Document:

Schedule 1 Cargo Van/Pick up Truck

    SCHEDULE
      I TO BASE INDENTURE

     

    DEFINITIONS
      LIST

     

    “Account
      Control Agreement”
means
      each of the Cargo Van/Pick-Up Truck Collection Account Control Agreement and
      the
      Cargo Van/Pick-Up Truck Purchase Account Control Agreement.

     

    “Administration
      Agreement”
means
      the Administration Agreement, dated as of the Effective Date, by and among
      UHI,
      as administrator, each Cargo Van/Pick-Up Truck SPV, USF and the Trustee, as
      amended, modified or supplemented from time to time in accordance with its
      terms.

     

    “Administrator”
means
      UHI, in its capacity as administrator under the Administration Agreement, or
      any
      successor administrator thereunder.

     

    “Administrator
      Default”
is
      defined in Section
      4.3(a)
      of the
      Administration Agreement.

     

    “Advance
      Rate”
means,
      as of any Determination Date, with respect to any Cargo Van or Pick-Up Truck,
      the percentage set forth in the following table with respect to the Capitalized
      Cost Discount Percentage for such Cargo Van or Pick-Up Truck:

     

    
      	
              CARGO
                VANS

            
	
              If
                the Capitalized Cost Discount Percentage is:

            	
              Advance
                Rate

            
	
              Less
                than or equal to 95.0%

            	
              94.0%

            
	
              Greater
                than 95.0% but less than or equal to 97.5%

            	
              92.0%

            
	
              Greater
                than 97.5% but less than or equal to 100.0%

            	
              90.0%

            
	
              Greater
                than 100.0% but less than or equal to 102.5%

            	
              88.0%

            
	
              Greater
                than 102.5% but less than or equal to 105.0%

            	
              86.0%

            
	
              Greater
                than 105.0% but less than or equal to 107.5%

            	
              84.0%

            
	 	 
	
              PICK-UP
                TRUCKS

            
	
              If
                the Capitalized Cost Discount Percentage is:

            	
              Advance
                Rate

            
	
              Less
                than or equal to 100.0%

            	
              90.0%

            
	
              Greater
                than 100.0% but less than or equal to 102.5%

            	
              88.0%

            
	
              Greater
                than 102.5% but less than or equal to 105.0%

            	
              86.0%

            
	
              Greater
                than 105.0% but less than or equal to 107.5%

            	
              84.0%

            
	
              Greater
                than 107.5% but less than or equal to 110.0%

            	
              82.0%

            
	
              Greater
                than 110.0% but less than or equal to 112.5%

            	
              80.0%

            

    

    

    provided,
      however
      that if
      the Capitalized Cost Discount Percentage with respect to such Cargo Van or
      Pick-Up Truck is greater than 107.5%, in the case of a Cargo Van, or greater
      than 112.5%

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    in
      the
      case of a Pick-Up Truck, the Advance Rate for such Cargo Van or Pick-Up Truck
      will be a percentage (i) agreed to in writing by any Financial Insurance
      Provider and (ii) with respect to which the Rating Agency Condition shall have
      been satisfied, in each case prior to the acquisition of such Cargo Van or
      Pick-Up Truck by any Cargo Van/Pick-Up Truck SPV;
      provided further,
      that if
      the Capitalized Cost Discount Percentage with respect to any Cargo Van or
      Pick-Up Truck cannot be determined because the trade-in value of a cargo van
      or
      pick-up truck of the same make and model as such Cargo Van or Pick-Up Truck
      but
      of the previous model year is not published in the most recently published
      NADA
      Guide, then the Advance Rate for such Cargo or Pick-Up Truck will equal the
      Advance Rate for the applicable Reference Truck, less
      the
      Advance Rate Decrease, if any, with respect to such Cargo Van or Pick-Up Truck;
      provided further
      that on
      any Determination Date on which the Aggregate Pick-Up Truck Asset Amount is
      greater than the Maximum Pick-Up Truck Asset Amount, the Advance Rate for each
      Pick-Up Truck shall be reduced (solely for such Determination Date) by
      1.0%.

    

    “Advance
      Rate Decrease”
means,
      with respect to any Cargo Van or Pick-Up Truck, the percentage set forth in
      the
      following table with respect to the Capitalized Cost Increase Percentage for
      such Cargo Van or Pick-Up Truck: 

     

    

    
      	
               

              If
                the Capitalized Cost Increase Percentage is:

            	
              Advance

              Rate
                Decrease

            
	
              Less
                than or equal to 2.5%

            	
              2.0%

            
	
              Greater
                than 2.5% but less than or equal to 5.0%

            	
              4.0%

            
	
              Greater
                than 5.0% but less than or equal to 7.5%

            	
              6.0%

            
	
              Greater
                than 7.5% but less than or equal to 10.0%

            	
              8.0%

            
	
              Greater
                than 10.0% but less than or equal to 12.5%

            	
              10.0%

            

    

    

    provided,
      however
      that if
      the Capitalized Cost Increase Percentage with respect to such Cargo Van or
      Pick-Up Truck is greater than 12.5%, the Advance Rate Decrease for such Cargo
      Van or Pick-Up Truck will be a percentage (i) agreed to in writing by any
      Financial Insurance Provider and (ii) with respect to which the Rating Agency
      Condition shall have been satisfied, in each case prior to the acquisition
      of
      such Cargo Van or Pick-Up Truck by any Cargo Van/Pick-Up Truck SPV.

     

    “Affiliate”
means,
      with respect to any specified Person, another Person that directly, or
      indirectly through one or more intermediaries, controls or is controlled by
      or
      is under common control with the Person specified. For purposes of this
      definition, “control” means the power to direct the management and policies of a
      Person, directly or indirectly, whether through ownership of voting securities,
      by contract or otherwise; and “controlled” and “controlling” have meanings
      correlative to the foregoing.

     

    “Aggregate
      Asset Amount”
means,
      as of any Determination Date, an amount equal to the sum of (i) the Aggregate
      Assumed Asset Value as of such Determination Date, (ii) all Disposition
      Receivables as of the last day of the Related Monthly Period which were not
      more
      than three (3) days past the applicable Disposition Date and (iii) the amount
      on
      deposit in the Cargo Van/Pick-Up Truck Purchase Account as of the last day
      of
      the Related Monthly Period

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (after
      giving effect to all deposits into and withdrawals from the Cargo Van/Pick-Up
      Truck Purchase Account on such day).

     

    “Aggregate
      Asset Amount Deficiency”
means,
      as of any Determination Date, the amount, if any, by which the Aggregate Note
      Balance on the Related Payment Date (after giving effect to all payments to
      be
      made on such Payment Date) will exceed the Aggregate Asset Amount as of such
      Determination Date.

     

    “Aggregate
      Assumed Asset Value”
means,
      as of any Determination Date, the sum of the Assumed Asset Values as of such
      Determination Date for all Funded Trucks that were Eligible Trucks as of the
      last day of the Related Monthly Period.

     

    “Aggregate
      Note Balance”
means,
      with respect to any Series of Notes Outstanding, the amount specified in the
      applicable Series Supplement. 

     

    “Aggregate
      Pick-Up Truck Asset Amount”
means,
      as of any Determination Date, the sum of the Assumed Asset Values as of such
      Determination Date for all Pick-Up Trucks that were Eligible Trucks as of the
      last day of the Related Monthly Period.

     

    “AMERCO”
means
      AMERCO, a Nevada corporation, and its permitted successors.

     

    “Annual
      Noteholders’ Tax Statement”
is
      defined in Section
      4.4
      of the
      Base Indenture.

     

    “Applicants”
is
      defined in Section
      2.8
      of the
      Base Indenture.

     

    “Assumed
      Asset Value”
means,
      with respect to any Cargo Van or Pick-Up Truck as of any Determination Date,
      the
      excess of (i) the Assumed Asset Value of such Cargo Van or Pick-Up Truck as
      of
      the immediately preceding Determination Date (or, in the case of the
      Determination Date in the first full Monthly Period occurring after the
      In-Service Date with respect to such Cargo Van or Pick-Up Truck, the Capitalized
      Cost of such Cargo Van or Pick-Up Truck) over (ii) the product of (x) the
      Seasonal Depreciation Percentage for a Cargo Van or Pick-Up Truck, as
      applicable, for the Related Monthly Period and (y) the Capitalized Cost of
      such
      Cargo Van or Pick-Up Truck; provided
      that the
      Assumed Asset Value on any Determination Date for any Cargo Van or Pick-Up
      Truck
      that has suffered a Casualty on or prior to the last day of the Related Monthly
      Period will be zero.

     

    “Assumed
      Asset Value Schedule”
means
      Exhibit
      C
      to the
      SPV Fleet Owner Agreement setting forth the Seasonal Depreciation Percentages
      with respect to the Cargo Vans and Pick-Up Trucks.

     

    “Authorized
      Officer”
means
      (a) with respect to USF, any Cargo
      Van/Pick-Up Truck
      SPV, RTAC or the Nominee Titleholder, any Manager, the President, any Vice
      President, the Secretary, the Treasurer, any Assistant Secretary or any
      Assistant Treasurer of such Person, (b) with respect to UHI, the President,
      any
      Vice President, the Secretary, the Treasurer, any Assistant Secretary, or any
      Assistant Treasurer of UHI and (c) with respect to any Financial Insurance
      Provider, any Managing Director or Vice President thereof responsible for the
      administration of the Notes.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Bankruptcy
      Code”
means
      The Bankruptcy Reform Act of 1978, as amended from time to time, and as codified
      as 11 U.S.C. Section 101 et seq.
      

     

    “Base
      Indenture”
means
      the 2007-1 Cargo Van/Pick-Up Truck Base Indenture, dated as of the Effective
      Date, among USF, Cargo Van SPV and Pick-Up Truck SPV, as co-issuers, and the
      Trustee, as amended, modified or supplemented from time to time in accordance
      with its terms, exclusive of Series Supplements creating new Series of
      Notes.

     

    “Book-Entry
      Notes”
means
      beneficial interests in the Notes, ownership and transfers of which shall be
      evidenced or made through book entries by a Clearing Agency or a Foreign
      Clearing Agency as described in Section
      2.15
      of the
      Base Indenture; provided
      that
      after the occurrence of a condition whereupon book-entry registration and
      transfer are no longer permitted and Definitive Notes are issued to the Note
      Owners, such Definitive Notes shall replace Book-Entry Notes.

     

    “Business
      Day”
means
      any day other than a Saturday, Sunday or other day on which banks are authorized
      or required by law to be closed in New York City, New York, Chicago, Illinois,
      St. Paul, Minnesota or Phoenix, Arizona.

     

    “Calculation
      Date”
means,
      with respect to any calculation of the Six-Month DSCR or the One-Month DSCR
      on
      any Determination Date, the last day of the Related Monthly Period.

     

    “Canadian
      Truck”
means
      any Cargo Van or Pick-Up Truck which has been designated by the Fleet Manager
      for use in the System in Canada.

     

    “Capitalized
      Cost”
means,
      with respect to any Cargo Van or Pick-Up Truck, the original aggregate price
      paid for such Cargo Van or Pick-Up Truck, including, without duplication, the
      price paid for all other components thereof, by the applicable Cargo Van/Pick-Up
      Truck SPV (or, with respect to any Cargo Van or Pick-Up Truck contributed on
      the
      Effective Date pursuant to the Sale and Contribution Agreements, by UHLS) to
      the
      entities selling such Cargo Van or Pick-Up Truck or any component thereof to
      such Cargo Van/Pick-Up Truck SPV(or, with respect to any Cargo Van or Pick-Up
      Truck contributed on the Effective Date pursuant to the Sale and Contribution
      Agreements, to UHLS), including delivery charges but excluding taxes and any
      registration or titling fees. 

     

    “Capitalized
      Cost Discount Percentage”
means,
      with respect to any Cargo Van or Pick-Up Truck, a fraction, expressed as a
      percentage, (i) the numerator of which is equal to the Capitalized Cost of
      such
      Cargo Van or Pick-Up Truck and (ii) the denominator of which is equal to the
      trade-in value as specified in the most recently published NADA Guide of a
      cargo
      van or pick-up truck of the same make and model as such Cargo Van or Pick-Up
      Truck but of the previous model year.

     

    “Capitalized
      Cost Increase Percentage”
means,
      with respect to any Cargo Van or Pick-Up Truck, a fraction, expressed as a
      percentage, (i) the numerator of which is equal to the excess, if any, of (x)
      the Capitalized Cost of such Cargo Van or Pick-Up Truck over (y) the Capitalized
      Cost of the applicable Reference Truck and (ii) the denominator of which is
      equal to the Capitalized Cost of such Reference Truck.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Cargo
      Van”
means
      a
      cargo van owned by Cargo Van SPV.

     

    “Cargo
      Van/Pick-Up Truck Collection Account”
means
      securities account no. 113000001 entitled “U.S. Bank National Association, as
      Trustee under the Base Indenture” maintained by the Cargo Van/Pick-Up Truck
      Collection Account Securities Intermediary pursuant to the Cargo
      Van/Pick-Up
      Truck
      Collection Account Control Agreement or any successor securities account
      maintained pursuant to the Cargo Van/Pick-Up Truck Collection Account Control
      Agreement.

     

    “Cargo
      Van/Pick-Up Truck Collection Account Control Agreement”
means
      the agreement among USF, each Cargo Van/Pick-Up Truck SPV, U.S. Bank National
      Association, as securities intermediary, and the Trustee, dated as of the
      Effective Date, relating to the Cargo Van/Pick-Up Truck Collection Account,
      as
      the same may be amended and supplemented from time to time.

     

    “Cargo
      Van/Pick-Up Truck Collection Account Securities Intermediary”
means
      U.S. Bank National Association or any other securities intermediary that
      maintains the Cargo Van/Pick-Up Truck Collection Account pursuant to the Cargo
      Van/Pick-Up Truck Collection Account Control Agreement.

     

    “Cargo
      Van/Pick-Up Truck Purchase Account”
means
      securities account no. 113000006 entitled “U.S. Bank National Association, as
      Trustee under the Base Indenture” maintained by the Cargo Van/Pick-Up Truck
      Purchase Account Securities Intermediary pursuant to the Cargo Van/Pick-Up
      Truck
      Purchase Account Control Agreement or any successor securities account
      maintained pursuant to the Cargo Van/Pick-Up Truck Purchase Account Control
      Agreement.

     

    “Cargo
      Van/Pick-Up Truck Purchase Account Control Agreement”
means
      the agreement among USF, each Cargo Van/Pick-Up Truck SPV, U.S. Bank National
      Association, as securities intermediary, and the Trustee, dated as of the
      Effective Date, relating to the Cargo Van/Pick-Up Truck Purchase Account, as
      the
      same may be amended and supplemented from time to time.

     

    “Cargo
      Van/Pick-Up Truck Purchase Account Securities Intermediary”
means
      U.S. Bank National Association or any other securities intermediary that
      maintains the Cargo Van/Pick-Up Truck Purchase Account pursuant to the Cargo
      Van/Pick-Up Truck Purchase Account Control Agreement.

     

    “Cargo
      Van/Pick-Up Truck SPV”
means
      each of Cargo Van SPV and Pick-Up Truck SPV.

     

    “Cargo
      Van/Pick-Up Truck SPV Collateral”
is
      defined in Section
      3.1(b)
      of the
      Base Indenture.

     

    “Cargo
      Van/Pick-Up Truck SPV Gross Rental Fees”
means,
      with respect to any Cargo Van or Pick-Up Truck, the gross rental fees paid
      by
      customers, excluding (a) any sales or transactional tax and (b) the Safemove
      Fees, in each case generated by the rental of such Cargo Van or Pick-Up Truck
      through the System.

     

    “Cargo
      Van/Pick-Up Truck SPV Limited Liability Company Agreement”
means,
      with respect to any Cargo Van/Pick-Up Truck SPV, the Operating Agreement of
      such
      Cargo

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        
 Van/Pick-Up
        Truck SPV, dated as of June 1, 2007, between USF and the Independent Manager
        of
        such Cargo Van/Pick-Up Truck SPV, as amended, modified or supplemented from
        time
        to time in accordance with its terms.

    

     

    “Cargo
      Van/Pick-Up Truck SPV Membership Interests”
means
      all of the issued and outstanding membership interests in each of the Cargo
      Van/Pick-Up Truck SPVs.

     

    “Cargo
      Van/Pick-Up Truck SPV Permitted Note Limited Guarantee”
is
      defined in Section
      8.31
      of the
      Base Indenture.

     

    “Cargo
      Van SPV”
means
      2007 BE-1, LLC, a Nevada limited liability company, and its permitted
      successors.

     

    “Casualty”
means,
      with respect to any Cargo Van or Pick-Up Truck as of any date of determination,
      that (i) such Cargo Van or Pick-Up Truck is destroyed, seized, confiscated
      or
      otherwise rendered permanently unfit or unavailable for use as of such date,
      (ii) such Cargo Van or Pick-Up Truck has otherwise been missing for ninety
      (90)
      days or more or (iii) if the Six-Month DSCR, if any, as of the most recent
      Determination Date is less than 1.25, such Cargo Van or Pick-Up Truck has
      otherwise been missing for sixty (60) days or more.

     

    “Cede”
means
      Cede & Co., a nominee of DTC.

     

    “Certificate
      of Title”
means,
      with respect to each Cargo Van or Pick-Up Truck, the certificate of title
      applicable to such Cargo Van or Pick-Up Truck duly issued in accordance with
      the
      certificate of title act or other similar law of the jurisdiction applicable
      to
      such Cargo Van or Pick-Up Truck.

     

    “Class”
means,
      with respect to any Series of Notes, any one of the classes of Notes of that
      Series as specified in the applicable Series Supplement.

     

    “Clearing
      Agency”
means
      an organization registered as a “clearing agency” pursuant to Section 17A of the
      Exchange Act or any successor provision thereto.

     

    “Clearing
      Agency Participant”
means
      a
      broker, dealer, bank, other financial institution or other Person for whom
      from
      time to time a Clearing Agency effects book-entry transfers and pledges of
      securities deposited with the Clearing Agency.

     

    “Clearstream”
means
      Clearstream Banking, société anonyme.

     

    “Closing
      Date”
means,
      with respect to any Series of Notes, the date of issuance of such Series of
      Notes, as specified in the applicable Series Supplement.

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended, reformed or otherwise modified
      from time to time, and any successor statute of similar import, in each case
      as
      in effect from time to time. References to sections of the Code also refer
      to
      any successor sections.

     

    “Collateral”
means,
      collectively, the USF Collateral and the Cargo Van/Pick-Up Truck SPV
      Collateral.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Collateral
      Agreements”
means
      the SPV Fleet Owner Agreement, each Cargo Van/Pick-Up Truck SPV Limited
      Liability Company Agreement, the Administration Agreement, the Nominee
      Titleholder Agreement, each Sale and Contribution Agreement, any Hedge Agreement
      and any Enhancement Agreement (other than the Policy) and any other agreement,
      document or instrument relating to the formation, business, operations or
      administration of any Cargo Van/Pick-Up Truck SPV.

     

    “Collections”
means
      the Proceeds of the Collateral, including the following: (i) all payments under
      the SPV Fleet Owner Agreement, including, all Weekly Fleet Owner Payments,
      Monthly Fleet Owner Payments and Monthly Advances, (ii) all Disposition
      Proceeds, and all warranty payments and the proceeds of damage claims, which
      the
      Fleet Manager is required to deposit into the Cargo Van Pick-Up Truck Payment
      Account or the Cargo Van/Pick-Up Truck Collection Account, whether such payments
      are in the form of cash, checks, wire transfers or other forms of payment and
      (iii) all Investment Income.

     

    “Commonly
      Controlled Entity”
means
      an entity, whether or not incorporated, that is under common control with any
      Issuer within the meaning of Section 4001 of ERISA or is part of a group that
      includes any Issuer and that is treated as a single employer under Section
      414
      of the Code.

     

    “Company
      Order”
and
      “Company
      Request”
means
      a
      written order or request signed in the name of each Issuer by any one of its
      Authorized Officers and delivered to the Trustee.

     

    “Contingent
      Obligation”,
      as
      applied to any Person, means any direct or indirect liability, contingent or
      otherwise, of that Person (a) with respect to any indebtedness, lease, dividend,
      letter of credit or other obligation of another if the primary purpose or intent
      thereof by the Person incurring the Contingent Obligation is to provide
      assurance to the obligee of such obligation of another that such obligation
      of
      another will be paid or discharged, or that any agreements relating thereto
      will
      be complied with, or that the holders of such obligation will be protected
      (in
      whole or in part) against loss in respect thereof or (b) under any letter of
      credit issued for the account of that Person or for which that Person is
      otherwise liable for reimbursement thereof. Contingent Obligation shall include
      (a) the direct or indirect guarantee, endorsement (otherwise than for collection
      or deposit in the ordinary course of business), co-making, discounting with
      recourse or sale with recourse by such Person of the obligation of another
      and
      (b) any liability of such Person for the obligations of another through any
      agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise
      acquire such obligation or any security therefor, or to provide funds for the
      payment or discharge of such obligation (whether in the form of loans, advances,
      stock purchases, capital contributions or otherwise), (ii) to maintain the
      solvency of any balance sheet item, level of income or financial condition
      of
      another or (iii) to make take-or-pay or similar payments if required regardless
      of non-performance by any other party or parties to an agreement, if in the
      case
      of any agreement described under subclause
      (i)
      or
(ii)
      of this
      sentence the primary purpose or intent thereof is as described in the preceding
      sentence. The amount of any Contingent Obligation shall be equal to the amount
      of the obligation so guaranteed or otherwise supported.

     

    “Contractual
      Obligation”
means,
      with respect to any Person, any provision of any security issued by that Person
      or of any indenture, mortgage, deed of trust, contract,
      undertaking,

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        
agreement
        or other instrument to which that Person is a party or by which it or any
        of its
        properties is bound or to which it or any of its properties is
        subject.

    

     

    “Controlled
      Group”
means,
      with respect to any Person, such Person, whether or not incorporated, and any
      corporation, trade or business that is, along with such Person, a member of
      a
      controlled group of corporations or a controlled group of trades or businesses
      as described in Sections 414(b) and (c), respectively, of the Code.

     

    “Controlling
      Party”
is
      defined, with respect to any Series of Notes, in the applicable Series
      Supplement.

     

    “Corporate
      Trust Office”
means
      the office of the Trustee at which at any particular time the Trustee’s
      obligations under the Indenture shall be administered, which office at the
      date
      of the execution of the Base Indenture is located at 209 South LaSalle Street,
      3rd
      Floor,
      Chicago, Illinois 60604-1219, Attention: U-Haul 2007-1, or at any other time
      at
      such other address as the Trustee may designate from time to time by notice
      to
      the Noteholders, any Financial Insurance Provider and the Issuers.

     

    “Dealer
      Agreement”
means
      each contract between a Rental Company and an independently-owned Rental Dealer
      pursuant to which the Rental Company agrees to make trucks, trailers and other
      rental equipment available to such Rental Dealer and the Rental Dealer agrees
      to
      act as agent of the Rental Company and make such rental equipment available
      to
      rental customers.

     

    “Default”
means
      any occurrence or event which, with the giving of notice, the passage of time
      or
      both, would constitute an Event of Default.

     

    “Definitions
      List”
means
      this Definitions List, as amended or modified from time to time.

     

    “Definitive
      Notes”
is
      defined in Section
      2.15
      of the
      Base Indenture.

     

    “Depository”
is
      defined in Section
      2.15(a)
      of the
      Base Indenture.

     

    “Determination
      Date”
means,
      with respect to any Payment Date, the Monthly Fleet Owner Payment Date
      immediately preceding such Payment Date.

     

    “Discounted
      Aggregate Asset Amount”
means,
      as of any Determination Date, the sum of (i) the sum of the Discounted Asset
      Values as of such Determination Date for all Funded Trucks that were Eligible
      Trucks as of the last day of the Related Monthly Period, (ii) all Disposition
      Receivables as of the last day of the Related Monthly Period which were not
      more
      than three (3) days past the applicable Disposition Date and (iii) the amount
      on
      deposit in the Cargo Van/Pick-Up Truck Purchase Account as of the last day
      of
      the Related Monthly Period (after giving effect to all deposits into and
      withdrawals from the Cargo Van/Pick-Up Truck Purchase Account on such
      day).

     

    “Discounted
      Asset Value”
means,
      with respect to any Cargo Van or Pick-Up Truck as of any Determination Date,
      the
      product of (i) the Advance Rate for such Cargo Van or Pick-Up

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        
Truck
        as
        of such Determination Date and (ii) the Assumed Asset Value of such Cargo
        Van or
        Pick-Up Truck as of such Determination Date.

    

     

    “Disposition
      Date”
means,
      with respect to a Cargo Van or Pick-Up Truck, the date on which such Cargo
      Van
      or Pick-Up Truck is sold or otherwise disposed of by or on behalf of the
      applicable Cargo Van/Pick-Up Truck SPV.

     

    “Disposition
      Proceeds”
means
      the proceeds, net of any direct selling expenses and any accrued and unpaid
      Operating Expenses relating to such Cargo Van or Pick-Up Truck, from the sale
      or
      disposition of a Cargo Van or Pick-Up Truck.

     

    “Disposition
      Proceeds Collection Account Amount”
means,
      with respect to the sale or disposition of any Cargo Van or Pick-Up Truck,
      an
      amount equal to the excess of (i) the related Disposition Proceeds over (ii)
      the
      related Disposition Proceeds Purchase Account Amount.

     

    “Disposition
      Proceeds Purchase Account Amount”
means,
      with respect to the sale or disposition of any Cargo Van or Pick-Up Truck,
      an
      amount of the related Disposition Proceeds equal to the Discounted Asset Value
      of such Cargo Van or Pick-Up Truck on the Determination Date in the Monthly
      Period succeeding the Monthly Period in which such Cargo Van or Pick-Up Truck
      is
      sold or otherwise disposed.

