<PAGE>

                                                                     EXHIBIT 4.1



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                                 TRUST AGREEMENT

                                 by and between

                     HARLEY-DAVIDSON CUSTOMER FUNDING CORP.,
                               as Trust Depositor,

                                       and

                            WILMINGTON TRUST COMPANY,
                                as Owner Trustee




                          Dated as of November 1, 2000




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                                                 TABLE OF CONTENTS

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                                                                                                               Page
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<S>                      <C>                                                                                   <C>
ARTICLE ONE              DEFINITIONS..............................................................................1
         Section 1.01.     Capitalized Terms......................................................................1
         Section 1.02.     Other Definitional Provisions..........................................................4
         Section 1.03.     Usage of Terms.........................................................................4
         Section 1.04.     Section References.....................................................................4
         Section 1.05.     Accounting Terms.......................................................................4
ARTICLE TWO              ORGANIZATION.............................................................................4
         Section 2.01.     Name...................................................................................4
         Section 2.02.     Office.................................................................................4
         Section 2.03.     Purposes and Powers....................................................................4
         Section 2.04.     Appointment of Owner Trustee...........................................................5
         Section 2.05.     Initial Capital Contribution of Owner Trust Estate.....................................5
         Section 2.06.     Declaration of Trust...................................................................5
         Section 2.07.     Liability of Trust Depositor...........................................................6
         Section 2.08.     Title to Trust Property................................................................6
         Section 2.09.     Situs of Trust.........................................................................6
         Section 2.10.     Representations and Warranties of the Trust Depositor..................................7
         Section 2.11.     Federal Income Tax Allocations.........................................................8
ARTICLE THREE            TRUST CERTIFICATE AND TRANSFER OF INTERESTS..............................................8
         Section 3.01.     Initial Ownerhip.......................................................................8
         Section 3.02.     The Trust Certificate..................................................................8
         Section 3.03.     Authentication and Delivery of Trust Certificate.......................................9
         Section 3.04.     Registration of Transfer and Exchange of Trust Certificate.............................9
         Section 3.05.     Mutilated, Destroyed, Lost or Stolen Trust Certificate................................10
         Section 3.06.     Persons Deemed Owner..................................................................11
         Section 3.07.     Access to List of Certificateholder'Names and Addresses...............................11
         Section 3.08.     Maintenance of Office or Agency.......................................................11
         Section 3.09.     Temporary Trust Certificate...........................................................11
         Section 3.10.     Appointment of Paying Agent...........................................................11
         Section 3.11.     Ownerhip by Trust Depositor of Trust Certificate......................................12
         Section 3.12.     Book-Entry Certificate..................................................................
         Section 3.13.     Notices to Clearing Agency..............................................................
         Section 3.14.     Definitive Trust Certificate............................................................
ARTICLE FOUR             ACTIONS BY OWNER TRUSTEE................................................................12
         Section 4.01.     Prior Notice to Owner with Respect to Certain Matters.................................12
         Section 4.02.     Action by Owner with Respect to Certain Matters.......................................13
         Section 4.03.     Action by Owner with Respect to Bankruptcy............................................13
         Section 4.04.     Restrictions on Owner'Power...........................................................13
         Section 4.05.     Majority Control........................................................................
ARTICLE FIVE             APPLICATION OF TRUST FUNDS; CERTAIN DUTIES..............................................13
         Section 5.01.     Establishment of Trust Account..........................................................
         Section 5.02.     Application of Trust Funds............................................................13
         Section 5.03.     Method of Payment.....................................................................14
         Section 5.04.     No Segregation of Moneys; No Interest...................................................
         Section 5.05.     Accounting and Reports to the Certificateholder, Owner, the Internal Revenue Service
                           and Others............................................................................14
         Section 5.06.     Signature on Returns; Tax Matters Partner.............................................14
ARTICLE SIX              AUTHORITY AND DUTIES OF OWNER TRUSTEE...................................................15


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         Section 6.01.     General Authority.....................................................................15
         Section 6.02.     General Duties........................................................................15
         Section 6.03.     Action Upon Instruction...............................................................15
         Section 6.04.     No Duties Except as Specified in this Agreement or in Instructions....................16
         Section 6.05.     No Action Except Under Specified Documents or Instructions............................17
         Section 6.06.     Restrictions..........................................................................17
ARTICLE SEVEN            CONCERNING THE OWNER TRUSTEE............................................................17
         Section 7.01.     Acceptance of Trusts and Duties.......................................................17
         Section 7.02.     Furnishing of Documents...............................................................18
         Section 7.03.     Representations and Warranties........................................................18
         Section 7.04.     Reliance; Advice of Counsel...........................................................19
         Section 7.05.     Not Acting in Individual Capacity.....................................................19
         Section 7.06.     Owner Trustee Not Liable for Trust Certificate, Notes or Contracts....................20
         Section 7.07.     Owner Trustee May Own Trust Certificate and Notes.....................................20
ARTICLE EIGHT            COMPENSATION OF OWNER TRUSTEE...........................................................20
         Section 8.01.     Owner Trustee's Fees and Expenses.....................................................20
         Section 8.02.     Indemnification.......................................................................20
         Section 8.03.     Payments to the Owner Trustee.........................................................21
ARTICLE NINE             TERMINATION OF TRUST AGREEMENT..........................................................21
         Section 9.01.     Termination of Trust Agreement........................................................21
         Section 9.02.     Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal of Trust
                           Depositor.............................................................................22
ARTICLE TEN              SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES..................................22
         Section 10.01.    Eligibility Requirements for Owner Trustee............................................22
         Section 10.02.    Resignation or Removal of Owner Trustee...............................................23
         Section 10.03.    Successor Owner Trustee...............................................................23
         Section 10.04.    Merger or Consolidation of Owner Trustee..............................................24
         Section 10.05.    Appointment of Co-Trustee or Separate Trustee.........................................24
ARTICLE ELEVEN           MISCELLANEOUS...........................................................................25
         Section 11.01.    Supplements and Amendments............................................................25
         Section 11.02.    No Legal Title to Trust Estate in Owner...............................................26
         Section 11.03.    Limitations on Rights of Others.......................................................27
         Section 11.04.    Notices...............................................................................27
         Section 11.05.    Severability of Provisions............................................................27
         Section 11.06.    Counterparts..........................................................................27
         Section 11.07.    Successors and Assigns................................................................28
         Section 11.08.    Covenants of the Trust Depositor......................................................28
         Section 11.09.    No Petition...........................................................................28
         Section 11.10.    No Recourse...........................................................................28
         Section 11.11.    Headings..............................................................................29
         Section 11.12.    Governing Law.........................................................................29
         Section 11.13.    Trust Certificate Transfer Restrictions...............................................29
         Section 11.14.    Trust Depositor Payment Obligation....................................................29


                                                     EXHIBITS

Exhibit A  -  Form of Certificate of Trust......................................................................A-1
Exhibit B  -  Form of Trust Certificate.........................................................................B-1
</TABLE>


                                             -ii-
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         TRUST AGREEMENT dated as of November 1, 2000, between HARLEY-DAVIDSON
CUSTOMER FUNDING CORP., a Nevada corporation, as Trust Depositor (the "TRUST
DEPOSITOR"), and Wilmington Trust Company, a Delaware banking corporation, as
owner trustee (the "OWNER TRUSTEE").

         WHEREAS, in connection herewith, the Trust Depositor is willing to
assume certain obligations pursuant hereto; and

         WHEREAS, in connection herewith, the Trust Depositor is willing to
purchase the Trust Depositor Certificate (as defined herein) to be issued
pursuant to this Agreement and to assume certain obligations pursuant hereto;

         NOW, THEREFORE, the parties hereto hereby agree as follows:


                                   ARTICLE ONE

                                   DEFINITIONS

SECTION 1.01     CAPITALIZED TERMS. Except as otherwise provided in this
Agreement, whenever used in this Agreement the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

         "ADMINISTRATION AGREEMENT" means the Administration Agreement, dated as
of the date hereof, among the Trust, the Trust Depositor, the Indenture Trustee
and Harley-Davidson Credit, as administrator.

         "AGREEMENT" means this Trust Agreement, as the same may be amended and
supplemented from time to time.

         "APPLICANT" shall have the meaning set forth in Section 3.07.

         "BENEFIT PLAN" means (i) an employee benefit plan (as such term is
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any
entity whose underlying assets include plan assets by reason of a plan's
investment in the entity.

         "BUSINESS TRUST STATUTE" means Chapter 38 of Title 12 of the Delaware
Code, 12 DEL. CODE Section 3801 ET SEQ., as the same may be amended from time to
time.

         "CERTIFICATE OF TRUST" means the Certificate of Trust filed for the
Trust pursuant to Section 3810(a) of the Business Trust Statute, substantially
in the form of EXHIBIT A hereto.


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         "CERTIFICATE REGISTER" and "CERTIFICATE REGISTRAR" mean the register
maintained and the registrar (or any successor thereto) appointed pursuant to
Section 3.04.

         "CERTIFICATEHOLDER" or "HOLDER" means with respect to a Definitive
Trust Certificate the Person in whose name the Trust Certificate is registered
in the Certificate Register.

         "CLEARING AGENCY" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act.

          "CLOSING DATE" means November 22, 2000.

         "CODE" means the Internal Revenue Code of 1986, as amended.

         "DEFINITIVE TRUST CERTIFICATE" shall have the meaning set forth in
Section 3.09.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

         "EXPENSES" shall have the meaning assigned to such term in Section
8.02.

         "HARLEY-DAVIDSON CREDIT" means Harley-Davidson Credit Corp., a Nevada
corporation.

         "INDEMNIFIED PARTIES" shall have the meaning assigned to such term in
Section 8.02.

         "INDENTURE" means the Indenture dated as of the date hereof between the
Trust and Bank One, National Association, as Indenture Trustee.

