	
(27)

	
Mortgage Releases.  The terms of the related Mortgage or related Loan Documents do not provide for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, or partial Defeasance (as defined in paragraph (32)), of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) below, (d) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation or taking by a State or any political subdivision or authority thereof.  With respect to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with the related Loan Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x).  For purposes of the preceding clause (x), for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC Provisions.

 

With respect to any partial release under the preceding clause (e), for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC Provisions and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the Mortgage Loan.

 

No Mortgage Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization 

 

  

B-11

  

 

of the related Mortgaged Properties or a portion thereof, including due to a partial condemnation, other than in compliance with the REMIC Provisions.

 

	
(28)

	
Financial Reporting and Rent Rolls.  The Mortgage Loan documents for each Mortgage Loan require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each Mortgage Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis.

 

	
(29)

	
Acts of Terrorism Exclusion.  With respect to each Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each other Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to Seller’s knowledge, do not, as of the Cut-Off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each Mortgage Loan, the related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount  of terrorism insurance available with funds equal to the Terrorism Cap Amount.  The “Terrorism Cap Amount”  is the specified percentage (which is at least equal to 200%)  of the amount of the insurance premium that is payable at such time  in respect of the property and business interruption/rental loss insurance required under the related Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).

 

	
(30)

	
Due on Sale or Encumbrance.  Subject to specific exceptions set forth below, each Mortgage Loan contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Loan Documents (which provide for transfers without the consent of the Mortgagee which are 

 

  

B-12

  

 

 

	
 

	
customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Loan Documents, (iii) transfers of less than, or other than, a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Loan Documents or a Person satisfying specific criteria identified in the related Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of paragraphs (27) and (32) herein or the exceptions thereto set forth on Exhibit C, or (vii) as set forth on Exhibit B-30-1 by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan, or future permitted mezzanine debt as set forth on Exhibit B-30-2 or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) purchase money security interests (ii) any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, as set forth on Exhibit B-30-3 or (iv) Permitted Encumbrances.  The Mortgage or other Loan Documents provide that to the extent any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.

 

	
(31)

	
Single-Purpose Entity.  Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Mortgage Loan is outstanding.  Both the Loan Documents and the organizational documents of the Mortgagor with respect to each Mortgage Loan with a Cut-Off Date Principal Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose Entity, and each Mortgage Loan with a Cut-Off Date Principal Balance of $20 million or more has a counsel’s opinion regarding non-consolidation of the Mortgagor.  For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational documents (or if the Mortgage Loan has a Cut-Off Date Principal Balance equal to $5 million or less, its organizational documents or the related Loan Documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Loan Documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Loan Documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and

 

  

B-13

  

 

	
 

	
cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.

 

	
(32)

	
Defeasance.  With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”), (i) the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified in the Loan Documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the Mortgagor is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (i) 110% of the allocated loan amount for the real property to be released and (ii) the outstanding principal balance of the Mortgage Loan; (iv) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above, (v) if the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity; (vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (vii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.

 

	
(33)

	
Fixed Interest Rates.  Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in situations where default interest is imposed.

 

	
(34)

	
Ground Leases.   For purposes of this Agreement, a “Ground Lease” shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other benefit.

 

With respect to any Mortgage Loan where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the 

 

  

B-14

  

 

terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Seller, its successors and assigns, Seller represents and warrants that:

 

	
  

	
(a)

	
The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable jurisdiction.  The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage.  No material change in the terms of the Ground Lease had occurred since the origination of the Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;

 

	
  

	
(b)

	
The lessor under such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the Ground Lease may not be amended or  modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the Mortgagee;

 

	
  

	
(c)

	
The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);

 

	
  

	
(d)

	
The Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii)  is subject to a subordination, non-disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject;

 

	
  

	
(e)

	
The Ground Lease does not place commercially unreasonably restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided that proper notice is delivered to the extent required in accordance with the Ground Lease), and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of (but with prior notice to) the lessor;

 

	
  

	
(f)

	
The Seller has not received any written notice of material default under or notice of termination of such Ground Lease.  To the Seller’s knowledge, there is no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to the Seller’s knowledge, such Ground Lease is in full force and effect as of the Closing Date;

 

  

B-15

  

 

	
  

	
(g)

	
The Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the Mortgagee written notice of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee;

 

	
  

	
(h)

	
The Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease;

 

	
  

	
(i)

	
The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender;

 

	
  

	
(j)

	
Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Loan Documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;

 

	
  

	
(k)

	
In the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest; and

 

	
  

	
(l)

	
Provided that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease with Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.

 

	
(35)

	
Servicing.  The servicing and collection practices used by the Seller with respect to the Mortgage Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.

 

	
(36)

	
Origination and Underwriting.  The origination practices of the Seller (or the related originator if the Seller was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its origination, such Mortgage Loan and the origination thereof complied in all material respects with, or was exempt

 

  

B-16

  

 

	
 

	
from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Exhibit B.

 

	
(37)

	
No Material Default; Payment Record.  No Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, and as of the date hereof, no Mortgage Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date.  To the Seller’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Seller in this Exhibit B (including, but not limited to, the prior sentence).  No person other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Loan Documents.

 

	
(38)

	
Bankruptcy.  As of the date of origination of the related Mortgage Loan and to the Seller’s knowledge as of the Cut-Off Date, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.

 

	
(39)

	
Organization of Mortgagor.  With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan, the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico.  Except with respect to any Mortgage Loan that is cross-collateralized and cross defaulted with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor.

 

	
(40)

	
Environmental Conditions.  A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental Condition”) at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for 

 

  

B-17

  

 

	
 

	
further investigation was indicated in any such ESA, then at least one of the following statements is true:  (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects prior to the date hereof, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody’s, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action.  To Seller’s knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property.

 

	
(41)

	
Appraisal.  The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the Mortgage Loan origination date, and within 12 months of the Closing Date.  The appraisal is signed by an appraiser who is a Member of the Appraisal Institute (“MAI”) and, to the Seller’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation.

 

	
(42)

	
Mortgage Loan Schedule.  The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule attached as an exhibit to this Mortgage Loan Purchase Agreement is true and correct in all material respects as of the Cut-Off Date and contains all information required by the Pooling and Servicing Agreement to be contained therein.

 

	
(43)

	
Cross-Collateralization.  No Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on Exhibit B-30-3.

 

  

B-18

  

 

	
(44)

	
Advance of Funds by the Seller.  After origination, no advance of funds has been made by Seller to the related Mortgagor other than in accordance with the Loan Documents, and, to Seller’s knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents).  Neither Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.

 

	
(45)

	
Compliance with Anti-Money Laundering Laws.  Seller has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan.

 

For purposes of these representations and warranties, “Mortgagee” shall mean the mortgagee, grantee or beneficiary under any Mortgage, any holder of legal title to any portion of any Mortgage Loan or, if applicable, any agent or servicer on behalf of such party.

 

For purposes of these representations and warranties, the phrases “the Seller’s knowledge” or “the Seller’s belief” and other words and phrases of like import shall mean, except where otherwise expressly set forth herein, the actual state of knowledge or belief of the Seller, its officers and employees directly responsible for the underwriting, origination, servicing or sale of the Mortgage Loans regarding the matters expressly set forth herein.

 

  

B-19

  

 

 

Exhibit B-30-1

 

List of Mortgage Loans with Current Mezzanine Debt

	
 

Loan #

	
Mortgage Loan

	
2

	
Queens Crossing

	
5

	
W Minneapolis

	
14

	
Commerce Park

 

  

B-30-1-1

  

 

Exhibit B-30-2

 

List of Mortgage Loans with Permitted Mezzanine Debt

 

None.

 

  

B-30-2-1

  

 

Exhibit B-30-3

 

List of Cross-Collateralized and Cross-Defaulted Mortgage Loans

 

None.

 

  

B-30-3-1

  

 

EXHIBIT C

 

EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

	 	

 

Representation

	 	

 

Mortgage Loan

	 	

 

Description of Exception

	 	 	 	 	 	 
	 (7)	
Junior Liens

	 	
W Minneapolis (No. 5)

	 	
On August 23, 2005, RWB Development Company, LLC, an entity wholly owned by Burnet, who is one of the guarantors under the W Minneapolis Loan, entered into a building loan with Wells Fargo Bank, N.A. (“Wells”), in an original principal amount of $21,000,000 (the “Chambers Loan”) in connection with the construction of the Le Meridien Chambers, a 60 room boutique hotel located in Minneapolis, Minnesota.  The current balance of the Chambers Loan is $16,197,102.80, and the current maturity date is June 30, 2014, with a one-year extension option.  In December, 2012, Wells required that Burnet pledge to Wells all of his interests (50% of the governance interests, and 25.2% of the equity interests) in the borrower under a $6,500,000 (as of the Cut-Off Date) mezzanine loan secured by the mezzanine borrower’s interest in the related Mortgagor, described above to Wells as a condition to granting an extension of the Chambers Loan maturity date to June 30, 2014.  The operating agreement of Foshay Hotel, LLC requires that the holders of 100% of the governance interests in Foshay Hotel, LLC agree to major decisions, and that day-to-day management of the company shall be performed by a board of governors, whose members are jointly appointed by the holders of 100% of the governance interests.  Ryan Companies US, Inc. is the holder of the other 50% of the governance interests in Foshay Hotel, LLC and one of the recourse carveout guarantors.

	 	 	 	 	 	 
	 (7)	
Junior Liens

	 	
Fairplain Plaza (No. 22)

	 	
In December 2006, the guarantors under the Fairplain Plaza loan executed repayment guaranties in connection with a $48,000,000 construction loan (the “Bloomfield Loan”) made by Wells Fargo Bank, N.A. (“Wells”) to Coventry II DDR Harbor Bloomfield Phase 1 LLC and Coventry II DDR Harbor Bloomfield Phase 2 LLC, secured by a mixed-use lifestyle center development project located in Bloomfield Hills, Michigan. The borrowers under the Bloomfield Loan defaulted on the Bloomfield Loan at its maturity date and Wells filed suit to enforce the repayment guaranties.  In 2010, Wells and the guarantors entered into a settlement agreement, pursuant to which Wells agreed to forbear exercising its remedies until November 18, 2012 in exchange for the guarantors’ pledge of their 80% equity interest in the Fairplain Plaza property and another property. Following the $7,500,000 principal paydown of the Bloomfield Loan with cash from a bridge loan funded by Jefferies LoanCore LLC in December 2012, the next payment due under the settlement agreement is in November 2013.  Wells has entered into an intercreditor agreement with Jefferies LoanCore LLC pursuant to which it has subordinated its pledge to the Fairplain Plaza loan.  Pursuant to this intercreditor agreement, Wells agrees that it will cause any transferee to agree to be bound by the terms of the intercreditor agreement.  Prior to a foreclosure (or conveyance in lieu thereof) of the Wells position, any party (other than Wells), is required to put up a replacement guaranty on the same terms as the guaranties delivered under the Fairplain Plaza loan and retain the existing property manager or appoint a new “qualified manager”.

 

  

C-1

  

 

	 	

 

Representation

	 	

 

Mortgage Loan

	 	

 

Description of Exception

	 	 	 	 	 	 
	 (13)	
 Actions Concerning Mortgage Loan

	 	
Fairplain Plaza (No. 22)

	 	
Pursuant to Coventry Real Estate Advisors, LLC, et al. (“Coventry”) v. Developers Diversified Realty Corp., et al. (“DDR”), filed on November 4, 2009 in the Supreme Court of the State of New York, County of New York (Index No. 115559/2009), Coventry commenced a lawsuit against DDR alleging principally breaches of contract, violation of fiduciary duties and fraud.  Concurrent with the filing of the lawsuit, Coventry terminated DDR as leasing agent, property manager and development manager. On or about November 18, 2009, DDR moved in state court in Cleveland, Ohio to stop Coventry from effecting those terminations. The Cleveland court granted DDR a temporary injunction and, in August 2011, granted summary judgment on the issue of DDR’s termination in DDR’s favor.  DDR also counterclaimed against Coventry in New York alleging, among other things, breaches of contract and violations of fiduciary obligations, and moved to have the claims against DDR dismissed.  The New York court dismissed one of Coventry’s claims against DDR, violation of fiduciary duties.  Coventry moved to have all of DDR’s counterclaims dismissed.  In May 2012, the New York court granted Coventry’s motion to dismiss DDR’s first and second counterclaims asserting breach of fiduciary duty and aiding and abetting breach of fiduciary duty, denied Coventry’s motion to dismiss DDR’s third counterclaim for breach of contract and denied Coventry’s motion to dismiss DDR’s counterclaims for tortious interference with business relations and business libel, but granted Coventry leave to renew its motion as to those fourth and fifth counterclaims.  DDR filed a motion for summary judgment on October 10, 2011. Coventry filed its opposition to the motion on December 20, 2011. On April 18, 2013, the court issued a decision and order, granting in part DDR’s motion for summary judgment, dismissing Coventry’s claims other than its cause of action for DDR’s alleged breach of their Management and Leasing Agreements.  Discovery was scheduled to be completed by April 30, 2013.  Coventry does not anticipate the funds will suffer any material adverse effect if it does not prevail in this action.

	 	 	 	 	 	 
	 (16)	
 Insurance

	 	
Eagle Ridge Village (No. 3)

	 	
The Mortgage Loan documents requires that policies have a claims paying ability rating of “A” by S&P unless otherwise approved by Seller.  Seller has approved the current policies of insurance, which are issued by companies with claims paying ability rating of “BBB pi” by S&P.

	 	 	 	 	 	 
	 (24)	
 Local Law Compliance

	 	
Werner MHP Portfolio (No. 52)

	 	
Portions of the Forest Park property are located in a flood zone. The units built in the flood zone are legally permitted as they were built prior to the implementation of the current flood zone map, but under FEMA regulation, these units may not be permitted to be restored following a casualty (big or small); thus causing a potentially significant loss of collateral and value. Jefferies LoanCore LLC has been advised that Flood or Law and Ordinance Insurance is not available to insure against this risk. The related Mortgagors (together with neighboring property owners) are in the process of seeking a re-mapping of the area which would restore the flood zone designation back to its prior designation (and which would permit the units to be restored).  The loan was structured with the following mitigants: if 25% or more of the units are destroyed, (1) the related Mortgagors shall deposit an amount equal to the allocated loan amount for the Forest Park Property (currently $800,000), which amount will be held as cash collateral for the loan and (2) a cash flow sweep will be triggered (for all 3 related Mortgaged Properties).  The related Mortgagors covenant to make the $800,000 payment above is also recourse to guarantors.

	 	 	 	 	 	 
	 (39)	
 Organization of Mortgagor

	 	
Adara Apartment Portfolio (No. 20)

Imperial Chase (No. 32)

Woods on the Fairway (No. 48)

	 	
The related Mortgagors are affiliated with each other and with the borrower under the Arrowhead and Entrada Apartments mortgage loan.

	 	 	 	 	 	 
	 (39)	
 Organization of Mortgagor

	 	
Pine Hill Apartments (No. 35)

Iron Gate Apartments (No. 45)

	 	
The related Mortgagors are affiliated with each other.

  

C-2

  

 

EXHIBIT D

 

FORM OF OFFICER’S CERTIFICATE

 

JEFFERIES LOANCORE LLC (“Seller”) hereby certifies as follows:

 

	
  

	
1.

	
All of the representations and warranties (except as set forth on Exhibit C) of the Seller under the Mortgage Loan Purchase Agreement, dated as of May 1, 2013 (the “Agreement”), between GS Mortgage Securities Corporation II and Seller, are true and correct in all material respects on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to the Agreement) with the same force and effect as if made on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to the Agreement).

 

	
  

	
2.

	
The Seller has complied in all material respects with all the covenants and satisfied all the conditions on its part to be performed or satisfied under the Agreement on or prior to the date hereof, and no event has occurred which would constitute a default on the part of the Seller under the Agreement.

 

	
  

	
3.