     

    “Disposition
      Receivables”
means
      all amounts receivable by a Cargo Van/Pick-Up Truck SPV or the Fleet Manager,
      on
      behalf of a Cargo Van/Pick-Up Truck SPV, in connection with the auction, sale
      or
      other disposition of a Cargo Van or Pick-Up Truck.

     

    “Dollar”
and
      the
      symbol “$”
mean
      the lawful currency of the United States.

     

    “DSCR
      Interest Amount”
means,
      as of any Determination Date, the product of (i) one-twelfth of the Note Rate
      (or, in the case of the initial Determination Date following the Effective
      Date,
      the product of (1) one-twelfth of the Note Rate and (2) one plus a fraction,
      the
      numerator of which is 24 and the denominator of which is 30), and (ii) the
      sum
      of (x) for all Cargo Vans and Pick-Up Trucks that were subject to the SPV Fleet
      Owner Agreement as of the Calculation Date, the aggregate Discounted Asset
      Value
      of such Cargo Vans and Pick-Up Trucks as of the immediately preceding
      Determination Date (or, in the case of the initial Determination Date, as of
      the
      Effective Date or, in the case of any Cargo Van or Pick-Up Truck that became
      a
      Funded Truck after the Effective Date but prior to the initial Determination
      Date, as of the applicable Funding Date) and (y) any Targeted Note Balance
      Shortfall as of the immediately preceding Determination Date (which, for the
      purposes of the initial Determination Date, shall equal zero).

     

           
      "DSCR Premium” means, as of any Determination Date, the product of (i)
      one-twelfth of the Premium Rate with respect to the Notes as of the immediately
      preceding Determination Date (or, in the case of the initial Determination
      Date
      following the Effective Date, the product of (1) one-twelfth of such Premium
      Rate in connection with any Financial Insurance Policy with respect to the
      Notes
      as of the Effective Date and (2) one plus a fraction, the numerator of which
      is
      24 and the denominator of which is 30) and (ii) the sum of (x) for all Cargo
      Vans and Pick-Up Trucks that were subject to the SPV Fleet Owner Agreement
      as of
      the Calculation Date, the aggregate Discounted Asset Value of such Cargo Vans
      and Pick-Up Trucks as of the immediately preceding Determination Date (or,
      in
      the case of the initial Determination Date, as

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    of
      the Effective Date or, in the case of any Cargo Van or Pick-Up Truck that became
      a Funded Truck after the Effective Date but prior to the initial Determination
      Date, as of the applicable Funding Date) and (y) any Targeted Note Balance
      Shortfall as of the immediately preceding Determination Date (which, for the
      purposes of the initial Determination Date, shall equal zero).

     

    “DSCR
      Targeted Principal Amount”
means,
      as of any Determination Date, the sum, for all Cargo Vans and Pick-Up Trucks
      that were subject to the SPV Fleet Owner Agreement as of the Calculation Date,
      of the amount, if any, by which (i) the aggregate Discounted Asset Value of
      such
      Cargo Vans and Pick-Up Trucks as of the immediately preceding Determination
      Date
      (or, in the case of the initial Determination Date, as of the Effective Date
      or,
      in the case of any Cargo Van or Pick-Up Truck that became a Funded Truck after
      the Effective Date but prior to the initial Determination Date, as of the
      applicable Funding Date) exceeds (ii) the aggregate Discounted Asset Value
      of
      such Cargo Vans and Pick-Up Trucks as of such Determination Date.

     

    “DTC”
means
      The Depository Trust Company.

     

    “EDSF
      Rate”
means,
      as of any date of determination, the bond equivalent rate derived from the
      Eurodollar Synthetic Forward Curve appearing on Bloomberg page EDSF (or any
      successor service), adjusted for a 30/360 day count convention.

     

    “Effective
      Date”
means
      June 1, 2007.

     

    “Eligible
      Truck”
means,
      as of any date of determination, a Cargo Van or Pick-Up Truck (i) that is owned
      by a Cargo Van/Pick-Up Truck SPV, free and clear of all Liens other than
      Permitted Liens, to which such Cargo Van/Pick-Up Truck SPV, together with the
      Nominee Titleholder, holds good and marketable title, and which is subject
      to
      the SPV Fleet Owner Agreement (ii) (A) the Certificate of Title with respect
      to
      which is in the name of such Cargo Van/Pick-Up Truck SPV or the Nominee
      Titleholder and notes the Trustee as the only lienholder, or (B) an application
      for such a Certificate of Title is pending with the appropriate state
      authorities or an authorized agent thereof for the purposes of Section 9-303(b)
      of the UCC, (iii) that is manufactured by either (A) Ford or GM, or (B) any
      other manufacturer (x) so long as the Controlling Party is a Financial Insurance
      Provider, consented to in writing by the Controlling Party and (y) with respect
      to which the Rating Agency Condition has been satisfied (iv) which has been
      purchased by a Cargo Van/Pick-Up Truck SPV, or prior to the Effective Date,
      by
      an Affiliate thereof, directly from the manufacturer or a third-party dealer,
      (v) that has been acquired by such Cargo Van/Pick-Up Truck SPV less than 100
      days after the In-Service Date with respect to such Cargo Van or Pick-Up Truck,
      (vii) that was made available for rental in the System not later than 4 days
      following the date of the delivery of such Cargo Van or Pick-Up Truck to the
      applicable Cargo Van/Pick-Up Truck SPV or any Affiliate thereof (provided
      that if
      an act
      of
      God, war, fire, flood, tempest, accident, civil disturbance, act of governmental
      authority or other act of authority (de
      jure
      or
de
      facto),
      legal
      constraint or other similar cause beyond the reasonable control of any Cargo
      Van/Pick-Up Truck SPV, the Fleet Manager or any Rental Company prevents such
      Cargo Van or Pick-Up Truck from being made available for rental in the System
      within such four-day period, such Cargo Van or Pick-Up Truck will not be an
      Ineligible Truck solely as a result thereof so long as such Cargo Van or Pick-Up
      Truck is made available for rental in the System not later than 30 days
after
      the
      delivery of such Cargo Van or Pick-Up Truck to the applicable Cargo Van/Pick-Up
      Truck SPV or any Affiliate thereof),

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        
(vii)
        that is not more than fifteen (15) months old as of such date, as measured
        from
        the In-Service Date with respect to such Cargo Van or Pick-Up Truck, and
        (viii)
        that is not an Uneconomical Truck; provided,
        however,
        that if
        at the time of the designation of any Cargo Van or Pick-Up Truck as a Canadian
        Truck the number of Canadian Trucks is greater than an amount equal to 3%
        of the
        number of all Eligible Trucks as of such date, then following such designation
        as a Canadian Truck, such Cargo Van or Pick-Up Truck shall not be an Eligible
        Truck; provided further
        that on
        the first subsequent date that the number of Canadian Trucks is less than
        3% of
        the number of all Eligible Trucks on such date, then such Canadian Truck
        shall
        become an Eligible Truck so long as it and all other Canadian Trucks that
        are
        Eligible Trucks do not constitute more than 3% of all Eligible Trucks as
        of such
        date.

    

     

    “Eligible
      Deposit Account”
means
      (a) a segregated identifiable trust account established in the trust department
      of a Qualified Trust Institution or (b) a separately identifiable deposit
      account established in the deposit taking department of a Qualified
      Institution.

     

    “Enforcement
      Event”
means
      any of the events described in Section
      8.1
      of the
      SPV Fleet Owner Agreement.

     

    “Enhancement”
means,
      with respect to any Series of Notes, the rights and benefits provided to the
      Noteholders of such Series of Notes pursuant to any Financial Insurance Policy,
      cash collateral account, overcollateralization, spread account, guaranteed
      rate
      agreement, maturity guaranty facility, tax protection agreement, interest rate
      hedge or any other similar arrangement.

     

    “Enhancement
      Agreement”
means
      any contract, agreement, instrument or document governing the terms of any
      Enhancement or pursuant to which any Enhancement is issued or outstanding,
      including any fee letter in connection therewith.

     

    “Enhancement
      Provider”
means
      the Person providing any Enhancement as designated in the applicable Series
      Supplement, other than, solely for the purposes of determining from which
      parties consent is required for any action to be taken with respect to the
      Related Documents, any provider of a letter of credit unless the applicable
      Series Supplement expressly provides that such provider is an Enhancement
      Provider for the purpose of the Base Indenture.

     

    “Environmental
      Laws”
means
      any and all foreign, Federal, state, local or municipal laws, rules, orders,
      regulations, statutes, ordinances, codes, decrees, requirements of any
      Governmental Authority or other Requirements of Law (including common law)
      regulating, relating to or imposing liability or standards of conduct concerning
      protection of the environment, as now or at any time hereafter in
      effect.

     

    “Environmental
      Permits”
is
      defined in Section
      8.27
      of the
      Base Indenture.

     

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as amended, and any
      successor statute of similar import, in each case as in effect from time to
      time. References to sections of ERISA also refer to any successor
      sections.

     

    “Estimated
      SPV Fleet Owner Net Cash Flow”
means,
      for any Monthly Period, the highest Monthly SPV Fleet Owner Net Cash Flow for
      any Monthly Period during the three (3)

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        
 Monthly
        Periods immediately preceding such Monthly Period. The Estimated SPV Fleet
        Owner
        Net Cash Flow for the first three (3) Monthly Periods after the Effective
        Date
        will be set forth on Schedule
        3.4
        to the
        SPV Fleet Owner Agreement.

    

     

    “Euroclear”
means
      Euroclear Bank, S.A./N.V., as operator of the Euroclear System.

     

    “Event
      of Bankruptcy”
shall
      be deemed to have occurred with respect to a Person if:

     

    (a) a
      case or
      other proceeding shall be commenced, without the application or consent of
      such
      Person, in any court, seeking the liquidation, reorganization, debt arrangement,
      dissolution, winding up, or composition or readjustment of debts of such Person,
      the appointment of a trustee, receiver, custodian, liquidator, assignee,
      sequestrator or the like for such Person or all or any substantial part of
      its
      assets, or any similar action with respect to such Person under any law relating
      to bankruptcy, insolvency, reorganization, winding up or composition or
      adjustment of debts, and such case or proceeding shall continue undismissed,
      or
      unstayed and in effect, for a period of 60 consecutive days; or an order for
      relief in respect of such Person shall be entered in an involuntary case under
      the federal bankruptcy laws or other similar laws now or hereafter in
      effect;

     

    (b) such
      Person shall commence a voluntary case or other proceeding under any applicable
      bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other
      similar law now or hereafter in effect, or shall consent to the appointment
      of
      or taking possession by a receiver, liquidator, assignee, trustee, custodian,
      sequestrator (or other similar official) for such Person or for any substantial
      part of its property, or shall make any general assignment for the benefit
      of
      creditors; or

     

    (c) the
      board
      of directors or other similar governing body of such Person (if such Person
      is a
      corporation or similar entity) shall vote to implement any of the actions set
      forth in clause
      (b)
      above.

     

    “Event
      of Default”
is
      defined in Section
      9.1
      of the
      Base Indenture.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “FDIC”
means
      the Federal Deposit Insurance Corporation.

     

    “Financial
      Insurance Policy”
means,
      with respect to any Series of Notes, a financial guaranty insurance policy
      insuring the timely payment of interest on such Notes and the payment of
      principal of such Notes on their Legal Final Maturity Date.

     

    “Financial
      Insurance Provider”
means
      the financial guaranty insurance company issuing a Financial Insurance
      Policy.

     

    “Fleet
      Manager”
means
      UHI, in its capacity as the fleet manager under the SPV Fleet Owner Agreement,
      and its permitted assigns.

     

    “Fleet
      Manager Withdrawal”
is
      defined in Section
      5.2(b)
      of the
      Base Indenture.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    “Fleet
      Owner Commissions”
means,
      with respect to each Cargo Van or Pick-Up Truck, the product of (i) 60% and
      (ii)
      the Cargo Van/Pick-Up Truck SPV Gross Rental Fees with respect to such Cargo
      Van
      or Pick-Up Truck.

     

    “Ford”
means
      Ford Motor Company, a Delaware corporation, and its successors.

     

    “Foreign
      Clearing Agency”
means
      Clearstream and Euroclear.

     

    “Funded
      Trucks”
is
      defined, with respect to any Series of Notes, in the applicable Series
      Supplement.

     

    “GAAP”
means
      the generally accepted accounting principles in the United States promulgated
      or
      adopted by the Financial Accounting Standards Board and its predecessors and
      successors from time to time.

     

    “Global
      Note”
means
      a
      Note in registered form evidencing Book-Entry Notes.

     

    “GM”
means
      General Motors Corporation, a Delaware corporation, and its
      successors.

     

    “Governmental
      Authority”
means
      the government of the United States of America or any other nation or any
      political subdivision of the foregoing, whether state or local, and any agency,
      authority, instrumentality, regulatory body, court, central bank or other entity
      exercising executive, legislative, judicial, taxing, regulatory or
      administrative powers or functions of or pertaining to government.

     

    “Hedge
      Agreement”
means
      one or more interest rate swap contracts, interest rate cap agreements or
      similar contracts entered into by the Issuers in connection with the issuance
      of
      a Series of Notes, as specified in the applicable Series Supplement, providing
      protection against interest rate risks.

     

    “Hedge
      Payments”
means
      amounts payable to or receivable by the Issuers pursuant to any Hedge
      Agreement.

     

    “Indebtedness”,
      as
      applied to any Person, means, without duplication, (a) all indebtedness for
      borrowed money, (b) that portion of obligations with respect to any lease of
      any
      property (whether real, personal or mixed) that is properly classified as a
      liability on a balance sheet in conformity with GAAP, (c) notes payable and
      drafts accepted represent-ing extensions of credit whether or not representing
      obligations for borrowed money, (d) any obligation owed for all or any part
      of
      the deferred purchase price for property or services, which purchase price
      is
      (i) due more than six months from the date of the incurrence of the obligation
      in respect thereof or (ii) evidenced by a note or similar written instrument,
      (e) all indebtedness secured by any Lien on any property or asset owned by
      that
      Person regardless of whether the indebtedness secured thereby shall have been
      assumed by that Person or is nonrecourse to the credit of that Person, (f)
      all
      net obligations under any interest rate swap contracts, interest rate cap
      agreements or similar contracts and (g) all Contingent Obligations of such
      Person in respect of any of the foregoing.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    “Indenture”
means
      the Base Indenture, together with any Series Supplement in effect, as the same
      may be amended, modified or supplemented from time to time by Supplements
      thereto in accordance with its terms.

     

    “Independent
      Manager”
is
      defined (i) with respect to USF, in Schedule
      A
      to the
      USF Limited Liability Company Agreement, (ii) with respect to each Cargo
      Van/Pick-Up Truck SPV, in Schedule
      A
      to the
      applicable Cargo Van/Pick-Up Truck SPV Limited Liability Company Agreement,
      and
      (iii) with respect to the Nominee Titleholder, in Schedule
      A
      to the
      Nominee Titleholder Limited Liability Company Agreement.

     

    “Ineligible
      Truck”
means
      a
      Cargo Van or Pick-Up Truck that is not an Eligible Truck.

     

    “Initial
      Aggregate Note Balance”
means,
      with respect to any Series of Notes, the aggregate initial principal amount
      specified in the applicable Series Supplement.

     

    “In-Service
      Date”
means,
      with respect to any Cargo Van or Pick-Up Truck, the first date on which such
      Cargo Van or Pick-Up Truck is available for rental in the System.

     

    “Interest
      Period”
means,
      with respect to any Series of Notes, the period from and including the preceding
      Payment Date to but excluding the current Payment Date; provided,
      however,
      that
      (x) the initial Interest Period with respect to such Series of Notes shall
      commence on the Closing Date for such Series and (y) the final Interest Period
      shall end on, and exclude, the Payment Date on which the Notes of such Series
      shall have been paid in full.

     

    “Investment
      Company Act”
means
      the Investment Company Act of 1940, as amended.

     

    “Investment
      Income”
means
      the investment earnings (net of losses and investment expenses) on amounts
      on
      deposit in the Cargo Van/Pick-Up Truck Collection Account, the Cargo Van/Pick-Up
      Truck Purchase Account and any Series Account.

     

    “Investment
      Property”
has
      the
      meaning specified in Section 9-102(a)(49) of the applicable UCC.

     

    “Issuer
      Accounts”
means
      the Cargo Van/Pick-Up Truck Collection Account, the Cargo Van/Pick-Up Truck
      Purchase Account and each Series Account.

     

    “Issuer
      Assets”
means
      all assets of the Issuers.

     

    “Issuer
      Obligations”
means
      all principal, premium and interest, at any time and from time to time, owing
      by
      the Issuers with respect to the Notes, and all costs, fees, expenses,
      indemnities and all other amounts payable by, or obligations of, any Issuer
      under the Indenture and/or the Related Documents, including any amounts payable
      to any Financial Insurance Provider.

     

    “Issuers”
means,
      collectively, USF, Cargo Van SPV and Pick-Up Truck SPV, as co-issuers of the
      Notes.

     

    “Legal
      Final Maturity Date”
means,
      with respect to any Series of Notes, the date stated in the applicable Series
      Supplement as the maturity date of the Notes of such Series.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    “Letter
      of Representation”
means,
      with respect to a Series of Notes having Book-Entry Notes, the letter of
      representation from the Issuers to the Clearing Agency or the Foreign Clearing
      Agency with respect to such Series, or as otherwise provided in the applicable
      Series Supplement.

     

    “Lien”
means,
      when used with respect to any Person, any interest in any real or personal
      property, asset or other right held, owned or being purchased or acquired by
      such Person which secures payment or performance of any obligation, and shall
      include any mortgage, lien, pledge, encumbrance, charge, retained security
      title
      of a conditional vendor or lessor, or other security interest of any kind,
      whether arising under a security agreement, mortgage, lease, deed of trust,
      chattel mortgage, assignment, pledge, retention or security title, financing
      or
      similar statement, or notice or arising as a matter of law, judicial process
      or
      otherwise.

     

    “Management
      Standard”
is
      defined in Section
      2.5
      of the
      SPV Fleet Owner Agreement.

     

    “Manager”
is
      defined (i) with respect to USF, in Schedule
      A
      to the
      USF Limited Liability Company Agreement, (ii) with respect to each Cargo
      Van/Pick-Up Truck SPV, in Schedule
      A
      to the
      applicable Cargo Van/Pick-Up Truck SPV Limited Liability Company Agreement,
      and
      (iii) with respect to the Nominee Titleholder, in Schedule
      A
      to the
      Nominee Titleholder Limited Liability Company Agreement.

     

    “Material
      Adverse Effect”
means,
      with respect to any occurrence, event or condition:

     

    (i) a
      materially adverse effect on the ability of UHI, any Cargo Van/Pick-Up Truck
      SPV, the Nominee Titleholder or USF to perform its obligations under any of
      the
      Related Documents;

     

    (ii) an
      adverse effect on (a) the validity or enforceability of any Related Document
      or
      the rights and remedies of the Trustee, any Financial Insurance Provider or
      any
      Issuer under any Related Document to which it is a party or (b) the validity,
      priority or perfection of the Trustee’s Lien on the Collateral; or

     

    (iii) a
      materially adverse effect on (a) the Noteholders or an Enhancement Provider,
      (b)
      the ownership interest of any Cargo Van/Pick-Up Truck SPV in its respective
      Cargo Vans or Pick-Up Trucks, (c) the value of the Cargo Vans or Pick-Up Trucks
      or (d) the value or collectibility of the Fleet Owner Commissions or Other
      Fleet
      Owner Payments generated by the Cargo Vans and Pick-Up Trucks.

     

    “Maximum
      Pick-Up Truck Asset Amount”
means,
      as of any Determination Date, an amount equal to the product of (i) 40% and
      (ii)
      the Aggregate Assumed Asset Value as of such Determination Date.

     

    “Member”
is
      defined (i) with respect to USF, in Schedule
      A
      to the
      USF Limited Liability Company Agreement, (ii) with respect to each Cargo
      Van/Pick-Up Truck SPV, in Schedule
      A
      to the
      applicable Cargo Van/Pick-Up Truck SPV Limited Liability Company Agreement,
      and
      (iii)

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        
with
        respect to the Nominee Titleholder, in Schedule
        A
        to the
        Nominee Titleholder Limited Liability Company Agreement.

    

     

    “Monthly
      Administration Fee”
means,
      for any Determination Date, one-twelfth of the product of (i) 0.04% and (ii)
      the
      Aggregate Assumed Asset Value as of the immediately preceding Determination
      Date.

     

    “Monthly
      Advance”
is
      defined in Section
      3.7
      of the
      SPV Fleet Owner Agreement.

     

    “Monthly
      Advance Reimbursement Amount”
means,
      with respect to any Series of Notes Outstanding, the amount specified in the
      applicable Series Supplement. 

     

    “Monthly
      Fleet Manager Excess Amount”
means,
      for any Monthly Fleet Owner Payment Date, the excess, if any, of (a) the
      aggregate amount deposited by the Fleet Manager in the Cargo Van/Pick-Up Truck
      Collection Account on each Weekly Fleet Owner Payment Date during the Related
      Monthly Period pursuant to the SPV Fleet Owner Agreement over (b) the Monthly
      SPV Fleet Owner Net Cash Flow for such Related Monthly Period.

     

    “Monthly
      Fleet Owner Payment”
means,
      for any Monthly Fleet Owner Payment Date, the excess, if any, of (a) the Monthly
      SPV Fleet Owner Net Cash Flow for the Related Monthly Period over (b) the
      aggregate amount deposited by the Fleet Manager in the Cargo Van/Pick-Up Truck
      Collection Account on each Weekly Fleet Owner Payment Date during such Related
      Monthly Period pursuant to the SPV Fleet Owner Agreement.

     

    “Monthly
      Fleet Owner Payment Date”
means
      the third Friday of each calendar month, or, if such day is not a Business
      Day,
      the next succeeding Business Day, commencing July 20, 2007.

     

    “Monthly
      Insurance Payment”
is
      defined in Section
      2.4
      of the
      SPV Fleet Owner Agreement. 

     

    “Monthly
      Nominee Titleholder Fee”
means,
      for any Determination Date, one-twelfth of the product of (i) 0.01% and (ii)
      the
      Aggregate Assumed Asset Value as of the immediately preceding Determination
      Date.

     

    “Monthly
      Noteholders’ Statement”
means,
      with respect to any Series of Notes, a statement substantially in the form
      of an
      Exhibit to the applicable Series Supplement.

     

    “Monthly
      Period”
means
      each calendar month; provided,
      however,
      that
      (x) if the Closing Date occurs on or prior to the tenth day of a calendar month,
      the initial Monthly Period shall be the period from and including the Closing
      Date to and including the last day of such calendar month and (y) if the Closing
      Date occurs after the tenth day of a calendar month, the initial Monthly Period
      shall be the period from and including the Closing Date to and including the
      last day of the calendar month immediately following such calendar
      month.

     

    “Monthly
      Report”
is
      defined in Section
      4.1(b)
      of the
      Base Indenture.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    “Monthly
      SPV Fleet Owner Net Cash Flow”
means,
      for any Monthly Period, the sum of the SPV Fleet Owner Net Cash Flows for each
      Cargo Van and Pick-Up Truck during such Monthly Period.

     

    “Moody’s”
means
      Moody’s Investors Service, Inc.

     

    “NADA
      Guide”
means
      the National Automobile Dealers Association, Official Used Car Guide, Eastern
      Edition.

     

    “Nevada
      Limited Liability Company Act”
means
      Title 7, Chapter 86 of the Nevada Revised Statues, as amended from time to
      time.

     

    “New
      York UCC”
means
      the UCC in effect from time to time in the State of New York.

     

    “Nominee
      Titleholder”
means
      U-Haul Titling, LLC as nominee titleholder for each Cargo Van/Pick-Up Truck
      SPV
      appointed pursuant to the Nominee Titleholder Agreement.

     

    “Nominee
      Titleholder Agreement”
means
      the Nominee Titleholder Agreement, dated as of the Effective Date, among the
      Nominee Titleholder, the Trustee, UHI and each Cargo Van/Pick-Up Truck SPV,
      as
      amended, modified or supplemented from time to time in accordance with its
      terms.

     

    “Nominee
      Titleholder Limited Liability Company Agreement”
means
      the Operating Agreement of the Nominee Titleholder, dated as of June 1, 2007,
      between U-Haul Co. of Arizona and the Nominee Titleholder’s Independent Manager,
      as amended, modified or supplemented from time to time in accordance with its
      terms.

     

    “Note
      Owner”
means,
      with respect to a Book-Entry Note, the Person who is the beneficial owner of
      such Book-Entry Note, as reflected on the books of the Clearing Agency or
      Foreign Clearing Agency, or on the books of a Person maintaining an account
      with
      such Clearing Agency or Foreign Clearing Agency (directly or as an indirect
      participant, in accordance with the rules of such Clearing Agency or Foreign
      Clearing Agency).

     

    “Note
      Rate”
means,
      with respect to any Series of Notes, the annual rate at which interest accrues
      on the Notes of such Series of Notes (or formula on the basis of which such
      rate
      shall be determined) as stated in the applicable Series Supplement.

     

    “Note
      Register”
is
      defined in Section
      2.6(a)
      of the
      Base Indenture.

     

    “Noteholder”
and
      “Holder”
means
      the Person in whose name a Note is registered in the Note Register.

     

    “Notes”
is
      defined in the recitals to the Base Indenture.

     

    “Officer’s
      Certificate”
means
      a
      certificate signed by an Authorized Officer of USF, any Cargo Van/Pick-Up Truck
      SPV, the Nominee Titleholder and/or UHI, as the case may be.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    “One-Month
      DSCR”
means,
      as of any Determination Date, the ratio of (a) the sum of (i) the aggregate
      SPV
      Fleet Owner Net Cash Flows for all Cargo Vans and Pick-Up Trucks subject to
      the
      SPV Fleet Owner Agreement as of the last day of the Related Monthly Period
      during the Related Monthly Period (which, for the avoidance of doubt, shall
      not
      include the amount of any Monthly Advance) and (ii) all Investment Income (other
      than Investment Income earned on amounts on deposit in the Cargo Van/Pick-Up
      Truck Purchase Account) for the Related Monthly Period to (b) the sum of (i)
      the
      sum of (X) the DSCR Targeted Principal Amount, (Y) the DSCR Interest Amount
      and
      (Z) the DSCR Premium, in each case as of such Determination Date and (ii) any
      Targeted Note Balance Shortfall on the immediately preceding Determination
      Date.