         "NOTE DEPOSITORY AGREEMENT" means the Agreement dated as of the Closing
Date among the Trust, the Indenture Trustee, the Administrator and DTC, as the
Clearing Agency, relating to the Notes, as the same may be amended and
supplemented from time to time.

         "NOTES" means the Class A-1 Notes, the Class A-2 Notes and the Class B
Notes, in each case issued pursuant to the Indenture.

         "OWNER" means the Holder of the Trust Certificate.

         "OWNER TRUSTEE" means Wilmington Trust Company, a Delaware corporation,
not in its individual capacity but solely as owner trustee under this Agreement,
and any successor Owner Trustee hereunder.

         "OWNER TRUSTEE CORPORATE TRUST OFFICE" means the office of the Owner
Trustee at which its corporate trust business shall be administered, which
initially shall be Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890-0001 Attn: Corporate Trust Administration, or such other office
at such other address as the Owner Trustee may designate


                                      -2-
<PAGE>


from time to time by notice to the Certificateholder, the Servicer, the
Indenture Trustee, the Trust Depositor and Harley-Davidson Credit.

         "PAYING AGENT" means any paying agent or co-paying agent appointed
pursuant to Section 3.10.

         "PERSON" means any individual, corporation, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof) unincorporated organization or government or any agency or political
subdivision thereof.

         "RECORD DATE" means, with respect to any Distribution Date, the last
Business Day of the preceding calendar month.

         "SALE AND SERVICING AGREEMENT" means the sale and servicing agreement,
dated as of the date hereof, among the Trust, as Issuer, the Trust Depositor,
Harley-Davidson Credit, as servicer, and Bank One, National Association, as
Indenture Trustee as the same may be amended or supplemented from time to time.

         "SECRETARY OF STATE" means the Secretary of State of the State of
Delaware.

         "TAX MATTERS PARTNER" shall have the meaning provided in Section
5.06(b) hereof.

         "TREASURY REGULATIONS" means regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

         "TRUST" means the trust established by this Agreement.

         "TRUST CERTIFICATE" means the trust certificate evidencing the
beneficial equity interest of the Owner, substantially in the form of EXHIBIT B
hereto.

         "TRUST DEPOSITOR" means Harley-Davidson Customer Funding Corp. in its
capacity as Trust Depositor hereunder, and its successors.

          "TRUST ESTATE" means all right, title and interest of the Trust in and
to the property and rights assigned to the Trust pursuant to Article Two of the
Sale and Servicing Agreement, all funds on deposit from time to time in the
Trust Accounts and all other property of the Trust from time to time, including
any rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing
Agreement and the Administration Agreement.

         "UNDERWRITERS" means Chase Securities Inc. and Salomon Smith Barney
Inc.


                                      -3-
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         SECTION 1.02  OTHER DEFINITIONAL PROVISIONS. Capitalized terms used
that are not otherwise defined herein shall have the meanings ascribed thereto
in the Sale and Servicing Agreement or, if not defined therein, in the
Indenture.

         SECTION 1.03  USAGE OF TERMS. With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other genders; references to "WRITING" include
printing, typing, lithography and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered
into in accordance with their respective terms and not prohibited by this
Agreement; references to Persons include their permitted successors and assigns;
and the term "INCLUDING" means "INCLUDING WITHOUT LIMITATION".

         SECTION 1.04  SECTION REFERENCES. All section references, unless
otherwise indicated, shall be to Sections in this Agreement.

         SECTION 1.05  ACCOUNTING TERMS. All accounting terms used but not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles in the United States.


                                  ARTICLE TWO

                                  ORGANIZATION

         SECTION 2.01  NAME. The Trust created hereby shall be known as
"HARLEY-DAVIDSON MOTORCYCLE TRUST 2000-3", in which name the Owner Trustee may
conduct the activities of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

         SECTION 2.02  OFFICE. The office of the Trust shall be in care of the
Owner Trustee at the Owner Trustee Corporate Trust Office or at such other
address in Delaware as the Owner Trustee may designate by written notice to the
Owner and the Trust Depositor.

         SECTION 2.03  PURPOSES AND POWERS.

                  (a)  The sole purpose of the Trust is to manage the Trust
Estate and collect and disburse the periodic income therefrom for the use and
benefit of the Owner, and in furtherance of such purpose to engage in the
following ministerial activities:

                       (i)   to issue the Notes pursuant to the Indenture and
         the Trust Certificate pursuant to this Agreement and to sell the Notes;

                                      -4-
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                       (ii)  with the proceeds of the sale of the Notes, to
         purchase the Contracts, to fund the Pre-Funding Account and to pay the
         organizational, start-up and transactional expenses of the Trust and to
         pay the balance to the Trust Depositor pursuant to the Sale and
         Servicing Agreement;

                       (iii) to assign, grant, transfer, pledge, mortgage
         and convey the Trust Estate pursuant to the Indenture and to hold,
         manage and distribute to the Owner pursuant to the Sale and Servicing
         Agreement any portion of the Trust Estate released from the Lien of,
         and remitted to the Trust pursuant to, the Indenture;

                       (iv)  to enter into and perform its obligations under
         the Transaction Documents to which it is to be a party;

                       (v)   to engage in those activities, including entering
         into agreements, that are necessary, suitable or convenient to
         accomplish the foregoing or are incidental thereto or connected
         therewith; and

                       (vi)  subject to compliance with the Transaction
         Documents, to engage in such other activities as may be required in
         connection with conservation of the Trust Estate and the making of
         distributions to the Owner and the Noteholders.

The Trust shall not engage in any activities other than in connection with the
foregoing. Nothing contained herein shall be deemed to authorize the Owner
Trustee to engage in any business operations or any activities other than those
set forth in the introductory sentence of this Section. Specifically, the Owner
Trustee shall have no authority to engage in any business operations, or acquire
any assets other than those specifically included in the Trust Estate under
Section 1.01, or otherwise vary the assets held by the Trust. Similarly, the
Owner Trustee shall have no discretionary duties other than performing those
ministerial acts set forth above necessary to accomplish the purpose of this
Trust as set forth in the introductory sentence of this Section.

         SECTION 2.04. APPOINTMENT OF OWNER TRUSTEE. The Trust Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein, and the
Owner Trustee hereby accepts such appointment.

         SECTION 2.05. INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE. The
Trust Depositor hereby sells, assigns, transfers, conveys and sets over to the
Owner Trustee, as of the date hereof, the sum of $1,000. The Owner Trustee
hereby acknowledges receipt in trust from the Trust Depositor, as of the date
hereof, of the foregoing contribution, which shall constitute the initial Trust
Estate. The Trust Depositor shall pay organizational expenses of the Trust as
they may arise or shall, upon the request of the Owner Trustee, promptly
reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

         SECTION 2.06. DECLARATION OF TRUST. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of


                                      -5-
<PAGE>


conserving the Trust Estate and collecting and disbursing the periodic income
therefrom for the use and benefit of the Owner, subject to the obligations of
the Trust under the Transaction Documents. It is the intention of the parties
hereto that the Trust constitute a business trust under the Business Trust
Statute and that this Agreement constitute the governing instrument of such
business trust. Effective as of the date hereof, the Owner Trustee shall have
all rights, powers and duties set forth herein and in the Business Trust Statute
for the sole purpose and to the extent necessary to accomplish the purpose of
this Trust as set forth in the introductory sentence of Section 2.03.

         SECTION 2.07. LIABILITY OF TRUST DEPOSITOR.

                  (a)  Pursuant to Section 3803(a) of the Business Trust
Statute, the Trust Depositor shall be liable directly to and will indemnify
any injured party or any other creditor of the Trust for all losses, claims,
damages, liabilities and expenses of the Trust to the extent that the Trust
Depositor would be liable if the Trust were a partnership under the Delaware
Revised Uniform Limited Partnership Act in which Trust Depositor were a
general partner (including any Illinois personal property replacement tax
that is imposed on the Trust as a partnership); PROVIDED, HOWEVER, that Trust
Depositor shall not be liable for any losses incurred by the Certificateholder
in the capacity of an investor in the Trust Certificate or a Noteholder in
the capacity of an investor in the Notes. In addition, any third party
creditors of the Trust (other than in connection with the obligations
described in the immediately preceding sentence for which the Trust Depositor
shall not be liable) shall be deemed third party beneficiaries of this
paragraph. The obligations of the Trust Depositor under this paragraph shall
be evidenced by the Trust Certificate described in Section 3.11.

                  (b)  Other than to the extent set forth in Section 2.07(a), no
Owner, solely by virtue of its being the Holder of a Trust Certificate, shall
have any personal liability for any liability or obligation of the Trust.

         SECTION 2.08. TITLE TO TRUST PROPERTY. Legal title to the Trust Estate
shall be vested at all times in the Trust as a separate legal entity except
where applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in an Owner Trustee or Owner Trustees, in which case title
shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

         SECTION 2.09. SITUS OF TRUST. The Trust will be located and
administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Illinois or the
State of Delaware. The Trust shall not have any employees in any state other
than Delaware; PROVIDED, HOWEVER, that nothing herein shall restrict or prohibit
the Owner Trustee from having employees within or without the State of Delaware.
Payments will be received by the Trust only in Delaware and payments will be
made by the Trust only from Delaware. The only office of the Trust will be at
the Owner Trustee Corporate Trust Office.


                                      -6-

<PAGE>

         SECTION 2.10. REPRESENTATIONS AND WARRANTIES OF THE TRUST DEPOSITOR.

         The Trust Depositor hereby represents and warrants to the Owner Trustee
that:

                  (i)   The Trust Depositor is duly organized and validly
         existing as a corporation organized and existing and in good standing
         under the laws of the State of Nevada, with power and authority to own
         its properties and to conduct its business and had at all relevant
         times, and has, power, authority and legal right to acquire and own the
         Contracts.