	
Neither the Prospectus, dated May 8, 2013 (the “Base Prospectus”), as supplemented by the Prospectus Supplement, dated May 17, 2013 (the “Prospectus Supplement” and, together with the Base Prospectus, the “Prospectus”), relating to the offering of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates, nor the Offering Circular, dated May 17, 2013 (the “Offering Circular”), relating to the offering of the Class X-C, Class D, Class E, Class F, Class G and Class R Certificates, in the case of the Prospectus, as of the date of the Prospectus Supplement or as of the date hereof, or the Offering Circular, as of the date thereof or as of the date hereof, included or includes any untrue statement of a material fact relating to the Mortgage Loans, the related Mortgaged Properties and/or the Seller or omitted or omits to state therein a material fact relating to the Mortgage Loans, the related Mortgaged Properties and/or the Seller required to be stated therein or necessary in order to make the statements therein relating to the Mortgage Loans, the related Mortgaged Properties and/or the Seller, in the light of the circumstances under which they were made, not misleading.

 

Capitalized terms used herein without definition have the meanings given them in the Agreement or, if not defined therein, in the Indemnification Agreement.

 

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

 

  

D-1

  

Certified this 30th day of May, 2013.

 

	 	JEFFERIES LOANCORE LLC	 
	 	 	 	 	 
	
 

	 	
By: 

	 	 
	 	 	 	     Name:	 
	 	 	 	     Title:	 

 

  

D-2Exhibit 4.1

                 

            

             

            AMERCO,
Issuer 

             

            to 

             

            U.S. BANK NATIONAL ASSOCIATION,
Trustee 

             

            _____________________

             

            TWENTY-SECOND SUPPLEMENTAL
INDENTURE 

             

            Dated as of
May 28, 2013

             

            TO 

             

            U-HAUL INVESTORS CLUB INDENTURE 

             

            Dated as of
February 14, 2011

             

            _____________________

             

            FIXED RATE SECURED NOTES SERIES UIC-10C, 11C, 12C AND 13C

             

            

        
            

             

            

        

        

        

        
        
            

        

            THIS TWENTY-SECOND SUPPLEMENTAL INDENTURE, dated as of May 28, 2013 (the “Supplemental Indenture”), is entered into between AMERCO, a corporation duly organized and existing under the laws of the State of Nevada (hereinafter called the “Company”), having its principal executive office located at 1325 Airmotive Way, Suite 100, Reno, Nevada 89502, and U.S. Bank National Association, a national banking association (hereinafter called the “Trustee”).  

            RECITALS

            The Company and the Trustee entered into the U-Haul Investors Club Indenture, dated as of February 14, 2011 (the “Base Indenture”, and together with the Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of its debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series.  

            The Company has duly authorized, and desires to cause to be established, a series of its notes to be known as its “Fixed Rate Secured Notes Series UIC-10C, 11C, 12C and 13C” (the “Notes”), the form and substance of and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture.

             

            The Board of Directors of the Company has duly authorized the issuance of the Notes and the other amendments to the Indenture provided for in this Supplemental Indenture, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance.

            This Supplemental Indenture is being entered into pursuant to the provisions of Sections 301 and 901 of the Base Indenture.  All terms used in this Supplemental Indenture that are not otherwise defined herein will have the meanings assigned to such terms in the Base Indenture.

            The Company has requested that the Trustee execute and deliver this Supplemental Indenture, and do all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms.

            NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows:

            ARTICLE One

GENERAL TERMS AND CONDITIONS OF THE NOTES

            Section 1.01        Designation.

            The Notes, designated as the “Fixed Rate Secured Notes Series UIC-10C, 11C, 12C and 13C”, are hereby authorized and established as a series of Securities under the Indenture.

            

        
            

             

            

        

        

        
        
            

        

            Section 1.02        Form and Denomination of Notes.

            The Notes will be issued as Book-entry Securities.  Therefore, the Notes will not be certificated, and will be registered in the name of the Holders in book-entry form only with the Securities Registrar.  For the avoidance of doubt, the Notes will be issued without coupons, and all references to “Global Securities”, “Bearer Securities” and “Coupons” do not apply to the Notes and will be disregarded.

            The Notes will be issued in denominations of $100 and integral multiples of $100 in excess thereof.  

            The Notes will be issued over a period of time and from time to time, in up to four separate sub-series, each with potential sub-series thereunder, with each such four sub-series bearing a unique interest rate and term as provided herein.  Prospective investors shall have the opportunity to select the sub-series of the Notes for which such prospective investor is subscribing.   As sub-series of the Notes are issued, the Company shall so notify the Trustee.  Such notification shall set forth the following, with respect to each such sub-series so issued:  the issue date; the dollar-amount funded; the sub-series number; identification of the Collateral; the maturity date; and the aggregate principal amount of the Notes previously issued.   

            Section 1.03        Principal, Maturity and Interest; Payment Amortization Schedule.

            With respect to each series of the Notes, the term and interest rate are as follows:

             

            - All sub-series of notes with a 2-year term shall bear interest at 3.00% per annum

            - All sub-series of notes with a 3-year term shall bear interest at 3.75% per annum

            - All sub-series of notes with a 4-year term shall bear interest at 4.27% per annum

            - All sub-series of notes with a 5-year term shall bear interest at 4.80% per annum

            - All sub-series of notes with a 6-year term shall bear interest at 5.32% per annum

            - All sub-series of notes with a 7-year term shall bear interest at 5.85% per annum

            - All sub-series of notes with a 8-year term shall bear interest at 6.37% per annum

            - All sub-series of notes with a 9-year term shall bear interest at 6.51% per annum

            - All sub-series of notes with a 10-year term shall bear interest at 6.65% per annum

            The Notes shall have such other terms as are stated herein, in the form of definitive Notes or in the Indenture.  

             

            As notes are offered, prospective investors shall have the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing.   Each of the four series of notes (including all sub-series of notes issued under their respective series) shall bear a term and corresponding interest rate to be determined by Company management prior to the closing of the first subseries of Notes under such Note series, in accordance with the terms immediately above.  At that time, the initial Collateral which shall secure such series of Notes shall be selected and assigned to the series.    

             

            The notes are fully amortizing.  Principal and interest on the notes will be credited to each holder’s U-Haul Investors ClubTM account in arrears every three months, beginning three months from the issue date, until the maturity date; provided, however, principal and interest payments with respect to notes issued under Series UIC-10C will be credited to such holder’s U-Haul

        
            

             

            

        

        

        
        
            

        

             Investors ClubTM account in arrears three months from the issue date of the first subseries of notes issued to any investor under Series UIC-10C, and shall be based on the actual number of days the holder is invested in such notes during such quarter.  Interest on the Notes is calculated based upon the outstanding balance of principal of the Notes at the time interest is due.  The following schedules illustrate investments of $100 in each of the series of Notes.

             

            The following schedules illustrate investments of $100 in each of the sub-series of the notes which may be issued under series UIC-10C, 12C and 13C.

             

            Notes accruing at 3.00%, 2 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $12.18

                    	
                        $0.75

                    	
                        $12.93

                    
	
                        2

                    	
                        $87.82

                    	
                        $12.26

                    	
                        $0.66

                    	
                        $12.92

                    
	
                        3

                    	
                        $75.56

                    	
                        $12.36

                    	
                        $0.57

                    	
                        $12.93

                    
	
                        4

                    	
                        $63.20

                    	
                        $12.46

                    	
                        $0.47

                    	
                        $12.93

                    
	
                        5

                    	
                        $50.74

                    	
                        $12.54

                    	
                        $0.38

                    	
                        $12.92

                    
	
                        6

                    	
                        $38.20

                    	
                        $12.63

                    	
                        $0.29

                    	
                        $12.92

                    
	
                        7

                    	
                        $25.57

                    	
                        $12.74

                    	
                        $0.19

                    	
                        $12.93

                    
	
                        8

                    	
                        $12.83

                    	
                        $12.83

                    	
                        $0.10

                    	
                        $12.93

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $3.41

                    	
                        $103.41

                    

             

            Notes accruing at 3.75%, 3 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $7.91

                    	
                        $0.94

                    	
                        $8.85

                    
	
                        2

                    	
                        $92.09

                    	
                        $7.99

                    	
                        $0.86

                    	
                        $8.85

                    
	
                        3

                    	
                        $84.10

                    	
                        $8.06

                    	
                        $0.79

                    	
                        $8.85

                    
	
                        4

                    	
                        $76.04

                    	
                        $8.14

                    	
                        $0.71

                    	
                        $8.85

                    
	
                        5

                    	
                        $67.90

                    	
                        $8.21

                    	
                        $0.64

                    	
                        $8.85

                    
	
                        6

                    	
                        $59.69

                    	
                        $8.29

                    	
                        $0.56

                    	
                        $8.85

                    
	
                        7

                    	
                        $51.40

                    	
                        $8.37

                    	
                        $0.48

                    	
                        $8.85

                    
	
                        8

                    	
                        $43.03

                    	
                        $8.45

                    	
                        $0.40

                    	
                        $8.85

                    
	
                        9

                    	
                        $34.58

                    	
                        $8.53

                    	
                        $0.32

                    	
                        $8.85

                    
	
                        10

                    	
                        $26.05

                    	
                        $8.61

                    	
                        $0.24

                    	
                        $8.85

                    
	
                        11

                    	
                        $17.44

                    	
                        $8.68

                    	
                        $0.16

                    	
                        $8.84

                    
	
                        12

                    	
                        $8.76

                    	
                        $8.76

                    	
                        $0.08

                    	
                        $8.84

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $6.18

                    	
                        $106.18

                    

             

            Notes accruing at 4.27%, 4 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $5.76

                    	
                        $1.07

                    	
                        $6.83

                    
	
                        2

                    	
                        $94.24

                    	
                        $5.82

                    	
                        $1.01

                    	
                        $6.83

                    
	
                        3

                    	
                        $88.42

                    	
                        $5.89

                    	
                        $0.94

                    	
                        $6.83

                    
	
                        4

                    	
                        $82.53

                    	
                        $5.95

                    	
                        $0.88

                    	
                        $6.83

                    
	
                        5

                    	
                        $76.58

                    	
                        $6.01

                    	
                        $0.82

                    	
                        $6.83

                    
	
                        6

                    	
                        $70.57

                    	
                        $6.08

                    	
                        $0.75

                    	
                        $6.83

                    
	
                        7

                    	
                        $64.49

                    	
                        $6.14

                    	
                        $0.69

                    	
                        $6.83

                    
	
                        8

                    	
                        $58.35

                    	
                        $6.21

                    	
                        $0.62

                    	
                        $6.83

                    
	
                        9

                    	
                        $52.14

                    	
                        $6.27

                    	
                        $0.56

                    	
                        $6.83

                    
	
                        10

                    	
                        $45.87

                    	
                        $6.35

                    	
                        $0.49

                    	
                        $6.84

                    
	
                        11

                    	
                        $39.52

                    	
                        $6.41

                    	
                        $0.42

                    	
                        $6.83

                    
	
                        12

                    	
                        $33.11

                    	
                        $6.49

                    	
                        $0.35

                    	
                        $6.84

                    
	
                        13

                    	
                        $26.62

                    	
                        $6.55

                    	
                        $0.28

                    	
                        $6.83

                    
	
                        14

                    	
                        $20.07

                    	
                        $6.62

                    	
                        $0.21

                    	
                        $6.83

                    
	
                        15

                    	
                        $13.45

                    	
                        $6.69

                    	
                        $0.14

                    	
                        $6.83

                    
	
                        16

                    	
                        $6.76

                    	
                        $6.76

                    	
                        $0.07

                    	
                        $6.83

                    

        
            

             

            

        

        

        
        
            

        

            	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $9.30

                    	
                        $109.30

                    

             

            Notes accruing at 4.80%, 5 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $4.45

                    	
                        $1.20

                    	
                        $5.65

                    
	
                        2

                    	
                        $95.55

                    	
                        $4.50

                    	
                        $1.15

                    	
                        $5.65

                    
	
                        3

                    	
                        $91.05

                    	
                        $4.56

                    	
                        $1.09

                    	
                        $5.65

                    
	
                        4

                    	
                        $86.49

                    	
                        $4.61

                    	
                        $1.04

                    	
                        $5.65

                    
	
                        5

                    	
                        $81.88

                    	
                        $4.68

                    	
                        $0.98

                    	
                        $5.66

                    
	
                        6

                    	
                        $77.20

                    	
                        $4.72

                    	
                        $0.93

                    	
                        $5.65

                    
	
                        7

                    	
                        $72.48

                    	
                        $4.79

                    	
                        $0.87

                    	
                        $5.66

                    
	
                        8

                    	
                        $67.69

                    	
                        $4.84

                    	
                        $0.81

                    	
                        $5.65

                    
	
                        9

                    	
                        $62.85

                    	
                        $4.90

                    	
                        $0.75

                    	
                        $5.65

                    
	
                        10

                    	
                        $57.95

                    	
                        $4.96

                    	
                        $0.70

                    	
                        $5.66

                    
	
                        11

                    	
                        $52.99

                    	
                        $5.01

                    	
                        $0.64

                    	
                        $5.65

                    
	
                        12

                    	
                        $47.98

                    	
                        $5.08

                    	
                        $0.58

                    	
                        $5.66

                    
	
                        13

                    	
                        $42.90

                    	
                        $5.15

                    	
                        $0.51

                    	
                        $5.66

                    
	
                        14

                    	
                        $37.75

                    	
                        $5.20

                    	
                        $0.45

                    	
                        $5.65

                    
	
                        15

                    	
                        $32.55

                    	
                        $5.27

                    	
                        $0.39

                    	
                        $5.66

                    
	
                        16

                    	
                        $27.28

                    	
                        $5.32

                    	
                        $0.33

                    	
                        $5.65

                    
	
                        17

                    	
                        $21.96

                    	
                        $5.40

                    	
                        $0.26

                    	
                        $5.66

                    
	
                        18

                    	
                        $16.56

                    	
                        $5.45

                    	
                        $0.20

                    	
                        $5.65

                    
	
                        19

                    	
                        $11.11

                    	
                        $5.53

                    	
                        $0.13

                    	
                        $5.66

                    
	
                        20

                    	
                        $5.58

                    	
                        $5.58

                    	
                        $0.07

                    	
                        $5.65

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $13.08

                    	
                        $113.08

                    

             

            Notes accruing at 5.32%, 6 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $3.56

                    	
                        $1.33

                    	
                        $4.89

                    
	
                        2

                    	
                        $96.44

                    	
                        $3.61

                    	
                        $1.28

                    	
                        $4.89

                    
	
                        3

                    	
                        $92.83

                    	
                        $3.66

                    	
                        $1.23

                    	
                        $4.89

                    
	
                        4

                    	
                        $89.17

                    	
                        $3.70

                    	
                        $1.19

                    	
                        $4.89

                    
	
                        5

                    	
                        $85.47

                    	
                        $3.76

                    	
                        $1.14

                    	
                        $4.90

                    
	
                        6

                    	
                        $81.71

                    	
                        $3.81

                    	
                        $1.09

                    	
                        $4.90

                    
	
                        7

                    	
                        $77.90

                    	
                        $3.86

                    	
                        $1.04

                    	
                        $4.90

                    
	
                        8

                    	
                        $74.04

                    	
                        $3.91

                    	
                        $0.98

                    	
                        $4.89

                    
	
                        9

                    	
                        $70.13

                    	
                        $3.96

                    	
                        $0.93

                    	
                        $4.89

                    
	
                        10

                    	
                        $66.17

                    	
                        $4.02

                    	
                        $0.88

                    	
                        $4.90

                    
	
                        11

                    	
                        $62.15

                    	
                        $4.06

                    	
                        $0.83

                    	
                        $4.89

                    
	
                        12

                    	
                        $58.09

                    	
                        $4.13

                    	
                        $0.77

                    	
                        $4.90

                    
	
                        13

                    	
                        $53.96

                    	
                        $4.17

                    	
                        $0.72

                    	
                        $4.89

                    
	
                        14

                    	
                        $49.79

                    	
                        $4.24

                    	
                        $0.66

                    	
                        $4.90

                    
	
                        15

                    	
                        $45.55

                    	
                        $4.28

                    	
                        $0.61

                    	
                        $4.89

                    
	
                        16

                    	
                        $41.27

                    	
                        $4.35

                    	
                        $0.55

                    	
                        $4.90

                    
	
                        17

                    	
                        $36.92

                    	
                        $4.41

                    	
                        $0.49

                    	
                        $4.90

                    
	
                        18

                    	
                        $32.51

                    	
                        $4.46

                    	
                        $0.43

                    	
                        $4.89

                    
	