     

    “Operating
      Expenses”
means,
      with respect to each Cargo Van and Pick-Up Truck, the Monthly Insurance Payment
      with respect to such Cargo
      Van
      or Pick-Up Truck
      and
      all maintenance, repair, licensing and titling costs with respect to or
      allocated to such Cargo Van or Pick-Up Truck by the Fleet Manager in accordance
      with the terms of the SPV Fleet Owner Agreement.

     

    “Opinion
      of Counsel”
means
      a
      written opinion from legal counsel who is reasonably acceptable to the Trustee.
      The counsel may be counsel to USF, any Cargo Van/Pick-Up Truck SPV, the Nominee
      Titleholder or UHI, as the case may be. For purposes of Section
      8.11(e)
      of the
      Base Indenture, any legal counsel employed by UHI, which may be an employee
      of
      UHI, shall be deemed to be reasonably acceptable to the Trustee.

     

    “Other
      Assets”
is
      defined in Section
      14.19
      of the
      Base Indenture.

     

    “Other
      Fleet Owner Payments”
means,
      with respect to each Cargo Van and Pick-Up Truck, the sum of (i) all warranty
      payments and (ii) all Safemove Fees, less
      the
      amount thereof payable to Republic Western Insurance Company or any other
      insurance carrier in respect of the related Safemove, in each case with respect
      to such Cargo Van or Pick-Up Truck.

     

    “Outstanding”
is
      defined, with respect to any Series of Notes, in the applicable Series
      Supplement.

     

    “Paying
      Agent”
means
      any paying agent appointed pursuant to Section
      2.7(a)
      of the
      Base Indenture.

     

    “Payment
      Date”
means
      the twenty-fifth day of each calendar month, or, if such day is not a Business
      Day, the next succeeding Business Day, commencing on July 25, 2007.

     

    “PBGC”
means
      Pension Benefit Guaranty Corporation.

     

    “Pension
      Plan”
means
      any “employee pension benefit plan”, as such term is defined in ERISA, which is
      subject to Title IV of ERISA (other than a “multiemployer plan”, as defined in
      Section 4001 of ERISA) and to which any company in the Controlled Group has
      liability, including any liability by reason of having been a substantial
      employer within the meaning of Section 4063 of ERISA for any time within the
      preceding five years or by reason of being deemed to be a contributing sponsor
      under Section 4069 of ERISA.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    “Permitted
      Investments”
means
      negotiable instruments or securities, payable in Dollars, issued by an entity
      organized under the laws of the United States of America and represented by
      instruments in bearer or registered or book-entry form which evidence (excluding
      any security with the “r” symbol attached to its rating):

     

    (i)
      obligations the full and timely payment of which are to be made by or is fully
      guaranteed by the United States of America other than financial contracts whose
      value depends on the values or indices of asset values;

     

    (ii)
      demand deposits of, time deposits in, or certificates of deposit issued by,
      any
      depositary institution or trust company incorporated under the laws of the
      United States of America or any state thereof whose short-term debt is rated
      “P-1” or higher by Moody’s and “A-1+” by Standard & Poor’s and subject to
      supervision and examination by federal or state banking or depositary
      institution authorities; provided,
      however,
      that at
      the earlier of (x) the time of the investment and (y) the time of the
      contractual commitment to invest therein, the long-term unsecured debt
      obligations (other than such obligation whose rating is based on collateral
      or
      on the credit of a Person other than such institution or trust company) of
      such
      depositary institution or trust company shall have a credit rating from Standard
      & Poor’s of not lower than “AAA”;

     

    (iii)
      commercial paper having, at the earlier of (x) the time of the investment and
      (y) the time of the contractual commitment to invest therein, a rating from
      Moody’s of “P-1” and Standard & Poor’s of “A-1+”;

     

    (iv)
      bankers’ acceptances issued by any depositary institution or trust company
      described in clause (ii) above;

     

    (v)
      investments in money market funds (including any money market mutual funds
      or
      common trust funds and including any funds managed by the Trustee or an
      Affiliate thereof) (x) rated “Aaa” by Moody’s and “AAAm” by Standard &
Poor’s or (y) with respect to the investment in which the Rating Agency
      Condition has been satisfied and, for so long as a Financial Insurance Provider
      is the Controlling Party, which have been approved in writing by the Controlling
      Party;

     

    (vi)
      Eurodollar time deposits having a credit rating from Moody’s of “P-1” and
      Standard & Poor’s of “A-1+”;

     

    (vii)
      repurchase agreements involving any of the Permitted Investments described
      in
      clauses (i) and (vi) above and the certificates of deposit described in clause
      (ii) above which are entered into with a depository institution or trust
      company, having a commercial paper or short-term certificate of deposit rating
      of “P-1” by Moody’s and “A-1+” by Standard & Poor’s or which otherwise is
      approved as to collateralization by the Rating Agencies; and

     

    (viii)
      any other instruments or securities, if (x) for so long as a Financial Insurance
      Provider is the Controlling Party, the Controlling Party consents in writing
      and
      (y) with respect to the investment in which the Rating Agency Condition has
      been
      satisfied.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    “Permitted
      Liens”
means
      (i) Liens for current taxes not delinquent or for taxes being contested in
      good
      faith and by appropriate proceedings, and with respect to which adequate
      reserves have been established, and are being maintained, in accordance with
      GAAP, (ii) mechanics’, materialmen’s, landlords’, warehousemen’s and carriers’
Liens, and other Liens imposed by law, securing obligations arising in the
      ordinary course of business that are not more than thirty (30) days past due
      or
      are being contested in good faith and by appropriate proceedings and with
      respect to which adequate reserves have been established, and are being
      maintained, in accordance with GAAP, (iii) the Liens in favor of the Cargo
      Van/Pick-Up Truck SPVs created pursuant to the SPV Fleet Owner Agreement, (iv)
      the Liens in favor of the Trustee created pursuant to the Indenture or (v)
      the
      Liens created on Other Assets in connection with a Permitted Note Issuance
      pursuant to any Permitted Note Issuance Related Documents; provided
      that, in
      the case of clauses
      (i)
      and
(ii),
      such
      Liens do not create any material risk of foreclosure of any asset and the
      failure to make payment pending resolution could not reasonably be expected
      to
      result in a Material Adverse Effect.

     

    “Permitted
      Note Issuance”
means
      the issuance by USF and one or more Permitted Note Issuance SPVs of one or
      more
      series of notes (a) that are secured solely by Other Assets of USF and all
      assets of such Permitted Note Issuance SPVs including, among other things,
      a
      security interest in box trucks, vans and/or pickup trucks being acquired,
      directly or indirectly, with the proceeds of such notes, one or more fleet
      owner
      agreements pursuant to which UHI agrees to make such box trucks, vans and/or
      pickup trucks available for rental in the System and the equity interests in
      each Permitted Note Issuance SPV owning such box trucks, vans and/or pickup
      trucks held by USF and (b) if issued on or after the Effective Date, with
      respect to the issuance of which the Rating Agency Condition shall have been
      satisfied.

     

    “Permitted
      Note Issuance Indenture”
means
      any indenture pursuant to which Permitted Notes are issued by USF and/or one
      or
      more Permitted Note Issuance SPVs.

     

    “Permitted
      Note Issuance Rating Agency Condition”
means,
      with respect to any action, that each Rating Agency shall have notified the
      Issuers, any Financial Insurance Provider and the Trustee in writing that such
      action will not result in a reduction or withdrawal of the rating (in effect
      immediately before the taking of such action) of any series of Permitted Notes
      (including any rating of such Permitted Notes assigned without regard to
      enhancement for such Permitted Notes).

     

    “Permitted
      Note Issuance Related Documents”
means
      each Permitted Note Issuance Indenture, each Permitted Note Issuance SPV Limited
      Guarantee and any other agreements or instruments entered into by USF or a
      Permitted Note Issuance SPV in connection with any Permitted Note
      Issuance.

     

    “Permitted
      Note Issuance SPV”
means
      a
      special purpose, bankruptcy-remote entity, other than a Cargo Van/Pick-Up Truck
      SPV, which is a direct wholly-owned subsidiary of USF and which owns box trucks,
      vans and/or pickup trucks engaged in a Permitted Note Issuance.

     

    “Permitted
      Note Issuance SPV Limited Guarantee”
means
      a
      guarantee by a Permitted Note Issuance SPV of, among other things, the
      obligations of USF under the Indenture, substantially identical, mutatis mutandis,
      to
Exhibit
      B
      to the
      Base Indenture.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    “Permitted
      Note Issuance Trustee”
means
      a
      Person party to a Permitted Note Issuance Indenture as trustee.

     

    “Permitted
      Notes”
means
      any series of notes issued by USF and/or one or more Permitted Note Issuance
      SPVs in connection with a Permitted Note Issuance.

     

    “Person”
means
      any natural person, corporation, business trust, joint venture, association,
      company, partnership, limited liability company, joint stock company,
      corporation, trust, unincorporated organization or Governmental
      Authority.

     

    “Pick-Up
      Truck”
means
      a
      pick-up truck owned by Pick-Up Truck SPV.

     

    “Pick-Up
      Truck SPV”
means
      2007 BP-1, LLC, a Nevada limited liability company, and its permitted
      successors.

     

    “Placement
      Agency Agreement”
means
      any agreement pursuant to which one or more Placement Agents agree with the
      Issuers and UHI to place Notes with, or purchase Notes for resale to,
      investors.

     

    “Placement
      Agent”
means
      any Person in its capacity as a placement agent or an initial purchaser under
      a
      Placement Agency Agreement.

     

    “Potential
      Enforcement Event”
means
      any occurrence or event which, with the giving of notice, the passage of time
      or
      both, would constitute an Enforcement Event.

     

    “Potential
      Rapid Amortization Event”
means
      any occurrence or event which, with the giving of notice, the passage of time
      or
      both, would constitute a Rapid Amortization Event.

     

    “Potential
      Termination Event”
means
      any occurrence or event which, with the giving of notice, the passage of time
      or
      both, would constitute a Termination Event.

     

    “Premium
      Rate”
with
      respect to any Financial Insurance Policy will be defined in the fee letter
      with
      respect to such Financial Insurance Policy.

     

    “Principal
      Terms”
is
      defined in Section
      2.4
      of the
      Base Indenture.

     

    “Proceeding”
means
      any suit in equity, action or law or other judicial or administrative
      proceeding.

     

    “Proceeds”
has
      the
      meaning set forth in Section 9-102(a)(64) of the applicable UCC.

     

    “Qualified
      Institution”
means
      a
      depository institution organized under the laws of the United States of America
      or any state thereof or incorporated under the laws of a foreign jurisdiction
      with a branch or agency located in the United States of America or any state
      thereof and subject to supervision and examination by federal or state banking
      authorities which at all times has the Required Rating and, in the case of
      any
      such institution organized under the laws of the United States of America,
      whose
      deposits are insured by the FDIC.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    “Qualified
      Trust Institution”
means
      an institution organized under the laws of the United States of America or
      any
      state thereof or incorporated under the laws of a foreign jurisdiction with
      a
      branch or agency located in the United States of America or any state thereof
      and subject to supervision and examination by federal or state banking
      authorities which at all times (i) is authorized under such laws to act as
      a
      trustee or in any other fiduciary capacity, (ii) has capital, surplus and
      undivided profits of not less than $500,000,000 as set forth in its most recent
      published annual report of condition and (iii) has a long term deposits rating
      of not less than “AA-” by Standard & Poor’s and “Aa3” by
      Moody’s.

     

    “Rapid
      Amortization Event”
is
      defined in Section
      10.1
      of the
      Base Indenture.

     

    “Rating
      Agency”
means
      each of Moody’s and Standard & Poor’s.

     

    “Rating
      Agency Condition”
means,
      with respect to any action, that (i) each Rating Agency shall have notified
      the
      Issuers, any Financial Insurance Provider and the Trustee in writing that such
      action will not result in a reduction or withdrawal of the rating (in effect
      immediately before the taking of such action) of the Notes and (ii) each Rating
      Agency shall have notified any applicable Enhancement Provider entitled to
      such
      notification pursuant to the Indenture in writing that such action will not
      result in a reduction or withdrawal of the rating (without regard to the
      presence of the Enhancement provided by each such Enhancement Provider and
      in
      effect immediately before the taking of such action) of the Notes.

     

    “Record
      Date”
with
      respect to any Series of Notes, has the meaning specified in the applicable
      Series Supplement.

     

    “Reference
      Truck”
means,
      with respect to any Cargo Van or Pick-Up Truck, the Cargo Van or Pick-Up Truck
      most recently purchased by either Cargo Van/Pick-Up Truck SPV of the same make
      and model as such Cargo Van or Pick-Up Truck, but of the previous model
      year.

     

    “Registrar”
is
      defined in Section
      2.6(a)
      of the
      Base Indenture.

     

    “Related
      Documents”
means,
      collectively, the Indenture, the Notes, any Enhancement Agreement, the Nominee
      Titleholder Agreement, the Administration Agreement, the Account Control
      Agreements, the Cargo Van/Pick-Up Truck SPV Limited Liability Company
      Agreements, the USF Limited Liability Company Agreement, each Sale and
      Contribution Agreement, any Placement Agency Agreement, any other agreements
      relating to the issuance or the purchase of any Series of Notes and the SPV
      Fleet Owner Agreement.

     

    “Related
      Monthly Period”
means,
      with respect to any Payment Date, any Determination Date, any Calculation Date
      or any Monthly Fleet Owner Payment Date, the Monthly Period immediately
      preceding the Monthly Period in which such Payment Date, Determination Date,
      Calculation Date or Monthly Fleet Owner Payment Date occurs.

     

    “Related
      Payment Date”
means,
      with respect to any Determination Date, the Payment Date next succeeding such
      Determination Date.

     

    “Rental
      Company”
means
      each wholly-owned subsidiary of UHI acting as a regional marketing company
      pursuant to a Rental Company Contract.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    “Rental
      Company Contract”
means
      each Rental Company Contract between a Rental Company and UHI, substantially
      in
      the form of Exhibit A to the SPV Fleet Owner Agreement, pursuant to which UHI
      agrees to make trucks, trailers and other rental equipment available to the
      System in the Rental Company’s territory and the Rental Company agrees to
      merchandise, maintain and repair such rental equipment.

     

    “Rental
      Dealer”
means
      any U-Haul operated retail moving center or independent dealer offering truck
      rental services in the United States or Canada.

     

    “Required
      Noteholders”
means
      Noteholders holding in excess of 50% of the Aggregate Note Balance (excluding,
      for the purposes of making the foregoing calculation, any Notes held by any
      Issuer or any Affiliate of any Issuer).

     

    “Required
      Payment”
means,
      with respect to any Series of Notes Outstanding, the amount specified in the
      applicable Series Supplement.

     

    “Required
      Rating”
means
      (i) a short-term certificate of deposit rating from Moody’s of “P-1” and from
      Standard & Poor’s of at least “A-1” and (ii) a long-term unsecured debt
      rating of not less than “Aa3” by Moody’s and “AA-” by Standard &
Poor’s.

     

    “Requirements
      of Law”
means,
      with respect to any Person or any of its property, the certificate of
      incorporation, articles of association and by-laws, articles of organization,
      operating agreement or other organizational or governing documents of such
      Person or any of its property, and any law, treaty, rule or regulation, or
      determination of any arbitrator or Governmental Authority, in each case
      applicable to or binding upon such Person or any of its property or to which
      such Person or any of its property is subject, whether federal, state or local
      (including usury laws, the Federal Truth in Lending Act and retail installment
      sales acts).

     

    “RTAC”
means
      RTAC, LLC, a Nevada limited liability company, which is the direct parent of
      USF
      and an indirect wholly-owned subsidiary of UHI. 

     

    “RTAC
      Sale and Contribution Agreement”
means
      the Sale and Contribution Agreement, dated as of the Effective Date, by and
      among RTAC, UHI and USF, together with each Bill of Sale (as defined therein)
      and each other document delivered pursuant thereto, as amended, modified or
      supplemented from time to time in accordance with its terms.

     

    “Safemove”
means
      the optional insurance policy providing a damage waiver, cargo protection and
      medical and life coverage offered through the System to rental customers of
      the
      Cargo Vans and Pick-Up Trucks.

     

    “Safemove
      Fee”
means,
      with respect to any Cargo Van or Pick-Up Truck, the fee paid by a rental
      customer of such Cargo Van or Pick-Up Truck in order to obtain Safemove.

     

    “Sale
      and Contribution Agreements”
means,
      collectively, the RTAC Sale and Contribution Agreement and the UHLS Sale and
      Contribution Agreement.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    “Seasonal
      Depreciation Percentage”
means,
      with respect to any Monthly Period for a Cargo Van or Pick-Up Truck, the
      percentage set forth for such calendar month for a Cargo Van or Pick-Up Truck,
      as applicable, on the Assumed Asset Value Schedule.

     

    “Secured
      Parties”
is
      defined in Section
      3.1(a)
      of the
      Base Indenture.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    “Security
      Agreements”
means,
      collectively, the Indenture, the Notes, the Administration Agreement, the
      Nominee Titleholder Agreement and the Account Control Agreements.

     

    “Series
      Account”
means
      any account or accounts established pursuant to a Series Supplement for the
      benefit of a Series of Notes.

     

    “Series
      of Notes”
or
      “Series”
means
      each Series of Notes issued and authenticated pursuant to the Base Indenture
      and
      a Series Supplement.

     

    “Series
      Supplement”
means,
      with respect to any Series of Notes, a supplement to the Base Indenture
      complying with the terms of Section
      2.3
      of the
      Base Indenture, executed in conjunction with any issuance of any Series of
      Notes.

     

    “Six-Month
      DSCR”
means,
      as of any Determination Date, the ratio of (a) the sum of (i) the sum of the
      aggregate SPV Fleet Owner Net Cash Flows for all Cargo Vans and Pick-Up Trucks
      subject to the SPV Fleet Owner Agreement as of the last day of the Related
      Monthly Period during the six Monthly Periods preceding such Determination
      Date
      (which, for the avoidance of doubt, shall not include the amount of any Monthly
      Advance) and (ii) all Investment Income (other than Investment Income earned
      on
      amounts on deposit in the Cargo Van/Pick-Up Truck Purchase Account) for the
      six
      Monthly Periods preceding such Determination Date to (b) the sum of (i) the
      sum
      of (X) the DSCR Targeted Principal Amount, (Y) the DSCR Interest Amount and
      (Z)
      the DSCR Premium, in each case as of such Determination Date and each of the
      five Determination Dates preceding such Determination Date and (ii) any Targeted
      Note Balance Shortfall on the sixth Determination Date preceding such
      Determination Date; provided
      that the
      Six-Month DSCR shall not be calculated on each of the first three Determination
      Dates immediately following the Effective Date; provided further
      that on
      each of the fourth and fifth Determination Dates immediately following the
      Effective Date, the Six-Month DSCR shall be calculated based only on the number
      of Monthly Periods and Determination Dates occurring since the Effective
      Date.

     

    “SPV
      Fleet Owner Agreement”
means
      the 2007-1 Cargo Van/Pick-Up Truck SPV Fleet Owner Agreement, dated as of the
      Effective Date, among Cargo Van SPV, Pick-Up Truck SPV and UHI, as the Fleet
      Manager thereunder, as amended, modified or supplemented from time to time
      in
      accordance with its terms.

     

    “SPV
      Fleet Owner Net Cash Flow”
means,
      with respect to each Cargo Van and Pick-Up Truck subject to the SPV Fleet Owner
      Agreement during each Monthly Period, (x) the sum of (i) the Fleet Owner
      Commissions with respect to such Cargo Van or Pick-Up Truck during such Monthly
      Period and (ii) the Other Fleet Owner Payments with respect to such Cargo Van
      or

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        
Pick-Up
        Truck during such Monthly Period, less
        (y) the
        Operating Expenses with respect to such Cargo Van or Pick-Up Truck during
        such
        Monthly Period.

    

     

    “Standard
      & Poor’s”
means
      Standard & Poor’s Ratings Service, a division of The McGraw-Hill Companies,
      Inc.

     

    “Subsidiary”
means,
      with respect to any Person (herein referred to as the “parent”), any
      corporation, partnership, association or other business entity (a) of which
      securities or other ownership interests representing more than 50% of the equity
      or more than 50% of the ordinary voting power or more than 50% of the general
      partnership interests are, at the time any determination is being made, owned,
      controlled or held by the parent or (b) that is, at the time any determination
      is being made, otherwise controlled by the parent or one or more subsidiaries
      of
      the parent or by the parent and one or more subsidiaries of the
      parent.

     

    “Supplement”
means
      a
      supplement to the Base Indenture complying (to the extent applicable) with
      the
      terms of Article
      13
      of the
      Base Indenture.

     

    “Surety
      Default”
is
      defined with respect to any Financial Insurance Provider in the applicable
      Series Supplement.

     

    “Swap
      Rate”
means,
      as of any date of determination, the mid-market swap rate appearing on page
      19901 of the Telerate service (or any successor service), adjusted for monthly
      compounding.

     

    “System”
means
      the network of retail moving centers operated by U-Haul and independent dealers
      offering truck rental services throughout the United States and
      Canada.

     

    “Target
      Weekly Fleet Owner Payment”
means,
      for any Weekly Fleet Owner Payment Date with respect to a Monthly Period, an
      amount equal to one-third of the Estimated SPV Fleet Owner Net Cash Flow for
      such Monthly Period.

     

    “Targeted
      Note Balance Shortfall”
means,
      as of any Determination Date, the excess, if any, of the Aggregate Note Balance
      as of the Related Payment Date (after giving effect to all principal payments
      to
      be made on such Payment Date) over the Discounted Aggregate Asset Amount as
      of
      such Determination Date.

     

    “Targeted
      Principal Deposit”
means,
      for any Payment Date, the amount by which the Aggregate Note Balance on such
      Payment Date (before giving effect to any payments on the Notes on such Payment
      Date) exceeds the Discounted Aggregate Asset Amount as of the Determination
      Date
      with respect to such Payment Date.

     

    “Termination
      Event”
means
      any of the events described in Section
      8.2
      of the
      SPV Fleet Owner Agreement.

     

    “Title
      Trigger Event”
is
      defined in Section
      6.1(f)
      of the
      Administration Agreement.

     

    “Trust
      Indenture Act”
means
      the Trust Indenture Act of 1939, as amended.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    “Trust
      Officer”
means,
      with respect to the Trustee, any Senior Vice President, Vice President,
      Assistant Vice President, Assistant Secretary, Assistant Treasurer or any trust
      officer of the Corporate Trust Office responsible for the administration of
      the
      Base Indenture.

     

    “Trustee”
means
      the party named as such in the Base Indenture until a successor replaces it
      in
      accordance with the applicable provisions of the Base Indenture and thereafter
      means the successor serving thereunder.

     

    “Trustee
      Fee”
means,
      for each Payment Date, the monthly fee payable by the Issuers to the Trustee,
      as
      set forth in the fee letter dated the Effective Date from the Trustee to the
      Issuers. 

     

    “UCC”
or
      “Uniform
      Commercial Code”
means
      the Uniform Commercial Code as in effect from time to time in the specified
      jurisdiction.

     

    “U-Haul”
means,
      collectively, UHI together with those of its subsidiaries engaged in moving
      and
      storage operations.

     

    “UHI”
means
      U-Haul International, Inc., a Nevada corporation and its permitted successors.
      

     

    “UHLS”
means
      U-Haul Leasing & Sales Co., a Nevada corporation.

     

    “UHLS
      Sale and Contribution Agreement”
means
      the Sale and Contribution Agreement, dated as of the Effective Date, by and
      among UHLS, UHI and RTAC, together with each Bill of Sale (as defined therein)
      and each other document delivered pursuant thereto, as amended, modified or
      supplemented from time to time in accordance with its terms.

     

    “Uneconomical
      Truck”
means
      a
      Cargo Van or Pick-Up Truck with respect to which the Operating Expenses exceed
      the sum of (x) the Fleet Owner Commissions generated by such Cargo Van or
      Pick-Up Truck and (y) the Other Fleet Owner Payments with respect to such Cargo
      Van or Pick-Up Truck in either (i) each of six (6) consecutive Monthly Periods
      or (ii) any six (6) Monthly Periods during any nine (9) consecutive Monthly
      Periods.

     

    “United
      States”
or
      “U.S.”
means
      the United States of America, its fifty states and the District of
      Columbia.

     

    “U.S.
      Government Obligations”
means
      (i) direct obligations of the United States of America, or any agency or
      instrumentality thereof for the payment of which the full faith and credit
      of
      the United States of America is pledged as to full and timely payment of such
      obligations, or (ii) any other obligations which are “government securities”
within the meaning of Section 2(a)(16) of the Investment Company
      Act.

     

    “USF”
means
      U-Haul S Fleet, LLC, a Nevada limited liability company, and its permitted
      successors.

     

    “USF
      Assets”
means
      all assets of USF.

     

    “USF
      Collateral”
is
      defined in Section
      3.1(a)
      of the
      Base Indenture.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    “USF
      Limited Liability Company Agreement”
means
      the Operating Agreement of USF, dated as of June 1, 2007, between RTAC and
      USF’s
      Independent Manager, as amended, modified or supplemented from time to time
      in
      accordance with its terms.

     

    “VIN”
means
      vehicle identification number. 

