Document:

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                                                                     EXHIBIT 4.1

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                                 TRUST AGREEMENT

                                 by and between

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

                                       and

                                    [_____],
                                as Owner Trustee

                               Dated as of [_____]

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                                TABLE OF CONTENTS

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<Caption>
                                                                                                                       PAGE
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ARTICLE ONE          DEFINITIONS..........................................................................................1
      SECTION 1.01.    CAPITALIZED TERMS..................................................................................1
      SECTION 1.02.    OTHER DEFINITIONAL PROVISIONS......................................................................3
      SECTION 1.03.    USAGE OF TERMS.....................................................................................3
      SECTION 1.04.    SECTION REFERENCES.................................................................................3
      SECTION 1.05.    ACCOUNTING TERMS...................................................................................3
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.......................................................................5
      SECTION 2.08.    TITLE TO TRUST PROPERTY............................................................................5
      SECTION 2.09.    SITUS OF TRUST.....................................................................................5
      SECTION 2.10.    REPRESENTATIONS AND WARRANTIES OF THE TRUST DEPOSITOR..............................................5
      SECTION 2.11.    FEDERAL INCOME TAX TREATMENT.......................................................................6
ARTICLE THREE        TRUST CERTIFICATE AND TRANSFER OF INTERESTS..........................................................7
      SECTION 3.01.    INITIAL OWNERSHIP..................................................................................7
      SECTION 3.02.    THE TRUST CERTIFICATE..............................................................................8
      SECTION 3.03.    AUTHENTICATION AND DELIVERY OF TRUST CERTIFICATE...................................................8
      SECTION 3.04.    REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST CERTIFICATE.........................................8
      SECTION 3.05.    MUTILATED, DESTROYED, LOST OR STOLEN TRUST CERTIFICATE.............................................9
      SECTION 3.06.    PERSON DEEMED OWNER................................................................................9
      SECTION 3.07.    ACCESS TO LIST OF CERTIFICATEHOLDER'S NAME AND ADDRESS.............................................9
      SECTION 3.08.    MAINTENANCE OF OFFICE OR AGENCY....................................................................9
      SECTION 3.09.    TRUST CERTIFICATE.................................................................................10
      SECTION 3.10.    APPOINTMENT OF PAYING AGENT.......................................................................10
      SECTION 3.11.    OWNERSHIP BY TRUST DEPOSITOR OF TRUST CERTIFICATE.................................................10
ARTICLE FOUR         ACTIONS BY OWNER TRUSTEE............................................................................10
      SECTION 4.01.    PRIOR NOTICE TO OWNER WITH RESPECT TO CERTAIN MATTERS.............................................10
      SECTION 4.02.    ACTION BY OWNER WITH RESPECT TO CERTAIN MATTERS...................................................11
      SECTION 4.03.    ACTION BY OWNER WITH RESPECT TO BANKRUPTCY........................................................11
      SECTION 4.04.    RESTRICTIONS ON OWNER'S POWER.....................................................................11
ARTICLE FIVE         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES..........................................................11
      SECTION 5.01.    APPLICATION OF TRUST FUNDS........................................................................11
      SECTION 5.02.    METHOD OF PAYMENT.................................................................................12
      SECTION 5.03.    ACCOUNTING AND REPORTS TO THE CERTIFICATEHOLDER, OWNER, THE INTERNAL REVENUE SERVICE AND OTHERS...12
      SECTION 5.04.    SIGNATURE ON RETURNS; TAX MATTERS PARTNER.........................................................12
ARTICLE SIX          AUTHORITY AND DUTIES OF OWNER TRUSTEE...............................................................13
      SECTION 6.01.    GENERAL AUTHORITY.................................................................................13
      SECTION 6.02.    GENERAL DUTIES....................................................................................13
      SECTION 6.03.    ACTION UPON INSTRUCTION...........................................................................13
      SECTION 6.04.    NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN INSTRUCTIONS................................14
      SECTION 6.05.    NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR INSTRUCTIONS........................................14
      SECTION 6.06.    RESTRICTIONS......................................................................................14
      SECTION 6.07.    PENNSYLVANIA MOTOR VEHICLE SALES FINANCE ACT LICENSES.............................................15
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ARTICLE SEVEN        CONCERNING THE OWNER TRUSTEE........................................................................15
      SECTION 7.01.    ACCEPTANCE OF TRUSTS AND DUTIES...................................................................15
      SECTION 7.02.    FURNISHING OF DOCUMENTS...........................................................................16
      SECTION 7.03.    REPRESENTATIONS AND WARRANTIES....................................................................16
      SECTION 7.04.    RELIANCE; ADVICE OF COUNSEL.......................................................................16
      SECTION 7.05.    NOT ACTING IN INDIVIDUAL CAPACITY.................................................................17
      SECTION 7.06.    OWNER TRUSTEE NOT LIABLE FOR TRUST CERTIFICATE, NOTES OR CONTRACTS................................17
      SECTION 7.07.    OWNER TRUSTEE MAY OWN TRUST CERTIFICATE AND NOTES.................................................17
ARTICLE EIGHT        COMPENSATION OF OWNER TRUSTEE.......................................................................18
      SECTION 8.01.    OWNER TRUSTEE'S FEES AND EXPENSES.................................................................18
      SECTION 8.02.    INDEMNIFICATION...................................................................................18
      SECTION 8.03.    PAYMENTS TO THE OWNER TRUSTEE.....................................................................18
ARTICLE NINE         TERMINATION OF TRUST AGREEMENT......................................................................18
      SECTION 9.01.    TERMINATION OF TRUST AGREEMENT....................................................................18
ARTICLE TEN          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES..............................................19
      SECTION 10.01.   ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE........................................................19
      SECTION 10.02.   RESIGNATION OR REMOVAL OF OWNER TRUSTEE...........................................................20
      SECTION 10.03.   SUCCESSOR OWNER TRUSTEE...........................................................................20
      SECTION 10.04.   MERGER OR CONSOLIDATION OF OWNER TRUSTEE..........................................................21
      SECTION 10.05.   APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.....................................................21
ARTICLE ELEVEN       MISCELLANEOUS.......................................................................................22
      SECTION 11.01.   SUPPLEMENTS AND AMENDMENTS........................................................................22
      SECTION 11.02.   NO LEGAL TITLE TO TRUST ESTATE IN OWNER...........................................................23
      SECTION 11.03.   LIMITATIONS ON RIGHTS OF OTHERS...................................................................23
      SECTION 11.04.   NOTICES...........................................................................................23
      SECTION 11.05.   SEVERABILITY OF PROVISIONS........................................................................23
      SECTION 11.06.   COUNTERPARTS......................................................................................23
      SECTION 11.07.   SUCCESSORS AND ASSIGNS............................................................................24
      SECTION 11.08.   COVENANTS OF THE TRUST DEPOSITOR..................................................................24
      SECTION 11.09.   NO PETITION.......................................................................................24
      SECTION 11.10.   NO RECOURSE.......................................................................................24
      SECTION 11.11.   HEADINGS..........................................................................................24
      SECTION 11.12.   GOVERNING LAW.....................................................................................24
      SECTION 11.13.   TRUST CERTIFICATE TRANSFER RESTRICTIONS...........................................................25
      SECTION 11.14.   TRUST DEPOSITOR PAYMENT OBLIGATION................................................................25
                       [SIGNATURE PAGE FOLLOWS]..........................................................................25
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                                    EXHIBITS

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<S>                                                                                                                     <C>
Exhibit A - Form of Certificate of Trust................................................................................A-1
Exhibit B - Form of Trust Certificate...................................................................................B-1
</Table>

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     TRUST AGREEMENT dated as of [_____], between HARLEY-DAVIDSON CUSTOMER
FUNDING CORP., a Nevada corporation, as Trust Depositor (the "TRUST DEPOSITOR"),
and [_____], a [_____], 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 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
[_____], 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.

     "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.

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

     "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 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.

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     "CLOSING DATE" shall have the meaning assigned to such term in the Sale and
Servicing Agreement.

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

     "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 [_____] between the Trust and
[_____].

     "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 [_____], a [_____], 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 [_____] Attn: [_____], or such other office at such other
address as the Owner Trustee may designate 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 [_____], among the Trust, as Issuer, the Trust Depositor,
Harley-Davidson Credit, as servicer, and [_____], as Indenture Trustee, as the
same may be amended or supplemented from time to time.

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

     "STATUTORY 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.

     "TAX MATTERS PARTNER" shall have the meaning provided in Section 5.04(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" shall have the meaning set forth in the Sale and Servicing
Agreement.

     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.

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                                   ARTICLE TWO

                                  ORGANIZATION

     SECTION 2.01.    NAME. The Trust created hereby shall be known as
"HARLEY-DAVIDSON MOTORCYCLE TRUST [_____]", 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;

                      (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

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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 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
statutory trust under the Statutory Trust Statute and that this Agreement
constitute the governing instrument of such statutory trust. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties set
forth herein and in the Statutory 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)       All liabilities of the Trust, to the extent not paid by a
third party, are and shall be obligations of the Trust and when due and payable
shall be satisfied out of the Trust Estate.

            (b)       Except as provided in the Statutory Trust Statute, the
Certificateholder shall not be personally liable for any liability 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.

     SECTION 2.10.    REPRESENTATIONS AND WARRANTIES OF THE TRUST DEPOSITOR.

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     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 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

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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 OWNERSHIP.

            (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.

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     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 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,
$[_________], (ii) Class A-2 Notes, $[_________] and (iii) Class B Notes,
$[_________], 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.

            (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.

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            (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.

     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.

                                      - 9 -
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     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 [_________], 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 [_________] 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 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 the Owner has 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
Statutory Trust Statute);

                                     - 10 -
<Page>

            (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 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) except as expressly provided in the Transaction Documents, sell the
Contracts or other Trust Assets after the termination of the Indenture, (d)
initiate any claim, suit or proceeding by the Trust or compromise any claim,
suit or proceeding brought by or against the Trust, (e) authorize the merger or
consolidation of the Trust with or into any other statutory trust or entity
(other than in accordance with Section 3.10 of the Indenture) or (f) 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.

                                     - 11 -
<Page>

            (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.

            (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.

                                     - 12 -
<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 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

                                     - 13 -
<Page>

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 is 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.

     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.

                                     - 14 -
<Page>

     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 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

                                     - 15 -
<Page>

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 the Owner has 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 [_____]. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

            (b)       It has taken all corporate action necessary to authorize
the execution and 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

                                     - 16 -
<Page>

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, [_____] 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.

     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

                                     - 17 -
<Page>

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, 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 and (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.

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James's, living on the date hereof. The bankruptcy, liquidation, dissolution,
death or incapacity of any Owner 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 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 Statutory Trust Statute.

                                   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 Statutory 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 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.

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     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.

     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.

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     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 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

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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 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

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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 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.

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     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 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.

     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 (other than the Trust) 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.

     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

                                     - 24 -
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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 and that it is not
acquiring and will not hold such Trust Certificate for the account of, or with
plan assets of, 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.

                            [signature page follows]

                                     - 25 -
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     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:
                                          -----------------------------
                                       Printed Name:
                                       Title:

                                       [______],
                                       as Owner Trustee

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

                             SIGNATURE PAGE TO TRUST
                                    AGREEMENT

<Page>

                                    EXHIBIT A

                         FORM OF CERTIFICATE OF TRUST OF
                    Harley-Davidson Motorcycle Trust [_____]

     This Certificate of Trust of Harley-Davidson Motorcycle Trust [_____] (the
"TRUST"), dated [_____], is being duly executed and filed by [_____], a [_____],
as Owner Trustee, to form a statutory trust under the Delaware Statutory Trust
Act (12 DEL. CODE, Section 3801 ET SEQ.).

     1.   NAME. The name of the statutory trust formed hereby is Harley-Davidson
Motorcycle Trust [_____].

     2.   DELAWARE TRUSTEE. The name and business address of the Owner Trustee
of the Trust in the State of Delaware is [_____].

     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.

                              [______],
                              not in its individual capacity but solely as
                              Owner Trustee

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

<Page>

                                    EXHIBIT B

                            FORM OF TRUST 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 UNLESS THE
CONDITIONS SET FORTH IN SECTIONS 3.01, 3.04 AND 11.13 OF THE TRUST AGREEMENT
HAVE BEEN COMPLIED WITH.

              HARLEY-DAVIDSON MOTORCYCLE TRUST [_____] 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 [_____] (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 [_____]
(as amended and supplemented from time to time, the "TRUST AGREEMENT"), between
the Trust Depositor, and [_____], 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 [_____] (the "SALE AND SERVICING AGREEMENT"),
among the Trust, the Trust Depositor, Harley-Davidson Credit Corp.
("HARLEY-DAVIDSON CREDIT"), as Servicer (in such capacity, the "SERVICER") and
[_____], as Indenture Trustee (the "INDENTURE TRUSTEE") or (iii) the Indenture,
dated as of [_____] (the "INDENTURE"), between the Trust and the Indenture
Trustee.

     This Trust Certificate is the duly authorized Trust Certificate designated
as "HARLEY-DAVIDSON MOTORCYCLE TRUST [_____] 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

<Page>

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 after the Initial Cutoff Date, including any
liquidation proceeds therefrom, but excluding any rights to receive payments
which were collected pursuant thereto on or 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),
any debt insurance policy or any debt cancellation agreement 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 Harley-Davidson Credit, (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), (ix) all rights of the Trust Depositor to
certain rebates of premiums and other amounts relating to insurance policies,
debt cancellation agreements, extended service contracts or other repair
agreements and other items financed under such Contracts and (x) 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 [_____] (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 intention of Harley-Davidson Credit, the Servicer, the Trust
Depositor, Owner Trustee, Indenture Trustee and the Certificateholder 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.

     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

<Page>

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
(other than the Trust) 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 Required
Holders. Any such consent by the Holder of this Trust Certificate shall be
conclusive and binding on such Holder and on all future Holders 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, accompanied
by a written instrument of transfer in form satisfactory to the Owner Trustee
and the Certificate Registrar duly 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 the Owner Trustee.

     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 paid to it pursuant to the Trust Agreement and the
Sale and Servicing Agreement and the disposition of all property held as part of
the Trust Estate. Harley-Davidson Credit 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

<Page>

the sum of (i) the initial Pool Balance on the Initial Cutoff Date and (ii) the
Pre-Funded Amount as of the Closing Date.

     The Trust Certificate may not be acquired by a Benefit Plan. 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,
or with plan assets of, a Benefit Plan.

<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 [_____]

                      By:  [_____], 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.

[_____],
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 by  NOTICE: The signature to this
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.<Page>

                                                                     EXHIBIT 4.2

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

                    HARLEY-DAVIDSON MOTORCYCLE TRUST [_____],
                                   as Issuer,

                                       and

                                    [_____],
            not in its individual capacity but solely in its capacity
                              as Indenture Trustee

                                   ----------

                                    INDENTURE

                               Dated as of [_____]

                                   ----------

$[_________] [____]% Harley-Davidson Motorcycle Contract Backed Notes, Class A-1

$[_________] [____]% Harley-Davidson Motorcycle Contract Backed Notes, Class A-2

$[_________] [____]% Harley-Davidson Motorcycle Contract Backed Notes, Class B

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

<Page>

                              CROSS-REFERENCE TABLE

<Table>
<Caption>
TIA                                                            Indenture
Section                                                          Section
-------                                                          -------
<S>                                                    <C>
310(a)(1)...........................................................6.11
   (a)(2)...........................................................6.11
   (a)(3)...........................................................6.10
   (a)(4)...........................................................N.A.
   (a)(5)...........................................................6.11
   (b).................................................6.08; 6.11; 11.04
   (c)..............................................................N.A.
311(a)..............................................................6.13
   (b)..............................................................6.13
   (c)..............................................................N.A.
312(a).. .....................................................7.01; 7.02
   (b)..............................................................7.02
   (c)..............................................................7.02
313(a).. ...........................................................7.04
   (b)..............................................................7.04
   (c)..............................................................7.04
   (d)..............................................................7.04
314(a)..............................................................7.03
   (b)..............................................................3.06
   (c)(1)..............................................2.02; 6.02; 11.01
   (c)(2)..........................................................11.01
   (c)(3)..........................................................11.01
   (d).............................................................11.01
   (e).............................................................11.01
   (f)..............................................................N.A.
315(a)..............................................................6.01
   (b)..............................................................6.05
   (c)..............................................................6.01
   (d)........................................................5.12; 6.01
   (e)..............................................................5.14
316(a)(1)(A)........................................................5.12
   (a)(1)(B)........................................................5.02
   (a)(2)...........................................................N.A.
   (b)..............................................................5.08
   (c)..............................................................N.A.
317(a)........................................................5.03; 5.04
   (b)..............................................................3.03
318(a).............................................................11.18
</Table>

      ----------
*    N.A. means Not Applicable
*    This Cross-Reference Table shall not, for any purpose, be deemed to be a
     part of the Indenture.