                        19

                    	
                        $28.05

                    	
                        $4.53

                    	
                        $0.37

                    	
                        $4.90

                    
	
                        20

                    	
                        $23.52

                    	
                        $4.58

                    	
                        $0.31

                    	
                        $4.89

                    
	
                        21

                    	
                        $18.94

                    	
                        $4.64

                    	
                        $0.25

                    	
                        $4.89

                    
	
                        22

                    	
                        $14.30

                    	
                        $4.70

                    	
                        $0.19

                    	
                        $4.89

                    
	
                        23

                    	
                        $9.60

                    	
                        $4.77

                    	
                        $0.13

                    	
                        $4.90

                    
	
                        24

                    	
                        $4.83

                    	
                        $4.83

                    	
                        $0.06

                    	
                        $4.89

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $17.46

                    	
                        $117.46

                    

             

             

             

            Notes accruing at 5.85%, 7 year maturity:

        
            

             

            

        

        

        
        
            

        

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $2.92

                    	
                        $1.46

                    	
                        $4.38

                    
	
                        2

                    	
                        $97.08

                    	
                        $2.96

                    	
                        $1.42

                    	
                        $4.38

                    
	
                        3

                    	
                        $94.12

                    	
                        $3.00

                    	
                        $1.38

                    	
                        $4.38

                    
	
                        4

                    	
                        $91.12

                    	
                        $3.05

                    	
                        $1.33

                    	
                        $4.38

                    
	
                        5

                    	
                        $88.07

                    	
                        $3.09

                    	
                        $1.29

                    	
                        $4.38

                    
	
                        6

                    	
                        $84.98

                    	
                        $3.14

                    	
                        $1.24

                    	
                        $4.38

                    
	
                        7

                    	
                        $81.84

                    	
                        $3.18

                    	
                        $1.20

                    	
                        $4.38

                    
	
                        8

                    	
                        $78.66

                    	
                        $3.23

                    	
                        $1.15

                    	
                        $4.38

                    
	
                        9

                    	
                        $75.43

                    	
                        $3.28

                    	
                        $1.10

                    	
                        $4.38

                    
	
                        10

                    	
                        $72.15

                    	
                        $3.32

                    	
                        $1.06

                    	
                        $4.38

                    
	
                        11

                    	
                        $68.83

                    	
                        $3.37

                    	
                        $1.01

                    	
                        $4.38

                    
	
                        12

                    	
                        $65.46

                    	
                        $3.42

                    	
                        $0.96

                    	
                        $4.38

                    
	
                        13

                    	
                        $62.04

                    	
                        $3.47

                    	
                        $0.91

                    	
                        $4.38

                    
	
                        14

                    	
                        $58.57

                    	
                        $3.52

                    	
                        $0.86

                    	
                        $4.38

                    
	
                        15

                    	
                        $55.05

                    	
                        $3.57

                    	
                        $0.81

                    	
                        $4.38

                    
	
                        16

                    	
                        $51.48

                    	
                        $3.63

                    	
                        $0.75

                    	
                        $4.38

                    
	
                        17

                    	
                        $47.85

                    	
                        $3.68

                    	
                        $0.70

                    	
                        $4.38

                    
	
                        18

                    	
                        $44.17

                    	
                        $3.73

                    	
                        $0.65

                    	
                        $4.38

                    
	
                        19

                    	
                        $40.44

                    	
                        $3.79

                    	
                        $0.59

                    	
                        $4.38

                    
	
                        20

                    	
                        $36.65

                    	
                        $3.84

                    	
                        $0.54

                    	
                        $4.38

                    
	
                        21

                    	
                        $32.81

                    	
                        $3.90

                    	
                        $0.48

                    	
                        $4.38

                    
	
                        22

                    	
                        $28.91

                    	
                        $3.96

                    	
                        $0.42

                    	
                        $4.38

                    
	
                        23

                    	
                        $24.95

                    	
                        $4.01

                    	
                        $0.36

                    	
                        $4.37

                    
	
                        24

                    	
                        $20.94

                    	
                        $4.06

                    	
                        $0.31

                    	
                        $4.37

                    
	
                        25

                    	
                        $16.88

                    	
                        $4.13

                    	
                        $0.25

                    	
                        $4.38

                    
	
                        26

                    	
                        $12.75

                    	
                        $4.18

                    	
                        $0.19

                    	
                        $4.37

                    
	
                        27

                    	
                        $8.57

                    	
                        $4.25

                    	
                        $0.13

                    	
                        $4.38

                    
	
                        28

                    	
                        $4.32

                    	
                        $4.32

                    	
                        $0.06

                    	
                        $4.38

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $22.61

                    	
                        $122.61

                    

             

            Notes accruing at 6.37%, 8 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $2.42

                    	
                        $1.59

                    	
                        $4.01

                    
	
                        2

                    	
                        $97.58

                    	
                        $2.46

                    	
                        $1.55

                    	
                        $4.01

                    
	
                        3

                    	
                        $95.12

                    	
                        $2.50

                    	
                        $1.51

                    	
                        $4.01

                    
	
                        4

                    	
                        $92.62

                    	
                        $2.54

                    	
                        $1.47

                    	
                        $4.01

                    
	
                        5

                    	
                        $90.08

                    	
                        $2.58

                    	
                        $1.43

                    	
                        $4.01

                    
	
                        6

                    	
                        $87.50

                    	
                        $2.62

                    	
                        $1.39

                    	
                        $4.01

                    
	
                        7

                    	
                        $84.88

                    	
                        $2.66

                    	
                        $1.35

                    	
                        $4.01

                    
	
                        8

                    	
                        $82.22

                    	
                        $2.70

                    	
                        $1.31

                    	
                        $4.01

                    
	
                        9

                    	
                        $79.52

                    	
                        $2.74

                    	
                        $1.27

                    	
                        $4.01

                    
	
                        10

                    	
                        $76.78

                    	
                        $2.79

                    	
                        $1.22

                    	
                        $4.01

                    
	
                        11

                    	
                        $73.99

                    	
                        $2.83

                    	
                        $1.18

                    	
                        $4.01

                    
	
                        12

                    	
                        $71.16

                    	
                        $2.88

                    	
                        $1.13

                    	
                        $4.01

                    
	
                        13

                    	
                        $68.28

                    	
                        $2.92

                    	
                        $1.09

                    	
                        $4.01

                    
	
                        14

                    	
                        $65.36

                    	
                        $2.97

                    	
                        $1.04

                    	
                        $4.01

                    
	
                        15

                    	
                        $62.39

                    	
                        $3.02

                    	
                        $0.99

                    	
                        $4.01

                    
	
                        16

                    	
                        $59.37

                    	
                        $3.06

                    	
                        $0.95

                    	
                        $4.01

                    
	
                        17

                    	
                        $56.31

                    	
                        $3.11

                    	
                        $0.90

                    	
                        $4.01

                    
	
                        18

                    	
                        $53.20

                    	
                        $3.17

                    	
                        $0.85

                    	
                        $4.02

                    
	
                        19

                    	
                        $50.03

                    	
                        $3.21

                    	
                        $0.80

                    	
                        $4.01

                    
	
                        20

                    	
                        $46.82

                    	
                        $3.27

                    	
                        $0.75

                    	
                        $4.02

                    
	
                        21

                    	
                        $43.55

                    	
                        $3.33

                    	
                        $0.69

                    	
                        $4.02

                    
	
                        22

                    	
                        $40.22

                    	
                        $3.37

                    	
                        $0.64

                    	
                        $4.01

                    
	
                        23

                    	
                        $36.85

                    	
                        $3.43

                    	
                        $0.59

                    	
                        $4.02

                    
	
                        24

                    	
                        $33.42

                    	
                        $3.49

                    	
                        $0.53

                    	
                        $4.02

                    

        
            

             

            

        

        

        
        
            

        

            	
                        25

                    	
                        $29.93

                    	
                        $3.53

                    	
                        $0.48

                    	
                        $4.01

                    
	
                        26

                    	
                        $26.40

                    	
                        $3.60

                    	
                        $0.42

                    	
                        $4.02

                    
	
                        27

                    	
                        $22.80

                    	
                        $3.65

                    	
                        $0.36

                    	
                        $4.01

                    
	
                        28

                    	
                        $19.15

                    	
                        $3.71

                    	
                        $0.30

                    	
                        $4.01

                    
	
                        29

                    	
                        $15.44

                    	
                        $3.76

                    	
                        $0.25

                    	
                        $4.01

                    
	
                        30

                    	
                        $11.68

                    	
                        $3.83

                    	
                        $0.19

                    	
                        $4.02

                    
	
                        31

                    	
                        $7.85

                    	
                        $3.89

                    	
                        $0.13

                    	
                        $4.02

                    
	
                        32

                    	
                        $3.96

                    	
                        $3.96

                    	
                        $0.06

                    	
                        $4.02

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $28.41

                    	
                        $128.41

                    

             

            Notes accruing at 6.51%, 9 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $2.06

                    	
                        $1.63

                    	
                        $3.69

                    
	
                        2

                    	
                        $97.94

                    	
                        $2.10

                    	
                        $1.59

                    	
                        $3.69

                    
	
                        3

                    	
                        $95.84

                    	
                        $2.13

                    	
                        $1.56

                    	
                        $3.69

                    
	
                        4

                    	
                        $93.71

                    	
                        $2.16

                    	
                        $1.53

                    	
                        $3.69

                    
	
                        5

                    	
                        $91.55

                    	
                        $2.20

                    	
                        $1.49

                    	
                        $3.69

                    
	
                        6

                    	
                        $89.35

                    	
                        $2.24

                    	
                        $1.45

                    	
                        $3.69

                    
	
                        7

                    	
                        $87.11

                    	
                        $2.27

                    	
                        $1.42

                    	
                        $3.69

                    
	
                        8

                    	
                        $84.84

                    	
                        $2.31

                    	
                        $1.38

                    	
                        $3.69

                    
	
                        9

                    	
                        $82.53

                    	
                        $2.35

                    	
                        $1.34

                    	
                        $3.69

                    
	
                        10

                    	
                        $80.18

                    	
                        $2.39

                    	
                        $1.30

                    	
                        $3.69

                    
	
                        11

                    	
                        $77.79

                    	
                        $2.42

                    	
                        $1.27

                    	
                        $3.69

                    
	
                        12

                    	
                        $75.37

                    	
                        $2.46

                    	
                        $1.23

                    	
                        $3.69

                    
	
                        13

                    	
                        $72.91

                    	
                        $2.50

                    	
                        $1.19

                    	
                        $3.69

                    
	
                        14

                    	
                        $70.41

                    	
                        $2.54

                    	
                        $1.15

                    	
                        $3.69

                    
	
                        15

                    	
                        $67.87

                    	
                        $2.59

                    	
                        $1.10

                    	
                        $3.69

                    
	
                        16

                    	
                        $65.28

                    	
                        $2.63

                    	
                        $1.06

                    	
                        $3.69

                    
	
                        17

                    	
                        $62.65

                    	
                        $2.68

                    	
                        $1.02

                    	
                        $3.70

                    
	
                        18

                    	
                        $59.97

                    	
                        $2.71

                    	
                        $0.98

                    	
                        $3.69

                    
	
                        19

                    	
                        $57.26

                    	
                        $2.77

                    	
                        $0.93

                    	
                        $3.70

                    
	
                        20

                    	
                        $54.49

                    	
                        $2.80

                    	
                        $0.89

                    	
                        $3.69

                    
	
                        21

                    	
                        $51.69

                    	
                        $2.86

                    	
                        $0.84

                    	
                        $3.70

                    
	
                        22

                    	
                        $48.83

                    	
                        $2.91

                    	
                        $0.79

                    	
                        $3.70

                    
	
                        23

                    	
                        $45.92

                    	
                        $2.94

                    	
                        $0.75

                    	
                        $3.69

                    
	
                        24

                    	
                        $42.98

                    	
                        $2.99

                    	
                        $0.70

                    	
                        $3.69

                    
	
                        25

                    	
                        $39.99

                    	
                        $3.05

                    	
                        $0.65

                    	
                        $3.70

                    
	
                        26

                    	
                        $36.94

                    	
                        $3.09

                    	
                        $0.60

                    	
                        $3.69

                    
	
                        27

                    	
                        $33.85

                    	
                        $3.15

                    	
                        $0.55

                    	
                        $3.70

                    
	
                        28

                    	
                        $30.70

                    	
                        $3.19

                    	
                        $0.50

                    	
                        $3.69

                    
	
                        29

                    	
                        $27.51

                    	
                        $3.25

                    	
                        $0.45

                    	
                        $3.70

                    
	
                        30

                    	
                        $24.26

                    	
                        $3.30

                    	
                        $0.39

                    	
                        $3.69

                    
	
                        31

                    	
                        $20.96

                    	
                        $3.35

                    	
                        $0.34

                    	
                        $3.69

                    
	
                        32

                    	
                        $17.61

                    	
                        $3.41

                    	
                        $0.29

                    	
                        $3.70

                    
	
                        33

                    	
                        $14.20

                    	
                        $3.47

                    	
                        $0.23

                    	
                        $3.70

                    
	
                        34

                    	
                        $10.73

                    	
                        $3.52

                    	
                        $0.17

                    	
                        $3.69

                    
	
                        35

                    	
                        $7.21

                    	
                        $3.57

                    	
                        $0.12

                    	
                        $3.69

                    
	
                        36

                    	
                        $3.64

                    	
                        $3.64

                    	
                        $0.06

                    	
                        $3.70

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $32.94

                    	
                        $132.94

                    

             

            Notes accruing at 6.65%, 10 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $1.78

                    	
                        $1.66

                    	
                        $3.44

                    
	
                        2

                    	
                        $98.22

                    	
                        $1.81

                    	
                        $1.63

                    	
                        $3.44

                    
	
                        3

                    	
                        $96.41

                    	
                        $1.84

                    	
                        $1.60

                    	
                        $3.44

                    
	
                        4

                    	
                        $94.57

                    	
                        $1.87

                    	
                        $1.57

                    	
                        $3.44

                    
	
                        5

                    	
                        $92.70

                    	
                        $1.90

                    	
                        $1.54

                    	
                        $3.44

                    

        
            

             

            

        

        

        
        
            

        

            	
                        6

                    	
                        $90.80

                    	
                        $1.93

                    	
                        $1.51

                    	
                        $3.44

                    
	
                        7

                    	
                        $88.87

                    	
                        $1.96

                    	
                        $1.48

                    	
                        $3.44

                    
	
                        8

                    	
                        $86.91

                    	
                        $2.00

                    	
                        $1.44

                    	
                        $3.44

                    
	
                        9

                    	
                        $84.91

                    	
                        $2.03

                    	
                        $1.41

                    	
                        $3.44

                    
	
                        10

                    	
                        $82.88

                    	
                        $2.06

                    	
                        $1.38

                    	
                        $3.44

                    
	
                        11

                    	
                        $80.82

                    	
                        $2.10

                    	
                        $1.34

                    	
                        $3.44

                    
	
                        12

                    	
                        $78.72

                    	
                        $2.13

                    	
                        $1.31

                    	
                        $3.44

                    
	
                        13

                    	
                        $76.59

                    	
                        $2.17

                    	
                        $1.27

                    	
                        $3.44

                    
	
                        14

                    	
                        $74.42

                    	
                        $2.20

                    	
                        $1.24

                    	
                        $3.44

                    
	
                        15

                    	
                        $72.22

                    	
                        $2.24

                    	
                        $1.20

                    	
                        $3.44

                    
	
                        16

                    	
                        $69.98

                    	
                        $2.28

                    	
                        $1.16

                    	
                        $3.44

                    
	
                        17

                    	
                        $67.70

                    	
                        $2.31

                    	
                        $1.13

                    	
                        $3.44

                    
	
                        18

                    	
                        $65.39

                    	
                        $2.35

                    	
                        $1.09

                    	
                        $3.44

                    
	
                        19

                    	
                        $63.04

                    	
                        $2.39

                    	
                        $1.05

                    	
                        $3.44

                    
	
                        20

                    	
                        $60.65

                    	
                        $2.44

                    	
                        $1.01

                    	
                        $3.45

                    
	