                  (ii)  The Trust Depositor is duly qualified to do business as
         a foreign corporation in good standing and has obtained all necessary
         licenses and approvals in all jurisdictions in which the ownership or
         lease of property or the conduct of its business requires such
         qualifications.

                  (iii) The Trust Depositor has the power and authority to
         execute and deliver this Agreement and to carry out its terms; the
         Trust Depositor has full power and authority to sell and assign the
         property to be sold and assigned to and deposited with the Owner
         Trustee on behalf of the Trust as part of the Trust Estate and has duly
         authorized such sale and assignment and deposit with the Owner Trustee
         on behalf of the Trust by all necessary corporate action; and the
         execution, delivery and performance of this Agreement have been duly
         authorized by the Trust Depositor by all necessary corporate action.

                  (iv)  The consummation of the transactions contemplated by
         this Agreement and the fulfillment of the terms hereof do not conflict
         with, result in any breach of any of the terms and provisions of, nor
         constitute (with or without notice or lapse of time) a default under,
         the articles of incorporation or bylaws of the Trust Depositor, or any
         indenture, agreement or other instrument to which the Trust Depositor
         is a party or by which it is bound; nor result in the creation or
         imposition of any Lien upon any of the properties of the Trust
         Depositor pursuant to the terms of any such indenture, agreement or
         other instrument (other than pursuant to the Transaction Documents);
         nor violate any law or any order, rule or regulation applicable to the
         Trust Depositor of any court or of any federal or state regulatory
         body, administrative agency or other governmental instrumentality
         having jurisdiction over the Trust Depositor or its properties.

                  (v)   There are no proceedings or investigations pending, or
         to the Trust Depositor's best knowledge threatened, before any court,
         regulatory body, administrative agency or other governmental
         instrumentality having jurisdiction over the Trust Depositor or its
         properties: (A) asserting the invalidity of this Agreement, any of the
         other Transaction Documents or the Trust Certificate, (B) seeking to
         prevent the issuance of the Trust Certificate or the consummation of
         any of the transactions contemplated by this Agreement or any of the
         other Transaction Documents, (C) seeking any


                                      -7-
<PAGE>


         determination or ruling that might materially and adversely affect the
         performance by the Trust Depositor of its obligations under, or the
         validity or enforceability of, this Agreement, any of the other
         Transaction Documents or the Trust Certificate or (D) involving the
         Trust Depositor and which might adversely affect the federal income
         tax or other federal, state or local tax attributes of the Trust
         Certificate.

         SECTION 2.11. FEDERAL INCOME TAX TREATMENT.

         It is the intention of the Trust Depositor that the Trust be
disregarded as a separate entity pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii) as in effect for periods after January 1, 1997. The Trust
Certificate constitutes the sole equity interest in the Trust and must at all
times be held by either the Trust Depositor or its transferee as sole owner. The
Trust Depositor agrees not to take any action inconsistent with such intended
federal income tax treatment. Because for federal income tax purposes the Trust
will be disregarded as a separate entity, Trust items of income, gain, loss and
deduction for any month as determined for federal income tax purposes shall be
allocated entirely to the Trust Depositor (or subsequent purchaser of the Trust
Certificate) as the sole Certificateholder.

                                 ARTICLE Three

                   TRUST CERTIFICATE AND TRANSFER OF INTERESTS

         SECTION 3.01. INITIAL OWNERHIP.

                  (a) Upon the formation of the Trust by the contribution by the
Trust Depositor pursuant to Section 2.05 and until the issuance of the Trust
Certificate, the Trust Depositor shall be the sole beneficiary of the Trust. The
Trust Certificate must at all times be held by either the Trust Depositor or its
transferee as sole owner.

                  (b) No transfer of the Trust Certificate shall be made unless
such transfer is made in a transaction which does not require registration or
qualification under the Securities Act of 1933 or qualification under any state
securities or "Blue Sky" laws. Neither the Owner Trustee nor the Certificate
Registrar shall effect the registration of any transfer of the Trust Certificate
unless, (i) prior to such transfer the Owner Trustee shall have received a Tax
Opinion, and (ii) following such transfer, there would be no more than one
holder of the Trust Certificate and the holder of the Trust Certificate would
not be a Foreign Person, a partnership, Subchapter S corporation or grantor
trust.

         SECTION 3.02. THE TRUST CERTIFICATE. The Trust Certificate shall be
substantially in the form of EXHIBIT B hereto. The Trust Certificate shall be
executed by the Owner Trustee on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee and shall be deemed to
have been validly issued when so executed. The Trust Certificate bearing the
manual or facsimile signature of individuals who were, at the time when such
signatures were


                                      -8-
<PAGE>


affixed, authorized to sign on behalf of the Owner Trustee shall be a valid
and binding obligation of the Trust, notwithstanding that such individuals or
any of them have ceased to be so authorized prior to the authentication and
delivery of such Trust Certificate or did not hold such offices at the date
of such Trust Certificate. The Trust Certificate shall be dated the date of
its authentication.

         SECTION 3.03. AUTHENTICATION AND DELIVERY OF TRUST CERTIFICATE. The
Owner Trustee shall cause to be authenticated and delivered upon the order of
the Trust Depositor, in exchange for the Contracts and the other Trust Assets,
simultaneously with the sale, assignment and transfer to the Trust of the
Contracts and other Trust Assets, and the constructive delivery to the Owner
Trustee of the Contract Files and the other Trust Assets, a Trust Certificate
duly authenticated by the Owner Trustee, evidencing the entire ownership of the
Trust, and Notes issued by the Owner Trustee and authenticated by the Indenture
Trustee in aggregate principal amount of, in the case of (i) Class A-1 Notes,
$131,700,000, (ii) Class A-2 Notes, $66,640,000 and (iii) Class B Notes
$12,660,000. No Trust Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Trust
Certificate a certificate of authentication substantially in the form set forth
in the form of Trust Certificate attached hereto as EXHIBIT B, executed by the
Owner Trustee or its authenticating agent, by manual signature, and such
certificate upon any Trust Certificate shall be conclusive evidence, and the
only evidence, that such Trust Certificate has been duly authenticated and
delivered hereunder. Upon issuance, authorization and delivery pursuant to the
terms hereof, the Trust Certificate will be entitled to the benefits of this
Agreement.

         SECTION 3.04. REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST
CERTIFICATE.


                                      -9-
<PAGE>


                  (a)  The Certificate Registrar shall keep or cause to be kept,
a Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of the
Trust Certificate and transfers and exchanges of the Trust Certificate as
provided herein. The Owner Trustee is hereby initially appointed Certificate
Registrar for the purpose of registering the Trust Certificate and transfers and
exchanges of the Trust Certificate as herein provided. In the event that,
subsequent to the Closing Date, the Owner Trustee notifies the Servicer that it
is unable to act as Certificate Registrar, the Servicer shall appoint another
bank or trust company, having an office or agency located in the City of
Chicago, Illinois, agreeing to act in accordance with the provisions of this
Agreement applicable to it, and otherwise acceptable to the Owner Trustee, to
act as successor Certificate Registrar hereunder.

                  (b)  Upon surrender for registration of transfer of the Trust
Certificate at the Owner Trustee Corporate Trust Office, the Owner Trustee shall
execute, authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in the name of the designated transferee, the new
Trust Certificate having the same aggregate principal amount.

                  (c)  Every Trust Certificate presented or surrendered for
registration of transfer shall be accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar
duly executed by the Holder thereof or his attorney duly authorized in writing.

                  (d)  No service charge shall be made for any registration of
transfer or exchange of the Trust Certificate, but the Owner Trustee may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer of the Trust Certificate.

                  (e)  All Trust Certificates surrendered for registration of
transfer shall be canceled and subsequently destroyed by the Owner Trustee.

         SECTION 3.05. MUTILATED, DESTROYED, LOST OR STOLEN TRUST CERTIFICATE.
If (i) any mutilated Trust Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Trust Certificate, and (ii) there is
delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then, in the
absence of notice that such Trust Certificate has been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee or its authenticating agent shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Trust
Certificate, a new Trust Certificate of like tenor and fractional undivided
interest. In connection with the issuance of any new Trust Certificate under
this Section, the Owner Trustee may require the payment by the Holder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto. Any duplicate Trust Certificate issued pursuant to this
Section shall constitute complete and indefeasible evidence of ownership in the
Trust, as if originally issued, whether or not the lost, stolen or destroyed
Trust Certificate shall be found at any time.


                                     -10-
<PAGE>


         SECTION 3.06. PERSON DEEMED OWNER. Prior to due presentation of a Trust
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar and any of their respective agents may treat the Person in whose name
any Trust Certificate is registered as the owner of such Trust Certificate for
the purpose of receiving distributions pursuant to Section 5.01 and for all
other purposes whatsoever, and none of the Owner Trustee, the Certificate
Registrar, any Paying Agent or any of their respective agents shall be affected
by any notice of the contrary.

         SECTION 3.07. ACCESS TO LIST OF CERTIFICATEHOLDER'S NAME AND ADDRESS.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Trust Depositor, within 15 days after receipt by the Certificate Registrar of a
written request therefor from the Servicer or the Trust Depositor, the name and
address of the Certificateholder as of the most recent Record Date in such form
as the Servicer or the Trust Depositor may reasonably require. The
Certificateholder, by receiving and holding the Trust Certificate, agrees with
the Servicer, the Trust Depositor and the Owner Trustee that none of the
Servicer, the Trust Depositor or the Owner Trustee shall be held accountable by
reason of the disclosure of any such information as to the name and address of
the Certificateholder hereunder, regardless of the source from which such
information was derived.