                                        i
<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                    Page
                                                                                                    ----
<S>                                                                                                   <C>
ARTICLE ONE         DEFINITIONS AND INCORPORATION BY REFERENCE.........................................2

 SECTION 1.01.   DEFINITIONS...........................................................................2
 SECTION 1.02.   INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT....................................10
 SECTION 1.03.   RULES OF CONSTRUCTION................................................................10

ARTICLE TWO         THE NOTES.........................................................................11

 SECTION 2.01.   FORM.................................................................................11
 SECTION 2.02.   EXECUTION, AUTHENTICATION AND DELIVERY...............................................11
 SECTION 2.03.   TEMPORARY NOTES......................................................................11
 SECTION 2.04.   REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE..................................12
 SECTION 2.05.   MUTILATED, DESTROYED, LOST OR STOLEN NOTES...........................................14
 SECTION 2.06.   PERSONS DEEMED OWNER.................................................................15
 SECTION 2.07.   PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST................................15
 SECTION 2.08.   CANCELLATION.........................................................................16
 SECTION 2.09.   BOOK-ENTRY NOTES.....................................................................16
 SECTION 2.10.   NOTICES TO CLEARING AGENCY...........................................................17
 SECTION 2.11.   DEFINITIVE NOTES.....................................................................17
 SECTION 2.12.   RELEASE OF COLLATERAL................................................................18
 SECTION 2.13.   TAX TREATMENT........................................................................18

ARTICLE THREE       COVENANTS.........................................................................18

 SECTION 3.01.   PAYMENT OF PRINCIPAL AND INTEREST....................................................18
 SECTION 3.02.   MAINTENANCE OF OFFICE OR AGENCY......................................................18
 SECTION 3.03.   MONEY FOR PAYMENTS TO BE HELD IN TRUST...............................................19
 SECTION 3.04.   EXISTENCE............................................................................20
 SECTION 3.05.   PROTECTION OF COLLATERAL.............................................................20
 SECTION 3.06.   OPINIONS AS TO COLLATERAL............................................................21
 SECTION 3.07.   PERFORMANCE OF OBLIGATIONS; SERVICING OF CONTRACTS...................................21
 SECTION 3.08.   NEGATIVE COVENANTS...................................................................22
 SECTION 3.09.   ANNUAL STATEMENT AS TO COMPLIANCE....................................................23
 SECTION 3.10.   ISSUER MAY CONSOLIDATE, ETC. ONLY ON CERTAIN TERMS...................................23
 SECTION 3.11.   SUCCESSOR OR TRANSFEREE..............................................................25
 SECTION 3.12.   NO OTHER BUSINESS....................................................................25
 SECTION 3.13.   NO BORROWING.........................................................................25
 SECTION 3.14.   SERVICER'S OBLIGATIONS...............................................................25
 SECTION 3.15.   GUARANTEES, LOANS ADVANCES AND OTHER LIABILITIES.....................................26
 SECTION 3.16.   CAPITAL EXPENDITURES.................................................................26
 SECTION 3.17.   RESTRICTED PAYMENTS..................................................................26
 SECTION 3.18.   NOTICE OF EVENTS OF DEFAULT..........................................................26
 SECTION 3.19.   FURTHER INSTRUMENTS AND ACTS.........................................................26
 SECTION 3.20.   COMPLIANCE WITH LAWS.................................................................26
</Table>

                                       ii
<Page>

<Table>
<S>                                                                                                   <C>
 SECTION 3.21.   AMENDMENTS OF SALE AND SERVICING AGREEMENT AND TRUST AGREEMENT.......................26
 SECTION 3.22.   REMOVAL OF ADMINISTRATOR.............................................................27

ARTICLE FOUR        SATISFACTION AND DISCHARGE........................................................27

 SECTION 4.01.   SATISFACTION AND DISCHARGE OF INDENTURE..............................................27
 SECTION 4.02.   APPLICATION OF TRUST MONEY...........................................................28
 SECTION 4.03.   REPAYMENT OF MONEYS HELD BY PAYING AGENT.............................................28
 SECTION 4.04.   RELEASE OF COLLATERAL................................................................28

ARTICLE FIVE        REMEDIES..........................................................................28

 SECTION 5.01.   EVENTS OF DEFAULT....................................................................28
 SECTION 5.02.   RIGHTS UPON EVENT OF DEFAULT.........................................................30
 SECTION 5.03.   COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY INDENTURE TRUSTEE;
                 AUTHORITY OF INDENTURE TRUSTEE.......................................................30
 SECTION 5.04.   REMEDIES.............................................................................32
 SECTION 5.05.   OPTIONAL PRESERVATION OF THE CONTRACTS...............................................33
 SECTION 5.06.   PRIORITIES...........................................................................33
 SECTION 5.07.   LIMITATION OF SUITS..................................................................33
 SECTION 5.08.   UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND INTEREST................34
 SECTION 5.09.   RESTORATION OF RIGHTS AND REMEDIES...................................................34
 SECTION 5.10.   RIGHTS AND REMEDIES CUMULATIVE.......................................................35
 SECTION 5.11.   DELAY OR OMISSION NOT A WAIVER.......................................................35
 SECTION 5.12.   CONTROL BY NOTEHOLDERS...............................................................35
 SECTION 5.13.   WAIVER OF PAST DEFAULTS..............................................................35
 SECTION 5.14.   UNDERTAKING FOR COSTS................................................................36
 SECTION 5.15.   WAIVER OF STAY OR EXTENSION LAWS.....................................................36
 SECTION 5.16.   ACTION ON NOTES......................................................................36
 SECTION 5.17.   PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS...................................36

ARTICLE SIX         THE INDENTURE TRUSTEE.............................................................37

 SECTION 6.01.   DUTIES OF INDENTURE TRUSTEE..........................................................37
 SECTION 6.02.   RIGHTS OF INDENTURE TRUSTEE..........................................................38
 SECTION 6.03.   INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE...............................................39
 SECTION 6.04.   INDENTURE TRUSTEE'S DISCLAIMER.......................................................40
 SECTION 6.05.   NOTICE OF DEFAULTS...................................................................40
 SECTION 6.06.   REPORTS BY INDENTURE TRUSTEE TO HOLDERS..............................................40
 SECTION 6.07.   COMPENSATION AND INDEMNITY...........................................................40
 SECTION 6.08.   REPLACEMENT OF INDENTURE TRUSTEE.....................................................41
 SECTION 6.09.   SUCCESSOR INDENTURE TRUSTEE BY MERGER................................................42
 SECTION 6.10.   APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE TRUSTEE....................42
 SECTION 6.11.   ELIGIBILITY..........................................................................44
 SECTION 6.12.   PENNSYLVANIA MOTOR VEHICLE SALES FINANCE ACT LICENSES................................45
 SECTION 6.13.   PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER.....................................45

ARTICLE SEVEN       NOTEHOLDERS' LISTS AND REPORTS....................................................45
</Table>

                                       iii
<Page>

<Table>
<S>                                                                                                   <C>
 SECTION 7.01.   ISSUER TO FURNISH INDENTURE TRUSTEE NAMES AND ADDRESSES OF NOTEHOLDERS...............45
 SECTION 7.02.   PRESERVATION OF INFORMATION: COMMUNICATION TO NOTEHOLDERS............................45
 SECTION 7.03.   REPORTS BY ISSUER....................................................................46
 SECTION 7.04.   REPORTS BY INDENTURE TRUSTEE.........................................................46

ARTICLE EIGHT       ACCOUNTS, DISBURSEMENTS AND RELEASES..............................................46

 SECTION 8.01.   COLLECTION OF MONEY..................................................................46
 SECTION 8.02.   TRUST ACCOUNTS.......................................................................47
 SECTION 8.03.   GENERAL PROVISIONS REGARDING ACCOUNTS................................................47
 SECTION 8.04.   RELEASE OF COLLATERAL................................................................48
 SECTION 8.05.   OPINION OF COUNSEL...................................................................48

ARTICLE NINE        SUPPLEMENTAL INDENTURES...........................................................49

 SECTION 9.01.   SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS...............................49
 SECTION 9.02.   SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS..................................50
 SECTION 9.03.   EXECUTION OF SUPPLEMENTAL INDENTURES.................................................51
 SECTION 9.04.   EFFECT OF SUPPLEMENTAL INDENTURE.....................................................51
 SECTION 9.05.   CONFORMITY WITH TRUST INDENTURE ACT..................................................52
 SECTION 9.06.   REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES........................................52

ARTICLE TEN         REDEMPTION OF NOTES...............................................................52

 SECTION 10.01.  REDEMPTION...........................................................................52
 SECTION 10.02.  FORM OF REDEMPTION NOTICE............................................................53
 SECTION 10.03.  NOTES PAYABLE ON REDEMPTION DATE.....................................................53

ARTICLE ELEVEN      MISCELLANEOUS.....................................................................54

 SECTION 11.01.  COMPLIANCE CERTIFICATES AND OPINIONS, ETC............................................54
 SECTION 11.02.  FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE.....................................55
 SECTION 11.03.  ACTS OF NOTEHOLDERS..................................................................56
 SECTION 11.04.  NOTICES..............................................................................57
 SECTION 11.05.  NOTICES TO NOTEHOLDERS; WAIVER.......................................................57
 SECTION 11.06.  ALTERNATE PAYMENT AND NOTICE PROVISIONS..............................................57
 SECTION 11.07.  EFFECT OF HEADINGS AND TABLE OF CONTENTS.............................................58
 SECTION 11.08.  SUCCESSORS AND ASSIGNS...............................................................58
 SECTION 11.09.  SEPARABILITY.........................................................................58
 SECTION 11.10.  BENEFITS OF INDENTURE................................................................58
 SECTION 11.11.  LEGAL HOLIDAYS.......................................................................58
 SECTION 11.12.  GOVERNING LAW........................................................................58
 SECTION 11.13.  COUNTERPARTS.........................................................................58
 SECTION 11.14.  RECORDING OF INDENTURE...............................................................58
 SECTION 11.15.  TRUST OBLIGATION.....................................................................59
 SECTION 11.16.  NO PETITION..........................................................................59
 SECTION 11.17.  INSPECTION...........................................................................59
 SECTION 11.18.  CONFLICT WITH TRUST INDENTURE ACT....................................................59
 SECTION 11.19.  DISCLAIMER AND SUBORDINATION.........................................................60
</Table>

                                       iv
<Page>

<Table>
<Caption>
        EXHIBITS                                                                                    Page
                                                                                                    ----
<S>                                                                                                  <C>
Exhibit A - Reserved                                                                                 A-1
Exhibit B - Form of Class A-1 Note                                                                   B-1
Exhibit C - Form of Class A-2 Note                                                                   C-1
Exhibit D - Form of Class B Note                                                                     D-1
Exhibit E - Form of Assignment                                                                       E-1
Exhibit F - Form of Note Depository Agreement                                                        F-1
</Table>

                                        v
<Page>

                                    INDENTURE

     Indenture, dated as of [_____] (this "Indenture"), between Harley-Davidson
Motorcycle Trust [_____], a Delaware statutory trust (the "Issuer") and [_____],
in its capacity as indenture trustee (the "Indenture Trustee") and not in its
individual capacity.

     Each party agrees as follows for the benefit of the other parties and for
the equal and ratable benefit of the Holders of the Issuer's [____]%
Harley-Davidson Motorcycle Contract Backed Notes, Class A-1 (the "Class A-1
Notes"), [____]% Harley-Davidson Motorcycle Contract Backed Notes, Class A-2
(the "Class A-2 Notes") and [____]% Harley-Davidson Motorcycle Contract Backed
Notes, Class B (the "Class B Notes") and, together with the Class A-1 Notes and
the Class B Notes, the "Notes"):

                                 GRANTING CLAUSE

     The Issuer hereby grants, transfers, assigns and otherwise conveys to the
Indenture Trustee on the Closing Date, on behalf of and for the benefit of the
Holders of the Notes, without recourse, all of the Issuer's right, title and
interest (exclusive of the amount, if any, allocable to any rebatable insurance
premium financed by any Contract) in, to and under: (i) the Initial Contracts
and Subsequent Contracts secured by the Motorcycles (which Contracts shall be
listed in the List of Contracts and Subsequent List of Contracts); (ii) certain
monies due under the Initial Contracts and Subsequent Contracts after the
Initial Cutoff Date and Subsequent Cutoff Date, respectively, including, without
limitation, all payments of principal and interest with respect to any
Motorcycles to which a Contract relates received after the Initial Cutoff Date
or Subsequent Cutoff Date and all other proceeds received on or in respect of
such Contracts (other than payments of principal and interest due on or prior to
the Initial Cutoff Date or Subsequent Cutoff Date); (iii) security interests in
the Motorcycles; (iv) amounts on deposit in the Collection Account, the Note
Distribution Account, the Reserve Fund, the Pre-Funding Account and the Interest
Reserve Account, including all Eligible Investments therein and all income from
the investment of funds therein and all proceeds therefrom; (v) proceeds from
claims under certain insurance policies, debt insurance policies or debt
cancellation agreements in respect of individual Motorcycles or obligors under
the Contracts; (vi) its rights under the Sale and Servicing Agreement; (vii) the
protective security interest in certain of the above-described property granted
by the Trust Depositor in favor of the Issuer; (viii) all present and future
claims, demands, causes of and choses in action in respect of any or all of the
foregoing; (ix) all rights to certain rebates of premiums and other amounts
relating to insurance policies, debt cancellation agreements, extended service
contracts or other repair agreements and other items financed under such
Contracts and (x) all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion, voluntary or involuntary, into cash of other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (as each such defined term is defined in Section 1.01) (collectively,
the "Collateral").

<Page>

     The foregoing Grant is made in trust to secure the payment of principal of
and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, except for the
subordination of the Class B Notes provided herein and all other sums owing by
the Issuer hereunder or under any other Transaction Document, and to secure
compliance with the provisions of this Indenture, all as provided in this
Indenture.

     The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the
Notes, acknowledges such Grant, accepts the trust under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its
duties required in this Indenture in accordance with its terms and the terms of
the other Transaction Documents to which it is a party.

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

     SECTION 1.01.  DEFINITIONS.

     (a)    Except as otherwise specified herein or as the context may otherwise
require, the following terms have the respective meanings set forth below for
all purposes of this Indenture.

     "ACT" shall have the meaning specified in Section 11.03(a).

     "ADMINISTRATION AGREEMENT" means the Administration Agreement, dated as of
the date hereof, among the Administrator, the Issuer, the Trust Depositor and
the Indenture Trustee.

     "ADMINISTRATOR" means Harley-Davidson Credit Corp. or any successor
Administrator under the Administration Agreement.

     "AFFILIATE" means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "CONTROL" when used with respect to any
Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "CONTROLLING" and "CONTROLLED" have
meanings correlative to the foregoing.

     "AUTHORIZED OFFICER" means, with respect to the Issuer, any officer of the
Owner Trustee who is authorized to act for the Owner Trustee in matters relating
to the Issuer and who is identified on the list of Authorized Officers delivered
by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter) and, so long as
the Administration Agreement is in effect, any Vice President or more senior
officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuer and to be acted upon by the Administrator
pursuant to the Administration Agreement and who is identified on the list of
Authorized

                                        2
<Page>

Officers delivered by the Administrator to the Indenture Trustee on the Closing
Date (as such list may be modified or supplemented from time to time
thereafter).

     "BOOK ENTRY NOTES" means a beneficial interest in the Notes, ownership and
transfers of which shall be made through book entries by a Clearing Agency as
described in Section 2.09.

     "BUSINESS DAY" means any day other than a Saturday, Sunday or other day on
which banking institutions in the city of Chicago, Illinois, Wilmington,
Delaware or New York, New York are authorized or obligated by law, executive
order or governmental decree to be closed.

     "CERTIFICATE OF TRUST" means the Certificate of Trust of the Issuer
substantially in the form of EXHIBIT A to the Trust Agreement.

     "CLASS" means all Notes whose form is identical except for variation in
denomination, principal amount or owner.

     "CLASS A-1 FINAL DISTRIBUTION DATE" has the meaning set forth in the Sale
and Servicing Agreement.

     "CLASS A-1 RATE" has the meaning set forth in the Sale and Servicing
Agreement.

     "CLASS A-1 NOTES" means the Class A-1 Notes, substantially in the form of
EXHIBIT B.

     "CLASS A-2 FINAL DISTRIBUTION DATE" has the meaning set forth in the Sale
and Servicing Agreement.

     "CLASS A-2 RATE" has the meaning set forth in the Sale and Servicing
Agreement.

     "CLASS A-2 NOTES" means the Class A-2 Notes, substantially in the form of
EXHIBIT C.

     "CLASS B FINAL DISTRIBUTION DATE" has the meaning set forth in the Sale and
Servicing Agreement.

     "CLASS B RATE" has the meaning set forth in the Sale and Servicing
Agreement.

     "CLASS B NOTES" means the Class B Notes, substantially in the form of
EXHIBIT D.

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

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

     "CLOSING DATE" has the meaning set forth in the Sale and Servicing
Agreement.

                                        3
<Page>

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

     "COLLATERAL" means the Collateral Granted to the Indenture Trustee under
this Indenture, including all proceeds thereof.

     "COMMISSION" means the Securities and Exchange Commission.

     "CORPORATE TRUST OFFICE" means the principal office of the Indenture
Trustee at which at any particular time its corporate trusts business shall be
administered which office at date of the execution of this Agreement is located
at [_____], Attention: [_____]; or at such other address as the Indenture
Trustee may designate from time to time by notice to the Noteholders and the
Issuer, or the principal corporate trust office of any successor Indenture
Trustee (the address of which the successor Indenture Trustee will notify the
Noteholders and the Issuer).

     "DEFAULT" means any occurrence that is, or with notice or the lapse of time
or both would become, an Event of Default.

     "DEFINITIVE NOTES" shall have the meaning specified in Section 2.09.

     "DISTRIBUTION DATE" has the meaning set forth in the Sale and Servicing
Agreement.

     "DTC" means The Depository Trust Company, and its successors and assigns.

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

     "EVENT OF DEFAULT" shall have the meaning specified in Section 5.01.

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

     "EXECUTIVE OFFICER" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation; and with respect to any partnership, any general partner
thereof.

      "GRANT" means mortgage, pledge, bargain, sell, warrant, alienate, remise,
release, convey, assign, transfer, create and grant a lien upon and a security
interest in and right of set-off against, deposit, set over and confirm pursuant
to this Indenture. A Grant of the Collateral or of any other agreement or
instrument shall include all rights, powers and options (but none of the
obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise and generally to do
and receive anything that the granting party is or may be entitled to do or
receive thereunder or with respect thereto.

                                        4
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     "HARLEY-DAVIDSON CREDIT" means Harley-Davidson Credit Corp., and its
successors and assigns.

     "HOLDER" or "NOTEHOLDER" or "NOTE OWNER" means, with respect to a
Book-Entry Note, the Person who is the owner of such Book-Entry Note, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly as a Clearing Agency
participant or as an indirect participant, in each case in accordance with the
rules of such Clearing Agency) and with respect to a Definitive Note the Person
in whose name a Note is registered on the Note Register.

     "INDEBTEDNESS" means, with respect to any Person at any time, (i)
indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the deferred
purchase price of property or services (including trade obligations); (ii)
obligations of such Person as lessee under leases which should have been or
should be, in accordance with generally accepted accounting principles, recorded
as capital leases; (iii) current liabilities of such Person in respect of
unfunded vested benefits under plans covered by Title IV of ERISA; (iv)
obligations issued for or liabilities incurred on the account of such Person;
(v) obligations or liabilities of such Person arising under acceptance
facilities; (vi) obligations of such Person under any guaranties, endorsements
(other than for collection or deposit in the ordinary course of business) and
other contingent obligations to purchase, to provide funds for payment, to
supply funds to invest in any Person or otherwise to assure a creditor against
loss; (vii) obligations of such Person secured by any lien on property or assets
of such Person, whether or not the obligations have been assumed by such Person;
or (viii) obligations of such Person under any interest rate or currency
exchange agreement.

     "INDENTURE" means this Indenture, as amended or supplemented from time to
time.

     "INDENTURE SECURITIES" means the Notes.

     "INDENTURE SECURITY HOLDER" means a Noteholder.

     "INDENTURE TRUSTEE" means [_____], as Indenture Trustee under this
Indenture, or any successor Indenture Trustee under this Indenture.