                        21

                    	
                        $58.21

                    	
                        $2.48

                    	
                        $0.97

                    	
                        $3.45

                    
	
                        22

                    	
                        $55.73

                    	
                        $2.51

                    	
                        $0.93

                    	
                        $3.44

                    
	
                        23

                    	
                        $53.22

                    	
                        $2.57

                    	
                        $0.88

                    	
                        $3.45

                    
	
                        24

                    	
                        $50.65

                    	
                        $2.60

                    	
                        $0.84

                    	
                        $3.44

                    
	
                        25

                    	
                        $48.05

                    	
                        $2.64

                    	
                        $0.80

                    	
                        $3.44

                    
	
                        26

                    	
                        $45.41

                    	
                        $2.70

                    	
                        $0.75

                    	
                        $3.45

                    
	
                        27

                    	
                        $42.71

                    	
                        $2.73

                    	
                        $0.71

                    	
                        $3.44

                    
	
                        28

                    	
                        $39.98

                    	
                        $2.79

                    	
                        $0.66

                    	
                        $3.45

                    
	
                        29

                    	
                        $37.19

                    	
                        $2.82

                    	
                        $0.62

                    	
                        $3.44

                    
	
                        30

                    	
                        $34.37

                    	
                        $2.87

                    	
                        $0.57

                    	
                        $3.44

                    
	
                        31

                    	
                        $31.50

                    	
                        $2.93

                    	
                        $0.52

                    	
                        $3.45

                    
	
                        32

                    	
                        $28.57

                    	
                        $2.97

                    	
                        $0.47

                    	
                        $3.44

                    
	
                        33

                    	
                        $25.60

                    	
                        $3.01

                    	
                        $0.43

                    	
                        $3.44

                    
	
                        34

                    	
                        $22.59

                    	
                        $3.07

                    	
                        $0.38

                    	
                        $3.45

                    
	
                        35

                    	
                        $19.52

                    	
                        $3.13

                    	
                        $0.32

                    	
                        $3.45

                    
	
                        36

                    	
                        $16.39

                    	
                        $3.17

                    	
                        $0.27

                    	
                        $3.44

                    
	
                        37

                    	
                        $13.22

                    	
                        $3.22

                    	
                        $0.22

                    	
                        $3.44

                    
	
                        38

                    	
                        $10.00

                    	
                        $3.27

                    	
                        $0.17

                    	
                        $3.44

                    
	
                        39

                    	
                        $6.73

                    	
                        $3.34

                    	
                        $0.11

                    	
                        $3.45

                    
	
                        40

                    	
                        $3.39

                    	
                        $3.39

                    	
                        $0.06

                    	
                        $3.45

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $37.70

                    	
                        $137.70

                    

             

            The following schedules illustrate investments of $100 in each of the sub-series of the notes which may be issued under series UIC-11C, pursuant to which amortization shall be calculated under a fixed principal, declining interest method.  

             

            Notes accruing at 3.75%, 3 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $8.33

                    	
                        $0.94

                    	
                        $9.27

                    
	
                        2

                    	
                        $91.67

                    	
                        $8.33

                    	
                        $0.86

                    	
                        $9.19

                    
	
                        3

                    	
                        $83.34

                    	
                        $8.33

                    	
                        $0.78

                    	
                        $9.11

                    
	
                        4

                    	
                        $75.01

                    	
                        $8.33

                    	
                        $0.70

                    	
                        $9.03

                    
	
                        5

                    	
                        $66.68

                    	
                        $8.33

                    	
                        $0.63

                    	
                        $8.96

                    
	
                        6

                    	
                        $58.35

                    	
                        $8.33

                    	
                        $0.55

                    	
                        $8.88

                    
	
                        7

                    	
                        $50.02

                    	
                        $8.33

                    	
                        $0.47

                    	
                        $8.80

                    
	
                        8

                    	
                        $41.69

                    	
                        $8.33

                    	
                        $0.39

                    	
                        $8.72

                    
	
                        9

                    	
                        $33.36

                    	
                        $8.33

                    	
                        $0.31

                    	
                        $8.64

                    
	
                        10

                    	
                        $25.03

                    	
                        $8.33

                    	
                        $0.23

                    	
                        $8.56

                    
	
                        11

                    	
                        $16.70

                    	
                        $8.33

                    	
                        $0.16

                    	
                        $8.49

                    
	
                        12

                    	
                        $8.37

                    	
                        $8.37

                    	
                        $0.08

                    	
                        $8.45

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $6.10

                    	
                        $106.10

                    

             

        
            

             

            

        

        

        
        
            

        

            Notes accruing at 4.27%, 4 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $6.25

                    	
                        $1.07

                    	
                        $7.32

                    
	
                        2

                    	
                        $93.75

                    	
                        $6.25

                    	
                        $1.00

                    	
                        $7.25

                    
	
                        3

                    	
                        $87.50

                    	
                        $6.25

                    	
                        $0.93

                    	
                        $7.18

                    
	
                        4

                    	
                        $81.25

                    	
                        $6.25

                    	
                        $0.87

                    	
                        $7.12

                    
	
                        5

                    	
                        $75.00

                    	
                        $6.25

                    	
                        $0.80

                    	
                        $7.05

                    
	
                        6

                    	
                        $68.75

                    	
                        $6.25

                    	
                        $0.73

                    	
                        $6.98

                    
	
                        7

                    	
                        $62.50

                    	
                        $6.25

                    	
                        $0.67

                    	
                        $6.92

                    
	
                        8

                    	
                        $56.25

                    	
                        $6.25

                    	
                        $0.60

                    	
                        $6.85

                    
	
                        9

                    	
                        $50.00

                    	
                        $6.25

                    	
                        $0.53

                    	
                        $6.78

                    
	
                        10

                    	
                        $43.75

                    	
                        $6.25

                    	
                        $0.47

                    	
                        $6.72

                    
	
                        11

                    	
                        $37.50

                    	
                        $6.25

                    	
                        $0.40

                    	
                        $6.65

                    
	
                        12

                    	
                        $31.25

                    	
                        $6.25

                    	
                        $0.33

                    	
                        $6.58

                    
	
                        13

                    	
                        $25.00

                    	
                        $6.25

                    	
                        $0.27

                    	
                        $6.52

                    
	
                        14

                    	
                        $18.75

                    	
                        $6.25

                    	
                        $0.20

                    	
                        $6.45

                    
	
                        15

                    	
                        $12.50

                    	
                        $6.25

                    	
                        $0.13

                    	
                        $6.38

                    
	
                        16

                    	
                        $6.25

                    	
                        $6.25

                    	
                        $0.07

                    	
                        $6.32

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $9.07

                    	
                        $109.07

                    

             

            Notes accruing at 4.80%, 5 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $5.00

                    	
                        $1.20

                    	
                        $6.20

                    
	
                        2

                    	
                        $95.00

                    	
                        $5.00

                    	
                        $1.14

                    	
                        $6.14

                    
	
                        3

                    	
                        $90.00

                    	
                        $5.00

                    	
                        $1.08

                    	
                        $6.08

                    
	
                        4

                    	
                        $85.00

                    	
                        $5.00

                    	
                        $1.02

                    	
                        $6.02

                    
	
                        5

                    	
                        $80.00

                    	
                        $5.00

                    	
                        $0.96

                    	
                        $5.96

                    
	
                        6

                    	
                        $75.00

                    	
                        $5.00

                    	
                        $0.90

                    	
                        $5.90

                    
	
                        7

                    	
                        $70.00

                    	
                        $5.00

                    	
                        $0.84

                    	
                        $5.84

                    
	
                        8

                    	
                        $65.00

                    	
                        $5.00

                    	
                        $0.78

                    	
                        $5.78

                    
	
                        9

                    	
                        $60.00

                    	
                        $5.00

                    	
                        $0.72

                    	
                        $5.72

                    
	
                        10

                    	
                        $55.00

                    	
                        $5.00

                    	
                        $0.66

                    	
                        $5.66

                    
	
                        11

                    	
                        $50.00

                    	
                        $5.00

                    	
                        $0.60

                    	
                        $5.60

                    
	
                        12

                    	
                        $45.00

                    	
                        $5.00

                    	
                        $0.54

                    	
                        $5.54

                    
	
                        13

                    	
                        $40.00

                    	
                        $5.00

                    	
                        $0.48

                    	
                        $5.48

                    
	
                        14

                    	
                        $35.00

                    	
                        $5.00

                    	
                        $0.42

                    	
                        $5.42

                    
	
                        15

                    	
                        $30.00

                    	
                        $5.00

                    	
                        $0.36

                    	
                        $5.36

                    
	
                        16

                    	
                        $25.00

                    	
                        $5.00

                    	
                        $0.30

                    	
                        $5.30

                    
	
                        17

                    	
                        $20.00

                    	
                        $5.00

                    	
                        $0.24

                    	
                        $5.24

                    
	
                        18

                    	
                        $15.00

                    	
                        $5.00

                    	
                        $0.18

                    	
                        $5.18

                    
	
                        19

                    	
                        $10.00

                    	
                        $5.00

                    	
                        $0.12

                    	
                        $5.12

                    
	
                        20

                    	
                        $5.00

                    	
                        $5.00

                    	
                        $0.06

                    	
                        $5.06

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $12.60

                    	
                        $112.60

                    

             

            Notes accruing at 5.32%, 6 year maturity:

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $4.17

                    	
                        $1.33

                    	
                        $5.50

                    
	
                        2

                    	
                        $95.83

                    	
                        $4.17

                    	
                        $1.27

                    	
                        $5.44

                    
	
                        3

                    	
                        $91.66

                    	
                        $4.17

                    	
                        $1.22

                    	
                        $5.39

                    
	
                        4

                    	
                        $87.49

                    	
                        $4.17

                    	
                        $1.16

                    	
                        $5.33

                    
	
                        5

                    	
                        $83.32

                    	
                        $4.17

                    	
                        $1.11

                    	
                        $5.28

                    
	
                        6

                    	
                        $79.15

                    	
                        $4.17

                    	
                        $1.05

                    	
                        $5.22

                    
	
                        7

                    	
                        $74.98

                    	
                        $4.17

                    	
                        $1.00

                    	
                        $5.17

                    
	
                        8

                    	
                        $70.81

                    	
                        $4.17

                    	
                        $0.94

                    	
                        $5.11

                    
	
                        9

                    	
                        $66.64

                    	
                        $4.17

                    	
                        $0.89

                    	
                        $5.06

                    
	
                        10

                    	
                        $62.47

                    	
                        $4.17

                    	
                        $0.83

                    	
                        $5.00

                    
	
                        11

                    	
                        $58.30

                    	
                        $4.17

                    	
                        $0.78

                    	
                        $4.95

                    

        
            

             

            

        

        

        
        
            

        

            	
                        12

                    	
                        $54.13

                    	
                        $4.17

                    	
                        $0.72

                    	
                        $4.89

                    
	
                        13

                    	
                        $49.96

                    	
                        $4.17

                    	
                        $0.66

                    	
                        $4.83

                    
	
                        14

                    	
                        $45.79

                    	
                        $4.17

                    	
                        $0.61

                    	
                        $4.78

                    
	
                        15

                    	
                        $41.62

                    	
                        $4.17

                    	
                        $0.55

                    	
                        $4.72

                    
	
                        16

                    	
                        $37.45

                    	
                        $4.17

                    	
                        $0.50

                    	
                        $4.67

                    
	
                        17

                    	
                        $33.28

                    	
                        $4.17

                    	
                        $0.44

                    	
                        $4.61

                    
	
                        18

                    	
                        $29.11

                    	
                        $4.17

                    	
                        $0.39

                    	
                        $4.56

                    
	
                        19

                    	
                        $24.94

                    	
                        $4.17

                    	
                        $0.33

                    	
                        $4.50

                    
	
                        20

                    	
                        $20.77

                    	
                        $4.17

                    	
                        $0.28

                    	
                        $4.45

                    
	
                        21

                    	
                        $16.60

                    	
                        $4.17

                    	
                        $0.22

                    	
                        $4.39

                    
	
                        22

                    	
                        $12.43

                    	
                        $4.17

                    	
                        $0.17

                    	
                        $4.34

                    
	
                        23

                    	
                        $8.26

                    	
                        $4.17

                    	
                        $0.11

                    	
                        $4.28

                    
	
                        24

                    	
                        $4.09

                    	
                        $4.09

                    	
                        $0.05

                    	
                        $4.14

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $16.61

                    	
                        $116.61

                    

             

            Notes accruing at 5.85%, 7 year maturity

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $3.57

                    	
                        $1.46

                    	
                        $5.03

                    
	
                        2

                    	
                        $96.43

                    	
                        $3.57

                    	
                        $1.41

                    	
                        $4.98

                    
	
                        3

                    	
                        $92.86

                    	
                        $3.57

                    	
                        $1.36

                    	
                        $4.93

                    
	
                        4

                    	
                        $89.29

                    	
                        $3.57

                    	
                        $1.31

                    	
                        $4.88

                    
	
                        5

                    	
                        $85.72

                    	
                        $3.57

                    	
                        $1.25

                    	
                        $4.82

                    
	
                        6

                    	
                        $82.15

                    	
                        $3.57

                    	
                        $1.20

                    	
                        $4.77

                    
	
                        7

                    	
                        $78.58

                    	
                        $3.57

                    	
                        $1.15

                    	
                        $4.72

                    
	
                        8

                    	
                        $75.01

                    	
                        $3.57

                    	
                        $1.10

                    	
                        $4.67

                    
	
                        9

                    	
                        $71.44

                    	
                        $3.57

                    	
                        $1.04

                    	
                        $4.61

                    
	
                        10

                    	
                        $67.87

                    	
                        $3.57

                    	
                        $0.99

                    	
                        $4.56

                    
	
                        11

                    	
                        $64.30

                    	
                        $3.57

                    	
                        $0.94

                    	
                        $4.51

                    
	
                        12

                    	
                        $60.73

                    	
                        $3.57

                    	
                        $0.89

                    	
                        $4.46

                    
	
                        13

                    	
                        $57.16

                    	
                        $3.57

                    	
                        $0.84

                    	
                        $4.41

                    
	
                        14

                    	
                        $53.59

                    	
                        $3.57

                    	
                        $0.78

                    	
                        $4.35

                    
	
                        15

                    	
                        $50.02

                    	
                        $3.57

                    	
                        $0.73

                    	
                        $4.30

                    
	
                        16

                    	
                        $46.45

                    	
                        $3.57

                    	
                        $0.68

                    	
                        $4.25

                    
	
                        17

                    	
                        $42.88

                    	
                        $3.57

                    	
                        $0.63

                    	
                        $4.20

                    
	
                        18

                    	
                        $39.31

                    	
                        $3.57

                    	
                        $0.57

                    	
                        $4.14

                    
	
                        19

                    	
                        $35.74

                    	
                        $3.57

                    	
                        $0.52

                    	
                        $4.09

                    
	
                        20

                    	
                        $32.17

                    	
                        $3.57

                    	
                        $0.47

                    	
                        $4.04

                    
	
                        21

                    	
                        $28.60

                    	
                        $3.57

                    	
                        $0.42

                    	
                        $3.99

                    
	
                        22

                    	
                        $25.03

                    	
                        $3.57

                    	
                        $0.37

                    	
                        $3.94

                    
	
                        23

                    	
                        $21.46

                    	
                        $3.57

                    	
                        $0.31

                    	
                        $3.88

                    
	
                        24

                    	
                        $17.89

                    	
                        $3.57

                    	
                        $0.26

                    	
                        $3.83

                    
	
                        25

                    	
                        $14.32

                    	
                        $3.57

                    	
                        $0.21

                    	
                        $3.78

                    
	
                        26

                    	
                        $10.75

                    	
                        $3.57

                    	
                        $0.16

                    	
                        $3.73

                    
	
                        27

                    	
                        $7.18

                    	
                        $3.57

                    	
                        $0.11

                    	
                        $3.68

                    
	
                        28

                    	
                        $3.61

                    	
                        $3.61

                    	
                        $0.05

                    	
                        $3.66

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $21.21

                    	
                        $121.21

                    

             

        
            

             

            

        

        

        
        
            

        

            Notes accruing at 6.37%, 8 year maturity

            	
                        Payment Number

                    	
                        U-Note Balance

                    	
                        Principal

                    	
                        Interest

                    	
                        Payout

                    
	
