Document:

ex1086.htm

Exhibit 10.86

AMENDMENT TO CREDIT AGREEMENT

This AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of March 15, 2012 (the “Amendment Date”), by and between AMERCO REAL ESTATE COMPANY, a Nevada corporation, and U-HAUL CO. OF FLORIDA, a Florida corporation (collectively, “Borrower Sponsors”) and JPMORGAN CHASE BANK, N.A. (“Lender”).

PREMISES

Borrower Sponsors and Lender are party to that certain Credit Agreement dated as of April 29, 2011 (the “Credit Agreement”), pursuant to which and subject to which Lender provided Borrower Sponsors with a Commitment to make the Loans, as such terms are defined in the Credit Agreement.  Capitalized terms not specifically defined herein have the meanings specified in the Credit Agreement.

Borrower Sponsors has requested that Lender extend the Expiration Date of the Credit Agreement and lower the Applicable Margin, as referenced therein, governing the future Loans to be made pursuant to the Credit Agreement.

Now, therefore, the parties hereto agree as follows:

ARTICLE I

Definitions

SECTION 1.01.    Existing Defined Terms.  The following defined terms set forth in the Credit Agreement are amended and restated from the Credit Agreement:

“Applicable Margin” means 1.25%.

“Expiration Date” means April 30, 2013, as the same may be extended pursuant to Section 2.06.

SECTION 1.02.     Additional Defined Terms.  The following defined terms are added to the Credit Agreement:

“Amendment Affirmation” means that certain Affirmation Agreement, from Master Guarantor for the benefit of Lender, of even date with the Amendment to Credit Agreement.

SECTION 1.03.     Use of Certain Terms.  For purposes of clarification, the defined terms of the Credit Agreement generally are hereby interpreted to encompass such changes as are necessary to effectuate the terms and intent of this Amendment.

SECTION 1.04.     No Effect on Past Loans.  Nothing herein shall modify the Maturity Date or the terms of Loans previously advanced to SPE Subsidiaries pursuant to the Credit Agreement.

ARTICLE II

Conditions to Effectiveness

SECTION 2.01.     Effective Date.  This Amendment shall not become effective

  

  

  

until the date on which Lender shall have received:

(a)           either (i) a counterpart of this Amendment signed on behalf of each of the Borrower Sponsors or (ii) written evidence satisfactory to Lender (which may include telecopy transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment;

(b)           a fully executed Amendment Affirmation;

(c)           such documents and certificates as the Lender or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower Sponsors, the authorization of the Transactions all in form and substance satisfactory to the Lender and its counsel;

(d)           at the time of and immediately after giving effect to this Amendment, no Default shall have occurred and be continuing; and

(e)           Borrower Sponsors shall have paid to Lender a fee equal to $150,000.

In addition to the foregoing, Borrower Sponsors shall pay Lender’s legal fees and out-of-pocket costs in negotiating and completing this Amendment and the transactions represented hereby.

ARTICLE III

Representations and Warranties

The Borrower Sponsors hereby restates the representations and warranties to Lender as set forth in Article 3 of the Credit Agreement.

ARTICLE IV

Miscellaneous

SECTION 4.01.      Counterparts; Integration; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single document.  This Amendment and any separate letter agreements with respect to fees payable to Lender constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Amendment shall become effective when it shall have been executed by Lender and when Lender shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment.

SECTION 4.02.      Severability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 4.03.      Governing Law; Jurisdiction; Consent to Service of Process.  Section 8.09 of the Credit Agreement is incorporated herein as though fully set forth herein.