     

    “Weekly
      Fleet Owner Carryover Amount”
means,
      as of any Weekly Fleet Owner Payment Date in any Monthly Period, an amount
      (not
      less than zero) equal to the excess of (i) the Monthly Fleet Manager Excess
      Amount for the Monthly Fleet Owner Payment Date in the immediately preceding
      Monthly Period over (ii) the sum of (a) the amount of the Fleet Manager
      Withdrawal, if any, paid to the Fleet Manager on such Monthly Fleet Owner
      Payment Date and (b) the sum of the Weekly Fleet Owner Payments deposited into
      the Cargo Van/Pick-Up Truck Collection Account on each prior Weekly Fleet Owner
      Payment Date in such Monthly Period.

     

    “Weekly
      Fleet Owner Payment”
means
      the amount payable by the Fleet Manager on any Weekly Fleet Owner Payment Date
      pursuant to Section
      3.3
      of the
      SPV Fleet Owner Agreement.

     

    “Weekly
      Fleet Owner Payment Date”
means
      each Wednesday, or if such Wednesday is not a Business Day, the next succeeding
      Business Day.

     

    “written”
or
      “in
      writing”
means
      any form of written communication, including by means of telex, telecopier
      device, telegraph, email or cable.

    
      
        
        

      

      
        27Supplement Cargo Van/Pick up Truck

            

    Execution
      Copy

    ___________________________________________

    

     

    U-HAUL
      S
      FLEET, LLC,

     

    2007
      BE-1, LLC,

     

    and

     

    2007
      BP-1, LLC,

     

    as
      Co-Issuers

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

     

    as
      Trustee

     

    _____________________

     

    SERIES
      2007-1 SUPPLEMENT

     

    dated
      as
      of June 1, 2007

     

    to

     

    CARGO
      VAN/PICK-UP TRUCK BASE INDENTURE

     

    dated
      as
      of June 1, 2007

     

    ___________________________________________

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

     

    ARTICLE
      I
      DEFINITIONS

     

     

    ARTICLE
      II SERIES 2007-1 COLLECTIONS

     

    Section
      2.1 Interest
      Reserve Account

    Section
      2.2 DSCR
      Deficiency Account

    Section
      2.3 Pre-Funding
      Period Interest Deficiency Account

    Section
      2.4 Residual
      Loss Cash Trap Account

    Section
      2.5 Payment
      Account

    Section
      2.6 Investment
      of Funds in the Cargo Van/Pick-Up Truck Collection Account and the Cargo
      Van/Pick-Up Truck Purchase Account

    Section
      2.7 Deposits
      to the Interest Reserve Account, Cargo Van/Pick-Up Truck Collection Account,
      the
      Cargo Van/Pick-Up Truck Purchase Account and the Pre-Funding Period Interest
      Deficiency Account

    Section
      2.8 Cargo
      Van/Pick-Up Truck Purchase Account

    Section
      2.9 Withdrawals
      from the Interest Reserve Account; Demands on the Surety Bond; and Interest
      Shortfall Amount

    Section
      2.10 Monthly
      Application of Total Available Funds

    Section
      2.11 Payment
      of Monthly Interest Payment, Monthly Contingent Additional Interest Payment
      and
      Premium

    Section
      2.12 Payment
      of Note Principal

    Section
      2.13 Administrator’s
      Failure to Instruct the Trustee to Make a Deposit or Payment

    Section
      2.14 Trustee
      as Securities Intermediary

     

    ARTICLE
      III RAPID AMORTIZATION EVENTS

     

     

    ARTICLE
      IV FORM OF SERIES 2007-1 NOTES

     

    Section
      4.1 Initial
      Issuance of Series 2007-1 Notes

    Section
      4.2 Restricted
      Global Series 2007-1 Notes

    Section
      4.3 Temporary
      Global Series 2007-1 Notes; Permanent Global Series 2007-1 Notes

    Section
      4.4 Definitive
      Notes

    Section
      4.5 Transfer
      and Exchange

    Section
      4.6 Legending
      of Notes

     

    ARTICLE
      V
      GENERAL

     

    Section
      5.1 Optional
      Prepayment

    Section
      5.2 Optional
      Prepayment of Permitted Notes

    Section
      5.3 Information

    Section
      5.4 Exhibits

    Section
      5.5 Ratification
      of the Base Indenture

    Section
      5.6 Counterparts

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    Section
      5.7 Governing
      Law

    Section
      5.8 Amendments

    Section
      5.9 Discharge
      of the Indenture

    Section
      5.10 Notice
      to
      the Surety Provider and the Rating Agencies

    Section
      5.11 Surety
      Provider Deemed Enhancement Provider and Secured Party

    Section
      5.12 Third
      Party Beneficiary

    Section
      5.13 Effect
      of
      Payments by the Surety Provider

    Section
      5.14 Subrogation

    Section
      5.15 Prior
      Notice by Trustee to the Surety Provider

    Section
      5.16 Termination
      of Series Supplement

    Section
      5.17 Entire
      Agreement

    

    

     

    
      
        
          

        

        ii

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    SERIES
      2007-1 SUPPLEMENT, dated as of June 1, 2007 (this “Series
      Supplement”),
      among
      U-HAUL S FLEET, LLC, a special purpose limited liability company established
      under the laws of Nevada, 2007 BE-1, LLC, a special purpose limited liability
      company established under the laws of Nevada, and 2007 BP-1, LLC, a special
      purpose limited liability company established under the laws of Nevada, as
      co-issuers (each an “Issuer”
and
      collectively, the “Issuers”),
      and
      U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee
      (in
      such capacity, and together with its successors in trust thereunder as provided
      in the Base Indenture referred to below, the “Trustee”)
      and
      securities intermediary, to the Cargo Van/Pick-Up Truck Base Indenture, dated
      as
      of the date hereof, among the Issuers and the Trustee (as amended, modified,
      restated or supplemented from time to time, exclusive of Series Supplements
      creating a new Series of Notes, the “Base
      Indenture”).

     

     

    PRELIMINARY
      STATEMENT

     

    WHEREAS,
      Sections
      2.4
      and
13.1
      of the
      Base Indenture provide, among other things, that the Issuers and the Trustee
      may
      at any time and from time to time enter into a Series Supplement to the Base
      Indenture for the purpose of authorizing the issuance of a Series of
      Notes;

     

     

    NOW,
      THEREFORE, the parties hereto agree as follows:

     

     

    DESIGNATION

     

    There
      is
      hereby created a Series of Notes to be issued pursuant to the Base Indenture
      and
      this Series Supplement, and such Series of Notes shall be designated as the
      Series 2007-1 5.404% Cargo Van/Pick-Up Truck Asset Backed Notes. The Series
      2007-1 Notes shall be issued in minimum denominations of $100,000 and integral
      multiples of $1,000 in excess thereof. The Series 2007-1 Notes shall be joint
      and several obligations of the Issuers.

     

    The
      net
      proceeds from the sale of the Series 2007-1 Notes shall be applied in accordance
      with Section
      2.7.
      

     

     

    ARTICLE
      I  

     

     

    DEFINITIONS

     

    (a)  All
      capitalized terms not otherwise defined herein are defined in the Definitions
      List attached to the Base Indenture as Schedule
      I
      thereto.
      All Article, Section, Subsection or Exhibit references herein shall refer to
      Articles, Sections, Subsections or Exhibits of this Series Supplement, except
      as
      otherwise provided herein. Unless otherwise stated herein, as the context
      otherwise requires or if such term is otherwise defined in the Base Indenture,
      each capitalized term used or defined herein shall relate only to the Series
      2007-1 Notes and not to any other Series of Notes issued by any Issuer. In
      the
      event that a term used herein shall be defined both herein and in the Base
      Indenture, the definition of such term herein shall govern.

     

    (b)  The
      following words and phrases shall have the following meanings with respect
      to
      the Series 2007-1 Notes:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Additional
      Interest”
is
      defined in Section
      2.9(e).
      

     

    “Affiliate
      Sale Truck”
means,
      with respect to any Monthly Period, any cargo van or pick-up truck sold by
      an
      Affiliate of a Cargo Van/Pick-Up Truck SPV to a third party during such Monthly
      Period, which cargo van or pick-up truck was purchased by such Affiliate from
      a
      Cargo Van/Pick-Up Truck SPV pursuant to Section
      4.3
      of the
      SPV Fleet Owner Agreement solely to facilitate such sale to such third party;
      provided
      that,
      solely for purposes of calculating the Residual Loss Rate, (x) the Disposition
      Proceeds with respect to any such cargo van or pick-up truck shall equal the
      proceeds from such sale to such third party and (y) the Assumed Asset Value
      of
      any such cargo van or pick-up truck shall be calculated as if such cargo van
      or
      pick-up truck was owned by a Cargo Van/Pick-Up Truck SPV as of the date of
      such
      sale to such third party.

     

     

    “Aggregate
      Note Balance”
means,
      when used with respect to any date, an amount equal to the Outstanding Principal
      Amount plus
      the sum
      of (a) the amount of any principal payments made to the Series 2007-1
      Noteholders on or prior to such date with the proceeds of a demand on the Surety
      Bond and (b) the amount of any principal payments made to Series 2007-1
      Noteholders that have been rescinded or otherwise returned by the Series 2007-1
      Noteholders for any reason. 

     

    “Applicable
      Procedures”
is
      defined in Section
      4.5(a)(iii).

     

    “Available
      DSCR Deficiency Account Amount”
means,
      as of any Payment Date, the amount on deposit in the DSCR Deficiency Account
      (after giving effect to any deposits thereto on such Payment Date).

     

     

    “Available
      Funds”
means,
      for any Payment Date, an amount equal to the sum of (a) Series 2007-1
      Collections for such Payment Date and (b) any payments by any Permitted Note
      Issuance SPV pursuant to a Permitted Note Issuance SPV Limited Guarantee on
      such
      Payment Date in respect of the Series 2007-1 Notes or this Series
      Supplement.

     

     

    “Available
      Interest Reserve Account Amount”
means,
      as of any Payment Date, the amount on deposit in the Interest Reserve Account
      (after giving effect to any deposits thereto and withdrawals and releases
      therefrom on such Payment Date). 

     

     

    “Available
      Pre-Funding Period Interest Deficiency Account Amount”
means,
      as of any Payment Date, the amount on deposit in the Pre-Funding Period Interest
      Deficiency Account. 

     

     

    “Available
      Residual Loss Cash Trap Account Amount”
means,
      as of any Payment Date, the amount on deposit in the Residual Loss Cash Trap
      Account.

     

    “Capped
      Trustee’s Expenses”
means,
      (x) as of any Payment Date prior to the occurrence and continuation of a Rapid
      Amortization Event or Event of Default, the lesser of (i) the excess of $100,000
      over the aggregate amount of fees, expenses and indemnities (other than the
      Trustee Fee) that have been paid to the Trustee pursuant to Section
      2.10
      on each
      preceding Payment Date in the same calendar year as such Payment Date and (ii)
      the sum of fees, expenses and indemnities (other than the Trustee Fee) payable
      to the Trustee under the Indenture as of 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        
such
        Payment Date and (y) as of any Payment Date following the occurrence and
        during
        the continuation of a Rapid Amortization Event or Event of Default, the lesser
        of (i) the excess of $500,000 over the aggregate amount of fees, expenses
        and
        indemnities (other than the Trustee Fee) that have been paid to the Trustee
        pursuant to Section
        2.10
        on each
        preceding Payment Date in the same calendar year as such Payment Date and
        (ii)
        the sum of fees, expenses and indemnities (other than the Trustee Fee) payable
        to the Trustee under the Indenture as of such Payment Date.

    

     

    “Cash
      Collateral Amount”
means,
      as of any date of determination, the Initial Cash Collateral Amount,
plus
      the
      amount of each deposit made on or prior to such date to the Cargo Van/Pick-Up
      Truck Purchase Account pursuant to paragraph
      (ix)
      of
Section
      2.10,
      minus
      the
      amount of each withdrawal made on or prior to such date from the Cargo
      Van/Pick-Up Truck Purchase Account pursuant to Section
      2.8(a)
      or
Section
      2.8(c).
      

     

    “Contingent
      Additional Interest Shortfall Amount”
is
      defined in Section
      2.9(e).

     

    “Controlling
      Party”
means
      (i) so long as no Surety Default has occurred and is continuing, the Surety
      Provider and (ii) for so long as a Surety Default is continuing, the Required
      Noteholders. 

     

    “Cumulative
      Interest Reserve Account Withdrawal Amount”
means,
      as of any Payment Date, the excess, if any, of (i) the sum of the amounts
      withdrawn from the Interest Reserve Account on each prior Payment Date pursuant
      to Section
      2.9(a)
      over
      (ii) the sum of the amounts deposited into the Interest Reserve Account on
      each
      prior Payment Date pursuant to paragraph
      (viii)
      of
Section
      2.10.

     

    “Deficiency”
is
      defined in Section
      2.9(a).
      

     

    “DSCR
      Deficiency Account”
is
      defined in Section
      2.2(a).

     

    “DSCR
      Deficiency Account Collateral”
is
      defined in Section
      2.2(d).
      

     

    “DSCR
      Deficiency Event”
means,
      as of any Determination Date on or after the fourth Determination Date after
      the
      Series 2007-1 Closing Date, that the Six-Month DSCR for such Determination
      Date
      is less than the Required Six-Month DSCR; provided
      that
      such DSCR Deficiency Event will continue to exist until the earlier of (i)
      the
      Determination Date on which the Six-Month DSCR and the Six-Month DSCR for the
      two preceding Determination Dates each exceed the Required Six-Month DSCR with
      respect to each such Determination Date and (ii) the Determination Date on
      which
      (x) the Six-Month DSCR exceeds the Required Six-Month DSCR and (y) the One-Month
      DSCR exceeds 1.7.

     

    “Excess
      Pre-Funding Period Interest Deficiency Account Amount”
means,
      as of any Payment Date, the excess, if any, of (x) the Available Pre-Funding
      Period Interest Deficiency Account Amount as of such Payment Date (after giving
      effect to the withdrawal of the Pre-Funding Period Interest Deficiency Amount
      on
      such Payment Date) over (y) the Required Pre-Funding Period Interest Deficiency
      Account Amount for such Payment Date.

     

    “Excess
      Residual Loss Cash Trap Account Amount”
is
      defined in Section
      2.4(e).

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Financial
      Assets”
is
      defined in Section
      2.14(b)(i).

     

    “Funded
      Truck”
means
      any Cargo Van or Pick-Up Truck listed on Schedule
      2.7(a)
      or any
      Cargo Van or Pick-Up Truck funded on a Funding Date pursuant to Section
      2.8(a).

     

    “Funding
      Date”
means
      any date during the Series 2007-1 Revolving Period on which funds are released
      from the Cargo Van/Pick-Up Truck Purchase Account in order to fund the
      acquisition of a Cargo Van or Pick-Up Truck by a Cargo Van/Pick-Up Truck SPV
      pursuant to Section
      2.8(a).
      

     

    “Funding
      Percentage”
means,
      for any Determination Date, the percentage equivalent of a fraction, (i) the
      numerator of which is equal to the Pre-Funded Amount as of the last day of
      the
      Related Monthly Period (after giving effect to any deposits into and withdrawals
      from the Cargo Van/Pick-Up Truck Purchase Account on such date) (or, in the
      case
      of the initial Determination Date following the Series 2007-1 Closing Date,
      the
      Initial Cash Collateral Amount), and (ii) the denominator of which is equal
      to
      the Discounted Aggregate Asset Amount as of the immediately preceding
      Determination Date (or, in the case of the initial Determination Date following
      the Series 2007-1 Closing Date, as of the Series 2007-1 Closing
      Date).

     

    “Initial
      Aggregate Note Balance”
means
      the aggregate initial principal amount of the Series 2007-1 Notes, which is
      $86,600,000.

     

    “Initial
      Cash Collateral Amount”
means
      $51,817,752.

     

    

    “Initial
      Pre-Funding Period Interest Deficiency Account Amount”
means
      $148,337.

     

    “Insurance
      Agreement”
means
      the Insurance Agreement, dated as of the date hereof, among the Surety Provider,
      the Trustee, UHI, the Nominee Titleholder and each Issuer.

     

    “Insured
      Obligations”
is
      defined in the Surety Bond.

     

    “Interest
      Reserve Account”
is
      defined in Section
      2.1(a).

     

    “Interest
      Reserve Account Collateral”
is
      defined in Section
      2.1(d).

     

    “Interest
      Reserve Account Surplus”
means,
      as of any Payment Date, (i) the excess, if any, of the Available Interest
      Reserve Account Amount over the Required Interest Reserve Account Amount or
      (ii)
      following the occurrence of an Event of Default or a Rapid Amortization Event,
      zero.

     

    “Interest
      Shortfall Amount”
is
      defined in Section
      2.9(e).

     

    “Maximum
      Cash Collateral Amount”
means,
      as of any Determination Date, the product of (x) 20% and (y) the Aggregate
      Asset
      Amount as of such Determination Date.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Maximum
      Pre-Funding Period Interest Deficiency Account Amount”
means,
      for any Payment Date, the product of (a) the excess of (i) the Series 2007-1
      Note Rate over (ii) 4.50%, (b) the Pre-Funded Amount as of the last day of
      the
      Related Monthly Period and (c) a fraction, the numerator of which is the number
      of months from such Payment Date to the September 2007 Payment Date and the
      denominator of which is 12.

     

    “Maximum
      Residual Loss Cash Trap Account Amount”
means,
      as of any Residual Loss Cash Trap Payment Date, the product of (i) the Residual
      Loss Rate with respect to the immediately preceding Residual Loss Test
      Determination Date and (ii) the Aggregate Assumed Asset Value as of the
      immediately preceding Determination Date.

     

    “Monthly
      Advance Reimbursement Amount”
means,
      for any Payment Date, the excess of (i) the aggregate amount of Monthly Advances
      made by the Fleet Manager prior to such Payment Date over (ii) the aggregate
      amount of payments made to the Fleet Manager pursuant to paragraph
      (i)
      of
Section
      2.10
      prior to
      such Payment Date. 

     

    “Monthly
      Contingent Additional Interest Payment”
is
      defined in clause
      (2)
      of
paragraph
      (xiv)
      of
Section
      2.10.

     

    “Monthly
      Interest Payment”
is
      defined in paragraph
      (iv)
      of
Section
      2.10.
      

     

    “Optional
      Prepayment Amount”
means,
      on any Payment Date, the principal amount of the Series 2007-1 Notes being
      prepaid on such Payment Date pursuant to Section
      5.1.

     

    “Optional
      Prepayment Premium”
means,
      with respect to any Optional Prepayment Amount on any Prepayment Date, the
      excess, if any, of (a) the Present Value, as of such Prepayment Date, of such
      Optional Prepayment Amount over (b) such Optional Prepayment
      Amount.

     

    “Outstanding”
means
      with respect to the Series 2007-1 Notes, all Series 2007-1 Notes theretofore
      authenticated and delivered under the Indenture, except
      (a)
      Series 2007-1 Notes theretofore cancelled or delivered to the Registrar for
      cancellation, (b) Series 2007-1 Notes which have not been presented for payment
      but funds for the payment of which are on deposit in the Payment Account and
      are
      available for payment of such Series 2007-1 Notes, (c) Series 2007-1 Notes
      which
      are considered paid pursuant to Section
      12.1
      of the
      Base Indenture or (d) Series 2007-1 Notes in exchange for or in lieu of other
      Series 2007-1 Notes which have been authenticated and delivered pursuant to
      the
      Indenture unless proof satisfactory to the Trustee is presented that any such
      Series 2007-1 Notes are held by a purchaser for value; provided,
      however
      that any
      Series 2007-1 Notes the principal of which has been paid by the Surety Provider
      shall be deemed to be Outstanding.

     

    “Outstanding
      Principal Amount”
means,
      when used with respect to any date, an amount equal to (a) the Initial Aggregate
      Note Balance minus
      (b) the
      amount of principal payments made to Series 2007-1 Noteholders on or prior
      to
      such date. 

     

    “Partial
      Amortization Amount”
is
      defined in Section
      2.8(c). 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “Partial
      Amortization Amount Premium”
means,
      with respect to any Partial Amortization Amount on any Prepayment Date, the
      excess, if any, of (a) the Present Value, as of such Prepayment Date, of such
      Partial Amortization Amount over (b) such Partial Amortization
      Amount.

     

    “Payment
      Account”
is
      defined in Section
      2.5(a).

     

    “Payment
      Account Collateral”
is
      defined in Section
      2.5(b).

     

    “Permanent
      Global Series 2007-1 Note”
is
      defined in Section
      4.3.

     

    “Pre-Funded
      Amount”
means,
      as of any date of determination during the Pre-Funding Period, the Initial
      Cash
      Collateral Amount minus
      the
      amount of each withdrawal made on or prior to such date from the Cargo
      Van/Pick-Up Truck Purchase Account pursuant to Section
      2.9(a).

     

    “Pre-Funding
      Period”
means
      the period beginning on and including the Series 2007-1 Closing Date and ending
      on the first to occur of (a) the Payment Date on which the Pre-Funded Amount
      is
      not greater than $10,000, (b) the date on which a Rapid Amortization Event
      occurs and (c) the close of business on the September 2007 Payment Date.

     

    “Pre-Funding
      Period Interest Deficiency Account”
is
      defined in Section
      2.3(a).

     

    “Pre-Funding
      Period Interest Deficiency Account Collateral”
is
      defined in Section
      2.3(d).

     

    “Pre-Funding
      Period Interest Deficiency Amount”
means,
      for any Payment Date during the Pre-Funding Period, the excess, if any, of
      (a)
      the product of (i) Series 2007-1 Monthly Interest for such Payment Date and
      (ii)
      the Funding Percentage for the Determination Date with respect to such Payment
      Date, over (b) the portion of the Investment Income during the Related Monthly
      Period attributable to the Cargo Van/Pick-Up Truck Purchase
      Account.

     

    “Prepayment
      Amount”
means
      an Optional Prepayment Amount or a Partial Amortization Amount.

     

    “Prepayment
      Date”
means
      any Payment Date on which a Prepayment Amount is being paid to the Series 2007-1
      Noteholders pursuant to Section
      2.8(c)
      or
Section
      5.1.

     

    “Prepayment
      Period”
means,
      with respect to any Prepayment Date, the number of full months from such
      Prepayment Date to the February 2010 Payment Date.

     

    “Present
      Value”
means,
      with respect to any Prepayment Amount as of any Prepayment Date, the present
      value, as of such Prepayment Date, of such Prepayment Amount and the amount
      of
      interest that would have been payable thereon on each subsequent Payment Date
      after such Prepayment Date through the February 2010 Payment Date as if such
      Prepayment Amount were fully repaid on such date, with such present value being
      computed using a discount rate equal to (i) if the Prepayment Period with
      respect to such Prepayment Date is 24 months or more, the Swap Rate or (ii)
      if
      such Prepayment Period is less than 24 months, the 

    
      
        
        

      

      
        6

        
          

        

      

      
        
        
EDSF
        Rate, in each case corresponding to such Prepayment Period (which discount
        rate
        may be determined by interpolating between two Swap Rates, two EDSF Rates
        or a
        Swap Rate and an EDSF Rate, as applicable).

    

     

    “Qualified
      Institutional Buyer”
is
      defined in Section
      4.1.

     

    “Regulation
      S”
is
      defined in Section
      4.1.

     

    “Required
      Interest Reserve Account Amount”
means,
      as of any Payment Date, an amount equal to the greater of (i) the excess of
      (a)
      the product of (x) six and (y) the sum of (1) the product of (A) one-twelfth
      of
      the Series 2007-1 Note Rate and (B) the Aggregate Note Balance as of such
      Payment Date, after giving effect to any principal payments to be made on such
      date and (2) the product of (A) one-twelfth of 0.05% and (B) the Aggregate
      Assumed Asset Value as of the immediately preceding Determination Date over
      (b)
      the Available Pre-Funding Period Interest Deficiency Account Amount as of such
      Payment Date, after giving effect to any withdrawals from the Pre-Funding Period
      Interest Deficiency Account on such Payment Date and (ii)
      $1,174,644.

     

    “Required
      Payment”
means,
      with respect to any Payment Date, the sum of the amounts distributable on such
      Payment Date described in paragraphs
      (i)
      through
(iv)
      of
Section 2.10.

     

    “Required
      Pre-Funding Period Interest Deficiency Account Amount”
means,
      for any Payment Date during the Pre-Funding Period, an amount equal to the
      lesser of (a) the Available Pre-Funding Period Interest Deficiency Account
      Amount as of such Payment Date (after giving effect to the withdrawal of the
      Pre-Funding Period Interest Deficiency Amount on such Payment Date) and (b)
      the
      Maximum Pre-Funding Period Interest Deficiency Account Amount for such Payment
      Date.

     

    “Required
      Six-Month DSCR”
means
      (i) with respect to the fourth and fifth Determination Dates following the
      Series 2007-1 Closing Date, 1.10 and (ii) with respect to each Determination
      Date thereafter, 1.25.

     

    “Residual
      Loss Cash Trap Account”
is
      defined in Section
      2.4(a).

     

    “Residual
      Loss Cash Trap Account Collateral”
is
      defined is Section
      2.4(d).

     

    “Residual
      Loss Cash Trap Amount”
means,
      as of any Residual Loss Cash Trap Payment Date, an amount equal to the excess
      of
      (i) the Maximum Residual Loss Cash Trap Account Amount as of such Residual
      Loss
      Cash Trap Payment Date over (ii) the Available Residual Loss Cash Trap Account
      Amount as of such Residual Loss Trap Payment Date (without giving effect to
      any
      deposits thereto on such Payment Date).

     

    “Residual
      Loss Cash Trap Payment Date”
means
      the Related Payment Date with respect to any Residual Loss Test Determination
      Date on which the Residual Loss Rate is greater than zero, and each of the
      five
      succeeding Payment Dates thereafter.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “Residual
      Loss Rate”
means,
      with respect to any Residual Loss Determination Date, an amount (not less than
      zero) equal to (i) 100% minus (ii) a fraction, expressed as a percentage
      (rounded to the nearest basis point), (x) the numerator of which is the sum
      of
      the Disposition Proceeds with respect to all Residual Loss Test Trucks with
      respect to such Residual Loss Test Determination Date, and (y) the denominator
      of which is the sum of the Assumed Asset Values of each such Residual Loss
      Test
      Truck as of the Determination Date immediately preceding the Disposition Date
      with respect to each such Residual Loss Test Truck (or, if such Disposition
      Date
      was a Determination Date, the Assumed Asset Value of such Residual Loss Truck
      as
      of such Determination Date).