     "INDEPENDENT" means, when used with respect to any specified Person, that
the Person (i) is in fact independent of the Issuer, any other obligor upon the
Notes, the Trust Depositor, the Seller and any of their respective Affiliates,
(ii) does not have any direct financial interest or any material indirect
financial interest in the Issuer, any such other obligor, the Seller or any of
their respective Affiliates, and (iii) is not connected with the Issuer, any
such other obligor, the Seller or any Affiliate of any of the foregoing Persons
as an officer, employee, promoter, underwriter, trustee, partner, director or
person performing similar functions.

     "INDEPENDENT CERTIFICATE" means a certificate or opinion to be delivered to
the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved
by the Indenture Trustee in the exercise of

                                        5
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reasonable care, and such opinion or certificate shall state that the signer has
read the definition of "INDEPENDENT" in this Indenture and that the signer is
Independent within the meaning thereof.

     "INTEREST PERIOD" means, with respect to any Distribution Date and any
Class of Notes, the period from and including the fifteenth day of the month of
the Distribution Date immediately preceding such Distribution Date (or, in the
case of the first Distribution Date, from and including the Closing Date) to but
excluding the fifteenth day of the month of such Distribution Date.

     "INTEREST RATE" means the Class A-1 Rate, the Class A-2 Rate and the Class
B Rate, as applicable.

     "ISSUER" means Harley-Davidson Motorcycle Trust [_____] until a successor
replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the
Notes.

     "ISSUER ORDER" and "ISSUER REQUEST" means a written order or request signed
in the name of the Issuer by any one of its Authorized Officers and delivered to
the Indenture Trustee.

     "NOTE" means, as the context requires, a Class A-1 Note, a Class A-2 Note
or a Class B Note.

     "NOTE DEPOSITORY AGREEMENT" means the agreement dated as of the Closing
Date, among the Issuer, the Administrator, the Indenture Trustee and DTC, as the
initial Clearing Agency, relating to the Notes, substantially in the form of
EXHIBIT F hereto.

     "NOTE REGISTER" and "NOTE REGISTRAR" have the respective meanings specified
in Section 2.04.

     "OFFICER'S CERTIFICATE" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, and delivered to,
the Indenture Trustee. Unless otherwise specified, any reference in this
Indenture to an Officer's Certificate shall be to an Officer's Certificate of
any Authorized Officer of the Issuer.

     "OPINION OF COUNSEL" means one or more written opinions of counsel who may,
except as otherwise expressly provided in this Indenture, be employees of or
counsel to the Issuer and who shall be satisfactory to the Indenture Trustee and
which shall comply with any applicable requirements of Section 11.01, and shall
be in form and substance satisfactory to the Indenture Trustee.

     "OUTSTANDING" means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture except:

                                        6
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            (i)     Notes theretofore cancelled by the Note Registrar or
            delivered to the Note Registrar for cancellation;

            (ii)    Notes or portions thereof the payment for which money in the
            necessary amount has been theretofore deposited with the Indenture
            Trustee or any Paying Agent in trust for the Holders of such Notes
            (PROVIDED, HOWEVER, that if such Notes are to be redeemed, notice of
            such redemption has been duly given pursuant to this Indenture or
            provision for such notice has been made, satisfactory to the
            Indenture Trustee, has been made); and

            (iii)   Notes in exchange for or in lieu of other Notes which have
            been authenticated and delivered pursuant to this Indenture unless
            proof satisfactory to the Indenture Trustee is presented that any
            such Notes are held by a protected purchaser, within the meaning of
            Section 8-303 of the UCC;

PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
Outstanding Amount have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any other Transaction Document,
Notes owned by the Issuer, any other obligor upon the Notes, the Trust
Depositor, Harley-Davidson Credit or any of their respective Affiliates shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Indenture Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Notes
that the Indenture Trustee knows to be so owned shall be so disregarded. Notes
so owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee's right so to act with respect to such Notes and that the pledgee is not
the Issuer, any other obligor upon the Notes, the Trust Depositor,
Harley-Davidson Credit or any of their respective Affiliates.

     "OUTSTANDING AMOUNT" means the aggregate principal amount of all Notes of
one Class or of all Classes, as the case may be, Outstanding at the date of
determination.

     "OWNER TRUSTEE" means [_____], not in its individual capacity but solely as
Owner Trustee under the Trust Agreement, or any successor trustee under the
Trust Agreement.

     "PAYING AGENT" means the Indenture Trustee or any other Person that meets
the eligibility standards for the Indenture Trustee specified in Section 6.11
and is authorized by the Issuer to make the distributions from the Note
Distribution Account, including payment of principal of or interest on the Notes
on behalf of the Issuer.

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

     "PLAN" means an employee benefit plan, as defined in Section 3(3) of ERISA,
that is subject to Title I of ERISA or a plan, as defined in Section 4975(e)(1)
of the Code.

                                        7
<Page>

     "PREDECESSOR NOTE" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and for the purpose of this definition, any Note
authenticated and delivered under Section 2.05 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

     "PROCEEDING" means any suit in equity, action at law or other judicial or
administrative proceeding.

     "RATING AGENCY" means each of Moody's and Standard & Poor's.

     "RATING AGENCY CONDITION" means, with respect to any action, that each
Rating Agency shall have been given ten days (or such shorter period as is
acceptable to each Rating Agency) prior notice thereof and that each Rating
Agency shall have notified the Trust Depositor, the Servicer and the Issuer in
writing that such action will not result in a qualification, reduction or
withdrawal of its then-current rating of any Class of Notes.

     "RATING EVENT" means the qualification, reduction or withdrawal by either
Rating Agency of its then-current rating of any Class of Notes.

     "RECORD DATE" means, with respect to a Redemption Date, the close of
business on the last Business Day of the immediately preceding month and, with
respect to a Distribution Date, the close of business on the day immediately
preceding such date.

     "REDEMPTION DATE" means (a) in the case of a redemption of the Notes
pursuant to Section 10.01(a) or a payment to Noteholders pursuant to Section
10.01(b), the Distribution Date specified by the Servicer or the Issuer pursuant
to Section 10.01(a) or 10.01(b), as the case may be and (b) in the case of a
redemption of Notes pursuant to Section 10.01(c), the Distribution Date
specified in Section 7.07 of the Sale and Servicing Agreement on which the
Indenture Trustee shall withdraw any amount remaining in the Pre-Funding Account
and deposit the applicable amount in the Note Distribution Account.

     "REDEMPTION DATE AMOUNT" means (i) in the case of a redemption of the Notes
pursuant to Section 10.01(a), an amount equal to the unpaid principal amount of
the Notes redeemed plus accrued and unpaid interest thereon at the weighted
average of the Interest Rate for each Class of Notes being so redeemed to but
excluding the Redemption Date, or (ii) in the case of a payment made to
Noteholders pursuant to Section 10.01(b), the amount on deposit in the Note
Distribution Account, but not in excess of the amount specified in clause (i)
above.

     "REGISTERED HOLDER" means the Person in whose name a Note is registered on
the Note Register on the applicable Record Date.

     "RESPONSIBLE OFFICER" means, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office (or any successor group of the
Indenture Trustee), including any Vice President, assistant secretary or other
officer or assistant officer of the Indenture Trustee customarily performing
functions similar to those performed by the people who at such time shall be
officers, respectively, or to whom any corporate trust

                                        8
<Page>

matter is referred at the Corporate Trust Office of the Indenture Trustee
because of his knowledge of and familiarity with the particular subject.

     "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement,
dated as of the date hereof, among the Issuer, the Trust Depositor, the
Indenture Trustee and the Servicer.

     "SELLER" means Harley-Davidson Credit, in its capacity as Seller under the
Transfer and Sale Agreement, and any successors and assigns.

     "SERVICER" means Harley-Davidson Credit, in its capacity as Servicer under
the Sale and Servicing Agreement, and any Successor Servicer thereunder.

     "SIMILAR LAW" means any foreign, federal, state or local law with
provisions substantially similar to Title I of ERISA or Section 4975 of the
Code.

     "STATE" means any one of the 50 states of the United States or any of its
territories, or the District of Columbia.

     "TERMINATION DATE" means the date on which the Indenture Trustee shall have
received payment and performance of all amounts and obligations which the Issuer
may owe to or on behalf of the Indenture Trustee for the benefit of the
Noteholders under this Indenture or the Notes.

     "TRUST AGREEMENT" means the Trust Agreement, dated as of [_____], between
the Trust Depositor and the Owner Trustee.

     "TRUST DEPOSITOR" shall mean Harley-Davidson Customer Funding Corp., in its
capacity as trust depositor under the Sale and Servicing Agreement.

     "TRUST INDENTURE ACT" or "TIA" means the Trust Indenture Act of 1939, as
amended.

     "UCC" means the Uniform Commercial Code as in effect on the date hereof and
from time to time in the State of Illinois, PROVIDED that if by reason of
mandatory provisions of law, the perfection or the effect of perfection or
non-perfection or priority of the security interests in any collateral or the
availability of any remedy hereunder is governed by the Uniform Commercial Code
as in effect on or after the date hereof in any other jurisdiction, "UCC" means
the Uniform Commercial Code as in effect in such other jurisdiction for purposes
of the provisions hereof relating to such perfection or effect of perfection or
non-perfection or priority or availability of such remedy.

     "UNITED STATES" means the United States of America.

     (b)    Except as otherwise specified herein or as the context may otherwise
require, capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in the Sale and Servicing Agreement.

                                        9
<Page>

     SECTION 1.02.  INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

     "COMMISSION" means the Securities and Exchange Commission.

     "INDENTURE SECURITIES" means the Notes.

     "INDENTURE SECURITY HOLDER" means a Noteholder.

     "INDENTURE TO BE QUALIFIED" means this Indenture.

     "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Indenture Trustee.

     "OBLIGOR" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

     All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.

     SECTION 1.03.  RULES OF CONSTRUCTION.  Unless the context otherwise
requires:

            (i)     a term has the meaning assigned to it;

            (ii)    an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as in
effect from time to time;

            (iii)   "OR" is not exclusive;

            (iv)    "INCLUDING" means including without limitation;

            (v)     words in the singular include the plural and words in the
plural include the singular;

            (vi)    any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns; and

            (vii)   the words "HEREOF," "HEREIN" and "HEREUNDER" and words of
similar import when used in this Indenture shall refer to this Indenture as a
whole and not to any particular provision of this Indenture; Section and
subsection references contained in this Indenture are references to Sections and
subsections in or to this Indenture unless otherwise specified.

                                       10
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                                   ARTICLE TWO

                                    THE NOTES

     SECTION 2.01.  FORM. The Class A-1 Notes, the Class A-2 Notes and the Class
B Notes, in each case together with the Indenture Trustee's certificate of
authentication, shall be in substantially the forms set forth as Exhibits to
this Indenture with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

     Each Note shall be dated the date of its authentication. The terms of the
Notes set forth in Exhibits hereto are part of the terms of this Indenture.

     SECTION 2.02.  EXECUTION, AUTHENTICATION AND DELIVERY. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile. Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

     The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate
and deliver for original issue (i) Class A-1 Notes in an aggregate principal
amount of $[_________], (ii) Class A-2 Notes in an aggregate principal amount of
$[_________] and (iii) Class B Notes in an aggregate principal amount of
$[_________]. The aggregate principal amount of such Classes of Notes
Outstanding at any time may not exceed such respective amounts, except as
otherwise provided in Section 2.05.

     Each Note shall be dated the date of its authentication. The Notes shall be
issuable as registered Notes in the minimum denomination of $1,000 and in
integral multiples of $1,000 in excess thereof.

     No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein by the Indenture
Trustee by the manual signature of one of its authorized signatories, and such
certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder.

     SECTION 2.03.  TEMPORARY NOTES. Pending the preparation of Book-Entry Notes
or Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order
the Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the definitive Notes in

                                       11
<Page>

lieu of which they are issued and with such variations not inconsistent with the
terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes.

     If temporary Notes are issued, the Issuer will cause Book-Entry Notes or
Definitive Notes to be prepared without unreasonable delay. After the
preparation of Book-Entry Notes or Definitive Notes, the temporary Notes shall
be exchangeable for Book-Entry Notes or Definitive Notes upon surrender of the
temporary Notes at the office or agency of the Issuer to be maintained as
provided in Section 3.02, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes, the Issuer shall execute and
the Indenture Trustee shall authenticate and deliver in exchange therefor a like
tenor and principal amount of definitive Notes of authorized denominations.
Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits under this Indenture as Book-Entry Notes or Definitive Notes.

     SECTION 2.04.  REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE. The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Note Registrar shall
provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee shall be "Note Registrar" for the purpose of
registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuer as
Note Registrar, the Issuer will give the Indenture Trustee prompt written notice
of the appointment of such Note Registrar and of the location, and any change in
the location, of the Note Register, and the Indenture Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies
thereof, and the Indenture Trustee shall have the right to rely upon a
certificate executed on behalf of the Note Registrar by an Executive Officer
thereof as to the names and addresses of the Holders of the Notes and the
principal amounts and the amounts and number of such Notes.

     Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.02, the Issuer
shall execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, in the name of the designated
transferee or transferees, one or more new Notes of the same Class in any
authorized denominations, of a like aggregate principal amount.

     At the option of the Holder, Notes may be exchanged for other Notes of the
same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, the Notes which the Noteholder making the exchange
is entitled to receive.

     All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits

                                       12
<Page>

under this Indenture, as the Notes surrendered upon such registration of
transfer or exchange.

     Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by a commercial bank or trust company located, or having a
correspondent located in the city in which the Corporate Trust Office is
located, or by a member firm of a national securities exchange, and such other
documents as the Indenture Trustee may require.

     No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Indenture Trustee may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.03 not involving
any transfer.

     Each Person that acquires a Note shall be required to represent, or in the
case of a Note in book-entry form, will be deemed to represent by its acceptance
of the Note, that (i) it is not, and is not acquiring the Note on behalf of or
with "plan assets" (as determined under Department of Labor Regulation Section
2510.3-101 or otherwise) of a Plan, or any employee benefit plan subject to
Similar Law, or (ii) its acquisition and holding of the Note do not give rise to
a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, or any Similar Law. Any transfer with respect to which the
representation in clause (i) or (ii) above is not true shall be void AB INITIO.

     The Notes may not be purchased with the assets of a Plan if the Issuer, the
Indenture Trustee, the Owner Trustee, the Servicer or the Underwriters or any of
their affiliates has investment or administrative discretion with respect to
those Plan assets; has authority or responsibility to give, or regularly gives,
investment advice with respect to those Plan assets for a fee and pursuant to an
agreement or understanding that the advice will serve as a primary basis for
investment decisions with respect to those Plan assets and will be based on the
particular investment needs for the Plan; or is an employer maintaining or
contributing to the Plan.

     The preceding provisions of this Section notwithstanding, the Issuer shall
not be required to make and the Note Registrar need not register transfers or
exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to the Note.

     (i)    the Note Registrar and the Indenture Trustee will be entitled to
deal with the Clearing Agency for all purposes of this Indenture (including the
payment of principal of and interest on the Notes and the giving of instructions
or directions hereunder) as the sole holder of the Notes, and shall have no
obligation to the Noteholders;

     (ii)   the rights of Noteholders will be exercised only through the
Clearing Agency and will be limited to those established by law and agreements
between such Noteholders

                                       13
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and the Clearing Agency and/or the Clearing Agency Participants pursuant to the
Depository Agreement;

     (iii)  whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount of the Notes, the Clearing Agency will be
deemed to represent such percentage only to the extent that it has received
instructions to such effect from Noteholders and/or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial
interest in the Notes and has delivered such instructions to the Indenture
Trustee; and

     (iv)   without the consent of the Issuer and the Indenture Trustee, no such
Note may be transferred by the Depository except to a successor Depository that
agrees to hold such Note for the account of the Owners or except upon the
election of the Owner thereof or a subsequent transferee to hold such Note in
physical form.

Neither the Indenture Trustee nor the Registrar shall have any responsibility to
monitor or restrict the transfer of beneficial ownership in any Note an interest
in which is transferable through the facilities of the Depository.

     SECTION 2.05.  MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by them to hold the Issuer and the Indenture
Trustee harmless, then, in the absence of notice to the Issuer, the Note
Registrar or the Indenture Trustee that such Note has been acquired by a
protected purchaser, within the meaning of Section 8-303 of the UCC, the Issuer
shall execute and upon its request the Indenture Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Note, a replacement Note of the same Class and denomination; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within seven days shall be due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a protected purchaser, within the meaning
of Section 8-303 of the UCC, of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the Issuer,
and the Indenture Trustee shall be entitled to recover such replacement Note (or
such payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a protected purchaser, within the meaning of
Section 8-303 of the UCC, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section, the Issuer or
the Indenture Trustee may require the payment by the Holder of such Note of a
sum sufficient to

                                       14
<Page>

cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Indenture Trustee or the Note Registrar) connected therewith.

     Every replacement Note issued pursuant to this Section in replacement of
any mutilated, destroyed, lost of stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

     The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

     SECTION 2.06.  PERSONS DEEMED OWNER. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, and any
of their respective agents may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Issuer, the Indenture Trustee nor any of their respective agents
shall be affected by notice to the contrary.

     SECTION 2.07.  PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.

     (a)    Each Class of Notes shall accrue interest at the related Interest
Rate, and such interest shall be payable on each Distribution Date as specified
therein, subject to Section 3.01. Any installment of interest or principal, if
any, payable on any Note which is punctually paid or duly provided for by the
Issuer on the applicable Distribution Date shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the Record
Date, by wire transfer in immediately available funds to the account designated
by such nominee and except for the final installment of principal payable with
respect to such Note on a Distribution Date or on the related Final Distribution
Date, as the case may be (and except for the Redemption Price for any Note
called for redemption pursuant to Section 10.01(a)), which shall be payable as
provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.03.

     (b)    The principal of each Note shall be payable on each Distribution
Date to the extent provided in the form of the related Note set forth as an
Exhibit hereto. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which the maturity of the Notes has been accelerated in the manner
provided in Section 5.02. All principal payments on each Class of Notes shall be
made pro rata to the Noteholders of such Class entitled thereto. The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Distribution Date on which the
Issuer expects that the final installment of principal of and interest on such
Note will be paid. Such notice shall be mailed within five Business Days of
receipt of notice of termination of the Trust

                                       15
<Page>

pursuant to Section 9.01(c) of the Trust Agreement and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02.