         SECTION 3.08. MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee shall
maintain in Wilmington, Delaware, an office or offices or agency or agencies
where the Trust Certificate may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Owner Trustee in respect
of the Trust Certificate and this Agreement may be served. The Owner Trustee
hereby designates the Owner Trustee Corporate Trust Office as its office for
such purposes. The Owner Trustee shall give prompt written notice to the Trust
Depositor, the Servicer and to the Certificateholder of any change in the
location of the Certificate Register or any such office or agency.

         SECTION 3.09. TRUST CERTIFICATE. The Owner Trustee, on behalf of the
Trust, shall execute, authenticate and deliver, a Trust Certificate.

         SECTION 3.10. APPOINTMENT OF PAYING AGENT. The Paying Agent shall make
distributions to the Certificateholder pursuant to Section 5.01(a) and shall
report the amounts of such distributions to the Owner Trustee. The Paying Agent
initially shall be Bank One, National Association, and any co-paying agent
chosen by the Paying Agent that is acceptable to the Owner Trustee. Each Paying
Agent shall be permitted to resign as Paying Agent upon 30 days' written notice
to the Owner Trustee. In the event that Bank One, National Association shall no
longer be the Paying Agent, the Owner Trustee shall appoint a successor to act
as Paying Agent (which shall be a bank or trust company). The Owner Trustee
shall cause such successor Paying Agent or any additional Paying Agent appointed
by the Owner Trustee to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that, as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholder in trust for the benefit of the Certificateholder entitled
thereto until such sums shall be paid to such Certificateholder. The Paying
Agent shall return all unclaimed funds to the Owner Trustee


                                     -11-
<PAGE>


and upon removal of a Paying Agent such Paying Agent shall also return all
funds in its possession to the Owner Trustee. The provisions of Sections
7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role
as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent
and, to the extent applicable, to any other paying agent appointed hereunder.
Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

         SECTION 3.11. OWNERSHIP BY TRUST DEPOSITOR OF TRUST CERTIFICATE. The
Trust Depositor shall on the Closing Date hold the Trust Certificate.

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

         SECTION 4.01. PRIOR NOTICE TO OWNER WITH RESPECT TO CERTAIN MATTERS.
Subject to the provisions and limitation of Section 4.04, with respect to the
following matters, the Owner Trustee shall not take action unless at least 30
days before the taking of such action, the Owner Trustee shall have notified the
Certificateholder in writing of the proposed action, the Indenture Trustee shall
have consented to such action in the event any Notes are outstanding and the
Owner shall not have notified the Owner Trustee in writing prior to the 30th day
after such notice is given that such Owner have withheld consent or provided
alternative direction:

                  (a)  the initiation of any claim or lawsuit by the Trust
(except claims or lawsuits brought in connection with the collection of the
Contracts) and the compromise of any action, claim or lawsuit brought by or
against the Trust (except with respect to the aforementioned claims or lawsuits
for collection of the Contracts);

                  (b)  the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Business Trust Statute);

                  (c)  the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is required;

                  (d)  the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not
required and such amendment materially and adversely affects the interest of
the Owner;

                  (e)  the amendment, change or modification of the
Administration Agreement, except to cure any ambiguity or to amend or supplement
any provision in a manner or add any provision that would not materially and
adversely affect the interests of the Owner; or

                  (f)  the appointment pursuant to the Indenture of a successor
Note Registrar or Indenture Trustee or pursuant to this Agreement of a successor
Certificate Registrar, or the


                                     -12-
<PAGE>


consent to the assignment by the Note Registrar, Indenture Trustee or
Certificate Registrar of its obligations under the Indenture or the
Agreement, as applicable.

         SECTION 4.02. ACTION BY OWNER WITH RESPECT TO CERTAIN MATTERS. Subject
to the provisions and limitations of Section 4.04, the Owner Trustee shall not
have the power, except upon the direction of the Owner, to (a) remove the
Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint
a successor Administrator pursuant to Section 8 of the Administration Agreement,
(c) remove the Servicer pursuant to Section 8.01 of the Sale and Servicing
Agreement, (d) except as expressly provided in the Transaction Documents, sell
the Contracts or other Trust Assets after the termination of the Indenture, (e)
initiate any claim, suit or proceeding by the Trust or compromise any claim,
suit or proceeding brought by or against the Trust, (f) authorize the merger or
consolidation of the Trust with or into any other business trust or entity
(other than in accordance with Section 3.10 of the Indenture) or (g) amend the
Certificate of Trust. The Owner Trustee shall take the actions referred to in
the preceding sentence only upon written instructions assigned by the Owner.

         SECTION 4.03. ACTION BY OWNER WITH RESPECT TO BANKRUPTCY. The Owner
Trustee shall not have the power to commence a voluntary proceeding in a
bankruptcy relating to the Trust without the prior approval of Owner and the
delivery to the Owner Trustee by such Owner of a certificate certifying that
such Owner reasonably believes that the Trust is insolvent.

SECTION 4.04. RESTRICTIONS ON OWNER'S POWER. The Owner shall not direct the
Owner Trustee to take or to refrain from taking any action if such action or
inaction would be contrary to any obligation of the Trust or the Owner Trustee
under this Agreement or any of the Transaction Documents or would be contrary to
the purpose of this Trust as set forth in Section 2.03, nor shall the Owner
Trustee be obligated to follow any such direction, if given.

                                  ARTICLE FIVE

                           APPLICATION OF TRUST FUNDS;
                                 CERTAIN DUTIES

         SECTION 5.01. APPLICATION OF TRUST FUNDS.

                  (a)  On each Distribution Date, the Paying Agent will
distribute to the Certificateholder amounts received pursuant to Section 7.05 of
the Sale and Servicing Agreement with respect to such Distribution Date.

                  (b)  On each Distribution Date, the Paying Agent shall send to
the Certificateholder the statement or statements provided to the Owner Trustee
by the Servicer pursuant to Section 9.01 of the Sale and Servicing Agreement
with respect to such Distribution Date.


                                     -13-
<PAGE>


                  (c)  In the event that any withholding tax is imposed on the
Trust's payment (or allocation of income) to the Certificateholder, such tax
shall reduce the amount otherwise distributable to the Certificateholder in
accordance with this Section. The Paying Agent is hereby authorized and directed
to retain from amounts otherwise distributable to the Owner sufficient funds for
the payment of any tax that is legally owed by the Trust (but such authorization
shall not prevent the Owner Trustee from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings). The amount of any withholding tax imposed with
respect to the Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution, the Paying Agent may in its sole
discretion withhold such amounts in accordance with the paragraph (c).

         SECTION 5.02. METHOD OF PAYMENT. Subject to Section 9.01(c) respecting
the final payment upon retirement of the Trust Certificate, distributions
required to be made to the Certificateholder of record on the related Record
Date shall be made by check mailed to such Certificateholder at the address of
such Holder appearing in the Certificate Register.

         SECTION 5.03. ACCOUNTING AND REPORTS TO THE CERTIFICATEHOLDER, OWNER,
THE INTERNAL REVENUE SERVICE AND OTHERS. The Administrator shall (a) maintain
(or cause to be maintained) the books of the Trust on a calendar year basis and
the accrual method of accounting, (b) deliver to the Owner, as may be required
by the Code and applicable Treasury Regulations, such information as may be
required to enable the Owner to prepare its federal and state income tax
returns, (c) file such tax returns relating to the Trust and make such elections
as from time to time may be required or appropriate under any applicable state
or federal statute or any rule or regulation thereunder so as to maintain the
federal income tax treatment for the Trust as set forth in Section 2.11, (d)
cause such tax returns to be signed in the manner required by law and (e)
collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.01(c) with respect to income or distributions to
Owner. The Owner Trustee shall elect under Section 1278 of the Code to include
in income currently any market discount that accrues with respect to the
Contracts. If applicable, the Owner Trustee shall not make the election provided
under Section 754 or Section 761 of the Code.

         SECTION 5.04. SIGNATURE ON RETURNS; TAX MATTERS PARTNER.

                  (a)  The Trust Depositor shall sign on behalf of the Trust the
tax returns of the Trust.

                  (b)  If subchapter K of the Code should be applicable to the
Trust, the Certificateholder shall be designated the "TAX MATTERS PARTNER" of
the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations.


                                     -14-
<PAGE>


                                  ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         SECTION 6.01. GENERAL AUTHORITY. Subject to the provisions and
limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and
directed to execute and deliver the Transaction Documents to which the Trust is
to be a party and each certificate or other document attached as an exhibit to
or contemplated by the Transaction Documents to which the Trust is to be a party
and any amendment or other agreement, as evidenced conclusively by the Owner
Trustee's execution thereof. In addition to the foregoing, the Owner Trustee is
authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Transaction Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator recommends
with respect to the Transaction Documents.

         SECTION 6.02. GENERAL DUTIES. Subject to the provisions and limitations
of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to
discharge (or cause to be discharged through the Administrator all of its
responsibilities pursuant to the terms of this Agreement and the Transaction
Documents to which the Trust is a party and to administer the Trust in the
interest of the Owner, subject to the Transaction Documents and in accordance
with the provisions of this Agreement. Without limiting the foregoing, the Owner
Trustee shall on behalf of the Trust file and prove any claim or claims that may
exist against Harley-Davidson Credit in connection with any claims paying
procedure as part of an insolvency or receivership proceeding involving
Harley-Davidson Credit. Notwithstanding the foregoing, the Owner Trustee shall
be deemed to have discharged its duties and responsibilities hereunder and under
the Transaction Documents to the extent the Administrator has agreed in the
Administration Agreement to perform any act or to discharge any duty of the
Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee
shall not be held liable for the default or failure of the Administrator to
carry out its obligations under the Administration Agreement.

         SECTION 6.03. ACTION UPON INSTRUCTION.

                  (a)  Subject to Article Four, in accordance with the terms of
the Transaction Documents the Owner may by written instruction direct the Owner
Trustee in the management of the Trust.