                        1

                    	
                        $100.00

                    	
                        $3.13

                    	
                        $1.59

                    	
                        $4.72

                    
	
                        2

                    	
                        $96.87

                    	
                        $3.13

                    	
                        $1.54

                    	
                        $4.67

                    
	
                        3

                    	
                        $93.74

                    	
                        $3.13

                    	
                        $1.49

                    	
                        $4.62

                    
	
                        4

                    	
                        $90.61

                    	
                        $3.13

                    	
                        $1.44

                    	
                        $4.57

                    
	
                        5

                    	
                        $87.48

                    	
                        $3.13

                    	
                        $1.39

                    	
                        $4.52

                    
	
                        6

                    	
                        $84.35

                    	
                        $3.13

                    	
                        $1.34

                    	
                        $4.47

                    
	
                        7

                    	
                        $81.22

                    	
                        $3.13

                    	
                        $1.29

                    	
                        $4.42

                    
	
                        8

                    	
                        $78.09

                    	
                        $3.13

                    	
                        $1.24

                    	
                        $4.37

                    
	
                        9

                    	
                        $74.96

                    	
                        $3.13

                    	
                        $1.19

                    	
                        $4.32

                    
	
                        10

                    	
                        $71.83

                    	
                        $3.13

                    	
                        $1.14

                    	
                        $4.27

                    
	
                        11

                    	
                        $68.70

                    	
                        $3.13

                    	
                        $1.09

                    	
                        $4.22

                    
	
                        12

                    	
                        $65.57

                    	
                        $3.13

                    	
                        $1.04

                    	
                        $4.17

                    
	
                        13

                    	
                        $62.44

                    	
                        $3.13

                    	
                        $0.99

                    	
                        $4.12

                    
	
                        14

                    	
                        $59.31

                    	
                        $3.13

                    	
                        $0.94

                    	
                        $4.07

                    
	
                        15

                    	
                        $56.18

                    	
                        $3.13

                    	
                        $0.89

                    	
                        $4.02

                    
	
                        16

                    	
                        $53.05

                    	
                        $3.13

                    	
                        $0.84

                    	
                        $3.97

                    
	
                        17

                    	
                        $49.92

                    	
                        $3.13

                    	
                        $0.79

                    	
                        $3.92

                    
	
                        18

                    	
                        $46.79

                    	
                        $3.13

                    	
                        $0.75

                    	
                        $3.88

                    
	
                        19

                    	
                        $43.66

                    	
                        $3.13

                    	
                        $0.70

                    	
                        $3.83

                    
	
                        20

                    	
                        $40.53

                    	
                        $3.13

                    	
                        $0.65

                    	
                        $3.78

                    
	
                        21

                    	
                        $37.40

                    	
                        $3.13

                    	
                        $0.60

                    	
                        $3.73

                    
	
                        22

                    	
                        $34.27

                    	
                        $3.13

                    	
                        $0.55

                    	
                        $3.68

                    
	
                        23

                    	
                        $31.14

                    	
                        $3.13

                    	
                        $0.50

                    	
                        $3.63

                    
	
                        24

                    	
                        $28.01

                    	
                        $3.13

                    	
                        $0.45

                    	
                        $3.58

                    
	
                        25

                    	
                        $24.88

                    	
                        $3.13

                    	
                        $0.40

                    	
                        $3.53

                    
	
                        26

                    	
                        $21.75

                    	
                        $3.13

                    	
                        $0.35

                    	
                        $3.48

                    
	
                        27

                    	
                        $18.62

                    	
                        $3.13

                    	
                        $0.30

                    	
                        $3.43

                    
	
                        28

                    	
                        $15.49

                    	
                        $3.13

                    	
                        $0.25

                    	
                        $3.38

                    
	
                        29

                    	
                        $12.36

                    	
                        $3.13

                    	
                        $0.20

                    	
                        $3.33

                    
	
                        30

                    	
                        $9.23

                    	
                        $3.13

                    	
                        $0.15

                    	
                        $3.28

                    
	
                        31

                    	
                        $6.10

                    	
                        $3.13

                    	
                        $0.10

                    	
                        $3.23

                    
	
                        32

                    	
                        $2.97

                    	
                        $2.97

                    	
                        $0.05

                    	
                        $3.02

                    
	
                        Total

                    	
                         

                    	
                        $100.00

                    	
                        $26.23

                    	
                        $126.23

                    

             

            The Regular Record Date for installments of principal and interest payments on the Notes is the first day of the month preceding the related Credit Date; provided, however, that if a Credit Date falls on a day that is not a Business Day, the required installment payment of principal and interest will be made on the next Business Day as if made on the applicable Credit Date, and no interest will accrue on that payment for the period from and after the applicable Credit Date to the next Business Day.

            Section 1.04        Limit on Amount of Series.

            The Notes will be limited to $10,290,000  in aggregate principal amount.  In addition,  Notes issued under Series UIC-10C shall be limited in aggregate principal amount to $450,000. Notes issued under Series UIC-11C shall be limited in aggregate principal amount to $6,000,000. Notes issued under Series UIC-12C shall be limited in aggregate principal amount to $2,504,000; and notes issued under Series UIC-13C shall be limited in aggregate principal amount to $1,336,000.  

             

        
            

             

            

        

        

        
        
            

        

            Section 1.05        Ranking.

            The Notes are the obligations of the Company only.  The Notes are not guaranteed by any of the Company’s Subsidiaries or Affiliates, and will be structurally subordinated to all of the existing and future liabilities of the Company’s Subsidiaries.  The Notes are secured in the Collateral (as defined in Section 1.06 below) and will rank equally among themselves.

            Section 1.06        Security Agreement; Events of Default.

            The Company, the Trustee, U-Haul Leasing & Sales Co., U-Haul Co. of Florida and U-Haul Co. of Idaho, Inc., each such entities being indirect subsidiaries of the Company, will enter into a Pledge and Security Agreement, substantially in the form attached hereto as Exhibit A (the “Pledge and Security Agreement”), concurrently with the execution of this Supplemental Indenture.  The Trustee is hereby directed to execute the Pledge and Security Agreement and to perform its duties as specified therein.  

             

            Pursuant to the Pledge and Security Agreement and related financing statements, each of the series of Notes shall be secured by the following Collateral, as the initial Collateral for such series, subject to collateral substitutions as provided herein:

             

            The Notes issued under Series UIC-10C are secured by a first-priority lien on a pool of U-Haul furniture dollies manufactured in fiscal year 2013  (the “Furniture Dollies”); the Notes issued under Series UIC-11C are secured by a first priority lien on a pool of U-Haul tow dollies manufactured in fiscal year 2014 (the “Tow Dollies”); the Notes issued under Series UIC-12C are secured by a first priority lien on a pool of U-Haul AV model trailers manufactured between 1990 and 2004 (the “AV 1990-2004 Units”); and the Notes issued under Series UIC-13C are secured by a first priority lien on a pool of U-Haul RV model trailers manufactured between 1993 and 2001 (the “RV 1993-2001 Units”).

             

            Once $100 has been invested with us in notes in any series herein, we will grant to the Trustee for the benefit of the holders a  lien (as appropriate in the respective jurisdiction in which such property is located), on the Collateral selected by Company management as to be securing such series.   The series of notes hereunder are not cross-defaulted or cross-collateralized to one another.  Accordingly, a default by AMERCO under one series of notes shall not trigger a default under any other series of notes hereunder or under any other obligation of AMERCO or its affiliates.  Additionally, the collateral pledged to secure one series of notes hereunder shall not secure any other series of notes hereunder.  The equity of one property will not serve as security for any series of notes other than the series of notes under which such property has been pledged.  

            As new sub-series of the Notes are issued, or as additional Notes are issued under a given sub-series of the Notes, new schedules to the Pledge and Security Agreement will be added thereto and provided to the Trustee, to identify the specific Collateral being pledged under such sub-series of the Notes.  Pursuant to the Pledge and Security Agreement, the Collateral is being pledged by Pledgor to the Trustee, for the benefit of the Holders of the Notes.  Subject to certain conditions set forth therein, the Company has the right, in its sole discretion, to make Collateral substitutions.  The Pledge and Security Agreement describes, without limitation, the Company’s

        
            

             

            

        

        

        
        
            

        

             right to make Collateral substitutions and the release of the Trustee’s security interest in the Collateral.  

            With respect to the Notes, “Event of Default”, in addition to the meaning given in Section 501 of the Base Indenture, shall include (i) the Company’s or Pledgor’s default in the performance, or breach of any covenant or representation and warranty in the Pledge and Security Agreement, and continuance of such default or breach (without such default or breach having been waived in accordance of the provisions of this Indenture) for a period of 90 days after there has been given, by registered or certified mail, to the Company and the Pledgor by the Trustee if it has notice or actual knowledge of such event of default or to the Company, the Pledgor and the Trustee by the Holders of at least 51% in principal amount of the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture, (ii) the repudiation or disaffirmation by the Company or the Pledgor of its material obligations under the Pledge and Security Agreement, and (iii) the determination in a judicial proceeding that the Pledge and Security Agreement is unenforceable or invalid against the Pledgor for any reason with respect to a material portion of the Collateral.

            Section 1.07        Maturity Date.

            The Notes will mature the specified number of years as indicated in Section 1.03 herein following such Note’s respective issue date.  The schedules to the Pledge and Security Agreement shall set forth the different respective maturity dates of the Notes.  

            Section 1.08        Further Issues.

            Without the consent of Holders of not less than 51% of the principal amount of the outstanding Notes, the Company will not issue additional Notes secured by the Collateral.  However, the Company has the right, from time to time, without the consent of the Holders of the Notes, but in compliance with the terms of the Indenture, issue other Securities.

            Section 1.09        Optional Redemption; Sinking Fund.

            The Notes, including any sub-series thereof and any portion of any sub-series thereof, may be redeemed by the Company in its sole discretion at any time, in whole or in part, without any penalty, premium or fee, at a price equal to 100% of the principal amount then outstanding, plus accrued and unpaid interest, if any, through the date of redemption.  A partial redemption may be on a pro rata basis or on such other basis as is determined by the company in its sole discretion.  The Company will not be obligated to redeem fractions of Notes.   In the event of a redemption, the Company will cause notices of redemption to be emailed to the email address associated with each respective Holder’s U-Haul Investors Club account in accordance with the terms and conditions set forth in the Base Indenture.

            The Notes are not subject to any sinking fund, and the Company is not obligated to repay any principal and interest due on the Notes before such payments become due.  For the avoidance of doubt, Articles XII and XIII contained in the Indenture will not be applicable to the Notes.

        
            

             

            

        

        

        
        
            

        

            Section 1.10        Payment.

            Principal and interest payments on the Notes, including without limitation the payment due on each date of Stated Maturity with respect to the Notes, will be credited to each Holder’s U-Haul Investors Club account, in U.S. dollars.  For the avoidance of doubt, Article XIV of the Indenture will not be applicable to the Notes. 

            Principal and interest payments on the Notes will be deposited by or on behalf of the Company into one or more segregated accounts maintained by Servicer (as defined in Section 1.16 below) (collectively, the “Investment Account”) with a third party financial institution.  Servicer, on behalf of the Company, will maintain sub-accounts under the Investment Account for each Holder, which are referred to as “U-Haul Investors Club accounts”.  The U-Haul Investors Club accounts are record-keeping sub-accounts under the Investment Account that are purely administrative and reflect balances and transactions concerning the funds of each Holder with respect to the Notes.  Funds in the Investment Account will always be maintained at an FDIC member financial institution.  

             

            Cash funds may remain in a Holder’s U-Haul Investors Club account indefinitely and will not earn interest.  Upon request by a Holder, made through the U-Haul Investors Club website and such Holder’s U-Haul Investors Club account, but subject to specified hold periods as disclosed in the Terms of Use, the Company will transfer, or will cause Servicer to transfer, funds in such Holder’s U-Haul Investors Club account to such Holder’s linked U.S. outside bank account, by a transfer through the ACH System, provided such funds are not already committed to the purchase of other Securities, or to offset any fees payable by such Holder, pursuant to the U-Haul Investors Club.    

            Section 1.11        Restrictions on Transfer.

            The Notes are not transferable except between members of the U-Haul Investors Club through privately negotiated transactions, as to which neither the Company, the Servicer, the Trustee, nor any of their respective affiliates will have any involvement.  The Notes are not being listed on any securities exchange, and there is no anticipated public market for the Notes.  

            Upon a transfer of one or more Notes following a privately negotiated transaction with another member of the Company’s U-Haul Investors Club, the transferor the transferee and must notify the Company through the U-Haul Investors Club website.  Thereafter, the Company will recognize the transfer and re-register the applicable notes in the name of the transferee.  

            Section 1.12        Fees.  

            The Company will charge a transfer fee for a Note transfer permitted by Section 1.11 of this Supplemental Indenture equal to $25.00 per transaction, assessed to the transferor.  Such fee will be automatically deducted from the funds in such Holder’s U-Haul Investor Club account.

            Section 1.13        Company and Trustee Notices.

            Holders of the Notes agree to receive all documents, communications, notices, contracts, securities offering materials, account statements, agreements and tax documents, including IRS

        
            

             

            

        

        

        
        
            

        

             Form 1099s, arising from the U-Haul Investors Club, or required to be delivered by the Indenture or any Security Documents applicable to the Notes, and to submit all documents, statements, communications, records and notices due from the Holders to the Company, electronically through the U-Haul Investors Club website and the Holders’ U-Haul Investors Club accounts.  In addition, the Security Registrar agrees to deliver on behalf of the Trustee, and the Holders of the Notes agree to receive, electronically through the U-Haul Investors Club website and the Holders’ U-Haul Investors Club accounts, all reports of the Trustee required to be delivered to the Holders of the Notes pursuant to the Indenture (including, without limitation, Section 703 of the Base Indenture) or any Security Documents applicable to the Notes.

            Section 1.14        Place of Payment.

            Notwithstanding anything contained in the Indenture to the contrary, no Place of Payment for the Notes shall be maintained by the Company.  The Notes may only be presented or surrendered for payment, surrendered for registration of transfer or exchange, or surrendered in connection with an optional redemption by the Company described in Section 1.09 of this Supplemental Indenture, electronically through the Company’s U-Haul Investors Club website.

            Section 1.15        Security Registrar and Paying Agent.

            The Security Registrar and Paying Agent shall be the Company’s Affiliate, U-Haul International, Inc., a Nevada corporation, or its designee (in such capacity, “Servicer”). 

            Section 1.16        Non-Applicable Provisions.

            The Notes will not (i) be convertible into and/or exchangeable for Common Stock or other securities or property, (ii) be issuable upon the exercise of warrants, or (iii) be guaranteed by any Person on the date of issuance.  The Company will not pay Additional Amounts on such Securities.  

            ARTICLE Two

ORIGINAL ISSUE OF NOTES

            Section 2.01        Original Issue of Notes.

            The Notes may, upon execution of this Supplemental Indenture, be issued by the Company in the form provided in Section 1.02.

            ARTICLE Three 

            
MISCELLANEOUS

            Section 3.01        Arbitration.

            In the event that the Company, on the one hand, and one or more of the Holders, or the Trustee on behalf of one or more of the Holders, on the other hand, are unable to resolve any dispute, claim or controversy between them (“Dispute”) related to the Indenture, the Notes or the

        
            

             

            

        

        

        
        
            

        

             U-Haul Investors Club, as applicable, such parties agree to submit the Dispute to binding arbitration in accordance with the following terms:

            (a)   Any party in its reasonable discretion may give written notice to the other applicable parties that the Dispute be submitted to arbitration for final resolution.  Within fifteen (15) calendar days after receipt of such notice, the receiving parties shall submit a written response.  If the Dispute remains following the exchange of the written notice and response, the parties involved in the Dispute shall mutually select one arbitrator within fifteen (15) calendar days of receipt of the response and shall submit the matter to that arbitrator to be settled in accordance with this Section 3.01(a).  If these parties cannot mutually agree on a single arbitrator during such fifteen (15) day period, these parties shall no later than the expiration of that fifteen (15) day period jointly submit the matter to the American Arbitration Association (“AAA”) for expedited arbitration proceedings to be conducted at the AAA offices, or at another mutually agreeable location, in Phoenix, Arizona pursuant to the Association Commercial Arbitration Rules then in effect (the “Rules”).  The AAA will follow the Rules to select a single arbitrator within fifteen (15) calendar days from the date the matter is jointly submitted to the AAA.  The arbitrator (whether selected by the parties or by the AAA) shall hold a hearing within forty-five (45) calendar days following the date that the arbitrator is selected and shall provide a timeline for the parties to submit arguments and supporting materials with sufficient advance notice to enable the arbitrator to hold the hearing within that forty-five (45) day period.  The arbitrator shall issue a tentative ruling with findings of fact and law within fifteen (15) calendar days after the date of the hearing.  The arbitrator shall provide the parties an opportunity to comment on the tentative ruling within a timeframe established by the arbitrator, provided that the arbitrator shall render a final ruling within thirty (30) calendar days after the date of the hearing.  The arbitrator shall have the authority to grant any equitable and legal remedies that would be available in any judicial proceeding to resolve a disputed claim, including, without limitations, the authority to impose sanctions, including attorneys’ fees and costs, to the same extent as a competent court of law or equity.