     (c)    If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest to
the extent lawful) at the applicable Interest Rate in any lawful manner. The
Issuer may pay such defaulted interest to the Persons who are Noteholders on a
subsequent special record date, which date shall be at least five Business Days
prior to the related payment date. The Issuer shall fix or cause to be fixed any
such special record date and payment date and, at least 15 days before any such
special record date, the Issuer shall mail to the Indenture Trustee and each
Noteholder a notice that states the special record date, the payment date and
the amount of defaulted interest to be paid.

     SECTION 2.08.  CANCELLATION. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided that such Issuer Order is timely
and the Notes have not been previously disposed of by the Indenture Trustee.

     SECTION 2.09.  BOOK-ENTRY NOTES. The Notes, upon original issuance, will be
issued in the form of a typewritten Note or Notes representing the Book-Entry
Notes, to be delivered to DTC, the initial Depository, by, or on behalf of, the
Issuer. Such Notes shall initially be registered on the Note Register in the
name of Cede & Co., the nominee of the initial Clearing Agency, and no
Noteholder will receive a Definitive Note representing such Noteholder's
interest in such Note, except as provided in Section 2.11. Unless and until
definitive, fully registered Notes (the "Definitive Notes") have been issued to
Noteholders pursuant to Section 2.11:

            (i)     the provisions of this Section shall be in full force and
effect;

            (ii)    the Note Registrar and the Indenture Trustee shall be
entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving
of instructions or directions hereunder) as the sole holder of the Notes, and
shall have no obligation to the Noteholders;

                                       16
<Page>

            (iii)   to the extent that the provisions of this Section conflict
with any other provisions of this Indenture, the provisions of this Section
shall control;

            (iv)    the rights of Noteholders shall be exercised only through
the Clearing Agency and shall be limited to those established by law and
agreements between such Noteholders and the Clearing Agency and/or the Clearing
Agency Participants. Pursuant to the Note Depository Agreement, unless and until
Definitive Notes are issued pursuant to Section 2.11, the Clearing Agency will
make book-entry transfers among the Clearing Agency Participants and receive and
transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants; and

            (v)     whenever this Indenture requires or permits actions to be
taken based upon instructions or directions of Noteholders evidencing a
specified percentage of the Outstanding Amount, the Clearing Agency shall be
deemed to represent such percentage only to the extent that it has received
instructions to such effect from Noteholders and/or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial
interest in the Notes and has delivered such instructions to the Indenture
Trustee.

     SECTION 2.10.  NOTICES TO CLEARING AGENCY. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Noteholders pursuant to Section
2.11, the Indenture Trustee shall give all such notices and communications
specified herein to be given to Noteholders of the Notes to the Clearing Agency,
and shall have no obligation to the Noteholders.

     SECTION 2.11.  DEFINITIVE NOTES. If (i)(A) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities as described in the Note
Depository Agreement, and (B) Indenture Trustee or the Administrator is unable
to locate a qualified successor, (ii) the Administrator or the Owner Trustee, as
applicable, notifies the Clearing Agency of its intent to terminate the
book-entry system through the Clearing Agency and requests a withdrawal of the
Book-Entry Notes held by the Clearing Agency, and after receipt by the Clearing
Agency Participants of an important notice issued by the Clearing Agency
notifying the Clearing Agency Participants of such withdrawal request, the
Clearing Agency Participants holding beneficial interests in the Book-Entry
Notes agree to initiate such termination, or (iii) after the occurrence of an
Event of Default, the Modified Required Holders advise the Indenture Trustee and
the Clearing Agency through the Clearing Agency Participants in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of the related Noteholders, then the Indenture Trustee shall
notify all Noteholders of the related Class or Classes of Notes, through the
Clearing Agency, of the occurrence of any such event and of the availability of
Definitive Notes of the related Class of Notes to Noteholders requesting the
same. Upon surrender to the Indenture Trustee of the Note or Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee
shall be liable for any delay in

                                       17
<Page>

delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Notes of a Class, the Indenture Trustee shall recognize the Noteholders of the
Definitive Notes as Noteholders hereunder.

     The Indenture Trustee shall not be liable if the Indenture Trustee or the
Administrator is unable to locate a qualified successor Clearing Agency. The
Definitive Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of these methods (with or without steel engraved
borders), all as determined by the officers executing such Notes, as evidenced
by their execution of such Notes.

     SECTION 2.12.  RELEASE OF COLLATERAL. Subject to Sections 4.04, 8.04 and
11.01 and the terms of the Transaction Documents, the Indenture Trustee shall
release property from the lien of this Indenture only upon receipt of an Issuer
Request accompanied by an Officer's Certificate.

     SECTION 2.13.  TAX TREATMENT. The Issuer and the purchasers of the Notes
intend, and will take all actions consistent with the intention, that the Notes
be treated as indebtedness for all federal, state, local, and foreign income and
franchise tax purposes and that, pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii) as in effect for periods after January 1, 1997, the Trust
be disregarded as a separate entity from the Trust Depositor for federal income
tax purposes. The Issuer, by entering into this Indenture, and each Noteholder,
by its acceptance of its Note agree to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness of the
Issuer.

                                  ARTICLE THREE

                                    COVENANTS

     SECTION 3.01.  PAYMENT OF PRINCIPAL AND INTEREST. The Issuer will duly and
punctually pay the principal of and interest, if any, on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the foregoing,
subject to Section 8.02(c), the Issuer and the Indenture Trustee will cause to
be deposited into the Note Distribution Account amounts allocated pursuant to
Section 7.05 of the Sale and Servicing Agreement, and cause to be distributed
all such amounts on a Distribution Date as deposited therein (i) for the benefit
of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of
the Class A-2 Notes, to the Class A-2 Noteholders and (iii) for the benefit of
the Class B Notes, to the Class B Noteholders, in each case as further specified
herein. Amounts properly withheld under the Code by any Person from a payment to
any Noteholder of interest and/or principal shall be considered as having been
paid by the Issuer to such Noteholder for all purposes of this Indenture.

     SECTION 3.02.  MAINTENANCE OF OFFICE OR AGENCY. The Issuer will maintain in
Wilmington, Delaware, an office or agency where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon
the Issuer in respect of the Notes and this Indenture may be served. The Issuer
hereby initially appoints the Indenture Trustee to serve as its agent for the
foregoing purposes. The Issuer will give

                                       18
<Page>

prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of any such office or agency. If at any time the Issuer
shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands
may be made or served at the Corporate Trust Office, and the Issuer hereby
appoints the Indenture Trustee as its agent to receive all such surrenders,
notices and demands.

     SECTION 3.03.  MONEY FOR PAYMENTS TO BE HELD IN TRUST. As provided in
Section 8.02, all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Collection Account and the
Note Distribution Account pursuant to Section 8.02(b) shall be made on behalf of
the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts
so withdrawn from the Collection Account and the Note Distribution Account for
payments of Notes shall be paid over to the Issuer except as provided in this
Section.

     On or before the Business Day immediately preceding each Distribution Date
and Redemption Date, the Issuer shall deposit or cause to be deposited in the
Note Distribution Account an aggregate sum sufficient to pay the amounts then
becoming due, such sum to be held in trust for the benefit of the Persons
entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall
promptly notify the Indenture Trustee of its action or failure so to act.

     The Issuer will cause each Paying Agent other than the Indenture Trustee to
execute and deliver to the Indenture Trustee an instrument in which such Paying
Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts
as Paying Agent, it hereby so agrees), subject to the provisions of this
Section, that such Paying Agent will:

            (i)     hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and pay such sums to such Persons as herein provided;

            (ii)    give the Indenture Trustee notice of any default by the
Issuer (or any other obligor upon the Notes) in the making of any payment
required to be made with respect to the Notes;

            (iii)   at any time during the continuance of any such default, upon
the written request of the Indenture Trustee, forthwith pay to the Indenture
Trustee all sums so held in trust by such Paying Agent;

            (iv)    immediately resign as a Paying Agent and forthwith pay to
the Indenture Trustee all sums held by it in trust for the payment of Notes if
at any time it ceases to meet the standards required to be met by a Paying Agent
at the time of its appointment; and

            (v)     comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable
withholding

                                       19
<Page>

taxes imposed thereon and with respect to any applicable reporting requirements
in connection therewith.

     The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Issuer Order direct
any Paying Agent to pay to the Indenture Trustee all sums held in trust by such
Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
as those upon which the sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Subject to applicable laws with respect to escheat of funds, any money held
by the Indenture Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for two years after
such amount has become due and payable shall be discharged from such trust and
upon receipt of an Issuer Request shall be deposited by the Indenture Trustee in
the Collection Account; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Indenture Trustee or such Paying Agent with respect to such
trust money shall thereupon cease; PROVIDED, HOWEVER, that if such money or any
portion thereof had been previously deposited by the Issuer with the Indenture
Trustee for the payment of principal or interest on the Notes; and PROVIDED,
FURTHER, that the Indenture Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Issuer cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New
York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to or for the
account of the Issuer. The Indenture Trustee may also adopt and employ, at the
expense of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but not have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Paying Agent, at the last address of record for each such Holder).

     SECTION 3.04.  EXISTENCE. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other state or of the United States, in
which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Collateral.

     SECTION 3.05.  PROTECTION OF COLLATERAL. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Indenture Trustee on
behalf of the Noteholders to be prior to all other liens in respect of the
Collateral, and the Issuer shall take all actions necessary to obtain and
maintain, for the benefit of the Indenture Trustee on

                                       20
<Page>

behalf of the Noteholders, a first lien on and a first priority, perfected
security interest in the Collateral. The Issuer will from time to time execute
and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other
instruments, all as prepared by the Servicer and delivered to the Issuer, and
will take such other action necessary or advisable to:

            (i)     Grant more effectively all or any portion of the Collateral;

            (ii)    maintain or preserve the lien and security interest (and the
priority thereof) created by this Indenture or carry out more effectively the
purposes hereof;

            (iii)   perfect, publish notice of or protect the validity of any
Grant made or to be made by this Indenture;

            (iv)    enforce any of the Collateral;

            (v)     preserve and defend title to the Collateral and the rights
of the Indenture Trustee and the Noteholders in such Collateral against the
claims of all persons and parties; and

            (vi)    pay all taxes or assessments levied or assessed upon the
Collateral when due.

            The Issuer shall file the initial financing statements on Form UCC1.
All financing statements filed or to be filed against the Issuer in favor of the
Indenture Trustee in connection herewith describing the Collateral shall contain
a statement to the following effect: "A purchase of or security interest in any
collateral described in this financing statement, except as permitted in the
Indenture, will violate the rights of the Secured Party." The Issuer hereby
authorizes the Indenture Trustee to file all continuation statements or other
instruments required to be executed pursuant to this Section and hereby
designates the Indenture Trustee its agent and attorney-in-fact for such
purpose.

     SECTION 3.06.  OPINIONS AS TO COLLATERAL. On the Closing Date, the Issuer
shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that,
in the opinion of such counsel, either (i) all financing statements and
continuation statements have been executed and filed that are necessary to
create and continue the Indenture Trustee's first priority perfected security
interest in the Collateral for the benefit of the Noteholders, and reciting the
details of such filings or (ii) no such action shall be necessary to perfect
such security interest.

     SECTION 3.07.  PERFORMANCE OF OBLIGATIONS; SERVICING OF CONTRACTS.

     (a)    The Issuer will not take any action and will use its best efforts
not to permit any action to be taken by others that would release any Person
from any such Person's material covenants or obligations under any instrument or
agreement included in the Collateral or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement,

                                       21
<Page>

except as expressly provided in the Transaction Documents or such other
instrument or agreement.

     (b)    The Issuer may contract with other Persons to assist it in
performing its duties and obligations under this Indenture, and any performance
of such duties by a Person identified to the Indenture Trustee in an Officer's
Certificate shall be deemed to be action taken by the Issuer. The Indenture
Trustee shall not be responsible for the action or inaction of the Servicer or
the Administrator. Initially, the Issuer has contracted with the Servicer and
the Administrator to assist the Issuer in performing its duties under this
Indenture.

     (c)    The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Transaction
Documents and in the instruments and agreements included in the Collateral,
including but not limited to filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of this
Indenture and the Sale and Servicing Agreement in accordance with and within the
time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuer shall not waive, amend, modify, supplement or
terminate any Transaction Document or any provision thereof without the consent
of the Indenture Trustee or the Required Holders.

     (d)    If the Issuer shall have knowledge of the occurrence of an Event of
Termination, the Issuer shall promptly notify the Indenture Trustee and each
Rating Agency thereof. Upon any termination of the Servicer's rights and powers
pursuant to the Sale and Servicing Agreement, the Issuer shall promptly notify
the Indenture Trustee. As soon as a Successor Servicer is appointed, the Issuer
shall notify the Indenture Trustee and the Rating Agencies of such appointment,
specifying in such notice the name and address of such Successor Servicer.

     (e)    The Issuer agrees that it will not waive timely performance or
observance by the Servicer or the Seller of their respective duties under the
Transaction Documents if the effect thereof would adversely affect the Holders
of the Notes.

     SECTION 3.08.  NEGATIVE COVENANTS. Until the Termination Date, the Issuer
shall not:

            (i)     except as expressly permitted by the Transaction Documents,
sell, transfer, exchange or otherwise dispose of any of the properties or assets
of the Issuer, including those included in the Collateral, unless directed to do
so by the Indenture Trustee;

            (ii)    claim any credit on, or make any deduction from the
principal or interest payable in respect of, the Notes (other than amounts
properly withheld from such payments under the Code or applicable state law) or
assert any claim against any present or former Noteholder by reason of the
payment of the taxes levied or assessed upon any part of the Collateral;

            (iii)   (A) permit the validity or effectiveness of this Indenture
to be impaired, or permit the lien created by this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenant; or obligations with respect to the Notes under this
Indenture except as may be

                                       22
<Page>

expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
interest, mortgage or other encumbrance (other than the lien of this Indenture)
to be created on or extend to or otherwise arise upon or burden the Collateral
or any part thereof or any interest therein or the proceeds thereof (other than
tax liens, mechanics' liens and other liens that arise by operation of law, in
each case on a Motorcycle and arising solely as a result of an action or
omission of the related Obligor), (C) permit the lien created by this Indenture
not to constitute a valid first priority (other than with respect to any such
tax, mechanics' or other lien) security interest in the Collateral, or (D)
amend, modify or fail to comply with the provisions of the Transaction Documents
without the prior written consent of the Indenture Trustee, except where the
Transaction Documents allow for amendment or modification without the consent or
approval of the Indenture Trustee;

            (iv)    dissolve or liquidate in whole or in part; or

            (v)     change its name or state of formation.

     SECTION 3.09.  ANNUAL STATEMENT AS TO COMPLIANCE. The Issuer will deliver
to the Indenture Trustee, on or before January 31 of each year commencing
[_____], an Officer's Certificate stating, as to the Authorized Officer signing
such Officer's Certificate, that:

     (i)    a review of the activities of the Issuer during the prior calendar
year and of performance under this Indenture has been made under such Authorized
Officer's supervision; and

     (ii)   to the best of such Authorized Officer's knowledge, based on such
review, the Issuer has complied with all conditions and covenants under this
Indenture throughout such year, or, if there has been a default in the
compliance of any such condition or covenant, specifying each such default known
to such Authorized Officer and the nature and status thereof.

     SECTION 3.10.  ISSUER MAY CONSOLIDATE, ETC. ONLY ON CERTAIN TERMS.

     (a)    The Issuer shall not consolidate or merge with or into any other
Person, unless:

            (i)     the Person (if other than the Issuer) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the
laws of the United States or any State and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in form and substance satisfactory to the Indenture Trustee, the due and
punctual payment of the principal of and interest on all Notes and the
performance or observance of every agreement and covenant of this Indenture and
each other Transaction Document on the part of the Issuer to be performed or
observed, all as provided herein;

            (ii)    immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing;

                                       23
<Page>

            (iii)   the Rating Agency Condition shall have been satisfied with
respect to such transaction;

            (iv)    the Issuer shall have received an Opinion of Counsel which
shall be delivered to and shall be satisfactory to the Indenture Trustee to the
effect that such transaction will not have any material adverse tax consequence
to the Trust, any Noteholder or any Certificateholder;

            (v)     any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken;

            (vi)    the Issuer shall have delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel (which shall describe the
actions taken as required by clause (v) above or that no such actions will be
taken) each stating that such consolidation or merger and such supplemental
indenture comply with this Article Three and that all conditions precedent
herein provided for relating to such transaction have been complied with; and

            (vii)   the Person (if other than the Issuer) formed by or surviving
such consolidation or merger has a net worth, immediately after such
consolidation or merger, that is (A) greater than zero and (B) not less than the
net worth of the Issuer immediately prior to giving effect to such consolidation
or merger.

     (b)    The Issuer shall not convey or transfer all or substantially all of
its properties or assets, including those included in the Collateral, to any
Person (except as expressly permitted by the Transaction Documents), unless:

            (i)     the Person that acquires by conveyance or transfer the
properties and assets of the Issuer shall (A) be a United States citizen or a
Person organized and existing under the laws of the United States or any State,
(B) expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form and substance satisfactory to the
Indenture Trustee, the due and punctual payment of the principal of and interest
on all Notes and the performance or observance of every agreement and covenant
of this Indenture and each other Transaction Document on the part of the Issuer
to be performed or observed, all as provided herein, (C) expressly agree by
means of such supplemental indenture that all right, title and interest so
conveyed or transferred shall be subject and subordinate to the rights of
Holders of the Notes and (D) unless otherwise provided in such supplemental
indenture, expressly agree to indemnify, defend and hold harmless the Issuer
against and from any loss, liability or expense arising under or related to this
Indenture and the Notes.

            (ii)    immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing;

            (iii)   the Rating Agency Condition shall have been satisfied with
respect to such transaction;

                                       24
<Page>

            (iv)    the Issuer shall have received an Opinion of Counsel which
shall be delivered to and shall be satisfactory to the Indenture Trustee to the
effect that such transaction will not have any material adverse tax consequence
to the Trust, any Noteholder or any Certificateholder;

            (v)     any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken;

            (vi)    the Issuer shall have delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel (which shall describe the
actions taken as required by clause (v) above or that no such actions will be
taken) each stating that such conveyance or transfer and such supplemental
indenture comply with this Article Three and that all conditions precedent
herein provided for relating to such transaction have been complied with
(including any filings required by Exchange Act); and

            (vii)   the Issuer has a net worth, immediately after such
conveyance or transfer, that is (A) greater than zero and (B) not less than the
net worth of the Issuer immediately prior to giving effect to such conveyance or
transfer.

     SECTION 3.11.  SUCCESSOR OR TRANSFEREE.