                  (b)  The Owner Trustee shall not be required to take any
action hereunder or under any other Transaction Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that
such action is likely to result in liability on the part of the Owner Trustee
or is contrary to the terms hereof or of any other Transaction Document or is
otherwise contrary to law.

                  (c)  Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or under any other


                                     -15-
<PAGE>


Transaction Document, the Owner Trustee shall promptly give notice (in such
form as shall be appropriate under the circumstances) to the Owner requesting
instruction as to the course of action to be adopted, and to the extent the
Owner Trustee acts in good faith in accordance with any written instruction
of the Owner received, the Owner Trustee shall not be liable on account of
such action to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may
be necessary under the circumstances) it may, but shall be under no duty to,
take or refrain from taking such action not inconsistent with this Agreement
and the other Transaction Documents, as it shall deem to be in the best
interests of the Owner, and shall have no liability to any Person for such
action or inaction.

                  (d)  In the event that the Owner Trustee is unsure as to the
applicability of any provision of this Agreement or any other Transaction
Document or any such provision is ambiguous as to its application, or is, or
appears to be, in conflict with any other applicable provision, or in the event
that this Agreement permits any determination by the Owner Trustee or is silent
or in incomplete as to the course of action that the Owner Trustee is required
to take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as shall be appropriate under the circumstances) to the
Owner requesting instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action not inconsistent with this Agreement or the other
Transaction Documents, as it shall deem to be in the best interests of the
Owner, and shall have no liability to any Person for such action or inaction.

         SECTION 6.04. NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of or
otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or any document or written instruction received by the Owner
Trustee pursuant to Section 6.03; and no implied duties or obligations shall be
read into this Agreement or any other Transaction Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Commission filing for the Trust or to
record this Agreement or any other Transaction Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any liens on any part of the Trust
Estate that result from actions by, or claims against, the Owner Trustee that
are not related to the ownership or the administration of the Trust Estate.


                                     -16-

<PAGE>

         SECTION 6.05. NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Owner Trustee shall not manage, control, use, sell, dispose
of or otherwise deal with any part of the Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) in accordance with the other
Transaction Documents and (iii) in accordance with any document or
instruction delivered to the Owner Trustee pursuant to Section 6.03.

         SECTION 6.06. RESTRICTIONS. The Owner Trustee shall not take any
action (i) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee,
would result in the Trust's becoming taxable as a corporation for federal or
state income tax purposes. The Owner shall not direct the Owner Trustee to
take actions that would violate the provisions of this Section.

         SECTION 6.07. PENNSYLVANIA MOTOR VEHICLE SALES FINANCE ACT LICENSES.
The Owner Trustee shall use its best efforts to maintain the effectiveness of
all licenses required under the Pennsylvania Motor Vehicle Sales Finance Act
in connection with the transactions contemplated by the Transaction Documents
until the lien and security interest of the Indenture shall no longer be in
effect in accordance with its terms.

                                 ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

         SECTION 7.01. ACCEPTANCE OF TRUSTS AND DUTIES. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The
Owner Trustee also agrees to disburse all moneys actually received by it
constituting part of the Trust Estate upon the terms of the Transaction
Documents and this Agreement. The Owner Trustee shall not be answerable or
accountable hereunder or under any other Transaction Document under any
circumstances, except (i) for its own willful misconduct or negligence or
(ii) in the case of the inaccuracy of any representation or warranty
contained in Section 7.03 expressly made by the Owner Trustee. In particular,
but not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

                  (a) the Owner Trustee shall not be liable for any error of
judgment made by a responsible officer of the Owner Trustee;

                  (b) the Owner Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in accordance with the
instructions of the Administrator or any Owner;

                  (c) no provision of this Agreement or any other Transaction
Document shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of its rights or
powers hereunder or under any Transaction Document if the

                                      -17-

<PAGE>

Owner Trustee shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it;

                  (d) under no circumstances shall the Owner Trustee be
liable for indebtedness evidenced by or arising under any of the Transaction
Documents, including the principal of and interest on the Notes;

                  (e) the Owner Trustee shall not be responsible for or in
respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Trust Depositor or for the form, character,
genuineness, sufficiency, value or validity of any of the Trust Estate, or
for or in respect of the validity or sufficiency of the Transaction
Documents, other than the certificate of authentication on the Trust
Certificate, and the Owner Trustee shall in no event assume or incur any
liability, duty, or obligation to any Noteholder or to any Owner, other than
as expressly provided for herein or expressly agreed to in the Transaction
Documents;

                  (f) the Owner Trustee shall not be liable for the default
or misconduct of the Administrator, the Trust Depositor, the Indenture
Trustee or the Servicer under any of the Transaction Documents or otherwise
and the Owner Trustee shall have no obligation or liability to perform the
obligations of the Trust under this Agreement or the other Transaction
Documents that are required to be performed by the Administrator under the
Administration Agreement, the Indenture Trustee under the Indenture or the
Servicer, or the Trust Depositor under the Sale and Servicing Agreement; and

                  (g) the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by the Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise
or in relation to this Agreement or any other Transaction Document, at the
request, order or direction of the Owner, unless such Owner have offered to
the Owner Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or in any other Transaction Document shall not
be construed as a duty, and the Owner Trustee shall not be answerable for
other than its negligence or willful misconduct in the performance of any
such act.

         SECTION 7.02. FURNISHING OF DOCUMENTS. The Owner Trustee shall
furnish to the Owner promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Transaction Documents.

         SECTION 7.03. REPRESENTATIONS AND WARRANTIES. The Owner Trustee
hereby represents and warrants to the Trust Depositor and the Owner that:

                  (a) It is a banking corporation duly organized and validly
existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

                                      -18-

<PAGE>

                  (b) It has taken all corporate action necessary to
authorize the execution an delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly
authorized to execute and deliver this Agreement on its behalf.

                  (c) Neither the execution nor the delivery by it of this
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will
contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or
order binding on it, or constitute any default under its charter documents or
bylaws or any indenture, mortgage, contract, agreement or instrument to which
it is a party or by which any of its properties may be bound or result in the
creation or imposition of any lien, charge or encumbrance on the Trust Estate
resulting from actions by or claims against the Owner Trustee individually
which are unrelated to this Agreement or the other Transaction Documents.

         SECTION 7.04. RELIANCE; ADVICE OF COUNSEL.

                  (a) The Owner Trustee shall incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed
by it to be genuine and believed by it to be signed by the proper party or
parties. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as
conclusive evidence that such resolution has been duly adopted by such body
and that the same is in full force and effect. As to any fact or matter the
method of determination of which is not specifically prescribed herein, the
Owner Trustee may for all purposes hereof rely on a certificate, signed by
the president or any vice president or by the treasurer or other authorized
officers of the relevant party, as to such fact or matter and such
certificate shall constitute full protection to the Owner Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon.

                  (b) In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this
Agreement or the other Transaction Documents, the Owner Trustee (i) may act
directly or through its agents or attorneys pursuant to agreements entered
into by any of them, and the Owner Trustee shall not be liable for the
conduct or misconduct of such agents or attorneys as shall have been selected
by the Owner Trustee with reasonable care, and (ii) may consult with counsel,
accountants and other skilled persons to be selected with reasonable care and
employed by it. The Owner Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the written
opinion or advice of any such counsel, accountants or other such persons.

         SECTION 7.05. NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided
in this Article Seven, in accepting the trusts hereby created, Wilmington
Trust Company acts solely as Owner Trustee hereunder and not in its
individual capacity, and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any
other Transaction Document shall look only to the Trust Estate for payment or
satisfaction thereof.

                                      -19-

<PAGE>

         SECTION 7.06. OWNER TRUSTEE NOT LIABLE FOR TRUST CERTIFICATE, NOTES
OR CONTRACTS. The recitals contained herein and in the Trust Certificate
(other than the signature and countersignature of the Owner Trustee and the
certificate of authentication on the Trust Certificate) shall be taken as the
statements of the Trust Depositor, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, any
other Transaction Document or the Trust Certificate (other than the signature
and countersignature of the Owner Trustee and the certificate of
authentication on the Trust Certificate) or the Notes, or of any Contract or
related documents. The Owner Trustee shall at no time have any responsibility
or liability for or with respect to the legality, validity and enforceability
of any Contract, or the perfection and priority of any security interest
created by any Contract in any Motorcycle or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of the
Trust Estate or its ability to generate the payments to be distributed to the
Certificateholder under this Agreement or the Noteholders under the
Indenture, including, without limitation, the existence, condition and
ownership of any Motorcycle; the existence and enforceability of any
insurance thereon; the existence and contents of any Contract on any computer
or other record thereof; the validity of the assignment of any Contract to
the Trust or of any intervening assignment; the completeness of any Contract;
the performance or enforcement of any Contract; the compliance by the Trust
Depositor or the Servicer with any warranty or representation made under any
Transaction Document or in any related document or the accuracy of any such
warranty or representation; or any action of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Owner
Trustee.

         SECTION 7.07. OWNER TRUSTEE MAY OWN TRUST CERTIFICATE AND NOTES. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of the Trust Certificate or Notes and may deal with the Trust
Depositor, the Administrator, the Indenture Trustee and the Servicer in
banking transactions with the same rights as it would have if it were not
Owner Trustee.

                                 ARTICLE EIGHT

                          COMPENSATION OF OWNER TRUSTEE

         SECTION 8.01. OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have
been separately agreed upon between the Owner Trustee and the Trust
Depositor. Additionally, the Owner Trustee shall be entitled to be reimbursed
by the Trust Depositor for its other reasonable expenses hereunder, including
the reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder.