            (b)   The Company, Trustee and each of the Holders agree that judgment upon any award rendered by the arbitrator may be entered in the courts of the State of Arizona or in the United States District Courts located in Arizona.  Such court may enforce the provisions of this Section 3.01(b), and the party seeking enforcement shall be entitled to an award of all costs and fees, including reasonable attorneys’ fees, to be paid by the party against whom enforcement is ordered.  The parties involved in a Dispute may terminate any arbitration proceeding by mutually resolving any Dispute prior to the issuance of a final arbitration ruling pursuant to this Section 3.01. 

            (c) For the avoidance of doubt, where a dispute arises related to the Indenture, the Notes, the U-Haul Investors Club or the Security Documents applicable to the Notes between (i) the Trustee and the Company (other than with respect to when the Trustee is acting on behalf of one or more of the Holders), (ii) the Trustee and one or more of the Holders, or (iii) the Trustee and any third party, then in no event will the arbitration provisions set forth in this Section 3.01 apply to such dispute.

            Section 3.02        Ratification of Indenture.

        
            

             

            

        

        

        
        
            

        

            The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture will be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided that the provisions of this Supplemental Indenture apply solely with respect to the Notes and not to any other Securities that may be issued pursuant to the U-Haul Investors Club.  To the extent there is a conflict between the Indenture and this Supplemental Indenture with respect to the Notes, the terms of this Supplemental Indenture will govern.

            Section 3.03        Trustee Not Responsible for Recitals.

            The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture, the Pledge and Security Agreement or the Collateral (as defined in the Pledge and Security Agreement).

            Section 3.04        Governing Law.

            This Supplemental Indenture and the Notes will be governed by and construed in accordance with the laws of the State of New York.

            Section 3.05        Separability.

            In case any one or more of the provisions contained in this Supplemental Indenture, the Notes will for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Supplemental Indenture or of the Notes, but this Supplemental Indenture and the Notes will be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

            Section 3.06        Counterparts.

            This Supplemental Indenture may be executed in any number of counterparts each of which will be an original; but such counterparts will together constitute but one and the same instrument.  This Supplemental Indenture will be effective when one or more counterparts has been signed by the parties hereto and delivered (including by electronic transmission) to the other parties.

            

        
            

             

            

        

        

        

        
        
            

        

            [Signature page to Twenty-Second Supplemental Indenture, Series UIC-10C, 11C, 12C and 13C]

             

            IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, as of the day and year first above written.

            AMERCO, as the Company

            By:  _______________________________
Name:  Jason A. Berg
Title:  Principal Accounting Officer

            U.S. BANK NATIONAL ASSOCIATION, as the Trustee

            By:  _______________________________
Name:
Title: 

        
            

             

            

        

        

        

        
        
            

        

            EXHIBIT A TO TWENTY-SECOND SUPPLEMENTAL
INDENTURE 

             

            Series UIC-10C, 11C, 12C and 13C

            PLEDGE AND SECURITY AGREEMENT

            THIS PLEDGE AND SECURITY AGREEMENT (this “Agreement”) is entered into as of May 28, 2013, by and among AMERCO, a Nevada corporation (the “Company”), U-Haul Leasing & Sales Co., U-Haul Co. of Florida and U-Haul Co. of Idaho, Inc. (the three latter entities, collectively, “Pledgor”), and U.S. Bank National Association, a national banking association in its capacity as Trustee under the Indenture  (the “Trustee”).

            RECITALS

            A.   Pursuant to the terms of the U-Haul Investors Club Indenture, dated as of February 14, 2011, by and between the Company and the Trustee (the “Base Indenture”), and the Twenty-Second Supplemental Indenture relating to the Fixed Rate Secured Notes Series UIC-10C, 11C, 12C and 13C, dated as of the date hereof, by and between the Company and the Trustee (the “Supplemental Indenture”; the Base Indenture and the Supplemental Indenture collectively the “Indenture”), the Company is authorized to issue from time to time a series of its notes to be known as its “Fixed Rate Secured Notes Series UIC-10C, 11C, 12C and 13C” (collectively the “Notes”), such Notes to be issued in sub-series over a period of time and from time to time, as determined by the Company.  Capitalized terms not defined in this Agreement shall have the meanings given to them in the Indenture.

            B.   Under the Indenture, a condition of issuance of the Notes is that the Company’s obligations under the Notes be secured by a first priority lien, equally and ratably, on specified  assets owned by the applicable Pledgor (the “Collateral”).  The Collateral is described in Exhibit A hereto, as such Exhibit A shall be supplemented from time to time as provided herein.

             

            C.   The applicable Pledgor is willing to grant the Trustee, for the benefit of the holders of the Notes (the “Holders”), such first priority lien on such Collateral or portion thereof, on the terms and conditions set forth herein.

            NOW, THEREFORE, BE IT AGREED THAT:

            1.                   Definitions and Terms.

            (a)                Definitions.  For purposes of this Agreement, the following terms shall have the following definitions:

            “Collateral” means (i) that portion of the property of the applicable Pledgor described in Exhibit A, as amended or supplemented from time in accordance with the terms hereof, which relates to the particular sub-series of the Notes in question, and (ii) all Proceeds of such property.

            “Company” shall include both of the named Company and any other Person at any time assuming or otherwise becoming primarily liable for all or any part of the

        
            

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             Obligations under the Financing Documents, including the trustee and the debtor‐in‐possession in any bankruptcy or similar proceeding involving the named Company.

            “Financing Documents” means this Agreement, the Indenture, the Notes and all other documents entered into by the Company or the Pledgor with respect to the Obligations. 

            “Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

            “Lien” means any mortgage, deed of trust, deed to secure debt, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing; provided that in no event shall an operating lease be deemed to constitute a Lien.

            “Obligations” means (i) all principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the Notes and the Indenture and all other obligations, liabilities and indebtedness of every kind, nature and description owing by the Company under the Notes and the Indenture, in each case whether now or hereafter existing, direct or indirect, absolute or contingent, due or not due, primary or secondary, liquidated or unliquidated, renewed or restructured, whether or not from time to time decreased or extinguished and later increased, including all such obligations which would become due but for the operation of the (A) automatic stay under Section 362(a) of the Bankruptcy Code, (B) Section 502(b) of the Bankruptcy Code, or (C) Section 506(b) of the Bankruptcy Code, including interest accruing under the Notes and the Indenture after the commencement of an Insolvency Proceeding, whether or not allowed or allowable as a claim in such Insolvency  Proceeding, and (ii) all other obligations, liabilities and indebtedness of every kind, nature and description owing by the Pledgor hereunder, in each case whether now or hereafter existing, direct or indirect, absolute or contingent, due or not due, primary or secondary, liquidated or unliquidated, renewed or restructured, whether or not from time to time decreased or extinguished and later increased, including all such obligations which would become due but for the operation of the (A) automatic stay under Section 362(a) of the Bankruptcy Code, (B) Section 502(b) of the Bankruptcy Code, or (C) Section 506(b) of the Bankruptcy Code, including interest accruing hereunder after the commencement of an Insolvency Proceeding, whether or not allowed or allowable as a claim in such Insolvency  Proceeding.

            “Permitted Liens” means liens in favor of carriers, warehousemen, mechanics, suppliers, repairmen, materialmen, contractors, subcontractors and landlords, liens for property taxes due but not yet payable,  and other similar Liens imposed by law, in each case for sums not overdue or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against the Company or its affiliates. 

            “Proceeds” has the meaning specified in Section 9-102(a) of the UCC.

        
            

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            “Required Holders” means the Holders of not less than a majority in principal amount of the Notes.

            “UCC” means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state the laws of which are required as a result of such law to be applied in connection with perfection of security interests.

             

            Other Terms.  All other capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

            2.                   Grant of Security Interest.  As an inducement for the Holders to purchase the Notes, and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all the Obligations with respect to any given sub-series of the Notes, the Pledgor hereby unconditionally and irrevocably pledges and grants to the Trustee, for the benefit of each Holder of each individual sub-series of the Notes that may be issued from time to time, and to the Trustee, a continuing security interest in and to, and a Lien against that portion of the Collateral identified in the applicable schedule hereto with respect to the applicable sub-series of the Notes for which such Holder is an investor.  The obligations of the Company with respect to each sub-series of the Notes will be initially secured by a first-priority lien, equally and ratably, on a specified pool of assets owned by Pledgor and identified on the applicable portion of Exhibit A hereto.  As new sub-series of the Notes are issued, or as additional Notes are issued under any given sub-series of the Notes, new schedules hereto will be added, to identify the specific Units of Collateral being pledged under such sub-series or further issuance of the Notes.  The Units of Collateral securing one sub-series of the Notes or securing an additional issuance of the Notes under a given sub-series, shall not serve as Collateral for other sub-series of the Notes or other issuances of Notes under the same sub-series. Once $100 has been invested with us in notes in any series herein, we will grant to the Trustee for the benefit of the holders a lien on the Collateral selected by Company management as to be securing such series.   Notwithstanding any provision hereof or any of the other Financing Documents, none of the Company, the Pledgor or the Trustee has any obligation to maintain and keep the Collateral in good condition, repair and working order or to replace lost, stolen, damaged or destroyed Collateral or Collateral taken through condemnation or deed in lieu of condemnation.  There shall be no obligation to repay the Notes with proceeds from any condemnation or deed in lieu of condemnation.   

            3.                   No Recourse to Pledgor.  The Pledgor’s grant of the Lien against the Collateral is a guaranty of prompt and punctual payment of the Obligations, whether at stated maturity, by acceleration or otherwise, and is not merely a guaranty of collection.  The Pledgor has and shall have no personal liability or obligation with respect to payment of the Obligations, which are payable solely by the Company.

            4.                   Perfection of Security Interest.  Each Pledgor hereby authorizes the Company to file or cause the filing, from time to time, of financing statements and any other collateral documents as may be necessary or appropriate, without notice to the Pledgor, with all appropriate jurisdictions to perfect or protect the Trustee’s interest or rights hereunder.  Each Pledgor shall take all actions reasonably requested by the Company to perfect and to give notice of the Trustee’s Lien against the Collateral.  To the extent perfection of the Trustee’s interest or rights hereunder requires the modification of one or more certificates of title, if any, representing the Collateral, upon the request from time to time by the Trustee, the Pledgor shall provide the

        
            

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             Trustee with a list of all such certificates of title issued in electronic form by the relevant governmental department, as well as any applications for such certificates of title submitted with the relevant governmental department and such other information as the Pledgor has in its possession related to such certificates of title.

            5.                   Release of Security Interest; Substitution of Collateral.  The Trustee’s Lien against any equipment or property constituting Collateral shall be automatically released upon (i) the sale or other disposition of such equipment or property to a buyer in the ordinary course of business, in accordance with Section 9-320 of the UCC, or (ii) a casualty loss of such equipment or property, provided that the Trustee’s Lien attaches to the Proceeds, if any, of such disposition or loss.  In addition, the Company shall have the right from time to time, so long as no Event of Default exists, to have the Trustee’s Lien against any equipment, property or Proceeds constituting Collateral released by the Trustee; provided that the Company causes one or more of the Pledgor, and/or any other third parties or Affiliates of the Company (each, an “Additional Pledgor”) to pledge, in replacement of such Collateral, other equipment or property with a value, as determined by the Company in its reasonable discretion, that is not less than the value of such Collateral at the time of substitution; and provided further that if an Additional Pledgor pledges any such equipment or property in replacement thereof, then the Company, such Additional Pledgor and the Trustee shall promptly enter into separate pledge and security agreement in substantially the form of this Agreement, granting the Trustee, for the benefit of the Holders, a first priority lien, equitably and ratably, in such equipment or property, on such terms and conditions set forth therein (each, a “New Pledge and Security Agreement”).  The Company shall exercise such right by delivering to the Trustee an officers’ certificate in the form attached hereto as Exhibit B (the “Officers’ Certificate”), which shall provide the Trustee with notice of the equipment, property or Proceeds constituting Collateral for which the Trustee’s Lien is requested to be released, and shall describe the equipment or property that is requested to replace such Collateral, and which shall certify that the Company has determined, in accordance with this Section 5, that the value of such equipment or property is not less than the value of the Collateral to be released from the Trustee’s Lien at the time of substitution.  The Trustee, within five (5) days of receipt of the Company’s Officer’s Certificate, shall provide the Company and the Pledgor with a written notice acknowledging the release and substitution of equipment or property as Collateral under this Agreement and/or as collateral under a New Pledge and Security Agreement, as applicable.  The Company shall have the right to amend Exhibit A to reflect each release of any such equipment or property as Collateral hereunder and each addition of equipment as Collateral hereunder pledged by the Pledgor, as applicable.  The Pledgor shall take all actions reasonably requested by the Trustee to evidence and to give effect to the addition of equipment or property as Collateral hereunder, as applicable.  The Company shall not be required to obtain any appraisal of equipment or property to be released from the Trustee’s Lien or to be added as Collateral hereunder and/or as collateral under a New Pledge and Security Agreement, in connection with the Company’s determination of the value of substitute equipment or property in accordance with this Section 5, and neither the Company nor the Pledgor shall have any liability to the Trustee or the Holders if the value of such substitute equipment or property is subsequently determined to be less than the value of the Collateral released from the Trustee’s Lien in accordance with this Section 5.  The Company’s determination as to the value of substitute equipment or property as Collateral in accordance with this Section 5 shall be final and binding on the Trustee and the Holders, and the Trustee shall have no responsibility or liability to the Holders or any other person with respect thereto.

        
            

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            In addition, the Trustee’s Lien against any equipment or property constituting Collateral shall be released upon the repayment in full of all Obligations and the delivery by the Company to the Trustee of an officer’s certificate substantially in the form of Exhibit C hereto.   

            6.                   Termination of Security Interest.  In addition to the provisions of Section 5 above, if this Agreement is terminated, the Trustee’s Lien in the Collateral with respect to any given sub-series of the Notes shall continue until the Obligations under such sub-series of the Notes are repaid in full.  Upon the crediting in full of the Obligations to each Holder’s U-Haul Investors Club account with respect to any given sub-series or any additional issuance of the Notes under any given sub-series, and the termination of such sub-series or additional issuance of the Notes and payment to the Trustee of all amounts due and owing to it, the Trustee shall, at the Pledgor’s sole cost and expense, release its Liens in the Collateral and all rights therein shall revert to the Pledgor.  

            7.                   The Trustee’s Rights.  The Pledgor authorizes the Trustee, without giving notice to the Pledgor or obtaining the Pledgor’s consent and without affecting the Pledgor’s liability for the Obligations to the extent described herein, from time to time, to:

            (a)                compromise, settle, renew, extend the time for payment, change the manner or terms of payment, discharge the performance of, decline to enforce, or release all or any of the Obligations; grant other indulgences to the Company in respect thereof; or modify in any manner any documents (other than this Agreement) relating to the Obligations, in each case (other than with respect to decisions not to enforce and to grant indulgences) in accordance with Financing Documents;

            (b)               declare all Obligations due and payable upon the occurrence of an Event of Default;

            (c)                take and hold security for the performance of the Obligations and exchange, enforce, waive and release any such security; 

            (d)               apply and reapply such security and direct the order or manner of sale thereof as the Trustee, in its sole discretion, may determine;

            (e)                release, surrender or exchange any deposits or other property securing the Obligations or on which the Trustee at any time may have a Lien; release, substitute or add any one or more endorsers or guarantors of the Obligations; or compromise, settle, renew, extend the time for payment, discharge the performance of, decline to enforce, or release all or any obligations of any such endorser or the Pledgor or other Person who is now or may hereafter be liable on any Obligations or release, surrender or exchange any deposits or other property of any such Person; and

            (f)                apply payments received by the Trustee from the Company, if any, to any Obligations, in such order as the Trustee shall determine, in its sole discretion. 