     (a)    Upon any consolidation or merger of the Issuer in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with same
effect as if such Person has been named as the Issuer herein.

     (b)    Upon a conveyance or transfer of all or substantially all the assets
or properties of the Issuer pursuant to Section 3.10(b), the Issuer will be
released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon
the delivery of written notice to the Indenture Trustee stating that the Issuer
is to be so released.

     SECTION 3.12.  NO OTHER BUSINESS. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Contracts in the manner contemplated by this Indenture and the other Transaction
Documents and activities incidental thereto.

     SECTION 3.13.  NO BORROWING. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes and (ii) any other Indebtedness permitted
by or arising under the other Transaction Documents. The proceeds of the Notes
shall be used exclusively to fund the Issuer's purchase of the Contracts and the
other assets specified in the Sale and Servicing Agreement, to fund the Reserve
Fund and to pay the transactional expenses of the Issuer.

     SECTION 3.14.  SERVICER'S OBLIGATIONS. The Issuer shall cause the Servicer
to comply with Article Five and Article Nine of its obligations under the Sale
and Servicing Agreement.

                                       25
<Page>

     SECTION 3.15.  GUARANTEES, LOANS ADVANCES AND OTHER LIABILITIES. Except as
otherwise contemplated by the Transaction Documents, the Issuer shall not make
any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuming another's payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, any
other interest in, or make any capital contribution to, any other Person.

     SECTION 3.16.  CAPITAL EXPENDITURES. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

     SECTION 3.17.  RESTRICTED PAYMENTS. Except as permitted by the Transaction
Documents, the Issuer shall not, directly or indirectly, (i) pay any dividend or
make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Owner Trustee or any owner
of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer or to the Servicer,
(ii) redeem, purchase, retire or otherwise acquire for value any such ownership
or equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the Issuer may make, or
cause to be made, (A) distributions to the Servicer, the Owner Trustee and the
Certificateholder as contemplated by, and to the extent funds are available for
such purpose under, the Sale and Servicing Agreement or the Trust Agreement and
(B) payments to the Indenture Trustee and the Owner Trustee pursuant to Section
1(a)(ii) of the Administration Agreement. The Issuer will not, directly or
indirectly, make payments to or distributions from the Collection Account except
in accordance with this Indenture and the other Transaction Documents.

     SECTION 3.18.  NOTICE OF EVENTS OF DEFAULT. The Issuer agrees to give the
Indenture Trustee and each Rating Agency prompt written notice of each Event of
Default hereunder and an Event of Termination under the Sale and Servicing
Agreement.

     SECTION 3.19.  FURTHER INSTRUMENTS AND ACTS. Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     SECTION 3.20.  COMPLIANCE WITH LAWS. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its obligations under the Notes, this Indenture or any
other Transaction Document.

     SECTION 3.21.  AMENDMENTS OF SALE AND SERVICING AGREEMENT AND TRUST
AGREEMENT. The Issuer shall not agree to any amendment to Section 11.01 of the
Trust Agreement to eliminate the requirements thereunder that the Indenture
Trustee or the Holders of the Notes consent to amendments thereto as provided
therein.

                                       26
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     SECTION 3.22.  REMOVAL OF ADMINISTRATOR. So long as any Notes are issued
and outstanding, the Issuer shall not remove the Administrator without cause
unless the Rating Agency Condition shall have been satisfied in connection with
such removal.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

     SECTION 4.01.  SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.01, 3.03, 3.04, 3.05,
3.07, 3.08, 3.10, 3.12, 3.13, 3.20 and 3.21, (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.07 and the obligations of the Indenture
Trustee under Section 4.02) and (vi) the rights of Noteholders as beneficiaries
hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when

            (A)     either

                    (1)     all Notes therefore authenticated and delivered
            (other than (i) Notes that have been destroyed, lost or stolen and
            that have been replaced or paid as provided in Section 2.05 and (ii)
            Notes for whose payment money has theretofore been deposited in
            trust or segregated and held in trust by the Issuer and thereafter
            repaid to the Issuer or discharged from such trust, as provided in
            Section 3.03) have been delivered to the Indenture Trustee for
            cancellation;

                    (2)     all Notes not theretofore delivered to the Indenture
            Trustee for cancellation

                            (i)     have become due and payable, or

                            (ii)    will become due and payable at their
            respective final Distribution Dates within one year, or

                            (iii)   are to be called for redemption within one
            year under arrangements satisfactory to the Indenture Trustee for
            the giving of notice of redemption by the Indenture Trustee in the
            name, and at the expense, of the Issuer, and the Issuer, in the case
            of (i), (ii) or (iii) above, has irrevocably deposited or caused to
            be irrevocably deposited with the Indenture Trustee cash or direct
            obligations of or obligations guaranteed by the United States (which
            will mature prior to the date such amounts are payable), in trust in
            an Eligible Account for such purpose, in an amount sufficient to pay
            and

                                       27
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            discharge the entire indebtedness on such Note not theretofore
            delivered to the Indenture Trustee for cancellation when due to the
            final scheduled Distribution Date (if Notes shall have been called
            for redemption pursuant to Section 10.01(a)), as the case may be;

            (B)     the Issuer has paid or performed or caused to be paid or
performed all amounts and obligations which the Issuer may owe to or on behalf
of the Indenture Trustee for the benefit of the Noteholders under this Indenture
or the Notes; and

            (C)     the Issuer has delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel and (if required by the TIA or
the Indenture Trustee) an Independent Certificate from a firm of certified
public accountants, each meeting the applicable requirements of Section 11.01(a)
and, subject to Section 11.02, stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have
been complied with and the Rating Agency Condition has been satisfied.

     SECTION 4.02.  APPLICATION OF TRUST MONEY. All moneys deposited with the
Indenture Trustee pursuant to Section 4.01 shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the Holders of the particular Notes for the payment or
redemption of which such moneys have been deposited with the Indenture Trustee,
of all sums due and to become due thereon for principal and interest; but such
moneys need not be segregated from other funds except to the extent required
herein or in the Sale and Servicing Agreement or required by law.

     SECTION 4.03.  REPAYMENT OF MONEYS HELD BY PAYING AGENT. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.03 and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

     SECTION 4.04.  RELEASE OF COLLATERAL. Subject to Section 11.01 and the
terms of the Transaction Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate and an Opinion of Counsel and
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or
an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates.

                                  ARTICLE FIVE

                                    REMEDIES

     SECTION 5.01.  EVENTS OF DEFAULT. "Event of Default," wherever used herein,
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any

                                       28
<Page>

judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

            (i)     default in the payment of any interest on any Note when the
same becomes due and payable, and such default shall continue for a period of
five days;

            (ii)    default in the payment of the principal of or any
installment of the principal of any Note when the same becomes due and payable;

            (iii)   default in the observance or performance of any covenant or
agreement of the Issuer made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in
this Section specifically dealt with) which default has a material adverse
effect on the Noteholders, or any representation or warranty of the Issuer made
in this Indenture or in any certificate or other writing delivered pursuant
hereto or in connection herewith proving to have been incorrect in any material
respect as of the time when the same shall have been made, and such default
shall continue or not be cured, or the circumstance or condition in respect of
which such misrepresentation or warranty was incorrect shall not have been
eliminated or otherwise cured, for a period of 30 days after there shall have
been given, by registered or certified mail, to the Indenture Trustee by the
Holders of at least 25% of the Outstanding Amount of the Class A-1 Notes and the
Class A-2 Notes, taken together as a single class, or, if there are no Class A-1
Notes or Class A-2 Notes Outstanding, by the Holders of at least 25% of the
Outstanding Amount of the Class B Notes a written notice specifying such default
or incorrect representation or warranty and requiring it to be remedied and
stating that such notice is a "Notice of Default" hereunder;

            (iv)    the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of
the Collateral in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Issuer or for any substantial part of the Collateral, or
ordering the winding-up or liquidation of the Issuer's affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive
days; or

            (v)     the commencement by the Issuer of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by the Issuer to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuer
to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Collateral, or the making by the Issuer of any general
assignment for the benefit of creditors, or the failure by the Issuer generally
to pay its debts as such debts become due, or the taking of action by the Issuer
in furtherance of any of the foregoing.

            The Issuer shall deliver to the Indenture Trustee within five days
after obtaining knowledge of the occurrence thereof, written notice in the form
of an Officer's Certificate of any event which with the giving of notice and the
lapse of time would become

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<Page>

an Event of Default under clause (iii) above, its status and what action the
Issuer is taking or proposes to take with respect thereto.

     SECTION 5.02.  RIGHTS UPON EVENT OF DEFAULT. If an Event of Default shall
have occurred and be continuing, other than an Event of Default described in
Section 5.01(iv) or (v) above, the Indenture Trustee or the Modified Required
Holders may declare the principal amount of the Notes immediately due and
payable at par. At any time after such declaration of acceleration of maturity
has been made and before a judgment or decree for payment of the money due has
been obtained by the Indenture Trustee as hereinafter in this Article Five,
PROVIDED, the Required Holders may rescind such declaration if (i) the Issuer
has made all payments of principal of and interest on all Notes when the same
becomes due and payable and (ii) the Issuer has paid all amounts due and payable
to the Indenture Trustee. If an Event of Default described in Section 5.01(iv)
or (v) shall have occurred and be continuing, the principal amount of the Notes
shall become immediately due and payable.

     SECTION 5.03.  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE; AUTHORITY OF INDENTURE TRUSTEE.

     (a)    The Issuer covenants that if the Notes are accelerated following the
occurrence of an Event of Default, the Issuer will, upon demand of the Indenture
Trustee, pay to it, for the benefit of the Holders of the Notes, the whole
amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal, and, to the extent payment at such rate of
interest shall be legally enforceable, upon overdue installments of interest, at
the applicable Interest Rate and in addition thereto such further amount as
shall be sufficient to cover costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

     (b)    The Indenture Trustee following the occurrence of an Event of
Default, shall have full right, power and authority to take, or defer from
taking, any and all acts with respect to the administration, maintenance or
disposition of the Collateral.

     (c)    If an Event of Default occurs and is continuing, the Indenture
Trustee may in its discretion (except as provided in Section 5.03(d)), proceed
to protect and enforce its rights and the rights of the Noteholders, by such
appropriate Proceedings as the Indenture Trustee shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Indenture Trustee by this Indenture or by law.

     (d)    Notwithstanding anything to the contrary contained in this
Indenture, if an Event of Default shall have occurred and be continuing and if
the Issuer fails to perform its obligations under Section 10.01(b) when and as
due, the Indenture Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Noteholders by such appropriate Proceedings as
the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for specific performance of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other

                                       30
<Page>

proper remedy or legal or equitable right vested in the Indenture Trustee by
this Indenture or by law, provided that the Indenture Trustee shall only be
entitled to take any such actions to the extent such actions (i) are taken only
to enforce the Issuer's obligations to redeem the principal amount of Notes, and
(ii) are taken only against the Collateral any investments therein and any
proceeds thereof.

     (e)    In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Collateral, Proceedings under Title 11 of the United States Code or any
other applicable federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to the provisions of this Section, shall be
entitled and empowered, by intervention in such Proceedings or otherwise:

                    (i)     to file and prove a claim or claims for the whole
     amount of principal and interest owing and unpaid in respect of the Notes
     and to file such other papers or documents as may be necessary or advisable
     in order to have the claims of the Indenture Trustee (including any claim
     for reasonable compensation to the Indenture Trustee and each predecessor
     Indenture Trustee, and their respective agents, attorneys and counsel, and
     for reimbursement of all expenses and liabilities incurred, and all
     advances made, by the Indenture Trustee and each predecessor Indenture
     Trustee, except as a result of negligence or bad faith) and of the
     Noteholders allowed in such Proceedings;

                    (ii)    unless prohibited by applicable law and regulations,
     to vote on behalf of the Holders of Notes in any election of a trustee, a
     standby trustee or Person performing similar functions in any such
     Proceedings;

                    (iii)   to collect and receive any moneys or other property
     payable or deliverable on any such claims and to distribute all amounts
     received with respect to the claims of the Noteholders and of the Indenture
     Trustee on their behalf; and

                    (iv)    to file such proofs of claim and other papers or
     documents as may be necessary or advisable in order to have the claims of
     the Indenture Trustee or the Holders of Notes allowed in any judicial
     proceedings relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee, and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall

                                       31
<Page>

be sufficient to cover reasonable compensation to the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and
counsel, and all other expenses and liabilities incurred, and all advances made,
by the Indenture Trustee and each predecessor Indenture Trustee except as a
result of negligence or bad faith.

     (f)    Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

     (g)    All rights of action and of asserting claims under this Indenture or
under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or Proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes.

     (h)    In any Proceedings brought by the Indenture Trustee (including any
Proceedings involving the interpretation of any provision of this Indenture),
the Indenture Trustee shall be held to represent all of the Holders of the
Notes, and it shall not be necessary to make any Noteholder a party to any such
proceedings.

     SECTION 5.04.  REMEDIES. If an Event of Default shall have occurred and be
continuing, the Indenture Trustee (subject to Section 5.05) may, and shall if so
directed by the Required Holders in writing:

            (i)     institute Proceedings in its own name and as or on behalf of
a trustee of an express trust for the collection of all amounts then payable on
the Notes or under this Indenture with respect thereto, whether by declaration
or otherwise, enforce any judgment obtained, and collect from the Issuer and any
other obligor upon such Notes moneys adjudged due;

            (ii)    institute Proceedings from time to time for the complete or
partial foreclosure of this Indenture with respect to the Collateral;

            (iii)   exercise any remedies of a secured party under the UCC and
any other remedy available to the Indenture Trustee and take any other
appropriate action to protect and enforce the rights and remedies of the
Indenture Trustee on behalf of the Noteholders under this Indenture or the
Notes; and

            (iv)    sell the Collateral or any portion thereof or rights or
interest therein, at one or more public or private sales called and conducted in
any manner permitted by law; provided, however, that the Indenture Trustee may
not sell or otherwise liquidate the Collateral following an Event of Default,
unless (A) the Holders of 100% of the Outstanding

                                       32
<Page>

Amount of the Notes, consent thereto, (B) the proceeds of such sale or
liquidation distributable to the Noteholders are sufficient to discharge in full
all amounts then due and unpaid upon such Notes for principal and interest, (C)
there has been an Event of Default described in Section 5.01(i) or (ii) and (D)
the Indenture Trustee determines that the Collateral will not continue to
provide sufficient funds for the payment of principal of and interest on the
Notes as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee provides prior written notice to each Rating
Agency and obtains the consent of the Required Holders. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Collateral
for such purpose; provided, however, upon the occurrence of an Event of Default
described in Section 5.01(iv) or (v), caused solely from an event described in
such subparagraphs occurring with respect to the Trust Depositor, the Collateral
will be liquidated by the Indenture Trustee and the Trust will be terminated 90
days after the date of such Insolvency Event, unless, before the end of such
90-day period, the related Trustee shall have received written instructions from
the Required Holders, to the effect that such Required Holders disapprove of the
liquidation of such Collateral and termination of such Trust.

     SECTION 5.05.  OPTIONAL PRESERVATION OF THE CONTRACTS. Following an Event
of Default and if such Event of Default has not been rescinded and annulled, the
Indenture Trustee may, but need not, elect to maintain possession of the
Collateral. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal and interest
on the Notes, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Collateral. In
determining whether to maintain possession of the Collateral, the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Collateral
for such purpose.

     SECTION 5.06.  PRIORITIES.

     (a)    If the Indenture Trustee collects any money or property pursuant to
this Article Five, it shall pay out the money or property in the order and
priority set forth in Section 7.05(b) or (c) of the Sale and Servicing
Agreement.

     (b)    The Indenture Trustee may fix a record date and payment date for any
payment to Noteholders pursuant to this Section. At least 15 days before such
record date, the Issuer shall mail to each Noteholder and the Indenture Trustee
a notice that states the record date, the payment date and the amount to be
paid.

     SECTION 5.07.  LIMITATION OF SUITS. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (and in all events subject to Section 11.16 hereof):

                                       33
<Page>

            (i)     such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default;

            (ii)    the Holders of not less than 25% of the Outstanding Amount
of the Class A-1 Notes and the Class A-2 Notes, or, if there are no Class A-1
Notes or Class A-2 Notes Outstanding, Holders of not less than 25% of the
Outstanding Amount of the Class B Notes have made written request to the
Indenture Trustee to institute such Proceeding in respect of such Event of
Default in its own name as Indenture Trustee hereunder;

            (iii)   such Holder or Holders have offered to the Indenture Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred
in complying with such request;

            (iv)    the Indenture Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute such Proceedings;
and

            (v)     no direction inconsistent with such written request has been
given to the Indenture Trustee during such 60-day period by the Required
Holders.

It is understood and intended that no one or more Holders of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Notes or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

     In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount of the Class
A-1 Notes and the Class A-2 Notes or the Class B Notes, as the case may be, the
Indenture Trustee shall act at the direction of the group of Holders of Notes
with the greater Outstanding Amount of Class A-1 Notes, Class A-2 Notes, or
Class B Notes, as the case may be; provided, however, if the Indenture Trustee
receives conflicting or inconsistent requests and indemnity from two or more
groups of Holders of Notes representing an equal Outstanding Amount of the Class
A-1 Notes, Class A-2 Notes or Class B Notes, the Indenture Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

     SECTION 5.08.  UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND
INTEREST. Notwithstanding any other provisions in the Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest on such Note on or after the respective
due dates thereof expressed in such Note or in this Indenture (or, in the case
of redemption, on or after the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.

     SECTION 5.09.  RESTORATION OF RIGHTS AND REMEDIES. If the Indenture Trustee
or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every

                                       34
<Page>

such case the Indenture Trustee and the Noteholders shall, subject to any
determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.

     SECTION 5.10.  RIGHTS AND REMEDIES CUMULATIVE. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     SECTION 5.11.  DELAY OR OMISSION NOT A WAIVER. No delay or omission of the
Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default of Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article Five or by
law to the Indenture Trustee or to the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee or by
the Noteholders, as the case may be.

     SECTION 5.12.  CONTROL BY NOTEHOLDERS. The Required Holders shall have the
right to direct the time, method and place of conducting any Proceeding for any
remedy available to the Indenture Trustee with respect to the Notes or
exercising any trust or power conferred on the Indenture Trustee; provided that:

            (i)     such direction shall not be in conflict with any rule of law
or with this Indenture;

            (ii)    subject to the terms of Section 5.04, any direction to the
Indenture Trustee to sell or liquidate the Collateral shall be by the Holders of
Notes representing not less than 100% of the Outstanding Amount of the Notes;

            (iii)   if the conditions set forth in Section 5.05 have been
satisfied and the Indenture Trustee elects to retain the Collateral pursuant to
such Section, then any direction to the Indenture Trustee by Holders of Notes
representing less than 100% of the Outstanding Amount of the Notes to sell or
liquidate the Collateral shall be of no force and effect; and

            (iv)    the Indenture Trustee may take any other action deemed
proper by the Indenture Trustee that is not inconsistent with such direction.