         SECTION 8.02. INDEMNIFICATION. The Trust Depositor shall be liable
as primary obligor for, and shall indemnify the Owner Trustee and its
successors, assigns and servants (collectively,

                                      -20-

<PAGE>

the "INDEMNIFIED PARTIES") from and against, any and all liabilities,
obligations, losses, damages, taxes, claims, actions and suits, and any and
all reasonable costs, expenses and disbursements (including reasonable legal
fees and expenses) of any kind and nature whatsoever (collectively,
"EXPENSES") which may at any time be imposed on, incurred by or asserted
against the Owner Trustee or any Indemnified Party in any way relating to or
arising out of this Agreement, the other Transaction Documents, the Trust
Estate, the administration of the Trust Estate or the action or inaction of
the Owner Trustee hereunder, except only that the Trust Depositor shall not
be liable for or required to indemnify an Indemnified Party from and against
Expenses arising or resulting from any of the matters described in the third
sentence of Section 7.01. The indemnities contained in this Section shall
survive the resignation or termination of the Owner Trustee or the
termination of this Agreement. In the event of any claim, action or
proceeding for which indemnity will be sought pursuant to this Section, the
Owner Trustee's choice of legal counsel shall be subject to the approval of
the Trust Depositor, which approval shall not be unreasonably withheld.

         SECTION 8.03. PAYMENTS TO THE OWNER TRUSTEE. Any amounts paid to the
Owner Trustee pursuant to this Article shall be deemed not to be a part of
the Trust Estate immediately after such payment.

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

         SECTION 9.01. TERMINATION OF TRUST AGREEMENT.

                  (a) This Agreement (other than Article Eight) and the Trust
shall terminate and be of no further force or effect upon the earlier of (i)
final distribution by the Owner Trustee of all moneys or other property or
proceeds of the Trust Estate in accordance with the terms of the Indenture,
the Sale and Servicing Agreement and Article Five, (ii) the expiration of 21
years from the death of the survivor of the descendants of Joseph P. Kennedy,
the late Ambassador of the United States to the Court of St. James's, living
on the date hereof and (iii) the time provided in Section 9.02. The
bankruptcy, liquidation, dissolution, death or incapacity of any Owner, other
than the Trust Depositor as described in Section 9.02, shall not (i) operate
to terminate this Agreement or the Trust, (ii) entitle such Owner's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of
the Trust or Trust Estate or (iii) otherwise affect the rights, obligations
and liabilities of the parties hereto.

                  (b) Except as provided in Section 9.01(a), neither the
Trust Depositor nor any Holder shall be entitled to revoke or terminate the
Trust.

                  (c) Notice of any termination of the Trust, specifying the
Distribution Date upon which the Certificateholder shall surrender the Trust
Certificate to the Paying Agent for

                                      -21-

<PAGE>

payment of the final distribution and cancellation, shall be given by the
Owner Trustee by letter to the Certificateholder mailed within five Business
Days of receipt of notice of such termination from the Servicer given
pursuant to Section 10.01 of the Sale and Servicing Agreement, stating (i)
the Distribution Date upon or with respect to which final payment of the
Trust Certificate shall be made upon presentation and surrender of the Trust
Certificate at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
only upon presentation and surrender of the Trust Certificate at the office
of the Paying Agent therein specified. The Owner Trustee shall give such
notice to the Certificate Registrar (if other than the Owner Trustee) and the
Paying Agent at the time such notice is given to the Certificateholder. Upon
presentation and surrender of the Trust Certificate, the Paying Agent shall
cause to be distributed to the Certificateholder amounts distributable on
such Distribution Date pursuant to Section 5.01.

                  (d) Upon the winding up of the Trust and its termination,
the Owner Trustee shall cause the Certificate of Trust to be canceled by
filing a certificate of cancellation with the Secretary of State in
accordance with the provisions of Section 3810 of the Business Trust Statute.

         SECTION 9.02. DISSOLUTION UPON BANKRUPTCY OF TRUST DEPOSITOR OR
WITHDRAWAL OR REMOVAL OF TRUST DEPOSITOR. In the event that an Insolvency
Event shall occur with respect to the Trust Depositor or the Trust Depositor
shall withdraw, liquidate or be removed from the Trust, this Agreement shall
be terminated in accordance with Section 9.01 90 days after the date of such
event, unless within such 90-day period, the Owner Trustee shall have
received written instructions from the Required Holders not to dissolve or
terminate the Trust. Promptly after the occurrence of any Insolvency Event
with respect to the Trust Depositor, the Trust Depositor shall give the
Indenture Trustee and Owner Trustee written notice thereof, and the Indenture
Trustee shall give prompt written notice to the Noteholder thereof.

                                  ARTICLE TEN

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         SECTION 10.01. ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation satisfying the provisions of
Section 3807(a) of the Business Trust Statute; authorized to exercise
corporate trust powers; and (a) having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by federal or
state authorities; and having (or having a parent that has) a rating of at
least Baa3 by Moody's; or (b) which the Rating Agencies have otherwise
indicated in writing is an entity acceptable to act as Owner Trustee
hereunder. If such corporation shall publish reports of condition at least
annually pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent

                                      -22-

<PAGE>

report of condition so published. In case at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section, the
Owner Trustee shall resign immediately in the manner and with the effect
specified in Section 10.02.

         SECTION 10.02. RESIGNATION OR REMOVAL OF OWNER TRUSTEE. The Owner
Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator. Upon receiving
such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee. If no successor Owner Trustee shall have
been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Owner Trustee may
petition any court of competent jurisdiction for the appointment of a
successor Owner Trustee.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.01 and shall fail to resign
after written request therefor by the Administrator, or if at any time the
Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt
or insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator, may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing
Owner Trustee so removed and one copy to the successor Owner Trustee, and
shall pay all fees owed to the outgoing Owner Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses
owed to the outgoing Owner Trustee. The Administrator shall provide notice of
such resignation or removal of the Owner Trustee to each Rating Agency.

         SECTION 10.03. SUCCESSOR OWNER TRUSTEE. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator, and to its predecessor Owner Trustee an instrument
accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become
effective, and such successor Owner Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The predecessor Owner Trustee shall upon
payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement; and the
Administrator and the predecessor Owner Trustee shall execute and deliver
such instruments and do such other things as may reasonably be required for
fully and certainly vesting and confirming in the successor Owner Trustee all
such rights, powers, duties and obligations.

                                      -23-

<PAGE>

         No successor Owner Trustee shall accept appointment as provided in
this Section unless at the time of such acceptance such successor Owner
Trustee shall be eligible pursuant to Section 10.01.

         Upon acceptance of appointment by a successor Owner Trustee pursuant
to this Section, the Administrator shall mail notice thereof to the
Certificateholder, the Indenture Trustee, the Noteholders and each Rating
Agency. If the Administrator shall fail to mail such notice within ten days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense
of the Administrator.

         SECTION 10.04. MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, without the execution or filing of any instrument or any further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; PROVIDED, that such corporation shall be eligible pursuant
to Section 10.01 and, PROVIDED, FURTHER, that the Owner Trustee shall mail
notice of such merger or consolidation to each Rating Agency.

         SECTION 10.05. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Estate or any financed Motorcycle may at the time be
located, the Administrator and the Owner Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Administrator and Owner Trustee to act as
co-trustee, jointly with the Owner Trustee, or as separate trustee or
separate trustees, of all or any part of the Trust Estate, and to vest in
such Person, in such capacity, such title to the Trust or any part thereof
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may
consider necessary or desirable. If the Administrator shall not have joined
in such appointment within 15 days after the receipt by it of a request so to
do, the Owner Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor Owner Trustee pursuant to Section
10.01 and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 10.03.

         Each separate trustee and co-trustee shall, to the extent permitted
by law, be appointed and act subject to the following provisions and
conditions:

                  (a) all rights, powers, duties and obligations conferred or
         imposed upon the Owner Trustee shall be conferred upon and exercised or
         performed by the Owner Trustee and such separate trustee or co-trustee
         jointly (it being understood that such separate trustee or co-trustee
         is not authorized to act separately without the Owner Trustee joining
         in such act), except to the extent that under any law of any
         jurisdiction in which any

                                      -24-

<PAGE>

         particular act or acts are to be performed, the Owner Trustee shall be
         incompetent or unqualified to perform such act or acts, in which event
         such rights, powers, duties and obligations (including the holding of
         title to the Trust Estate or any portion thereof in any such
         jurisdiction) shall be exercised and performed singly by such separate
         trustee or co-trustee, but solely at the direction of the Owner
         Trustee;

                  (b) no trustee under this Agreement shall be personally liable
         by reason of any act or omission of any other trustee under this
         Agreement; and

                  (c) the Administrator and the Owner Trustee acting jointly may
         at any time accept the resignation of or remove any separate trustee or
         co-trustee.

         Any notice, request or other writing given to the Owner Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates
or property specified in its instrument of appointment, either jointly with
the Owner Trustee or separately, as may be provided therein, subject to all
the provisions of this Agreement, specifically including every provision of
this Agreement relating to the conduct of, affecting the liability of or
affording protection to, the Owner Trustee. Each such instrument shall be
filed with the Owner Trustee and a copy thereof given to the Administrator.

         Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

         SECTION 11.01. SUPPLEMENTS AND AMENDMENTS.

                  (a) The Agreement may be amended by the Trust Depositor,
and the Owner Trustee, without the consent of any of the Noteholders or the
Certificateholder, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or to add any other provisions with respect to
matters or questions arising under this Agreement that shall not be
inconsistent with the provisions of this Agreement; PROVIDED, HOWEVER, that
any such action shall

                                      -25-

<PAGE>

not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Noteholder or Certificateholder.