     

    “Residual
      Loss Test Determination Date”
means
      the third Determination Date following the Effective Date and each third
      Determination Date during the Series 2007-1 Revolving Period thereafter;
provided,
      however,
      that
      such Determination Date shall not be a Residual Loss Determination Date unless
      the aggregate number of Cargo Vans and Pick-Up Trucks sold or otherwise disposed
      of pursuant to Section
      IV
      of the
      SPV Fleet Owner Agreement to parties other than Affiliates during the three
      Monthly Periods preceding such Determination Date (including any Affiliate
      Sale
      Trucks with respect to such Monthly Periods) is equal to or greater than
      300.

     

    “Residual
      Loss Test Trucks”
means,
      collectively, with respect to any Residual Loss Test Determination Date, all
      Cargo Vans and Pick-Up Trucks sold or otherwise disposed of to parties other
      than an Affiliate of a Cargo Van/Pick-Up Truck SPV pursuant to Section
      IV
      of the
      SPV Fleet Owner Agreement during the three Monthly Periods immediately preceding
      such Residual Loss Determination Date, including any Affiliate Sale Trucks
      with
      respect to such Monthly Periods.

     

    “Restricted
      Global Series 2007-1 Note”
is
      defined in Section
      4.2.

     

    “Restricted
      Period”
means
      the period commencing on the Series 2007-1 Closing Date and ending on the 40th
      day after the Series 2007-1 Closing Date.

     

    “Rule
      144A”
is
      defined in Section
      4.1.

     

    “Series
      Supplement”
is
      defined in the preamble hereto.

     

    “Series
      2007-1 Accounts”
means
      each of the Payment Account, the DSCR Deficiency Account, the Pre-Funding Period
      Interest Deficiency Account, the Interest Reserve Account and the Residual
      Loss
      Cash Trap Account.

     

    “Series
      2007-1 Adjusted Monthly Interest”
means
      (a) for the initial Payment Date, an amount equal to $701,979.60 and (b) for
      any
      other Payment Date, the sum of (i) an amount equal to the product of (1)
      one-twelfth of the Series 2007-1 Note Rate and (2) the Outstanding Principal
      Amount on the immediately preceding Payment Date and (ii) any amount described
      in clause
      (b)(i)
      with
      respect to a prior Payment Date that remains unpaid as of such Payment Date
      (together with any accrued interest on such amount).

     

    “Series
      2007-1 Anticipated Repayment Date”
means
      the May 2010 Payment Date.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “Series
      2007-1 Closing Date”
means
      June 1, 2007.

     

    “Series
      2007-1 Collateral”
means
      the Collateral, the Payment Account Collateral, the DSCR Deficiency Account
      Collateral, the Pre-Funding Period Interest Deficiency Account Collateral and
      the Interest Reserve Account Collateral.

     

    “Series
      2007-1 Collections”
means,
      for each Payment Date, an amount equal to the sum of:

     

    (a) an
      amount
      equal to (i) the Weekly Fleet Owner Payments deposited into the Cargo
      Van/Pick-Up Truck Collection Account during the Related Monthly Period,
plus
      (ii) the
      Monthly Fleet Owner Payment deposited into the Cargo Van/Pick-Up Truck
      Collection Account on the Monthly Fleet Owner Payment Date immediately preceding
      such Payment Date, minus
      (iii)
      the Monthly Fleet Manager Excess Amount, if any, as of the Monthly Fleet Owner
      Payment Date immediately preceding such Payment Date, plus
      (iv)
      based on the Monthly Noteholders’ Statement as of the immediately preceding
      Determination Date with respect to the Series 2007-1 Notes, the Monthly Advance,
      if any, deposited into the Cargo Van/Pick-Up Truck Collection Account on such
      Payment Date, plus
      (v) any
      Disposition Proceeds deposited into the Cargo Van/Pick-Up Truck Collection
      Account during the Related Monthly Period, plus
      (vi) any
      other Collections deposited into the Cargo Van/Pick-Up Truck Collection Account
      during the Related Monthly Period; 

     

    (b) the
      Pre-Funding Period Interest Deficiency Amount for such Payment Date;
      and

     

    (c) the
      Investment Income during the Related Monthly Period. 

     

    “Series
      2007-1 Contingent Additional Interest Note Rate”
means,
      for any Payment Date occurring on or after the Series 2007-1 Anticipated
      Repayment Date, a rate per annum equal to the greater of (i) 0.25% and (ii)
      the
      excess, if any, of (x) the sum of (1) the two-year Swap Rate as of the
      Determination Date immediately preceding the Series 2007-1 Anticipated Repayment
      Date, (2) 0.22% and (3) 0.25% over (y) the Series 2007-1 Note Rate.

     

    “Series
      2007-1 Contingent Additional Monthly Interest”
means,
      for any Payment Date occurring after the Series 2007-1 Anticipated Repayment
      Date, an amount equal to the product of (A) the Aggregate Note Balance on the
      immediately preceding Payment Date, after giving effect to any principal
      payments made on such date, and (B) one-twelfth of the Series 2007-1 Contingent
      Additional Interest Note Rate for the immediately preceding Payment
      Date.

     

    “Series
      2007-1 Legal Final Maturity Date”
means
      the May 2012 Payment Date.

     

    “Series
      2007-1 Monthly Interest”
means,
      for (i) the initial Payment Date, $701,979.60, and (ii) any other Payment Date,
      an amount equal to the product of (A) the Aggregate Note Balance on the
      immediately preceding Payment Date, after giving effect to any principal
      payments made on such date, and (B) one-twelfth of the Series 2007-1 Note
      Rate. 

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    “Series
      2007-1 Note Owner”
means
      each Note Owner with respect to a Series 2007-1 Note. 

     

    “Series
      2007-1 Note Rate”
means
      5.404% per annum. 

     

    “Series
      2007-1 Noteholder”
means
      the Person in whose name a Series 2007-1 Note is registered in the Note
      Register.

     

    “Series
      2007-1 Notes”
means
      any one of the Series 2007-1 5.404% Cargo Van/Pick-Up Truck Asset Backed Notes,
      executed by each Issuer and authenticated by or on behalf of the Trustee,
      substantially in the form of Exhibit
      A-1,
      Exhibit
      A-2
      or
Exhibit
      A-3.
      

     

    “Series
      2007-1 Rapid Amortization Period”
means
      the period beginning at the close of business on the Business Day immediately
      preceding the day on which a Rapid Amortization Event is deemed to have occurred
      and ending upon the earlier to occur of (i) the date on which the Series 2007-1
      Notes are fully paid and the Surety Provider has been paid all Surety Provider
      Fees and all other Surety Provider Reimbursement Amounts then due and (ii)
      the
      termination of the Indenture.

     

    “Series
      2007-1 Record Date”
means,
      with respect to any Payment Date, the last day of the Related Monthly
      Period.

     

    “Series
      2007-1 Revolving Period”
means
      the period beginning on and including the Series 2007-1 Closing Date and ending
      on the earliest to occur of (i) the date on which a Rapid Amortization Event
      occurs, (ii) the date on which the Series 2007-1 Notes are fully paid and the
      Surety Provider has been paid all Surety Provider Fees and all other Surety
      Provider Reimbursement Amounts then due and (iii) the termination of the
      Indenture.

     

    “Surety
      Bond”
means
      the Note Guaranty Insurance Policy No. AB1084BE, dated the date hereof, issued
      by the Surety Provider.

     

    “Surety
      Default”
means
      (i) any continuing failure by the Surety Provider to pay upon a demand for
      payment in accordance with the requirements of the Surety Bond within three
      Business Days after due thereunder or (ii) the occurrence and continuance of
      an
      Event of Bankruptcy with respect to the Surety Provider.

     

    “Surety
      Provider”
means
      Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance
      corporation.

     

    “Surety
      Provider Fee”
means,
      as of any date of determination, the “Premium” as defined in the Insurance
      Agreement plus,
      without
      duplication, any such “Premium” that is accrued and unpaid as of such
      date.

     

    “Surety
      Provider Fee Letter”
means
      the letter agreement dated as of the date hereof, among UHI, USF and the Surety
      Provider in connection with the Insurance Agreement, as amended, supplemented
      or
      otherwise modified from time to time.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    “Surety
      Provider Reimbursement Amounts”
means,
      as of any date of determination, the sum of (i) an amount equal to the aggregate
      of any amounts due as of such date to the Surety Provider pursuant to the
      Insurance Agreement in respect of unreimbursed draws under the Surety Bond,
      including interest thereon determined in accordance with the Insurance
      Agreement, and (ii) an amount equal to the aggregate of any other amounts
      due as of such date to the Surety Provider pursuant to the Insurance Agreement
      or the Surety Provider Fee Letter. 

     

    “Temporary
      Global Series 2007-1 Note”
is
      defined in Section
      4.3.

     

    “Total
      Available Funds”
means,
      for any Payment Date, an amount equal to the sum of (a) Available Funds for
      such
      Payment Date and (b) any amounts withdrawn from the Interest Reserve Account
      and
      deposited into the Cargo Van/Pick-Up Truck Collection Account on such Payment
      Date pursuant to Section
      2.9(a)
      or
Section
      2.9(b).
      

     

    (c)  Any
      amounts calculated by reference to the Aggregate Note Balance on any date shall,
      unless otherwise stated, be calculated after giving effect to any payment of
      principal made to the Series 2007-1 Noteholders on such date.

     

     

    ARTICLE
      II  

     

     

    SERIES
      2007-1 COLLECTIONS

     

    With
      respect to the Series 2007-1 Notes, the following shall apply:

     

    Section
      2.1   Interest
      Reserve Account

     

    .
      (a) Establishment
      of the Interest Reserve Account.
      The
      Issuers shall establish and maintain, or cause to be established and maintained,
      in the name of the Trustee for the benefit of the Series 2007-1 Noteholders
      and
      the Surety Provider, an account (the “Interest
      Reserve Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2007-1 Noteholders and the Surety Provider.
      The Interest Reserve Account shall be an Eligible Deposit Account; provided
      that, if
      at any time such account is not an Eligible Deposit Account, then the Trustee
      shall, within five (5) Business Days, notify the Issuers and the Surety Provider
      and establish a new Interest Reserve Account that is an Eligible Deposit
      Account. If the Trustee establishes a new Interest Reserve Account, it shall
      transfer all cash and investments from the non-qualifying Interest Reserve
      Account into the new Interest Reserve Account. Initially, the Interest Reserve
      Account will be established with U.S. Bank National Association. 

     

    (b)  Administration
      of the Interest Reserve Account.
      USF
      shall instruct in writing the institution maintaining the Interest Reserve
      Account to invest funds on deposit in the Interest Reserve Account from time
      to
      time in Permitted Investments (by standing instructions or otherwise);
provided,
      however,
      that
      any such investment shall mature or be payable or redeemable upon demand not
      later than the Business Day prior to the Payment Date following the date on
      which such funds were received and such funds shall be available for withdrawal
      on such Payment Date. USF shall not direct the Trustee to dispose of (or permit
      the disposal of) any Permitted Investments prior to the maturity thereof to
      the
      extent such disposal would result in a loss of the purchase price of such
      Permitted Investments. With respect to any Permitted 

    
      
        
        

      

      
        11

        
          

        

      

      
        
        
Investments
        in which funds on deposit in the Interest Reserve Account are invested pursuant
        to this Section
        2.1(b),
        except
        as otherwise provided hereunder or agreed to in writing among the parties
        hereto, USF shall retain the authority to exercise each and every power or
        right
        with respect to each such Permitted Investment as individuals generally have
        and
        enjoy with respect to their own investments, including power to vote any
        securities; provided
        that
        after the occurrence of an Event of Default, the Controlling Party shall
        have
        such rights in accordance with the provisions of Article
        9
        of the
        2007-1 Base Indenture. In the absence of written investment instructions
        hereunder, funds on deposit in the Interest Reserve Account shall be invested
        at
        the written direction of the Controlling Party, or if the Controlling Party
        gives no such direction, shall remain uninvested.

    

     

    (c)  Earnings
      from the Interest Reserve Account.
      All
      interest and earnings (net of losses and investment expenses) paid on funds
      on
      deposit in the Interest Reserve Account shall be deemed to be on deposit therein
      and available for distribution pursuant to Section
      2.9.

     

    (d)  Interest
      Reserve Account Constitutes Additional Collateral for Series 2007-1
      Notes.
      In
      order to secure and provide for the repayment and payment of the Issuer
      Obligations with respect to the Series 2007-1 Notes, each Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Trustee, for the benefit of the Series 2007-1 Noteholders and the Surety
      Provider, all of such Issuer’s right, title and interest in and to the following
      (whether now or hereafter existing or acquired): (i) the Interest Reserve
      Account, including any security entitlement thereto; (ii) all funds on deposit
      therein from time to time; (iii) all certificates and instruments, if any,
      representing or evidencing any or all of the Interest Reserve Account or the
      funds on deposit therein from time to time; (iv) all investments made at
      any time and from time to time with monies in the Interest Reserve Account,
      whether constituting securities, instruments, general intangibles, investment
      property, financial assets or other property; (v) all interest, dividends,
      cash,
      instruments and other property from time to time received, receivable or
      otherwise distributed in respect of or in exchange for the Interest Reserve
      Account, the funds on deposit therein from time to time or the investments
      made
      with such funds; and (vi) all proceeds of any and all of the foregoing,
      including cash (the items in the foregoing clauses (i) through (vi) are referred
      to, collectively, as the “Interest
      Reserve Account Collateral”).
      

     

    (e)  Interest
      Reserve Account Surplus.
      In the
      event that the Interest Reserve Account Surplus on any Payment Date, after
      giving effect to all withdrawals from the Interest Reserve Account, is greater
      than zero, the Administrator shall instruct the Trustee to, and the Trustee
      shall, upon receipt of written instructions from the Administrator, withdraw
      from the Interest Reserve Account an amount equal to the Interest Reserve
      Account Surplus and shall pay such amount at the direction of the
      Issuers.

     

    (f)  Termination
      of the Interest Reserve Account.
      Upon
      the termination of the Indenture pursuant to Section
      12.1
      of the
      Base Indenture, after the prior payment of all amounts owing to any Person
      and
      payable from the Interest Reserve Account as provided herein, the Administrator
      shall instruct the Trustee to, and the Trustee shall, upon receipt of written
      instructions from the Administrator, withdraw from the Interest Reserve Account
      all amounts on deposit therein for payment at the direction of the
      Issuers.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Section
      2.2   DSCR
      Deficiency Account.
      (a) Establishment
      of the DSCR Deficiency Account.
      The
      Issuers shall establish and maintain, or cause to be established and maintained,
      in the name of the Trustee for the benefit of the Series 2007-1 Noteholders
      and
      the Surety Provider, an account (the “DSCR
      Deficiency Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2007-1 Noteholders and the Surety Provider.
      The DSCR Deficiency Account shall be an Eligible Deposit Account; provided
      that, if
      at any time such account is not an Eligible Deposit Account, then the Trustee
      shall, within five (5) Business Days, notify the Issuers and the Surety Provider
      and establish a new DSCR Deficiency Account that is an Eligible Deposit Account.
      If the Trustee establishes a new DSCR Deficiency Account, it shall transfer
      all
      cash and investments from the non-qualifying DSCR Deficiency Account into the
      new DSCR Deficiency Account. Initially, the DSCR Deficiency Account will be
      established with U.S. Bank National Association. 

     

    (b)  Administration
      of the DSCR Deficiency Account.
      USF
      shall instruct in writing the institution maintaining the DSCR Deficiency
      Account to invest funds on deposit in the DSCR Deficiency Account from time
      to
      time in Permitted Investments (by standing instruction or otherwise);
provided,
      however,
      that
      any such investment shall mature or be payable or redeemable upon demand not
      later than the Business Day prior to the Payment Date following the date on
      which such funds were received and such funds shall be available for withdrawal
      on such Payment Date. USF shall not direct the Trustee to dispose of (or permit
      the disposal of) any Permitted Investments prior to the maturity thereof to
      the
      extent such disposal would result in a loss of the purchase price of such
      Permitted Investments. With respect to any Permitted Investments in which funds
      on deposit in the DSCR Deficiency Account are invested pursuant to this
Section
      2.2(b),
      except
      as otherwise provided hereunder or agreed to in writing among the parties
      hereto, USF shall retain the authority to exercise each and every power or
      right
      with respect to each such Permitted Investment as individuals generally have
      and
      enjoy with respect to their own investments, including power to vote any
      securities; provided
      that
      after the occurrence of an Event of Default, the Controlling Party shall have
      such rights in accordance with the provisions of Article
      9
      of the
      Base Indenture. In the absence of written investment instructions hereunder,
      funds on deposit in the DSCR Deficiency Account shall be invested at the written
      direction of the Controlling Party, or if the Controlling Party gives no such
      direction, shall remain uninvested.

     

    (c)  Earnings
      from the DSCR Deficiency Account as Collections.
      On each
      Payment Date, the Administrator will instruct the Trustee in writing pursuant
      to
      the Administration Agreement to, and the Trustee shall, withdraw from the DSCR
      Deficiency Account an amount equal to the Investment Income during the Related
      Monthly Period attributable to the DSCR Deficiency Account and deposit such
      amount in the Cargo Van/Pick-Up Truck Collection Account and treat such amounts
      as part of the Series 2007-1 Collections for such Payment Date.

     

    (d)  DSCR
      Deficiency Account Constitutes Additional Collateral for Series 2007-1
      Notes.
      In
      order to secure and provide for the repayment and payment of the Issuer
      Obligations with respect to the Series 2007-1 Notes, each Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Trustee, for the benefit of the Series 2007-1 Noteholders and the Surety
      Provider, all of such Issuer’s right, title and interest in and to 

    
      
        
        

      

      
        13

        
          

        

      

      
        
        
the
        following (whether now or hereafter existing or acquired): (i) the DSCR
        Deficiency Account, including any security entitlement thereto; (ii) all
        funds
        on deposit therein from time to time; (iii) all certificates and instruments,
        if
        any, representing or evidencing any or all of the DSCR Deficiency Account
        or the
        funds on deposit therein from time to time; (iv) all investments made at
        any time and from time to time with monies in the DSCR Deficiency Account,
        whether constituting securities, instruments, general intangibles, investment
        property, financial assets or other property; (v) all interest, dividends,
        cash,
        instruments and other property from time to time received, receivable or
        otherwise distributed in respect of or in exchange for the DSCR Deficiency
        Account, the funds on deposit therein from time to time or the investments
        made
        with such funds; and (vi) all proceeds of any and all of the foregoing,
        including cash (the items in the foregoing clauses (i) through (vi) are referred
        to, collectively, as the “DSCR
        Deficiency Account Collateral”).
        

    

     

    (e)  Withdrawals
      from the DSCR Deficiency Account.
      On the
      first Payment Date after the occurrence of a Rapid Amortization Event (so long
      as such Rapid Amortization Event is still continuing on such Payment Date),
      the
      Administrator shall instruct the Trustee to, and the Trustee shall, upon receipt
      of written instructions from the Administrator, withdraw from the DSCR
      Deficiency Account an amount equal to the Available DSCR Deficiency Account
      Amount for such Payment Date, and deposit such amount in the Payment Account
      to
      be applied to pay the principal of the Series 2007-1 Notes pursuant to
Section
      2.12.
      Subject
      to the foregoing, if on any Determination Date after the occurrence of a DSCR
      Deficiency Event such DSCR Deficiency Event no longer exists, on the Related
      Payment Date the Administrator shall instruct the Trustee to, and the Trustee
      shall, upon receipt of written instructions from the Administrator, withdraw
      from the DSCR Deficiency Account an amount equal to the Available DSCR
      Deficiency Account Amount for such Payment Date for payment at the direction
      of
      the Issuers. 

     

    (f)  Termination
      of the DSCR Deficiency Account.
      Upon
      the termination of the Indenture pursuant to Section
      12.1
      of the
      Base Indenture, after the prior payment of all amounts owing to any Person
      and
      payable from the DSCR Deficiency Account as provided herein, the Administrator
      shall instruct the Trustee to, and the Trustee shall, upon receipt of written
      instructions from the Administrator, withdraw from the DSCR Deficiency Account
      all amounts on deposit therein for payment at the direction of the Issuers.
      

     

    Section
      2.3   Pre-Funding
      Period Interest Deficiency Account.
      (a) Establishment
      of the Pre-Funding Period Interest Deficiency Account.
      The
      Issuers shall establish and maintain, or cause to be established and maintained,
      in the name of the Trustee for the benefit of the Series 2007-1 Noteholders
      and
      the Surety Provider, an account (the “Pre-Funding
      Period Interest Deficiency Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2007-1 Noteholders and the Surety Provider.
      The Pre-Funding Period Interest Deficiency Account shall be an Eligible Deposit
      Account; provided
      that, if
      at any time such account is not an Eligible Deposit Account, then the Trustee
      shall, within five (5) Business Days, notify the Issuers and the Surety Provider
      and establish a new Pre-Funding Period Interest Deficiency Account that is
      an
      Eligible Deposit Account. If the Trustee establishes a new Pre-Funding Period
      Interest Deficiency Account, it shall transfer all cash and investments from
      the
      non-qualifying Pre-Funding Period Interest Deficiency Account into the new
      Pre-Funding Period Interest Deficiency Account. Initially, the 

    
      
        
        

      

      
        14

        
          

        

      

      
        
        
Pre-Funding
        Period Interest Deficiency Account will be established with U.S. Bank National
        Association.

    

     

    (b)  Administration
      of the Pre-Funding Period Interest Deficiency Account.
      USF
      shall instruct in writing the institution maintaining the Pre-Funding Period
      Interest Deficiency Account to invest funds on deposit in the Pre-Funding Period
      Interest Deficiency Account from time to time in Permitted Investments (by
      standing instructions or otherwise); provided,
      however,
      that
      any such investment shall mature or be payable or redeemable upon demand not
      later than the Business Day prior to the Payment Date following the date on
      which such funds were received and such funds shall be available for withdrawal
      on such Payment Date. USF shall not direct the Trustee to dispose of (or permit
      the disposal of) any Permitted Investments prior to the maturity thereof to
      the
      extent such disposal would result in a loss of the purchase price of such
      Permitted Investments. With respect to any Permitted Investments in which funds
      on deposit in the Pre-Funding Period Interest Deficiency Account are invested
      pursuant to this Section
      2.3(b),
      except
      as otherwise provided hereunder or agreed to in writing among the parties
      hereto, USF shall retain the authority to exercise each and every power or
      right
      with respect to each such Permitted Investment as individuals generally have
      and
      enjoy with respect to their own investments, including power to vote any
      securities; provided
      that
      after the occurrence of an Event of Default, the Controlling Party shall have
      such rights in accordance with the provisions of Article
      9
      of the
      Base Indenture. In the absence of written investment instructions hereunder,
      funds on deposit in the Pre-Funding Period Interest Deficiency Account shall
      be
      invested at the written direction of the Controlling Party, or if the
      Controlling Party gives no such direction, shall remain uninvested.

     

    (c)  Earnings
      from the Pre-Funding Period Interest Deficiency Account.
      All
      interest and earnings (net of losses and investment expenses) paid on funds
      on
      deposit in the Pre-Funding Period Interest Deficiency Account shall be deemed
      to
      be on deposit therein and available for distribution.

     

    (d)  Pre-Funding
      Period Interest Deficiency Account Constitutes Additional Collateral for Series
      2007-1 Notes.
      In
      order to secure and provide for the repayment and payment of the Issuer
      Obligations with respect to the Series 2007-1 Notes, each Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Trustee, for the benefit of the Series 2007-1 Noteholders and the Surety
      Provider, all of such Issuer’s right, title and interest in and to the following
      (whether now or hereafter existing or acquired): (i) the Pre-Funding Period
      Interest Deficiency Account, including any security entitlement thereto; (ii)
      all funds on deposit therein from time to time; (iii) all certificates and
      instruments, if any, representing or evidencing any or all of the Pre-Funding
      Period Interest Deficiency Account or the funds on deposit therein from time
      to
      time; (iv) all investments made at any time and from time to time with
      monies in the Pre-Funding Period Interest Deficiency Account, whether
      constituting securities, instruments, general intangibles, investment property,
      financial assets or other property; (v) all interest, dividends, cash,
      instruments and other property from time to time received, receivable or
      otherwise distributed in respect of or in exchange for the Pre-Funding Period
      Interest Deficiency Account, the funds on deposit therein from time to time
      or
      the investments made with such funds; and (vi) all proceeds of any and all
      of
      the foregoing, including cash (the items in the foregoing clauses (i) through
      (vi) are referred to, collectively, as the “Pre-Funding
      Period Interest Deficiency Account Collateral”).