  

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SECTION 4.04.      Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 4.05.      USA PATRIOT Act.  The following notification is provided to Borrower Sponsors pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.  To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product.  What this means for Borrower Sponsors:  When Borrower Sponsors opens an account, if Borrower Sponsors is an individual Lender will ask for Borrower Sponsor's name, taxpayer identification number, residential address, date of birth, and other information that will allow Lender to identify Borrower Sponsors, and if Borrower Sponsors is not an individual Lender will ask for Borrower Sponsor's name, taxpayer identification number, business address, and other information that will allow Lender to identify Borrower Sponsors.  Lender may also ask, if Borrower Sponsors is an individual to see Borrower Sponsor's driver’s license or other identifying documents, and if Borrower Sponsors is not an individual to see Borrower Sponsor's legal organizational documents or other identifying documents.

SECTION 4.06.        Information.  The Borrower Sponsors agrees that Lender may provide any information or knowledge Lender may have about the Borrower Sponsors or about any matter relating to this Agreement or the Loan Documents to JPMorgan Chase & Co., or any of its Affiliates or their successors, or to any one or more purchasers or potential purchasers of this Agreement or the Loan Documents.  The Borrower Sponsors agrees that Lender may at any time sell, assign or transfer one or more interests or participations in all or any part of its rights and obligations in this Agreement and the Loan Documents to one or more purchasers whether or not related to Lender.

[signature page follows]

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the Amendment Date.

AMERCO REAL ESTATE COMPANY,

a Nevada corporation

By ______________________________

     Name:

      Title:

U-HAUL CO. OF FLORIDA,

a Florida corporation

By  ______________________________

      Name:

      Title:

JPMORGAN CHASE BANK, N.A.

By  ______________________________

      Name:

      Title:

 

 

 

Signature Page to Amendment to Credit Agreementex1087.htm

 

                                             EFFECTIVE DATE: MONTH ______   DAY______   YEAR _______

                            

    DEALERSHIP CONTRACT ADDENDUM

THIS ADDENDUM is between U-HAUL® CO. OF SEE THE ATTHACED LIST OF PARTICIPATING U-HAUL CO. ENTITIES collectively hereinafter referred to as “U-Haul” and  SEE THE ATTACHED LIST OF PARTICIPATING “Dealer” ENTITIES AND LOCATIONS, collectively hereinafter referred to as “Dealer”.

RECITALS

U-Haul and Dealer previously entered into a Dealership Contract for the rental of the Equipment. (Any defined terms not defined herein shall have the same meaning as set forth in the Dealership Contract)

U-Haul and Dealer desire to modify the terms and conditions of the Dealership Contract as follows:

AGREEMENT

I. THE FOLLOWING LANGUAGE IS HEREBY ADDED TO THE DEALERSHIP CONTRACT:

1. Dealer’s rental of U-Box(s) and U-Box Trailers:

U-Haul is in the business of renting portable moving and storage pods, hereinafter the “U-Box(s)”. U-Haul is also in the business of renting trailers that are dedicated solely to the transportation of the U-Box(s), hereinafter the “U-Box Trailers”.

U-Haul hereby appoints Dealer as an agent for the rental of the U-Box(s) and the U-Box Trailers for and on behalf of U-Haul. Dealer acknowledges that the U-Box(s) and the U-Box Trailers are consigned to Dealer and title to the U-Box(s) and the U-Box Trailers shall remain with U-Haul at all times.

U-Haul will provide to Dealer, for rental to the public, a certain number of U-Box(s) and U-Box Trailers as mutually agreed upon by U-Haul and Dealer.

For those U-Box(s) that U-Haul provides to Dealer, Dealer shall pay to U-Haul ten dollars ($10.00) per month for each individual U-Box.

2. U-Box(s) Revenue Due Dealer from U-Haul:

(a.) For the rental of U-Box(s), Dealer will receive 80% of the rental revenue for those

U-Box(s);

(b.) For the local delivery of U-Box(s), Dealer will receive 100% of the delivery fees revenue;

(c.) For the one-way shipping of U-Box(s), Dealer will receive 5% of the one-way shipping fees revenue;

(d.) For the rental of the U-Box Trailers, Dealer will receive 35% of the rental revenue for those U-Box Trailers.

(e.) For the load and unload of U-Box(s), Dealer will receive 100% of the load and unload fees revenue.