            Notwithstanding the rights of Noteholders set forth in this Section,
subject to Section 6.01, the Indenture Trustee need not take any action that it
determines might involve it in liability or might materially and adversely
affect the rights of any Noteholders not consenting to such action.

     SECTION 5.13.  WAIVER OF PAST DEFAULTS. In the case of any waiver of an
Event of Default, the Issuer, the Indenture Trustee and the Holders of the Notes
shall be restored to

                                       35
<Page>

their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Event of Default or impair any right
consequent thereto. Upon any such waiver, such Event of Default shall cease to
exist and be deemed to have been cured and not to have occurred, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereto.

     SECTION 5.14.  UNDERTAKING FOR COSTS. All parties to this Indenture agree,
and each Holder of any Note by such Holder's acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (i) any suit instituted by the
Indenture Trustee, (ii) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Class A-1 Notes and the Class A-2 Notes, or, if there
are no Class A-1 Notes, Class A-2 Notes Outstanding, any Noteholder or group of
Noteholders holding in the aggregate 10% of the Outstanding Amount of the Class
B Notes or (iii) any suit instituted by any Noteholder for the enforcement of
the payment of principal of or interest on any Note on or after the respective
due dates expressed in such Note and in this Indenture (or, in the case of
redemption, on or after the Redemption Date).

     SECTION 5.15.  WAIVER OF STAY OR EXTENSION LAWS. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon,
or plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantages of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted.

     SECTION 5.16.  ACTION ON NOTES. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Collateral or upon any of
the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.06.

     SECTION 5.17.  PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

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     (a)    Promptly following a request from the Indenture Trustee to do so and
at the Administrator's expense, the Issuer shall take all such lawful action as
the Indenture Trustee may request to compel or secure the performance and
observance by the Trust Depositor and the Servicer, as applicable, of each of
their obligations to the Issuer under or in connection with the Sale and
Servicing Agreement in accordance with the terms thereof, and to exercise any
and all rights, remedies, powers and privileges lawfully available to the Issuer
under or in connection with the Sale and Servicing Agreement to the extent and
in the manner directed by the Indenture Trustee, including the transmission of
notices of default on the part of the Trust Depositor or the Servicer thereunder
and the institution of legal of administrative actions or proceedings to compel
or secure performance by the Trust Depositor or the Servicer of each of their
obligations under the Sale and Servicing Agreement.

     (b)    If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and at the direction (which direction shall be in writing,
including facsimile) of the Modified Required Holders shall exercise all rights,
remedies, powers, privileges and claims of the Issuer against the Trust
Depositor or the Servicer under or in connection with the Sale and Servicing
Agreement, including the right or power to take any action to compel or secure
performance or observance by the Trust Depositor or the Servicer of each of
their obligations to the Issuer thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Sale and Servicing
Agreement, and any right of the Issuer to take such action shall be suspended.

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

     SECTION 6.01.  DUTIES OF INDENTURE TRUSTEE.

     (a)    If an Event of Default has occurred and is continuing, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and
in the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

     (b)    Except during the continuance of an Event of Default:

                    (i)     the Indenture Trustee undertakes to perform such
     duties and only such duties as are specifically set forth in this Indenture
     and no implied covenants or obligations shall be read into this Indenture
     against the Indenture Trustee; and

                    (ii)    in the absence of bad faith on its part, the
     Indenture Trustee may conclusively rely, as to the truth of the statements
     and the correctness of the opinions expressed therein, upon certificates or
     opinions furnished to the Indenture Trustee and conforming to the
     requirements of this Indenture; however, the Indenture Trustee shall
     examine the certificates and opinions to determine whether or

                                       37
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     not they conform to the requirements of this Indenture and the other
     Transaction Documents to which the Indenture Trustee is a party.

     (c)    The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

                    (i)     this paragraph does not limit the effect of Section
     6.01(b);

                    (ii)    the Indenture Trustee shall not be liable for any
     error of judgment made in good faith by a Responsible Officer unless it is
     proved that the Indenture Trustee was negligent in ascertaining the
     pertinent facts; and

                    (iii)   the Indenture Trustee shall not be liable with
     respect to any action it takes or omits to take in good faith in accordance
     with a direction received by it pursuant to Section 5.12.

     (d)    Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b) and (c) of this Section.

     (e)    The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the
Issuer.

     (f)    Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.

     (g)    No provision of this Indenture shall require the Indenture Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayments
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

     (h)    The Indenture 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 this Indenture.

     (i)    Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this section and to the provisions of the
TIA.

     SECTION 6.02.  RIGHTS OF INDENTURE TRUSTEE.

     (a)    The Indenture Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper person. The Indenture
Trustee need not investigate any fact or matter stated in the document.

     (b)    Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate (with respect to factual matters) or an Opinion
of Counsel, as

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applicable. The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on the Officer's Certificate or Opinion
of Counsel.

     (c)    The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
Affiliates, agents or attorneys or a custodian or nominee, and the Indenture
Trustee shall not be responsible for any misconduct or negligence on the part
of, or for the supervision of, any such agent, attorney, custodian or nominee
appointed with due care by it hereunder.

     (d)    The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, however, that the Indenture Trustee's conduct does
not constitute willful misconduct, negligence or bad faith.

     (e)    The Indenture Trustee may consult with counsel, and the advice of
such counsel or any Opinion of Counsel with respect to legal matters relating to
this Indenture and the Notes shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by
it hereunder in good faith and in accordance with such advice or Opinion of
Counsel.

     (f)    The Indenture Trustee shall be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Holders of Notes,
pursuant to the provisions of this Indenture, unless such Holders of Notes shall
have offered to the Indenture Trustee reasonable security or indemnity against
the costs, expenses and liabilities that may be incurred therein or thereby;
provided, however, that the Indenture Trustee shall, upon the occurrence of an
Event of Default (that has not been cured), exercise the rights and powers
vested in it by this Indenture in a manner consistent with Section 6.01.

     (g)    The Indenture Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless so requested by the Holders of Notes evidencing
not less than 25% of the Outstanding Amount of the Notes; provided, however,
that if the payment within a reasonable time to the Indenture Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Indenture Trustee, not reasonably
assured to the Indenture Trustee by the security afforded to it by the terms of
this Indenture or the Sale and Servicing Agreement, the Indenture Trustee may
require reasonable indemnity against such cost, expense or liability as a
condition to so proceeding; the reasonable expense of every such examination
shall be paid by the Person making such request, or, if paid by the Indenture
Trustee, shall be reimbursed by the Person making such request upon demand.

     SECTION 6.03.  INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent

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may do the same with like rights. However, the Indenture Trustee is required to
comply with Section 6.11.

     SECTION 6.04.  INDENTURE TRUSTEE'S DISCLAIMER. The Indenture Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Collateral or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Indenture Trustee's certificate of authentication.

     SECTION 6.05.  NOTICE OF DEFAULTS. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of the Default within 90
days after it occurs. Except in the case of a Default in payment of principal of
or interest on any Note (including payments pursuant to the redemption of such
Notes), the Indenture Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of Noteholders.

     SECTION 6.06.  REPORTS BY INDENTURE TRUSTEE TO HOLDERS. Within the
prescribed period of time for tax reporting purposes after the end of each
calendar year during the term of this Indenture, the Indenture Trustee shall
deliver to each Noteholder such information, including without limitation, IRS
Form 1099, as may be required by applicable law to enable such holder to prepare
its federal and state income tax returns.

     SECTION 6.07.  COMPENSATION AND INDEMNITY. The Issuer shall pay or shall
cause the Administrator to pay to the Indenture Trustee from time to time
reasonable compensation for its services. The Indenture Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall or shall cause the Administrator to reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuer shall indemnify or shall cause the
Administrator to indemnify the Indenture Trustee against any and all loss,
liability or expense (including attorneys' fees) incurred by it in connection
with the administration of this trust and the performance of its duties
hereunder. The Indenture Trustee shall notify the Issuer and the Administrator
promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuer and the Administrator shall not relieve the
Issuer or the Administrator of its obligations hereunder. The Issuer shall
defend or shall cause the Administrator to defend any such claim, and the
Indenture Trustee may have separate counsel and the Issuer shall pay or shall
cause the Administrator to pay the fees and expenses of such counsel. Neither
the Issuer nor the Administrator need reimburse any expense or indemnify against
any loss, liability or expense incurred by the Indenture Trustee through the
Indenture Trustee's own willful misconduct, negligence or bad faith.

     The Issuer's payment obligations and indemnification to the Indenture
Trustee pursuant to this Section shall survive the resignation or removal of the
Indenture Trustee and

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<Page>

the termination and discharge of this Indenture; provided that the Indenture
Trustee shall be entitled only to compensation for its services for the period
prior to the date of such resignation or removal of the Indenture Trustee. When
the Indenture Trustee incurs expenses after the occurrence of an Event of
Default specified in Section 5.01(iv) or (v) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under Title 11 of
the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law.

     SECTION 6.08.  REPLACEMENT OF INDENTURE TRUSTEE. The Indenture Trustee may
resign at any time by so notifying the Issuer and the Servicer. The Issuer shall
remove the Indenture Trustee if:

            (i)     the Indenture Trustee fails to comply with Section 6.11;

            (ii)    a court having jurisdiction in the premises in respect of
the Indenture Trustee in an involuntary case or proceeding under federal or
state banking or bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law, shall
have entered a decree or order granting relief or appointing a receiver,
liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar
official) for the Indenture Trustee or for any substantial part of the Indenture
Trustee's property, or ordering the winding-up or liquidation of the Indenture
Trustee's affairs, provided any such decree or order shall have continued
unstayed and in effect for a period of 30 consecutive days;

            (iii)   the Indenture Trustee commences a voluntary case under any
federal or state banking or bankruptcy laws, as now or hereafter constituted, or
any other applicable federal or state bankruptcy, insolvency or other similar
law, or consents to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, conservator, sequestrator or other
similar official for the Indenture Trustee or for any substantial part of the
Indenture Trustee's property, or makes any assignment for the benefit of
creditors or fails generally to pay its debts as such debts become due or takes
any corporate action in furtherance of any of the foregoing; or

            (iv)    the Indenture Trustee otherwise becomes incapable of acting.

     If the Indenture Trustee resigns or is removed, the Issuer shall promptly
appoint a successor Indenture Trustee. A successor Indenture Trustee shall
deliver a written acceptance of its appointment to the retiring Indenture
Trustee and to the Issuer. Thereupon the resignation or removal of the retiring
Indenture Trustee shall become effective, and the successor Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under this
Indenture. The Issuer or the successor Indenture Trustee shall mail a notice of
its succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor Indenture
Trustee.

     If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the

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Holders of a majority in Outstanding Amount of the Notes may appoint or petition
any court of competent jurisdiction for the appointment of a successor Indenture
Trustee.

     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee.

     Any resignation or removal of the Indenture Trustee and appointment of a
successor Indenture Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Indenture Trustee pursuant to this Section and payment of all fees and expenses
owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the
Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall
be entitled to payment or reimbursement of such amounts as such Person is
entitled pursuant to Section 6.07.

     SECTION 6.09.  SUCCESSOR INDENTURE TRUSTEE BY MERGER. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee; provided, that
such corporation or banking association shall be otherwise qualified and
eligible under Section 6.11. The Indenture Trustee shall provide each Rating
Agency prompt notice of any such transaction.

     In case at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the certificate
of authentication of any predecessor Indenture Trustee, and deliver such Notes
so authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Indenture Trustee shall have.

     SECTION 6.10.  APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE
TRUSTEE.

     (a)    Notwithstanding any other provision of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Collateral may at the time be located, the Indenture Trustee and
the Administrator acting jointly shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act as a co-Indenture
Trustee or co-Indenture Trustees, jointly with the Indenture Trustee, or
separate Indenture Trustee or separate Indenture Trustees, of all or any part of
the Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Collateral, or any part hereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee and the Administrator
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

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so to do, the Indenture Trustee alone shall have the power to make such
appointment. No co-Indenture Trustee or separate Indenture Trustee hereunder
shall be required to meet the terms of eligibility of a successor Indenture
Trustee under Section 6.11 and no notice to Noteholders of the appointment of
any co-Indenture Trustee or separate Indenture Trustee shall be required under
Section 6.08.

     (b)    Every separate Indenture Trustee and co-Indenture Trustee shall, to
the extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                    (i)     all rights, powers, duties and obligations conferred
     or imposed upon the Indenture Trustee shall be conferred or imposed upon
     and exercised or performed by the Indenture Trustee and such separate
     Indenture Trustee or co-Indenture Trustee jointly (it being understood that
     such separate Indenture Trustee or co-Indenture Trustee is not authorized
     to act separately without the Indenture Trustee joining in such act),
     except to the extent that under any law of any jurisdiction in which any
     particular act or acts are to be performed the Indenture 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 or any portion thereof in any such jurisdiction) shall be
     exercised and performed singly by such separate Indenture Trustee or
     co-Indenture Trustee, but solely at the direction of the Indenture Trustee;

                    (ii)    no Indenture Trustee hereunder shall be personally
     liable by reason of any act or omission of any other Indenture Trustee
     hereunder; and

                    (iii)   the Indenture Trustee and the Administrator may at
     any time accept the resignation of or remove any separate Indenture Trustee
     or co-Indenture Trustee.

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

     (d)    Any separate Indenture Trustee or co-Indenture Trustee may at any
time constitute the Indenture Trustee, 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 Indenture Trustee or co-Indenture 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 Indenture

                                       43
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Trustee, to the extent permitted by law, without the appointment of a new or
successor Indenture Trustee. Notwithstanding anything to the contrary in this
Indenture, the appointment of any separate Indenture Trustee or co-Indenture
Trustee shall not relieve the Indenture Trustee of its obligations and duties
under this Indenture.

     SECTION 6.11.  ELIGIBILITY.

     (a)    The Indenture Trustee shall at all times satisfy the requirements of
TIA Section 310(a). The Indenture Trustee hereunder shall at all times be a
financial institution organized and doing business under the laws of the United
States of America or any state, authorized under such laws to exercise corporate
trust powers. The Indenture Trustee or its parent shall have a long term
unsecured debt rating of at least Baa3 by Moody's and shall have a combined
capital and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state authority, provided that the Indenture Trustee's
separate capital and surplus shall at all times be at least the amount required
by Section 310(a)(2) of the TIA. If such Person publishes reports of condition
at least annually, pursuant to law or to the requirements of a supervising or
examining authority, then for the purposes of this Section 6.ll, the combined
capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published.

     (b)    If a Default occurs and is continuing and the Indenture Trustee is
deemed to have a "conflicting interest" (as defined in the TIA) as a result of
acting as trustee for both the Class A-1 Notes and the Class A-2 Notes and the
Class B Notes, the Issuer shall appoint a successor Indenture Trustee for the
Class A-1 Notes and the Class A-2 Notes and a successor Indenture Trustee for
the Class B Notes so that there will be separate Indenture Trustees for the
Class A-1 Notes and the Class A-2 Notes on the one hand, and for the Class B
Notes on the other hand. No such event shall alter the voting rights of the
Noteholders under this Indenture or under any of the other Transaction
Documents.

     (c)    In the case of an appointment hereunder of a successor Indenture
Trustee with respect to any Class of Notes, the Issuer, the retiring Indenture
Trustee and the successor Indenture Trustee with respect to such Class of Notes
shall execute and deliver an indenture supplement hereto wherein the successor
Indenture Trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, the successor Indenture Trustee all rights, powers, trusts and duties
of the retiring Indenture Trustee with respect to the Notes of such Class as to
which the appointment of such Indenture Trustee relates, (ii) if the retiring
Indenture Trustee is not retiring with respect to all Classes of Notes, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Indenture Trustee
with respect to the Notes of each Class as to which the retiring Indenture
Trustee is not retiring shall continue to be vested in the retiring Indenture
Trustee and (iii) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Indenture Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Indenture
Trustees co-trustees of the same trust and that each such Indenture Trustee; and
upon execution and delivery of such supplemental

                                       44
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indenture the resignation or removal of the retiring Indenture Trustee shall
become effective to the extent provided therein.

     (d)    In case at any time the Indenture Trustee shall cease to be eligible
in accordance with the provisions of this Section 6.11, the Indenture Trustee
shall resign immediately in the manner and with the effect specified in Section
6.08. The Indenture Trustee shall comply with TIA Section 310(b); provided,
however, that there shall be excluded from the operation of TIA Section
310(b)(1) any indenture or indentures under which other securities of the Issuer
are outstanding if the requirements for such exclusion set forth in TIA Section
310(b)(1) are met.

     SECTION 6.12.  PENNSYLVANIA MOTOR VEHICLE SALES FINANCE ACT LICENSES. The
Indenture 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 this Indenture and the transactions contemplated hereby until
the lien and security interest of this Indenture shall no longer be in effect in
accordance with the terms hereof.

     SECTION 6.13.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.01.  ISSUER TO FURNISH INDENTURE TRUSTEE NAMES AND ADDRESSES OF
NOTEHOLDERS. The Issuer will furnish or cause to be furnished to the Indenture
Trustee (i) not more than five days after the earlier of (a) each Record Date
and (b) three months after the last Record Date, a list, in such form as the
Indenture Trustee may reasonably require, of the names and addresses of the
Noteholders as of such Record Date and (ii) at such other times as the Indenture
Trustee may request in writing, within 30 days after receipt by the Issuer of
any such request, a list of similar form and content as of a date not more than
ten days prior to the time such list is furnished; provided, however, that so
long as the Indenture Trustee is the Note Registrar, no such list shall be
required to be furnished.

     SECTION 7.02.  PRESERVATION OF INFORMATION: COMMUNICATION TO NOTEHOLDERS.

     (a)    The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Noteholders contained in
the most recent list furnished to the Indenture Trustee as provided in Section
7.01 and the names and addresses of Noteholders received by the Indenture
Trustee in its capacity as Note Registrar and shall otherwise comply with TIA
Section 312(a). The Indenture Trustee may destroy any list furnished to it as
provided in such Section 7.01 upon receipt of a new list so furnished.

     (b)    Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the
Notes.

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     (c)    The Issuer, the Indenture Trustee and the Note Registrar shall have
the protection of TIA Section 312(c).

     SECTION 7.03.  REPORTS BY ISSUER.