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (e)  Withdrawals
      from the Pre-Funding Period Interest Deficiency Account.
      On each
      Payment Date during the Pre-Funding Period, including the Payment Date on which
      the Pre-Funding Period ends (or, if the Pre-Funding Period does not end on
      a
      Payment Date, on the first Payment Date following the end of the Pre-Funding
      Period), the Administrator shall instruct the Trustee to, and the Trustee shall,
      upon receipt of written instructions from the Administrator, (i) withdraw from
      the Pre-Funding Period Interest Deficiency Account an amount equal to the
      Pre-Funding Period Interest Deficiency Amount for such Payment Date and deposit
      such amount in the Cargo Van/Pick-Up Truck Collection Account and (ii) withdraw
      from the Pre-Funding Period Interest Deficiency Account an amount equal to
      the
      Excess Pre-Funding Period Interest Deficiency Account Amount as of such Payment
      Date and (A) deposit in the Interest Reserve Account a portion of such amount
      equal to the lesser of (1) such Excess Pre-Funding Period Interest Deficiency
      Account Amount and (2) the excess, if any, of (x) the Required Interest Reserve
      Account Amount as of such Payment Date over (y) the Available Interest Reserve
      Account Amount as of such Payment Date and (B) pay the remainder of such Excess
      Pre-Funding Period Interest Deficiency Account Amount, if any, to the order
      of
      the Issuers. On the first Payment Date after the Payment Date on which the
      Pre-Funding Period ends (or, if the Pre-Funding Period does not end on a Payment
      Date, on the second Payment Date following the end of the Pre-Funding Period),
      the Administrator shall instruct the Trustee to, and the Trustee shall, upon
      receipt of written instructions from the Administrator, withdraw from the
      Pre-Funding Period Interest Deficiency Account an amount equal to the Available
      Pre-Funding Period Interest Deficiency Account Amount as of such Payment Date
      and (A) deposit in the Interest Reserve Account a portion of such amount equal
      to the lesser of (1) such Available Pre-Funding Period Interest Deficiency
      Account Amount and (2) the excess, if any, of (x) the Required Interest Reserve
      Account Amount as of such Payment Date over (y) the Available Interest Reserve
      Account Amount as of such Payment Date and (B) pay the remainder of such
      Available Pre-Funding Period Interest Deficiency Account Amount to the order
      of
      the Issuers. 

     

    (f)  Termination
      of the Pre-Funding Period Interest Deficiency Account.
      Upon
      the termination of the Indenture pursuant to Section
      12.1
      of the
      Base Indenture, after the prior payment of all amounts owing to any Person
      and
      payable from the Pre-Funding Period Interest Deficiency Account as provided
      herein, the Administrator shall instruct the Trustee to, and the Trustee shall,
      upon receipt of written instructions from the Administrator, withdraw from
      the
      Pre-Funding Period Interest Deficiency Account all amounts on deposit therein
      for payment at the direction of the Issuers. Upon the earlier of (i) the end
      of
      the Pre-Funding Period and (ii) the termination of the Indenture pursuant to
      Section
      12.1
      of the
      Base Indenture and, in each case, the payment of all funds on deposit in the
      Pre-Funding Period Interest Deficiency Account pursuant to the terms hereof,
      the
      Trustee shall terminate the Pre-Funding Period Interest Deficiency Account.
      

     

    Section
      2.4   Residual
      Loss Cash Trap Account.
      (a) Establishment
      of the Residual Loss Cash Trap Account.
      The
      Issuers shall establish and maintain, or cause to be established and maintained,
      in the name of the Trustee for the benefit of the Series 2007-1 Noteholders
      and
      the Surety Provider, an account (the “Residual
      Loss Cash Trap Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2007-1 Noteholders and the Surety Provider.
      The Residual Loss Cash Trap Account shall be an Eligible Deposit Account;
provided
      that, if
      at any time such account is not an Eligible Deposit Account, then the Trustee
      shall, within five (5) Business Days, notify the 

    
      
        
        

      

      
        16

        
          

        

      

      
        
        
Issuers
        and the Surety Provider and establish a new Residual Loss Cash Trap Account
        that
        is an Eligible Deposit Account. If the Trustee establishes a new Residual
        Loss
        Cash Trap Account, it shall transfer all cash and investments from the
        non-qualifying Residual Loss Cash Trap Account into the new Residual Loss
        Cash
        Trap Account. Initially, the Residual Loss Cash Trap Account will be established
        with U.S. Bank National Association.

    

     

    (b)  Administration
      of the Residual Loss Cash Trap Account.
      USF
      shall instruct in writing the institution maintaining the Residual Loss Cash
      Trap Account to invest funds on deposit in the Residual Loss Cash Trap Account
      from time to time in Permitted Investments (by standing instructions or
      otherwise); provided,
      however,
      that
      any such investment shall mature or be payable or redeemable upon demand not
      later than the Business Day prior to the Payment Date following the date on
      which such funds were received and such funds shall be available for withdrawal
      on such Payment Date. USF shall not direct the Trustee to dispose of (or permit
      the disposal of) any Permitted Investments prior to the maturity thereof to
      the
      extent such disposal would result in a loss of the purchase price of such
      Permitted Investments. With respect to any Permitted Investments in which funds
      on deposit in the Residual Loss Cash Trap Account are invested pursuant to
      this
Section
      2.4(b),
      except
      as otherwise provided hereunder or agreed to in writing among the parties
      hereto, USF shall retain the authority to exercise each and every power or
      right
      with respect to each such Permitted Investment as individuals generally have
      and
      enjoy with respect to their own investments, including power to vote any
      securities; provided
      that
      after the occurrence of an Event of Default, the Controlling Party shall have
      such rights in accordance with the provisions of Article
      9
      of the
      Base Indenture. In the absence of written investment instructions hereunder,
      funds on deposit in the Residual Loss Cash Trap Account shall be invested at
      the
      written direction of the Controlling Party, or if the Controlling Party gives
      no
      such direction, shall remain uninvested.

     

    (c)  Earnings
      from the Residual Loss Cash Trap Account.
      All
      interest and earnings (net of losses and investment expenses) paid on funds
      on
      deposit in the Residual Loss Cash Trap Account shall be deemed to be on deposit
      therein and available for distribution.

     

    (d)  Residual
      Loss Cash Trap Account Constitutes Additional Collateral for Series 2007-1
      Notes.
      In
      order to secure and provide for the repayment and payment of the Issuer
      Obligations with respect to the Series 2007-1 Notes, each Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Trustee, for the benefit of the Series 2007-1 Noteholders and the Surety
      Provider, all of such Issuer’s right, title and interest in and to the following
      (whether now or hereafter existing or acquired): (i) the Residual Loss Cash
      Trap
      Account, including any security entitlement thereto; (ii) all funds on deposit
      therein from time to time; (iii) all certificates and instruments, if any,
      representing or evidencing any or all of the Residual Loss Cash Trap Account
      or
      the funds on deposit therein from time to time; (iv) all investments made
      at any time and from time to time with monies in the Residual Loss Cash Trap
      Account, whether constituting securities, instruments, general intangibles,
      investment property, financial assets or other property; (v) all interest,
      dividends, cash, instruments and other property from time to time received,
      receivable or otherwise distributed in respect of or in exchange for the
      Residual Loss Cash Trap Account, the funds on deposit therein from time to
      time
      or the investments made with such funds; and (vi) all proceeds of any and all
      of
      the foregoing, including cash (the items in the foregoing clauses (i) through
      (vi) are referred to, collectively, as the “Residual
      Loss Cash Trap Account Collateral”).

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (e)  Withdrawals
      from the Residual Loss Cash Trap Account.
      On the
      first Payment Date following the occurrence and during the continuance of a
      Rapid Amortization Event, the Administrator shall instruct the Trustee to,
      and
      the Trustee shall, upon receipt of written instructions from the Administrator,
      withdraw from the Residual Loss Cash Trap Account an amount equal to the
      Available Residual Loss Cash Trap Amount and deposit such amount in the Payment
      Account to be applied to pay the principal of the Series 2007-1 Notes pursuant
      to Section
      2.12.
      On each
      Payment Date during the Series 2007-1 Revolving Period immediately following
      a
      Residual Loss Test Determination Date with respect to which the Residual Loss
      Rate was zero, the Administrator shall instruct the Trustee to, and the Trustee
      shall, upon receipt of written instructions from the Administrator, withdraw
      from the Residual Loss Cash Trap Account an amount equal to (x) if the
      Administrator determines that the sum of the amounts payable pursuant to
paragraphs
      (xiv),
      (xv)
      and
(xvi)
      of
Section
      2.10
      on such
      Payment Date exceeds the amount of Total Available Funds on such Payment Date
      available to pay such amounts, the lesser of (i) such excess and (ii) the
      Available Residual Loss Cash Trap Account Amount, and deposit such amount in
      the
      Payment Account for payment of such amounts payable pursuant to paragraphs
      (xiv),
      (xv)
      and
(xvi)
      of
Section
      2.10,
      and (y)
      any remaining amounts on deposit in the Residual Loss Cash Trap Account for
      payment at the order of the Issuers. On each Residual Loss Cash Trap Payment
      Date during the Series 2007-1 Revolving Period, the Administrator shall instruct
      the Trustee to, and the Trustee shall, upon receipt of written instructions
      from
      the Administrator, withdraw from the Residual Loss Cash Trap Account an amount
      equal to excess, if any, of (i) the Available Residual Loss Cash Trap Account
      Amount (after giving effect to any deposits thereto on such Residual Loss Cash
      Trap Payment Date) over (ii) the Maximum Residual Loss Cash Trap Account Amount
      as of such Residual Loss Cash Trap Payment Date (such excess, the “Excess
      Residual Loss Cash Trap Account Amount”),
      and
      (x) if the Administrator determines that the sum of the amounts payable pursuant
      to paragraphs
      (xiv),
      (xv)
      and
(xvi)
      of
Section
      2.10
      on such
      Payment Date exceeds the amount of Total Available Funds on such Payment Date
      available to pay such amounts, deposit the lesser of (i) such excess and (ii)
      the Excess Residual Loss Cash Trap Account Amount in the Payment Account for
      payment of such amounts payable pursuant to paragraphs
      (xiv),
      (xv)
      and
(xvi)
      of
Section
      2.10,
      and (y)
      pay the remainder, if any, of the Excess Residual Loss Cash Trap Account Amount
      at the order of the Issuers. 

     

    (f)  Termination
      of the Residual Loss Cash Trap Account.
      Upon
      the termination of the Indenture pursuant to Section
      12.1
      of the
      Base Indenture, after the prior payment of all amounts owing to any Person
      and
      payable from the Residual Loss Cash Trap Account as provided herein, the
      Administrator shall instruct the Trustee to, and the Trustee shall, upon receipt
      of written instructions from the Administrator, withdraw from the Residual
      Loss
      Cash Trap Account all amounts on deposit therein for payment at the direction
      of
      the Issuers.

     

    Section
      2.5   Payment
      Account.
      (a) Establishment
      of the Payment Account.
      The
      Issuers shall establish and maintain, or cause to be established and maintained,
      in the name of the Trustee for the benefit of the Series 2007-1 Noteholders
      and
      the Surety Provider, an account (the “Payment
      Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2007-1 Noteholders and the Surety Provider.
      The Payment Account shall be an Eligible Deposit Account; provided
      that, if
      at any time such account is not an Eligible Deposit Account, then the Trustee
      shall, within five (5) Business Days, notify the Issuers and the Surety Provider
      and establish a new Payment Account 

    
      
        
        

      

      
        18

        
          

        

      

      
        
        
that
        is
        an Eligible Deposit Account. If the Trustee establishes a new Payment Account,
        it shall transfer all cash and investments from the non-qualifying Payment
        Account into the new Payment Account. Initially, the Payment Account will
        be
        established with U.S. Bank National Association. Funds on deposit in the
        Payment
        Account shall remain uninvested.

    

     

    (b)  Payment
      Account Constitutes Additional Collateral for Series 2007-1
      Notes.
      In
      order to secure and provide for the repayment and payment of the Issuer
      Obligations with respect to the Series 2007-1 Notes, each Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Trustee, for the benefit of the Series 2007-1 Noteholders and the Surety
      Provider, all of such Issuer’s right, title and interest in and to the following
      (whether now or hereafter existing or acquired): (i) the Payment Account,
      including any security entitlement thereto; (ii) all funds on deposit therein
      from time to time; (iii) all certificates and instruments, if any, representing
      or evidencing any or all of the Payment Account or the funds on deposit therein
      from time to time; (iv) all investments made at any time and from time to time
      with monies in the Payment Account, whether constituting securities,
      instruments, general intangibles, investment property, financial assets or
      other
      property; (v) all interest, dividends, cash, instruments and other property
      from
      time to time received, receivable or otherwise distributed in respect of or
      in
      exchange for the Payment Account, the funds on deposit therein from time to
      time
      or the investments made with such funds; and (vi) all proceeds of any and all
      of
      the foregoing, including, without limitation, cash (the items in the foregoing
      clauses (i) through (vi) are referred to, collectively, as the “Payment
      Account Collateral”).
      

     

    (c)  Termination
      of the Payment Account.
      Upon
      the termination of the Indenture pursuant to Section
      12.1
      of the
      Base Indenture, after the prior payment of all amounts owing to any Person
      and
      payable from the Payment Account as provided herein, the Administrator shall
      instruct the Trustee to, and the Trustee shall, upon receipt of written
      instructions from the Administrator, withdraw from the Payment Account all
      amounts on deposit therein for payment at the direction of the
      Issuers.

     

    Section
      2.6   Investment
      of Funds in the Cargo Van/Pick-Up Truck Collection Account and the Cargo
      Van/Pick-Up Truck Purchase Account.
      USF
      shall instruct the institutions maintaining the Cargo Van/Pick-Up Truck
      Collection Account and the Cargo Van/Pick-Up Truck Purchase Account in writing
      to invest funds on deposit therein at all times in Permitted Investments
      selected by USF (by standing instructions or otherwise). Amounts on deposit
      and
      available for investment in the Cargo Van/Pick-Up Truck Purchase Account shall
      be invested by the Trustee at the written direction of USF in Permitted
      Investments that mature, or that are payable or redeemable upon demand of the
      holder thereof on or prior to the next Business Day. Amounts on deposit and
      available for investment in the Cargo Van/Pick-Up Truck Collection Account
      shall
      be invested by the Trustee at the written direction of USF in Permitted
      Investments that mature, or that are payable or redeemable upon demand of the
      holder thereof, on or prior to the Business Day prior to the Payment Date
      following the date on which such amounts were deposited into the Cargo
      Van/Pick-Up Truck Collection Account and such funds shall be available for
      withdrawal on such Payment Date. On each Payment Date, all interest and other
      investment earnings (net of losses and investment expenses) on funds on deposit
      in the Cargo Van/Pick-Up Truck Purchase Account shall be deposited in the Cargo
      Van/Pick-Up Truck Collection Account and treated as Series 2007-1 Collections
      for such Payment Date. USF shall not direct the Trustee to dispose of (or permit
      the disposal of) any 

    
      
        
        

      

      
        19

        
          

        

      

      
        
        
Permitted
        Investments prior to the maturity thereof to the extent such disposal would
        result in a loss of principal of such Permitted Investments. With respect
        to any
        Permitted Investments in which funds on deposit in the Cargo Van/Pick-Up
        Truck
        Collection Account or Cargo Van/Pick-Up Truck Purchase Account are invested
        pursuant to this Section
        2.6,
        except
        as otherwise provided hereunder or agreed to in writing among the parties
        hereto, USF shall retain the authority to exercise each and every power or
        right
        with respect to each such Permitted Investment as individuals generally have
        and
        enjoy with respect to their own investments, including power to vote any
        securities; provided
        that
        after the occurrence of an Event of Default, the Controlling Party shall
        have
        such rights in accordance with the provisions of Article
        9
        of the
        Base Indenture.

    

     

    Section
      2.7   Deposits
      to the Interest Reserve Account, Cargo Van/Pick-Up Truck Collection Account,
      the
      Cargo Van/Pick-Up Truck Purchase Account and the Pre-Funding Period Interest
      Deficiency Account.
      (a)
      On the
      Series 2007-1 Closing Date, the Trustee shall deposit (i) $1,026,307 of the
      net
      proceeds from the sale of the Series 2007-1 Notes in the Interest Reserve
      Account, (ii) an amount of the net proceeds from the sale of the Series 2007-1
      Notes equal to the Initial Pre-Funding Period Interest Deficiency Account Amount
      in the Pre-Funding Period Interest Deficiency Account and (iii) the remainder
      of
      the net proceeds from the sale of the Series 2007-1 Notes in the Cargo
      Van/Pick-Up Truck Purchase Account, to be paid in accordance with the following
      sentence and the terms of Section
      2.8.
      On the
      Series 2007-1 Closing Date, $32,000,330.66 of the net proceeds from the sale
      of
      the Series 2007-1 Notes deposited into the Cargo Van/Pick-Up Truck Purchase
      Account shall be paid to USF and used by USF, in accordance with the terms
      of
      the RTAC Sale and Contribution Agreement, to fund the acquisition of the Cargo
      Vans and Pick-Up Trucks set forth on Schedule
      2.7(a),
      each of
      which Cargo Vans and Pick-Up Trucks shall be contributed by USF on the Series
      2007-1 Closing Date to either Cargo Van SPV or Pick-Up Truck SPV, as
      applicable.

     

    (b)  On
      each
      Payment Date, the Administrator will direct the Trustee in writing pursuant
      to
      the Administration Agreement to, and the Trustee shall, deposit any amounts
      paid
      by any Permitted Note Issuance SPV pursuant to a Permitted Note Issuance SPV
      Limited Guarantee in respect of the Series 2007-1 Notes in the Cargo Van/Pick-Up
      Truck Collection Account and treat such amounts as part of Available Funds
      for
      such Payment Date.

     

    Section
      2.8   Cargo
      Van/Pick-Up Truck Purchase Account.
      (a)
      On the
      Series 2007-1 Closing Date, the Initial Cash Collateral Amount will be deposited
      into the Cargo Van/Pick-Up Truck Purchase Account pursuant to Section
      2.7(a).
      On each
      Funding Date in any Monthly Period, the Administrator shall instruct the Trustee
      to, and the Trustee shall, upon receipt of written instructions from the
      Administrator, withdraw from the Cargo Van/Pick-Up Truck Purchase Account an
      amount with respect to each Cargo Van or Pick-Up Truck being funded by a Cargo
      Van/Pick-Up Truck SPV on such Funding Date equal to the product of (x) the
      Advance Rate for such Cargo Van or Pick-Up Truck as of the immediately preceding
      Determination Date and (y) the Assumed Asset Value of such Cargo Van or Pick-Up
      Truck as of the Determination Date in such Monthly Period (or, if the In-Service
      Date for such Cargo Van or Pick-Up Truck was in such Monthly Period, the
      Capitalized Cost of such Cargo Van or Pick-Up Truck), and shall pay such amount
      upon the order of such Cargo Van/Pick-Up Truck SPVs upon satisfaction of the
      conditions set forth in Section
      2.8(b)
      with
      respect to such withdrawal.

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (b)  Amounts
      may be withdrawn from the Cargo Van/Pick-Up Truck Purchase Account to finance
      the acquisition by one or more Cargo Van/Pick-Up Truck SPVs of one or more
      Cargo
      Vans or Pick-Up Trucks only upon the satisfaction of each of the following
      conditions precedent on or prior to the related Funding Date:

     

    (i)  each
      of
      the representations and warranties made by each Issuer pursuant to Article
      7
      of the
      Base Indenture shall be true and correct as of the related Funding Date with
      the
      same effect as if then made;

     

    (ii)  the
      Administrator shall have delivered to the Trustee at least one Business Day
      prior to such Funding Date (with a copy to the Surety Provider) a schedule
      of
      the Cargo Vans and Pick-Up Trucks acquired by such Cargo Van/Pick-Up Truck
      SPVs
      with the funds being withdrawn on such Funding Date;

     

    (iii)  no
      Rapid
      Amortization Event shall have occurred and be continuing on such Funding Date,
      no Potential Rapid Amortization Event shall exist on such Funding Date, and
      no
      Rapid Amortization Event or Potential Rapid Amortization Event shall occur
      as a
      result of such withdrawal and the purchase of such Cargo Van or Pick-Up
      Truck;

     

    (iv)  each
      Cargo Van or Pick-Up Truck acquired with funds released on such Funding Date,
      upon its acquisition by a Cargo Van/Pick-Up Truck SPV, shall be an Eligible
      Truck; and

     

    (v)  the
      Administrator shall have delivered to the Trustee (with a copy to the Surety
      Provider) an Officer’s Certificate of each Issuer confirming the satisfaction of
      the conditions specified in this Section
      2.8(b).

     

    (c)  On
      any
      Payment Date occurring after the end of the Pre-Funding Period and during the
      Series 2007-1 Revolving Period on which the Cash Collateral Amount (after giving
      effect to all deposits in, and withdrawals from, the Cargo Van/Pick-Up Truck
      Purchase Account on such Payment Date other than any withdrawal therefrom
      pursuant to this Section
      2.8(c))
      exceeds
      the Maximum Cash Collateral Amount, the Administrator shall instruct the Trustee
      to, and the Trustee shall, upon receipt of written instructions from the
      Administrator, withdraw an amount equal to such excess (the “Partial
      Amortization Amount”)
      and
      deposit such amount in the Payment Account to be applied to pay the principal
      of
      the Series 2007-1 Notes pursuant to Section
      2.12.

     

    (d)  On
      the
      Payment Date on which the Series 2007-1 Revolving Period ends (or, if the Series
      2007-1 Revolving Period does not end on a Payment Date, on the first Payment
      Date following the end of the Series 2007-1 Revolving Period), the Administrator
      shall instruct the Trustee to, and the Trustee shall, upon receipt of written
      instructions from the Administrator, (i) withdraw from the Cargo Van/Pick-Up
      Truck Purchase Account on such Payment Date an amount equal to the lesser of
      (x)
      the amount in the Cargo/Van Pick-Up Truck Purchase Account on such Payment
      Date
      and (y) the Aggregate Note Balance as of such Payment Date (after giving effect
      to any principal payments to be made on such Payment Date, including pursuant
      to
Sections
      2.2(e)
      and
2.4(e))
      and
      deposit such amount in the Payment Account to be applied to pay 

    
      
        
        

      

      
        21

        
          

        

      

      
        
        
the
        principal of the Series 2007-1 Notes pursuant to Section
        2.12
        and (ii)
        deposit any remaining amount in the Cargo Van/Pick-Up Truck Purchase Account,
        after the application of clause
        (i),
        into
        the Cargo Van/Pick-Up Truck Collection Account. For the avoidance of doubt,
        no
        prepayment premium will be payable with respect to principal amounts paid
        pursuant to this Section
        2.8(d).

    

     

    Section
      2.9   Withdrawals
      from the Interest Reserve Account; Demands on the Surety Bond; and Interest
      Shortfall Amount

     

    .
      (a) Withdrawals
      from the Interest Reserve Account to Cover Deficiency.
      If the
      Administrator determines on or after any Determination Date that the Required
      Payment on the Related Payment Date exceeds Available Funds for such Payment
      Date (any such excess, a “Deficiency”),
      the
      Administrator shall notify the Trustee thereof in writing at or before 10:00
      a.m., New York City time, on the Business Day immediately preceding such Payment
      Date, and the Trustee shall, in accordance with such notice, by 11:00 a.m.,
      New
      York City time, on such Payment Date, withdraw from the Interest Reserve Account
      and deposit in the Cargo Van/Pick-Up Truck Collection Account an amount equal
      to
      the lesser of (x) such Deficiency and (y) the Available Interest Reserve Account
      Amount as of such Payment Date.

     

    (b)  Withdrawals
      from the Interest Reserve Account On the Series 2007-1 Legal Final Maturity
      Date.
      If the
      Administrator determines on or after the Determination Date immediately
      preceding the Series 2007-1 Legal Final Maturity Date that the amount of
      Available Funds for the Series 2007-1 Legal Final Maturity Date available on
      the
      Series 2007-1 Legal Final Maturity Date to pay the Aggregate Note Balance is
      less than the Aggregate Note Balance, the Administrator shall notify the Trustee
      thereof in writing at or before 10:00 a.m., New York City time, on the Business
      Day immediately preceding the Series 2007-1 Legal Final Maturity Date, and
      the
      Trustee shall, in accordance with such notice, by 11:00 a.m., New York City
      time, on the Series 2007-1 Legal Final Maturity Date, withdraw from the Interest
      Reserve Account and deposit in the Cargo Van/Pick-Up Truck Collection Account
      an
      amount equal to the lesser of (x) such insufficiency and (y) the Available
      Interest Reserve Account Amount as of the Series 2007-1 Legal Final Maturity
      Date (after giving effect to any withdrawal therefrom pursuant to Section
      2.9(a)
      on the
      Series 2007-1 Legal Final Maturity Date).

     

    (c)  Demands
      on the Surety Bond to Cover Deficiency.
      If the
      Administrator determines on or after any Determination Date that the amount
      of
      Total Available Funds for the Related Payment Date available on such Payment
      Date to pay Series 2007-1 Monthly Interest for such Payment Date is less than
      the Series 2007-1 Adjusted Monthly Interest for such Payment Date, the
      Administrator shall notify the Trustee in writing thereof at or before 10:00
      a.m., New York City time, on the third Business Day preceding such Payment
      Date,
      and the Trustee shall, in accordance with such notice, by 11:00 a.m., New York
      City time, on the second Business Day preceding such Payment Date, make a demand
      on the Surety Bond in an amount equal to such insufficiency in accordance with
      the terms thereof and shall cause the proceeds thereof to be deposited in the
      Payment Account to be applied solely for the payment of such Series 2007-1
      Monthly Interest for such Payment Date.

     

    (d)  Demands
      on the Surety Bond on the Series 2007-1 Legal Final Maturity
      Date.
      If the
      Administrator determines on or after the Determination Date immediately
      preceding the Series 2007-1 Legal Final Maturity Date that the amount of Total
      Available Funds for the 

    
      
        
        

      

      
        22

        
          

        

      

      
        
        
Series
        2007-1 Legal Final Maturity Date available to pay the Aggregate Note Balance
        is
        less than the Outstanding Principal Amount, the Administrator shall notify
        the
        Trustee in writing thereof at or before 10:00 a.m., New York City time, on
        the
        third Business Day preceding the Series 2007-1 Legal Final Maturity Date,
        and
        the Trustee shall, in accordance with such notice, by 11:00 a.m., New York
        City
        time, on the second Business Day preceding the Series 2007-1 Legal Final
        Maturity Date, make a demand on the Surety Bond in an amount equal to such
        insufficiency in accordance with the terms thereof and shall cause the proceeds
        thereof to be deposited in the Payment Account to be applied solely for the
        payment of the Outstanding Principal Amount. 