            8.                   The Pledgor’s Waivers.

            (a)                The Pledgor waives:

        
            

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            (ii)               any defense based upon any legal disability or other defense of the Company, or by reason of the cessation or limitation of the Company’s liability from any cause (other than full payment of all Obligations), including failure of consideration, breach of warranty, statute of frauds, statute of limitations, accord and satisfaction, and usury;

            (iii)            any defense based upon any legal disability or other defense of any other Person;

            (iv)             any defense based upon any lack of authority of the officers, directors or agents acting or purporting to act on behalf of the Company or any defect in the formation of the Company;

            (v)               any defense based upon the application by the Company of the proceeds of the Notes for purposes other than the purposes represented by the Company to the Trustee or the Holders;

            (vi)             any defense based on the Pledgor’s rights, under statute or otherwise, to require the Trustee to sue the Company or otherwise to exhaust its rights and remedies against the Company or any other Person or against any other collateral before seeking to enforce this Agreement;

            (vii)           any defense based on the Trustee’s failure at any time to require strict performance by the Company of any provision of the Financing Documents or by the Pledgor of this Agreement.  The Pledgor agrees that no such failure shall waive, alter or diminish any right of the Trustee thereafter to demand strict compliance and performance therewith.  Nothing contained herein shall prevent the Trustee from foreclosing on the Lien of any other security agreement, or exercising any rights available to the Trustee thereunder, and the exercise of any such rights shall not constitute a legal or equitable discharge of the Pledgor; 

            (viii)        any defense arising from any act or omission of the Trustee which changes the scope of the Pledgor’s risks hereunder;

            (ix)             any defense based upon the Trustee’s election of any remedy against the Pledgor or the Company or both; any defense based on the order in which the Trustee enforces its remedies;

            (x)               any defense based on (A) the Trustee’s surrender, release, exchange, substitution, dealing with or taking any additional collateral, (B) the Trustee’s abstaining from taking advantage of or realizing upon any Lien or other guaranty, and (C) any impairment of collateral securing the Obligations, including, but not limited to, the Company’s failure to perfect, or maintain the perfection or priority of, a Lien in such collateral;

            (xi)             any defense based upon the Trustee’s failure to disclose to the Pledgor any information concerning the Company’s financial condition or any other circumstances bearing on the Company’s ability to pay the Obligations;

        
            

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            (xii)           any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; 

            (xiii)        any defense based upon the Trustee’s election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute; 

            (xiv)         any defense based upon any borrowing or any grant of a Lien under Section 364 of the Bankruptcy Code; 

            (xv)           any defense based on the Trustee’s failure to be diligent or to act in a commercially reasonable manner, or to satisfy any other standard imposed on a secured party, in exercising rights with respect to collateral securing the Obligations;

            (xvi)         notice of acceptance hereof; notice of the existence, creation or acquisition of any Obligation; notice of any Event of Default; notice of the amount of the Obligations outstanding from time to time; notice of any other fact which might increase the Pledgor’s risk; diligence; presentment; demand of payment; protest; filing of claims with a court in the event of the Company’s Insolvency Proceeding and all other notices and demands to which the Pledgor might otherwise be entitled (and agrees the same shall not have to be made on the Company as a condition precedent to the Pledgor’s obligations hereunder);

            (xvii)      any defense based on the Trustee’s failure to seek relief from stay or adequate protection in the Company’s Insolvency Proceeding or any other act or omission by the Trustee which impairs Pledgor’s prospective subrogation rights;

            (xviii)    any defense based on legal prohibition of the Trustee’s acceleration of the maturity of the Obligations during the occurrence of an Event of Default or any other legal prohibition on enforcement of any other right or remedy of the Trustee with respect to the Obligations and the security therefor; and 

            (xix)         the benefit of any statute of limitations affecting the Pledgor’s liability hereunder or the enforcement hereof.

            (b)               The Pledgor agrees that the payment of all sums payable under the Financing Documents or any part thereof or other act which tolls any statute of limitations applicable to the Financing Documents shall similarly operate to toll the statute of limitations applicable to Pledgor’s liability hereunder.

            9.                   Subrogation.  The Pledgor shall not exercise any rights which it may acquire by reason of any payment of the Obligations made hereunder through enforcement of the Lien against any of the Collateral, whether by way of subrogation, reimbursement or otherwise, until (i) the prior payment, in full and in cash, of all Obligations and (ii) the termination of the Notes.  

            10.              The Pledgor’s Representations and Warranties.  The Pledgor represents and warrants to the Trustee that:

        
            

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            (a)                Each Pledgor’s name as of the date hereof as it appears in official filings in the state of its incorporation, and its respective organizational identification number issued by such state, is: (i) U-Haul Leasing & Sales Co.,  a Nevada corporation, and its organizational identification number issued by its state of incorporation is C120-1968; (ii) U-Haul Co. of Florida, a Florida corporation, and its organizational identification number issued by its state of incorporation is 361143; and (iii) U-Haul Co. of Idaho, Inc., an Idaho corporation, and its organizational identification number issued by its state of incorporation is C42971.   

            (b)               the Pledgor’s execution, delivery and performance of this Agreement (i) do not contravene any law or any contractual restriction binding on or affecting the Pledgor or by which the Pledgor’s assets may be affected; and (ii) do not require any authorization or approval or other action by, or any notice to or filing with, any other Person except such as have been obtained or made;

            (c)                there are no conditions precedent to the effectiveness of this Agreement, and this Agreement shall be in full force and effect and binding on the Pledgor as of the date hereof, regardless of whether the Trustee or the Holders obtain collateral or any guaranties from other Persons or takes any other action contemplated by the Pledgor; 

            (d)               this Agreement constitutes the legal, valid and binding obligation of the Pledgor, enforceable in accordance with its terms, except as the enforceability thereof may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting the rights of creditors generally and by general principles of equity; and

            (e)                the Pledgor has established adequate means of obtaining from sources other than the Trustee, on a continuing basis, financial and other information pertaining to the Company’s financial condition and the status of Company’s performance of obligations imposed by the Financing Documents, and the Pledgor agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect the Pledgor’s risks hereunder and neither the Trustee nor any of the Holders has made any representation or warranty to the Pledgor as to any such matters.

            11.              The Pledgor’s and Company’s Covenants.  The Pledgor covenants with the Trustee that:

            (a)                The Pledgor shall not change its name or jurisdiction of organization without giving thirty (30) days’ prior written notice to the Trustee; and 

            (b)               The Collateral will not become subject to any Lien other than Permitted Liens and the Trustee’s Lien.  

            (c)                During the continuance of an Event of Default, the proceeds payable under any liability policy, to the extent that they relate to the Collateral, shall be payable to the Trustee on account of the Obligations.  The foregoing notwithstanding, so long as no Event of Default has occurred and is continuing, the Pledgor shall have the option, but not the obligation, of applying such proceeds toward the replacement or repair of destroyed or damaged Collateral; provided that any such replaced or repaired property (i) shall be of equal or like value as the

        
            

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             replaced or repaired Collateral, as determined by the Company in its reasonable judgment in accordance with Section 5, and (ii) shall be deemed Collateral in which the Trustee has been granted a first priority Lien.

            (d)               The Pledgor shall notify the Trustee and the Company in writing promptly, but in no event more than two business days after the occurrence of an event which constitutes a breach of its obligations or duties under this Agreement.  

            (e)The Company covenants with the Trustee that it will notify the Trustee and the Pledgor in writing promptly of an event which constitutes an Event of Default.  

            12.              The Trustee’s and Holders’ Rights, Duties and Liabilities.

            (a)                Each Holder, by acceptance of its Note, appoints the Trustee to act as its agent under this Agreement.  Each Holder hereby irrevocably authorizes the Trustee to take such action on its behalf under the provisions of this Agreement and the other documents relating to the Collateral (together with this Agreement, the “Security Documents”) and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Trustee by the terms hereof and thereof and such other powers as are reasonably incidental thereto and the Trustee shall hold all Collateral, charges and collections received pursuant to this Agreement, for the ratable benefit of the Holders.  The Trustee may perform any of its duties hereunder by or through its agents or employees or a co-trustee.  As to any matters not expressly provided for by this Agreement the Trustee shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Holders, and such instructions shall be binding; provided, however, that the Trustee shall not be required to take any action which in the Trustee’s reasonable discretion exposes it to liability or which is contrary to this Agreement, the Indenture or the other Security Documents or applicable law unless the Trustee is furnished with an indemnification by the Holders acceptable to the Trustee in its sole discretion with respect thereto and the Trustee shall not be responsible for any misconduct or negligence on the part of any of the agents appointed with due care by the Trustee.  The Trustee shall have no duties or responsibilities except those expressly set forth in this Agreement.  The Trustee shall not be under any obligation to any Holder to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any of the other Security Documents.  The Trustee shall not have by reason of this Agreement a fiduciary relationship in respect of any Holder; and nothing in this Agreement, expressed or implied, is intended to or shall be so construed as to impose upon the Trustee any obligations in respect of this Agreement except as expressly set forth herein.

            (b)               The Pledgor assumes all responsibility and liability arising from or relating to the use, sale, license or other disposition of the Collateral.  The Obligations shall not be affected by any failure to take any steps to perfect the Trustee’s Liens or to collect or realize upon the Collateral, nor shall loss of or damage to the Collateral release the Company from any of the Obligations or the Pledgor from its obligations hereunder.  

            (c)                The Pledgor shall remain liable under each of its contracts and each of its licenses relating to the Collateral.  Neither the Trustee nor any Holder shall have any obligation or liability under any such contract or license by reason of or arising out of this Agreement. 

        
            

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             Neither the Trustee nor any Holder shall be required or obligated in any manner to perform or fulfill any of the Pledgor’s obligations under or pursuant to any such contract or license or to enforce any of the Pledgor’s rights under or pursuant to any contract or license.

            (d)               In no event shall the Trustee or any Holder be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

            (e)                In acting hereunder, the Trustee shall be entitled to all of the rights, protections, privileges and immunities afforded to the Trustee under the Indenture, and all such rights, protections, privileges and immunities are incorporated by reference herein and shall inure to the benefit of the trustee herein.

            (f)                No provision of this Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or any exercise of any rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it and none of the provisions contained in this Agreement shall require the Trustee to perform or be responsible for the performance of any of the obligations of the Company or the Pledgor.  

            (g)               The Trustee shall not be deemed to have notice of any matter including without limitation any default or Event of Default or any breach by the Pledgor or the Company unless one of its Responsible Officers has actual knowledge thereof or written notice thereof is received by the trustee and such notice references this Agreement or the Indenture.

            (h)               For the avoidance of doubt, notwithstanding anything herein or in the Indenture to the contrary, the Trustee shall only be liable to the extent of obligations specifically imposed upon and undertaken by the trustee as pledgee hereunder and the Trustee shall only be liable to the extent of its gross negligence or willful misconduct in connection with its duties hereunder.  

            13.              Remedies and Rights During Event of Default. 

            (a)                In addition to all other rights and remedies granted to it under this Agreement, the Indenture, and under any other instrument or agreement securing, evidencing or relating to any of the Obligations, during the continuance of any Event of Default, the Trustee may exercise all rights and remedies of a secured party under the UCC.  Without limiting the generality of the foregoing, the Pledgor expressly agrees that in any such event the Trustee or any agent acting on behalf of the Trustee, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon the Pledgor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the UCC and other applicable law), may forthwith enter upon the premises of the Pledgor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving the Pledgor or any other Person notice and opportunity for a

        
            

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             hearing on the Trustee’s claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, license, assign, give an option or options to purchase, or sell or otherwise dispose of and deliver the Collateral (or contract to do so), or any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk.  The Trustee or any Holder shall have the right but not the obligation upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to purchase for the benefit of the Trustee and Holders, the whole or any part of the Collateral so sold, free of any right or equity of redemption, which equity of redemption the Pledgor hereby releases.  Such sales may be adjourned and continued from time to time with or without notice.  The Trustee shall have the right to conduct such sales on the Pledgor’s premises or elsewhere and shall have the right to use the Pledgor’s premises without charge for such time or times as the Trustee reasonably deems necessary or advisable.

            (b)               The Pledgor further agrees, at the Trustee’s request, to provide such information as may be needed to enable the Trustee to assemble the Collateral and, to the extent required by the UCC, to make it available to the Trustee at a place or places designated by the Trustee which are reasonably convenient to the Trustee and the Pledgor, whether at the Pledgor’s premises or elsewhere.  Until the Trustee is able to effect a sale, lease, or other disposition of Collateral, the Trustee shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by the Trustee.  The Trustee shall have no obligation to the Pledgor to maintain or preserve the rights of the Pledgor as against third parties with respect to Collateral while Collateral is in the Trustee’s possession.  The Trustee may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Trustee’s remedies (for the benefit of the Trustee and the Holders), with respect to such appointment without prior notice or hearing as to such appointment.  The Trustee shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to the Obligations as provided herein and in the Indenture, and only after so paying over such net proceeds, and after the payment by the Trustee of any other amount required by any provision of law, need the Trustee account for the surplus, if any, to the Pledgor.  To the maximum extent permitted by applicable law, the Pledgor waives all claims, damages, and demands against the Trustee or any Holder arising out of the repossession, retention or sale of the Collateral except such as determined by a court of competent jurisdiction in a final nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of the Trustee or such Holder.  The Pledgor agrees that ten (10) days’ prior written notice by the Trustee of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such matters.  The Company shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations, including any reasonable attorneys’ fees or other out-of-pocket expenses actually incurred by the Trustee or any Holder to collect such deficiency. 

            (c)                Except as otherwise specifically provided herein, the Pledgor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Agreement or any Collateral.

        
            

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            (d)               To the extent that applicable law imposes duties on the Trustee to exercise remedies in a commercially reasonable manner, the Pledgor acknowledges and agrees that it is not commercially unreasonable for the Trustee (i) to fail to incur expenses reasonably deemed significant by the Trustee to prepare Collateral for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to remove Liens on or any adverse claims against Collateral, (iv) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (v) to contact other Persons, whether or not in the same business as the Pledgor, for expressions of interest in acquiring all or any portion of such Collateral, (vi) to hire one or more professional auctioneers to assist in the disposition of Collateral, (vii) to dispose of Collateral by utilizing Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (viii) to dispose of Collateral  in wholesale rather than retail markets, (ix) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (x) to purchase insurance to insure the Trustee against risks of loss, collection or disposition of Collateral or to provide to the Trustee a guaranteed return from the disposition of Collateral, or (xi) to the extent deemed appropriate by the Trustee, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Trustee in the collection or disposition of any of the Collateral.  The Pledgor acknowledges that the purpose of this Section 13(d) is to provide non-exhaustive indications of what actions or omissions by the Trustee would not be commercially unreasonable in the Trustee’s exercise of remedies against the Collateral and that other actions or omissions by the Trustee shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 13(d).  Without limitation upon the foregoing, nothing contained in this Section 13(d) shall be construed to grant any rights to the Pledgor or to impose any duties on the Trustee that would not have been granted or imposed by this Agreement or by applicable law in the absence of this Section 13(d).

            (e)      Notwithstanding any provision to the contrary contained in this Agreement, the Trustee shall not be required to obtain title to any Collateral that constitutes real property as a result of or in lieu of foreclosure or otherwise acquire possession of, or take any other action with respect to, any such Collateral if, as a result of any such action, the Trustee for itself or on behalf of the Holders would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Collateral within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Trustee has previously determined based on its reasonable judgment and a report prepared by an independent Person who regularly conducts environmental audits using customary industry standards, that:

            (i)       such Collateral is in compliance with applicable environmental laws or, if not, that it would be in the best economic interest of the Holders to take such actions as are necessary to bring the Collateral into compliance therewith; and

            (ii)      there are no circumstances present at such Collateral relating to the use, management or disposal of any hazardous substances, hazardous materials, hazardous wastes, or

        
            

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             petroleum-based materials for which  investigation, testing, monitoring, containment, clean-up or remediation could be required under any federal, state or local law or regulation, or that if any such materials are present for which such action could be required, that it would be in the best economic interest of the Holders to take such actions with respect to the affected Collateral.