                  (b) This Agreement may also be amended from time to time by
the Trust Depositor, and the Owner Trustee, with the consent of the Modified
Required Holders, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement, or of
modifying in any manner the rights of the Noteholders or the
Certificateholder; PROVIDED, HOWEVER, that no such amendment shall increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
(i) collections of payments on Contracts or distributions that shall be
required to be made for the benefit of the Noteholders or the
Certificateholder, or (ii) eliminate the Certificateholder consent or reduce
the aforesaid percentage of the Outstanding Amount of the Notes required to
consent to any such amendment, without the consent of the Holder of all
outstanding Notes and the Trust Certificate.

                  (c) Prior to the execution of any such amendment or
consent, the Trust Depositor shall furnish written notification of the
substance of such amendment or consent, together with a copy thereof, to the
Indenture Trustee, the Administrator and each Rating Agency.

                  (d) Promptly after the execution of any such amendment or
consent, the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to each Certificateholder. It shall
not be necessary for the consent of Certificateholder, Noteholders or the
Indenture Trustee pursuant to this Section to approve the particular form of
any proposed amendment or consent, but it shall be sufficient if such consent
shall approve the substance thereof. The manner of obtaining such consents
(and any other consents of the Certificateholder provided for in this
Agreement or in any other Transaction Document) and of evidencing the
authorization of the execution thereof by the Certificateholder shall be
subject to such reasonable requirements as the Owner Trustee may prescribe.

                  (e) Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee shall cause the filing of such
amendment with the Secretary of State.

                  (f) Prior to the execution of any amendment to this
Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to
receive and rely upon an Opinion of Counsel stating that the execution of
such amendment is authorized or permitted by this Agreement. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment
that affects the Owner Trustee's own rights, duties or immunities under this
Agreement or otherwise.

         SECTION 11.02. NO LEGAL TITLE TO TRUST ESTATE IN OWNER. The Owner
shall not have legal title to any part of the Trust Estate. The Owner shall
be entitled to receive distributions with respect to their undivided
ownership interest herein only in accordance with Articles Five and Nine. No
transfer, by operation of law or otherwise, of any right, title or interest
of the Owner to and in their ownership interest in the Trust Estate shall
operate to terminate this Agreement or

                                      -26-

<PAGE>

the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Trust Estate.

         SECTION 11.03. LIMITATIONS ON RIGHTS OF OTHERS. Except for Section
2.07, the provisions of this Agreement are solely for the benefit of the
Owner Trustee, the Trust Depositor, the Owner, the Administrator and, to the
extent expressly provided herein, the Indenture Trustee and the Noteholders,
and nothing in this Agreement (other than Section 2.07), whether express or
implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Trust Estate or under or in respect
of this Agreement or any covenants, conditions or provisions contained herein.

         SECTION 11.04. NOTICES. All notices, demands, certificates, requests
and communications hereunder ("NOTICES") shall be in writing and shall be
effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt
to be effective the date of delivery indicated on the return receipt, or (b)
one Business Day after delivery to an overnight courier, or (c) on the date
personally delivered to an Authorized Officer of the party to which sent, or
(d) on the date transmitted by legible telecopier transmission with a
confirmation of receipt, in all cases addressed to the recipient at the
address for such recipient set forth in the Sale and Servicing Agreement:

           Each party hereto may, by notice given in accordance herewith to
each of the other parties hereto, designate any further or different address
to which subsequent notices shall be sent.

         SECTION 11.05. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or
of the Trust Certificate or the rights of the Holder thereof.

         SECTION 11.06. COUNTERPARTS. This Agreement may be executed in
several counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument.

         SECTION 11.07. SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, each of
the Trust Depositor, and the Owner Trustee and their respective successors
and permitted assigns and each Owner and its successors

                                      -27-

<PAGE>

and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by an Owner shall
bind the successors and assigns of such Owner.

         SECTION 11.08. COVENANTS OF THE TRUST DEPOSITOR. In the event that
any litigation with claims in excess of $1,000,000 to which the Trust
Depositor is a party which shall be reasonably likely to result in a material
judgment against the Trust Depositor that the Trust Depositor will not be
able to satisfy shall be commenced, during the period beginning immediately
following the commencement of such litigation and continuing until such
litigation is dismissed or otherwise terminated (and, if such litigation has
resulted in a final judgment against the Trust Depositor, such judgment has
been satisfied), the Trust Depositor shall not pay any dividend to the
Servicer, or make any distribution on or in respect of its capital stock to
the Servicer, or repay the principal amount of any indebtedness of the Trust
Depositor held by the Servicer, unless (i) after giving effect to such
payment, distribution or repayment, the Trust Depositor's liquid assets shall
not be less than the amount of actual damages claimed in such litigation or
(ii) the Rating Agencies shall not downgrade the then existing rating on the
Certificate with respect to any such payment, distribution or repayment. The
Trust Depositor will not at any time institute against the Trust any
bankruptcy proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificate,
the Notes, the Trust Agreement or any of the Transaction Documents.

         SECTION 11.09. NO PETITION.

                  (a) The Trust Depositor will not at any time institute
against the Trust any bankruptcy proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations
relating to the Trust Certificate, the Notes, this Agreement or any of the
other Transaction Documents.

                  (b) The Owner Trustee, by entering into this Agreement,
each Certificateholder, by accepting a Trust Certificate, and the Indenture
Trustee and each Noteholder, by accepting the benefits of this Agreement,
hereby covenant and agree that they will not at any time institute against
the Trust Depositor or the Trust, or join in any institution against the
Trust Depositor, or the Trust of, any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Trust Certificate, the Notes, this Agreement or
any of the other Transaction Documents.

         SECTION 11.10. NO RECOURSE. The Certificateholder by accepting the
Trust Certificate acknowledges that such Certificateholder's Trust
Certificate represents beneficial interests in the Trust only and does not
represent interests in or obligations of the Trust Depositor, the Servicer,
the Seller, the Administrator, the Owner Trustee, the Indenture Trustee or
any of the respective Affiliates and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated
in this Agreement, the Trust Certificate or the other Transaction Documents.

                                      -28-

<PAGE>

         SECTION 11.11. HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 11.12. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 11.13. TRUST CERTIFICATE TRANSFER RESTRICTIONS. The Trust
Certificate may not be acquired by or for the account of a Benefit Plan. By
accepting and holding a Trust Certificate, the Holder thereof shall be deemed
to have represented and warranted that it is not a Benefit Plan nor will it
hold such Trust Certificate for the account of a Benefit Plan. By accepting
and holding a Trust Certificate, the Holder thereof shall be deemed to have
represented and warranted that it is not a Benefit Plan.

         SECTION 11.14. TRUST DEPOSITOR PAYMENT OBLIGATION. The Trust
Depositor shall be responsible for payment of the Administrator's
compensation pursuant to Section 3 of the Administration Agreement and shall
reimburse the Administrator for all expenses and liabilities of the
Administrator incurred thereunder.

                                      -29-

<PAGE>

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

                                    HARLEY-DAVIDSON CUSTOMER FUNDING
                                    CORP.,
                                    as Trust Depositor


                                    By: /s/ Perry A. Glassgow
                                       --------------------------------------
                                    Printed Name: Perry A. Glassgow
                                    Title: Treasurer



                                    WILMINGTON TRUST COMPANY,
                                    as Owner Trustee


                                    By: /s/ Patricia A. Evans
                                       ---------------------------------------
                                    Printed  Name:  Patricia A. Evans
                                    Title:  Senior Financial Services Officer









                            Signature Page to Trust
                                   Agreement



<PAGE>

                                    EXHIBIT A

                         FORM OF CERTIFICATE OF TRUST OF
                     Harley-Davidson Motorcycle Trust 2000-3


         This Certificate of Trust of Harley-Davidson Motorcycle Trust 2000-3
(the "TRUST"), dated _______, 2000, is being duly executed and filed by
Wilmington Trust Company, a Delaware banking corporation, as Owner Trustee,
to form a business trust under the Delaware Business Trust Act (12 DEL. CODE,
Section 3801 ET SEQ.).

         1. NAME. The name of the business trust formed hereby is
Harley-Davidson Motorcycle Trust 2000-3.

         2. DELAWARE TRUSTEE. The name and business address of the Owner
Trustee of the Trust in the State of Delaware is Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890.

         IN WITNESS WHEREOF, the undersigned, being the sole Owner Trustee of
the Trust, has executed this Certificate of Trust as of the date first above
written.

                                    WILMINGTON TRUST COMPANY,
                                    not in its individual capacity but solely as
                                    Owner Trustee


                                    By:
                                       ---------------------------------------
                                    Printed Name:
                                                 -----------------------------
                                    Title:
                                          ------------------------------------


<PAGE>

                                    EXHIBIT B

                            FORM OF TRUST CERTIFICATE


[TO BE INSERTED ON CEDE & CO. CERTIFICATE -

THIS TRUST CERTIFICATE REPRESENTS THE BENEFICIAL INTEREST IN THE TRUST (AS
DEFINED BELOW) AND IS ENTITLED TO PAYMENTS AS DESCRIBED IN THE SALE AND
SERVICING AGREEMENT AND INDENTURE REFERRED TO HEREIN.

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN
HARLEY-DAVIDSON CUSTOMER FUNDING CORP., HARLEY-DAVIDSON CREDIT CORP. OR ANY
AFFILIATE THEREOF, EXCEPT TO THE EXTENT SET FORTH IN THE TRUST AGREEMENT.
THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED
IN UNLESS THE CONDITIONS SET FORTH IN SECTION 3.04 OF THE TRUST AGREEMENT
HAVE BEEN COMPLIED WITH.

               HARLEY-DAVIDSON MOTORCYCLE TRUST 2000-3 CERTIFICATE


NO. ___________                                 Initial Trust Certificate
                                                Fractional Interest 100%

         THIS CERTIFIES THAT Harley-Davidson Customer Funding Corp. is the
registered owner of 100% of the non-assessable, fully-paid, fractional
undivided beneficial interest in the Harley-Davidson Motorcycle Trust 2000-3
(the "TRUST") formed by Harley-Davidson Customer Funding Corp., a Nevada
corporation (the "TRUST DEPOSITOR").