    

     

    (e)  Interest
      Shortfall Amount; Contingent Additional Interest Shortfall
      Amount.
      If the
      Administrator determines on or after any Determination Date that the amount
      of
      Total Available Funds for the Related Payment Date available on such Payment
      Date to pay Series 2007-1 Monthly Interest for such Payment Date is less than
      Series 2007-1 Adjusted Monthly Interest for such Payment Date and the proceeds
      of any draws on the Surety Bond pursuant to Section
      2.9(c)
      will be
      insufficient to cover such deficiency (any such insufficiency, an “Interest
      Shortfall Amount”),
      payments of interest to the Series 2007-1 Noteholders will be reduced on a
      pro rata
      basis,
      based on the amount of interest payable to each such Series 2007-1 Noteholder,
      by the Interest Shortfall Amount, and an additional amount of interest
      (“Additional
      Interest”)
      shall
      accrue on the Interest Shortfall Amount for each Interest Period at the Series
      2007-1 Note Rate. If the Administrator determines that the amount of Total
      Available Funds for any Payment Date occurring after the Series 2007-1
      Anticipated Repayment Date available on such Payment Date to pay Series 2007-1
      Monthly Contingent Additional Interest for such Payment Date pursuant to
clause
      (2)
      of
paragraph
      (xiv)
      of
Section
      2.10
      is less
      than Series 2007-1 Monthly Contingent Additional Interest for such Payment
      Date
      (any such insufficiency, a “Contingent
      Additional Interest Shortfall Amount”),
      payments to the Series 2007-1 Noteholders pursuant to clause
      (2)
      of
paragraph
      (xiv)
      of
Section
      2.10
      will be
      reduced on a pro rata
      basis by
      the Contingent Additional Interest Shortfall Amount. 

     

    Section
      2.10   Monthly
      Application of Total Available Funds.
      On each
      Payment Date, based solely on the information contained in the Monthly
      Noteholders’ Statement as of the preceding Determination Date with respect to
      Series 2007-1 Notes, the Trustee shall apply an amount equal to the Total
      Available Funds for such Payment Date on deposit in the Cargo Van/Pick-Up Truck
      Collection Account on or prior to such Payment Date in the following order
      of
      priority:

     

    (i)  to
      the
      Fleet Manager, an amount equal to the Monthly Advance Reimbursement Amount
      for
      such Payment Date (or, if the Fleet Manager has deferred payment of any or
      all
      of the Monthly Advance Reimbursement Amount for such Payment Date pursuant
      to
Section
      3.6(b)
      of the
      SPV Fleet Owner Agreement, an amount equal to the portion, if any, of the
      Monthly Advance Reimbursement Amount for such Payment Date for which payment
      has
      not been so deferred); 

     

    (ii)  to
      (x)
      the Administrator, an amount equal to the Monthly Administration Fee for the
      immediately preceding Determination Date and (y) the Nominee Titleholder, an
      amount equal to the Monthly Nominee Titleholder Fee for the immediately
      preceding Determination Date;

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (iii)  to
      the
      Trustee, an amount equal to the Trustee Fee for such Payment Date plus
      an
      amount equal to the Capped Trustee’s Expenses as of such Payment Date;

     

    (iv)  to
      the
      Payment Account, an amount equal to the Series 2007-1 Monthly Interest for
      such
      Payment Date plus
      the
      amount of any unpaid Interest Shortfall Amount as of the preceding Payment
      Date,
      together with any Additional Interest on such Interest Shortfall Amount (such
      amount, the “Monthly
      Interest Payment”);
      

     

    (v)  to
      the
      Surety Provider, an amount equal to the Surety Provider Fee for the related
      Interest Period; 

     

    (vi)  to
      the
      Surety Provider, any indemnities payable to the Surety Provider on such Payment
      Date pursuant to the Insurance Agreement; provided,
      however,
      that
      the sum of all the amounts paid under this paragraph
      (vi)
      since
      the Series 2007-1 Closing Date shall not exceed $500,000 in the
      aggregate;

     

    (vii)  to
      the
      Surety Provider, any amounts due as of such date to the Surety Provider pursuant
      to the Insurance Agreement in respect of unreimbursed draws under the Surety
      Bond, including interest thereon determined in accordance with the Insurance
      Agreement, in excess of the amount payable to the Surety Provider pursuant
      to
paragraph
      (vi)
      above on
      such Payment Date; 

     

    (viii)  to
      the
      Interest Reserve Account, an amount equal to the lesser of (1) the Cumulative
      Interest Reserve Account Withdrawal Amount as of such Payment Date and (2)
      the
      excess of (x) the Required Interest Reserve Account Amount as of such Payment
      Date over (y) the Available Interest Reserve Account Amount on such Payment
      Date;

     

    (ix)  on
      any
      Payment Date prior to the occurrence of a Rapid Amortization Event, to the
      Cargo
      Van/Pick-Up Truck Purchase Account, an amount equal to the Targeted Principal
      Deposit for such Payment Date; 

     

    (x)  to
      the
      Interest Reserve Account, an amount equal to the excess of (x) the Required
      Interest Reserve Account Amount as of such Payment Date over (y) the Available
      Interest Reserve Account Amount on such Payment Date, after giving effect to
      any
      amounts deposited pursuant to paragraph
      (viii)
      above;

     

    (xi)  (1)
      prior
      to the occurrence of a Rapid Amortization Event, on each Payment Date following
      the occurrence and during the continuance of a DSCR Deficiency Event, to the
      DSCR Deficiency Account, an amount equal to 50% of the remaining Total Available
      Funds for such Payment Date after application thereof pursuant to paragraphs
      (i)
      through
(x)
      above
      and (2) on any Payment Date after the occurrence and during the continuance
      of a
      Rapid Amortization Event, to the Payment Account, an amount equal to the lesser
      of (x) the Aggregate Note Balance on such Payment Date and (y) the remaining
      Total Available Funds for such Payment Date after application thereof pursuant
      to paragraphs
      (i)
      through
(viii)
      and
(x)
      above;

     

    (xii)  to
      the
      Surety Provider, an amount equal to the excess of (x) the amount of any
      indemnities payable to the Surety Provider on such Payment Date pursuant to
      the

    
      
        
        

      

      
        24

        
          

        

      

      
        
        
      Insurance
        Agreement over (y) the
        amount paid to the Surety Provider pursuant to paragraph
        (vi)
        above on
        such Payment Date; 

    

     

    (xiii)  on
      each
      Residual Loss Cash Trap Payment Date prior to the occurrence and continuation
      of
      a Rapid Amortization Event, to the Residual Loss Cash Trap Account, an amount
      equal to the Residual Loss Cash Trap Amount as of such Payment
      Date;

     

    (xiv)  (1)
      on
      each Payment Date during the Series 2007-1 Revolving Period, to the Payment
      Account, an amount equal to the Partial Amortization Amount Premium, if any,
      with respect to any Partial Amortization Amount on such Payment Date, and (2)
      on
      each Payment Date after the Series 2007-1 Anticipated Repayment Date, to the
      Payment Account, an amount equal to the Series 2007-1 Contingent Additional
      Monthly Interest for such Payment Date plus
      the
      amount of any unpaid Contingent Additional Interest Shortfall Amount as of
      the
      preceding Payment Date (such amount, the “Monthly
      Contingent Additional Interest Payment”);
      

     

    (xv)  to
      the
      Trustee, an amount equal to the excess of (x) the fees, expenses and indemnities
      (other than the Trustee Fee) owing to the Trustee under the Indenture on such
      Payment Date over (y) the Capped Trustee’s Expenses as of such Payment Date;

     

    (xvi)  to
      any
      Permitted Note Issuance Trustee, any amounts owing by any Cargo Van/Pick-Up
      Truck SPV to such Permitted Note Issuance Trustee under any Cargo Van/Pick-Up
      Truck SPV Permitted Note Limited Guarantee to which such Cargo Van/Pick-Up
      Truck
      SPV is a party; and

     

    (xvii)  at
      the
      direction of the Issuers, an amount equal to the remaining Total Available
      Funds
      for such Payment Date.

     

    Section
      2.11   Payment
      of Monthly Interest Payment, Monthly Contingent Additional Interest Payment
      and
      Premium.
      (a) On
      each Payment Date, based solely on the information contained in the Monthly
      Noteholders’ Statement as of the preceding Determination Date with respect to
      the Series 2007-1 Notes, the Trustee shall, in accordance with Section
      6.1
      of the
      Base Indenture, distribute pro rata
      to each
      Series 2007-1 Noteholder, from the Payment Account (i) the Monthly Interest
      Payment to the extent of the amount deposited in the Payment Account for the
      payment of interest pursuant to Section
      2.9(c)
      and
Section
      2.10(iv)
      and (ii)
      the Monthly Contingent Additional Interest Payment to the extent of the amount
      deposited in the Payment Account pursuant to clause
      (2)
      of
Section
      2.10(xiv).

     

    (b) On
      each
      Prepayment Date, based solely on the information contained in the Monthly
      Noteholders’ Statement as of the preceding Determination Date with respect to
      the Series 2007-1 Notes, the Trustee shall, in accordance with Section
      6.1
      of the
      Base Indenture, distribute pro rata
      to each
      Series 2007-1 Noteholder, from the Payment Account the Partial Amortization
      Amount Premium to the extent of the amount, if any, deposited in the Payment
      Account pursuant to clause
      (1)
      of
paragraph
      (xiv)
      of
Section
      2.10
      or the
      Optional Prepayment Premium to the extent of the amount thereof, if any,
      deposited in the Payment Account pursuant to Section
      5.1.
      

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    Section
      2.12   Payment
      of Note Principal.
      (a)
      The
      principal amount of the Series 2007-1 Notes shall be due and payable on the
      Series 2007-1 Legal Final Maturity Date.

     

    (b)  On
      each
      Payment Date, based solely on the information contained in the Monthly
      Noteholders’ Statement as of the preceding Determination Date with respect to
      Series 2007-1 Notes, the Trustee shall, in accordance with Section
      6.1
      of the
      Base Indenture, distribute, pro rata
      to each
      Series 2007-1 Noteholder from the Payment Account the amount, if any, deposited
      therein pursuant to Section
      2.2(e),
      Section
      2.4(e),
      Section
      2.8(c),
      Section
      2.8(d), clause
      (2)
      of
paragraph
      (xi)
      of
Section
      2.10
      and
Section
      5.1
      in order
      to pay the Aggregate Note Balance. 

     

    (c)  The
      Trustee shall notify the Person in whose name a Series 2007-1 Note is registered
      at the close of business on the Series 2007-1 Record Date preceding the Payment
      Date on which the Issuers expect that the final installment of principal of
      and
      interest on such Series 2007-1 Note will be paid. Such notice shall be made
      at
      the expense of the Administrator and shall be mailed within three (3) Business
      Days of receipt of a Monthly Noteholders’ Statement with respect to the Series
      2007-1 Notes indicating that such final payment will be made and shall specify
      that such final installment will be payable only upon presentation and surrender
      of such Series 2007-1 Note and shall specify the place where such Series 2007-1
      Note may be presented and surrendered for payment of such installment. Notices
      in connection with prepayments in full of Series 2007-1 Notes shall be
      (i) transmitted by facsimile to Series 2007-1 Noteholders holding Global
      Notes and (ii) sent by registered mail to Series 2007-1 Noteholders holding
      Definitive Notes and shall specify that such final installment will be payable
      only upon presentation and surrender of such Series 2007-1 Note and shall
      specify the place where such Series 2007-1 Note may be presented and surrendered
      for payment of such installment.

     

    Section
      2.13   Administrator’s
      Failure to Instruct the Trustee to Make a Deposit or Payment.
      (a)
      The
      Issuers shall, pursuant to Section
      2.5
      of the
      Administration Agreement, request the Administrator to perform each duty
      required to be performed by the Administrator hereunder, including making each
      determination required pursuant to Section
      2.9.
      If the
      Administrator or any Issuer fails to give notice or instructions to make any
      payment from or deposit into the Cargo Van/Pick-Up Truck Collection Account
      or
      any other Series Account required to be given by the Administrator or such
      Issuer, at the time specified in the Indenture, the Administration Agreement
      or
      any other Related Document (including applicable grace periods), the Trustee
      shall make such payment or deposit into or from the Cargo Van/Pick-Up Truck
      Collection Account or such other Series Account without such notice or
      instruction from the Administrator or such Issuer; provided
      that the
      Administrator or such Issuer, upon request of the Trustee, promptly provides
      the
      Trustee with all information necessary to allow the Trustee to make such a
      payment or deposit. When any payment or deposit hereunder or under any other
      Related Document is required to be made by the Trustee or the Paying Agent
      at or
      prior to a specified time, the Administrator or an Issuer shall deliver any
      applicable written instructions with respect thereto reasonably in advance
      of
      such specified time. 

     

    (b)  The
      Controlling Party is hereby authorized (but shall not be obligated) to deliver
      any information or instructions contemplated in this Section
      2.13
      that are
      not timely delivered by or on behalf of the Administrator or any
      Issuer.

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    Section
      2.14   Trustee
      as Securities Intermediary (a)
      The
      Trustee or other Person holding a Series 2007-1 Account shall be the “Securities
      Intermediary”. If the Securities Intermediary in respect of any Series 2007-1
      Account is not the Trustee, the Issuers shall obtain the express agreement
      of
      such Person to the obligations of the Securities Intermediary set forth in
      this
Section
      2.14.
      

     

    (b)  
      The
      Securities Intermediary agrees that:

     

    (i)  The
      Series 2007-1 Accounts are accounts to which “financial assets” within the
      meaning of Section 8-102(a)(9) of the New York UCC (“Financial
      Assets”)
      will
      be credited;

     

    (ii)  All
      securities or other property underlying any Financial Assets credited to any
      Series 2007-1 Account shall be registered in the name of the Securities
      Intermediary, indorsed to the Securities Intermediary or in blank or credited
      to
      another securities account maintained in the name of the Securities Intermediary
      and in no case will any Financial Asset credited to any Series 2007-1 Account
      be
      registered in the name of any Issuer, payable to the order of any Issuer or
      specially endorsed to any Issuer;

     

    (iii)  All
      property delivered to the Securities Intermediary pursuant to this Series
      Supplement will be promptly credited to the appropriate Series 2007-1
      Account;

     

    (iv)  Each
      item
      of property (whether investment property, security, instrument or cash) credited
      to a Series 2007-1 Account shall be treated as a Financial Asset;

     

    (v)  If
      at any
      time the Securities Intermediary shall receive any entitlement order from the
      Trustee directing transfer or redemption of any Financial Asset relating to
      the
      Series 2007-1 Accounts, the Securities Intermediary shall comply with such
      entitlement order without further consent by any Issuer or the
      Administrator;

     

    (vi)  The
      Series 2007-1 Accounts shall be governed by the laws of the State of New York,
      regardless of any provision of any other agreement. For purposes of all
      applicable UCCs, New York shall be deemed to the Securities Intermediary’s
      jurisdiction and the Series 2007-1 Accounts (as well as the “securities
      entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related
      thereto) shall be governed by the laws of the State of New York;

     

    (vii)  The
      Securities Intermediary has not entered into, and until termination of this
      Series Supplement, will not enter into, any agreement with any other Person
      relating to the Series 2007-1 Accounts and/or any Financial Assets credited
      thereto pursuant to which it has agreed to comply with entitlement orders (as
      defined in Section 8-102(a)(8) of the New York UCC) of such other Person and
      the
      Securities Intermediary has not entered into, and until the termination of
      this
      Series Supplement will not enter into, any agreement with any Issuer

    
      
        
        

      

      
        27

        
          

        

      

      
        
        
          purporting
        to limit or condition
        the obligation of the Securities Intermediary to comply with entitlement
        orders
        as set forth in Section
        2.14(b)(v);
        and

    

     

    (viii)  Except
      for the claims and interest of the Trustee and the Issuers in the Series 2007-1
      Accounts, the Securities Intermediary knows of no claim to, or interest, in
      the
      Series 2007-1 Accounts or in any Financial Asset credited thereto. If the
      Securities Intermediary has actual knowledge of the assertion by any other
      person of any lien, encumbrance, or adverse claim (including any writ,
      garnishment, judgment, warrant of attachment, execution or similar process)
      against any Series 2007-1 Account or in any Financial Asset carried therein,
      the
      Securities Intermediary will promptly notify the Trustee, the Administrator
      and
      the Issuers thereof.

     

    The
      Trustee shall possess all right, title and interest in all funds on deposit
      from
      time to time in the Series 2007-1 Accounts and in all proceeds thereof, and
      shall be the only person authorized to originate entitlement orders in respect
      of the Series 2007-1 Accounts. So long as the Trustee is the Securities
      Intermediary, it shall have the benefit of Section
      11.11
      of the
      Base Indenture in such capacity.

     

     

    ARTICLE
      III  

     

     

    RAPID
      AMORTIZATION EVENTS

     

    In
      addition to the Rapid Amortization Events set forth in Section
      10.1
      of the
      Base Indenture, any of the following shall be a Rapid Amortization Event and
      collectively shall constitute the Rapid Amortization Events set forth in
Section
      10.1(g)
      of the
      Base Indenture (without notice or other action on the part of any
      Person):

     

    (a)  all
      principal of and interest on the Series 2007-1 Notes is not paid in full on
      or
      before the Series 2007-1 Anticipated Repayment Date; 

     

    (b)  the
      occurrence of a Surety Default; and

     

    (c)  a
      DSCR
      Deficiency Event exists as of more than nine (9) consecutive Determination
      Dates.

     

    A
      Rapid
      Amortization Event with respect to the Series 2007-1 Notes described in
clause
      (b)
      above
      will not be subject to waiver.

     

     

    ARTICLE
      IV  

     

     

    FORM
      OF SERIES 2007-1 NOTES

     

    Section
      4.1   Initial
      Issuance of Series 2007-1 Notes.
      The
      Series 2007-1 Notes are being offered and sold by the Issuers pursuant to a
      Purchase Agreement, dated May 25, 2007, among the Issuers, UHI, Lehman Brothers
      Inc. and Merrill, Lynch, Pierce, Fenner & Smith Incorporated. The Series
      2007-1 Notes will be resold initially only to (1) qualified institutional

    
      
        
        

      

      
        28

        
          

        

      

      
        
        
buyers
        (as defined in Rule 144A) (“Qualified
        Institutional Buyers”)
        in
        reliance on Rule 144A under the Securities Act (“Rule
        144A”)
        and
        (2) in the case of offers outside the United States, to Persons other than
        U.S.
        Persons (as defined in Regulation S of the Securities Act (“Regulation
        S”))
        in
        accordance with Rule 903 of Regulation S.

    

     

    Section
      4.2   Restricted
      Global Series 2007-1 Notes.
      The
      Series 2007-1 Notes offered and sold in their initial distribution in reliance
      upon Rule 144A will be issued in book-entry form and represented by one or
      more
      permanent Global Notes in fully registered form without interest coupons (each,
      a “Restricted
      Global Series 2007-1 Note”),
      substantially in the form set forth in Exhibit
      A-1,
      registered in the name of Cede & Co., as nominee of DTC, duly executed by
      each Issuer and authenticated by the Trustee in the manner set forth in
Section
      2.5
      of the
      Base Indenture and deposited with the Trustee, as custodian of DTC. The
      aggregate initial principal amount of the Restricted Global Series 2007-1 Note
      may from time to time be increased or decreased by adjustments made on the
      records of the Trustee, as custodian for DTC, in connection with a corresponding
      decrease or increase in the aggregate initial principal amount of the Temporary
      Global Series 2007-1 Note or the Permanent Global Series 2007-1 Note, as
      hereinafter provided.

     

    Section
      4.3   Temporary
      Global Series 2007-1 Notes; Permanent Global Series 2007-1 Notes.
      Series
      2007-1 Notes offered and sold on the Series 2007-1 Closing Date in reliance
      upon
      Regulation S will be issued in the form of one or more temporary notes in
      registered form without interest coupons (each, a “Temporary
      Global Series 2007-1 Note”),
      substantially in the form set forth in Exhibit
      A-2,
      registered in the name of Cede & Co., as nominee of DTC, duly executed by
      each Issuer and authenticated by the Trustee in the manner set forth in
Section
      2.5
      of the
      Base Indenture and deposited on behalf of the purchasers of the Series 2007-1
      Notes represented thereby with the Trustee, as custodian for DTC, and registered
      in the name of a nominee of Cede & Co., as nominee of DTC, for the account
      of Euroclear or Clearstream. After the termination of the Restricted Period,
      interests in the Temporary Global Series 2007-1 Notes, as to which the Trustee
      has received from Euroclear or Clearstream, as the case may be, a certificate
      substantially in the form of Exhibit
      B
      to the
      effect that Euroclear or Clearstream, as applicable, has received a certificate
      substantially in the form of Exhibit
      C,
      shall
      be exchanged, in whole or in part, for interests in one or more permanent global
      notes in registered form without interest coupons, substantially in the form
      of
Exhibits
      A-3,
      as
      hereinafter provided (the “Permanent
      Global Series 2007-1 Notes”).
      To
      effect such exchange each Issuer shall execute and the Trustee shall
      authenticate and deliver to the applicable Foreign Clearing Agency, for credit
      to the respective accounts of the owners of the beneficial interests in the
      Series 2007-1 Notes, a duly executed and authenticated Permanent Global Series
      2007-1 Note, representing the principal amount of interests in the Temporary
      Global Series 2007-1 Note initially exchanged for interests in the Permanent
      Global Series 2007-1 Note. The aggregate principal amount of the Temporary
      Global Series 2007-1 Note and the Permanent Global Series 2007-1 Note may from
      time to time be increased or decreased by adjustments made on the Temporary
      Global Series 2007-1 Note or the Permanent Global Series 2007-1 Note, as
      applicable, or in the records of the Trustee, as custodian for DTC, as
      hereinafter provided.

     

    Section
      4.4   Definitive
      Notes.
      No
      Series 2007-1 Note Owner will receive a Definitive Note representing such Series
      2007-1 Note Owner’s interest in the Series 2007-1 Notes other than in accordance
      with Section
      2.16
      of the
      Base Indenture.

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    Section
      4.5   Transfer
      and Exchange

     

    .
      (a)  So
      long
      as a Series 2007-1 Note remains outstanding and is held by or on behalf of
      a
      Clearing Agency or a Foreign Clearing Agency, transfers of such Book-Entry
      Note,
      in whole or in part, or interests therein, shall only be made in accordance
      with
      this Section
      4.5(a).

     

    (i)  Transfers
      of Book-Entry Notes.
      Subject
      to clauses (iii) and (iv) of this Section
      4.5(a),
      transfers of a Book-Entry Note shall be limited to transfers of such Book-Entry
      Note in whole, but not in part, to nominees of the applicable Clearing Agency
      or
      Foreign Clearing Agency or to a successor Clearing Agency or Foreign Clearing
      Agency or such successor Clearing Agency’s or Foreign Clearing Agency’s
      nominee.

     

    (ii)  Transfers
      of Interests in Restricted Global Series 2007-1 Notes.
      The
      transfer by an owner of a beneficial interest in a Restricted Global Series
      2007-1 Note to a Person who wishes to take delivery thereof in the form of
      a
      beneficial interest in the same Restricted Global Series 2007-1 Note shall
      be
      made upon the deemed representation of the transferee that:

     

     

    (A)  It
      is a
      Qualified Institutional Buyer and is acquiring the Series 2007-1 Notes for
      its
      own account or for an account with respect to which it exercises sole investment
      discretion that is a Qualified Institutional Buyer; 

     

     

    (B)  It
      is
      aware that the sale to it is being made in reliance on Rule 144A and
      acknowledges that it has received such information regarding the Issuers as
      such
      transferee has requested pursuant to Rule 144A or has determined not to
      request such information and that it is aware that the transferor is relying
      upon its foregoing representations in order to claim the exemption from
      registration provided by Rule 144A;

     

     

    (C)  It
      understands that the Series 2007-1 Notes purchased by it will be offered, and
      may be transferred, only in a transaction not involving any public offering
      within the meaning of the Securities Act, and that, if in the future it decides
      to resell, pledge or otherwise transfer any Series 2007-1 Notes, such Series
      2007-1 Notes may be resold, pledged or transferred only (a) to a person who
      the
      seller reasonably believes is a Qualified Institutional Buyer that purchases
      for
      its own account or for the account of a Qualified Institutional Buyer to whom
      notice is given that the resale, pledge or transfer is being made in reliance
      on
      Rule 144A, (b) outside the United States to a non-U.S. Person (as such term
      is
      defined in Regulation S of the Securities Act) in a transaction in compliance
      with Regulation S of the Securities Act, (c) pursuant to an effective
      registration statement under the Securities Act or (d) in reliance on another
      exemption under the Securities Act, in each case in accordance with any
      applicable securities laws of any state of the United States; and

     

     

    (D)  It
      understands that the Series 2007-1 Notes will bear a legend substantially as
      set
      forth in Section
      4.6(a)(i).