     (a)    The Issuer shall:

                    (i)     file with the Indenture Trustee, within 15 days
     after the Issuer is required (if at all) to file the same with the
     Commission, copies of the annual reports and of the information, documents
     and other reports (or copies of such portions of any of the foregoing as
     the Commission may from time to time by rules and regulations prescribe)
     that the Issuer may be required to file with the Commission pursuant to
     Section 13 or 15(d) of the Exchange Act;

                    (ii)    file with the Indenture Trustee and the Commission
     in accordance with rules and regulations prescribed from time to time by
     the Commission such additional information, documents and reports with
     respect to compliance by the Issuer with the conditions and covenants of
     this Indenture as may be required from time to time by such rules and
     regulations;

                    (iii)   supply to the Indenture Trustee (and the Indenture
     Trustee shall transmit by mail to all Noteholders described in TIA Section
     313(c)) such summaries of any information, documents and reports required
     to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section
     7.03(a) and by rules and regulations prescribed from time to time by the
     Commission.

     (b)    Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

     SECTION 7.04.  REPORTS BY INDENTURE TRUSTEE. If required by TIA Section
313(a), within 60 days after each January 31st beginning with [_____], the
Indenture Trustee shall mail to each Noteholder as required by TIA Section
313(c) a brief report dated as of such date that complies with TIA Section
313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

     A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

     SECTION 8.01.  COLLECTION OF MONEY. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this

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Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall
apply all such money received by it as provided in this Indenture and the Sale
and Servicing Agreement. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Collateral, the Indenture
Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article Five.

     SECTION 8.02.  TRUST ACCOUNTS.

     (a)    On or prior to the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, in the name of the Indenture Trustee, for the benefit
of the Noteholders and the Certificateholders, the Trust Accounts as provided in
Section 5.05 of the Sale and Servicing Agreement.

     (b)    All Available Monies with respect to each Due Period will be
deposited in the Collection Account as provided in Section 5.05 of the Sale and
Servicing Agreement. On or before each Distribution Date, all amounts required
to be deposited in the Note Distribution Account with respect to the preceding
Due Period pursuant to Section 7.05 of the Sale and Servicing Agreement will be
transferred from the Collection Account and/or the Reserve Account to the Note
Distribution Account.

     (c)    On each Distribution Date, the Indenture Trustee shall distribute
all amounts on deposit in the Note Distribution Account to Noteholders in
respect of the Notes to the extent of amounts due and unpaid on the Notes for
principal and interest in the order and priority set forth in Section 7.05 of
the Sale and Servicing Agreement.

     SECTION 8.03.  GENERAL PROVISIONS REGARDING ACCOUNTS.

     (a)    So long as no Default or Event of Default shall have occurred and be
continuing, all or a portion of the funds in the Trust Accounts shall be
invested in accordance with the provisions of Section 5.05 of the Sale and
Servicing Agreement. Except as otherwise provided in Section 5.05 of the Sale
and Servicing Agreement, all income or other gain from investments of moneys
deposited in such Trust Accounts (other than the Reserve Fund and the
Pre-Funding Account) shall be deposited by the Indenture Trustee in the
Collection Account, and any loss resulting from such investments shall be
charged to the related Trust Account. The Issuer will not direct the Indenture
Trustee to make any investment of any funds or to sell any investment held in
any of the Trust Accounts unless the security interest granted and perfected in
such account will continue to be perfected in such investment or the proceeds of
such sale, in either case without any further action by any Person, and, in
connection with any direction to the Indenture Trustee to make any such
investment or sale, if requested by the Indenture Trustee, the Issuer shall
deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the
Indenture Trustee, to such effect.

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     (b)    Subject to Section 6.01(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Indenture Trustee's failure to make payments on such
Eligible Investments issued by the Indenture Trustee, in its commercial capacity
as principal obligor and not as Indenture Trustee, in accordance with their
terms.

     (c)    If (i) the Issuer shall have failed to give investment directions
for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00
a.m., New York City time (or such other time as may be agreed by the Issuer and
Indenture Trustee), on any Business Day or (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to Section 5.02 or (iii)
if such Notes shall have been declared due and payable following an Event of
Default, but amounts collected or receivable from the Collateral are being
applied in accordance with Section 5.05 as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in one or more
Eligible Investments satisfying the requirements of clause (d) of the definition
thereof.

     SECTION 8.04.  RELEASE OF COLLATERAL.

     (a)    Subject to the payment of its fees and expenses pursuant to Section
6.07, the Indenture Trustee may, and when required by the provisions of this
Indenture or the Sale and Servicing Agreement shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article shall
be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
moneys.

     (b)    The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Collateral that secured the
Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if required
by the TIA as so stated in the Opinion of Counsel) Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable
requirements of Section 11.01.

     SECTION 8.05.  OPINION OF COUNSEL. The Indenture Trustee shall receive at
least seven days notice when requested by the Issuer to take any action pursuant
to Section 8.04(a), accompanied by copies of any instruments involved, and the
Indenture Trustee shall also require, as a condition to such action, an Opinion
of Counsel, in form and substance satisfactory to the Indenture Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and

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adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions for this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Collateral. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

     SECTION 9.01.  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

     (a)    Without the consent of the Holders of any Notes and with prior
notice to each Rating Agency, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, and the other parties hereto at any time from
time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the provisions of the TIA as in force at the date of the
execution thereof), in form satisfactory to the Indenture Trustee, for any of
the following purposes:

                    (i)     to correct or amplify the description of any
     property at any time subject to the lien of this Indenture, or better to
     assure, convey and confirm unto the Indenture Trustee any property subject
     or required to be subjected to the lien created by this Indenture, or to
     subject additional property to the lien created by this Indenture;

                    (ii)    to evidence the succession, in compliance with the
     applicable provisions hereof, of another Person to the Issuer, and the
     assumption by any such successor of the covenants of the Issuer herein and
     in the Notes contained;

                    (iii)   to add to the covenants of the Issuer, for the
     benefit of the Holders of the Notes, or to surrender any right or power
     herein conferred upon the Issuer;

                    (iv)    to convey, transfer, assign, mortgage or pledge any
     property to or with the Indenture Trustee;

                    (v)     to cure any ambiguity, to correct or supplement any
     provision herein or in any supplemental indenture which may be inconsistent
     with any other provision herein, in any supplemental indenture, in the
     Transaction Documents or in the Prospectus or to add any other provisions
     with respect to matters or questions arising under this Indenture, in any
     supplemental indenture, in the Transaction Documents or in the Prospectus;
     provided that such action shall not adversely affect the interests of the
     Holders of the Notes;

                    (vi)    to evidence and provide for the acceptance of the
     appointment hereunder by a successor Indenture Trustee with respect to the
     Notes and to add to or

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<Page>

     change any of the provisions of this Indenture as shall be necessary to
     facilitate the administration of the trusts hereunder by more than one
     Indenture Trustee, pursuant to the requirements of Article Six; and

                    (vii)   to modify, eliminate or add to the provisions of
     this Indenture to such extent as shall be necessary to effect the
     qualification of this Indenture under the TIA or under any similar federal
     statute hereafter enacted and to add to this Indenture such other
     provisions as may be expressly required by the TIA.

     The Indenture Trustee is hereby authorized to join in the execution of any
such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

     (b)    The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes and with
prior notice to each Rating Agency, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

     SECTION 9.02.  SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, with
the consent of the Required Holders, by Act of such Holders delivered to the
Issuer and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

            (i)     change the date of payment of any installment of principal
of or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Date Amount with respect thereto, change the
provisions of this Indenture relating to the application of collections on, or
the proceeds of the sale of, the Collateral to payment of principal of or
interest on the Notes, or change any place of payment where, or the coin or
currency in which, any Note or the interest thereon is payable, or impair the
right to institute suit for the enforcement of the provisions of this Indenture
requiring the application of funds available therefor, as provided in Article
Five, to the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or after the
Redemption Date);

            (ii)    reduce the percentage of the Outstanding Amount of the
Notes, the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any waiver of
compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences provided for in this Indenture;

                                       50
<Page>

            (iii)   modify or alter the provisions of the second proviso to the
definition of the term "Outstanding";

            (iv)    reduce the percentage of the Outstanding Amount of the Notes
required to direct the Indenture Trustee to sell or liquidate the Collateral
pursuant to Section 5.04 or amend the provisions of this Article which specify
the percentage of the Outstanding Amount of the Notes required to amend this
Indenture or the other Transaction Documents;

            (v)     modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional provisions of
this Indenture or the other Transaction Documents cannot be modified or waived
without the consent of the Holder of each Outstanding Note affected thereby; or

            (vi)    permit the creation of any lien ranking prior to or on a
parity with the lien created by this Indenture with respect to any part of the
Collateral or, except as otherwise permitted or contemplated herein, terminate
the lien created by this Indenture on any property at any time subject hereto or
deprive the Holder of any Note of the security provided by the lien created by
this Indenture.

     The Indenture Trustee may in its discretion determine whether or not any
Notes would be affected by any supplemental indenture and any such determination
shall be conclusive upon the Holders of the Notes, whether theretofore or
thereafter authenticated and delivered hereunder. The Indenture Trustee shall
not be liable for any such determination made in good faith.

     It shall not be necessary for any Act of Noteholders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

     Promptly after the execution by the parties hereto of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the
Holders of the Notes to which such amendment or supplemental indenture relates a
notice setting forth in general terms the substance of such supplemental
indenture. Any failure of the Indenture Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

     SECTION 9.03.  EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Indenture Trustee shall be entitled to receive, and subject
to Sections 6.01 and 6.02 shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

     SECTION 9.04.  EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance therewith with respect
to the Notes

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<Page>

affected thereby, and the respective rights, limitations of rights, obligations,
duties, liabilities and immunities under this Indenture of the parties hereto
and the Holders of the Notes shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

     SECTION 9.05.  CONFORMITY WITH TRUST INDENTURE ACT. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

     SECTION 9.06.  REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

     SECTION 10.01. REDEMPTION.

     (a)    In the event that the Seller pursuant to Section 7.10 of the Sale
and Servicing Agreement purchases the corpus of the Trust, the Notes are subject
to redemption in whole, but not in part, on the Distribution Date on which such
repurchase occurs, for a purchase price equal to the outstanding principal, and
accrued interest on the Notes; provided, however, that the Issuer has available
funds sufficient to pay such amounts. Seller, the Servicer or the Issuer shall
furnish each Rating Agency notice of such redemption. If the Notes are to be
redeemed pursuant to this Section 10.01(a), the Servicer or the Issuer shall
furnish notice of such election to the Indenture Trustee not later than 20 days
prior to the Redemption Date and the Issuer shall deposit with the Indenture
Trustee in the Note Distribution Account the Redemption Price of the Notes to be
redeemed whereupon all such Notes shall be due and payable on the Redemption
Date upon the furnishing of a notice complying with Section 10.02 to each Holder
of the Notes.

     (b)    In the event that the assets of the Trust are sold pursuant to
Section 5.03(b) of this Indenture, the proceeds of such sale shall be
distributed as provided in Section 5.06. If amounts are to be paid to
Noteholders pursuant to this Section 10.01(b), the Servicer or the Issuer shall,
to the extent practicable, furnish notice of such event to the Indenture Trustee
not later than 20 days prior to the Redemption Date whereupon all such amounts
shall be payable on the Redemption Date.

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     (c)    If (x) the Pre-Funded Amount has not been reduced to zero on the
Distribution Date on which the Funding Period ends (or, if the Funding Period
does not end on a Distribution Date, on the first Distribution Date following
the end of the Funding Period) or (y) the Pre-Funded Amount has been reduced to
$150,000 or less on any Distribution Date, in either case after giving effect to
any reductions in the Pre-Funded Amount on such Distribution Date pursuant to
Section 7.07 of the Sale and Servicing Agreement, one or more classes of Notes
then outstanding will be redeemed, in whole or in part, as described in Section
7.07(c) of the Sale and Servicing Agreement, in a principal amount described
therein.

     SECTION 10.02. FORM OF REDEMPTION NOTICE.

     (a)    Notice of redemption under Section 10.01(a) shall be given by the
Indenture Trustee by first-class mail, postage prepaid, mailed not less than
five days prior to the applicable Redemption Date to each Holder of Notes, as of
the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder's address appearing in the Note Register.

     All notices of redemption shall state:

            (i)     the Redemption Date;

            (ii)    the Redemption Date Amount; and

            (iii)   the place where such Notes are to be surrendered for payment
of the Redemption Date Amount (which shall be the office or agency of the Issuer
to be maintained as provided in Section 3.02).

     Notice of redemption of the Notes shall be given by the Indenture Trustee
in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Holder of any Note shall not impair or
affect the validity of the redemption of any other Note.

     (b)    Prior notice of redemption under Section 10.01(b) or 10.01(c) is not
required to be given to Noteholders.

     SECTION 10.03. NOTES PAYABLE ON REDEMPTION DATE. The Notes or portions
thereof to be redeemed shall, following notice of redemption (if any) as
required by Section 10.02, on the Redemption Date become due and payable at the
Redemption Date Amount and (unless the Issuer shall default in the payment of
the Redemption Date Amount) no interest shall accrue on the Redemption Date
Amount for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Date Amount.

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                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

     SECTION 11.01. COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

     (a)    Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that
all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, (ii) an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with, and (iii) (if required by the TIA as so stated in the Opinion of
Counsel) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section and TIA Section 314(c),
except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Indenture, no additional certificate or opinion need be furnished. No additional
certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

                    (i)     a statement that each signatory of such certificate
     or opinion has read or has caused to be read such covenant or condition and
     the definitions herein relating thereto;

                    (ii)    a brief statement as to the nature and scope of the
     examination or investigation upon which the statements or opinions
     contained in such certificate or opinion are based;

                    (iii)   a statement that, in the opinion of each such
     signatory, such signatory has made such examination or investigation as is
     necessary to enable such signatory to express an informed opinion as to
     whether or not such covenant or condition has been complied with; and

                    (iv)    a statement as to whether, in the opinion of each
     such signatory, such condition or covenant has been complied with.

     (b)    (i)     Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for
authentication and delivery of the Notes or the release of any property subject
to the lien created by this Indenture, the Issuer shall, in addition to any
obligation imposed in Section 11.01(a) or elsewhere in this Indenture, furnish
to the Indenture Trustee an Officer's Certificate certifying or stating the
opinion of the signer thereof such certificate as to the fair value (within 90
days of such deposit) to the Issuer of the Collateral or other property or
securities to be so deposited.

            (ii)    Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer's Certificate certifying or stating the opinion of any signer
thereof as to the matters described in clause (i) above, the Issuer shall also
deliver to the Indenture Trustee an

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Independent Certificate as to the named matters, if the fair value to the Issuer
of the property to be so deposited and of all other such property made the basis
of any such withdrawal or release since the commencement of the then-current
fiscal year of the Issuer, as set forth in the certificates delivered pursuant
to clause (i) above and this clause (ii), is 10% or more of the Outstanding
Amount of the Notes, but such a certificate need not be furnished with respect
to any property so deposited, if the fair value thereof to the Issuer as set
forth in the related Officer's Certificate is less than $25,000 or less than one
percent of the Outstanding Amount of the Notes.

            (iii)   Other than with respect to any release described in clause
(A) or (B) of Section 11.01(b)(v), whenever any property or securities are to be
released from the lien created by this Indenture, the Issuer shall also furnish
to the Indenture Trustee an Officer's Certificate certifying or stating the
opinion of each person signing such certificate as to the fair value (within 90
days of such release) of the property or securities proposed to be released and
stating that in the opinion of such person the proposed release will not impair
the security created by this Indenture in contravention of the provisions
hereof.

            (iv)    Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer's Certificate certifying or stating the opinion of any signer
thereof as to the matters described in clause (iii) above, the Issuer shall also
furnish to the Indenture Trustee an Independent Certificate as to the same
matters if the fair value of the property or securities and of all other
property or securities (other than property described in clauses (A) or (B) of
Section 11.01(b)(v)) released from the lien created by this Indenture since the
commencement of the then current fiscal year, as set forth in the certificates
required by clause (iii) above and this clause (iv), equals 10% or more of the
Outstanding Amount of the Notes, but such certificate need not be furnished in
the case of any release of property or securities if the fair value thereof as
set forth in the related Officer's Certificate is less than $25,000 or less than
one percent of the then Outstanding Amount of the Notes.

            (v)     Notwithstanding any other provision of this Section, the
Issuer may, without compliance with the other provisions of this Section, (A)
collect, liquidate, sell or otherwise dispose of the Contracts as and to the
extent permitted or required by the Transaction Documents, and (B) make cash
payments out of the Trust Accounts as and to the extent permitted or required by
the Transaction Documents, so long as the Issuer shall deliver to the Indenture
Trustee every six months, commencing [_________], an Officer's Certificate
stating that all the dispositions of Collateral described in clauses (A) or (B)
that occurred during the preceding six calendar months were in the ordinary
course of the Issuer's business and that the proceeds thereof were applied in
accordance with the Transaction Documents.

     SECTION 11.02. FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Person as to other matters, and any such Person may certify or given an opinion
as to such matters in one or several documents.

                                       55
<Page>

     Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Servicer, the
Seller or the Issuer, stating that the information with respect to such factual
matters is in the possession of the Servicer, the Seller or the Issuer, unless
such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are
erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument.

     Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article Six.

     SECTION 11.03. ACTS OF NOTEHOLDERS.

     (a)    Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in
this Section.

     (b)    The fact and date of the execution by any person of any such
instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

     (c)    The ownership of Notes shall be proved by the Note Register.

                                       56
<Page>

     (d)    Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Notes shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note.

     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 specified in the Sale and Servicing
Agreement for such recipient. 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. NOTICES TO NOTEHOLDERS; WAIVER. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

     Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Indenture Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event of Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event of
Default.

     SECTION 11.06. ALTERNATE PAYMENT AND NOTICE PROVISIONS. Notwithstanding any
provisions of this Indenture or any of the Notes to the contrary, the Issuer may
enter into any

                                       57
<Page>

agreement with any Holder of a Note providing for a method of payment, or notice
by the Indenture Trustee or any Paying Agent to such Holder, that is different
from the methods provided for in this Indenture for such payments or notices.
The Issuer will furnish to the Indenture Trustee a copy of each such agreement
and the Indenture Trustee will cause payments to be made and notices to be given
in accordance with such agreements.

     SECTION 11.07. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

     SECTION 11.08. SUCCESSORS AND ASSIGNS. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-Indenture Trustees and agents.

     SECTION 11.09. SEPARABILITY. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

     SECTION 11.10. BENEFITS OF INDENTURE. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Collateral, any benefit or any legal or equitable right, remedy or claim
under this Indenture.