            The cost of the environmental audit report contemplated by this Section shall be advanced by the Company.

            During the continuance of an Event of Default, if the Trustee determines that it is in the best economic interest of the Holders to take such actions as are necessary to bring any such Collateral into compliance with applicable environmental laws, or to take such action with respect to the containment, clean-up or remediation of hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials affecting any such Collateral, then the Trustee shall take such action as it deems to be in the best economic interest of the Holders.  The cost of any such compliance, containment, cleanup or remediation shall be advanced by the Company.

             

            14.              Power of Attorney.  The Pledgor hereby irrevocably appoints the Trustee as its lawful attorney-in-fact, exercisable during the continuance of an Event of Default, to: (a) make, settle, and adjust all claims under the Pledgor’s insurance policies with respect to the Collateral, if any; (b) pay, contest or settle any Lien or adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (c) transfer the Collateral into the name of the Trustee or a third party as the UCC permits.  The Pledgor hereby appoints the Company as its lawful attorney-in-fact to sign the Pledgor’s name on any documents necessary to perfect or continue the perfection of any security interest regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full, in cash, and the Notes have terminated.  The Company’s foregoing appointment as the Pledgor’s attorney in fact, and all of the Company’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been satisfied in full, in cash and the Notes have terminated.

            15.              Cost and Expenses; Indemnification.

            (a)                The Company agrees to pay to the Trustee, for its benefit, on demand, (i) all fees, costs and expenses that the Trustee pays or incurs as provided in that fee letter dated January 26, 2011 between the Company and the Trustee; and (ii) sums paid or incurred to pay any amount or take any action required of the Pledgor under this Agreement that the Pledgor fails to pay or take; and (iii) costs and expenses of preserving and protecting the Collateral or taking any other action contemplated or required by this Agreement or the other Security Documents.  The foregoing shall not be construed to limit any other directly contrary provisions of this Agreement regarding costs and expenses to be paid by the Pledgor or the Company.

            (b)         The Company will save, indemnify and keep the Trustee, and the Trustee’s officers, employees, directors and agents, and the Holders harmless from and against all expense (including reasonable attorneys’ fees and expenses), loss, claim, liability or damage arising out of their actions or inaction hereunder or in connection with the Collateral, the Indenture or any Security Document, except to the extent such expense, loss, claim, liability or

        
            

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             damage is determined by a court of competent jurisdiction in a final nonappealable judgment to have resulted from the gross negligence or willful misconduct of the Trustee or the Holders as finally determined by a court of competent jurisdiction.  This Section 15(b) shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.

             

            The benefits of this Section 15 shall survive the termination of this Agreement or the removal or resignation of the Trustee.

            16.              Limitation on the Trustee’s and the Holders’ Duties with Respect to the Collateral.

            (a)                Neither the Trustee nor any Holder shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Trustee or such Holder.

            (b)               The Trustee shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral.  The Trustee shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any agent or bailee selected by the Trustee in good faith.

            (c)                The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Pledgor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral.

            (d)               The Pledgor bears all risk of loss for damage or destruction of the Collateral.

            17.              No Waiver; Remedies Cumulative.  The Trustee’s failure, at any time or times, to require strict performance by the Pledgor of any provision of this Agreement or any other Financing Document shall not waive, affect, or diminish any right of the Trustee thereafter to demand strict performance and compliance herewith or therewith.  No waiver hereunder shall be effective unless signed by the Trustee and then is only effective for the specific instance and purpose for which it is given.  The Trustee’s rights and remedies under this Agreement and the other Financing Documents are cumulative.  The Trustee has all rights and remedies provided under the UCC, by law, or in equity.  The Trustee’s exercise of one right or remedy is not an

        
            

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             election, and the Trustee’s waiver of any Event of Default is not a continuing waiver.  The Trustee’s delay in exercising any remedy is not a waiver, election, or acquiescence.

            18.              Marshaling of Assets.  The Trustee shall be under no obligation to marshal any assets in favor of Pledgor, the Company or any other Person liable for the Obligations or against or in payment of any Obligations.

            19.              Independent Obligations.  This Agreement is independent of the Company’s obligations under the Financing Documents.  The Trustee may bring a separate action to enforce the provisions hereof against the Pledgor without taking action against the Company or any other Person or joining the Company or any other Person as a party to such action.

            20.              Term; Revival.  

            (a)                This Agreement is irrevocable by the Pledgor.  It shall terminate only upon the full satisfaction of the Obligations and termination of the Notes.  If, notwithstanding the foregoing, the Pledgor shall have any nonwaivable right under applicable law or otherwise to terminate or revoke this Agreement, the Pledgor agrees that such termination or revocation shall not be effective until the Trustee receives written notice of such termination or revocation.  Such notice shall not affect the Trustee’s right and power to enforce rights arising prior to receipt thereof.    

            (b)               The Pledgor’s pledge hereunder of the Collateral shall be reinstated and revived, and the Trustee’s rights shall continue, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made.  If any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

            21.              Notices.  Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desire to give and serve upon the other party any communication with respect to this Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and, in the case of the Company and the Trustee, shall be given in the manner, and deemed received, as provided for in the Indenture and in the case of the Pledgor shall be mailed, first-class postage prepaid, to the Pledgor’s Treasurer at the address of its principal office specified below its signature block herein or at any other address previously furnished in writing to the Trustee by the Pledgor. 

            22.              Miscellaneous.

            (a)                Arbitration.  In the event that the Company or the Pledgor, on the one hand, and one or more of the Holders, or the Trustee as pledgee on behalf of one or more of the Holders, on the other hand, are unable to resolve any dispute, claim or controversy between

        
            

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             them (“Dispute”) related to this Agreement, such parties agree to submit the Dispute to binding arbitration in accordance with the following terms:

            (i)                 Any party in its reasonable discretion may give written notice to the other applicable parties that the Dispute be submitted to arbitration for final resolution.  Within fifteen (15) calendar days after receipt of such notice, the receiving parties shall submit a written response.  If the Dispute remains following the exchange of the written notice and response, the parties involved in the Dispute shall mutually select one arbitrator within fifteen (15) calendar days of receipt of the response and shall submit the matter to that arbitrator to be settled in accordance with this Section 22(a).  If these parties cannot mutually agree on a single arbitrator during such fifteen (15) day period, these parties shall no later than the expiration of that fifteen (15) day period jointly submit the matter to the American Arbitration Association (“AAA”) for expedited arbitration proceedings to be conducted at the AAA offices, or at another mutually agreeable location, in Phoenix, Arizona pursuant to the Association Commercial Arbitration Rules then in effect (the “Rules”).  The AAA will follow the Rules to select a single arbitrator within fifteen (15) calendar days from the date the matter is jointly submitted to the AAA.  The arbitrator (whether selected by the parties or by the AAA) shall hold a hearing within forty-five (45) calendar days following the date that the arbitrator is selected and shall provide a timeline for the parties to submit arguments and supporting materials with sufficient advance notice to enable the arbitrator to hold the hearing within that forty-five (45) day period.  The arbitrator shall issue a tentative ruling with findings of fact and law within fifteen (15) calendar days after the date of the hearing.  The arbitrator shall provide the parties an opportunity to comment on the tentative ruling within a timeframe established by the arbitrator, provided that the arbitrator shall render a final ruling within thirty (30) calendar days after the date of the hearing.  The arbitrator shall have the authority to grant any equitable and legal remedies that would be available in any judicial proceeding to resolve a disputed claim, including, without limitations, the authority to impose sanctions, including attorneys’ fees and costs, to the same extent as a competent court of law or equity.

            (ii)               The Company, the Pledgor, Trustee and each of the Holders agree that judgment upon any award rendered by the arbitrator may be entered in the courts of the State of Arizona or in the United States District Courts located in Arizona.  Such court may enforce the provisions of this Section 22(a)(ii), and the party seeking enforcement shall be entitled to an award of all costs and fees, including reasonable attorneys’ fees, to be paid by the party against whom enforcement is ordered.  The parties involved in a Dispute may terminate any arbitration proceeding by mutually resolving any Dispute prior to the issuance of a final arbitration ruling pursuant to this Section 22(a). 

            (iii)            For the avoidance of doubt, where a dispute arises related to this Pledge and Security Agreement between (x) the Trustee and the Company or the Pledgor, (y) the Trustee and one or more of the Holders, or (z) the Trustee and any third party, then in no event will the arbitration provisions set forth in this Section 22  apply to such dispute.

            (b)               No Waiver; Cumulative Remedies.  Neither the Trustee nor any Holder shall by any act, delay or omission or otherwise be deemed to have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by the Trustee and then only to the extent therein set forth.  A waiver by the Trustee of any right or remedy

        
            

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             hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Trustee would otherwise have had on any future occasion.  No failure to exercise nor any delay in exercising on the part of the Trustee or any Holder, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies hereunder provided are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided by law.  

            (c)                Limitation by Law.  All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

            (d)               Headings.  All headings appearing in this Agreement are for convenience only and shall be disregarded in construing this Agreement.

            (e)                Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said State.

            (f)                Waiver of Jury Trial.  EACH OF THE PLEDGOR, THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

            (g)               Successor Person Substituted for the Pledgor.  Upon any consolidation by the Pledgor with or merger of the Pledgor into any other Person or any sale, assignment, transfer, lease or conveyance of all or substantially all of the properties and assets of the Pledgor to any Person in accordance with Section 801 of the Base Indenture, the successor Person formed by such consolidation or into which the Pledgor is merged or to which such sale, assignment, transfer, lease or other conveyance is made shall succeed to, and be substituted for, and may exercise every right and power of, the Pledgor under this Agreement with the same effect as if such successor Person had been named as the Pledgor herein; and thereafter the predecessor Person shall be released from all obligations and covenants under this Agreement.

            (h)               Assignment; Binding Effect.  Except as provided in Section 22(g), the Pledgor may not assign this Agreement without the Trustee’s prior written consent.  This Agreement shall be binding upon the Pledgor, its successors, permitted transferees and permitted assigns, and shall inure to the benefit of the Trustee and its successors, transferees and assigns under the Indenture.

            (i)                 Entire Agreement; Modifications.  This Agreement is intended by the Pledgor, the Company and the Trustee to be the final, complete, and exclusive expression of the

        
            

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             agreement among them with respect to the subject matter hereof.  This Agreement supersedes all prior and contemporaneous oral and written agreements relating to such subject matter.  No modification, rescission, waiver, release, or amendment of any provision of this Agreement shall be made, except by a written agreement signed by the Pledgor, the Company and the Trustee; provided, however, that the Trustee may not enter into any such written agreement except with the written consent of the Required Holders, by Act of such Holders delivered to the Company, the Pledgor and the Trustee (such restriction shall not apply to the Trustee’s right to amend Exhibit A in accordance with Section 5.

            (j)                 Severability.  If any provision of this Agreement shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed from this Agreement and the remaining parts shall remain in full force as though the invalid, illegal or unenforceable portion had never been part of this Agreement.

            (k)               Incorporation by Reference.  All of the rights, protections, immunities and privileges granted to the Trustee under the Indenture are incorporated by reference herein and shall inure to the benefit of the Trustee herein.

            (l)                 Counterparts.  This Agreement may be authenticated in any number of separate counterparts, each of which shall collectively and separately constitute one and the same agreement.  This Agreement may be authenticated by manual signature, facsimile or, if approved in writing by the Trustee, electronic means, all of which shall be equally valid.

            [Signature Pages Follow]

        
            

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            [Signature page to Pledge and Security Agreement, Series UIC-10C, 11C, 12C and 13C]

             

            IN WITNESS WHEREOF, this Agreement has been duly executed by the undersigned as of the date first written above.

             

            AMERCO, as the Company

             

             

             

            By:  _________________________________________

            Jason A. Berg, Principal Accounting Officer

             

             

             

            U-Haul Leasing & Sales Co., as a Pledgor

            U-Haul Co. of Florida, as a Pledgor

            U-Haul Co. of Idaho, Inc., as a Pledgor 

             

             

            By:  ____________________________________

            Jennifer M. Settles, Secretary

             

             

             

             

            Address for Notices:

            c/o U-Haul International, Inc.

            2727 N. Central Avenue 

            Phoenix, AZ  85004 

            Attn:  Legal Department 

             

             

            U.S. BANK NATIONAL ASSOCIATION, as the Trustee

             

             

             

            By:  ____________________________________

            Name:  __________________________________

            Title:  ___________________________________

             

             

             

            

        
            

             

            

        

        

        

        
        
            

        

            EXHIBIT A TO PLEDGE AND SECURITY AGREEMENT SERIES UIC-10C, 11C, 12C and 13C 

             

            COLLATERAL -  To be supplemented with additional Schedules from time to time, as new sub-series of Notes are issued.  

             

             

             

             

             

             

             

             

             

             

        
            

             

            

        

        

        
        
            

        

            EXHIBIT B

             

            FORM OFFICERS’ CERTIFICATE – COLLATERAL SUBSTITUTION

             

            The undersigned, _________________________, _________________________ of AMERCO, a Nevada corporation (the “Company”), hereby certifies to U. S. Bank National Association, as trustee under the U-Haul Investors Club Base Indenture dated as of February 14, 2011 (the “Base Indenture”), as follows:

             

            1.    Pursuant to Section 5 of the Pledge Agreement dated as of ___________________ (“Pledge Agreement”), the equipment, property or Proceeds constituting Collateral under the _______ Supplemental Indenture dated as of _________________ to the Base Indenture (the “_______ Supplement”) and identified on Exhibit A hereto (“Initial Collateral”) is to be released from the Lien created pursuant to  the Pledge Agreement, such release to be effective as of ______________________ (such date, the “Date of Substitution”).  

             

            2.     The equipment, property or other asset identified on Exhibit B hereto (“Replacement Collateral”) shall replace such Initial Collateral, pursuant to Section 5 of the Pledge Agreement.  

             

            3.      The Company has determined, in accordance with Section 5 of the Pledge Agreement, that the value of such Replacement Collateral is not less than the value of the Initial Collateral as of the Date of Substitution.   

             

            4.     I have read the conditions set forth in the Pledge Agreement and the _________ Supplement  relating to the substitution of Collateral, and all conditions thereto have  been satisfied. In my opinion, I have made such examination and investigation as is necessary to enable me to express an informed opinion with respect thereto.  

             

            IN WITNESS WHEREOF, the undersigned executes this Officer’s Certificate as of __________________________________.

             

             

             

             

            AMERCO, a Nevada corporation

             

            By: _____________________________________

             

            Its: _____________________________________

             

        
            

             

            

        

        

        
        
            

        

            EXHIBIT C

             

            FORM OF OFFICER’S CERTIFICATE  - LIEN RELEASE UPON REPAYMENT IN FULL

             

            The undersigned, _________________________, _________________________ of AMERCO, a Nevada corporation (the “Company”), hereby certifies to U. S. Bank National Association, as trustee under the U-Haul Investors Club Base Indenture dated as of February 14, 2011 (the “Base Indenture”), as follows:

             

            1.   All conditions precedent set forth in the Base Indenture and in the _______ Supplemental Indenture thereto dated ____________________ (the “Indenture Supplement”)  to the release of the Trustee’s Lien  on the Collateral securing the obligations under the Indenture Supplement have been satisfied.  

             

            2.      To the extent the Collateral includes box trucks or trailers evidenced by certificates of title, such Collateral is identified by VIN on the attachment hereto and the certificates of title with respect to such Collateral shall be sent by you to the following address: ______________________________________________________.

             

            We acknowledge that the Trustee is not responsible for determining whether the conditions to the release of Liens on the Collateral have been satisfied.  

             

             

            IN WITNESS WHEREOF, the undersigned executes this Officer’s Certificate as of __________________________________.

             

             

             

             

            AMERCO, a Nevada corporation

             

            By: _____________________________________

             

            Its: _____________________________________

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