         The Trust was created pursuant to a Trust Agreement, dated as of
November 1, 2000 (as amended and supplemented from time to time, the "TRUST
AGREEMENT"), among Harley-Davidson Customer Funding Corp., as Trust Depositor
(the "TRUST DEPOSITOR"), Harley-Davidson Credit Corp. (the "SELLER") and
Wilmington Trust Company, as owner trustee (the "OWNER TRUSTEE"), a summary
of certain of the pertinent provisions of which is set forth below. To the
extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in (i) the Trust Agreement, (ii) the Sale and
Servicing Agreement, dated as of November 1, 2000 (the "SALE AND SERVICING
AGREEMENT"), among the Trust, Harley-Davidson Customer Funding Corp., as
depositor (the "TRUST DEPOSITOR"), Harley-Davidson Credit Corp.
("HARLEY-DAVIDSON CREDIT"), as Servicer (in such capacity, the "SERVICER")
and Bank One, National Association, as Indenture Trustee (the "Indenture
Trustee") or (iii) the Indenture, dated as of November 1, 2000 (the
"INDENTURE"), between the Trust and the Indenture Trustee.

<PAGE>

         This Trust Certificate is the duly authorized Trust Certificate
designated as "HARLEY-DAVIDSON MOTORCYCLE TRUST 2000-3 CERTIFICATE" (the
"TRUST CERTIFICATE"). Issued under the Indenture are three classes of notes
designated as "___% HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES, CLASS
A-1", "___% HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES, CLASS A-2" and
"___% HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES, CLASS B"
(collectively, the "NOTES"). This Trust Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the Holder of this Trust Certificate by virtue of its
acceptance hereof assents and by which such Holder is bound. The property of
the Trust includes, among other things, (i) all the right, title and interest
of the Trust Depositor in and to the Initial Contracts listed on the initial
List of Contracts delivered on the Closing Date (including, without
limitation, all security interests and all rights to receive payments which
are collected pursuant thereto on or after the Initial Cutoff Date, including
any liquidation proceeds therefrom, but excluding any rights to receive
payments which were collected pursuant thereto prior to the Initial Cutoff
Date), (ii) all rights of the Trust Depositor under any physical damage or
other individual insurance policy (and rights under a "FORCED PLACED" policy,
if any) relating to any such Contract, an Obligor or a Motorcycle securing
such Contract, (iii) all security interests in each such Motorcycle, (iv) all
documents contained in the related Contract Files, (v) all rights (but not
the obligations) of the Trust Depositor under any related motorcycle dealer
agreements between dealers (i.e., the originators of such Contracts) and the
Trust Depositor, (vi) all rights of the Trust Depositor in the Lockbox, the
Lockbox Account and related Lockbox Agreement to the extent they relate to
such Contracts, (vii) all rights (but not the obligations) of the Trust
Depositor under the Transfer and Sale Agreement, including but not limited to
the Trust Depositor's rights under Article V thereof, (viii) the remittances,
deposits and payments made into the Trust Accounts from time to time and
amounts in the Trust Accounts from time to time (and any investments of such
amounts), and (ix) all proceeds and products of the foregoing.

         Under the Trust Agreement, there will be distributed on the
fifteenth day of each month or if such day is not a Business Day the next
succeeding Business Day commencing [ ], 2000 (each, a "DISTRIBUTION DATE") to
the person in whose name this Trust Certificate is registered as of the last
Business Day immediately preceding the calendar month in which such
Distribution Date occurs (each, a "RECORD DATE"), such Certificateholder's
fractional undivided beneficial interest in the amount to be distributed to
the Certificateholder on such Distribution Date.

         The holder of this Trust Certificate acknowledges and agrees that
its rights to receive distributions in respect of this Trust Certificate are
subordinated to the rights of the Noteholders to the extent described in the
Sale and Servicing Agreement and the Indenture.

         It is the intent of the Seller, the Servicer, the Trust Depositor,
Owner Trustee, Indenture Trustee and the Certificateholder that, for purposes
of federal income, state and local income and single business tax and any
other income taxes, the Trust will be treated as a partnership and the
Certificateholder (including the Trust Depositor) will be treated as partners
in that partnership. The Trust Depositor and the Certificateholder, by
acceptance of a Trust Certificate, agree to

<PAGE>

treat, and to take no action inconsistent with the treatment of, the Trust
Certificate for such tax purposes as partnership interests in the Trust and
the Certificateholder (including the Trust Depositor) as partners in that
partnership.

         Each Certificateholder, by its acceptance of a Trust Certificate or
beneficial interest in a Trust Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Trust or the
Trust Depositor, or join in any institution against the Trust or the Trust
Depositor, Harley-Davidson Credit or the Servicer any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Trust Certificate, the
Notes, the Trust Agreement or any of the other Transaction Documents.

         Distributions on this Trust Certificate will be made as provided in
the Sale and Servicing Agreement by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the
presentation or surrender of this Trust Certificate or the making of any
notation hereon. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Trust Certificate
will be made after due notice by the Owner Trustee of the pendency of such
distribution and only upon presentation and surrender of this Trust
Certificate at the office or agency maintained for that purpose by the Owner
Trustee in the City of Wilmington, Delaware.

         Reference is hereby made to the further provisions of this Trust
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, by manual signature,
this Trust Certificate shall not entitle the holder hereof to any benefit
under the Trust Agreement or any other Transaction Document or be valid for
any purpose.

         THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<PAGE>

                            [REVERSE OF CERTIFICATE]


         The Trust Certificate does not represent an obligation of, or an
interest in the Trust Depositor, Harley-Davidson Credit, as the Seller or
Servicer, the Owner Trustee, the Indenture Trustee or any of their respective
Affiliates and no recourse may be had against such parties or their assets,
except as expressly set forth or contemplated herein or in the Trust
Agreement or the other Transaction Documents. In addition, this Trust
Certificate is not guaranteed by any governmental agency or instrumentality
and is limited in right of payment to certain collections and recoveries with
respect to the Contracts and certain other amounts, in each case as more
specifically set forth herein and in the Sale and Servicing Agreement. A copy
of each of the Sale and Servicing Agreement and the Trust Agreement may be
examined by any Certificateholder upon written request during normal business
hours at the principal office of the Trust Depositor and at such other
places, if any, designated by the Trust Depositor.

         The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Trust Depositor and the rights of the Certificateholder
under the Trust Agreement at any time by the Trust Depositor and the Owner
Trustee with the consent of the Holder of the Trust Certificate and the
Modified Registered Holders. Any such consent by the Holder of this Trust
Certificate shall be conclusive and binding on such Holder and on all future
Holder of this Trust Certificate and of any Trust Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Trust Certificate. The Trust
Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Holder of any of the Trust
Certificate.

         As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Trust Certificate is
registerable in the Certificate Register upon surrender of this Trust
Certificate for registration of transfer at the offices or agencies of the
Certificate Registrar maintained by the Owner Trustee in Wilmington,
Delaware, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar in Chicago,
Illinois executed by the Holder hereof or such Holder's attorney duly
authorized in writing, and thereupon the new Trust Certificate of authorized
denominations evidencing the same aggregate interest in the Trust will be
issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is Bank One, National Association.

         The Owner Trustee, the Certificate Registrar and any of their
respective agents may treat the Person in whose name this Trust Certificate
is registered as the owner hereof for all purposes, and none of the Owner
Trustee, the Certificate Registrar or any such agent shall be affected by any
notice to the contrary.

         The obligations and responsibilities created by the Trust Agreement
and the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be

<PAGE>

paid to them pursuant to the Trust Agreement and the Sale and Servicing
Agreement and the deposition of all property held as part of the Trust
Estate. The Trust Depositor may at its option purchase the Trust Estate at a
price specified in the Sale and Servicing Agreement, and such purchase of the
Contracts and other property of the Trust will affect early retirement of the
Trust Certificate; however, such right of purchase is exercisable only as of
any Distribution Date on which the Pool Balance has declined to less than 10%
of the sum of (i) the initial Pool Balance and (ii) the Pre-Funded Amount on
the Closing Date.

         The Trust Certificate may not be acquired by a Benefit Plan. By
accepting and holding this Trust Certificate, the Holder hereof by accepting
a beneficial interest in this Trust Certificate, shall be deemed to have
represented and warranted that it is not a Benefit Plan and is not acquiring
this Trust Certificate or an interest therein for the account of such an
entity.

<PAGE>

         IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and
not in its individual capacity, has caused this Trust Certificate to be duly
executed.

Dated:                      Harley-Davidson Motorcycle Trust 2000-3


                            By:  WILMINGTON TRUST COMPANY, not in its individual
                                 capacity but solely as Owner Trustee


                            By:
                               -----------------------------------------
                                         Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is the Trust Certificate referred to in the within-mentioned
Trust Agreement.

WILMINGTON TRUST COMPANY,
not in its individual capacity but solely
as Owner Trustee



By:
   -------------------------------------
            Authorized Signatory






<PAGE>

                                   ASSIGNMENT


   FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE




(Please print or type name and address, including postal zip code, of assignee)

--------------------------------------------------------------------------------
the within Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

--------------------------------------------------------------------------------
to transfer said Trust Certificate on the books of the Certificate Registrar,
with full power of substitution in the premises.

Dated:
      ---------------

Signature Guaranteed:



---------------------------------------    -------------------------------------
NOTICE: Signature(s) must be guaranteed    NOTICE: The signature to this
by an eligible guarantor institution.      assignment must correspond with the
                                           name of the registered  owner as it
                                           appears on the face of the within
                                           Trust Certificate in every
                                           particular, without alteration or
                                           enlargement or any change whatever.