     SECTION 11.11. LEGAL HOLIDAYS. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

     SECTION 11.12. GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS AND THE OBLIGATIONS, RIGHTS,
AND REMEDIES OF THE PARTIES UNDER THE AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

     SECTION 11.13. COUNTERPARTS. This Indenture 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 11.14. RECORDING OF INDENTURE. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

                                       58
<Page>

     SECTION 11.15. TRUST OBLIGATION. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficiary interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article Six, Seven and Eight of the Trust
Agreement.

     SECTION 11.16. NO PETITION. The parties hereto, by entering into this
Indenture, and each Noteholder, by accepting a Note or a beneficial interest in
a Note, hereby covenant and agree that they will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer of, 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 Notes, this Indenture or any of the other
Transaction Documents.

     SECTION 11.17. INSPECTION. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees and independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested, the Indenture
Trustee shall and shall cause its representatives to hold in confidence all such
information except to the extent disclosure may be required by law (and all
reasonable applications for confidential treatment are unavailing) and except to
the extent that the Indenture Trustee may reasonably determine that such
disclosure is consistent with its obligations hereunder.

     SECTION 11.18. CONFLICT WITH TRUST INDENTURE ACT. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to
be included in this Indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control.

     The provisions of TIA Sections 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

                                       59
<Page>

     SECTION 11.19. DISCLAIMER AND SUBORDINATION. Each Noteholder by accepting a
Note acknowledges and agrees that such Note represents a debt obligation of the
Trust Depositor only and does not represent an interest in any assets (other
than the Trust Assets) of the Trust Depositor (including by virtue of any
deficiency claim in respect of obligations not paid or otherwise satisfied from
the Trust Assets and proceeds thereof). In furtherance of and not in derogation
of the foregoing, each Noteholder by accepting a Note acknowledges and agrees
that it shall have no right, title or interest in or to any assets (or interests
therein) (other than Trust Assets) conveyed or purported to be conveyed by the
Trust Depositor to another securitization trust (i.e., other than the Issuer) or
other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a Lien) ("Other Assets").
To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this Section 11.19, any Noteholder either (i) asserts
an interest in or claim to, or benefit from, Other Assets, whether asserted
against or through the Trust Depositor or any other Person owned by the Trust
Depositor, or (ii) is deemed to have any such interest, claim or benefit in or
from Other Assets, whether by operation of law, legal process, pursuant to
applicable provisions of any applicable insolvency laws or otherwise (including
without limitation by virtue of Section 1111(b) of the federal Bankruptcy Code
or any successor provision having similar effect under the Bankruptcy Code or
any successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through the Trust Depositor or any other
Person owned by the Trust Depositor, then each Noteholder by accepting a Note
further acknowledges and agrees that any such interest, claim or benefit in or
from Other Assets is and shall be expressly subordinated to the indefeasible
payment in full of all obligations and liabilities of the Trust Depositor which,
under the terms of the relevant documents relating to the securitization of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to a priority of
distribution or application under applicable law, including any applicable
insolvency laws, and whether asserted against the Trust Depositor or any other
Person owned by the Depositor), including, without limitation, the payment of
post-petition interest on such other obligations and liabilities. This
subordination agreement shall be deemed a subordination agreement within the
meaning of Section 510(a) of the Bankruptcy Code. Each Noteholder further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this Section 11.19 and that the terms and provisions of this Section 11.19 may
be enforced by an action for specific performance.

                            [signature page follows]

                                       60
<Page>

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

                         HARLEY-DAVIDSON MOTORCYCLE
                         TRUST [_____]

                         By:   [_____], not in its individual capacity but
                               solely on behalf of the Issuer as Owner Trustee
                               under the Trust Agreement

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

                         [_____], not in its individual capacity but solely as
                         Indenture Trustee

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

<Page>

STATE OF ILLINOIS   )
                    )     SS
COUNTY OF COOK      )

     On
        -------------------------------------------------------------------
                                   [insert date]

before me,
           ----------------------------------------------------------------
                         [Insert name and title of notary]

personally appeared____________________________________,

     personally known to me, or

     proved to me on the basis of satisfactory evidence to be the person(s)
     whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature                                 [Seal]
          --------------------------------

<Page>

STATE OF DELAWARE           )
                            )     SS
COUNTY OF NEW CASTLE        )

     On
        -------------------------------------------------------------------
                                   [insert date]

before me,
           ----------------------------------------------------------------
                         [Insert name and title of notary]

personally appeared____________________________________,

     personally known to me, or

     proved to me on the basis of satisfactory evidence to be the person(s)
     whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature                                 [Seal]
          --------------------------------

<Page>

                                    EXHIBIT A

                                   [RESERVED]

                                       A-1
<Page>

                                    EXHIBIT B

                             FORM OF CLASS A-1 NOTE

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUST OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY
THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    HARLEY-DAVIDSON MOTORCYCLE TRUST [_____]

             ___% HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES,
                                    CLASS A-1

REGISTERED                                                                    $

No. R-                                                       CUSIP No. ________

     Harley-Davidson Motorcycle Trust [_____], a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to [________], or
registered assigns, the principal sum of ___________ ($_____) payable on the
earlier of the Distribution Date occurring in [____] 20__ (the "Class A-1 Final
Distribution Date") and the Redemption Date, if any, pursuant to Section 10.01
of the Indenture referred to on the reverse hereof.

     The Issuer will pay interest on this Note at the rate per annum shown above
on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Distribution Date from the most recent Distribution Date on which
interest

                                       B-1
<Page>

has been paid to but excluding such Distribution Date or, if no interest has yet
been paid, from the Closing Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the indenture referred to on the reverse
hereof, or be valid or obligatory for any purpose.

                                       B-2
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as of the date set forth
below.

Date: ____________                  HARLEY-DAVIDSON MOTORCYCLE
                                    TRUST [_____]

                                    By:   [_____], not in its individual
                                          capacity but solely on behalf of the
                                          Issuer as Owner Trustee, under the
                                          Trust Agreement

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

                                       B-3
<Page>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                    [______],
                                    not in its individual capacity but solely as
                                    Indenture Trustee

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

                                       B-4
<Page>

                           [REVERSE OF CLASS A-1 NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ___% Harley-Davidson Motorcycle Contract Backed Notes, Class
A-1 (the "Class A-1 Notes"), all issued under an Indenture, dated as of [_____]
(the "Indenture"), between the Issuer and [_____], as Indenture Trustee (the
"Indenture Trustee"), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-1 Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

     The Class A-1 Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described in the Sale and Servicing Agreement.

     Principal of the Class A-1 Notes will be payable on the earlier of the
Class A-1 Final Distribution Date and the Redemption Date, if any, selected
pursuant to the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class A-1 Notes shall be due and payable on the date
following the occurrence of an Event of Default on which the maturity of the
Notes shall have been accelerated in the manner provided in the Indenture. All
principal payments on the Class A-1 Notes shall be made pro rata to the Class
A-1 Noteholders entitled thereto.

     Payments of interest on this Note due and payable on each Distribution Date
shall be made by wire transfer to the account of the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date except that with
respect to Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the
applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) affected by any payments made on any Distribution
Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed within five days of such Distribution Date
and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture

                                       B-5
<Page>

Trustee or at the office of the Indenture Trustee's agent appointed for such
purposes located in the City of Chicago, Illinois.

     The Issuer shall pay interest on overdue installments of interest at the
Class A-1 Rate to the extent lawful.

     As provided in the Indenture, the Notes may be redeemed pursuant to Section
10.01(a) of the Indenture, in whole, but not in part, at the option of the
Seller, on any Distribution Date on or after the date on which the Pool Balance
is less than 10% of the sum of the Pool Balance as of the Initial Cutoff Date
plus the Pre-Funded Amount as of the Closing Date.

     As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-1 Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

     Each Noteholder by acceptance of a Note or a beneficial interest in a Note
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against the Trust
Depositor or the Issuer, or join in any institution against the Trust Depositor
or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States federal or state

                                       B-6
<Page>

bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the Transaction Documents.

     The Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Collateral and that the Issuer will be disregarded as a separate entity for
federal income tax purposes pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local
income, single business and franchise tax purposes as indebtedness of the
Issuer.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer and the Indenture Trustee and any agent of the Issuer and the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall
be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by the
Issuer and the Modified Required Holders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding
Amount of the Notes, on behalf of the Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holders and upon all future Noteholders and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Noteholders issued
thereunder.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
is deemed to represent that (i) it is not, and is not acquiring a Note or a
beneficial interest in a Note on behalf of or with "plan assets" (as determined
under Department of Labor Regulation Section 2510.3-101 or otherwise) of a Plan,
or any employee benefit plan subject to Similar Law, or (ii) its acquisition and
holding of a Note or a beneficial interest in a Note do not give rise to a
nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, or any Similar Law. Each Noteholder, by acceptance of a Note or a
beneficial interest in a Note is deemed to make one of the foregoing
representations.

     The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth.

     This Note and the Indenture shall be construed in accordance with the laws
of the State of Illinois, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

                                       B-7
<Page>

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

                                       B-8
<Page>

                                    EXHIBIT C

                             FORM OF CLASS A-2 NOTE

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUST OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY
THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    HARLEY-DAVIDSON MOTORCYCLE TRUST [_____]

             ___% HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES,
                                    CLASS A-2

REGISTERED                                                                    $

No. R-                                                      CUSIP No. _________

     Harley-Davidson Motorcycle Trust [_____], a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to [___________], or
registered assigns, the principal sum of ___________ ($__________) payable on
the earlier of the Distribution Date occurring in [_____] 20__ (the "Class A-2
Final Distribution Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture referred to on the reverse hereof. No payments of
principal of the Class A-2 Notes shall be made until the principal on the Class
A-1 Notes have been paid in full.

     The Issuer will pay interest on this Note at the rate per annum shown above
on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will

                                       C-1
<Page>

accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the indenture referred to on the reverse
hereof, or be valid or obligatory for any purpose.

                                       C-2
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as of the date set forth
below.

Date: ___________                   HARLEY-DAVIDSON MOTORCYCLE
                                    TRUST [_____]

                                    By:   [_____], not in its individual
                                          capacity but solely on behalf of the
                                          Issuer as Owner Trustee, under the
                                          Trust Agreement

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

                                       C-3
<Page>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                    [_____],
                                    not in its individual capacity but solely as
                                    Indenture Trustee

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

                                       C-4
<Page>

                           [REVERSE OF CLASS A-2 NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ___% Harley-Davidson Motorcycle Contract Backed Notes, Class
A-2 (the "Class A-2 Notes"), all issued under an Indenture, dated as of [_____]
(the "Indenture"), between the Issuer and [_____], as Indenture Trustee (the
"Indenture Trustee"), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

     The Class A-2 Notes and the other Classes of Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described in the Sale and Servicing Agreement.

     Principal of the Class A-2 Notes will be payable on the earlier of the
Class A-2 Final Distribution Date and the Redemption Date, if any, pursuant to
Section 10.01(a) or 10.01(b) of the Indenture. Notwithstanding the foregoing,
the entire unpaid principal amount of the Class A-2 Notes shall be due and
payable on the date on which following the occurrence of an Event of Default on
which the maturity of the Notes shall have been accelerated in the manner
provided in the Indenture. All principal payments on the Class A-2 Notes shall
be made pro rata to the Class A-2 Noteholders entitled thereto.

     Payments of interest on this Note due and payable on each Distribution Date
shall be made by wire transfer to the account of the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the
applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) affected by any payments made on any Distribution
Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed within five days of such Distribution Date
and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in the City of Chicago, Illinois.

                                       C-5
<Page>

     The Issuer shall pay interest on overdue installments of interest at the
Class A-2 Rate to the extent lawful.

     As provided in the Indenture, the Notes may be redeemed pursuant to Section
10.01(a) of the Indenture, in whole, but not in part, at the option of the
Seller, on any Distribution Date on or after the date on which the Pool Balance
is less than 10% of the sum of the Pool Balance as of the Initial Cutoff Date
plus the Pre-Funded Amount as of the Closing Date.

     As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-2 Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the
Owner Trustee in their individual capacities, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities, except as
any such Person may have expressly agreed and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against the Trust
Depositor or the Issuer, or join in any institution against the Trust Depositor
or the Issuer of any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States federal or state

                                       C-6
<Page>

bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the Transaction Documents.

     The Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Collateral and that the Issuer will be disregarded as a separate entity for
federal income tax purposes pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local
income, single business and franchise tax purposes as indebtedness of the
Issuer.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer and the Indenture Trustee and any agent of the Issuer, the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall
be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the consent of the Modified Required Holders. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one of more Predecessor Notes) shall be conclusive and binding upon such
Holders and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
is deemed to represent that (i) it is not, and is not acquiring a Note or a
beneficial interest in a Note on behalf of or with "plan assets" (as determined
under Department of Labor Regulation Section 2510.3-101 or otherwise) of a Plan,
or any employee benefit plan subject to Similar Law, or (ii) its acquisition and
holding of a Note or a beneficial interest in a Note do not give rise to a
nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, or any Similar Law. Each Noteholder, by acceptance of a Note or a
beneficial interest in a Note is deemed to make one of the foregoing
representations.

     The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth.

                                       C-7
<Page>

     This Note and the Indenture shall be construed in accordance with the laws
of the State of Illinois, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

                                       C-8
<Page>

                                    EXHIBIT D

                              FORM OF CLASS B NOTE

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUST OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY
THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    HARLEY-DAVIDSON MOTORCYCLE TRUST [_____]

             ___% HARLEY-DAVIDSON MOTORCYCLE CONTRACT BACKED NOTES,
                                     CLASS B

REGISTERED                                                                    $

No. R-                                                      CUSIP No. _________

     Harley-Davidson Motorcycle Trust [_____], a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to [___________], or
registered assigns, the principal sum of ___________ ($__________) payable on
the earlier of the Distribution Date occurring in [_____] 20__ (the "Class B
Final Distribution Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture referred to on the reverse hereof.

     The Issuer will pay interest on this Note at the rate per annum shown above
on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Distribution Date from the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid,

                                       D-1
<Page>

from the Closing Date. Interest will be computed on the basis of a 360-day year
of twelve 30-day months. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the indenture referred to on the reverse
hereof, or be valid or obligatory for any purpose.

                                       D-2
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as of the date set forth
below.

Date: ___________                   HARLEY-DAVIDSON MOTORCYCLE
                                    TRUST [_____]

                                    By:   [_____], not in its individual
                                          capacity but solely on behalf of the
                                          Issuer as Owner Trustee, under the
                                          Trust Agreement

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

                                       D-3
<Page>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                    [_____],
                                    not in its individual capacity but solely as
                                    Indenture Trustee

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

                                       D-4
<Page>

                            [REVERSE OF CLASS B NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its ___% Harley-Davidson Motorcycle Contract, Class B (the "Class
B Notes"), all issued under an Indenture, dated as of [_____] (the "Indenture"),
between the Issuer and [_____], as Indenture Trustee (the "Indenture Trustee"),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the
Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     The Class B Notes and the other Classes of Notes described in the Indenture
(collectively, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture subject to
the priorities of allocations as to interest and principal payments as described
in the Sale and Servicing Agreement.

     Principal of the Class B Notes will be payable on the earlier of the Class
B Final Distribution Date and the Redemption Date, if any, pursuant to Section
10.01(a) or 10.01(b) of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Class B Notes shall be due and payable on the
date on which following the occurrence of an Event of Default on which the
maturity of the Notes shall have been accelerated in the manner provided in the
Indenture. All principal payments on the Class B Notes shall be made pro rata to
the Class B Noteholders entitled thereto.

     Payments of interest on this Note due and payable on each Distribution Date
shall be made by wire transfer to the account of the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the
applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) affected by any payments made on any Distribution
Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed within five days of such Distribution Date
and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in the City of Chicago, Illinois.

                                       D-5
<Page>

     The Issuer shall pay interest on overdue installments of interest at the
Class B Rate to the extent lawful.

     As provided in the Indenture, the Notes may be redeemed pursuant to Section
10.01(a) of the Indenture, in whole, but not in part, at the option of the
Seller, on any Distribution Date on or after the date on which the Pool Balance
is less than 10% of the sum of the Pool Balance as of the Initial Cutoff Date
plus the Pre-Funded Amount as of the Closing Date.

     As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an eligible guarantor
institution which is a participant in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee program, and such other documents
as the Indenture Trustee may require, and thereupon one or more new program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class B Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing
delivered in connection therewith, against (i) the Indenture Trustee or the
Owner Trustee in their individual capacities, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities, except as
any such Person may have expressly agreed and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
covenants and agrees that by accepting the benefits of the Indenture and such
Note that such Noteholder will not at any time institute against the Trust
Depositor or the Issuer, or join in any institution against the Trust Depositor
or the Issuer of any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States federal or state

                                       D-6
<Page>

bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the Transaction Documents.

     The Issuer has entered into the Indenture, and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Collateral and that the Issuer will be disregarded as a separate entity for
federal income tax purposes pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local
income, single business and franchise tax purposes as indebtedness of the
Issuer.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer and the Indenture Trustee and any agent of the Issuer, the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall
be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the consent of the Modified Required Holders. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one of more Predecessor Notes) shall be conclusive and binding upon such
Holders and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

     Each Noteholder, by acceptance of a Note or a beneficial interest in a Note
is deemed to represent that (i) it is not, and is not acquiring a Note or a
beneficial interest in a Note on behalf of or with "plan assets" (as determined
under Department of Labor Regulation Section 2510.3-101 or otherwise) of a Plan,
or any employee benefit plan subject to Similar Law, or (ii) its acquisition and
holding of a Note or a beneficial interest in a Note do not give rise to a
nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, or any Similar Law. Each Noteholder, by acceptance of a Note or a
beneficial interest in a Note is deemed to make one of the foregoing
representations.

     The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth.

                                       D-7
<Page>

     This Note and the Indenture shall be construed in accordance with the laws
of the State of Illinois, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

                                       D-8
<Page>

                                    EXHIBIT E

                               FORM OF 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 Note, and all rights thereunder, hereby irrevocably constituting and
appointing

________________________________________________________________________________
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

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

Signature Guaranteed:

------------------------------------------
Signature must be guaranteed by an
eligible guarantor institution which is a
participant in the Securities Transfer
Agent's Medallion Program (STAMP) or
similar signature guarantee program.

------------------------------------------
Notice: The signature(s) on this
assignment must correspond with the
name(s) as it appears on the face of the
within Note in every particular, without
alteration or enlargement or any change
whatsoever.

------------------------------------------
(Authorized Officer)

                                       E-1
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                                    EXHIBIT F

                        FORM OF NOTE DEPOSITORY AGREEMENT

                                       F-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]