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    

    (iii)  Transfer
      of Interests in Restricted Global Series 2007-1 Note to Temporary Global Series
      2007-1 Note Prior to the Exchange Date.
      If an
      owner of a beneficial interest in the Restricted Global Series 2007-1 Note
      wishes at any time to exchange its interest in such Restricted Global Series
      2007-1 Note for an interest in the Temporary Global Series 2007-1 Note, or
      to
      transfer such interest to a Person who wishes to take delivery thereof in the
      form of a beneficial interest in the Temporary Global Series 2007-1 Note, such
      owner may, subject to the rules and procedures of DTC, Euroclear and Clearstream
      (the “Applicable
      Procedures”),
      exchange or cause the exchange or transfer of such interest for an equivalent
      beneficial interest in the Temporary Global Series 2007-1 Note in accordance
      with the provisions of this Section
      4.5(a)(iii).
      Upon
      receipt by the Registrar of (1) written instructions given in accordance with
      the Applicable Procedures from a Clearing Agency Participant directing the
      Registrar to credit or cause to be credited to a specified Clearing Agency
      Participant’s account a beneficial interest in the Temporary Global Series
      2007-1 Note in a principal amount equal to that of the beneficial interest
      in
      the Restricted Global Series 2007-1 Note to be so exchanged or transferred,
      (2)
      a written order given in accordance with the Applicable Procedures containing
      information regarding the account of the Clearing Agency Participant (and the
      applicable Foreign Clearing Agency) to be credited with such increase, and
      the
      account of the Clearing Agency Participant to be debited, and (3) a certificate
      in substantially the form of Exhibit
      D-1
      attached
      hereto given by the owner of such beneficial interest in the Restricted Global
      Series 2007-1 Note, the Registrar, if it is not U.S. Bank National Association,
      shall instruct U.S. Bank National Association, custodian of DTC, to reduce
      the
      Restricted Global Series 2007-1 Note by the aggregate principal amount of the
      beneficial interest in the Restricted Global Series 2007-1 Note to be so
      exchanged or transferred and to increase the principal amount of the Temporary
      Global Series 2007-1 Note by the aggregate principal amount of the beneficial
      interest in the Restricted Global Series 2007-1 Note to be so exchanged or
      transferred, and to credit or cause to be credited to the account of the Person
      specified in such instructions (who shall be the Clearing Agency Participant
      of
      the applicable Foreign Clearing Agency) a beneficial interest in the Temporary
      Global Series 2007-1 Note equal to the reduction in the principal amount of
      the
      Restricted Global Series 2007-1 Note.

     

    (iv)  Transfer
      of Interests in Restricted Global Series 2007-1 Note to Permanent Global Series
      2007-1 Note After the Restricted Period.
      If,
      after the Restricted Period, an owner of a beneficial interest in the Restricted
      Global Series 2007-1 Note wishes at any time to exchange its interest in such
      Restricted Global Series 2007-1 Note for an interest in the Permanent Global
      Series 2007-1 Note, or to transfer its interest in such Restricted Global Series
      2007-1 Note to a Person who wishes to take delivery thereof in the form of
      an
      interest in the Permanent Global Series 2007-1 Note, such owner may, subject
      to
      the Applicable Procedures, exchange or cause the exchange or transfer of such
      interest for an equivalent beneficial interest in the Permanent Global Series
      2007-1 Note in accordance with the provisions of this Section
      4.5(a)(iv).
      Upon
      receipt by the Registrar of (1) written instructions given in accordance with
      the Applicable Procedures from a Clearing Agency Participant directing the
      Registrar to credit or cause to be credited to a specified Clearing Agency
      Participant’s account a beneficial interest in the Permanent Global Series
      2007-1 Note in a principal amount equal to that of the beneficial interest
      in
      the Restricted Global Series 2007-1 Note to be exchanged or transferred, (2)
      a
      written order given in 

    
      
        
        

      

      
        31

        
          

        

      

      
        
        
accordance
        with the Applicable Procedures containing information regarding the account
        of
        the Clearing Agency Participant (and the applicable Foreign Clearing Agency)
        to
        be credited with, and the account of the Clearing Agency Participant to be
        debited for, such increase and (3) a certificate in substantially the form
        of
Exhibit
        D-2
        attached
        hereto given by the owner of such beneficial interest in the Restricted Global
        Series 2007-1 Note, the Registrar, if it is not U.S. Bank National Association,
        shall instruct U.S. Bank National Association, as custodian of DTC, to reduce
        the Restricted Global Series 2007-1 Note by the aggregate principal amount
        of
        the beneficial interest in the Restricted Global Series 2007-1 Note to be
        so
        exchanged or transferred and to increase the principal amount of the Permanent
        Global Series 2007-1 Note by the aggregate principal amount of the beneficial
        interest in the Restricted Global Series 2007-1 Note to be so exchanged or
        transferred, and to credit or cause to be credited to the account of the
        Person
        specified in such instructions (which shall be the Clearing Agency Participant
        for the Foreign Clearing Agency) a beneficial interest in the Permanent Global
        Series 2007-1 Note equal to the reduction in the principal amount of the
        Restricted Global Series 2007-1 Note.

    

     

    (v)  Transfer
      of Interests in Temporary Global Series 2007-1 Note or Permanent Global Series
      2007-1 Note to Restricted Global Series 2007-1 Note.
      If an
      owner of a beneficial interest in the Temporary Global Series 2007-1 Note or
      the
      Permanent Global Series 2007-1 Note wishes at any time to exchange its interest
      in such Temporary Global Series 2007-1 Note or Permanent Global Series 2007-1
      Note for an interest in the Restricted Global Series 2007-1 Note, or to transfer
      its interest in such Temporary Global Series 2007-1 Note or Permanent Global
      Series 2007-1 Note to a Person who wishes to take delivery thereof in the form
      of an interest in the Restricted Global Series 2007-1 Note, such owner may,
      subject to the Applicable Procedures, exchange or cause the exchange or transfer
      of such interest for an equivalent beneficial interest in the Restricted Global
      Series 2007-1 Note in accordance with the provisions of this Section
      4.5(a)(v).
      Upon
      receipt by the Registrar of (1) written instructions given in accordance with
      the Applicable Procedures from a Clearing Agency Participant directing the
      Registrar to credit or cause to be credited a beneficial interest in the
      Restricted Global Series 2007-1 Note equal to the beneficial interest in the
      Temporary Global Series 2007-1 Note or Permanent Global Series 2007-1 Note,
      as
      the case may be, to be exchanged or transferred, (2) a written order given
      in
      accordance with the Applicable Procedures containing information regarding
      the
      account of the Clearing Agency Participant (and the applicable Foreign Clearing
      Agency) to be credited with, and the account of the Clearing Agency Participant
      to be debited for, such increase and (3) with respect to a transfer of a
      beneficial interest in the Temporary Global Series 2007-1 Note, a certificate
      substantially in the form of Exhibit
      D-3
      attached
      hereto given by the owner of such beneficial interest in such Temporary Global
      Series 2007-1 Note, the Registrar, if it is not U.S. Bank National Association,
      shall instruct U.S. Bank National Association, as custodian of DTC, to reduce
      the Temporary Global Series 2007-1 Note or the Permanent Global Series 2007-1
      Note, as the case may be, by the aggregate principal amount of the beneficial
      interest in the Temporary Global Series 2007-1 Note or Permanent Global Series
      2007-1 Note to be exchanged or transferred, and to increase the principal amount
      of the Restricted Global Series 2007-1 Note by the aggregate principal amount
      of
      the beneficial interest in the Temporary Global Series 2007-1 Note or Permanent
      Global Series 2007-1 Note to be so exchanged or transferred, and to credit
      or
      cause to be 

    
      
        
        

      

      
        32

        
          

        

      

      
        
        
credited
        to the account of the Person (which shall be a Clearing Agency Participant)
        specified in such instructions a beneficial interest in the Restricted Global
        Series 2007-1 Note equal to the reduction in the principal amount of the
        Temporary Global Series 2007-1 Note or the Permanent Global Series 2007-1
        Note.

    

     

    (b)  In
      the
      event that a Global Note evidencing a Series 2007-1 Note or any portion thereof
      is exchanged for Definitive Notes, such Series 2007-1 Notes may in turn be
      exchanged (upon transfer or otherwise) for Definitive Notes or for a beneficial
      interest in a Global Note (if any is then outstanding) only in accordance with
      such procedures, which shall be substantially consistent with the provisions
      of
Sections
      4.5(a)
      (including the certification requirement intended to ensure that transfers
      and
      exchanges of beneficial interests in the Series 2007-1 Notes comply with Rule
      144A or Regulation S under the Securities Act, as the case may be) and any
      applicable procedures, as may be adopted from time to time by the Issuers and
      the Registrar. 

     

    (c)  Until
      the
      termination of the Restricted Period, interests in the Temporary Global Series
      2007-1 Notes may be held only through Clearing Agency Participants acting for
      and on behalf of a Foreign Clearing Agency; provided,
      that
      this Section
      4.5(c)
      shall
      not prohibit any transfer in accordance with Section
      4.5(a).
      After
      the expiration of the Restricted Period, interests in the Permanent Global
      Series 2007-1 Notes may be transferred without requiring any
      certifications.

     

    Section
      4.6   Legending
      of Notes.
      (a)
      The
      Restricted Global Series 2007-1 Note, the Temporary Global Series 2007-1 Note
      and the Permanent Global Series 2007-1 Note shall bear the following legends
      to
      the extent indicated:

     

    (i)  The
      Restricted Global Series 2007-1 Note and the Permanent Global Series 2007-1
      Note
      shall bear the following legend:

     

    “THIS
      NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY
      ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE
      ONLY
      (A) TO U-HAUL S FLEET, LLC, 2007 BE-1, LLC OR 2007 BP-1, LLC (THE “ISSUERS’),
      (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
      THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
      PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
      REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
      (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM
      NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
      (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES
      WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT
      TO
      ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT, SUBJECT TO THE RIGHT OF THE ISSUERS, THE TRUSTEE AND THE TRANSFER AGENT,
      PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E), 

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    TO
      REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
      INFORMATION SATISFACTORY TO THEM, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
      SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION.
      THE
      HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
      FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.”

     

    (ii)  The
      Temporary Global Series 2007-1 Note shall bear the following
      legend:

     

    “THIS
      NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”), OR ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR
      OTHER JURISDICTION OF THE UNITED STATES. UNTIL 40 DAYS AFTER THE LATER OF THE
      COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES (THE
      “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED
      STATES AND OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS
      NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF,
      BY
      PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS
      NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF U-HAUL
      S
      FLEET, LLC, 2007 BE-1, LLC AND 2007 BP-1, LLC (THE “ISSUERS”) THAT THIS NOTE MAY
      BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND
      POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES,
      AND
      PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (1) IN AN OFFSHORE
      TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2)
      PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3)
      TO
      ANY ISSUER.”

    

    (iii)  Each
      of
      the Global Notes evidencing the Series 2007-1 Notes shall bear the following
      legends:

     

    “THIS
      NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
      TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW
      YORK CORPORATION, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE
      MAY
      NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
      OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
      OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
      DESCRIBED IN THE INDENTURE.

    

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO ANY ISSUER
      OR
      THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
      OR IN SUCH OTHER NAME AS IS 

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
      ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN
      INTEREST HEREIN.”

    

    (b)  Upon
      any
      transfer, exchange or replacement of Series 2007-1 Notes bearing such legend,
      or
      if a request is made to remove such legend on a Series 2007-1 Note, the Series
      2007-1 Notes so issued shall bear such legend, or such legend shall not be
      removed, as the case may be, unless there is delivered to the Issuers and the
      Trustee such satisfactory evidence, which may include an opinion of counsel,
      as
      may be reasonably required by the Issuers that neither such legend nor the
      restrictions on transfer set forth therein are required to ensure that transfers
      thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S.
      Upon
      provision of such satisfactory evidence, the Trustee, at the direction of the
      Issuers, shall authenticate and deliver a Series 2007-1 Note that does not
      bear
      such legend.

     

     

    ARTICLE
      V  

     

     

    GENERAL

     

    Section
      5.1   Optional
      Prepayment.
      The
      Issuers shall have the option to prepay the Series 2007-1 Notes in whole, or
      from time to time in part, on any Payment Date during the Series 2007-1
      Revolving Period with funds available pursuant to paragraph
      (xvii)
      of
Section
      2.10
      or other
      funds (other than Collections); provided,
      however,
      that as
      a condition precedent to any such optional prepayment, on or prior to any such
      Prepayment Date the Issuers shall have paid (x) all Surety Provider Fees and
      all
      other Surety Provider Reimbursement Amounts due and unpaid as of such Prepayment
      Date to the Surety Provider and (y) each other Issuer Obligation due and unpaid
      as of such Prepayment Date to the applicable Person. The Issuers shall give
      Trustee and the Surety Provider at least ten (10) Business Days’ prior written
      notice of any Prepayment Date on which the Issuers intend to exercise such
      option to prepay. The Optional Prepayment Premium with respect to the Optional
      Prepayment Amount being paid on such Prepayment Date shall be due and payable
      by
      the Issuers on such Prepayment Date. Not later than 11:00 a.m., New York City
      time, on the Business Day immediately preceding such Prepayment Date, the
      Issuers shall deposit in the Payment Account an amount equal to the Optional
      Prepayment Amount plus
      the
      Optional Prepayment Premium, if any, with respect thereto in immediately
      available funds. The funds deposited into the Payment Account will be paid
      by
      the Trustee to the Series 2007-1 Noteholders on such Prepayment Date pursuant
      to
Section
      2.11(b)
      and
Section
      2.12(b). 

     

    Section
      5.2   Optional
      Prepayment of Permitted Notes.
      USF
      hereby agrees that, during the Series 2007-1 Rapid Amortization Period, it
      shall
      not, and shall not allow any Permitted Note Issuance SPV to, optionally prepay
      any Permitted Notes (other than in connection with the disposition of any
      collateral securing such Permitted Notes in accordance with the applicable
      Permitted Note Issuance Related Documents) without the prior written consent
      of
      the Controlling Party.

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    Section
      5.3   Information.
      The
      Issuers hereby agree to provide to the Trustee and the Surety Provider, on
      each
      Determination Date, a Monthly Noteholders’ Statement with respect to the Series
      2007-1 Notes, substantially in the form of Exhibit
      E,
      setting
      forth as of the last day of the Related Monthly Period and for such Monthly
      Period the information set forth therein. The Trustee shall make each Monthly
      Noteholders’ Statement available to the Series 2007-1 Noteholders on or prior to
      each Payment Date via the Trustee’s internet website at www.usbank.com\abs on a
      password protected basis, and shall supply such password to each Series 2007-1
      Noteholder of record as of the immediately preceding Series 2007-1 Record Date.
      The Trustee shall be permitted to change the method by which it makes any
      Monthly Noteholders’ Statement available to Series 2007-1 Noteholders so long as
      such method is no more burdensome to any Series 2007-1 Noteholder; provided
      that the
      Trustee shall provide timely and adequate notification to the Series 2007-1
      Noteholders of any such change. Notwithstanding any of the foregoing to the
      contrary, a copy of each Monthly Noteholders’ Statement will be made available
      for inspection at the Corporate Trustee Office and, upon receipt of the prior
      written consent of USF, the Trustee shall supply a paper copy of any Monthly
      Noteholders’ Statement to any Person that requests it. The Trustee shall provide
      to the Series 2007-1 Noteholders, or their designated agent, and the Surety
      Provider copies of all information furnished to the Trustee pursuant to the
      Related Documents (including pursuant to Section
      4.1
      of the
      Base Indenture), as such information relates to the Series 2007-1 Notes or
      the
      Series 2007-1 Collateral. In connection with any Preference Amount payable
      under
      the Surety Bond, the Trustee shall furnish to the Surety Provider its records
      evidencing the distributions of principal of and interest on the
      Series 2007-1 Notes that have been made and subsequently recovered from
      Series 2007-1 Noteholders and the dates on which such payments were
      made.

     

    Section
      5.4   Exhibits.
      The
      following exhibits attached hereto supplement the exhibits included in the
      Indenture.

     

    
      	
              Exhibit
                A-1:

            	
              Form
                of Restricted Global Series 2007-1 Note

               

            
	
              Exhibit
                A-2:

            	
              Form
                of Temporary Global Series 2007-1 Note

               

            
	
              Exhibit
                A-3:

            	
              Form
                of Permanent Global Series 2007-1 Note

               

            
	
              Exhibit
                B:

            	
              Form
                of Clearing System Certificate

               

            
	
              Exhibit
                C:

            	
              Form
                of Certificate of Beneficial Ownership

               

            
	
              Exhibit
                D-1:

            	
              Form
                of Transfer Certificate for Exchange or Transfer from Restricted
                Global
                Series 2007-1 Note to Temporary Global Series 2007-1 Note

               

            
	
              Exhibit
                D-2:

            	
              Form
                of Transfer Certificate for Exchange or Transfer from Restricted
                Global
                Series 2007-1 Note to Permanent Global Series 2007-1 Note

               

            
	
              Exhibit
                D-3:

            	
              Form
                of Transfer Certificate for Exchange or Transfer from Temporary Global
                Series 2007-1 Note to Restricted Global Series 2007-1 Note

               

            
	
              Exhibit
                E:

            	
              Form
                of Monthly Noteholders’ Statement

               

            

    

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    Section
      5.5   Ratification
      of the Base Indenture.
      As
      supplemented by this Series Supplement, the Base Indenture is in all respects
      ratified and confirmed and the Base Indenture as so supplemented by this Series
      Supplement shall be read, taken, and construed as one and the same
      instrument.

     

    Section
      5.6   Counterparts.
      This
      Series Supplement may be executed in any number of counterparts, each of which
      so executed shall be deemed to be an original, but all of such counterparts
      shall together constitute but one and the same instrument.

     

    Section
      5.7   Governing
      Law.
      THIS
      SERIES SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
      ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     

    Section
      5.8   Amendments.
      This
      Series Supplement may be modified or amended from time to time in accordance
      with the terms of the Base Indenture. 

     

    Section
      5.9   Discharge
      of the Indenture.
      Notwithstanding anything to the contrary contained in the Base Indenture, no
      discharge of the Indenture pursuant to Section
      12.1(b)
      of the
      Base Indenture will be effective as to the Series 2007-1 Notes without the
      consent of the Controlling Party.

     

    Section
      5.10   Notice
      to the Surety Provider and the Rating Agencies.
      The
      Trustee shall, promptly upon receipt, provide to the Surety Provider and each
      Rating Agency a copy of each notice, Opinion of Counsel, certificate or other
      item delivered to, or required to be provided by, the Trustee pursuant to this
      Series Supplement or any other Related Document. Each such Opinion of Counsel
      shall be addressed to the Surety Provider and each Rating Agency, shall be
      from
      counsel reasonably acceptable to the Surety Provider (provided
      that for
      purposes of Section
      8.11(e)
      of the
      Base Indenture, any legal counsel employed by UHI, which may be an employee
      of
      UHI, shall be deemed to be reasonably acceptable to the Surety Provider) and
      shall be in form and substance reasonably acceptable to the Surety Provider.
      All
      such notices, opinions, certificates or other items delivered to the Surety
      Provider shall be forwarded to Ambac Assurance Corporation, One State Street
      Plaza, New York, New York, 10004; Attention: Portfolio Risk Management Group
      -
      Commercial ABS; telephone: (212) 668-0340; facsimile: (212)
      208-3547.

     

    Section
      5.11   Surety
      Provider Deemed Enhancement Provider and Secured Party.
      So long
      as no Surety Default has occurred and is continuing, the Surety Provider shall
      constitute an “Enhancement Provider” with respect to the Series 2007-1 Notes for
      all purposes under the Indenture and the other Related Documents. Furthermore,
      the Surety Provider shall be deemed to be a “Secured Party” under the Base
      Indenture and the Related Documents to the extent of amounts payable to the
      Surety Provider pursuant to this Series Supplement and the Insurance Agreement
      shall constitute an “Enhancement Agreement” with respect to the
      Series 2007-1 Notes for all purposes under the Indenture and the Related
      Documents. Each Noteholder, by their acceptance of the Series 2007-1 Notes,
      acknowledges that as partial consideration of the issuance of the Surety Bond
      and pursuant to the terms of the Indenture, the Surety Provider shall have
      certain rights hereunder, including as all rights as Controlling Party so long
      as no Surety Default has occurred and is continuing.

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    Section
      5.12   Third
      Party Beneficiary.
      The
      Surety Provider is an express third-party beneficiary of the Indenture and
      shall
      be entitled to enforce the obligations of the parties hereunder.

     

    Section
      5.13   Effect
      of Payments by the Surety Provider.
      (a)
      Anything
      herein to the contrary notwithstanding, any distribution of principal of or
      interest on the Series 2007-1 Notes that is made with moneys received
      pursuant to the terms of the Surety Bond shall not be considered payment of
      the
      Series 2007-1 Notes by the Issuers. The Trustee acknowledges that, without
      the need for any further action on the part of the Surety Provider, (i) to
      the extent the Surety Provider makes payments, directly or indirectly, on
      account of principal of or interest on the Series 2007-1 Notes to the
      Trustee for the benefit of the Series 2007-1 Noteholders or to the
      Series 2007-1 Noteholders (including any Preference Amounts as defined in
      the Surety Bond), the Surety Provider will be fully subrogated to the rights
      of
      such Series 2007-1 Noteholders to receive such principal and interest and
      will be deemed to the extent of the payments so made to be a Series 2007-1
      Noteholder and (ii) the Surety Provider shall be paid principal and
      interest in its capacity as a Series 2007-1 Noteholder until all such
      payments by the Surety Provider have been fully reimbursed, but only from the
      sources and in the manner provided herein for the distribution of such principal
      and interest and in each case only after the Series 2007-1 Noteholders have
      received all payments of principal and interest due to them hereunder on the
      related Payment Date. The foregoing is without prejudice to the separate and
      independent rights of the Surety Provider to be reimbursed, without duplication,
      for payments made under the Surety Bond pursuant to the Insurance Agreement.
      If
      any Person other than the Trustee asserts any Lien, encumbrance or adverse
      claim
      (including any writ, garnishment, judgment, warrant of attachment, execution
      or
      similar process) against any Issuer Account or in any financial asset credited
      thereto, the Administrator will promptly notify the Trustee, the Surety Provider
      and the Issuer thereof.

     

    (b)  Without
      limiting any rights of the Surety Provider under the Surety Bond or any other
      Related Document, and without modifying or otherwise affecting any terms or
      conditions of the Surety Bond, each Series 2007-1 Noteholder agrees (i) with
      respect to the payment of any Preference Amount (as defined in the Surety Bond)
      by the Surety Provider to the Trustee, on behalf of the Series 2007-1
      Noteholders, under the Surety Bond, to assign irrevocably to the Surety Provider
      all of its rights and claims relating to or arising under the Insured
      Obligations against the debtor which made or benefited from the related
      preference payment or otherwise with respect to the related preference payment
      and (ii) to appoint the Surety Provider as its agent in any legal proceeding
      related to such preference payment. In addition, each Series 2007-1 Noteholder
      hereby grants to the Surety Provider an absolute power of attorney to execute
      all appropriate instruments related to any items required to be delivered in
      connection with any preference payment referred to in this Section
      5.13(b).
      In
      addition, and without limitation of the foregoing, the Surety Provider shall
      be
      subrogated to the rights of the Trustee and each such Series 2007-1 Noteholder
      in the conduct of any such Preference Amount, including all rights of any party
      to an adversary proceeding action with respect to any order issued in connection
      with any such Preference Amount. Insured Amounts paid by the Surety Provider
      to
      the Trustee shall be received by the Trustee, as agent to the Series 2007-1
      Noteholders. 

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    (c)  By
      acceptance of a Series 2007-1 Note, each Series 2007-1 Noteholder agrees to
      the
      terms of the Surety Bond, including the method and timing of payment and the
      Surety Provider’s right of subrogation, and acknowledges that in the event that
      payments on the Series 2007-1 Notes are accelerated, such accelerated payments
      will not be covered by the Surety Provider under the Surety Bond, unless the
      Surety Provider elects to make such accelerated payments in accordance with
      and
      subject to the terms of the Surety Bond.

     

    (d)  Nothing
      in this Section
      5.13
      or in
      any other Section hereof shall, or is intended to, modify any of the terms,
      provisions or conditions of the Surety Bond.

     

    Section
      5.14   Subrogation.
      In
      furtherance of and not in limitation of the Surety Provider’s equitable right of
      subrogation, each of the Trustee, as agent for the Series 2007-1 Noteholders,
      and each Issuer acknowledge that, to the extent of any payment made by the
      Surety Provider under the Surety Bond with respect to interest on or principal
      of the Series 2007-1 Notes, including any Preference Amount, as defined in
      the
      Surety Bond, the Surety Provider is to be fully subrogated to the extent of
      such
      payment and any additional interest due on any late payment, to the rights
      of
      the Series 2007-1 Noteholders under the Indenture. Each Issuer and the Trustee
      agree to such subrogation and, further, agree to take such actions as the Surety
      Provider may reasonably request in writing to evidence such
      subrogation.

     

    Section
      5.15   Prior
      Notice by Trustee to the Surety Provider.
      Subject
      to Section
      11.1
      of the
      Base Indenture, except for any period during which a Surety Default is
      continuing, the Trustee agrees that it shall not exercise any rights or remedies
      available to it as a result of the occurrence of an Event of Default until
      after
      the Trustee has given prior written notice thereof to the Surety Provider and
      obtained the direction of the Surety Provider.

     

    Section
      5.16   Termination
      of Series Supplement.
      This
      Series Supplement shall cease to be of further effect when all outstanding
      Series 2007-1 Notes theretofore authenticated and issued have been delivered
      (other than destroyed, lost, or stolen Series 2007-1 Notes which have been
      replaced or paid) to the Trustee for cancellation, the Issuers have paid all
      sums payable hereunder, and the Surety Provider has been paid all Surety
      Provider Fees and all other Surety Provider Reimbursement Amounts due under
      the
      Insurance Agreement or any other Related Document. 

     

    Section
      5.17   Entire
      Agreement.
      This
      Series Supplement, together with the Base Indenture and all exhibits, annexes
      and schedules hereto and thereto, contain a final and complete integration
      of
      all prior expressions by the parties hereto with respect to the subject matter
      hereof and thereof and shall constitute the entire agreement among the parties
      hereto with respect to the subject matter hereof and thereof, superseding all
      previous oral statements and writings with respect thereto.

     

    

     

    
      
        
          

        

        
        

      

      
        39

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, each Issuer and the Trustee have caused this Series Supplement
      to be duly executed by their respective officers thereunto duly authorized
      as of
      the day and year first above written.

     

     

    U-HAUL
      S
      FLEET, LLC,

    as
      Issuer

     

     

    By:             

    Name:

    Title:
      

     

     

    2007
      BE-1, LLC,

    as
      Issuer

     

     

    By:             

    Name:

    Title:
      

     

     

    2007
      BP-1, LLC,

    as
      Issuer

     

     

    By:             

    Name:

    Title:
      

     

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

     

    By:             

    Name:

    Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]