(f.) For those miscellaneous fees charged to, and received by, a customer for the U-Box(s), Dealer will receive 100% for those miscellaneous fees revenue.

  

  

  

(g.) Dealer agrees that it does not/will not receive any revenue from its sale of the SafeStor Mobile Storage Protection product.

(h.) U-Haul and Dealer agree that all gross revenue that is remitted by Dealer to U-Haul and that any revenue due Dealer from U-Haul will be done in accordance with the terms of the U-Haul Fast Pay Program as set forth in the Dealership Contract.

3. U-Haul’s right to change revenue percentages.

Dealer expressly agrees that U-Haul in its sole discretion, upon thirty (30) days prior written notice to Dealer (including electronic notice), can change any or all of the revenue percentages in Section 2

(a.) – (f.) above. U-Haul agrees that any changes to the revenue percentages will not be made retroactive.

4. Hold Harmless with regard to U-Box(s) and U-Box Trailers.

 

U-Haul shall hold Dealer harmless from any and all liability incurred by Dealer solely in its capacity as a U-Haul dealer for property damage, personal injury or death to third parties involving the U-Box(s) and U-Box Trailers. U-Haul shall indemnify, hold harmless and defend Dealer against any claims, actions or suits arising against Dealer solely in its capacity as a U-Haul dealer. If U-Haul defends Dealer hereunder, U-Haul will hire, appoint and direct the attorney and Dealer agrees to fully cooperate with that attorney. This provision shall be effective only when the U-Box(s) and/or the U-Box Trailers are being rented or used under a valid U-Haul Rental Contract, when Dealer has complied with U-Haul rental requirements specifically including but not limited to the Meaningful Assurance requirements, when Dealer has complied with U-Haul hookup procedures and other instructions, when Dealer has collected the applicable rental and other fees prior to dispatching the U-Box(s) and/or U-Box Trailers, when Dealer has performed the U-Haul receiving and dispatching procedures, and; when Dealer has issued the appropriate User’s Guide, U-Haul Rental Contract and its applicable Addendum. This provision shall not apply to the negligence or misconduct or intentional acts of Dealer, its employees, agents, affiliates, related entities or representatives.

 

5. Risk of Loss to U-Box(s) and U-Box Trailers.

Between U-Haul and Dealer, U-Haul shall assume all responsibility for loss of, or damage to, the U-Box(s) and U-Box Trailers, when damage is due to theft or vandalism while in the custody of Dealer; provided, however, that Dealer and its employees and agents shall not intentionally steal, damage or vandalize the U-Box(s) and U-Box Trailers. Dealer shall use best efforts to protect and preserve the Equipment and all other U-Haul property in its custody.

 

6. Dealer’s restatement of its obligations to protect U-Haul’s Intellectual property and other rights.

Dealer hereby restates and reaffirms its obligations in the Dealership Contract with regard to the confidential, proprietary and trade secret information of U-Haul and U-Haul’s trademarks, copyrights, artwork and U-Haul’s goodwill. Therefore, Dealer specifically and expressly agrees that Sections 4h and 4i of the Dealer Contract applies to its rental of U-Box(s) and U-Box Trailers.

7. Dealer’s restatement of its obligations to mandatory arbitration of disputes.

Dealer hereby restates and reaffirms its obligations in the Dealership Contract with regard to the mandatory arbitration of disputes.

8. Consideration:

Each party represents that the respective obligations of the other party in this Addendum and in the Dealership Contract constitute good and valuable consideration.

  

  

  

9. Dealer Contract:

This Addendum is integrated into the Dealership Contract so as to be one agreement and all other terms and conditions of the Dealership Contract shall remain in place.

DEALER:                                                                                   U-HAUL CO:

Signature:_________________                                                Signature:____________________

Print Name:________________                                                Print Name:___________________

Title:_____________________                                                 Title:_________________________

Date:_____________________                                                 Date:_________________________

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